• Revenue of €21.5 bn, up +0.6%
• EBITDA of €3.6 bn – a significant improvement – driven by effective cost management  
  (EBITDA/revenue at 16.8% compared with 14.6% in H1 2024)
• Net profit of €0.95 bn
• A sizeable €4.9 bn investment programme
• Positive free cash-flow of €2.2 bn
• CSR performance rewarded by EcoVadis with 89/100 score (+4 pts)

• Concession contracts: SNCF Voyageurs won all the rail operation bids it submitted in H1, securing 7 out of 10 lots since the rail sector opened to competition, or over 80% of total TER regional rail kilometres tendered. Keolis continued to grow, with wins including a major contract in the Paris Region, and several others in the United States, Denmark and Sweden.
• North American high-speed rail: In Canada, the Cadence consortium—which includes SNCF Voyageurs, Keolis and Caisse du Dépôt et Placement du Québec (CDPQ)—won the contract to design, develop and operate North America’s first high-speed line. Linking Quebec and Toronto. This project highlights our recognized expertise in the field.
• Infrastructure repairs: SNCF Réseau achieved a major feat by reopening the France-Italy rail link 19 months after severe landslides disrupted service in the Maurienne Valley in southeastern France.
• Major contract wins for both GEODIS (Amazon, Lego Mexico, etc.) and Rail Logistics Europe (TotalEnergies, Tricon Energy Netherlands, etc.).
• New business launches: Rail Logistics Europe subsidiaries Hexafret and Technis began operating successfully, despite a sharp drop in demand and the transfer of train services and dedicated resources to third-party operators. This followed the structural separation procedure imposed by the European Commission.

• Group revenue (€21.5 bn) continued to grow (+0.6%), driven by a 3.2% increase in rail ridership at SNCF Voyageurs.
• Group profitability improved significantly: EBITDA rose to €3.6 bn, up €500 m from H1 2024, with EBITDA/revenue up a sharp 2.2 points at 16.8%. Profitability at all Group activities either improved or remained stable, despite challenging economic conditions. SNCF Group demonstrated its ability to manage costs effectively, and continued to roll out efficiency plans across its rail operations, and at GEODIS and Keolis.
• SNCF Group generated a net profit of €0.95 bn and continued to invest heavily throughout the first half, spending €4.9 bn – 60% self-financed. Over 95% of that total was allocated to rail operations in France.
• At the same time, SNCF Group improved its financial structure. Free cash-flow of €2.2 bn helped cut net debt by €850 m compared with end-2024 levels. Its net debt-to-EBITDA ratio over the prior 12 months improved to 3.2x, down from 3.6x at year-end 2024.

• SNCF Group stepped up its commitment to people and the environment, focusing on being useful to society and France’s regions. It did so by implementing a climate change adaptation strategy; by remaining France’s top recruiter, with 10,600 new hires; and by supporting small businesses and non-profits that help young people through the SNCF Foundation. Committed to lowering its carbon footprint, fostering the circular economy and preserving biodiversity, SNCF Group actively continues to reduce its environmental impact.
• Thanks to the efforts of all employees, SNCF Group is ranked in the top 1% of companies assessed by CSR ratings agency EcoVadis, with a score of 89/100, up 4 points from 2024.
• SNCF Group is committed to renewable energy sourcing. It inaugurated a new wind farm in partnership with Valorem, as part of France’s largest direct wind power purchasing agreement (PPA) to date, which will produce 93 GWh a year.

Please contact Axel Bavière at [email protected] or [email protected]