SNCF presented its 2025 results with virtually unchanged revenue and improved profitability. Behind this picture, two signals are of direct interest to tourism professionals: record passenger growth and the deliberate acceleration of low-cost travel, both in France and across Europe, according to the specialized press .
SNCF's 2025 revenue: stability that masks differences between activities
The group announced revenues of €43.0 billion in 2025, a slight decrease of 0.3% year-on-year. At the same time, EBITDA reached €7.6 billion and net income attributable to the group €1.8 billion.
This overall stability masks contrasting trends. SNCF Voyageurs saw growth (€20.9 billion, +3%), while Keolis and Geodis declined over the year. For the travel sector, the message is clear: passenger rail continues to drive performance, but the environment remains more challenging for activities exposed to economic cycles.
Record high-speed rail traffic: a key indicator for distribution
High-speed rail traffic in France and Europe reached 168.4 million passengers (+3.5%). SNCF highlights strong summer ridership, a confirmed recovery in the autumn, and an increase in occupancy rates.
For agencies, tour operators and travel managers, this level of demand is a double-edged sword: it secures the place of the train in mobility decisions, but it also reinforces the need to anticipate availability during peak periods (allotments, booking deadlines, intermodal alternatives).
Competition: SNCF consolidates its positions, including through calls for tenders
The opening up to competition is progressing, and SNCF is emphasizing its commercial gains. The group indicates that SNCF Voyageurs has won 8 out of 12 public service contracts awarded, including 4 out of 5 for the year 2025. This is an indicator to watch for tourism operators: these contract shifts can change the conditions of operation (schedules, capacity, commercial policy, quality of service) in certain regions.
Europe and low cost: OUIGO is strengthening its position, including in Spain
Internationally, SNCF highlights the growing strength of OUIGO España, with a 44.3% increase in passengers compared to 2024 and, for the first time, positive EBITDA. Strategically, the group and its subsidiary SNCF Voyageurs aim to strengthen OUIGO's position by 2030, focusing on volume and increased capacity.
For tourism professionals, the stakes are immediate: the more the low-cost offering intensifies, the more it becomes a lever for packaging and competitiveness on short breaks, city breaks, and certain domestic routes with high price elasticity. But this mechanism requires impeccable passenger information and careful management of fare conditions (additional services, baggage, flexibility).
Investments: a trajectory that determines the reliability of the train product
The group announced €11 billion in investments by 2025, 52% of which will be financed by SNCF, with 95% allocated to rail in France. For the tourism market, this is a crucial factor: operational quality (punctuality, incidents, capacity) depends directly on the modernization of the network and rolling stock, and therefore on the continuation of this effort.
What this changes in concrete terms for tourism professionals
These 2025 results confirm that rail remains the heart of the passenger transport sector and that SNCF is pushing its low-cost model even further. For distributors, this argues for a more "inventory management" approach than ever before: anticipating peak periods, carefully analyzing OUIGO's conditions, and having alternative offers ready in case of capacity constraints on the most popular lines.
Sources
https://www.sncf-voyageurs.com/fr/presse/?p=5951
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