HOCHBAHN Finanzbericht 2025

1

Management report and annual financial statements 2025

2

3

Contents Foreword by the Management Board Management report Annual financial statements Shareholdings Independent auditor’s report Report of the Supervisory Board Declaration of compliance with the Hamburg Corporate Governance Code (Code) Overview of subsidiaries and investees HOCHBAHN at a glance Publication details 4 6 24 40 41 44 45 48 50 51 3

4

M a n a g e m e n t r e p o r t a n d a n n u a l f i n a n c i a l s t a te m e n t s 20 25 Foreword by the Management Board Mobility that moves Hamburg forward As economic and geopolitical challenges mount, HOCHBAHN continues to provide dependable mobility for the people of Hamburg. In 2025, 552 million passengers showed that public transport is the lifeblood of a functional and vibrant city. Last year we made major improvements to the system that keeps Hamburg moving every day, and we plan to make even more in the years ahead. Our goal is clear – to create a customer-centric, interlinked transport system that is accessible, comprehensive, reliable and safe for everyone, encouraging more and more people to switch over to public transport. Yet this transport can only be climate-conscious and sustainable if it encompasses an extensive and inclusive array of services. We are particu- larly interested in sustainable innovation. When financial margins are limited and budgets are tight, technological developments hold the key to enhancing the appeal and range of public transport in Hamburg. Digital tools ranging from AI-supported video analysis and faster communica- tion channels to real-time information in our apps all help to improve safety, reliability and comfort. By building the U5 line, extending the U4 to Horner Geest and automating systems as part of the U-Bahn100 project, we are laying the foundations for a more interconnected and efficient rapid transit system. Modernising our existing routes is just as important. As well as carrying out refur- bishments across our network, we are preparing to partially automate the U2 and U4 lines to ensure we can offer more frequent services and more consistent service quality in the future. The new home for our self-driving shuttles marks the lat- est chapter in Hamburg’s autonomous transport story, and we showcased our progress in style as more than 10,000 international transport experts gathered in our city for the UITP Summit 2025. We presented our vision of an innovative nationwide mobil- ity platform to an international audience of specialists by unveiling a prototype of the MAX app for the first time at this event. The presentation provided an insight into our current approaches to development and highlighted oppor- tunities to create more customer-centric, digitalised and interconnected transport systems. We hope that by working closely with other transport companies, we can help create a framework for developing and testing future topics such as digital distribution systems, new transport services and long-term technical innovations together. In 2025 we also worked tirelessly to reach our climate targets, from decarbonising our fleet and creating energy- efficient infrastructure to sustainable procurement. For us, mitigating climate change is not just an obligation but a key component of our corporate strategy. We are investing in efficient and sustainable transport in north-east Hamburg with the new electric bus depot in Meiendorf, which will serve as a hub for around 130 zero-emission buses from 2026 onwards. 4

5

F o r e w o r d b y t h e M a n a g e m e n t B o a r d As a member of the UN Global Compact, we act in accor- dance with its ten principles as well as the Sustainable Development Goals (SDGs), which guide us and remind us that economic efficiency, social responsibility and environ- mental sustainability are inextricably linked. This report sets out exactly what that means in practice: in our projects, the way we invest, and our efforts to embed sustainability even more deeply into our operations. Our green financing is proof that sustainability can also be a positive economic factor. HOCHBAHN has been awarded the highest Dark Green rating by the CICERO Shades of Green Institute, an accolade that sends a clear message to our partners and the financial markets. The 173 million euro EIB loan we agreed for the latest generation of DT6 U-Bahn rolling stock in 2025 offers proof of just how much transparent climate strategies and sustainable investment can pay off. HOCHBAHN created an unparalleled degree of trans- parency in 2025 by launching the “Success Compass” (Erfolgskompass), our quarterly key figures covering ser- vice quality, economic efficiency, sustainability, employer appeal and customer satisfaction. Hamburg, 27 March 2026 Hamburger Hochbahn Aktiengesellschaft The Management Board Robert Henrich Merle Schmidt-Brunn Saskia Heidenberger Jens-Günter Lang 5

6

M a n a g e m e n t r e p o r t a n d a n n u a l f i n a n c i a l s t a te m e n t s 20 25 Management report 1. Fundamental information about the company 1.1 The company’s business model 1.2 Objectives and strategies 1.3 Sustainability 1.4 Research and development 2. Report on economic position 2.1 Macroeconomic and sector- specific environment 2.2 Course of business 2.3 Net assets, financial position and results of operations 2.4 Overall assessment 2.5 Performance indicators 2.6 HOCHBAHN employees 3. Report on expected developments, risks and opportunities 3.1 Report on expected developments 3.2 Report on risks and opportunities 7 7 7 9 10 11 11 11 14 17 17 17 18 18 18 6

7

M a n a g e m e n t r e p o r t Fu n d a m e n t a l i n fo r m a t i o n a b o u t t h e c o m p a ny 1. Fundamental information about the company 1.1 The company’s business model Hamburger Hochbahn Aktiengesellschaft (HOCHBAHN) is a company organised and managed according to private sector principles which is wholly-owned by the Free and Hanseatic City of Hamburg (FHH). HOCHBAHN is one of the leading local public transport companies in Germany and the largest partner in the Hamburg Public Transport Association (Hamburger Verkehrsverbund – hvv). Employing around 7,000 people, HOCHBAHN operates four U-Bahn lines and 118 bus lines, ensuring an attrac- tive local public transport offering in Hamburg. Further important mobility services are provided by the subsidiaries and investees in the HOCHBAHN Group, including those operating in the areas of ferry services, U-Bahn network expansion, digital mobility, rolling stock maintenance and security. 1.2 Objectives and strategies Quality of life in the growing metropolis of Hamburg depends in no small measure on the design and reliability of a cutting-edge, customer-centric, interlinked transport system. The HOCHBAHN 2035 company strategy under- scores HOCHBAHN’s goal to improve this quality of life while continuing to advance climate-conscious, sustainable forms of transport. The company’s goal is to motivate more and more people to switch from private to public transport. HOCHBAHN is committed to the Hamburg Climate Plan and the climate target of becoming net carbon neutral by 2040. The municipal strategy for achieving the mobility transition laid out in the Hamburg-Takt for Hamburg’s local public transport network plays a key role in this context. The measures agreed with HOCHBAHN in the Hamburg-Takt support the City’s goal of significantly improving the oppor- tunities for walking, cycling and travelling by public trans- port in Hamburg. The City of Hamburg economic strategy also applies to the entire HOCHBAHN Group. This sets out mandatory fields of action for all public enterprises, including “budgetary implications” and “equal opportunities and diversity”. To encourage far more people to make the switch to cli- mate-friendly public transport, HOCHBAHN is developing a comprehensive suite of mobility services that are not only universally accessible but also reliable and safe. Customer centricity is therefore at the heart of all strategic initiatives. In order to enhance core quality standards such as punc- tuality and safety and to ensure that its services remain cost-efficient and reliable over the long term, HOCHBAHN continuously carries out maintenance and upgrades of its U-Bahn and bus system. HOCHBAHN is spearheading a significant expansion of Hamburg’s entire public transport system, strengthen- ing the U-Bahn network in particular. Given the financial constraints, launching service expansion campaigns in the bus sector to address gaps in Hamburg’s public trans- port network is currently only feasible to a limited extent. HOCHBAHN is especially harnessing technological inno- vations to make its services more varied and appealing. Driverless bus services will play a central role here, com- plemented by the continued expansion of digital customer services to provide easy access to information and seam- lessly connected transport options. HOCHBAHN makes the success of its work measurable by targeting a 30% increase in passenger numbers by 2035. The following topics illustrate the specific strategic actions and projects that were actively implemented in the 2025 reporting year or are planned with a view to achieving strong, sustainable growth: U-Bahn network expansion The following U-Bahn network expansion measures were being prepared at the turn of 2025/2026: • Construction of a new station for the U3 line at Fuhlsbüttler Straße • Extension of the U4 line to Grasbrook • Expansion of the U4 line to Horner Geest • Construction of a new U5 line from Bramfeld to the Volkspark arenas 7

