Eurostar is a multinational entity, but as of 2026, it is majority-owned by the French. Specifically, Eurostar Group is a holding company based in Brussels, Belgium, which resulted from the merger of Eurostar and the Franco-Belgian operator Thalys in 2022. The primary shareholder is SNCF Voyageurs (the French national railway), which owns 55.75% of the company. The remaining shares are held by CDPQ (a Canadian pension fund) at 19.31%, SNCB (the Belgian national railway) at 18.5%, and Federated Hermes Infrastructure at 6.44%. The UK government sold its final 40% stake in the company back in 2015, meaning there is no longer any direct British state ownership of Eurostar. However, the company remains "British" in spirit for many, as its international headquarters for its Channel Tunnel operations is located at St Pancras International in London, even though the corporate parent is firmly under French and Belgian control.