ÖBB Annual Report 2025

267 Consolidated Financial Statements Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 75 Power derivatives designated as hedges Dec 31, 2025 Nominal (Contract price) Average exercise price Fair value End of term Number of derivatives MWh in EUR million in EUR in EUR million Portfolio 657 1,793,435 150.0 0.1 thereof maturing 2026 480 1,087,440 93.8 86.3 -1.9 thereof maturing 2027 168 583,019 47.0 81.0 1.4 thereof maturing 2028 9 122,976 9.2 74.4 0.6 Power derivatives designated as hedges Dec 31, 2024 Nominal (Contract price) Average exercise price Fair value End of term Number of derivatives MWh in EUR million in EUR in EUR million Portfolio 734 2,057,044 202.2 -9.9 thereof maturing 2025 541 1,219,985 132.5 108.6 -13.3 thereof maturing 2026 177 679,379 57.8 85.1 2.6 thereof maturing 2027 16 157,680 11.9 75.5 0.8 In general, the effectiveness of every derivative designated as a hedging instrument is subject to a prospective effectiveness measurement and is also tested at each reporting date in order to determine the effectiveness of the hedge relationship and to ascertain any potential ineffectiveness. Ineffectiveness is measured by comparing the cumulative changes to the fair value of the designated hedge instruments since the hedge relationship was designated with the cumulative changes to the fair value of the underlying hedged item in relation to the hedged risk. A hypothetical derivative is formed in order to determine the cumulative changes to the fair value of the underlying hedged item in relation to the risk of changes to the European Energy Exchange settlement price. Ineffectiveness can arise from the fact that the procurement transactions may in some circumstances be based on different load profiles, and this may result in different quantities within the scope of cascading and profiling as the hypothetical derivative does not change in this event. Ineffectiveness can also occur if the trading partner’s credit risk deviates signifi- cantly from that of ÖBB-InfrastrukturAG. There can also be short-term overhedging as a result of reductions in the planned purchase quantity, although this will balance out again over time. The fair value of the power purchase forwards as of the reporting date is determined based on the European Energy Exchange futures rates (EEX rates) discounted on the basis of current yield curves. The market values or power purchase futures correspond to the EEX rates. Amounts that are transferred from other comprehensive income to the Income Statement are recognized in the cost of materials as are any ineffective portions. The closed derivatives are forwards for the supply of operating facilities. Once the tender or award has taken place, the quantity originally purchased via the forward is sold via an offsetting forward and thus closed. The transfer from other comprehensive income to the Income Statement is made upon delivery. The cumulative other comprehensive income from the power derivatives designated as cash flow hedges is as follows: Power forwards in EUR million CFH CFH closed OCI total Deferred tax OCI after tax As of Dec 31, 2023 -66.2 4.0 -62.2 -14.3 -47.9 Traction power -7.5 0.0 -7.5 -1.7 -5.8 Operating facilities 0.9 0.0 0.9 0.2 0.7 Operating facilities closed 6.9 -6.9 0.0 0.0 0.0 Transfer to Income Statement 2024 55.7 -5.4 50.2 11.6 38.7 As of Dec 31, 2024 -10.3 -8.3 -18.6 -4.3 -14.3 Traction power -11.3 0.0 -11.3 -2.6 -8.7 Operating facilities 0.9 0.0 0.9 0.2 0.7 Operating facilities closed -0.4 0.4 0.0 0.0 0.0 Transfer to Income Statement 2025 20.8 6.9 27.7 6.4 21.3 As of Dec 31, 2025 -0.2 -1.0 -1.2 -0.3 -0.9 Further information on deferred tax can be found in Note13.