Brightline is adding some European train expertise to its executive ranks as it works to get its business growing faster.
The passenger rail service hired Nicolas Petrovic as CEO of Brightline Holdings, that鈥檚 the parent company of Brightline鈥檚 train operations, including its passenger service here in Florida.
Petrovic has served as the CEO of Eurostar, the high speed train that runs under the English channel between the UK and Europe. He also has led the firm developing a rail network in the United Arab Emirates.
His appointment comes as Brightline is not profitable and is looking for ways to lessen its $2-plus billion debt load.
Brightline鈥檚 credit rating was cut further into junk bond territory by credit ratings agency S&P in late December. Analysts鈥� worries are growing that Brightline鈥檚 revenues are not growing as fast as expected. S&P predicts revenue to grow 15% this year, which is less than half its previous forecast.
Brightline鈥檚 operating loss over the first nine months of last year was almost $100 million. That was an improvement compared to its loss a year earlier over the same time period. Revenue was up 13%.
In its ratings downgrade, S&P noted it expected 2025 revenues to show 鈥渁 mere 14% growth 鈥� a significant decline from our initial forecast.鈥�
鈥淲e think that switching riders from alternate modes, automotive in particular, is more challenging than originally forecast,鈥� it said.
鈥淔ares that have been drastically discounted to encourage new riders have proven particularly sticky.鈥�
S&P forecasts Brightline to sell about $200 million in tickets this year. Brightline also generates revenue from luggage fees, advertisements and leases in its stations. The service faces $162 million of debt and interest payments in 2026.
Ridership has been growing, concentrated on Brightline鈥檚 long haul service between South Florida and Orlando. Total ridership was up 12% in the first nine months of last year. However, passengers on its South Florida-only service were paying lower average fares. The average cost to ride the train between its five regional stations fell almost 10% through the third quarter of 2025.
鈥淭he 鈥妏ublic likes the product. Ridership is reasonably strong, but they're not paying top dollar,鈥� said 鈥奐oe Schwieterman, director of DePaul University鈥檚 Chaddick Institute for Metropolitan Development. 鈥淭he numbers just aren't working right now. There's some reason for optimism, but it's a scary time.鈥�
In announcing the executive change, Brightline noted Petrovic led Eurostar to a record number of passengers and expanded the service to the Netherlands.
鈥淲ith the tools and experiences from a global peer group, I believe Brightline will continue to show the way forward for profitability and customer experience that will firmly position the business in America鈥檚 transportation landscape,鈥� said Petrovic in a press release.
Michael Reininger, who served as Brightline Holdings CEO for a second time beginning in 2021, will become managing director and a board member of Brightline West, the firm鈥檚 effort to build passenger rail service between Los Angeles and Las Vegas.
Brightline Florida CEO Patrick Goddard continues in his role.
