• Revenue steady (€43.0 billion).
• Rise in profitability (EBITDA €7.6 bn, or 17.8% of revenue vs 16.0% in 2024).
• Group net profit of €1.8bn
• Heavy investment totalling €11.0bn, 52% financed by SNCF Group’s own funds (+17% vs 2024), with 95% made in rail in France.
• Positive free cash-flow of €1.7bn
• Net debt down by €470 million  (Net debt/EBITDA ratio 3.2x in 2025 vs 3.6x in 2024).
• France’s top recruiter in 2025, hiring 26,800 new employees.
• Reduced environmental footprint worldwide, with greenhouse gas emissions down 6.5% from 2024.
• CSR performance recognized by rating agencies, with an EcoVadis score of 89/100 (+4 points year-on-year) and an improved CDP (Carbon Disclosure Project) rating of A (up from B in 2024).

• Passenger rail services saw further growth in ridership, confirming the customer-focused strategy of SNCF Voyageurs in a sluggish consumer environment. TGV high-speed rail passenger traffic increased by 3.5%, with 168 million passengers carried in France and across Europe in 2025. Commuter services in the Paris area and regional services also grew, with ridership up 4.0% for Transilien and up 2.8% for TER on a constant portfolio basis.
• Railway service quality remained satisfactory, despite a high number of external disruptions (acts of vandalism, weather events, collisions with wildlife, etc.). On-time performance reached 86.6% for TGV services and 91.4% for TER services during the year. On Transilien, on-time performance remained stable at 90.5%, while customer satisfaction improved to 79.9%.
• As part of the opening of France’s public rail service contracts (DSPs) to competition, the Group won four out of five rail tenders in 2025. This brings the total number of contracts awarded to SNCF Voyageurs to eight out of twelve tenders to date.
• Keolis delivered a positive performance overall in retaining existing tenders in France and secured a major new contract win in the Paris region (Île-de-France). On international markets—the United States, Canada, India, United Arab Emirates, Belgium, Denmark and Sweden—successes included both new contract wins and renewals.
• The Cadence consortium, bringing together Keolis and SNCF Voyageurs in a joint venture with La Caisse (CDPQ), won its first high-speed rail contract outside Europe: the construction and operation of the future high-speed line between Quebec City and Toronto in Canada.
• With 1,600 active worksites in 2025, SNCF Réseau renewed 736 km of track and 239 km of overhead power lines on France’s core rail network. As infrastructure manager, it also met a major technical and human challenge by restoring the rail link between France and Italy just 18 months after a landslide blocked service in the Maurienne Valley in the Alps.
• GEODIS and Rail Logistics Europe demonstrated notable resilience in a challenging logistics market by focusing on new customer acquisitions and developing high-potential segments including intermodal transport, defence, retail and healthcare.

