Annual Report 2025 – ÖBB-Infrastruktur AG

ÖBB-Infrastruktur Aktiengesellschaft Group Management Report | Consolidated Financial Statements 6 Capital markets and the state budget The economic downturn and the consequences of the expansionary fiscal policy of recent years are putting pressure on the public sector budget. Austria’s budget deficit stood at 4.6% in 2025, while public debt rose to 81.8% of GDP. 11 At any rate, the deficit is likely to remain around 4% until 2027, and thus above the 3% threshold set by the EU’s stability criteria. Since 2016, the Austrian Federal Financing Agency (OeBFA) has been raising the necessary funds for ÖBB- Infrastruktur AG’s infrastructure investments on the capital market. Therefore, financing costs are determined by the interest rate on federal bonds. 2025 saw no change in the European interest rate environment; the ECB kept its key interest rate steady at 2.15% throughout the year. Accordingly, the volume-weighted average yield on Austrian government bonds has remained virtually unchanged. At 2.8%, this was in line with the previous year. Austria’s credit rating remains high, however. However, given the tight budgetary situation, several rating agencies have downgraded their outlook to “negative”. 12 Political and regulatory underlying conditions ÖBB continually analyses the social, political and economic underlying conditions to identify and help shape developments that are relevant to the company. ÖBB’s views are communicated to stakeholders in the form of position papers and factsheets, and are presented transparently on the Intranet. In accordance with Group policy, these activities are reported regularly to the Management Board and Supervisory Board. Topic management and agenda setting at national level In the 2025 financial year, ÖBB initially worked intensively during the government negotiations to secure funding for infrastructure expansion, to secure approval for the next infrastructure development plan, “Target Network 2040 ” (“Zielnetz 2040”), and to improve the framework conditions for rail freight transport. During the previous financial year, the company had to contend with a sharp decline in volumes, largely due to the industrial recession. Furthermore, rail freight transport has come under significant economic pressure in competition with road haulage, in part due to high electricity prices. The 2025–2026 federal budget has secured the financial basis for the expansion and maintenance of the rail infrastructure, as well as for existing subsidies for rail freight transport. Furthermore, the full implementation of the Waste Management Act (Abfallwirtschaftsgesetz) with regard to shifting waste transport to rail has been secured. Also, the allocation of public funding for rail freight transport was made more efficient by 2025 through internal measures to improve data quality. By 2025, the issues of “crisis resilience”, “security” and “military mobility” had gained significant political importance at both national and European level. As a key component of the country’s critical infrastructure, ÖBB in Austria has accordingly played an active role in shaping legislation on the resilience of critical infrastructure and NIS 2. To this end, ÖBB has initiated a dialogue with federal and EU stakeholders regarding the rail system’s potential contribution to ensuring military mobility in Austria and Europe. Another key focus in representing ÖBB’s interests was the implementation of EU directives at national level, in particular, in the areas of “energy efficiency”, “building renovation” and “nature restoration”. Further efforts were made to reduce bureaucracy and speed up approval procedures (High-Speed Rail Act [Hochleistungsstreckengesetz], General Administrative Procedure Act [Allgemeines Verwaltungsverfahrensgesetz], Environmental Impact Assessment Act [Umweltverträglichkeitsprüfungsgesetz]), as well as to modernise railway legislation (Railway Act [Eisenbahngesetz], Railway Level Crossing Regulations [Eisenbahnkreuzungsverordnung]). From February 2026, major rail corridors in Germany will be subject to multi-year closures for the complete overhaul of the DB rail network. In preparation for this, a broad dialogue with industry, the media and stakeholders was launched in March 2025 in collaboration with social partners. To this end, public consultation events were held in Upper Austria, Salzburg and Lower Austria, as well as at national level. For several years now, the ÖBB-Infrastruktur Group has been pushing ahead with the expansion of renewable energy facilities to generate electricity for the rail network, with the aim of strengthening the resilience of the rail system and reducing its dependence on the electricity market. In order to support this target, ÖBB is actively involved in shaping the relevant legislation on an ongoing basis. In 2025, this included, in particular, the Renewable Energy Expansion Acceleration Act (EABG) and the new Electricity Industry Act (ElWG). Both laws pertain to both the licensing procedures for the expansion of energy infrastructure and the affordability of electricity; however, to date, only the Electricity Industry Act (Elektrizitätswirtschaftsgesetz) has been finalised following a parliamentary decision in December 2025. 11 WIFO. 12 OeBFA.