8

M a n a g e m e n t r e p o r t a n d a n n u a l f i n a n c i a l s t a te m e n t s 20 25 The planning approval process for construction of the new U-Bahn station at Fuhlsbüttler Straße has been underway since January 2024. HOCHBAHN has already received the initial notifications about funding for planning the execution and construction. The execution planning and preparation of the first tendering documents are currently ongoing. The U4 extension to Grasbrook is still in the planning approval process. If the remaining milestones are to be reached, planning permission needs to be received by mid- 2026. In parallel to the approval process, the execution planning is being drawn up and the tendering documents prepared so that the construction tender can be published as soon as planning permission has been granted. In addi- tion, the implementation documents required for the project are being drawn up in collaboration with the Department of Transport and Mobility Transition (BVM). Work on the U4 extension to Horner Geest proceeded on schedule. Key milestones reached were completion of the junction, the topping-out ceremony for Horner Geest station and completion of the West tunnel shell. Building work and current planning for the construction of the all-new U5 U-Bahn line now measuring approximately 29 km in length continued during the period under review. In the U5 East section (Bramfeld-City North), all stations are now under construction. In September 2025, the Hamburg Senate commissioned HOCHBAHN to plan an extension of the U5 from Arenen to Osdorf via Lurup. The preliminary planning for station locations, line layout and impacts on the existing planning at Arenen is expected to be completed by late 2026. Along the entire route of the U5 U-Bahn line, various pub- lic events were held again in 2025. At the same time, the ombudsman representatives remained present in the city districts and engagement with relevant stakeholder groups continued. Barrier-free upgrading of U-Bahn stations HOCHBAHN’s work has resulted in 89 of 93 U-Bahn sta- tions being barrier-free at the start of 2026, lifting that share to 96%. The conversion of the remaining stations is to be completed in the next few years. U-Bahn100 In the U-Bahn100 project, HOCHBAHN is working on digitalising U-Bahn operations on the U2 line between Mümmel manns berg and Christuskirche as well as on the entire U4 line by modernising signal boxes, rolling stock and track sections. Going forward, this partial automation will enable a U-Bahn to run on the main U2 line and the U4 line every 100 seconds so that more passengers can be transported. Procurement of U-Bahn rolling stock The main focus in the 2025 reporting year was on the on - going conversion of DT4 units for future operation in accor- dance with GoA2, the second of four grades of automation for the planned autonomous operation. The new DT6 units are currently being procured, with two variants envisaged. The DT6-A model, which is designed for fully automated operation without driver’s compartments, is intended for the future U5 U-Bahn line, while the DT6-F variant is designed for the existing network and features driver’s compartments. The procurement projects for development and delivery of the first DT6 units progressed on schedule in 2025. Final acceptance of these 48 units is expected to be between the end of 2029 and late 2031. A framework agreement has been signed for the supply of additional units, under which additional batches can be ordered as required. hvv switch The hvv switch app further expanded its market positioning in 2025, having been downloaded more around 2.5 million times by the end of the reporting year with around 1.9 mil- lion users successfully registering in the hvv switch app. At the end of 2025, over 200,000 active customers were using their Deutschlandticket via the hvv switch app. Extensive work was also carried out in the reporting year to integrate the hvv app into the hvv switch app, including, in particular, implementation of ticket sales via the information channel. In addition, the real-time display for HOCHBAHN buses was enhanced and now includes information on occupancy. Along with other functional enhancements, the new home screen of the hvv switch app was successfully launched in 2025. As this is highly customisable, it caters to a diverse user base. 8

9

M a n a g e m e n t r e p o r t Fu n d a m e n t a l i n fo r m a t i o n a b o u t t h e c o m p a ny MAX app Climate change mitigation The MAX app is a joint project between Berliner Verkehrs- betriebe and HOCHBAHN, aimed at making transport in Germany more customer-friendly, digitally integrated and seamlessly connected. Activities in 2025 focused on pre- sentation of the MAX app at the UITP Summit in Hamburg, integration of the functions developed by the two compa- nies and further preparations for the launch of the app, which will continue in 2026. Zero-emission buses All the fuel cell buses ordered from Solaris for 2024 were delivered to HOCHBAHN over the course of the year. In addi- tion, nearly all of the buses ordered for 2025 were brought into service. During the reporting period, HOCHBAHN also ordered the first new battery-powered buses for delivery in 2026 under the new framework agreement. We expect to make significant progress in modernising and electrifying our bus depots during the current financial year. 1.3 Sustainability 1 Sustainable corporate governance HOCHBAHN aligns its corporate governance with the principles of the UN Global Compact and five particularly relevant Sustainable Development Goals (SDGs). The priority in 2025 was to embed sustainability more deeply into business processes and to bring the reporting into line with the requirements of the Corporate Sustainability Reporting Directive (CSRD). An internal system of metrics helps to manage the impact on energy and climate targets selectively. HOCHBAHN continues to make its most signif- icant contribution to climate change mitigation by reducing greenhouse gas emissions through the modal shift from pri- vate cars to public transport. This means that HOCHBAHN is also contributing to reaching the FHH’s climate targets, which aims to become net carbon neutral by 2040. Improving energy efficiency is one of the main ways in which HOCHBAHN can achieve its climate and profitabil- ity targets. HOCHBAHN’s energy management system was certified to ISO 50001 for the first time in 2025. The system focuses on the energy-intensive vehicle fleets, the fleet of buses and U-Bahn rolling stock. In 2025, HOCHBAHN continued to make steady progress towards its goal of achieving climate neutrality for Scope 1 and 2 emissions by 2030. Achieving this target means that HOCHBAHN will reduce emissions by at least 90% com- pared to 2024 and use recognised climate change mitigation and neutralisation projects to offset residual emissions. As in prior years, the electrification of the bus fleet and the use of certified green electricity proved to be the most effective measures in advancing this goal in 2025. We also carried out a more detailed analysis of upstream and downstream (Scope 3) emissions. One of our priorities in the reporting year was systematically identifying emissions drivers and defining specific measures to reduce emissions. The main levers available to HOCHBAHN for decarbonising Scope 3 emissions are sourcing products with lower production- related emissions and cutting greenhouse gas emissions from infrastructure projects, particularly the construction of the new U5 U-Bahn line. To adapt to climate risks, HOCHBAHN refined its data set for assessing climate risks in 2025 by conducting a loca- tion-specific urban climate analysis and also continued its collaboration with Climate Service Center Germany (GERICS). Human rights HOCHBAHN has rolled out a human rights and environmen- tal risk management system. Key elements of the manage- ment system are the Declaration of Principles Concerning the Human Rights Strategy of Hamburger Hochbahn AG, the Human Rights and Environmental Risk Management Policy within the meaning of the German Supply Chain Due Diligence Act (Lieferkettensorgfaltspflichtengesetz – LkSG), annual human rights and environmental risk analyses for both its own business operations and the supply chain, the role of the Human Rights Officer and the publicly accessible whistleblowing channel. 1 The following paragraphs of Section 1.3 do not form part of the management report and are not subject to the financial statements audit. 9

10

M a n a g e m e n t r e p o r t a n d a n n u a l f i n a n c i a l s t a te m e n t s 20 25 There was no change in the risk disposition in 2025 versus 2024, and the preventive measures in place for the priori- tised risks were continued. One of the primary preventive measures continues to be translating the risks identified in public procurement into appropriate requirements and evaluation criteria. Two pilot projects incorporating artificial intelligence (AI) to increase safety levels are currently underway in the U-Bahn division, one of which is at the preparatory stage and the other has already been implemented. Here, new AI- powered camera systems are being used both to protect the storage sidings and to improve passenger safety. Statement on corporate governance pursuant to Section 289f (4) German Commercial Code (Handelsgesetzbuch – HGB) For the period up to 31 December 2027, the Management Board at its meeting held on 14 May 2024 adopted a reso- lution to increase the proportion of women to 38.1% in the first management level and to 37% in the second manage- ment level below the Management Board. At its meeting held on 13 June 2024, the Supervisory Board agreed a target percentage of at least 43.75% for women on the Supervisory Board and at least 50% on the Manage- ment Board to be met by 31 December 2027 too. As at 31 December 2025, the percentage of women was 31.3% on the Supervisory Board, 50% on the Management Board, 22.7% on the first management level and 24.7% on the second management level below the Management Board. 1.4 Research and development 2 HOCHBAHN closely monitors key areas of corporate activ- ity, provides scientific support through research projects and systematically advances these areas. The switch by the HOCHBAHN bus fleet to electric drive systems requires considerable effort, as it also involves putting the necessary electrical infrastructure in place and securing the energy supply. HOCHBAHN is addressing both of these tasks with high priority and is supporting these efforts through scientific activities. To further advance autonomous driving, HOCHBAHN syste matically expanded its organisational structures in the reporting year. This will consolidate and coordinate the main activities for the trialling and future integration of autonomous mobility. One of the current priorities is the ALIKE project, for which HOCHBAHN has received external funding. In this project, HOCHBAHN has joined forces with partners to trial the use of autonomous on-demand electric shuttles that will supplement conventional public transport. During the 2025 reporting year, the key prerequisites for trialling the ride pooling system were put in place. On the infrastructure side, the depot for autonomous driving – the AD Hub – was completed. Prototypes of the HOLON urban vehicle were also deployed in public spaces for the first time as part of technical trials. The accompanying scientific research was started through an online survey, among other things. The project was presented in detail in summer 2025 at the UITP Summit, an international public transport event held in Hamburg. The 3plus3 project, which focuses on autonomous regular services, is also progressing. The project targets a shift from technical trials to real-world deployment of self-driv- ing vehicles in public transport. A key objective is trialling suitable driverless vehicles in regular services. The 3plus3 project will be prepared in 2026 with specific actions. 2 The following paragraphs of Section 1.4 do not form part of the management report and are not subject to the financial statements audit. 10

