ÖBB Annual Report 2025

Group Management Report 60 Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 17 Liabilities and shareholders’ equity As of December 31, 2025, the ÖBB Group had an equity ratio of 7.1% (py: 7.7 %). On the liabilities side, the increase in the total assets is mainly due to the increase in financial liabilities. The liabilities of the ÖBB Group amounted to EUR 42,194.4 million as of December 31, 2025 (py: EUR 39,449.1 million). Until 2015, the ÖBB Group’s debt financing was provided by issuing its own bonds on the capital market, among other things. These bonds are recognized by ÖBB-InfrastrukturAG in the amount of EUR 5,360.5 million(py:EUR 6,891.5 million). Since 2017, the ÖBB Group has raised the necessary financing primarily through loans from the Republic of Austria. These are processed by the Austrian Treasury (OeBFA) instead of via own bond issues on the capital market. According to Eurostat criteria, the ÖBB Group is part of the government sector. All existing bonds of ÖBB-Infrastruktur AG and their guarantees by the Republic of Austria remain unaffected by this expansion of the financing instruments of ÖBB-Infrastruktur AG. The ÖBB Group’s financial liabilities include all liabilities from bonds as well as liabilities to banks and Eurofima Europäische Gesellschaft für die Finanzierung von Eisenbahnmaterial AG. In total, financial liabilities increased by 9% or EUR 3,073.5 million in the reporting year to EUR 39,203.2 million (py: EUR 36,129.7 million ). Notes to the Consolidated Statement of Cash Flows Free cash flow 40 sank in the reporting year to EUR -2,910.2million (py: EUR -2,556.4 million). The change in cash and cash equivalents in the Fund developed from EUR -302.2 million to EUR -116.5 million. Abstract from the Group Cash Flow Statement in EUR million Dec 31, 2025 Dec 31, 2024 Change Cash flow from operating activities 1,610.8 1,748.8 -138.0 Cash flow from investing activities -4,521.0 -4,305.2 -215.8 Free Cash flow -2,910.2 -2,556.4 -353.8 Cash flow from financing activities 2,793.7 2,254.2 539.5 Cash-effective change of funds -116.5 -302.2 185.7 The detailed Consolidated Statement of Cash Flows is included in the Notes to the Consolidated Financial Statements. Net assets and financial position of the ÖBB Personenverkehr sub-group Overview Dec 31, 2025 Dec 31, 2024 Change Change in % Total assets in EUR million 8,208.1 7,486.7 721.4 10% PP&E-to-total-assets ratio in % 72% 73% -1% -1% PP&E-to-net-worth ratio in % 28% 30% -2% -7% PP&E-to-net-worth ratio II in % 109% 102% 7% 7% Equity ratio in % 20% 22% -2% -9% Structure of the Consolidated Statement of Financial Position in EUR million Dec 31, 2023 Dec 31, 2024 Structure 2024 Dec 31, 2025 Structure 2025 Change from 2024 to 2025 Non-current assets 5,000.7 6,201.2 83% 6,608.2 81% 407.0 Current assets 1,807.9 1,285.5 17% 1,599.9 19% 314.4 Total assets 6,808.6 7,486.7 100% 8,208.1 100% 721.4 Shareholders’ equity 1,604.1 1,646.8 22% 1,678.4 20% 31.6 Non-current liabilities 3,543.1 3,963.0 53% 4,808.3 59% 845.3 Current liabilities 1,661.4 1,876.9 25% 1,721.4 21% -155.5 40 Cash flow from operating activities + cash flow from investing activities. | MR17