ÖBB Annual Report 2025

269 Consolidated Financial Statements Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 77 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 raw material price. Any ineffectiveness of the hedging relationship (if the cumulative fair value change of the hedging transaction is greater than the cumulative fair value change of the hedged cash flow) is recognized in the financial result. Ineffectiveness can arise if the credit risk of the trading partner differs significantly from that of Österreichische PostbusAG and ÖBB-Produktion Gesellschaft mbH, if there is overhedging because the expected transaction does not occur or occurs to a lesser extent than planned, and from the discounting of the underlying transaction. The cumulative other comprehensive income from the diesel derivatives designated as cash flow hedges is as follows: Cumulative other comprehensive income from diesel derivatives as of Dec 31 in EUR million OCI Deferred tax OCI after deferred taxes As of Jan 1, 2024 -2.8 0.6 -2.2 Amounts not affecting net income 1.8 -0.4 1.4 Amounts reclassified to the Income Statement 0.4 -0.1 0.3 As of Dec 31, 2024 -0.6 0.1 -0.5 Amounts not affecting net income -4.8 1.1 -3.7 Amounts reclassified to the Income Statement 1.9 -0.3 1.6 As of Dec 31, 2025 -3.5 0.8 -2.7 Diesel price sensitivity analysis If the price of diesel had been 10% lower or 10% higher on the reporting date, the change in the market price level would have resulted in a reduction or increase in equity of EUR 2.7 million (py: EUR 3.8 million). 29.4.3. Other power derivatives The following table shows the range of maturities of those forwards that were concluded for hedging purposes but do not fulfill the formal requirements for cash flow hedge accounting according to IFRS 9 due among other reasons to the fluctuations of the quantity actually consumed. Purchase power derivatives Number of derivatives Nominal volume Average exercise price Fair value without hedge relation Dec 31, 2025 Purchases MWh in EUR million in EUR in EUR million Portfolio 167 1,064,416 101.1 -1.2 thereof maturing 2026 159 1,020,616 96.9 94.9 -1.6 thereof maturing 2027 8 43,800 4.2 95.4 0.4 Sale power derivatives Number of derivatives Nominal volume Average exercise price Fair value without hedge relation Dec 31, 2025 Sale MWh in EUR million in EUR in EUR million Portfolio 47 865,568 74.9 2.3 thereof maturing 2026 45 821,768 71.3 91.2 2.3 thereof maturing 2027 2 43,800 3.6 82.3 0.0