11

M a n a g e m e n t r e p o r t R e p o r t o n e c o n o m i c p o s i t i o n 2. Report on economic position 2.1 Macroeconomic and sector- specific environment Public transport received a political boost in 2025 thanks to a raft of major policy decisions by the new federal gov- ernment regarding its funding, modernisation, digitalisation and long-term direction. Demand for public transport ser- vices across Germany again showed a positive trend in the 2025 reporting year. Even though demand was still slightly shy of the 2019 record level, the industry views the sus- tained passenger growth as a favourable development. The main momentum continued to come from the Deutschland- ticket, which has emerged as a powerful lever, garnering around 14.6 million subscribers as at the end of 2025, with potential for further growth. 3 While highly attractive to customers and despite the slight increase in the price from €49 to €58 at the beginning of 2025, the Deutschlandticket is leading to a drop in average fare income for the transport companies. With staff, energy and maintenance costs continuing to rise, the focus is shift- ing towards technologies designed to unlock efficiency potential. At the same time, customers’ expectations as regards easy access to mobility services need to be met. Straightforward Germany-wide fares plus information and sales systems are therefore integral to further development of public transport systems. 2.2 Course of business In 2025, HOCHBAHN kept expansion and maintenance projects on track, with minimal disruption of operations. The decline in passenger numbers as a result of construc- tion work was not as pronounced as anticipated. Overall, HOCHBAHN recorded approximately 552 million passen- gers (total number of passengers on scheduled services) in 2025, around the same level as in the previous year. Measured in passenger kilometres, this even represents a year-on-year increase of 2.4%. hvv estimates that transport income for the 2025 report- ing year rose by 23% on the prior-year figure, due mainly to the introduction of a free Deutschlandticket for school students living in Hamburg, the costs of which are fully reimbursed. Sales of other Deutschlandtickets remained stable in spite of price increases. Revenue from single and day tickets stabilised at a low level. HOCHBAHN estimates that its share of hvv pool income is slightly lower than in the previous year, at 45.5%. This is due to changes in the rules governing ticket revenue sharing. HOCHBAHN transport performance Number of passengers carried (in thousand) U-Bahn Bus Total number of passengers on scheduled services 3 Total of both divisions (U-Bahn + bus) 2025 1 2024 291,155 261,309 290,013 1, 2 261,368 1, 2 552,464 551,381 1, 2 Total number company-wide 4 416,272 415,462 1, 2 Kilometres per space (in thousand) U-Bahn Bus 9,136,725 4,807,591 9,067,176 4,741,486 Total number company-wide 13,944,316 13,808,662 Passenger kilometres (in thousand) U-Bahn Bus 1,423,933 1372313 1, 2 799,625 799,944 1, 2 Total number company-wide 2,223,558 2,172,257 1, 2 1 Provisional figures 2 Updated figures 3 The figure in the line entitled “Total number of passengers on scheduled services” does not include passengers changing means of transport. 4 In the line entitled “Total number company-wide”, passengers changing from bus to U-Bahn and vice versa are only included once. 3 HOCHBAHN press releases, | VDV – Die Verkehrsunternehmen 11

12

M a n a g e m e n t r e p o r t a n d a n n u a l f i n a n c i a l s t a te m e n t s 20 25 HOCHBAHN operating performance – U-Bahn U-Bahn 2025 2024 Efficiency of overall vehicle energy consump- tion and its CO2eq emissions 1 Kilometres per unit in service 1 (in thousand) Kilometres per space 1, 2 (in million) Total track length 1 (km) Number of lines Number of stops/stations 1 Average travel speed (km/h) 1, 3 99,340 9,137 105.8 4 93 32.9 98,586 9,067 105.8 4 93 33.0 1 Including Verkehrsgesellschaft Norderstedt mbH 2 Standing room calculated at 0.25 m2 per person 3 Most popular line, U1: 34.9 km/h Operating performance in the U-Bahn division rose to over 99 million km in the 2025 reporting year, 0.8% higher than the prior-year level. HOCHBAHN operating performance – Bus Bus 2025 2024 Kilometres per unit in service (in thousand) Kilometres per space 1 (in million) Total track length 2 (km) Number of lines 2 Number of stations Average travel speed (km/h) 59,135 4,808 970.7 118 1,496 18.7 58,058 4,741 1,021.6 119 1,500 18.7 1 Standing room calculated at 0.25 m2 per person 2 Regular services as per Section 42 of the German Public Transport Act (Personenbeförderungsgesetz – PBefG), Line 380 (Arena Shuttle) not included Measured in kilometres per unit in service, operating per- formance in the bus sector was around 59.1 million km in 2025, up 1.9% on the previous year. The fleet size grew to over 1,100 vehicles due to increased addition of battery electric and hydrogen buses, partly offset by a decrease in the number of diesel vehicles being phased out. U-Bahn 2025 3 2024 4 absolute % Change vs. previous year 2 Specific energy consumption (in Wh/ kilometre per space) Specific CO2eq emissions (market- based, in g/kilometre per space) 5 Specific CO2eq emissions (location- based, in g/kilometre per space) 6 Specific energy consumption (in Wh/ passenger kilometre) 3 Specific CO2eq emissions (market- based, in g/passenger kilometre) 3, 5 Specific CO2eq emissions (location- based, in g/passenger kilometre) 3, 6 0.0126 0.0125 0.0001 1.0 0.57 0.56 0.01 1.5 5.40 5.34 0.06 1.1 0.081 0.083 –0.002 –2.0 3.67 3.73 –0.06 –1.6 34.59 35.31 –0.72 –2.0 1 Related to HOCHBAHN’s own vehicle operations including the upstream energy production chain (provision and transformation of energy carriers). 2 The percentage change was calculated taking into account all decimal places and can therefore not be deducted directly from the rounded absolute numbers. 3 Preliminary figure 4 Updated figure 5 Due to the fact that operation is exclusively based on track power generated by non-subsidised renewable energy plants, only the upstream chain of electricity generation was accounted for using an emission factor from the UBA and DESNZ (market-based approach). 6 Using the emission factor applicable to the German electricity mix (location-based approach). In 2025, the U-Bahn division expanded its services by 0.8% year-on-year to 9.1 billion kilometres per space. At the same time, demand was up 3.9%, rising to more than 1.4 billion passenger kilometres. Absolute track power consumption increased by just 1.8% to 115.6 gigawatt hours (GWh), reducing the specific energy consumption measured in passenger kilometres by 2.0%. The 1% increase in the spe- cific energy consumption measured in kilometres per space – a comparatively larger increase than that of energy supply – is attributable to the colder weather, as the number of heating degree days rose by 11% year-on-year, from 3,004 to 3,333. Consequently, more energy was needed to heat the U-Bahn units. 12

13

M a n a g e m e n t r e p o r t R e p o r t o n e c o n o m i c p o s i t i o n The 1.5% increase in market-based specific CO2eq emis- sions per kilometre per space, which is higher than the increase in specific energy consumption, and the smaller reduction of 1.6% per passenger kilometre are due to a slightly higher emission the electricity purchased. factor for Efficiency of overall vehicle energy consumption and its CO2eq emissions 1 Change vs. previous year 2 Bus 2025 3 2024 4 absolute % Specific energy consumption (in kWh/ kilometre per space) Specific CO2eq emissions (market- based, in g/kilometre per space) 4 Specific CO2eq emissions (location- based, in g/kilometre per space) 5 Specific energy consumption (in kWh/ passenger kilometre) 6 Specific CO2eq emissions (market- based, in g/passenger kilometre) 4, 6 Specific CO2eq emissions (location- based, in g/passenger kilometre) 5, 6 0.0547 0.0576 –0.0029 –5.0 15.93 17.65 –1.72 –9.8 19.04 19.79 –0.75 –3.8 0.3126 0.3349 –0.0223 –6.7 90.94 102.55 –11.61 –11.3 108.73 114.99 –6.26 –5.4 1 Related to HOCHBAHN’s own vehicle operations including the upstream energy production chain (provision and transformation of energy carriers). Sum of diesel, charge current, heating oil and hydrogen 2 The percentage change was calculated taking into account all decimal places and can therefore not be deducted directly from the rounded absolute numbers. 3 Preliminary figure (with the exception of specific energy consumption per kilometre per space) 4 Updated figure (with the exception of specific energy consumption per kilometre per space) 5 Using emission factors for liquid fuels from the UBA. Due to the fact that operation is exclusively based on charge current generated by non- subsidised renewable energy plants, only the upstream chain of electricity generation was accounted for using an emission factor from the UBA and DESNZ (market-based approach). 6 Using the emission factor applicable to the German electricity mix (location-based approach) The volume of bus services using company-owned vehi- cles rose by 1.9% to 4.4 billion kilometres per space in the reporting year. Demand for this part of the fleet increased by 3.7% to around 777 million passenger kilo- metres. Total energy consumption decreased by 3.2% to around 243 GWh. Electric buses used in regular service accounted for 38% of the company’s total bus fleet. Abso- lute consumption of vehicle charging electricity also rose by 11.8 GWh or 48.3%, increasing its share of the bus fleet’s overall energy consumption from 9.7% to 14.9%. The increasing use of energy-efficient battery-powered buses in the bus fleet reduced service-related energy consumption by 5.0% year-on-year. Demand-based energy consumption dropped significantly by 6.7%. The bus fleet’s CO2eq emissions reveal consistent trends: Market-based specific CO2eq emissions decreased by 9.8% per kilometres per space, while falling by as much as 11.3% in terms of passenger kilometres. Adopting the same strategy as for the U-Bahn system, by exclusively pur- chasing high-quality certified green electricity HOCHBAHN avoids local CO2eq emissions for this portion of bus drive power. 13

