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SNCF Group 2022 Half-Year Results

H1 2022 results are encouraging:

SNCF Group has rallied around a sound, ambitious strategy and is meeting its financial commitments despite challenging conditions in the wider economy 

  • €20.3 billion in revenue (+27% from H1 2021 and +14% from H1 2019), thanks to a diversified business model and a successful sales strategy that has taken full advantage of a rebound in demand
  • EBITDA up 120% compared with H1 2021 (+2.6% from H1 2019) and net profit of €0.9 million
  • €4.3 billion invested to accelerate network upgrades and modernization
  • Positive free cash flow of €1.1 billion


  • SNCF Group’s H1 2022 results are encouraging: SNCF Group is on track to meet its financial commitments under the rail reform of 2018, despite deteriorating economic and geopolitical conditions.
  • These strong results reflect the robustness of a model grounded in a diverse portfolio of businesses. At SNCF Voyageurs, passenger rail traffic has bounced back since March, both for commuting and for high-speed leisure travel in France and beyond, despite the new surge in Covid-19 cases at the beginning of the year. GEODIS continued to deliver high growth, confirming its role as the Group’s second mainstay.
  • Robust performances by these two businesses contributed to a significant rise in EBITDA, which came to €3.0 billion, up €1.6 billion over H1 2021. The Group’s EBITDA/revenue stands at 14.7%, a marked improvement over H1 2021 (8.7%) but still below H1 2019 (€16.3%).
  • The Group continued to make significant investments (€4.3 billion in H1 2022, all funding sources combined), focusing largely on core projects to upgrade and modernize the rail network and stations.
  • Free cash flow was positive at the end of H1, thanks in part to follow-through on the Group’s ambitious performance plans.
  • SNCF Group is a vital player in the ecological transition, and corporate social responsibility (CSR) is central to its strategy. SNCF’s purpose—“Working towards a dynamic, caring, sustainable society”—has therefore been incorporated into its corporate articles, along with its commitments.

The Group’s businesses should prove resilient through the end of 2022 despite rising inflation. In 2023, SNCF Group will focus closely on the impact of deteriorating macro-economic conditions on its financial position.

For more information

Please contact Axel Bavière:


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Most recent publications

SNCF Group Annual Financial Report 2021

Financial reports

Published on 24 February 2022 at 16:36

PR - SNCF Group 2021 Results (pdf)

Press releases

Published on 24 February 2022 at 16:15

SNCF Group: Most recent ratings

  Short term Long term Outlook
Standard & Poor's A-1+ AA- stable
Moody's P-1 Aa3 stable
Fitch F1+ A+ negative