Annual Report 2025 – ÖBB-Infrastruktur AG

ÖBB-Infrastruktur Aktiengesellschaft Consolidated Management Report | Consolidated Financial Statements 216 The following table shows the net foreign currency risk: Currency-sensitive financial instruments 2025 in USD million 2024 in USD million Other financial assets 61.0 92.0 Trade payables -4.0 -4.0 Other financial liabilities -58.0 -90.0 -1.0 -2.0 Less forward foreign exchange contracts/currency swaps -5.5 -5.5 Net exchange rate risk -6.5 -7.5 There are two forward foreign exchange contracts with a positive fair value as of 31.12.2025 of approximately EUR 0.2 million (previous year: approximately EUR 0.3 million). Sensitivity analysis for interest rate risk Accordingly, the ÖBB-Infrastruktur Group was only exposed to currency risks from unhedged foreign currency liabilities to a minor extent in both financial years. If the euro had appreciated (depreciated) by 10% against the US dollar, there would have been no material effect on earnings at either reporting date. 29.2.c. Credit risk Counterparty risk is the risk of loss due to non-fulfilment of financial obligations by financial partners (primarily money market transactions, investments, derivatives with a positive present value). The limits assigned individually to each financial partner and underlying counterparty risk management are checked daily for compliance. The ÖBB-Infrastruktur Group only maintains business relationships with financial partners that have a defined rating and for which an objective risk classification from the capital market is available. The ÖBB-Infrastruktur Group has implemented a counterparty risk management system under which the determination and allocation of limits are based primarily on the evaluation of credit default swap (CDS) data pertaining to ÖBB-Holding AG and the Group’s financial counterparties. This ensures a rapid response to changing risk assessments of the capital market with regard to financial partners. The current limits and their utilisation are monitored daily, in order to be able to react to market disruptions in a timely and risk-oriented manner. The financial assets of the ÖBB-Infrastruktur Group are largely made up of cash and cash equivalents, trade receivables, other receivables and securities. These items represent the maximum risk to the ÖBB-Infrastruktur Group from the risk of default in relation to the financial assets. This credit risk is composed as follows: Credit risk from financial instruments in EUR million Gross exposure (carrying amount plus impairments) Less collateral (fair value) Net exposure Total exposure 2025 Financial assets 167.6 0.0 167.6 Trade receivables 217.2 -22.3 194.9 Other receivables and assets 80.2 0.0 80.2 Cash and cash equivalents 30.2 0.0 30.2 Risk current and non-current assets 495.2 -22.3 472.9 Credit risk from assumed liabilities 12.4 0.0 12.4 Total credit risk as of 31.12.2025 507.6 -22.3 485.3 Total exposure 2024 Financial assets 217.6 0.0 217.6 Trade receivables 235.0 -10.8 224.2 Other receivables and assets 60.4 0.0 60.4 Cash and cash equivalents 35.1 0.0 35.1 Risk current and non-current assets 548.1 -10.8 537.3 Credit risk from assumed liabilities 12.7 0.0 12.7 Total credit risk as of 31.12.2024 560.8 -10.8 550.0