The SNCF has seen its benefit fly to the first half thanks to the improvement of the margins of the Railway Company SNCF Travelers and the infrastructure manager of the SNCF network following an increase in traffic on rails and toll prices. The group gave a net profit of 950 million euros during the period, against 143 million of the year before, he detailed to the group on Thursday, July 24.
Billing only increased by 0.6% to 21.5 billion euros, decreased due to the decrease in Keolis billing (-7.1%) due to the loss of the important operational contract of the Melbourne Tram network (Australia).
More and more train on your network
The management of the railway group praised the “satisfactory” results, especially by emphasizing the performance of SNCF Réseau, “the system pivot”, which increased its toll rates in 2025 and welcomed more trains in its network.
This allowed the railway road manager to improve their turnover at 4.1% (4.1 billion euros) and their margin of 300 million euros.
Therefore, the company can “continue to spend massively in the regeneration” of the infrastructure, it submitted to the financial director of the SNCF, Laurent Trevisani.
In 2025, the SNCF Network significantly increased the price of its tolls, already very high in France compared to other European countries, in 2.5% for high speed and load and 6% for conventional transport (ter and interités), to the disgust of regions that finance regional rail transport.
The number of travelers increasing
Another good health engine of the SNCF, the SNCF Travelers railway company saw its turnover by 3.2% to 10.4 billion euros. The number of travelers increased 1.7% in a year in TGV, 3.9% in TER and 6.5% in Transilien (trains in the Paris region).
Growth continues even if it slows previous years with increasingly complete trains. SNCF Travelers eagerly wait for the delivery of new generation TGV of Alstom to respond to demand explosion.
“That said, there is still available space (…) in the regional transport sector (TER and Transilien),” said Laurent Trevisani.
Like SNCF Réseau, SNCF Voyageurs has managed to improve its margin, contributing to the good benefit of the SNCF group. The company also won the three tenders at play in the first half in Ter.
Since the beginning of the opening process to competition from regional transport, SNCF travelers have won seven out of ten tender calls, or 80% of Ter’s trips.
Keolis’s billing fell
For the other group entities, the first half was more complicated, in particular the public transport group of Keolis whose billing fell. The carrier and the logistics geodis suffered “the fall in manufacturing production in France, Germany, Italy and, therefore, in Europe and the United States,” said Laurent Trevisani.
Its turnover contracted at 1.4%. At the same time, Rail Logistics Europe, which brings together the SNCF rail freight activities, has better resisted a stable turnover (-0.2%).
These good general results allow SNCF to maintain significant investments, to 4.9 billion euros in the first half (slightly lower than the first half of 2024, which preceded the Olympic Games).
Laurent Trevisani also took the opportunity to remember that the SNCF was delighted with the conclusions taken by the government in mid -July after the infrastructure financing conference.
The railway group requested additional one billion euros for the maintenance of the network since 2028 (4,500 million per year).
Government statements and, in particular, the announcement of a framework law for infrastructure financing “allow SNCF Réseu to establish the order with suppliers to put into a situation (to guarantee the necessary work) since 2028,” said Laurent Trevisani.
Source: BFM TV
