RATP Group annual results for the year ended 2022

A year of recovery and continued expansion against the backdrop of a worsening social and macro-economic climate that took its toll on earnings
The RATP Board of Directors convened on 3 March 2023, chaired by Jean Castex, Group Chairman and Chief Executive Officer, to review and approve RATP Group's consolidated financial statements and the EPIC’s corporate accounts as at 31 December 2022.

Highlights of the financial year

  • A marked recovery in passenger numbers in the Île-de-France region (up 21% from 2021), which continues the trend as the country emerges from the health crisis. Nonetheless, average ridership is still 14% down from its 2019 levels (compared to a 29% decrease in 2021).
  • Growth has been gaining momentum, reaching 10%[1] (up €536 million) of the Group’s consolidated turnover (€6.1 billion), lifted by recovery in ridership and the expansion of subsidiaries (up 50%).
  • 2022 was also a year of major hurdles in France and abroad:
    • An unfavourable macro-economic backdrop due to the conflict in Ukraine, and spiralling inflation that sent energy supply prices skyrocketing – factors that spurred the Group to globally raise salaries. Such raises are only partially covered by contracts with transport authorities, notably in the Île-de-France region and London. In total, the net negative impact of inflation on the Group’s income in 2022 amounted to €104 million;
    • Complications in providing optimal transport service due to roiling tensions in labour markets in France and abroad, which led to obstacles in recruitment and increased absenteeism, both of which had not recovered their pre-Covid levels. Turnover and net income were severely affected by the situation (amounting to a €95 million decrease, €78 million of which was for the RATP EPIC and €17 million for subsidiaries), through reductions and penalties paid out to transport authorities, and in the case of RATP, the growing deficit of the social insurance scheme absorbed by the employer. RATP Group is sparing no effort to lead the situation back to normal and drive the quality of service back up across all affected markets, by accelerating the Group's recruitment plans and a wage policy that aims to increase the attractiveness of its professions.
    • In the United Kingdom, difficulties for the London bus business, due notably to worker shortage and social tensions amidst the tight squeeze that inflation has caused on purchasing power and energy costs. Most operators in this market segment experienced the same difficulties;
    • Tension in supply chains worldwide, which notably slowed down the implementation of investment projects;
  • These unfavourable conditions had a severe adverse effect on income, despite the promising effects of business recovery and continued efforts to drive productivity back up:
    • EBIT standing at €193 million (3.2% of turnover), compared to €327 million[2] in 2021 (5.9%);
    • The Group share of net income was in the red by €26 million, compared to a positive €207 million in 2021.
  • Heavy investment will be kept up in the Île-de-France region (€2.209 billion[3]) to prepare for the future, with the support of Île-de-France Mobilités. There is a slight slowdown to note here, compared to 2021 (down 7%), attributed to the completion of metro line extension projects and supply chain disruptions, notably with regard to rolling stock. Consolidated investments for RATP Group reached €2.386 billion.
  • Net debt of €5.536 billion, down by €159 million compared to 2021, which benefited from a much stronger operating WCR. Gearing (net debt equity ratio) improved, calculated at 1.02x compared to 1.14x at the end of 2021.
  • Group-wide resolve to stay committed to fighting climate change, with noteworthy, credible indicators validated in 2022 by the Science Based Targets initiative (SBTi). 2022 also saw greenhouse gas emissions (gCO2e) plunge by 21% per from 2015 levels.
  • EPIC and Group activities highly eligible and aligned with the climate change mitigation goals set by the EU taxonomy for sustainable activities ("green taxonomy"), with which RATP Group has voluntarily chosen to comply: 89% of the turnover eligible (out of which 97% for the RATP EPIC) and 51% of the turnover aligned (out of which 69% for the RATP EPIC).


