ÖBB Annual Report 2025

205 Consolidated Financial Statements Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 13 acquisition date and to reflect losses resulting from impairment. Losses exceeding the recognized investment in an associ- ated company are not recognized, unless a commitment for additional contributions exists. If the acquisition cost of the interest acquired by the ÖBB Group exceeds the fair values of the identifiable assets and liabilities of the associated company at the date of acquisition, such excess amount is accounted for as goodwill included in the value of the investment. If the acquisition cost of the ÖBB Group’s share is less than the fair values of the identifiable assets and liabilities at the date of acquisition, the difference is recognized in the Income Statement in the period the acquisition occurred. Joint ventures A joint arrangement is an arrangement in which two or more parties under joint control hold the rights to the net assets under the agreement. A joint venture is a contractual arrangement regarding an economic activity in which two or more parties have joint control. If these rights are included in the net assets of the agreement, and are not rights to its assets and liabilities for its debts, these joint ventures are included in the Consolidated Financial Statements using the equity method. Composition of and change in the basis of consolidation The basis of consolidation includes, in addition to ÖBB-HoldingAG, 71 (py: 70) fully consolidated as well as nine (py: ten) associated companies, and one (py: one) joint venture, which are accounted for using the equity method, thereby resulting in a total of 82 (py: 82) companies. The companies included in the Consolidated Financial Statements are disclosed in Note34. The basis of consolidation is defined to enable the Consolidated Financial Statements to give a true and fair view of the net assets, financial position and results of operations of the ÖBB Group. The subsidiaries not fully consolidated are those with a small business volume whose revenues, assets and liabilities jointly account for less than 1% of the consolidated amounts. Change in basis of consolidation in 2024 and 2025 The basis of consolidation has developed as follows: Basis of consolidation Full consolidation Recognition according to the equity method Total As of Jan 1, 2024 65 11 76 thereof foreign companies 34 7 41 Acquisitions 7 0 7 thereof foreign companies 5 0 5 Disposal (sale) -1 0 -1 thereof foreign companies -1 0 -1 As of Dec 31, 2024 71 11 82 thereof foreign companies 38 7 45 Acquisitions (first-time consolidation) 2 0 2 thereof foreign companies 2 0 2 Disposals (in liquidation/sale) -1 -1 -2 thereof foreign companies -1 -1 -2 As of Dec 31, 2025 72 10 82 thereof foreign companies 39 6 45 The subsidiary Rail Cargo International Freight Forwarding (Shanghai, CN) Co. Ltd., which was newly established in Sep- tember 2022, and the subsidiary Rail Cargo Carrier – Benelux B.V. (Rotterdam, BX), which was acquired in May 2024, were included in the basis of consolidation with retroactive effect as of January 1, 2025. Neither of the subsidiaries were fully consolidated prior to this date due to their minor importance. There were no remeasurements as part of the initial consol- idation, resulting in differences of EUR -1.7 million and EUR -0.9 million, which were reported under other expenses. The two first-time consolidations had the effect of increasing property, plant and equipment by EUR 5.1 million, current assets by EUR 5.1 million, non-current lease liabilities by EUR 2.8 million and current liabilities by EUR 5.8 million on the consoli- dated statement of financial position. In the first 12 months, the two companies contributed total income of EUR 42.0 million and total expenses of EUR 47.4 million to the consolidated income statement.