Annual Report 2025 – ÖBB-Infrastruktur AG

ÖBB-Infrastruktur Aktiengesellschaft Group Management Report | Consolidated Financial Statements 26 Liquidity risk The ÖBB-Infrastruktur Group’s overriding objective in financial terms is to ensure the necessary liquidity headroom. Liquidity risk is the risk that a company may have difficulties in meeting its financial obligations resulting from the commitments it makes. These can be settled by payment or supply of another financial asset. Consistently ensuring the liquidity of all Group companies is one of the main tasks of the Group Finance department of the ÖBB Group. This task is performed by way of liquidity planning, agreeing on sufficient credit lines and adequate diversification of lenders. Interest rate risk Risks from changes in market interest rates can influence the financial result of the ÖBB-Infrastruktur Group as a result of the given balance sheet structure. Therefore, it is important to limit the influence of possible market interest rate fluctuations on the development of earnings, whereby the level must be agreed with the Group companies. Entering into suitable derivative financial instruments for the management of interest rate risks is based on portfolio analyses and recommendations of the Group Finance department and on the corresponding decisions of the Group companies. There are currently no such derivatives. Currency risk The companies of the ÖBB-Infrastruktur Group are exposed to virtually no foreign currency risks. The financing is predominantly denominated in euros. In 2023, the ÖBB-Infrastruktur Group entered into unstructured standard hedging transactions (forward exchange transactions) with a nominal value of approx. EUR 4.8 million (approx. USD 5.5 million) to hedge currency risks. The derivative is unchanged in the reporting year. Counterparty risk Counterparty risk covers the potential for losses due to non-fulfilment of financial obligations by business partners. The risks primarily relate to money market transactions, trade receivables, investments and positive present value commodity derivatives. Counterparty risk management is subject to limits that are set individually for each financial partner and reviewed daily for compliance. Commodity risk ÖBB-Infrastruktur AG operates its own hydropower plants. It bears the technical, economic and legal responsibility for the energy plants and manages the energy competence centre for ÖBB’s energy procurement. Energy facilities include power plants, frequency converters, substations, main supply facilities and control centres. Risk management in the energy sector is ensured directly by ÖBB-Infrastruktur AG. About two thirds of the traction current required and all of the electricity to supply the operating facilities (railway stations etc.) are procured on the electricity market. As a result, the ÖBB-Infrastruktur Group is strongly affected by electricity price volatility. Therefore, the risk management strategy provides for price hedging. It is particularly important for the ÖBB-Infrastruktur Group that prices are secured and fixed in advance, as the prices charged to customers are also fixed by 30.09. of the year prior to the start of delivery. Prices are hedged by entering into forwards and futures for the planned purchase volumes of traction current, loss energy and operating facilities as well as guarantees of origin. In addition to price hedging, the hedging aims to increase planning certainty, which is necessary as a basis for price calculation. Further-reaching information in this regard can be found in Note29.4 to the consolidated financial statements. The potential impact of the hostilities in the Middle East is discussed in Note 36 to the consolidated financial statements.