We kept our ratings up even in the depths of the Covid-19 crisis—a sign of our adaptability, our portfolio of complementary businesses, and our close ties to the French State.

We’ve met the commitments we made in 2020:

• net debt/EBITDA ratio at 6x by 2023 (< 3.7x in 2022)
• FFO/net debt ratio at 10% by 2022 (22.8% in 2022)
• positive free cash flow for the Group by 2022 (€1.3bn in 2022) and for SNCF Réseau by 2024

• With a presence in every area of passenger and freight transport, SNCF is the world’s second-largest mobility group by revenue.
• Thanks to our international business, we’re a global leader in urban mass transit and logistics.
• We offer some of the cleanest transport modes on the market, making SNCF Group a vital player in the push for green economies.
• Our environmental and social responsibility has earned us the highest non-financial ratings in Europe.

• The debt relief plan finalized in 2022 took €35 billion in liabilities off our balance sheet.
• We’re committed to meeting the targets set in 2020: net debt/EBITDA ratio below 6x by 2023; FFO/net debt ratio above 10% by 2022; and positive free cash flow by 2022.
• We’ve set our Golden Rule ratio below 6x to limit the risk of future debt.

• The French State has stepped up to support SNCF Group when we needed it, assuming €35 billion in debt and subscribing to a €4.05 billion capital increase after the Covid-19 crisis.
• SNCF Group is wholly owned by the French State, and its shares may not be sold or transferred.
• The State appoints our CEO and one-third of the board of directors.
• 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, the energy transition and national defence.
• A large share of our revenue comes from regulated transport delivered under contract with regional authorities.

As SNCF Group’s sole bond issuer, SNCF SA raises financing for all of our subsidiaries. Proceeds are allocated within the Group based on need, through intra-group loans between SNCF SA and the subsidiaries.

Our financing strategy is built on 3 priorities:

• Construct credit spread curves in euros and on green bond markets, in particular through benchmark issues
• Be active in public sterling and Swiss-franc markets
• Continue to issue innovative products such as inflation-linked bonds and NSVs, rounding these out with customized private placements.

Our financing strategy focuses primarily on public benchmarks and tap issues. Private placements, in various currencies and formats, account for around 25% of our total.

We’re also diversifying our investor base by pursuing an energetic investor relations strategy in the Americas, Asia, Europe and the Middle East.

Since 2020, we’ve developed new financing programmes: 2 short-term programmes of Euro Commercial Paper and Negotiable European Commercial Paper.

Want to know more about SNCF Group’s financial position, ratings, financing needs, programmes and more? Our Capital Markets and Investor Relations team is at your service.
Contact : investors@sncf.fr