Commentary & Deal Flow

SNCF SA, rated A1/A/A+ (Moody's/S&P/Fitch), has mandated Barclays, BofA Securities, J.P. Morgan, La Banque Postale and Societe Generale as Joint Lead Managers for its upcoming €500m no-grow tap of their outstanding 3.875% Feb-36 Green Bond (FR0014017XI3). SNCF SA is the 100% French State-owned holding and sole issuer of the SNCF Group.

The transaction is expected to be launched and priced in the near future, subject to market conditions.

The proceeds of the transaction will finance Green eligible investments in line with SNCF SA's Green Securities Framework.

Off the Issuer's EMTN programme. FCA/ICMA stabilisation applies.

SNCF Investor Presentation: https://www.groupe-sncf.com/medias-publics/2026-03/sncf-groupe-investor-presentation-2026.pdf?VersionId=OrOZoeSX1McYDmqQ1gEoeWIM4gNP3o48
SNCF Green Securities Framework: https://www.groupe-sncf.com/medias-publics/2026-06/2025-2026-sncf-group-green-securities-framework.pdf?VersionId=iHmevNtFTOLHiNL6VFurD_zUKGc1XFRI