14

M a n a g e m e n t r e p o r t a n d a n n u a l f i n a n c i a l s t a te m e n t s 20 25 HOCHBAHN rolling stock – U-Bahn U-Bahn 2025 2024 Years built Carriages Units Carriages Units 6 2 6 504 489 1,007 988 3 1 2 126 163 295 91,053 288 6 2 6 504 489 1,007 987 3 1 2 126 163 295 91,053 288 Type DT1 1 DT2 DT3 DT4 2 DT5 Total rolling stock held 2 1958 – 59 1962 – 66 1968 – 71 1988 – 2005 2012 – 2022 Number Spaces 3 Total ready for operation 1 One DT1 unit, with two carriages, is the Hanseat saloon carriage. 2 Including two units (eight carriages) from Verkehrsgesellschaft Norderstedt mbH 3 Standing room calculated at 0.25 m2 per person HOCHBAHN rolling stock – Buses 1, 2 2.3 Net assets, financial position Buses City and express buses Articulated buses Large-capacity articulated buses Diesel hybrid articulated buses Fuel cell battery articulated buses Fuel cell/plug-in buses Battery-powered solo buses All buses Number Spaces 3 2025 383 227 93 5 140 8 284 2024 430 258 93 5 76 3 219 1,140 94,133 1,084 89,682 1 Low-floor buses 2 Asset inventory vehicles 3 Standing room calculated at 0.25 m2 per person and results of operations 2.3.1 Results of operations In 2025, HOCHBAHN’s transport income rose by €49.6 mil- lion year-on-year to €595.8 million. This increase is due to higher hvv pool income, which rose by €62.1 million year- on-year to €424.8 million mainly as a result of raising the price of the Deutschlandticket from €49 to €58. Conversely, compensation payments for the reduced revenue from the Deutschlandticket decreased by €14.0 million. Revenue from charging on vehicle, personnel and material costs fell by €45.3 million year-on-year to €50.8 million. This was mainly due to discontinuation of the charging on of vehicle capital costs (–€35.9 million), and vehicle insurance and accident damage (–€10.4 million) to FFG in 2025. Own work capitalised in the 2025 financial year amounted to €47.2 million, up €3.8 million year-on-year. This is primar- ily the result of higher staff cost rates for own work due to collectively agreed pay adjustments. Other operating income rose by €21.4 million year-on- year to €94.3 million. This was due in particular to higher subsidies for preliminary planning services for U5 Central (+€21.5 million). 14

15

M a n a g e m e n t r e p o r t R e p o r t o n e c o n o m i c p o s i t i o n Gross revenue improved during the 2025 financial year, increasing by €31.1 million to €818.9 million. 2.3.2 Financial position The cost of materials declined by €19.9 million year-on-year to €379.1 million, mainly on the back of lower costs from full-service bus rental with FFG due to discontinuation of the charging on of vehicle capital costs (–€35.9 million), and vehicle insurance and accident damage (–€10.4 million) to FFG in 2025 (offsetting item to lower on-charging revenue). Furthermore, electricity costs fell due to lower procurement prices (–€15.9 million). Higher costs for general contractor services (+€33.5 million) were mainly attributable to a rise in costs for the extension of the U-Bahn network; see increase in subsidies. Personnel expenses increased by €24.6 million in the 2025 financial year to €478.4 million. This was chiefly the result of collectively agreed salary increases along with a larger headcount. Depreciation and amortisation rose by €9.8 million year- on-year to €141.5 million, largely due to higher depreciation for electric buses. Other operating expenses increased by €10.3 million in 2025 to €85.9 million. This is primarily attributable to higher insurance premiums (€1.9 million) and a range of effects, some of which are offset by revenue (e. g. ZVU/ZVH costs, network expansion costs). HOCHBAHN’s operating profitability decreased slightly year-on-year in 2025. As a result, EBITDA (earnings before loss absorption, net interest income, taxes, depreciation and amortisation) fell by €4.6 million to –€138.2 million. Compared with the previous year, net loss for the year before loss absorption decreased by €29.7 million to €316.2 million. The condensed cash flow statement below shows the source and use of financing resources during the 2025 financial year and is presented in line with DRS 21. The subsidy payments agreed by HOCHBAHN are included in cash flow from investing activities on a net basis. Cash funds as at 1.1.2025 €126.2 million Cash flows from operating activities €11.9 million Cash flows from investing activities –€550.6 million Cash flows from financing activities €465.1 million Cash funds as at 31.12.2025 €52.6 million The cash funds as at 31 December 2025 consist of liquid funds. Durable capital goods that cannot be covered by internal financing and government grants are generally financed by long-term borrowings. In the 2025 reporting period, HOCHBAHN successfully issued additional tranches of “green” promissory note loans with maturities of five years (average coupon rate of 2.96%). This generated an additional €137.0 million for HOCHBAHN, to be spent on the transport initiatives needed to achieve the mobility transition. Loan liabilities at the end of the financial year rose by €217.0 million to €1,011.1 million. At year-end, HOCHBAHN had committed credit lines at German banks with a total volume of €98 million. These credit lines can be used freely as part of the company’s ordinary business activities and were drawn down in the amount of €0.4 million for guaran- tee facilities. A portion of €158.1 million of the loan liabilities is due in the short term. Non-current borrowings (maturity > 5 years) amounted to €320.9 million at the end of the reporting period. Short-term financing needs are funded from the cash pool of the HGV Group. HOCHBAHN thus was able to meet its payment obligations at all times during 2025. 15

16

M a n a g e m e n t r e p o r t a n d a n n u a l f i n a n c i a l s t a te m e n t s 20 25 Capital expenditures In the 2025 financial year, HOCHBAHN incurred gross capital expenditures (before deduction of subsidies) total- ling €938.5 million. HOCHBAHN invested €749.3 million in U-Bahn operations, mostly in the construction of new U-Bahn lines (€322.0 million), procurement of the new DT6 units (€260.0 million) and upgrading of facilities and rolling stock (€162.2 million). A total of €180.6 million was invested in the bus system, mainly for the purchase of new buses (€112.3 million), con- struction of the new Meiendorf bus depot (€15.4 million) and electrification of the bus depots (€20.9 million). The following table shows a summary compared to the previous year: 2.3.3 Net assets As at 31 December 2025, HOCHBAHN’s total assets increased by €303.6 million to €2,676.3 million. On the asset side of the balance sheet, lower receivables from the Free and Hanseatic City of Hamburg (–€141.7 million) were offset primarily by an increase in tangible fixed assets (+€411.9 million) due to a continued high level of capital expenditures. On the liabilities side, this led to higher lia- bilities to banks (+€217.0 million) and to higher liabilities from bonds (+€138.0 million) to finance these capital expen- ditures. As at the balance sheet date, equity remained unchanged at €167.4 million. As a result of the increase in total assets, the equity ratio fell by 0.8 percentage points year-on-year to 6.3%. Capital expenditures U-Bahn New rolling stock and facilities DT6 DT5 Construction of new U4 U-Bahn line Construction of new U5 U-Bahn line Construction of new Rübenkamp U-Bahn depot Existing rolling stock and facilities Tracks, trackside equipment, safety installations, construction projects and rolling stock U-Bahn subtotal Bus Rolling stock, fixtures and fittings, facilities and installations at bus depots Bus subtotal Shared facilities Long-term financial assets 2025 € million 2024 € million Assets Tangible and intangible fixed assets Long-term financial assets 260.0 0.0 63.4 Inventories Trade receivables Cash Other current assets and prepaid expenses 53.7 0.4 96.4 258.6 255.8 Total assets 5.1 6.1 Equity and liabilities Equity 162.2 749.3 138.0 Pension provisions 550.4 Liabilities to banks 2025 € million 2024 € million 2,245.0 161.7 47.5 33.8 52.6 1,820.4 159.8 44.3 47.1 126.2 135.7 174.8 2,676.3 2,372.6 2025 € million 2024 € million 167.4 73.4 1,011.1 1,100.0 120.5 99.5 167.4 76.7 794.1 962.0 108.1 104.4 104.4 159.9 Bonds Other provisions Trade payables Other liabilities and deferred income 180.6 180.6 6.7 1.9 99.8 99.8 4.9 3.3 Total equity and liabilities 2,676.3 2,372.6 Total capital expenditures 938.5 658.4 According to the current business plan, capital expendi- tures are expected to decrease to around €857 million in 2026. The primary focus is on the expansion of the U-Bahn network, and the procurement of additional locally emis- sion-free buses and the electrification of the infrastructure related to this. 16