• Group revenue stood at €43.0 billion, stable year on year (-0.3%). This performance was backed by strong growth at SNCF Voyageurs (revenue +3.0%), which helped offset lower volumes in logistics activities in a challenging global economic environment marked by weak household consumption and sluggish manufacturing output.
• Group profitability improved significantly, with EBITDA reaching €7.6 billion, an increase of more than €700 million from 2024. The EBITDA margin rose by a sharp 1.8 percentage points to 17.8%, up from 16.0% in 2024. This improvement reflects strong commercial momentum, driven in particular by passenger rail in France and the implementation of performance plans, strengthening Group competitiveness. Margins thus improved significantly across several businesses, notably SNCF Réseau, whose EBITDA/revenue margin increased to 30.5% (+3.8 percentage points from 2024). Keolis also recorded a margin increase of 0.7 points despite the loss of major legacy contracts in 2024. Logistics activities preserved or improved their performance, with GEODIS maintaining a stable margin and Rail Logistics Europe boosting margin by 3 percentage points.
• In 2025, SNCF Group generated net income of €1.8 billion.
• This strong performance enabled the Group to step up investment, which reached €11.0 billion in 2025, with more than 95% allocated to rail activities in France. Of this total, €3.2 billion was used to renew and modernize the rail network.
• While continuing to invest heavily, SNCF Group generated free cash flow of €1.7 billion, which allowed it to pay a €1.6 billion dividend to the French State, its shareholder.
• Net debt stood at €24.3 billion at year-end 2025, down nearly €470 million from the end of 2024. The Group’s financial structure improved, with net debt representing 3.2 years of EBITDA at the end of 2025, compared with 3.6 years at year-end 2024.
• In 2025, SNCF Group maintained its standalone credit profile with all rating agencies, highlighting the robustness of its financial fundamentals and the strength of its trajectory, independently of its public-sector status. Following agencies’ revision of France’s sovereign rating, SNCF Group is currently rated A (stable outlook) by S&P; A+ (stable outlook) by Fitch, and A1 (negative outlook) by Moody’s.
• SNCF Group issued €1.9 billion in bonds in 2025, all in the form of green bonds in keeping with its sustainable financing strategy. To further strengthen liquidity, the Group renewed its €3.5 billion syndicated bank credit facility for a five-year term, with two one-year extension options, extending maturity to between July 2030 and July 2032.

Strengthening the Group’s social role and regional impact

• In 2025, the Group welcomed 26,800 new employees, making it France’s leading recruiter. More than 16,300 were hired on permanent contracts, and nearly 7,300 joined rail-related activities. Over €600 million was invested in training, equal to over 8% of the rail payroll.
• The Group’s procurement volume amounted to €20.8 billion, including €17.4 billion spent in France (84%) with more than 20,000 French suppliers, 12,500 of them SMEs. This purchasing activity supports an estimated 270,000 indirect jobs.
• To make train travel more accessible to as many people as possible, 5,600 secure bicycle parking spaces were opened at stations in 2025, for a total of 60,000 nationwide. In addition, 28 stations were upgraded to meet accessibility standards, bringing the total to 575 accessible stations, or 80% of the target. Over one million passenger assistance services were delivered.
• The SNCF Group Foundation supported local communities and non-profits, funding 675 projects in 2025. Nearly 2,000 employees took part in skills-based volunteering. In the past 5 years, the Foundation has supported 1,000 projects, with 13,000 employees taking part.

SNCF Group makes new progress in implementing its environmental strategy

• SNCF Group has adopted new global targets to reduce greenhouse gas emissions, aiming for a 42% reduction in Scope 1 and 2 emissions between 2022 and 2030. These ambitious targets have been validated by the Science Based Targets initiative (SBTi). In 2025, the Group’s emissions were 6.5% lower than in 2024 and 13% below 2022.
• The share of renewable energy in the Group’s total energy consumption increased by 6 percentage points in one year. In 2025, SNCF Énergie signed nine direct power purchase agreements (PPAs) for solar energy, representing 350 GWh per year. Altogether, 23 contracts have now been signed, with long-term annual production expected to reach 1.03 TWh.
• The Group continues to advance its circular economy strategy. A large-scale refurbishment programme is extending the service life of TGV trains to 40 years and beyond, adding 2 to 10 years for over 100 high-speed trainsets.  SNCF Voyageurs is also carrying out mid-life renovation programs for TER and Transilien trains, with around 100 TER trainsets refurbished in 2025. Moreover, 100% of SNCF rails are recycled or reused, and 15 tonnes of professional uniforms and workwear are collected each year for reuse or recycling. 
• According to the European Union taxonomy¹, 54% of the Group’s revenue is generated by activities recognized as environmentally sustainable, with 85% of rail activities qualifying as sustainable.

CSR rating agencies recognize SNCF Group’s performance once more

• The Group ranked among the top 1% of companies assessed by EcoVadis, with a score of 89/100—up 4 points from 2024. It also received an A rating from CDP (Carbon Disclosure Project) in recognition of its climate initiatives.

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