Annual Report 2025 – ÖBB-Infrastruktur AG

ÖBB-Infrastruktur Aktiengesellschaft Group Management Report | Consolidated Financial Statements 12 Notes to the consolidated statement of cash flow The free cash flow 27 decreased in the financial year to approximately EUR -2,472.3 million (previous year: approximately EUR -2,221.5 million). Excerpt from the Group cash flow statement in EUR million 31.12.2025 31.12.2024 Change Cash flow from the operating activity 745.7 1,017.5 -271.8 Cash flow from the investment activity -3,218.0 -3,234.5 *) 16.5 Free cash flow -2,472.3 -2,217.0 -255.3 Cash flow from financing activity 1,979.3 2,448.4 *) -469.1 Change in cash and cash equivalents -493.0 231.4 -724.4 *) The previous year’s figures were adjusted accordingly to improve comparability. A detailed presentation of the consolidated cash flow statement can be found in Note 34 to the consolidated financial statements. Capital expenditure and financing measures Overview 2025 2024 Change Change in % Investments in EUR million 3,717.9 3,936.1 *) -218.2 -6% Capital expenditure ratio of total income in % 74% 82% -8% -10% Capital expenditure ratio of the carrying amounts in % 10% 11% -1% -12% *) Less accumulated depreciation and amortisation on additions to the scope of consolidation in the sum of approximately EUR 65.1 million. In total, the ÖBB-Infrastruktur Group made investments in property, plant and equipment, intangible assets and investment property (IAS 40) totalling approximately EUR 3,717.9 million (previous year: approximately EUR 3,936.1 million) in the reporting year. This resulted in a capital expenditure ratio of 74% (previous year: 82%) of total income and 10% (previous year: 11%) of the carrying amounts as of 1 January. The calculation is based on gross investment before deduction of cost contributions. ÖBB-Infrastruktur AG has the option of financing debt capital via loans from the Republic of Austria in settlement by the Austrian Federal Financing Agency (OeBFA) instead of issuing its own bonds on the capital market. All existing bonds of ÖBB-Infrastruktur AG and their guarantees by the Republic of Austria remain unaffected by this expansion of ÖBB- Infrastruktur AG financing instruments. Further-reaching information in this regard can be found in Note25 to the consolidated financial statements. Focus of capital expenditure 2025 In 2025, ÖBB-Infrastruktur AG continued to work intensively on implementing the projects set out in the 2025–2030 Framework Plan to realise the 2025+ Target Network. These major infrastructure projects will enhance the stability and quality of the network, as well as increasing its capacity. These projects will expand services in urban areas and decarbonise rail transport, whilst ensuring the stable future of rail operations through digitalisation and modernisation measures. Eastern region and Greater Vienna In the Vienna metropolitan area, intensive work continued in 2025 on the modernisation of the Vienna main line as part of the Vienna urban railway (“S-Bahn Wien”) upgrade. These and many other improvements along the north and south axes will create the conditions for more frequent services and shorter waiting times. Another important piece of the puzzle in inner-city local transport is making the connecting railway between Hütteldorf and Meidling more attractive. In January 2026, the appeal proceedings against the EIA decision were successfully concluded before the Administrative Court. The northern parts of the Eastern Region and the Greater Vienna area are set to benefit from the expansion of the Nordbahn, which is progressing rapidly on the Vienna Süßenbrunn–Gänserndorf section. The four-track expansion of the southern line between Vienna Meidling and Mödling – including the planned construction of two new stations – will make transport services even more attractive for the south of Vienna and the district of Mödling. Planning for this continued in 2025. Work has, however, already begun on the four-track expansion of the northern approach to Wiener Neustadt Central Station. Work began on further enhancing the Pottendorf line between Wampersdorf and Ebenfurth. Work on modernising the Kamptalbahn, Traisentalbahn, Franz-Josefs-Bahn and Mattersburger Bahn also continued during the reporting period. 27 Free cash flow: cash flow from the operating activity + cash flow from the investment activity.