17

M a n a g e m e n t r e p o r t R e p o r t o n e c o n o m i c p o s i t i o n 2.4 Overall assessment Vocational training/work-study programmes In view of the challenging and volatile overall situation, the Management Board of HOCHBAHN judges the course of business in the 2025 reporting period to be favourable. The overall result forecast in the previous year (net loss of €378.0 million) was exceeded by €61.8 million due mainly to higher compensation payments received for the Deutsch- landticket and higher hvv pool income. Further key projects to achieve the mobility transition were successfully imple- mented or continued at the same time. 2.5 Performance indicators HOCHBAHN’s key performance indicators are the net loss for the financial year, EBITDA, the cost coverage ratio and passenger numbers. Passenger numbers are calculated on the basis of the number of passengers boarding each line, excluding rail replacement services and exemption regula- tions, including outsourcing, and adjusted for strike days. € million, in % Passenger numbers EBITDA Net loss for the financial year Cost coverage ratio 2025 plan 2025 actual 545.9 –192.6 –378.0 61.9 552.5 –138.2 –316.2 75.3 2.6 HOCHBAHN employees As at the 31 December 2025 reporting date, the number of people employed by HOCHBAHN increased by 205 employ- ees year-on-year. Full-time employees Part-time employees Management Board members Trainees 31.12.2025 31.12.2024 6,070 5,889 889 4 152 858 4 159 Total employees 7,115 6,910 In the 2025 reporting period, HOCHBAHN had an average of 144 trainees and work-study programme students (“dual students”) in 29 different roles and study programmes, including six part-time trainees. The average proportion of female trainees and dual students in 2025 was 19.8%, and 7.9% in technical-industrial apprenticeships. In 2025, HOCHBAHN expanded its range of training pro- grammes to include the real estate specialist apprentice- ship in cooperation with the Hamburg-Eimsbüttel Voca- tional Business School. Personnel development and continuing professional education Employees are the company’s most important resource because their skills and qualifications have a direct bear- ing on our commercial success. Attracting and employing skilled and motivated people and promoting and retain- ing their loyalty to the company by establishing a strong employer brand are core HR tasks in a challenging, ever-changing labour market environment. High employee satisfaction is a primary component of our corporate philosophy and will be achieved through secure jobs, performance-related pay, recognition, creative free- dom and opportunities for promotion and growth. Our aim here is to lower employee turnover and consequently achieve workforce stability, to be supplemented on an ad hoc basis by replacements for staff entering retirement to achieve the strategic objectives. Integration of refugees Since the successful launch of the refugee project in con junction with DEKRA and the Jobcenter in 2017, HOCHBAHN has employed 142 of the 234 migrants to have taken part in the training programme so far as bus drivers as of 31 December 2025. One further training courses with a total of 15 participants was launched in 2025. The company plans to continue with additional training courses in 2026. 17

18

M a n a g e m e n t r e p o r t a n d a n n u a l f i n a n c i a l s t a te m e n t s 20 25 3. Report on expected developments, risks and opportunities 3.1 Report on expected developments The forecasts and target figures stated below are based on the business plan for 2026 approved by the Supervisory Board on 11 December 2025. Expected future development of earnings at HOCHBAHN As a result, a net loss of €393.6 million is projected for 2026. The forecasts derived from this are negative EBITDA of –€192.5 million and a cost coverage ratio of 68.6%. Earn- ings are expected to decline in 2026 compared with 2025, as expenses are projected to grow faster than income. Growth in passenger demand should lift revenue by 1.1% versus 2025. Costs are expected to increase, particularly person- nel expenses (volume and price effects), depreciation and amortisation and interest expenses due to consistently high levels of investment. Investment priorities include procure- ment of exclusively locally emission-free buses and the necessary electrification of the infrastructure. The geopolitical risk posed by the escalation of tensions in the Middle East could disrupt global supply chains and weigh on economic growth in the 2026 financial year. Due to our dependence on fuel procurement, we currently expect this to have a noticeable impact on our financial position and results of operations. Sustainable capital market instruments HOCHBAHN expects to invest €3.4 billion in vehicles and in network expansion and modernisation projects in the medium term between 2026 and 2029 to achieve the objec- tives of the Free and Hanseatic City of Hamburg’s Climate Plan and implement the mobility transition. By issuing unregistered and registered green bonds and green promissory note loans, HOCHBAHN reached important milestones towards funding its massive future investment plans and diversifying its financing portfolio. The success of these bonds has encouraged the company to aim for further issues of green financial instruments in the future, with ratings agency Fitch confirming its highest rating of AAA in late summer 2025 (stable outlook) in this context. 3.2 Report on risks and opportunities 3.2.1 Risk and Opportunity Management System HOCHBAHN’s risk and opportunity management system (ROM) takes a systematic approach to ensuring risk-appro- priate conduct within the Group and is subject to continu- ous development. It involves identifying risks and opportu- nities at an early stage, uniformly assessing, managing and monitoring them, and using systematic reporting to com- municate them transparently to relevant target audiences. Taking into account statutory requirements, the fundamen- tal principles of the ROM are specified by the Management Board of HOCHBAHN and documented in a Group policy. This Group policy governs the organisational structure and processes of the HOCHBAHN ROM. The same instruments and processes are used for the treatment of the company’s risks and opportunities during the inventory processes. Any offsetting of risks and opportunities is excluded. Risks and opportunities are assessed based on the follow- ing time horizons, which are consistent with those defined for HOCHBAHN’s business plan: • Short-term: ≤ 1 year • Medium-term: > 1 year ≤ 3 years • Long-term: > 3 years 18

19

M a n a g e m e n t r e p o r t R e p o r t o n ex p e c te d d eve l o p m e n t s , r i s k s a n d o p p o r tu n i t i e s Risks and opportunities within the HOCHBAHN Group are presented here on a net basis. Risks and opportunities are categorised into different assessment levels based on likeli- hood of occurrence and impact amount, and assigned to a risk or opportunity level on the following matrix: Amount of loss Low Moderate (≤ €600 thousand) (> €600 thousand to High (> €4.5 to Very high (> €13.5 million) ≤ €4.5 million) ≤ €13.5 million) Moderate Significant Material Material Low Low Low Moderate Material Material Moderate Significant Material Low Moderate Significant Highly likely(> 75% to < 100%) e c n e r r u c c o f o y t i l i b a b o r P Likely (>50% to ≤ 75%) Possible (>25% to ≤ 50%) Unlikely (>0% to ≤ 25%) HOCHBAHN’s risk and opportunity management system comprises the four risk and opportunity categories set out below: significant individual risks are also presented to provide a more comprehensive overview of the company’s risk posi- tion. Risk mitigation measures are also outlined where available. • Strategic • Operational • Compliance • Financial For the U5 project, project risks classified as “particular cost risks” are recorded in the context of construction of the U5 U-Bahn line. The document “Kostenstabiles Bauen” (cost-stable construction) sets out that any additional costs arising from the materialisation of particular cost risks must be covered by the relevant authority within the limits of its budgetary capacity. All other operational project risks associated with the U5 line are accounted for in a separate risk management system at U5 Projekt GmbH and are sub- ject to strict monitoring by way of funding applications. 3.2.2 Description of individual risks Strategic risks Insufficient integration of artificial intelligence (AI) The 2024 HOCHBAHN Trend Report also identified and analysed the intelligent use of data via generative AI as a relevant macro trend. Failure to sufficiently integrate AI into HOCHBAHN’s IT infrastructure could result in inefficien- cies, outdated processes and gaps in security. An AI governance framework has been developed for safe and responsible use of AI at HOCHBAHN. This ensures compliance with the legal requirements and safety stan- dards. An AI Board has also been set up and tasked with reviewing AI-related requirements within HOCHBAHN (including the purpose and the use case description) in accordance with the AI policy and specifications. Deciding on approval of an AI system also falls within its remit. Material individual risks that may adversely affect the com- pany’s ability to achieve its targets are outlined below within the risk categories of the HOCHBAHN Group. Selected Likelihood of occurrence: Possible Amount of loss: High 19

