SNCF Group is in the black for its 6th consecutive half-year since 2021. Passenger rail ridership once again increased sharply. Freight transport and logistics turned in satisfactory results despite a tough environment.
Group revenue rose 3.4% from H1 2023 to total €21.4 billion.
Growth was profitable, with consolidated EBITDA reaching €3.1bn and EBITDA/revenue at 14.6%, up from 13.4% in H1 2023.
Group operations were in the black for the sixth consecutive half year, with a net profit of €143 million.
These results demonstrate that the Group has the right strategy, based on diversifying operations and controlling costs to absorb external upsets.
Group revenue growth was driven by the sharp rise in passenger traffic in H1 2024, up +11% on TER regional rail, +11% on Transilien mass transit in the Paris region, +10% on Intercités classic long-distance rail, and +7.5% on TGV high-speed rail in France and Europe. These figures confirmed enthusiasm for rail travel. Revenue climbed 8.1% at SNCF VOYAGEURS and 7.8% at KEOLIS.
In freight transport and logistics, excluding the impact of freight rates’ return to normal and despite the tough macroeconomic context, GEODIS reported improved margins thanks to the diversity of its businesses plus cost controls (EBITDA/revenue rose from 9.9% in H1 2023 to 10.6% in H1 2024). At RAIL LOGISTICS EUROPE, revenue was up by 9.5% in mixed market conditions and despite the unit’s withdrawal from some businesses as part of the discontinuity agreement for FRET SNCF.
SNCF Group absorbed the impact of inflation thanks to its strong commercial performance and its €230 million performance plan in the first half.
These half-year results will enable SNCF Group to hold investments at a record level: €5.0 billion in all, with 98% in France and 96% in rail.
Group financial results are helping finance France’s core rail industry.
SNCF Group is in a position to finance half of these primary investments through own funds and through the dividends it pays to the Fonds de Concours, with the balance funded by the French State, French regions and local municipalities. These investments are accelerating renovation of the French rail network (SNCF Group paid €1.7bn to the Fonds de Concours for network upgrades) along with the acquisition and refurbishment of rolling stock. SNCF Group financial results are thus making rail more attractive for all carriers, customers and regions.