The Group's contrasting results posted for the year ended 2022 is a sign of the strong headwinds that it faces in a testing macro-economic and social context. Such a situation, which weighs heavily on all the links in the public transport chain (transport authorities, transport operators and passengers), calls for global solutions to uphold and develop high-quality public service. For the start of this new year, my priority is to raise the level of the transport service provided by RATP in the Île-de-France region, in order to restore the quality of service that our users have every right to expect. We must also prepare for the major international sporting event that is the Olympic and Paralympic Games in summer 2024 and before that, the Rugby World Cup. To respond to these challenges, we are doubling down on our efforts to attract and retain employees. RATP has entered into majority agreements with its labour union organisations regarding bus drivers’ work schedules and hours, and mandatory annual negotiations. The Group has also launched an unprecedented recruitment campaign that has already proven effective. Improving everyday life also involves pushing ahead with our significant investment efforts supported by Île-de-France Mobilités, with the delivery of new trains on metro lines 11 and 14, the completion of the automation of metro line 4, and the progressive deployment of upgraded trains on metro line 6.

Jean Castex
RATP Group Chairman and Chief Executive Officer

Evolution of RATP Group's key performance indicators

Evolution of key performance indicators

In million euro



Proforma 2021*



Proforma 2021/2022

Consolidated turnover

5 523

5 854

5 540

6 076








Group net income






Cash flow


1 104

1 070



Net debt

5 544

5 694


5 536



*  A pro forma statement of the 2021 accounts was established to enable comparability with accounts for 2022, following the reclassification of certain businesses abroad (London buses [excluding sightseeing buses] and tram operations in Algeria) in 2022, in compliance with IFRS 5.

Earnings highly affected by the impact of the economic and health crises

Marked recovery in ridership across the Île-de-France region

In 2022, passenger numbers in the Île-de-France region clearly bounced back up, to reach 2.859 billion trips, the equivalent of a 21% increase from 2021. Such a recovery was buoyed by the gradually abating health crisis, resumption of tourism and the impact of rising fuel prices. The effects were most visible on rail networks (+32% on the metro network, +35% on the RER network, +17% on the tram network) than on the bus network (+2%), which was affected by major production hurdles in the second half of the year. Globally, ridership was on average 14% lower than at its pre-Covid levels (compared to 29% lower in 2021).

10% rise in consolidated turnover

The Group's consolidated turnover for 2022 attained €6.1 billion (up €536 million pro forma, equivalent to a 10% increase), a steady rise from 2021.

This recovery is attributed to the momentum gained with the expansion of subsidiaries (up €420 million); the increasingly profitable Tuscany contract (+€356 million); expansion in France, the United States and Egypt; and the favourable effects of the recovery in business and ridership on the Group’s earnings (up by €149 million, out of which an increase in €119 million for the RATP EPIC).

The contribution from subsidiaries to the Group’s overall turnover is on the rise, at €1.6 billion in 2022, or 26% of the consolidated turnover.

Operational performance and financial performance affected by difficulties on the macro-economic and social fronts

EBIT amounted to €193 million, compared to €327 million pro forma in 2021 (down by €134 million). This change reflects both the net impact (after applying indexation clauses) of inflation on service production costs (€96 million for the RATP EPIC), the effects of sick leave absenteeism and recruitment difficulties (with a notable €36 million increase in penalties for failure to meet contractual targets and a €35 million decrease in the earnings of the RATP health insurance scheme), as well as the €42 million provision made by RATP in 2022 for its dispute with URSSAF. These changes absorbed the positive effects of business recovery and continued performance plans, both for the EPIC and its subsidiaries.

The percentage of turnover attributed to consolidated operating income reached 3.2%, compared to 5.9% in 2021.

The Group share of net income stood at -€26 million, compared to +€207 million in 2021 (down by €233 million). This steep drop is mainly due to difficulties encountered in the public transport business operated by RATP Dev in London (reflected in the net income in line with IFRS 5), for which the Group has undertaken to review its strategic options, and also due to changes in deferred tax expense.
Cash flow is in decline, falling €76 million from 2021, to stand at €994 million.
Nonetheless, net debt has shrunk by €159 million (down by 2.8%), amounting to €5.536 billion at the end of 2022, benefiting from the marked improvement in working capital requirement. A slowdown in investments compared to 2021 affected only subsidised investments, with no impact on debt; the RATP EPIC’s equity investments are on a gradual rise (up by €29 million at €865 million).
Gearing (net debt equity ratio) has shown signs of improvement, and has been calculated at 1.02x compared to 1.14x at the end of 2021.

