Annual Report 2025 – ÖBB-Infrastruktur AG

ÖBB-Infrastruktur Aktiengesellschaft Consolidated Management Report | Consolidated Financial Statements 221 Power derivatives designated as hedges 31.12.2024 Nominal volume (contract price) Average exercise price Fair value Maturity Number of derivatives MWh in EUR million in EUR in EUR million Portfolio 734 2,057,044 202.2 -9.9 thereof maturating 2025 541 1,219,985 132.5 108.6 -13.3 thereof maturating 2026 177 679,379 57.8 85.1 2.6 thereof maturating 2027 16 157,680 11.9 75.5 0.8 In principle, the effectiveness of every derivative designated as a hedging instrument is subject to a prospective effectiveness measurement and is also tested at each reporting date in order to determine the effectiveness of the hedge relationship and to assess any potential ineffectiveness. Ineffectiveness is measured by comparing the cumulative changes in the fair value of the designated hedging instruments since the designation of the hedging relationship and the cumulative changes in the fair value of the underlying hedged item in relation to the hedged risk. A hypothetical derivative is formed to determine the cumulative changes in the fair value of the underlying hedged item in relation to the risk of changes in the European Energy Exchange Settlement price. Inefficiencies may result from the fact that the concluded procurement transactions may be based on other load profiles and that quantity deviations may arise in the context of cascading and profiling, as the hypothetical derivative does not change in this case. Furthermore, ineffectiveness may arise if the credit risk of the trading partner differs significantly from that of ÖBB-Infrastruktur AG. In addition, reductions in the planned purchase quantity may lead to short-term excess collateralisation, which, however, again compensates over time. The fair value of electricity purchase forwards as of the reporting date is determined on the basis of European Energy Exchange futures quotations (EEX quotation), which are discounted using current yield curves. The fair values or electricity purchase futures correspond to the EEX quotation. Amounts that are reclassified from other comprehensive income to the statement of profit or loss are recognised in the cost of materials, as are any ineffectiveness. The closed derivatives are forwards for the supply of operating facilities. Once the tender has taken place or the contract is awarded, the quantity originally purchased via the forward is sold by means of an offsetting forward and is thus closed out. The transfer from other comprehensive income to the statement of profit or loss takes place upon delivery. The accumulated other comprehensive income from the electric power forwards designated as cash flow hedges is as follows: See Not e13fo r further details about the deferred taxes. 29.4.2. Other electric power derivatives The following table shows the maturity range of those forwards that are entered into for hedging purposes but do not meet the formal requirements of IFRS 9 for cash flow hedges due to, among other factors, fluctuations in the volume of consumption. Power derivatives in EUR million CFH CFH closed OCI total Deferred taxes OCI after taxes As of 31.12.2023 -66.2 4.0 -62.2 -14.3 -47.9 Traction power -7.5 0.0 -7.5 -1.7 -5.8 Operating facilities 0.9 0.0 0.9 0.2 0.7 Operating facilities closed 6.9 -6.9 0.0 0.0 0.0 Transfer to statement of profit or loss 2024 55.7 -5.4 50.2 11.6 38.7 As of 31.12.2024 -10.3 -8.3 -18.6 -4.3 -14.3 Traction power -11.3 0.0 -11.3 -2.6 -8.7 Operating facilities 0.9 0.0 0.9 0.2 0.7 Operating facilities closed -0.4 0.4 0.0 0.0 0.0 Transfer to statement of profit or loss 2025 20.8 6.9 27.7 6.4 21.3 As of 31.12.2025 -0.2 -1.0 -1.2 -0.3 -0.9