20

M a n a g e m e n t r e p o r t a n d a n n u a l f i n a n c i a l s t a te m e n t s 20 25 Operational risks Rising procurement prices The success of HOCHBAHN’s business activities is depen- dent upon receiving a reliable supply of a wide range of raw and finished materials. There continue to be significant operational risks resulting from HOCHBAHN’s procurement and supplier management. There is a cost risk due to the possibility of rising procurement prices for electricity. This risk does not exist for 2026 as all electricity tranches have already been purchased. There is uncertainty about how electricity prices will develop over time. To counteract this risk, HOCHBAHN already includes a certain price increase in our medium-term business plan to reduce our net risk assessment. Likelihood of occurrence: Possible Amount of loss: High Dependence upon individual suppliers The company may be considerably dependent upon indi- vidual suppliers due to the technical specifications for electric and electronic components for buses and U-Bahn rolling stock, for example. However, the purchasing and inventory strategy adopted by the company means this risk particularly exists where exceptional events occur. In extreme cases, supply chain disruption caused by geopo- litical crises or pandemics, for example, could result in operational disruptions or project delays. To manage this risk, HOCHBAHN focuses on training employees in the affected departments and regularly mon- itoring purchasing processes. HOCHBAHN is also contin- uously driving forward the expansion of its internal control system and is relying on technology-supported implemen- tation of currently applicable requirements under the German Supply Chain Due Diligence Act (LkSG). Likelihood of occurrence: Unlikely Amount of loss: Very high Insufficient consideration of supplier evaluations HOCHBAHN is responsible for carrying out a thorough review and assessment in order to meet its corporate due diligence obligations to avoid environmental and human rights violations. This constitutes a quality and reputational risk if HOCHBAHN does not sufficiently take into account supplier evaluations and assessments. If this were to occur, a change in supplier may be required that could, in turn, potentially lead to temporary supply disruptions. Further- more, inadequate compliance with due diligence obliga- tions can result in additional internal expenses and the need to adjust procurement processes, which could delay on - going projects. Likelihood of occurrence: Unlikely Amount of loss: Very high Cyberattacks There has been an increase in cyberattacks in Germany since the start of the Russian war of aggression in Ukraine. As a company providing critical infrastructure that has a high profile in the Hamburg metropolitan area, HOCHBAHN could be a target for such an attack. The potential conse- quences of a cyberattack include extortion, data loss and overall image loss. HOCHBAHN introduced comprehensive cybersecurity arrangements to protect our data and IT infrastructure and reduce this risk. Likelihood of occurrence: Unlikely Amount of loss: Very high Staff turnover Higher staff turnover may result in highly qualified special- ists leaving the company. Due to the current shortage of skilled workers, some positions may end up remaining vacant for some time. This in turn could lead to a drop in productivity in individual areas and cause delays in pro- cesses and projects, possibly preventing the company from achieving its targets. HOCHBAHN uses a series of pinpointed actions to avert the risk of increased employee turnover. These focus on increasing staff loyalty, for example through clear career paths and a broad range of training and development opportunities. The company also fosters attractive working conditions that promote a healthy work-life balance. Other tools that help it to retain employees for the long term are competitive remuneration and fringe benefits. HOCHBAHN uses a personnel dashboard to continuously monitor the risk so that critical developments can be mitigated at an early stage. Likelihood of occurrence: Possible Amount of loss: High 20

21

M a n a g e m e n t r e p o r t R e p o r t o n ex p e c te d d eve l o p m e n t s , r i s k s a n d o p p o r tu n i t i e s Compliance risks Breaches of duty and contractual obligations Non-compliance with regulatory requirements in contract award processes or regulations on funding for the U5 project, as well as breaches of duties of oversight As a recipient of payments, HOCHBAHN risks incurring financial charges arising from breaches of duty and con- tractual obligations in connection with contract award pro- cesses and the receipt of funding for the U5 project. These may include potential claims for damages by unsuccessful bidders in the event that public procurement regulations are not properly complied with. Cost overruns and delays may also occur if duties of cooperation, notification or over- sight with respect to suppliers and contractors are breached. Furthermore, there is a risk that awarded funding may be clawed back if the conditions attached to the fund- ing notifications are not met. HOCHBAHN has implemented management and oversight measures to mitigate the risks described. All contract award procedures are handled by the specialised legal and purchasing department of U5 Projekt GmbH and are sub- ject to mandatory process documentation, a defined authorisation framework and established thresholds. The HOCHBAHN procurement department regularly carries out additional inspections. The principle of dual control is embedded throughout all relevant steps of the process. Project execution is monitored through mechanisms for planning, risk and schedule management tied in with the general planning. Expert reports such as soil investigations are regularly obtained and evaluated for quality assurance purposes. For contract and payment processing, there are multi-stage processes at U5 involving HOCHBAHN, a staggered approval process between the technical and commercial areas, and multi-stage mechanisms for examining and approving content and figures. Likelihood of occurrence: Unlikely Amount of loss: Very high regarding network and information security (NIS2) As a critical infrastructure (KRITIS) organisation under German law, HOCHBAHN is subject to duties and respon- sibilities including supply chain security, physical security, information security risk management and emergency management in particular. Organisations can expect to face fines and sanctions if they are proven to violate the require- ments of the NIS2 Directive. HOCHBAHN ensures that it has appropriate staffing in the area of information security. Clearly defined processes limit the potential damage to the company in the event of cyber- security incidents. Likelihood of occurrence: Possible Amount of loss: High Violation of the General Data Protection Regulation Breaches of regulatory requirements such as implementing GDPR requirements in a legally non-compliant way could present significant liability and legal risks for HOCHBAHN. State-specific regulatory bodies regularly review GDPR compliance and impose significant financial penalties if these requirements are breached. To reduce this risk, we continually make our employees aware of data protection issues and regularly update and audit our privacy policy. Employees are required to attend data protection training. It is also ensured that the data protection team is involved in risk-relevant projects relating to personal data. Likelihood of occurrence: Unlikely Amount of loss: Very high Lack of alignment of risk management systems The existing risk management systems still have varying levels of maturity and are not always completely aligned with one another. As a result, risk awareness has not yet been fully established across the organisation. What is more, the allocation of tasks and responsibilities within individual departments is not yet optimally geared towards efficient assumption and mitigation of risk. This means that risks cannot always be managed as comprehensively as is intended in the long term. Likelihood of occurrence: Possible Amount of loss: High 21

22

M a n a g e m e n t r e p o r t a n d a n n u a l f i n a n c i a l s t a te m e n t s 20 25 3.2.3 Description of individual opportunities Strategic opportunities This section presents significant and material opportunities that may positively impact the company’s ability to achieve its targets. Any measures that may increase these oppor- tunities are also outlined where available. HOCHBAHN’s opportunities are methodically recorded and assessed in the same way as its risks. Financial opportunities Generating funding There is an opportunity to obtain federal grants for the tran- sition to zero-emission drive systems in the medium term. HOCHBAHN is actively working towards this opportunity by way of its coordinated grant management process. Likelihood of occurrence: Possible Impact amount: Very high There is an opportunity to generate funding when hosting the 2027 UITP Global Public Transport Summit in Hamburg. To realise this opportunity, HOCHBAHN has a recurring application process in place based on its grant manage- ment system. Likelihood of occurrence: Likely Impact amount: High Operational opportunities Lower grid fees The German government’s decision to provide a €6.5 billion grid fee subsidy will allow HOCHBAHN to benefit from lower electricity grid fees. Likelihood of occurrence: Highly likely Impact amount: Moderate Using parts of the HOCHBAHN fleet as a disaster reserve HOCHBAHN aims to convert its bus fleet to environmental- ly-friendly drive systems. There is a possibility, however, that HOCHBAHN could maintain part of its fleet of buses as a disaster reserve powered by internal combustion engines (e. g. HVO – Hydrated Vegetable Oil). This would reduce the costs of converting bus depots, charging infra- structure and vehicle procurement. Likelihood of occurrence: Unlikely Impact amount: Very high Boosting revenue through new connections and district developments As a result of a steady influx of new residents to the Ham- burg metropolitan area that is expected to continue in future, HOCHBAHN benefits from generally favourable market development and advantageous conditions for expanding its transport services and products. The rising number of commuters offers greater potential for local pub- lic transport use. HOCHBAHN is ensuring that new residential and commer- cial districts are connected to the local public transport network in line with the housing policy of the Free and Han- seatic City of Hamburg. Designing low-traffic districts is also becoming increasingly important. This could allow the company to acquire new customers and test innovative mobility concepts. Finally, the extension of the U4 U-Bahn line and the construction of the new U5 line are opening up other areas of the city with high demand potential and mak- ing them more accessible. Likelihood of occurrence: Possible Impact amount: High 2 2

