ÖBB Annual Report 2025

235 Consolidated Financial Statements Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 43 The deferred taxes developed as follows: 2025 2024 in EUR million in EUR million Recognized amounts as of Jan 1 250.3 221.8 Change in deferred taxes in profit and loss -48.8 38.2 in other comprehensive income -4.1 -9.7 Recognized amounts as of Dec 31 197.4 250.3 thereof deferred tax assets 201.5 254.6 thereof deferred tax liabilities -4.1 -4.3 The following table shows the main reasons for the difference between the income taxes calculated by applying the stat- utory tax rate of 23% to the annual taxable income and the income taxes indicated in profit or loss. 2025 2024 in EUR million in EUR million Income before income tax according to IFRS 68.1 113.6 Adjustment of tax-exempt portion pursuant to Section 50 (2) of the Austrian Federal Railways Act 58.9 92.8 Taxable portion of the income 127.0 206.4 Group tax rate 23% 23% Expected income (+) or expense (-) from taxes in the financial year -29.2 -47.5 Tax rate differences between foreign companies and the corporate tax rate 2.8 -0.1 Other tax-exempt income and other reductions 0.5 14.1 Non-deductible operating expenses and other additions -5.6 -3.6 Effects of taxes from prior years recognized in the financial year 0.0 1.0 Effects of tax rate changes -0.1 0.1 Offsetting from consolidation -27.9 -13.1 Effects of changes in recognition 4.5 83.6 Other effects -10.0 -7.1 Accounted income taxes -65.0 27.4 Effective corporate tax rate 51.2% -13.3% The effects of changes in recognition mainly result from changes related to loss carryforwards and temporary differences. As of December 31, 2025, ÖBB-Infrastruktur AG was able to recognize previously unrecognized loss carryforwards of EUR 18.3 million as deferred tax assets (py: valuation allowance of EUR 40.4 million). ÖBB-Holding AG also recognized additional deferred tax assets from loss carryforwards in the amount of EUR 8.3 million (py: EUR 32.3 million). This was offset in particular by the changes in allowances on loss carryforwards of the predominantly non-Austrian Group companies and the allowance for temporary differences. Overall, these developments led to a significant change in deferred tax assets compared to the prior year. As the equity ratio of the group of companies is not more than 2 percentage points below the equity ratio of the Group, the interest limitation rule outlined in Section12a of the Austrian Corporate Income Tax Act ( Körperschaftssteuergesetz – KStG) does not apply, and the interest surplus is deducted in full as an operating expense.