ÖBB Annual Report 2025

277 Consolidated Financial Statements Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 85 30.3. Cross-border lease agreements ÖBB-Personenverkehr AG entered into a cross-border lease transaction (CBL transaction) in the past which is still in place for both reporting years. This CBL transaction is a genuinely funded CBL transaction. The assets underlying this transaction are electric locomotives. In this transaction, the contractual partner acts as the purchaser of the systems and leases them back to ÖBB- PersonenverkehrAG. Minimum ratings are not applied. The rolling stock subject to the transactions is maintained regularly in accordance with the provisions of the agreements and generally may not be sold, leased, pledged as collateral or de- commissioned. Two structured companies were founded in this context in which the Group has no ownership interest. However, based on the terms of the agreements under which these companies were established, the Group receives substantially all of the income from their activities and net assets. Accounting treatment Beneficial ownership to the property, plant and equipment remains with the ÖBB Group. Due to continuing beneficial ownership, property, plant and equipment sold and leased back is still recognized in the property, plant and equipment of the ÖBB Group. As a result, the transaction is deemed to have no economic substance for accounting purposes, and the two structured entities do not need to be fully consolidated. IFRS 16 (“Leases”) provides detailed rules for the accounting of leases. The decisive question here is whether an economic substance is to be attributed to the leasing transaction. As this is not the case, these CBL transactions do not fall within the scope of IFRS16. This resulted in financial assets under the legal ownership of the ÖBB Group (securities and bank deposits) and the corre- sponding lease liabilities not meeting the criteria for assets and liabilities (“linked transactions”) due to the lack of economic substance of the agreements, and these are therefore not recognized in the Statement of Financial Position. However, if recognition in the Statement of Financial Position is required, the securities (deposits with banks and payment undertaking agreements) were measured at amortized cost. The financial assets are offset by lease liabilities. Amounts denominated in foreign currencies are translated at the exchange rate applicable at the reporting date. Any impairments resulting from changes in exchange rates are offset by corresponding exchange rate effects on the lease liabilities, and credit financing in the event of a hedged repayment vehicle regarding one of the tranches of a transaction. In the Consolidated Financial Statements as of December 31, 2025, financial assets related to non-linked leasing transac- tions amounted to EUR 133.7 million (py: EUR 81.8million). As of December 31, 2025, related financial liabilities amounted to EUR 151.2 million (py: EUR 114.1million). Impairments were determined depending on historical probabilities of default, measured by the rating of the contractual partners and the residual term of the transaction. As of December 31, 2025, there were allowances on investments in the amount of EUR 0.2 million (py: EUR 0.2million).