Large investments in the Île-de-France region

RATP is fully committed to implementing the ambitious investment programme set by the 2021-2024 contract signed with Île-de-France Mobilités (€8.5 billion over 4 years). The RATP EPIC invested €2.209 billion in the Île-de-France region in 2022 (€319 million of which were invested as part of project management delegated responsibility on behalf of Société du Grand Paris for the southern extension of metro line 14). It corresponds to a slight decrease compared to 2021 (-7%) due to the completion of several large-scale metro line extension projects and manufacturers encountering difficulties with the delivery of rolling stock:

  • €1.202 billion were invested in upgrading the network and maintaining infrastructure: energy transition of the bus network (conversion of bus depots to electricity and biogas and purchase of electric buses); renewal of rolling stock on the metro (MF19 project), RER (MI20) and tram (TW20 for tram line T1) networks; renovation of MI2N and MI84 trains for the RER network; automation of metro line 4; upgrades to metro line 6 and commissioning of renovated MP89 trains; upgrades to infrastructure and maintenance workshops to accommodate new rolling stock; and fixed asset maintenance to ensure the durability and optimal working order of infrastructure (Track Ballast Renewal (RVB)[4] finalised on RER line A, Pont de Chartres bridge renewed, and so forth);
  • €850 million metro and tram line extensions: northern and southern extensions of metro line 14, metro lines 11 and 12, connections with future Grand Paris Express’ metro line 15, tram line T1 extension to Val de Fontenay and tram line T3B to Porte Dauphine;
  • €157 million to improve passenger comfort by upgrading stations and improving passenger information and accessibility: renovation of Auber, Vincennes and Charles de Gaulle-Étoile stations in addition to 11 metro stations; improving safety and accessibility (Place d’Italie and Saint-Michel Notre-Dame stations); upgrading of passenger information systems and installation of new displays on RER line A; and upgrading of ticketing systems to fit new digital tickets.

Overall, RATP Group’s consolidated investment amounted to €2.386 million (of which €319 million were spent on the southern extension of metro line 14 on behalf of SGP), a 12% drop compared to 2021. Investment by subsidiaries, summed to €177 million, has decreased compared to 2021, a year marked by the buyback of the assets necessary to operate buses in Tuscany.

A Group expanding in France and abroad

RATP Group continued its fast-paced expansion in 2022, both in France and abroad, with 50% pro forma growth of its subsidiaries’ activities.
The increase in subsidiaries’ activities was boosted by an outstanding pick-up in ridership, notably with sightseeing buses which benefited from the resumption of tourism in major capital cities, the indexation of contributions from transport authorities and the positive effects of commercial development.
RATP Dev successfully started executing its new operating contracts: for buses in Tuscany and in Greensboro, United States; for trams in Lusail, Qatar; for train services in Egypt’s new capital city, and continued its dedicated work to prepare the commissioning of Riyadh's metro network in 2023. Along with its partner Keolis, RATP Dev met the major challenge of operating the Doha metro network during the FIFA World Cup while providing an exemplary quality of service. RATP Group deployed 75 experts to support the metro’s operational management during this outstanding major sporting event.
In the Île-de-France region, RATP Cap Île-de-France started operating two Optile contracts won in 2021 (Paris-Saclay and Bièvre networks).
Commercially, RATP Dev confirmed its position in France by renewing most of its urban contracts (except in Valenciennes) and strengthening its activities in the Auvergne-Rhône-Alpes and Centre-Val de Loire regions.
Abroad, RATP Dev won two major contracts at the end of 2022 that demonstrate RATP Group’s expertise in automated metro networks:

  • The operating contract for the future metro line connecting to Western Sydney’s future international airport. As from 2023, RATP Dev, along with its partners Siemens, WeBuild and Plenary as part of the Parklife Metro consortium, will participate in designing and preparing the Sydney Metro-Western Sydney Airport (WSA) line for 4 years, before operating and maintaining it for the following 15 years;
  • The technical assistance contract with the city of Belgrade to prepare for the operation of the three future automated lines of the Belgrade metro, set to be commissioned in 2028.