23

M a n a g e m e n t r e p o r t R e p o r t o n ex p e c te d d eve l o p m e n t s , r i s k s a n d o p p o r tu n i t i e s 3.2.4 Summary of risk position In autumn 2025, the federal and state governments reached political consensus on a legal basis to secure funding for the Deutschlandticket until 2030. This will provide long- term planning certainty for the first time; previously, the continuation of the scheme and the compensation mecha- nisms had to be re-negotiated each year. As part of this agreement, it was also decided to raise the price of the Deutschlandticket from €58 to €63 per month with effect from 1 January 2026. With this price increase and the long-term funding commitment through 2030, the future of the Deutschlandticket – and hence the basis for the financial compensation intended to offset the costs – is significantly more secure than a year ago. This considerably reduces the uncertainty previously surrounding the contin- uation of the political project and the risk of impending funding shortfalls. HOCHBAHN no longer considers the risk that compensation payments could be discontinued or significantly reduced to be material. The risks identified do not threaten the continued existence of HOCHBAHN either individually or as a whole. From today’s perspective, there are also no developments dis- cernible that can pose going-concern risks in the medium or long term, either. Hamburg, 27 March 2026 Hamburger Hochbahn Aktiengesellschaft The Management Board Robert Henrich Merle Schmidt-Brunn Saskia Heidenberger Jens-Günter Lang 23

24

M a n a g e m e n t r e p o r t a n d a n n u a l f i n a n c i a l s t a te m e n t s 20 25 Annual financial statements Income statement Balance sheet Statement of changes in fixed assets Notes to the annual financial statements for the 2025 financial year General disclosures Accounting policies Notes to the balance sheet Notes to the income statement Other disclosures 25 26 28 30 30 30 32 35 36 24

25

A n n u a l f i n a n c i a l s t a t e m e n t s I n c o m e s t a te m e n t Income statement of Hamburger Hochbahn Aktiengesellschaft for the period from 1 January to 31 December 2025 € 1. Sales 2. Other own work capitalised 3. Other operating income 4. Gross revenue 5. Cost of materials a) Cost of consumables and supplies, and of purchased merchandise b) Cost of purchased services 6. Personnel expenses a) Wages and salaries b) Social security, post-employment and other employee benefit costs 7. Amortisation and write-downs of intangible fixed assets and depreciation and write-downs of tangible fixed assets 8. Other operating expenses 9. Investment income 10. Net interest expense 11. Earnings after taxes 12. Other taxes 13. Income from loss absorption Note 2025 2024 Change (8) 675,429,909.73 669,563,004.05 5,866,905.68 47,165,353.81 43,413,600.77 3,751,753.04 (9) 94,286,858.08 72,844,149.95 21,442,708.13 816,882,121.62 785,820,754.77 31,061,366.85 (10) (11) (12) (13) (14) (15) –95,415,191.17 –113,066,410.29 17,651,219.12 –283,728,016.69 –285,963,937.98 2,235,921.29 –379,143,207.86 –399,030,348.27 19,887,140.41 –386,260,310.95 –367,424,625.96 –18,835,684.99 –92,150,147.66 –86,354,090.60 –5,796,057.06 –478,410,458.61 –453,778,716.56 –24,631,742.05 –141,480,577.51 –131,632,432.58 –9,848,144.93 –85,963,285.21 –75,623,356.54 –10,339,928.67 –10,285,111.33 9,452,873.41 –19,994,325.30 –36,553,426.44 –21,311,750.80 –15,241,675.64 –314,953,945.34 –286,102,976.57 –29,107,309.33 –1,290,281.55 –477,909.16 –812,372.39 316,244,226.89 286,580,885.73 29,919,681.72 14. Net income/loss for the financial year 0.00 0.00 0.00 25

26

M a n a g e m e n t r e p o r t a n d a n n u a l f i n a n c i a l s t a te m e n t s 20 25 Balance sheet of Hamburger Hochbahn Aktiengesellschaft as at 31 December 2025 ASSETS € A. Fixed assets I. Intangible fixed assets 31.12.2025 31.12.2024 Note (1) 1. Purchased concessions, industrial and similar rights and assets 5,684,500.00 5,585,687.00 2. Prepayments II. Tangible fixed assets 1. Land, land rights and buildings, including buildings on third-party land 2. Technical equipment and machinery 3. Other equipment, operating and office equipment 4. Prepayments and assets under construction III. Long-term financial assets 1. Shares in affiliated companies 2. Loans to affiliated companies 3. Long-term equity investments 4. Long-term securities B. Current assets I. Inventories 1. Consumables and supplies 2. Prepayments II. Receivables and other assets 1. Trade receivables 2. Receivables from affiliated companies 3. Receivables from other long-term investees and investors 4. Receivables from the Free and Hanseatic City of Hamburg 5. Other assets III. Cash in hand, bank balances C. Prepaid expenses 23,955,976.56 11,395,162.05 29,640,476.56 16,980,849.05 345,035,395.83 293,946,110.69 1,292,021,694.16 1,233,987,318.21 33,540,324.52 31,537,187.93 544,734,426.54 243,934,882.27 2,215,331,841.05 1,803,405,499.10 135,910,465.31 135,910,465.31 229,265.69 155,990.25 290,384.36 155,990.25 25,394,042.77 23,481,588.34 161,689,764.02 159,838,428.26 2,406,662,081.63 1,980,224,776.41 (2) 47,438,268.68 44,037,558.11 67,154.54 288,595.30 47,505,423.22 44,326,153.41 33,824,736.55 47,129,900.18 113,960,395.91 17,324,345.69 2,517,504.44 2,497,102.71 0.00 141,713,100.90 11,147,285.94 8,305,507.82 161,449,922.84 216,969,957.30 52,569,143.81 126,230,141.36 261,524,489.87 387,526,252.07 (3) 8,070,340.13 4,881,922.78 2,676,256,911.63 2,372,632,951.26 26

27

A n n u a l f i n a n c i a l s t a t e m e n t s B a l a n c e s h e e t EQUITY AND LIABILITIES € A. Equity I. Subscribed capital II. Capital reserves III. Revenue reserves 1. Statutory reserve 2. Other revenue reserves B. Provisions 1. Provisions for pensions and similar obligations 2. Other provisions C. Liabilities 1. Bonds 2. Liabilities to banks 3. Prepayments received on orders 4. Trade payables 5. Liabilities to affiliated companies 6. Liabilities to other long-term investees and investors 7. Liabilities to the Free and Hanseatic City of Hamburg 8. Other liabilities D. Deferred income Note (4+5) (6) (7) 31.12.2025 31.12.2024 88,938,200.00 88,938,200.00 73,050,144.94 73,050,144.94 4,124,005.57 1,321,876.04 4,124,005.57 1,321,876.04 5,445,881.61 5,445,881.61 167,434,226.55 167,434,226.55 73,378,500.00 76,713,528.00 120,496,439.14 108,057,690.43 193,874,939.14 184,771,218.43 1,099,977,198.94 961,999,801.11 1,011,108,210.04 794,066,632.74 6,020,993.05 3,453,612.81 99,502,408.95 104,425,217.48 45,395,558.60 129,264,395.17 5,144.13 33,120,448.25 4,986.27 0.00 19,752,422.32 27,177,078.87 2,314,882,384.28 2,020,391,724.45 65,361.66 35,781.83 2,676,256,911.63 2,372,632,951.26 27

