GLOBAL INVESTOR CALL 9-10th March, 2021 Diffusable IMPACT OF THE PANDEMIC AND FINANCIAL ROADMAP LAURENT TREVISANI Deputy CEO, Chief Strategy and Finance Officer IN AN UNPRECEDENTED CRISIS, SNCF GROUP SHOWED STRONG RESILIENCE DUE TO BUSINESS AND GEOGRAPHIC DIVERSIFICATION Diffusable AN UNPRECEDENTED CRISIS … PASSENGER BUSINESS STRONGLY IMPACTED BY COVID-19 SNCF Voyageurs TGV* TN*, TER* & IC* (Sales in €BN) (Sales in €BN) (Sales in €BN) 16.8 SNCF VOYAGEURS TGV (High speed trains) 12.1 8.0 9.0 8.6 – Hit a low during first lockdown with ridership down 90% in April /May – Rebounded in summer as 80% of passengers returned 3.7 – Second lockdown reduced traffic supply to 1/3 of capacity in -28% -54% -5% November – 2020 activity more strongly impacted for business activity (-63%) than 2019 2020 2019 2020 2019 2020 for leisure (-42%) TER (Regional passenger transport) KEOLIS & TRANSILIEN (Commuter transport in Paris) (Sales in €BN) – Mass transit businesses showed more resilience because of loss sharing agreements between SNCF and French local authorities *TGV: High-speed transport in France & Europe 6.6 6.1 *TN: Commuter transport in the Paris region – Traffic decreased by 40 to 50% but revenue are down only 5% in 2020 *TER: Regional passenger transport *IC: Medium and long-distance train in France KEOLIS -8% – Traffic resilient but diversely impacted depending on geography – Revenue / EBITDA loss more limited on regulated activities than on 2019 2020 open access 4 SNCF GROUP PRESENTATION Diffusable AN UNPRECEDENTED CRISIS … INFRASTRUCTURE AND LOGISTICS OPERATIONS STAY STRONG RAIL LOGISTICS GEODIS EUROPE (Sales in €BN) (Sales in €BN) LOGISTICS 1.7 8.4 8.2 1.5 GEODIS – Excellent resilience with revenue increasing vs. 2019 (+4.5%) because of Freight forwarding (+12%) and contract logistics activities +4.5% -12% (+9%) offsetting losses on Distribution & Express and Road Transport activities in France 2019 2020 2019 2020 RAIL LOGISTICS EUROPE – Fret down only 12% in 2020 because of first lockdown – Stronger resilience in H2 with business keeping pace with the economy SNCF RÉSEAU G&C and easing of sanitary restrictions (Sales in €BN) (Sales in €BN) 6.5 1.5 1.5 5.9 SNCF RESEAU – SNCF G&C – Operations hit by falling track access charges payments from transport operators -9% -4% – SNCF G&C: €71 M loss on retail fees reflecting the impact of the two lockdowns and the slow resumption since 2019 2020 2019 2020 5 SNCF GROUP PRESENTATION Diffusable AN UNPRECEDENTED CRISIS … KEY FIGURES AT DECEMBER 31 AND IMPACT OF COVID-19 DECEMBER 2020 IMPACT OF COVID – Down -14% from 2019 On revenue REVENUE €30.0 BN – Impact of January strikes: -€0.4 BN -€6.8 BN – 6.6% of revenue (vs 15.9% in 2019) On EBITDA EBITDA €2.0 BN – Impact of January strikes: -€0.3 BN -€5.4 BN ACTION PLAN: IMPACT – Shared between OPEX (€1.1 BN), CAPEX (€0.6 BN) and cash actions (€0.8 BN) ON FREE CASH FLOW €2.5 BN FREE CASH FLOW -€2.8 BN – Versus -€2.350 BN in 2019 NET CAPEX €3.7 BN – Decrease of -€1.6 BN vs. 2019 with 2/3 of the impact on SNCF Voyageurs – €25BN transferred to French State (debt-relief of SNCF Debt) NET INDEBTEDNESS €38.1 BN – Impact of negative free cash flow: -€2.8 BN 6 SNCF GROUP