In the bus sector, RATP Dev also won the contract for the city of Raleigh, thus strengthening its position in the south of the United States.
In the United Kingdom, in a tense market due to macro-economic imbalance, staff shortage and social tensions, bus operations in London have faced challenges, like the majority of operators in this sector. In this difficult context, RATP Dev initiated discussions on measures to strengthen the strategic position of the companies in question on the London market, to help them continue their ambitious energy transition plan, regardless of their shareholding. The company currently owns 6 electrified depots and 256 clean buses, which represent 30% of its fleet.
In Algeria at the end of 2022, RATP Dev undertook to sell its SETRAM (tram operator) shares to the Algerian state in agreement with the concessionary authority.
RATP Dev and RATP Cap Île-de-France’s commercial activity kept a sustained pace in 2023, with ongoing calls for tenders in the Île-de-France region for the operation of buses (Optile and Paris inner-suburb networks), Grand Paris Express metro lines, tram trains for tram lines T4/T11 and T12/T13, and also the operation of urban networks in Lyon, Reims and Toulon, as well as regional train lines (TER) in several regions.
RATP Solutions Ville, RATP Group’s urban services subsidiaries, achieved several commercial successes in 2022: BNP Paris Real Estate and Apsys won the call for tenders to renovate the AP-HP headquarters (public assistance and Paris hospitals), then signed a black fibre and 3G/4G coverage contract for the southern extension of metro line 14 with Société du Grand Paris, opened a new 4,000m² site in Bagneux to develop the urban logistics offering, and acquired Cityscoot jointly with Banque des Territoires to support the company through changes to its organisational model. In 2022, RATP Solutions Ville started executing the concession contracts to operate Grand Paris Express’ fibre optics network (in partnership with CDC) and produce and distribute cooling energy for the City of Paris, in partnership with Engie. The subsidiary also developed its corpo-working activity on RATP’s commercial sites.
RATP Smart Systems continued its development of RATP Group’s MaaS project, as represented by the Bonjour RATP and Mappy applications, and enriched with new services.
Systra is the world leader in railway transport engineering and RATP Group holds 43.4% of its capital. In 2022, Systra achieved a turnover of over €900 million, with 18% growth in its activity, which was boosted by the surge of the HS2 high-speed line project in the United Kingdom. With over €1 billion worth of orders, Systra’s total orders amounted to over €1.3 billion, which corresponds to 16 months of turnover.

The Group’s activities are highly aligned with climate change mitigation objectives

As a committed player in the ecological transition to sustainable cities and a carbon-neutral economy, RATP Group chose to willingly comply with the reporting system set out by European regulation 2020/852 regarding European Green Taxonomy. 
Eligibility and compliance indicators are evidence of the Group’s goal to publish an analysis of the sustainability of its activities for the sake of transparency and to demonstrate its full commitment to the climate change mitigation approach:

  • 89% of consolidated turnover eligible (of which 97% for the RATP EPIC) and 51% aligned (of which 69% for the RATP EPIC);
  • 86% of consolidated investment eligible (of which 93% for the RATP EPIC) and 32% aligned (of which 36% for the RATP EPIC);
  • 64% of operating expenditure eligible (of which 87% for the RATP EPIC) and 55% aligned (of which 75% for the RATP EPIC).

This result is due to the enforcement of a policy committed to mitigating and adapting to climate change. It also exposes the areas for improvement and will be targeted by special action plans in 2023.
2022 also saw a 21% drop in greenhouse gas emissions (gCO2e) per compared to 2015. This decrease is due to the reduction of GHG produced by RATP (measured in tonnes of CO2e), measured at -28% compared to 2015.
At the end of 2022, the Science Based Targets (SBTi) initiative approved RATP’s climate commitments in line with the Paris agreement’s most ambitious challenge, thus deeming them compatible with the goal to limit global warming to 1.5°C.

[1] For results to be comparable year on year, variations were calculated based on pro forma financial statements for 2021, owing to the reclassification of certain businesses abroad (London buses [excluding sightseeing buses] and tram operations in Algeria) in 2022 in compliance with IFRS 5.

[2] Operating income from 2021 pro forma statements.

[3] Includes €319 million in investments made as delegate project owner for Société du Grand Paris in the project to extend metro line 14 to Orly.

[4] Renewing the track and ballast.