The French railway company SNCF posted a net profit of 1,18 billion euros in the first half of 2026, compared with 950 million euros in the same period last year. Revenue totaled 21,94 billion euros, compared with 21,52 billion a year earlier.

CEO Jean Castex described the performance as “satisfactory” in a climate and macroeconomic context that he called “particularly difficult.”Thanks to the profit, the railroad company can reduce its debt and invest in modernizing the aging rail network.

Significant increase in passengers

With a net profit of 1,18 billion euros, the company surpassed the one-billion-euro mark for the first time in more than 6 years.

SNCF benefited primarily from a significant increase in passenger numbers at its main subsidiary, SNCF Voyageurs, and a 1% rise in the number of trains operating on the rail network. This led to higher revenue from track access fees for its second subsidiary, SNCF Réseau, which manages the infrastructure for all rail operators.

Impact of weather

In the first half of the year, a record number of passengers also traveled on the TGV: 83,4 million, a 2,8% increase. Trains in the Paris region (Transition) saw passenger numbers rise by 4,1% and regional trains outside Île-de-France (TER) by 2,3%.

Intercity trains, including night trains, on the other hand, recorded a 3,8% decline.

The figures are certainly remarkable given the impact of the climate and weather. For example, the rail network was battered by winter storms in January and February, and early heat waves in May and June led to the cancellation of Intercity trains that were too old to withstand the high temperatures.

According to SNCF, the impact of weather conditions in France and Spain resulted in a loss of revenue exceeding 100 million euros.

Aging infrastructure

Thanks to higher profits, SNCF reduced its debt by nearly 690 million euros over the past 6 months, thereby improving its debt-repayment capacity. SNCF also used these strong results to finance a major investment program aimed at modernizing its aging infrastructure and purchasing new rolling stock: 4,9 billion euros during the half-year period.

Starting in 2028, France’s rail system would require an additional 4,9 billion annually for maintenance and modernization, compared to 3 billion previously. SNCF proposes to contribute 500 million euros from its own funds to the 3 billion euros.

The ball is now in the French government’s court, but it has not yet responded regarding how it plans to finance the missing 1 billion between 2028 and 2032.