PRESENTATION Diffusable AN AMBITIOUS STRATEGY SUPPORTED BY FRENCH RECOVERY PLAN & SNCF STRONG REMEDIAL ACTIONS Diffusable AN AMBITIOUS STRATEGY… 2020 CRISIS MITIGATION PLAN ROLLED OUT IN APRIL IN RESPONSE TO COVID-19 FREE CASH FLOW ACTION Overhead – Decrease in SG&A costs expenses PLAN – Performance in purchasing and expenses €0.4BN Industrial – Optimizing business processes, productivity, expenses digitalization – Lower energy & maintenance expenses €0.7 BN – Short-time working €2.5 BN CAPEX – Adjustments to investments and postponement of €0.6 BN non-essential projects – Decrease in IS CAPEX Cash actions – Postponement of costs: 2020 CVAE, social charges – Activation of cash flow levers including securitization of receivables €0.8 BN – Optimizing working capital requirement 8 SNCF GROUP PRESENTATION Diffusable AN AMBITIOUS STRATEGY… A HISTORIC STATE SUPPORT PACKAGE FOR THE RAIL INDUSTRY BREAKDOWN OF SUPPORT PACKAGE SUPPORT PACKAGE OBJECTIVES BUDGET CREDITS CAPITAL INCREASE - €250 M to upgrade the railway - Of which 3.8 BN to secure planned network investment programmes at SNCF BN Réseau €4.7 - €300 M for small regional lines Budget earmarked Capital 2021-2028 increase - €250 M allocated to 14 small - €250 M to reintroduce service on regional lines €0.6 BN €4.05 BN two overnight train lines SNCF PLAYS A STRATEGIC ROLE IN FRANCE’S GREEN RECOVERY Exceptional dividend RAIL’S NETWORK AS A PRIORITY REBOOT RAIL FREIGHT - Upgrade the busiest segments - Reduce the transport emissions - Improve quality on core network - Boost employment by renewed - Boost employment in the investment in network segments construction industry used for freight FIGHT REGIONAL INEQUALITY FINANCE ON A SOUND FOOTING - Upgrade small local lines - Get debt under control without slowing the pace of development Transport Organizing Authorities - Give France’s least populated regions more appeal - Aim for a sound financial structure and strong sustainable solvency 9 SNCF GROUP PRESENTATION Diffusable AN AMBITIOUS STRATEGY… SNCF 2030 - A WORLD LEADER OF SUSTAINABLE MOBILITY FOR PASSENGERS AND FREIGHT Establishing a strong position across all business lines RAIL AND MASS TRANSIT RAIL AND MASS TRANSIT LOGISTICS AND IN FRANCE AROUND THE WORLD FREIGHT TRANSPORTATION Network upgrades: vital to successful SNCF Voyageurs transport operators in Europe: GEODIS operation of the rail system Eurostar, Thalys, Spain and more A resilient player that rounds out other SNCF Voyageurs transport operators: SNCF business lines KEOLIS: a global leader in mass transit Voyages, TER, Transilien Proved its strategic value during the worst of the KEOLIS: a powerful presence on French SYSTRA, AREP and more Covid-19 crisis markets already open to competition (concession of public service) FRET SNCF Gares & Connexions Rail freight, grounded on a stable and profitable business model Industrial operations: Rolling stock and other services 10 SNCF GROUP PRESENTATION Diffusable AN AMBITIOUS STRATEGY… SNCF 2030 - DIVERSIFYING TO PROMOTE RESILIENCE MANAGEMENT OF INFRASTRUCTURE AND ASSETS OPERATIONS B2C Passengers €8.8 BN VOYAGE + SUBSIDIARIES B2B €4.4 BN €1.5 BN Shippers, €1.9 BN €8.2 BN SNCF RÉSEAU GARES& DIRECTION