Italy’s state-owned rail operator has made public further details of its bid to run Eurotunnel services between the UK and France, providing competition to Eurostar, which has enjoyed a de facto monopoly in the Chunnel for over three decades.
Ferrovie dello Stato Italiane (FS Group) was one of a number of rail firms vying for Eurotunnel routes, and had previously said plans were at an advanced stage but was disappointed in October 2025 when the UK Office for Road and Rail (ORR) awarded rival Virgin prized access to London’s Temple Mills maintenance depot, putting it on track to run Eurotunnel services by 2030.
But FS has bounced back, announcing in late December a partnership with United States private equity firm, Certares, to fund the fleet and infrastructure development necessary to its Eurotunnel ambitions by 2029—a year sooner than Virgin.
A €1-billion investment plan sees FS Group expand its high-speed Trenitalia France services. The FS passenger subsidiary already serves routes from Paris to Lyon, Marseille, and Milan. Now, €300 million in funding from Certares will go towards a £87- million maintenance depot in Paris, able to house 10 new trains and circumventing facility shortages in London by allowing the group to keep just one train in the UK capital overnight for early morning departure.
At least 19 new trains will be acquired in total, allowing the group to grow its Paris—Lyon timetable to 28 services per day. FS Group is framing the whole venture as a blueprint “for the future of sustainable European transport, for the benefit of French, UK and European customers,” it said in a statement. As well as taking on Eurostar and Virgin to offer travellers greater choice, it is targeting the 35% to 40% of London-Paris journeys that currently still take place by plane.
Certares’ existing $8-billion investment portfolio includes American Express Global Business Travel, group tour operator G Adventures, Hertz hire cars, and Tripadvisor— travel holdings that Trenitalia says will be leveraged to “support business customers in switching to high-speed rail as a more environmentally friendly, reliable, and cost-effective alternative to air travel.”
FS Group carried 577 million passengers in Italy in 2025 and 253 million abroad, amounting to a year-on-year increase of 15%. Its international operations currently generate around €3 billion in revenue and represent 12,000 jobs. Performance indicators show 35,000 more on-time train services year-on-year and a three percent improvement in high-speed rail punctuality.
