ÖBB Annual Report 2025

Consolidated Financial Statements 268 Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 76 29.4.2 Cash flow hedges – diesel Due to the fluctuating diesel prices, the raw material “diesel” represents a financial risk for ÖBB-Produktion Gesellschaft mbH and Österreichische PostbusAG and thus subsequently for the ÖBB Group, as the price fluctuations affect the cost of materials and the income of ÖBB-Produktion Gesellschaft mbH and Österreichische Postbus AG and thus the ÖBB Group. ÖBB-Produktion Gesellschaft mbH provides its services mainly for its ÖBB Group-internal parent companies ÖBB- Personenverkehr AG and Rail Cargo AustriaAG. Österreichische Postbus AG provides its services for customers outside the ÖBB Group. Services are mainly provided over several years as part of transport contracts or transport service contracts for transport associations. This means that the ÖBB Group has a long-term contract and must therefore also take fluctuations in the price of diesel into account in its economic analysis. It is therefore particularly relevant for the ÖBB Group to have already hedged or fixed the prices in advance. The risk management strategy therefore arranges for price hedging. The aim of the hedging policy pursued is to stabilize the cost of materials and to achieve a reduction in income and cash flow volatility for ÖBB-Produktion Gesellschaft mbH and Österreichische Postbus AG and thus for the ÖBB Group for the budget period. In view of the possible procurement strategies and in order to diversify risk, it was decided to hedge the first 60% and 70% of the planned purchase quantity for the next financial year and the first 30% and 35% of the planned purchase quantity for the financial year after next for ÖBB-Produktion Gesellschaft mbH and Österreichische Postbus AG, respectively, by September 30 of the current financial year. This secures the planning assumptions for the corresponding volume at the time of calculation or at the time when the prices are set (budget, conclusion of contracts with customers). In the 2025 financial year, the planned purchase quantity of the raw material diesel in the period from January 1, 2026 to December 31, 2027 was designated as a hedged item. This consists of a fossil share (93.1%) and biogenic share (6.9%). Only the price component of the expected future procurement relating to the fossil diesel share is designated as a hedged risk. The diesel swaps designated as cash flow hedges are based on the ULSD10ppm barges FOB Rotterdam and correspond exactly to the price component of the underlying transaction relating to the fossil diesel portion. This means that the underlying risk of the diesel swaps is identical to that of the hedged risk component. A hedging ratio of 1:1 therefore exists for all hedging relationships. – The objective for the hedging relationship of ÖBB-Produktion Gesellschaft mbH in the 2025 financial year is to hedge the first 60% of the planned purchase quantity of the 2026 financial year and the first 30% of the planned purchase quantity of the 2027 financial year for diesel, excluding biodiesel content. – The objective for the hedging relationship of Österreichische Postbus AG in the 2025 financial year is to hedge the first 70% of the planned purchase quantity of the 2026 financial year and the first 35% of the planned purchase quantity of the 2027 financial year for diesel, excluding the biodiesel portion. Derivatives with a positive fair value are stated in the current or non-current financial assets in accordance with the term range (Note18). Derivatives with a negative fair value are stated in the current or non-current financial liabilities in accord- ance with the term range (Note 25). Dec 31, 2025 Nominal volume Average exercise price Fair value End of term Number of swaps Metric tons in EUR million in EUR in EUR million Portfolio 18 49,280 28.7 599.4 -3.5 thereof maturing 2026 12 33,898 20.3 546.6 -2.8 thereof maturing 2027 6 15,382 8.4 582.9 -0.7 Dec 31, 2024 Nominal volume Average exercise price Fair value End of term Number of swaps Metric tons in EUR million in EUR in EUR million Portfolio 18 59,044 38.3 648.4 0.8 thereof maturing 2025 12 39,825 26.1 646.0 0.3 thereof maturing 2026 6 19,219 12.2 634.8 0.5 Changes in the cash flows for the planned diesel purchases due to changes in the diesel price are compensated by the changes in the cash flows of the diesel swaps, which are classified as derivatives in compliance with IFRS 9. When the underlying transaction is executed, the cost of inventories is adjusted (basis adjustment) or the effective portion of changes in the value of the hedging derivative initially recognized in equity is transferred to the cost of materials.