There was no fanfare at SNCF, the National Company of the French Railways, to announce the results for 2023. CEO Jean-Pierre Farandou is keeping a low profile despite a third-year profit of €1.3 billion and a successful transportation operation during the Rugby World Cup. The self-described "tireless advocate of social dialogue" found himself powerless against the strikes protesting pension reform, which cost the company €350 million.

Now, he faces an impossible negotiation with the TGV fare inspectors, who are still threatening to strike during the spring holidays. One situation is particularly uncomfortable for him as his position hangs in the balance: the extension of his mandate, expiring in May, has not yet been approved by the French president.

However, everyone expected him to remain at the helm during the Olympic and Paralympic Games, until the summer of 2025, when he will turn 68. On that date, the SNCF's bylaws and age limit will require him to step down. As for today, nothing has been decided. Farandou has met Prime Minister Gabriel Attal, but details of their discussion have not been disclosed. "I would like to continue, but it's not up to me," confided Farandou, who joined the company in 1981 and took over as CEO in November 2019.

If these results were to be his last, he would have no reason to be ashamed of his presidency. The French "endorse the train," said Laurent Trevisani, SNCF's delighted financial director. Records show a surge in passengers for Intercity trains, TGVs operating at full capacity to the extent of missing out on sales, even on weekdays, business travelers are returning and regional train ridership is on the rise. SNCF Voyageurs emerged as the clear winner of the opening to the competition: it secured four out of five bids and entered into direct contracts with 12 regions.

As for the arrival of Italy's Trenitalia and Spain's Renfe on high-speed lines, they haven't dented the growth of the historic company. SNCF continues to make progress on the Paris-Lyon route and has never had as many passengers on its highly profitable international connections.

Admittedly, earnings were significantly higher at €2.4 billion. However, Farandou pointed out that this was inflated by the sale of its locomotive leasing subsidiary, Akiem, for €700 million. One of SNCF’s driving forces, its logistics subsidiary Geodis, also encountered difficulties due to slowed growth. Nonetheless, Geodis successfully completed the acquisition of Trans-O-Flex, a German specialist in medical logistics.

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