SNCF first-half profit hits €1.18 billion, crossing billion-euro mark for first time in over six years

Financial results

SNCF reported a net profit of €1.18 billion for the first six months of 2026, a 19% increase from €950 million in the same period last year. The figure, which BFMTV put at €1.176 billion, marks the first time the state-owned group has exceeded the billion-euro threshold in more than six years. Revenue reached €21.9 billion (€21.94 billion according to Franceinfo), up 2% from €21.52 billion a year earlier. The operating margin improved to 17.4%, a gain of 0.6 percentage points.

These results are rather very satisfactory given the difficult context, with weak French growth, sluggish consumption, a resurgence of inflation and very strong climate hazards such as winter storms, early heatwaves in May and June, and very high uncertainty.

Climate and operational headwinds

Winter storms in January and February, followed by early heatwaves in May and June, forced the cancellation of Intercités services because older rolling stock could not cope with the high temperatures. Together with a train derailment in Spain, the disruptions cost the group more than €100 million in lost revenue over the half-year, deputy CEO Laurent Trevisani said. Climate-related impacts alone accounted for €70 million of that shortfall. CEO Jean Castex described the performance as satisfactory in a climate and macroeconomic environment that was particularly difficult.

Passenger traffic

SNCF Voyageurs, the group's main commercial arm, carried a record 83.4 million TGV passengers, a rise of 2.8% (BFMTV reported 3.3% growth). Transilien services in the Paris region saw traffic climb 4.1%, while regional TER trains outside Île-de-France grew 2.3%. Intercités, including night trains, recorded a 3.8% decline. Overall, SNCF Voyageurs' revenue rose 1.3% to €10.56 billion, with an EBITDA of €1.4 billion and a margin of 13.3%, up from 12% in the first half of 2025. SNCF Réseau, which maintains the infrastructure, increased its revenue by 3.2% to €4.22 billion, helped by a 1% rise in trains circulating on the network.

Debt and investment

Net debt fell by €700 million since the end of 2025 to €23.6 billion. The improved financial position allows the group to invest in regenerating the ageing rail network and strengthens its case for new funding streams that the state has promised for modernisation. Trevisani said SNCF wants to keep TGV ticket prices accessible, which explains why passenger revenue grew more slowly than traffic volumes.

This performance testifies to the relevance of our strategy, the commitment of our teams, a continuous improvement in our competitiveness and the respect of the commitments made to the State.