Annual Report 2025 – ÖBB-Infrastruktur AG

ÖBB-Infrastruktur Aktiengesellschaft Group Management Report | Consolidated Financial Statements 5 Growth in Europe in the course of 2025 followed two distinct paths. While the major economies of the eurozone – Germany, France and Italy – tended to stagnate, growth was significantly more dynamic, particularly in Eastern Europe. Overall, GDP across the EU rose by 1.4%, while that of the eurozone increased by 1.3%. Given the economic slowdown in core countries, growth in the eurozone was driven, in particular, by Ireland’s disproportionately strong rate of growth. 7 This was primarily due to direct investment from US technology and pharmaceutical companies, which continue to use Ireland as a hub for the EU. Having overcome an energy and supply chain crisis, European industry was once again unable to capitalise on any positive external factors in 2025. As well as making European products more expensive for the US market, US customs policy continues to lead to increased competition with China. As was the case during Trump’s first term in office, China is once again channelling some of its surpluses – particularly in steel – back into the EU. The EU has responded by imposing import duties on Chinese goods – in particular, electric cars and steel – with the aim of countering a potential fall in steel prices similar to that seen in 2019. 8 Simultaneously, the European economy and industry continue to suffer from structural problems. These include, above all, a lack of innovation, as well as high costs and dependence on key technologies and raw materials. These cannot be resolved overnight through government funding, as recent examples of costly misallocations – ranging from battery and photovoltaic technologies to electric vehicles – underscore. Development of container throughput and inflation Container throughput of major seaports Inflation RWI-ISL-Index 2015=100 monthly in % compared to the same month in the previous year Sources: RWI (Leibniz Institute for Economic Research) / ISL (Institute for Maritime Economics and Logistics), Eurostat. As a result of Europe’s sluggish growth and the “America First” stance adopted by the USA, a new world order is taking shape. China is increasingly distancing itself from the West by focusing on new markets in Asia and industrial self- sufficiency. On the one hand, this reduces the need for technology imports and, consequently, the trade opportunities for European companies. On the other hand, the shift in sales strategy away from consumer goods towards higher-value intermediate goods makes Chinese products indispensable in many supply chains. 9 The outlook for 2026, therefore, remains subdued from an EU perspective. In particular, US tariff policy and its increasingly aggressive foreign policy, as well as general geopolitical uncertainty, continue to burden the outlook for Europe. On the other hand, positive economic impetus could come – provided it is applied provisionally – from the free trade agreement with the Mercosur countries, which was approved by the European Council at the start of 2026 following years of negotiations, as well as from the expansionary rearmament policy in Europe. 10 7 European Commission. 8 Handelsblatt. 9 ZDF; Focus. 10 orf.at , Profil, European Commission. 90 100 110 120 130 140 150 160 2023 2024 2025 Gesamt Häfen ohne China Chinesische Häfen europ. Nordhäfen 0% 2% 4% 6% 8% 10% 12% 14% 2023 2024 2025 Österreich Eurozone Total Ports excl. China Chinese ports Northern European ports Austria