Annual Report 2025 – ÖBB-Infrastruktur AG

ÖBB-Infrastruktur Aktiengesellschaft Group Management Report | Consolidated Financial Statements 20 Based on upstream analyses, over 100 project ideas were identified in the course of the development process for the 2040 Target Network. The most promising of these were clustered into so-called modules in consultation with relevant stakeholders, including the federal states and transport associations, and evaluated as part of a macroeconomic benefit- cost analysis. Ultimately, 67 projects in 25 modules were selected based on the evaluation results, which are now part of the technical draft. Particular consideration was given to the expansion of international connections as well as regional transport, but also projects to strengthen rail freight transport, the expansion of the interval timetable and better networking in conurbations. The 2040 Target Network is based on the vision that a total of approximately 255.0 million train kilometres per year can be travelled on the domestic rail network in a future horizon up to 2040. This corresponds to one and a half times the current transport performance. The current technical draft for the 2040 Target Network is the result of an intensive process. It comprises measures totalling approx. EUR 26.0 billion at today’s prices. Even by 2040, the expansion of the railway network in Austria will not be completed. In addition to the projects in the 2040 Target Network, there are a number of other routes that can be expanded in the long term. Some of these have already been analysed in the target network process, although it was recommended that these measures be reconsidered for the period after 2040. The Austrian Federal Government has yet to adopt the “2040 Target Network” plan; a decision is expected in 2026. B.2. Key risks and uncertainties Opportunity and risk management accompanies the relevant business processes and financial positions of the main Group companies and is, therefore, an important corporate management tool. In the ÖBB Group, opportunities and risks are generally defined as events or developments that could lead to a positive or negative variation in results compared to the planning assumptions. The opportunity and risk portfolio is revised in tandem with the respective planning. A Group policy and a Group-wide binding opportunity and risk management manual define the minimum requirements for all involved corporate units. Safeguarding the company’s activities is the primary target of the risk policy. Risks should only be consciously taken if their dimensions can be estimated and are associated with the expected increase in earnings and company value. The latest opportunity and risk reports are reported annually to the Audit Committee of the Supervisory Board, as are the results of the review of the effectiveness of the opportunity and risk management system by the auditors, which are reviewed as part of the audit of the annual financial statements in accordance with Rule 14.3.8.5 of the Public Corporate Governance Code. This is intended to ensure that the Supervisory Board is able to obtain a continuous picture of the efficiency and effectiveness of the implemented system. The regular dialogue with the Audit Committee also offers the opportunity to identify new risk-related topics top-down and to deal with them further within the framework of risk management. A Governance, Risk and Compliance Committee was also set up in 2017 to formally promote closer integration of risk-related functions (risk management, ICS, compliance and process management etc.). The ÖBB-Infrastruktur Group has established the function of a Group Risk Manager to ensure the professional handling of opportunities and risks and the ongoing implementation of the risk and opportunity management process: This person is responsible for the opportunity and risk management process in the Group and in the company. The Group Risk Manager consolidates and aggregates opportunities and risks within the Group and determines its overall opportunity and risk position, which is compared with the risk acceptance and risk-bearing capacity limits. Where applicable, further action is derived from this and measures are initiated. The risk manager reports to the Management Board and the Group opportunity and risk manager, submits the opportunity/risk report including risk prioritisation and the relevant control measures and performs advisory and training tasks. In addition, decentralised risk managers and contact persons have been defined in all business divisions, staff units and in all major subsidiaries to support the “Risk Owners ” in identifying opportunities and risks in their respective areas of responsibility.