ÖBB Annual Report 2025

259 Consolidated Financial Statements Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 67 C. OTHER NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 28. Contingent liabilities and non-current obligations 28.1. Contingent liabilities 2025 2024*) in EUR million in EUR million Contingent liabilities 22.4 18.2 Total 22.4 18.2 *) adjusted prior year’s figure The contingent liabilities relate to guarantees and bad debts, whereby the amount of cash outflows depends on the future course of business of the ÖBB Group. Contingent liabilities of EUR 3.4 million (py: EUR 0.1 million) relate to contingent liabilities from investments. 28.2. Non-current obligations ÖBB-Infrastruktur AG has entered into three electricity procurement contracts with suppliers with terms until 2027, 2029 and 2042; the contract term for part of one traction current supply is for the duration of the existing systems. A total of 170 MW is purchased annually under these contracts. The measurement with the relevant prices as of December 31, 2025 or the average prices for 2025 (if these are relevant for pricing) has an expected obligation for 2026 in the amount of EUR 123.6 million (py: EUR 172.3 million) and by the end of the term a total obligation of EUR 311.3 million (py: EUR 437.3 million ). The total obligation does not include the annual amount of EUR 41.6 million (duration of the assets, py: EUR 68.8 million), as it is not known how long the systems will remain in operation at the supplier’s end. This obligation fluctuates with the development of electricity prices. 29. Financial instruments 29.1. Risk management The ÖBB Group is subject to market (interest rate and currency risk), credit (creditworthiness of contractual partners) and liquidity risks. The Group views financial risk management as the management of market risks and the business manage- ment of the individual companies’ portfolios with respect to interest rate, currency, and commodity price trends. The ÖBB Group uses derivative financial instruments to hedge these risks. Derivative financial instruments are concluded only with reference to a hedged item. One core task of risk management is to identify, assess, and mitigate financial risks. Risk mitigation does not mean com- pletely eliminating financial risks, but rather the reasonable management within a precisely defined framework of risks that can be quantified at any time. ÖBB-HoldingAG, which with the exception of hedging instruments for commodities only enters into financial transactions on behalf and for the account of its subsidiary companies with their consent and upon their instruction, has created a risk- oriented monitoring environment that includes guidelines and procedures for risk assessment, and for approving, reporting, and monitoring financial instruments. The protection of ÖBB Group assets is the first priority for any and all financial activities. 29.2. Risk types Financial risks are defined as follows: – 29.2.a. Interest rate risk – 29.2.b. Currency risk – 29.2.c. Credit risk – 29.2.d. Liquidity risk – 29.4. Commodity risks (electricity price fluctuations) 29.2.a. Interest rate risk Risks from the exposure to changes of interest rates are risks to the profitability and the value of the ÖBB Group and may occur in the following forms: – Interest payment risk (increased interest cost due to the market development) – Present value risk (change in value of the portfolio)