ÖBB Annual Report 2025

Consolidated Financial Statements 270 Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 78 Purchase power derivatives Number of derivatives Nominal volume Average exercise price Fair value without hedge relation Dec 31, 2024 Purchases MWh in EUR million in EUR in EUR million Portfolio 125 987,376 106.8 -5.6 thereof maturing 2025 116 926,056 100.1 108.1 -4.4 thereof maturing 2026 8 52,560 6.0 114.9 -1.3 thereof maturing 2027 1 8,760 0.6 67.2 0.1 Sale power derivatives Number of derivatives Nominal volume Average exercise price Fair value without hedge relation Dec 31, 2024 Sale MWh in EUR million in EUR in EUR million Portfolio 65 902,425 84.5 -2.0 thereof maturing 2025 59 841,105 79.4 94.5 -1.7 thereof maturing 2026 5 52,560 4.5 84.9 -0.2 thereof maturing 2027 1 8,760 0.6 67.2 -0.1 Derivatives with a positive fair value are stated in the current financial assets (Note 18). Derivatives with a negative fair value are stated in the financial liabilities (Note 25). Changes to the fair value of power derivatives without hedge relation are recognized in the other financial result in the Income Statement. 29.4.4 Power derivatives sensitivity analysis An increase or decrease in the electricity price by 10% with an unchanged assessment of the credit risk and the interest component would lead to an increase or decrease in other comprehensive income of EUR 0.02 million (py: EUR 1.0million) and an increase or decrease in financial income in the Income Statement of EUR 0.1 million(py:EUR 0.8 million). These amounts are before income taxes are taken into account. 29.5. Additional disclosures according to IFRS 7 Capital management The objective of the financial management of the ÖBB Group is to sustainably increase the shareholder value and to maintain a capital structure appropriate for upholding the excellent credit rating. Due to the corporate group’s special situation and its statutory mission, but also as a result of the agreements with the government regarding subsidization of infrastructure expenses (construction as well as operation and maintenance) not covered by the corporate group’s income from current operations, the control of the capital structure focuses mainly on debt ratios and on the following ratios, which are compared to the respective budgeted values: number of employees, EBIT margin, equity ratio, net working capital. The corporate group defines equity as share capital, capital reserves and other reserves as well as retained earnings and non-controlling interests, if any. Managed equity as of December 31, 2025 amounts to EUR 3,338.6 million (py: EUR 3,387.4million). Additional disclosures regarding the financial instruments Cash and cash equivalents, trade receivables as well as other financial receivables mostly have short remaining terms. Therefore, their carrying amounts as of the reporting date approximate their fair values. The fair values of other non- current receivables correspond to the present values of the payments associated with these assets discounted at the re- spective interest rates. The recognized values of the trade payables and other financial liabilities generally have short residual terms; the recognized figures are approximately equivalent to the fair values. Other non-current receivables and assets or other non-current liabilities and debts mainly comprise non-financial instruments. The fair values of liabilities to banks and other financial liabilities are determined as the present values of the debt related payments based on the applicable yield curve. The following reconciliation shows non-financial instruments and financial instruments from hedge accounting in a separate column in order to enable reconciliation to the carrying amount of the items reported in the Statement of Financial Position.