ÖBB Annual Report 2025

Consolidated Financial Statements 260 Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 68 Risks arising from changes in market interest rates may affect the financial result of the ÖBB Group due to the structure of its Statement of Financial Position. It is therefore important to limit possible market interest rate fluctuations above a certain level, e.g., by using derivative financial instruments, in order to minimize their impact on earnings performance. The conclusion of appropriate derivative financial instruments to manage interest risks (interest rate swaps) is based on portfolio analyses and recommendations by ÖBB-HoldingAG and the related decisions of the subsidiaries. The ÖBB Group is mainly exposed to interest rate risks in the eurozone. In order to implement the risk strategy as effectively as possible, it uses interest rate derivatives contracts when needed, taking the present debt structure into account. Financial instruments (current and non-current) Fixed interest financial instruments Variable interest financial instruments Dec 31, 2025 in EUR million in EUR million Financial assets 216.9 0.3 Cash and cash equivalents 171.7 12.7 Total 388.6 13.0 Financial liabilities 38,248.7 579.1 of which to the federal government (OeBFA) 23,586.0 0.0 Total 38,248.7 579.1 Financial instruments (current and non-current) Fixed interest financial instruments Variable interest financial instruments Dec 31, 2024 in EUR million in EUR million Financial assets 247.8 0.0 Cash and cash equivalents 275.7 0.9 Total 523.5 0.9 Financial liabilities 35,517.7 253.2 of which to the federal government (OeBFA) 19,999.4 0.0 Other liabilities 0.0 6.0 Total 35,517.7 259.2 The hedged items were classified as financial instruments at fixed or variable interest, taking the concluded derivatives into account (hedging instruments). A fundamental reform of the most important reference interest rates has been implemented globally in recent years. The previously established “Interbank Offered Rates” (IBORs) were – with the exception of EUR IBOR – largely replaced by alternative and almost risk-free reference interest rates (RFRs). While LIBOR rates were phased out in full by the end of 2021 or 2023 as applicable, EUR IBOR has been robustly restructured as part of a hybrid reform process mandated by the EU Benchmark Regulation (BMR) and remains permissible and usable as a reference rate. The ÖBB Group therefore expects that the EUR IBOR will continue to exist for the foreseeable future and can be used for both existing and new contracts. At the same time, the ÖBB Group continuously monitors regulatory developments, par- ticularly publications by ESMA, the European Commission, and the relevant benchmark administrators. The ÖBB Group currently has no EUR IBOR-linked loan agreements with fully robust fallback clauses that comply with the Bank Management Regulation (BMR). However, various industry initiatives – including working groups of the European Working Group on Euro Risk-Free Rates – have developed recommendations for fallback clauses, which the ÖBB Group will gradually implement in future contracts. In order to ensure regulatory compliance, we hold regular meetings with the financing banks, seek technical clarification from SAP consultants regarding the technical implementation of the fallback mechanisms, and engage in ongoing dialogue within the Treasury interest group. These actions ensure that the Group is prepared for any future changes to the bench- mark interest rate regime. Sensitivity analysis for interest rate risk IFRS7 requires a sensitivity analysis for market risks, showing how profit or loss and equity would be affected by hypothet- ical changes in market interest rates. The effects in each period are determined by applying the hypothetical changes in the risk variables to the portfolio of financial instruments at the reporting date. For the purpose of the sensitivity analysis, the portfolio at the reporting date is assumed to be representative for the entire year.