Annual Report 2025 – ÖBB-Infrastruktur AG

ÖBB-Infrastruktur Aktiengesellschaft Group Management Report | Consolidated Financial Statements 58 The development of a climate hazard into a climate risk is not inevitable. In the first step of the analysis, climate risks that do not apply due to the geographical location (lack of exposure) of the business activities or the locations of the assets were excluded in accordance with Annex A of Delegated Regulation (EU) 2021/2139. This includes, for example, sea level rise. In the second step of the analysis, we assessed whether a climate risk could significantly impair the performance of the business activity or the assets. The analysis was carried out for assets in the Rail, Energy and Real Estate business segments. In this context, not only individual climate risks were considered, but also chains of effects of several climate risks. For example, periods of drought followed by heavy rainfall lead to an increased risk of landslides and mudslides. Once the potentially significant climate risks had been identified, the third step of the analysis involved climate risk analysis. Based on the best available Austrian climate scenario data (ÖKS15) 31 , the RCP 8.5 climate scenario was considered for selected facilities. The RCP 8.5 climate scenario is a scenario in which high greenhouse gas emissions continue to be emitted. Experts from the ÖBB-Infrastruktur Group assessed the severity of the negative impact and the probability of its occurrence. The negative impact was assessed qualitatively on the basis of the Group’s internal risk management assessment scale. No quantitative assessment was performed. Climate-related transition risks and opportunities In the 2024 financial year, climate-related transition risks and opportunities were assessed for the first time; these were updated and revised in 2025. In an initial step, the potential risks identified in the course of the double materiality analysis in connection with climate-related transition events were assigned to various risk categories (e.g. market and reputational risks). Potential opportunities were assigned to other categories (e.g. resource efficiency). In a second step, an assessment was made as to whether only individual business segments or the entire ÖBB-Infrastruktur Group could be affected by these potential risks and whether they constituted transition events relating to short-term (reporting period of the financial statements), medium-term (up to 2030) or long-term (up to 2050) time horizons. The value chain was taken into account as part of the assessment of transition climate risks. For the qualitative assessment of potential risks, the “Transition” scenario 32 developed by the Austrian Environment Agency (Umweltbundesamt) was used as an initial framework. Climate-related transition risks and opportunities are assessed on the basis of their magnitude and probability of occurrence, taking into account the assumptions of the scenario. A significant transition risk has been identified. No assets or business activities have been identified that are incompatible with the transition to a climate-neutral economy. The climate scenarios used are consistent with critical climate-related assumptions in the financial statements, as gross risks have been translated into net risks. 3 1 https://klimaszenarien.at/daten/. 32 https://www.umweltbundesamt.at/energie/energieszenarien.