ÖBB Annual Report 2025

Consolidated Financial Statements 262 Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 70 Foreign currencies are hedged as follows: 2025 2024 Currency-sensitive financial instruments in USD m in USD m Trade receivables 8.6 10.1 Other financial assets 65.7 101.9 Trade payables -4.6 -10.7 Other financial liabilities -63.2 -95.6 6.5 5.7 less forward exchange transactions -5.5 -5.5 Net exchange rate risk 1.0 0.2 Sensitivity analysis for currency risk If the euro had appreciated or depreciated by 10% against the US dollar, there would have been no material effect on earnings as of either balance sheet date. 29.2.c. Credit risk Counterparty credit risk describes the potential loss from failure by finance partners to honor their financial commitments (mainly money market transactions, investments, positive present value derivatives). Compliance with the limits underlying the counterparty credit-risk management system that are individually assigned to each financial partner is checked daily. The ÖBB Group only conducts business with financial partners with a defined rating and objective risk classification by the capital market. The ÖBB Group has introduced a counterparty credit risk management system in which limits are determined and allocated based primarily on the assessment of credit default swap data for the financial partners. This ensures the Group’s ability to respond rapidly to any changes in the capital markets’ risk assessment of the financial partner. The applicable limits and their utilization are monitored daily in order to ensure a timely, risk-focused response to market disruptions. The financial assets of the ÖBB Group mainly comprise cash and cash equivalents, trade receivables, and receivables from finance leases and securities. These items represent the maximum loss exposure of the ÖBB Group with respect to its financial assets. In extreme circumstances, this credit risk therefore constitutes the equivalent of all assets less property, plant and equipment, intangible assets, investments in associated companies, inventories, and other receivables that do not constitute financial instruments. The credit risk comprises the following: Credit risk from financial instruments in EUR million Gross exposure (carrying amount plus allowances) Less collateral (fair value) Net exposure Total exposure 2025 Financial assets 246.1 0.0 246.1 Trade receivables 618.8 -22.3 596.5 Other receivables and assets 284.1 0.0 284.1 Cash and cash equivalents 189.9 0.0 189.9 Risk current and non-current assets 1,338.8 -22.3 1,316.5 Other contingent liabilities 22.4 0.0 22.4 Credit risk from issued guarantees 22.4 0.0 22.4 Total credit risk Dec 31, 2025 1,361.2 -22.3 1,338.9 Total exposure 2024 Financial assets 285.3 0.0 285.3 Trade receivables 613.4 -10.8 602.6 Other receivables and assets 278.9 0.0 278.9 Cash and cash equivalents 288.2 0.0 288.2 Risk current and non-current assets 1,465.8 -10.8 1,455.0 Other contingent liabilities 18.2 0.0 18.2 Credit risk from issued guarantees 18.2 0.0 18.2 Total credit risk Dec 31, 2024 1,484.0 -10.8 1,473.2