ÖBB Annual Report 2025

Consolidated Financial Statements 212 Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 20 Based on the assumption that the long-term growth of the CGUs is based on the ECB’s inflation target of 2%, growth was derived at 2.0% (py: 2.0%). The reinvestment rates required for the assumed growth were determined using the Gor- don/Shapiro growth model. This model methodically depicts the dependency on growth, the sustainably achievable return and the reinvestment required for this. Further information on CGUs that were subject to an impairment test in the reporting period or in the prior year can be found in the following table: For the cash-generating units of the ÖBB Group RCG sub-group – Cargo *) RCG sub- group – Intermodal *) PV sub- group – Arverio Reporting year 2025 Before tax Interest rate 2026–2031 8.1% 8.1% 6.4% Interest rate perpetuity 6.1% 6.1% 6.4% Growth – perpetual annuity 2.0% 2.0% 2.0% Reinvestment rate 30.8% 28.6% 39.9% After tax Interest rate 2026–2031 6.5% 7.0% 5.0% Interest rate perpetuity 4.5% 4.0% 5.0% *) Specific risk premiums were taken into account for the cash flows in Austria, Hungary, the Czech Republic, Russia, China and Slovakia. The discount rates shown represent the weighted average cost of capital of the CGU. n.a. not applicable. For the cash-generating units of the ÖBB Group RCG sub-group – Cargo *) RCG sub- group – Intermodal *) PV sub- group – Arverio Reporting year 2024 Before tax Interest rate 2025–2030 8.2% 8.1% 6.1% Interest rate perpetuity 6.2% 6.1% 6.1% Growth – perpetual annuity 2.0% 2.0% 2.0% Reinvestment rate 30.3% 28.5% 43.6% After tax Interest rate 2025–2030 6.6% 7.0% 4.6% Interest rate perpetuity 4.6% 5.0% 4.6% *) Specific risk premiums were taken into account for the cash flows in Austria, Hungary, the Czech Republic, Russia, China and Slovakia. The discount rates shown represent the weighted average cost of capital of the CGU. The pre-tax discount rates shown were calculated retroactively by the method of internal rate of return and are only provided for informational purposes. In contrast, the value in use of the CGUs is determined based on the after-tax discount rates. Intra-group transfer pricing based on estimates in line with the market of the companies involved was taken into account in the cash flow forecasts. The cost of capital was calculated separately for the Rail Cargo Group and for the ÖBB- Personenverkehr sub-group, independently from the rest of the ÖBB Group. No risk and resource consolidation with the rest of the ÖBB Group was applied, and no uniform cost of capital was used throughout the Group. The results of the impairment tests for the two reporting years are presented in the section “b. Impairment losses and reversals of impairment losses” in Note 3. Any impacts of the impairment test on property, plant and equipment and intangible assets are presented in Notes 14 and 15. Impairment of investments in associated companies and joint ventures Subsequent to the adjustment to the carrying amount of the investment accounted for using the equity method of ac- counting, a review is required at each reporting date according to IAS28.40 and IFRS11 to determine whether there is any objective indication of an impairment of the carrying amount. If indicators are identified, the recoverable amount of the investment must be determined in accordance with IAS 36. If there is an impairment loss, the investment must be written down accordingly. If associated companies or joint ventures are affected by the impairment, such impairment is recognized in the line item “Earnings of investments accounted for using the equity method.” With regard to any impairment of the interest in the joint venture Galleria di Base del Brennero – Brenner Base Tunnel BBT SE and the interest in associated companies, please refer to the above paragraph “Impairment of property, plant and equipment, intangible assets and investment property.”