ÖBB Annual Report 2025

Step by step into the future 32 What would a further decline in rail freight traffic mean for the climate targets? WALDNER: In recent decades, the road transportation market in Austria has grown by an average of 2.5 percent per year – rail freight has only grown by 1.3 percent per year in the same period. If things continue like this, the climate targets will not be achievable. With rail freight, we would have a major lever in our hands for reducing emissions that harm the climate: the transportation sector is responsible for 10 percent of total CO₂ emissions, with rail transportation causing 30 times less CO₂ than road transportation. However, we can only realize this potential by taking into account the actual costs of the different modes of transportation. This is because the external, economic costs of truck transportation – such as congestion, noise, accidents and pollution – are six times higher than those of rail. But these costs are largely borne by the general public. Austria must make budget cuts. Will ÖBB also have to cut back? WALDNER: It’s no secret that cuts have to be made everywhere, and ÖBB also has to cope with a reduction in infrastructure investment of EUR 3 billion by 2030 as part of the federal government’s budget consolidation. In 2025, you created a program to increase competitive­ ness called “Compete.” What does this involve and what purpose does it serve? WALDNER: That’s right. The generally poor economic situation and increasing competition also make it necessary for us to reduce our operating costs. Specifically by EUR 300 million a year, with the aim of being an attractive and competitive player on the European mobility market. We are streamlining workflows, reducing costs and digitalizing processes while maintaining high quality and reliability. It makes good sense for us to be getting our internal costs, structures and processes into shape for the future. Speaking of competitiveness: competition in passenger and goods transportation is increasing. What is ÖBB’s strategy for remaining number one? MATTHÄ: We are already competing with other providers and other modes of transportation in many ways today. Firstly, it is important that we focus even more clearly on our passengers. In order to remain competitive in the future, we are also concentrating on quality, punctuality and reliability – our core services, which must never be in question. We are currently implementing a passenger transport investment package amounting to EUR 6.1 billion for 330 new, modern trains through 2030. And we are the only mobility company in Austria to offer a dense network with connections coordinated according to an integrated timetable. WALDNER: Let’s face reality here. We are in competition with other rail freight companies, but we are in particular competition with trucks. The costs of road transportation are 60 percent those of rail. We can’t win the competition here on price alone. So we need to offer more: more flexible solutions, an international presence and efficient connections such as our TransFERs directly to and from the major international economic centers and ports. In January 2026, we therefore implemented two new conventional TransFER connections: Duisburg – Rotterdam and Salzburg – Offenbach. And we have to work on the factors we ourselves can control. We only have limited influence over the external conditions. Our credo is: competitive quality. What does that mean? If we deliver the level of quality we have set for ourselves, that helps us achieve a profitable cost structure – quality and costs go hand in hand. “Automation, digitalization and AI have long since become part of our everyday working lives.” MANUELA WALDNER, CFO THE MANAGEMENT BOARD TEAM OF ÖBB-HOLDING AG in constructive