ÖBB Annual Report 2025

Consolidated Financial Statements 244 Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 52 17. Investments recorded using the equity method of accounting Investments accounted for using the equity method in both reporting years include shares in a joint venture, Galleria di Base del Brennero – Brenner Base Tunnel BBT SE, I-39100 Bozen, and in several associated companies. 2025 2024 in EUR million in EUR million Interest in one joint venture 40.6 40.6 Interest in associated companies 34.6 33.3 As of Dec 31 75.2 73.9 The following table reconciles the summarized financial information of the joint venture to the carrying amount of the Group’s investment. The figures for Galleria di Base del Brennero – Brenner Base Tunnel BBT SE are provisional and adjusted to the accounting methods applied in the Group. Following the completion of the Galleria di Base del Brennero in 2024, there have been no significant deviations from the provisional figures. Galleria di Base del Brennero – Brenner Base Tunnel BBT SE Dec 31, 2025 Dec 31, 2024 in EUR million in EUR million Revenue 0.0 0.0 Depreciation -0.8 -0.7 Interest income 2.6 4.3 Interest expenses -0.0 *) -0.0 *) Tax expense or income 0.0 *) 0.0 *) Annual profit/ loss from continuing operations 0.0 0.0 Other comprehensive income 0.0 0.0 Overall result 0.0 0.0 Cash and cash equivalents 425.2 20.2 Other current assets 96.7 67.3 Non-current assets 25.7 286.5 Current liabilities 464.4 291.0 Non-current liabilities 2.1 1.9 Net assets 100% 81.1 81.1 Interest of the Group in the net assets of the investee as of Jan 1 40.6 40.6 Overall result attributable to the Group 0.0 0.0 Dividends received from the associated company 0.0 0.0 Carrying amount of the interest in the investee as of Dec 31 40.6 40.6 *) Small amount. Galleria di Base del Brennero – Brenner Base Tunnel BBT SE (hereafter BBT SE) is the only joint venture operated by the Group. BBT SE is an independent legal entity. Since the Group holds a residual interest in the net assets, it classifies its investment as a joint venture. The purpose and task of BBT SE is to plan and build the Brenner base tunnel. The overall project comprises the construction of the railway tunnel between Tulfes/Innsbruck and Franzensfeste, consisting of the main, inspection and access tunnels; the multifunction stations, engineering equipment, control center, necessary landfills, and the bridges and stations needed to perform the construction work; and putting the tunnel into service. Under the provisions of the State Treaty dated April 30, 2004, Italy and Austria each hold 50% of the share capital of BBT SE. Austria’s 50% is entirely owned by ÖBB-Infrastruktur AG. The 50% of the Italian part is fully owned by TFB Societá di Partecipazioni S.p.A. ÖBB-InfrastrukturAG has undertaken to finance 50% of the construction of the Brenner Base Tunnel and will receive a 100% subsidy from the federal government in the form of a 50-year annuity as an investment grant. Italy and Austria have contractually agreed to invest additional amounts in proportion to their investments to compensate for any losses, if necessary.