Annual Report 2025 – ÖBB-Infrastruktur AG

ÖBB-Infrastruktur Aktiengesellschaft Group Management Report | Consolidated Financial Statements 23 Sales and distribution Risks arise primarily from various geopolitical uncertainties affecting economic development and the associated freight transport volumes (decline in industrial production), from increased cost pressure, from intensifying competition and intermodal competition (competitiveness depends, among other things, on relative cost structures, and may lead to modal shift losses), as well as from proceedings pertaining to track access charges and railway traction power network charges. In 2025, the majority of the proceedings, which had been ongoing for years, were brought to a close following a market- wide settlement – achieved through negotiations with, or involving, the affected railway undertakings and the regulatory authority (Railway Control Commission). There are also uncertainties regarding the effects of route closures on Deutsche Bahn’s rail network due to refurbishment, as the impact on cross-border transport / terminal services, in particular, cannot yet be fully assessed. Observing and analysing customer behaviour and making targeted adjustments to the offer mitigate these risks, as does rolling energy procurement in order to be able to offer customers competitive prices. From 2026, for example, products in the energy sector will be adapted to meet travellers’ new needs. This measure also increases the opportunity to acquire new customers and further utilise the market potential of existing customers. Personnel, management and organisation Uncertainty regarding inflation trends poses risks to the planned salary increases, as this may lead to annual variations in salary agreements. In order to mitigate risks, various measures have already been implemented to improve profitability and reduce costs. However, with inflation remaining high and salary increases rising accordingly, there would be only limited scope for additional compensatory measures to mitigate the impact on profits. The general shortage of skilled workers in Austria can lead to bottlenecks due to a lack of availability of certain groups of staff (such as shunters) or increased staff turnover among key personnel. In order to mitigate the risk of a skills shortage, ÖBB-Infrastruktur AG and the wider Group are implementing a package of strategic measures. This includes targeted recruitment and the expansion of training and qualification programmes for critical roles such as shunting staff and train dispatchers. In addition, initiatives to retain staff are being implemented, such as flexible working hours, career paths and training opportunities. The ongoing digitalisation and automation of processes (e.g. as part of the Agenda29 à ) is further helping to reduce staffing requirements in sensitive areas. In addition, ÖBB is constantly improving its employer branding. Still, there is also a risk that additional personnel expenses may arise due to the non-implementation or partial implementation of planned measures such as efficiency improvements, recruiting and knowledge transfer. To mitigate this risk, comprehensive monitoring is performed (tracking of early indicators such as time to hire, early turnover, retention and satisfaction indicators, knowledge transfer monitoring, etc.). Finance / Accounting Almost all of ÖBB-Infrastruktur AG’s energy hedging transactions are recognised as derivatives in accordance with IFRS9. The majority of hedging transactions can be recognised as cash flow hedges, provided that the purchase is guaranteed, and measurement at fair value is therefore not recognised in the income statement (this is the case for approx. 90% of the portfolio). A small portion of the planned purchase volume must be recognised at fair value through profit or loss due to fluctuations in own generation or actual consumption. High volatility on the energy markets, as has already occurred in 2022, is associated with corresponding valuation risks/opportunities depending on market developments, which are recognised as “Electricity accounting risk.” Law and liability The Code of Conduct contains and regulates the ethical principles and general principles on which the Group’s business activities are based. This code minimises the risk of costs resulting from penalties for violations of antitrust regulations. The compliance team set up in 2013 works primarily in this risk area as part of a risk early warning and monitoring system. This also serves to prevent risks and, therefore, also to avert damage.