SNCF 2026 profit and debt reduction

In the first half of 2026, France’s state‑owned railway operator SNCF posted a net profit of €1.18 billion, a 19 % increase over the same period a year earlier. Revenue rose modestly to €21.94 billion while passenger traffic on its flagship TGV service reached a record 83.4 million trips, despite a slight overall dip. Regional services showed growth, with Transilien traffic up 4.1 % and TER services up 2.3 %. The company attributed the results to higher passenger volumes and a modest fare increase that stayed below inflation, while noting that extreme weather caused more than €100 million in revenue loss in France and Spain. The profit enabled SNCF to reduce net debt by around €690 million and to fund a €4.9 billion modernization programme for its aging infrastructure, with an annual €4.9 billion outlay planned from 2028 onward.