ÖBB Annual Report 2025

211 Consolidated Financial Statements Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 19 The Arverio CGU contains goodwill, which is why an impairment test must be carried out annually. The impairment test for this CGU was carried out as of the reporting date December 31, 2025. In the current reporting year, no indication (py: no indications) of a possible impairment of assets was identified for any other CGU. The Arverio CGU has finite transport service contracts with terms until 2032 and 2034. In the course of the impairment test, long-term assumptions are made regarding the recovery of existing transport service contracts in Bavaria and Baden- Württemberg (probability-weighted expected values and taking into account the formation of contracts in line with the market). In addition, the 2026 budget and the medium-term planning for 2027 to 2031 take into account the winning of the tender for Netz35 in Baden-Württemberg (contract awarded in 2025). Cash-generating units of the Rail Cargo Group The Rail Cargo Group sub-group consists of three CGUs: “Cargo,” which deals with national and international logistics services and goods transport in the area of single wagons and block trains, “Intermodal,” which deals with national and international container transport, the operation of container terminals abroad and the Combined Road/Railway Transport (“ROLA”), and “TS-HU,” which deals with the maintenance of freight cars. The delimitation criteria for the CGUs are there- fore based on the structure of business operations and correspond to the business areas and business activities of the Rail Cargo Group sub-group. The freight cars and other assets were allocated to the Cargo and Intermodal CGUs in accordance with their use. The Cargo CGU contains goodwill, which is why an impairment test must be carried out annually. The impairment test for this CGU was carried out as of the reporting date December 31, 2025. In the current reporting year as well as the prior year, an indication of a possible impairment of assets was also identified in the Intermodal CGU (due to the development of container transports within the global economic trend), which is why an impairment test was carried out. Cash-generating units of the ÖBB Infrastructure sub-group No indicators of impairment were identified for any CGUs either for 2024 or for 2025, and therefore no impairment tests were carried out. For the Rail Infrastructure CGU, no indicators currently exist due to the following preamble to the grant agreements in accordance with Section 42 of the Austrian Federal Railways Act ( Bundesbahngesetz – BBahnG): “ÖBB- InfrastrukturAG is a railway infrastructure company whose activities are of public interest and are further defined in Section 31 of the Federal Railways Act. The basis for the financing of the Company is given in Section 47 of the Federal Railways Act, according to which the federal government is responsible for ensuring that ÖBB-Infrastruktur AG has the funds required to fulfill its tasks and maintain its liquidity and equity, insofar as the tasks are included in the business plan pursuant to Section 42 (6) of the Federal Railways Act. The commitment regulated by the federal government in this provision is implemented by the grant agreements pursuant to Section42 (1) and (2) of the Federal Railways Act. It is the understanding of the contractual parties that the objective of the subsidy agreements, irrespective of their respective contract period, is to permanently ensure protection of the assets of the ÖBB-Infrastruktur AG sub-group used for the tasks pursuant to Section 31 of the Federal Railways Act, which also conforms to the statutory mandate of the Federal Railways Act.” More information is provided in the Chapter “Transactions with and benefits from the Republic of Austria, master plan for investments in the infrastructure and guarantees provided by the Republic of Austria” under Note 32. Parameters of the impairment tests For each CGU, a market-typical weighted average cost of capital reflecting the interest requirements of the capital market for granting loans and shareholders' equity to the CGUs is used for discounting. Specific risks are taken into account through premiums or discounts. The cost of capital of the CGUs includes, for example, pro rata premiums for cash flow risks arising abroad if their share in the CGUs’ total cash flow is significant (in particular Hungary, the Czech Republic, Russia and China). In the ÖBB Group, the business plans are prepared for a period of six years due to the need for a six-year Master Plan in accordance with the provisions of Section42 (7) of the Austrian Federal Railways Act. The six-year business plans are used for the impairment test. In addition, long-term effects from various developments, projects and measures are taken into account in order to determine a sustainable level of earnings for the perpetual annuity. For the cash flow projections after the planning period (perpetual annuity approach), corresponding growth rates and reinvestment rates were applied for each CGU. The cash flow assumptions for the impairment tests were taken from the calculations in the business plans. The long-term return was fixed independently of the CGU at a return equivalent to the cost of capital.