Annual Report 2025 – ÖBB-Infrastruktur AG

ÖBB-Infrastruktur Aktiengesellschaft Group Management Report | Consolidated Financial Statements 25 Subsidiaries and investments Subsidiaries and investments are considered within this risk area. There is a risk here that budget values will not be achieved. In the real estate sector, the realisation proceeds and the exact realisation dates depend on the respective market developments. Risks are managed early on in the negotiation process and through targeted portfolio management. Climate risks / ESG Risks from force majeure and natural hazards are an integral part of the risk inventory, which is evaluated in terms of short and medium-term operational and financial effects as part of the regular risk management process. Climate risks with a long-term focus were systematically analysed and assessed as part of a separate climate risk and vulnerability analysis (details can be found in the non-financial statement). The ESG opportunities and risks identified as part of the double materiality analysis are regularly evaluated through a structured process with a view to their potential integration into Enterprise Risk Management (ERM). In collaboration with the sustainability department and in consultation with various specialist departments, the extent to which ESG opportunities and risks should be assessed as relevant in the context of the so-called “Net assessment” (risks taking into account measures already implemented) and, therefore, integrated in the ERM system was analysed – unless they were already included in the ERM inventory. The ÖBB Group’s ERM framework has been expanded to include the “ESG” risk area. All ESG-related investment opportunities and risks are now assigned to this cluster. In addition, a dedicated ESG risk management module was commissioned for the existing ERM tool in 2025, meaning that an integrated software solution is now available. B.3. Financial instruments Primary financial instruments The ÖBB-Infrastruktur Group’s portfolio of primary financial instruments is stated in the balance sheet. These entail receivables and liabilities from financing activities, trade receivables and payables, financial assets and collateral. Detailed information can be found in the corresponding notes to the consolidated financial statements. Derivative financial instruments The ÖBB-Infrastruktur Group uses derivative financial instruments to hedge currency and commodity price risks. Derivative financial instruments are only entered into with reference to an underlying transaction. Derivative financial instruments are measured in accordance with the applicable accounting standards. Risk definition and risk management in relation to financial instruments ÖBB-Holding AG enters into financial transactions in the name and for the account of Group companies – on their behalf and only with their consent. Exceptions are the hedging instruments of commodities. ÖBB-Holding AG has created a risk- orientated control environment. It includes, inter alia, guidelines and procedures for the assessment of risks as well as the authorisation, reporting and monitoring of financial instruments. Protecting the Group companies’ assets is the top priority in all financial activities. All of this is the task of the Group Finance department. A key part of its activities is the identification, assessment and limitation of financial risks. Risk limitation does not mean the complete exclusion of financial risks. Risk limitation means sensible and transparent management of quantifiable risk positions within a specific framework to be agreed with the Group companies. A Group policy prohibits the issuing or holding financial instruments for speculative purposes. Furthermore, Group policies define the authorised financial transactions. The key financing risks are discussed in more detail below.