ÖBB Annual Report 2025

Contents DIGITAL. You can find the 2025 Annual Report as a PDF as well as related content (in German language) on the landing page at bericht.oebb.at/2025 TODAY. TOMORROW. TOGETHER. Annual Report 2025 ÖBB-Holding AG Step by step into the future Foreword by the Board of Management ................... 2 Foreword by the Chairwoman of the Supervisory Board ................................................ 4 Step by step into the future .......................................... 8 Corporate Governance Report .................................... 36 Group Management Report ......................................... 44 A. Business Performance and Economic Situation................... 44 B. Anticipated Developments and Risks of the Corporate Group..................................................... 65 C. Research and Development............................................... 74 D. Key Features of the Internal Control and Risk Management System with Regard to the Financial Reporting Process...... 76 E. Non-financial Statement – Sustainability Report ...................................................... 78 Consolidated Financial Statements ......................... 196 Consolidated Income Statement 2025 .................................. 196 Consolidated Statement of Comprehensive Income 2025...... 197 Consolidated Statement of Financial Position as of Dec 31, 2025............................................................... 198 Consolidated Statement of Cash Flows 2025......................... 199 Consolidated Statement of Changes in Shareholders’ Equity 2025................................................. 200 Notes to the Consolidated Financial Statements as of Dec 31, 2025............................................................... 201 A. Basis of Preparation and Accounting Policies. .................. 201 B. Notes to the Consolidated Statement of Financial Position and the Consolidated Income Statement......................... 229 C. Other Notes to the Consolidated Financial Statements..... 259 Auditors’ Report................................................................... 294 Glossary of Terms . ........................................................ 302 Imprint .............................................................................. 304 Seamless mobility – the Koralm Railway brings numerous new connections 20 The Koralm Railway – landmark project goes into operation 14 COVER. Both the cover and the Board of Management interview were shot in the new hall of ÖBB Technische Services in Vienna-Floridsdorf, which is nearing completion. The star on the cover is one of the first Cityjet double-deckers, which is currently undergoing its approval process