Based on a network spanning 166 countries, our company strives for ever more innovative, sustainable and ethical logistics, serving customers both in France and abroad.

We’ve kept everything that makes SNCF unique, but we now follow the same codes, best practices and requirements as any leading industrial company in France or around the world.

To learn more about our business model, see page 7 of our annual financial report.

In 2020, we adopted a new corporate strategy—Tous SNCF, or “All SNCF”. It sets out a clear goal: to become a world-class champion of sustainable mobility for passengers and freight by 2030. Under our new strategic positioning, French rail is our priority.

This core business consists of 5 companies:

• SNCF SA, the parent company
• SNCF Réseau
• SNCF Gares & Connexions
• SNCF Voyageurs
• Rail Logistics Europe

We also rely on a second circle of activities:

• SNCF Voyageurs operates in other European countries, supporting our business in France, boosting profitability, and offering potential for significant growth
• Keolis is a world leader in mass transit and a strategic asset for the Group, with a broad mix of multimodal services
• SNCF Gares & Connexions supports our core rail business by generating commercial revenue from activities not regulated under competition law
• GEODIS is a fast-growing, world-class logistics specialist with potential to generate significant future value.

A third circle of activities revolves around our real estate portfolio and asset managers. Their management and monetization techniques are useful to the Group, and they can repurpose assets to facilitate development and increase the value they generate for us.

The diversity of today’s SNCF Group makes us less vulnerable to economic cycles. In future, we’ll need this variety even more, especially as we absorb the impacts of market liberalization.

International expansion is not an end in itself. We must choose markets and contracts that serve the strategic interests of the Group and our core rail business, such as freight transport in other European countries.

To make the most of our investments in the French rail system—and especially in upgrading the rail network—we’ll choose the most profitable projects and investments.

We’ll avoid new debt by making self-financing the rule for business outside French rail. This may also include developing financial partnerships with third parties.

• SNCF, our parent/holding company, now has enhanced management and oversight powers and is responsible for charting strategy and overseeing the entire Group.
• the other 6 sociétés anonymes are fully responsible for running their own operations, in close partnership with customers and employees

SNCF Réseau’s responsibilities include:

• setting track access fees
• assigning train paths

The Group’s parent/holding company has no decision-making power in these areas. In short, our corporate structure creates a wall between SNCF Réseau and the Group. SNCF Réseau board members appointed by the parent company are required to recuse themselves from discussion of motions affecting pricing, track access fees and train paths.

Similarly, SNCF Réseau’s subsidiary, SNCF Gares & Connexions, is responsible for:

• maintaining, upgrading and operating the French rail network’s 3,000 stations and stops
• offering all operators the same core services for station customers and passengers, including safety, passenger information, accessibility, cleanliness and comfort.

These duties are carried out with the approval of mobility authorities.

And to avoid unfair competition, France’s transport regulation authority (Autorité de régulation des transports, or ART) ensures that all operators have equal access to France’s rail network and stations.