• Revenue growth to €21.9 billion, up 2.0% on H1 2025
• Rise in profitability, with EBITDA of €3.8 billion, representing 17.4% of revenue vs 16.8% in H1 2025
• Group net profit of €1.2 billion
• Implementation of an ambitious €4.9 billion investment programme
• Positive free cash-flow of €1.5 billion 
• Debt kept under control, with a net debt/EBITDA ratio of 3.1x vs 3.2x in 2025
• France’s largest recruiter, with 6,700 new hires over the first six months of 2026
• Procurement in France totalling €8.2 billion, supporting French SMEs
• ESG performance: in the EcoVadis Top 1% for the sixth consecutive year 

• Strong growth in passenger numbers at SNCF Voyageurs. During the first half, passenger numbers by 2.8% on TGV high-speed services (over 83.4 million passengers in France and the rest of Europe), by 4.1% on Transilien commuter services in the Paris region, and by 2.3% on TER regional services, despite severe weather events (winter storms and the heatwaves in May and June).
• Railway service quality maintained at satisfactory levels, due to efforts to limit the significant disruption caused by these weather events (On-time performance was 83.9 % for TGV services, 90.5% for TER regional trains, 88.3% for Transilien commuter rail in the Paris region, and 70.5% for Intercités long-distance trains.
• New regional passenger service contracts (DSPs) won in France under competitive tenders: 
  SNCF Voyageurs was awarded three contracts in the first half, bringing the total number won since 2011 to 11 out of a total 15. 
  Keolis expanded its commercial operations in France and internationally. With new contracts including the Vichy bus network in France, Dublin’s tram network in Ireland, the Virginia Railway Express in the USA, and  several bus contracts in Denmark, Netherlands, and Sweden.
• Continued investment in the regeneration and modernization of the rail network, with 390 km of track and 160 km of catenaries replaced. €1.5 billion invested in the first six months of the year, out of SNCF Réseau’s total €2.5 billion investments.
• GEODIS expanded its operations in higher-growth, more resilient markets, including intermodal transport, defence, retail and healthcare. Contributions from land transport and warehousing helped offset declining freight rates that affected logistics operators industry-wide in the first few months of the year.
• Rail Logistics Europe (RLE) maintained robust levels of activity in 2026. Despite weather-related disruptions and macroeconomic uncertainty, it secured major new business in the steel industry, notably with ArcelorMittal, and in the grain sector.

• Group revenue rose to €21.9 billion, up 2.0% at constant scope and exchange rates despite a lacklustre economic environment:
  Revenue at SNCF Voyageurs increased by 1.3%, while Keolis benefited from a positive portfolio effect, with growth of 5.2%. RLE and SNCF Réseau also delivered strong performances, with revenue up 3.9% and 3.2% respectively.
  Revenue growth in GEODIS’s Distribution & Express and Road businesses partly offset a decline in Freight Forwarding, where lower ocean-freight rates took a toll.
• Profitability improved, with EBITDA reaching €3.8 billion excluding the SNCF Gares & Connexions litigation, despite an estimated cost of almost €90 million from severe weather and infrastructure-related disruption. EBITDA margin rose to 17.4%, up 0.6 percentage points on the first half of 2025.
• SNCF Group generated a positive net income of €1.2 billion over the period.
• Major investment outlays totalled €4.9 billion in H1 2026, with over 95% directed toward rail activities in France.
• SNCF Group further strengthened its financial position: 
  Positive free cash-flow of €1.5 billion; Net debt reduced by nearly €690 million compared with year-end 2025, to €23.6 billion; The net debt-to-EBITDA ratio improved to 3.1 years of EBITDA at 30 June 2026, compared with 3.2 at year-end 2025.
• The Group’s financing strategy remains 100% sustainable: 
  SNCF Group’s standalone credit profile was upgraded by Fitch Ratings to “a”, and by S&P to “bbb+”, underscoring the strength of its financial trajectory. Its overall credit rating remains linked to France’s sovereign rating. SNCF Group issued over €600 million in green bonds, fully aligned with its sustainable financing strategy.

SNCF Group is France’s largest recruiter, and plays a vital role in supporting the country’s small and medium-sized businesses.

• 6,700 new hires in France in the first six months of 2026, with nearly 4,000 on permanent contracts, making SNCF Group the country’s top recruiter. At 30 June 2026, 8,000 people were employed on work-study programmes, more than half in rail operations. To support business growth, its rail workforce grew for the fourth year running, with a net increase of 740 employees at 30 June 2026.
• SNCF Group procurement totalled €9.9 billion in the first half, with €8.2 billion (82%) sourced from suppliers in France. These purchases benefited over 20,000 businesses, including 12,500 SMEs, and supported 284,000 indirect jobs in France.

SNCF Group, already a leading player in the green transition, is strengthening its resilience to climate change.

As climate-related extreme weather events intensify —from heatwaves to floods, wildfires, clay soil shrinkage and swelling, and landslides— the Group is taking action to protect and adapt all its operations, starting with the rail system itself:

• Assessing the network’s vulnerability to climate risks and developing operational action plans in each Group business unit.
• Accelerating SNCF Réseau’s infrastructure regeneration programme to improve resilience, with annual investment set to rise from €3 billion to €4.5 billion starting in 2028.
• Designing and rolling out new trains capable of operating in temperatures of up to 55° C, well above European standards. These include next-generation TGV INOUI trains from autumn 2026, Intercités Oxygène trainsets from 2027, and new Eurostar trains from 2031.
• Deploying other innovations such as smart sensors to improve monitoring of vulnerable equipment —overhead lines, engineering structures and drainage infrastructure and more— while optimizing preventive and corrective maintenance.

SNCF Group’s CSR performance recognized
For the sixth consecutive year, EcoVadis awarded SNCF Group a Platinum medal, placing it in the Top 1% of the 150,000 businesses rated worldwide.

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