TRHS0018 HS2 Euston Station: Private Sector Partner - PRELIMINARY MARKET ENGAGEMENT

Given the critical nature, scale and complexity of delivering the HS2 Euston Station, DfT is seeking to engage with the market at an early stage in the development of DBFM plans, to help test and shape an investable commercial proposition that effectively allocates risks while delivering value for money.

DfT, supported by financial advisors, will be conducting the preliminary market engagement for this anticipated procurement of a private sector partner to deliver the HS2 Euston Station under a DBFM model.

It is currently anticipated that preliminary market engagement relating to this opportunity will take a phased approach; this is the first stage, and it is anticipated that future stages of preliminary market engagement will be used to present more refined proposals in light of feedback received. Details regarding future stages of preliminary market engagement will be communicated in due course.

Objectives of the market engagement

The objectives of this initial stage of preliminary market engagement are:

• To raise awareness of the project and DfT’s plans.
• To assess potential market appetite and identify priority issues for the market early in the process of developing private finance plans for the HS2 Euston Station, to support refinement of the proposed commercial and procurement approach.

Structure of this engagement stage

This initial stage of preliminary market engagement will be structured as follows:

• Parties interested in participating should register their interest and return a signed copy of their Non-Disclosure Agreement (NDA) by 4pm (UK time) on Wednesday 18 February 2026.
• Parties who have met this deadline will receive a Market Engagement Briefing Document relating to the project and a link to the Market Engagement Questionnaire. The Questionnaire seeks to capture participants’ feedback on specific aspects of the proposed approach described in the Briefing Document, and should be fully completed on the survey link no later than 4pm (UK time) on Wednesday 4 March 2026.
• Participants who return a Questionnaire may be invited to one-to-one meetings or roundtable discussions (subject to levels of interest), to explore in more detail certain aspects of the Questionnaire responses. Further details of this approach (including specific categories of participants who may be invited to one-to-one meetings or roundtable discussions) are set out in the following section and in the Market Engagement Briefing Document.

Participation

This initial stage of preliminary market engagement is generally open to all persons who are interested (or may be interested) in participating in the delivery of the HS2 Euston Station under the proposed DBFM model. However, you may only be invited to participate in aspects of the exercise that are considered relevant to you, based on your potential role in the delivery of the HS2 Euston Station (including potential roles in the delivery supply chain), which you will be required to explain in the Questionnaire.

Participation in one-to-one meetings or roundtable discussions

Given the engagement objectives described above – in particular regarding identifying priority issues for the market and supporting refinement of the commercial and procurement approaches – DfT is seeking specific views and feedback from organisations with relevant experience that have bid, may bid, or may otherwise play an important role in the bidding entities for PPPs under a DBFM model.

In this initial stage of preliminary market engagement, it is therefore anticipated that DfT will only hold one-to-one meetings or roundtable discussions with construction contractors, operations and maintenance providers, equity investors and debt providers who respond to the Questionnaire. This engagement is focused on delivery-capable participants; it is not intended for media organisations, and DfT is not currently looking to engage with advisory-only entities.

DfT reserves the right to undertake a verification exercise in respect of those Organisations who respond to the Questionnaire and wish to attend one-to-one meetings or roundtable discussions. Organisations that are not invited to one-to-one meetings or roundtable discussions will be offered the opportunity to seek clarification on the reasons for this and highlight or provide any material information that may not have been fully considered as part of the assessment. DfT will review such information but reserves the right to determine, in its discretion, whether to amend the decision in light of the clarification process.

Other information regarding participation

Organisations wishing to participate should note that engaging in this preliminary market engagement exercise is not a prerequisite to participating in any subsequent competitive process.

DfT will review responses to this engagement process and may conduct further iterative engagement processes; it is currently expected that there will be multiple further stages.

In any subsequent procurement, DfT will make all relevant market engagement documents available to potential suppliers.

Participation in this preliminary market engagement exercise will be wholly at each responding organisation's own cost. No expenses or costs incurred by any organisation responding to this notice and/or participating in this engagement process will be reimbursed by DfT or any other part of the UK Government.

This market engagement exercise and any associated documents or communications should not be regarded as an investment recommendation or defined opportunity. No information contained in the documents or in any communication made between DfT and any organisation in connection with any aspect of this market engagement exercise shall be relied upon as constituting a contract, agreement or representation that any contract shall be awarded. Whether or not DfT subsequently commences a procurement and/or thereafter awards any contract related to this potential opportunity shall be solely at its discretion.

If you would like to take part in this engagement, please formally express your interest by 4pm (UK time) on Wednesday 18 February 2026 through the following link: dft.app.jaggaer.com/go/02529012019C2D82CC11 ↗

NDAs will be required for this preliminary market engagement, so when registering your interest please ensure that you:

• upload a signed copy of the NDA (please note that the NDA must be accepted by you in its standard form and must not be amended); and
• provide the organisation name and contact details for the individual(s) (maximum two individuals) who will represent your organisation. These contact details will be used to issue communications regarding this preliminary market engagement.

If you are not already registered on DfT’s e-sourcing platform Jaggaer, you can register via the following link: dft.app.jaggaer.com ↗.