The Group continued to reduce debt, thanks to robust business activity and rigorous management, and our financial profile is now sound. At year-end 2023, net debt totalled €24bn—notably because the French government assumed €35bn of SNCF Réseau’s debt in 2021 and 2022 through Caisse de la dette publique, its public debt fund.

• Our diversified business portfolio allows us to meet the challenges of mass transit while embracing a strategy of sustainable growth.
• We are well positioned to benefit from the gradual liberalization of the passenger rail market in France.
• We are the world’s mass transit and logistics leader, with a direct presence in over 60 countries and a global network that connects 170.

• We’ve generated positive free cash-flow since 2022.
• Our financial ratios have improved since the French government assumed €35bn of SNCF Réseau’s debt.
• Our performance plan generated savings of over €700mn in 2023.
• Our financial ratings have improved—a sign that SNCF Group’s achievements are recognized.
• We have a robust ESG profile, recognized by rating agencies.

• Free cash flow of over €500mn
• A net debt-to-EBITDA ratio below 5.5

• SNCF is wholly owned by the French State, and its shares may not be sold or transfered.
• SNCF carries out strategic missions for the State. These include our key role in the economy, employment, regional development, commuter mobility and equal access to every part of France, as well as our contributions to the COP 21 targets for greenhouse gas reduction (notably reducing Scopes 1 and 2 by 30% between 2015 and 2030), the energy transition and national defence.
• A large share of our revenue comes from regulated and tendered transport activities delivered under contracts with regional authorities.