GEODIS carriers, etc. CONNEXIONS INDUSTRIELLE B2G2C Countries, regions, €2.1 BN €3.2 BN €5.0 BN €6.6 BN urban communities SNCF RÉSEAU TRANSILIEN TER KEOLIS and more 2019 revenues on a stand-alone basis (not as a contribution to the group total) 11 SNCF GROUP PRESENTATION Diffusable AN AMBITIOUS STRATEGY… SNCF 2030 - DIVERSIFYING TO PROMOTE RESILIENCE UNITED KINGDOM 1% 37% No.1 Worldwide NORTHERN EUROPE 57% 1% 61% CENTRAL/EASTERN EUROPE in automatic metros and 5% 3 112 M€ 99.7% light rail/trams 38% 0.3% NORTH AMERICA 18% €1,011 M €237 M 1% 70% No.8 Worldwide 1% CENTRAL ASIA 24% in logistics 28% 58% 95% €2,565 M 5% €2,996 M NORTH AFRICA MIDDLE EAST 404 M€ WESTERN EUROPE 27% 73% 40% SOUTH ASIA 120 €35 M 60% CENTRAL AMERICA 13% countries 75% 99.7% 0.3% €82 M 12% SOUTHEAST ASIA €88 M €237 M 95% 5% SUB-SAHARAN AFRICA 60,000 €176 M 93% 7% employees outside France SOUTH AMERICA €40 M AUSTRALIA / OCEANIA 97% 3% 33% 33% €174 M 66% of revenue outside France 1% BUSINESSES IN2019 €904 M • Freight/goods logistics • Masstransit • Long-distance passenger transport • Engineering consultancy (incl. Systra,consolidated on the equity method) Revenue recorded by SNCF Group companies (controlling interest or not) 12 SNCFGROUP PRESENTATION Diffusable AN AMBITIOUS STRATEGY… OUR 4 GUIDING PRINCIPLES TO RESTORE OUR FINANCIAL STRENGTH RISK DIVERSIFICATION PRAGMATIC GROWTH IN PROFITABILITY ACROSS SELF-FINANCING FOR 1 2 EUROPE 3 ALL BUSINESS LINES 4NON-CORE INVESTMENTS - SNCF is already diversified. - Growing our international markets - This is consistent with SNCF’s - SNCF Group cannot take on debt is not an end in itself. It’s a corporate mission and essential to to fund growth in areas outside - We must continue to diversify: decision to be made line by line, its success our core rail business logistics and other non-core contract by contract, as business lines act as financial opportunities present themselves - This principle calls for continuous - Occasionally, we will develop shock absorbers, cushioning the improvement in our operational partnerships with third parties impact of economic cycles - We may opt to do business in and financial performance and that could provide funding high-growth markets and pull out continued across-the-board of markets with low margins or productivity efforts fierce competition - Our choices should enable us to: - Maintain a sustainable financial structure - Optimize dividends to secure investments in the rail system - Fund profitable investments and keep the Group on track 13 SNCF GROUP PRESENTATION Diffusable DESPITE THE CRISIS WE REMAIN COMMITTED TO FINANCIAL SUSTAINABILITY GUILLAUME HINTZY Head of Finance and Treasury Division, SNCF Group Diffusable CONSISTENT FINANCIAL COMMITMENTS SUPPORTING STRONG RATINGS AND PROACTIVE FINANCING STRATEGY Diffusable CONSISTENT FINANCIAL COMMITMENTS… FINANCIAL COMMITMENTS CONFIRMED Keep liquidity high enough (cash Decrease structural subordination position + RCF) to ensure—at all of debt held by SNCF SA times—a ratio over 1.2x (sources/uses) 1 2 3 4 Defend SNCF Group rating by ensuring that ratios are consistent with SA status – CFL > 0 from2022 – FFO / net debt ≥ 10.0% from2022 Ensure prudent hedging