BFM Strategy Challenge – Summer 2026
(Becoming the leader in long-distance ground transportation)
Recommended reading
Here is a brief press review covering some recent strategic investment decisions made by certain players in this revolution made possible by the opening of the European rail market to competition. The aim here is not to provide an exhaustive overview of the entire European rail and long-distance coach market, but simply to illustrate through a few examples the incredible dynamism of this economic sector and hopefully spark your interest in the game we have prepared for you!
On this subject, as we repeat at every new game session, the amounts and market shares mentioned in the game are not intended to exactly reflect the markets being simulated. Reality is, of course, far more complex, and the game has a purely educational purpose: to illustrate Xavier Fontanet’s course and to practise identifying competitive situations and making relevant strategic decisions.
Strong market growth is driving investment
[BFM, July 2, 2026] “Deliver them to me quickly!” Castex calls for trains
New entrants to the European rail market
Start-ups preparing to launch:
[BFM, April 22, 2026] Velvet unveils its first high-speed train and confirms the launch of its services to western France in 2028
Extract: The new private operator led by Rachel Picard, a former SNCF executive, has reached an important milestone with the presentation of the first of its 12 high-speed trains manufactured by Alstom, after raising €1 billion. The founder is convinced that her offering is well suited to addressing what she considers to be insufficient supply.
[BFM Business, 09/03/2025] Kevin Speed takes its time: SNCF’s low-cost high-speed competitor delays its launch by two years, to… 2030
The international expansion of established players
[France Info, August 7, 2026] Trenitalia France orders 19 trains from manufacturer Hitachi and “confirms” the opening of a Paris–London service “in 2029”
Extract: Trenitalia France, a subsidiary of Italian state-owned railway group FS […], has announced the order of 19 high-speed trains from Japanese manufacturer Hitachi for “approximately €2 billion“.
[Italo institutional website, July 20, 2026] Italo Holding and Siemens Mobility signed an agreement in Munich for the purchase of 26 high-speed trains with an option for 14 additional units, and 30 years of maintenance, to be deployed on Germany’s high-speed rail network.
[Les Echos, April 29, 2026] Italo aims to challenge Deutsche Bahn in the German high-speed rail market
Extract: Private company Italo, Italy’s second-largest high-speed rail operator, wants to expand beyond its borders. Its parent company is ready to invest €3.6 billion to enter Germany.
[…]
It would thus challenge Deutsche Bahn’s near-monopoly. The state-owned group, currently financially very fragile, faces competition in long-distance travel from the Flix Group, known for its Flixbus services.
[Radio France, April 17, 2026] SNCF launches low-cost high-speed trains in Italy to compete with Trenitalia and Italo
Extract: The CEO of SNCF Voyageurs is convinced that there is real demand from Italian customers. Christophe Fanichet estimates the potential at seven million additional passengers. This will also involve investment in Italy: €800 million for fifteen new “M” high-speed trains.
[Les Echos, October 30, 2025] Eurostar: UK regulator’s decision paves the way for competition across the Channel
Extract: Eurostar’s monopoly on services between London and the continent could come to an end in 2030. Virgin has obtained approval from the UK regulator to eventually use London’s maintenance facility. Until now, it had only been used to maintain Eurostar trains.
[…]
Virgin, which plans to launch its high-speed services in 2030 from London St Pancras to Paris, Brussels and Amsterdam (with plans to subsequently add services in France, Germany and Switzerland), must now conclude a commercial agreement with Eurostar, the European subsidiary of SNCF Voyageurs, according to the ORR.
Consolidation and diversification in the long-distance coach market
[Flix institutional website, May 27, 2025] A new era for train travel – FlixTrain has ordered 65 new European high-speed trains
Extract: FlixTrain, a subsidiary of global travel-tech company Flix SE, today announced that it has ordered 65 new European high-speed trains. Talgo will provide the respective trainsets and certain maintenance services, while Siemens will provide the locomotives. The contract volume amounts to EUR 2.4 bn, of which more than EUR 1 bn is already firmly committed.
With this strategic move, FlixTrain is responding to the growing demand for fast and affordable rail travel. The company intends to use the new high-speed trains to leverage the enormous market potential in Germany and Europe. The high-speed rail market in Germany is expected to grow by 45% by 2030, compared to 2021 volume. Across Europe, the market potential is even greater – around EUR 27 bn in 2023 with an expected annual growth of 4 – 5%.¹ In 2024 alone, FlixTrain expanded its offering by 40%, and recorded significant passenger growth, building on the strong results of 2023.
[Les Echos, June 19, 2026] “Cars Macron”: following BlaBlaCar’s withdrawal, the spectre of a monopoly
Extract: BlaBlaCar will cease its domestic and international long-distance coach operations at the end of 2026. Unless a buyer unexpectedly steps forward next week, the rapidly growing French market is heading towards a de facto monopoly for Flixbus.
[Italo institutional website] In May 2023 Italo acquired Itabus, creating a multimodal group able to offer a real integrated mobility service with 51 trains and 100 buses connecting Italy
