Annual Report 2025 – ÖBB-Infrastruktur AG

ÖBB-Infrastruktur Aktiengesellschaft Consolidated Management Report | Consolidated Financial Statements 175 Regardless of the above analysis, there is a significant increase in credit risk if the fulfilment of the contractual cash flows is more than 30 days past due. A default on a financial asset occurs when the counterparty fails to make contractual payments within 90 days of the due date. Financial assets are written off when, based on reasonable estimates, they are no longer expected to be realised. If receivables have been written off, enforcement measures are continued in order to still realise the due receivable. Any amounts recovered are recognised in profit or loss. Financial instruments with low credit risk The ÖBB Group applies the exemption provision for the allocation of debt instruments with low credit risk and an investment grade rating to stage 1. The ÖBB-Infrastruktur Group considers this to be the case with a Standard & Poor’s rating of BBB- or higher. Simplified impairment model Trade receivables For trade receivables, the ÖBB-Infrastruktur Group applies the compulsory simplified approach under IFRS9, according to which lifetime expected credit losses are to be recognised from the initial recognition of the receivables. According to the simplified impairment model, a loss allowance in the amount of the lifetime expected credit losses is to be recognised for all instruments, regardless of their credit quality. The simplified approach is to be applied to trade receivables or assets that fall within the scope of IFRS 15 and that do not contain a significant financing component. If there are objective indications of impairment (e.g. insolvencies), individual impairments are recognised. The default risk for trade receivables is determined on a collective basis. The Group’s credit risk is mainly influenced by the individual characteristics of its customers. An impairment matrix is used for trade receivables in order to assess the ECLs of trade receivables. The loss ratios are calculated using a “Roll Rate” method based on the probability that a receivable will pass through the successive stages of past due until it is derecognised. The roll rates are performed for all receivables as a whole. The loss rates are based on actual payment and credit default experience during the last eight years. The historical payment default rates are adjusted for expected future changes in macroeconomic factors such as gross domestic product (GDP), the unemployment rate and insolvency rates. Fair value of financial instruments The carrying amounts of cash and cash equivalents, trade receivables and payables, and receivables from and liabilities to related parties approximate their fair values. With the exception of cash and cash equivalents, these are fair value hierarchy stage 3. The fair value of long-term financial receivables, other financial assets without a stock exchange price and financial liabilities is based on the present value of expected future cash flows discounted at the current interest rate estimated by the ÖBB-Infrastruktur Group at which comparable financial instruments can be concluded. Any credit risk is taken into account when determining the fair values. These are the fair values of hierarchy stage 2. The fair value of listed securities and bonds is allocated to either fair value hierarchy stage 1 or 2 (Not e 29.7). The fair value of equity instruments is determined using multiples where appropriate and allocated to fair value hierarchy stage 3.