Annual Report 2025 – ÖBB-Infrastruktur AG

ÖBB-Infrastruktur Aktiengesellschaft Consolidated Management Report | Consolidated Financial Statements 162 Consolidated statement of cash flow 2025 2025 2024 Note in EUR thousand in EUR thousand Earnings before income taxes (EBT) 15,119 12,561 Non-cash expenses and income + Depreciation and amortisation on property, plant and equipment intangible assets and investment property 9 1,193,246 1,145,341 + Depreciation and amortisation / - appreciation on non-current financial assets 124 -156 - Amortisation of investment grants 9 -151,085 -144,965 + Losses / - gains from the disposal of property, plant and equipment, intangible assets and investment property 14,042 8,812 + Losses / - gains from the disposal of asset groups held for sale 19 0 -13,895 - Other non-cash income / + other non-cash expenses -847 -752 + Interest expenses 11 615,627 553,966 - Interest income 11 -17,986 -35,308 Changes in assets and liabilities - Increase / + decrease in inventories 21 -13,886 -11,453 - Increase / + decrease in trade receivables and other assets -31,419 138,606 + Increase / - decrease in trade payables and other liabilities and deferrals -119,494 -181,484 + Increase / - decrease in provisions 26 -116,732 60,252 - Interest paid -685,227 -583,651 + Interest received 50,666 69,581 *) - Income taxes paid -6,487 -2 *) Cash flow from operating activities a) 745,662 1,017,451 + Proceeds from disposal of property, plant and equipment and intangible assets 24,232 23,524 - Expenditures for property, plant and equipment and intangible assets 1) 14, 15 -3,556,329 -3,494,109 - Expenditures for investments in financial assets -250 -41 + Proceeds from investment grants 14, 15 306,318 230,121 - Reimbursements of cost contributions from third parties -2 0 + Dividends received 2,499 1,475 + Proceeds from the repayment of loans granted (from investing activities) 739 0 + Contribution from the acquisition of other business units 0 58 *) + Proceeds from the repayment of receivables in accordance with IFRS 16 4,775 4,512 *) Cash flow from investment activities b) -3,218,019 -3,234,460 *) - Dividends distributed to non-controlling shareholders -668 -214 + Proceeds from issue of loans 25, 34 0 24,000 *) - Disbursements for the repayment of financial liabilities 34 -1,509,431 -1,208,990 *) - Disbursements from the repayment of lease liabilities 34 -16,515 -16,315 *) + Proceeds from other borrowings (from financing activities) 34 3,519,068 3,944,934 *) - Disbursements from the repayment of other loans (from financing activities) 34 -13,138 -295,000 *) Cash flow from financing activities c) 1,979,315 2,448,414 *) Cash flow from operating activities a) 745,662 1,017,451 Cash flow from investment activities b) -3,218,019 -3,234,460 *) Free cash flow (a+b) -2,472,357 -2,217,009 Funds at beginning of period -37,210 -268,615 Change in funds resulting from cash flows (a+b+c) -493,040 231,405 *) Funds at the end of the period -530,250 -37,210 1) See Note 34 infrastructure of Granz-Köflacher Bahn und Busbetrieb GmbH. *) The previous year’s figures have been restated to allow for a more accurate comparison. See Note 34 for details on the composition of funds.