28

M a n a g e m e n t r e p o r t a n d a n n u a l f i n a n c i a l s t a te m e n t s 20 25 Statement of changes in fixed assets of Hamburger Hochbahn Aktiengesellschaft 2025 € I. Intangible fixed assets 1. Purchased concessions, industrial Cost Balance on 01.01.2025 Additions Disposals Reclassifications Balance on 31.12.2025 and similar rights and assets 44,220,495.51 529,772.43 20,659.11 886,250.22 45,615,859.05 2. Prepayments 11,395,162.05 13,409,491.17 3,558.39 –845,118.27 23,955,976.56 Total I 55,615,657.56 13,939,263.60 24,217.50 41,131.95 69,571,835.61 II. Tangible fixed assets All divisions (summary) 1. a) Land, land rights, including office, operating and other buildings b) Buildings on third-party land ba) Rail infrastructure, installations and buildings bb) Other buildings 180,286,069.08 8,247,689.68 1,316,628.50 4,229,705.97 191,446,836.23 304,254,476.23 16,042,534.15 362,748.17 6,882,250.28 326,816,512.49 141,320,721.99 10,791,567.37 1,719,521.18 26,960,362.12 177,353,130.30 Total 1 625,861,267.30 35,081,791.20 3,398,897.85 38,072,318.37 695,616,479.02 2. Technical equipment and machinery a) b) c) Tracks, trackside equipment and safety installations Rolling stock for passenger and goods transport Machines and machinery not classified under a) or b) 644,671,377.32 38,552,032.98 27,447,042.89 17,744,122.42 673,520,489.83 1,536,484,996.63 81,941,303.70 23,729,513.88 6,095,868.46 1,600,792,654.91 176,775,747.78 12,527,141.31 4,392,010.53 8,789,293.12 193,700,171.68 Total 2 2,357,932,121.73 133,020,477.99 55,568,567.30 32,629,284.00 2,468,013,316.42 3. Other equipment, operating and office equipment incl. low-value assets 4. Prepayments and assets under construction 172,440,275.94 9,227,112.11 10,786,935.20 4,247,011.50 175,127,464.35 243,934,882.27 376,927,000.84 1,137,710.75 –74,989,745.82 544,734,426.54 Total II 3,400,168,547.24 554,256,382.14 70,892,111.10 –41,131.95 3,883,491,686.33 III. Long-term financial assets 1. Shares in affiliated companies 135,910,465.31 0.00 0.00 2. Loans to affiliated companies 3. Long-term equity investments 290,384.36 155,990.25 4. Long-term securities 23,481,588.34 1,912,454.43 5. Other loans 0.00 0.00 9,626.99 70,745.66 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 135,910,465.31 229,265.69 155,990.25 25,394,042.77 0.00 Total III Fixed assets 159,838,428.26 1,922,081.42 70,745.66 0.00 161,689,764.02 3,615,622,633.06 570,117,727.16 70,987,074.26 0.00 4,114,753,285.96 28

29

A n n u a l f i n a n c i a l s t a t e m e n t s S t a te m e n t of c h a n g e s i n f i xe d a s s e t s Depreciation, amortisation and write-downs Carrying amounts Balance on 01.01.2025 Additions Disposals Reclassifications Balance on 31.12.2025 Balance on 31.12.2025 Balance on previous year 38,634,808.51 1,317,209.65 0.00 3,558.39 20,659.11 3,558.39 38,634,808.51 1,320,768.04 24,217.50 0.00 0.00 0.00 39,931,359.05 5,684,500.00 5,585,687.00 0.00 23,955,976.56 11,395,162.05 39,931,359.05 29,640,476.56 16,980,849.05 53,862,175.05 4,738,132.02 881,443.01 0.00 57,718,864.06 133,727,972.17 126,423,894.03 196,822,508.14 12,078,849.43 362,748.17 81,230,473.42 4,733,586.84 1,640,450.53 0.00 0.00 208,538,609.40 118,277,903.09 107,431,968.09 84,323,609.73 93,029,520.57 60,090,248.57 331,915,156.61 21,550,568.29 2,884,641.71 0.00 350,581,083.19 345,035,395.83 293,946,110.69 378,336,190.11 23,594,156.00 27,228,008.44 0.00 374,702,337.67 298,818,152.16 266,335,187.21 653,985,009.63 73,431,619.16 23,660,162.88 0.00 703,756,465.91 897,036,189.00 882,499,987.00 91,623,603.78 10,049,779.43 4,140,564.53 0.00 97,532,818.68 96,167,353.00 85,152,144.00 1,123,944,803.52 107,075,554.59 55,028,735.85 0.00 1,175,991,622.26 1,292,021,694.16 1,233,987,318.21 140,903,088.01 11,338,697.84 10,654,646.02 0.00 141,587,139.83 33,540,324.52 31,537,187.93 0.00 194,988.75 194,988.75 0.00 0.00 544,734,426.54 243,934,882.27 1,596,763,048.14 140,159,809.47 68,763,012.33 0.00 1,668,159,845.28 2,215,331,841.05 1,803,405,499.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 135,910,465.31 135,910,465.31 229,265.69 155,990.25 290,384.36 155,990.25 25,394,042.77 23,481,588.34 0.00 0.00 0.00 161,689,764.02 159,838,428.26 1,635,397,856.65 141,480,577.51 68,787,229.83 0.00 1,708,091,204.33 2,406,662,081.63 1,980,224,776.41 29

30

M a n a g e m e n t r e p o r t a n d a n n u a l f i n a n c i a l s t a te m e n t s 20 25 Notes to the annual financial statements for the 2025 financial year of Hamburger Hochbahn Aktiengesellschaft Amtsgericht Hamburg, No. HRB 3072 General disclosures Accounting policies The 2025 annual financial statements of Hamburger Hoch- bahn Aktiengesellschaft (HOCHBAHN) were prepared in accordance with the requirements of the German Commer- cial Code (Handelsgesetzbuch – HGB). The provisions of the German Stock Corporation Act (Aktiengesetz – AktG) were also observed. The company’s financial year is the calendar year. To improve the clarity of presentation, items are combined in the balance sheet and income statement but disclosed separately in the notes. We provided explanatory notes to the balance sheet and income statement, also for the sake of clarity. In accordance with Section 265 (5) HGB, we fur- ther subclassified the items in HOCHBAHN’s statement of changes in fixed assets. For the classification, HOCHBAHN observes the Regulation governing the Classification of the Annual Financial Statements of Transport Companies ( Verordnung über die Gliederung des Jahresabschlusses von Verkehrsunternehmen). We prepared the income state- ment using the total cost (nature of expense) format. HOCHBAHN is not required to prepare consolidated financial statements and a group management report in accordance with Section 291 HGB. The exempting con- solidated financial statements and group management report are prepared and published by our parent company, HGV Hamburger Gesellschaft für Vermögens- und Beteili- gungsmanagement mbH, Hamburg. Assets and liabilities were generally measured using the same methods as in the previous year. In derogation to the approach used in the previous year, HOCHBAHN made use of the option regarding pension obligations provided in Section 253 (2) sentence 2 and 3 HGB for the first time. In previous years, the remaining term for discounting using the average market interest rate was assumed to be 12 years. Starting with the reporting year, discounting is carried out using the average market interest rate assuming a remain- ing term of 15 years. This adjustment was made to align the HOCHBAHN approach with HGV accounting requirements. As a result, the amount of pension obligations shown will be €575 thousand lower in 2025. Intangible and tangible fixed assets are measured at cost and reduced by government grants as well as deprecia- tion and amortisation. To the extent that the value of fixed assets determined in accordance with the above principles exceeds their fair value on the balance sheet date, a write- down is recognised. In addition to directly attributable costs, proportionate overheads are included in the production cost of internally generated assets. Cost items included in the overheads that cannot be capitalised have been eliminated through the recognition of a percentage discount. 3 0

31

A n n u a l f i n a n c i a l s t a t e m e n t s N o te s Depreciation and amortisation are calculated over the expected useful life of the asset based on our own expe- rience and standard rates for public transport operators. With the exception of U-Bahn rolling stock and buses, calculations for assets purchased or produced after 30 June 1997 have generally been based on the deprecia- tion table for “passenger and goods transport (by road and rail)” issued by the Federal Finance Ministry from 1 July 1997 in conjunction with the depreciation table for “general- purpose capital goods” valid from 1 January 2001, taking the economic useful lives of the assets in question into account. Straight-line depreciation or amortisation is applied to all assets purchased after 1 January 2008. Assets purchased before 1 January 2008 are depreciated using the declining balance method, with the exception of intangible assets, buildings, TV surveillance equipment, DT4 U-Bahn units and buses. The viaducts pertaining to the buildings, station buildings and rail infrastructure are on publicly owned land belonging to the Free and Hanseatic City of Hamburg. Movable items of finite-lived fixed assets with an acquisi- tion cost of up to €250 that can be used independently are deducted in full as operating expenses. Movable items of finite-lived fixed assets costing between €250 and €1,000 that can be used independently have been pooled and depreciated or amortised over a period of five years using the straight-line method, reducing profit. Shares in and loans to affiliated companies, long-term equity investments and long-term securities have been recognised at cost. Permanently impaired assets are mea- sured at fair value. Non-interest-bearing and low-interest loans were dis- counted in line with their terms. Consumables and supplies are measured at the weighted average cost. Internally generated inventories were mea- sured at production cost including overhead surcharges on wages and materials. Appropriate write-downs were charged for identifiable impairments. Merchandise is mea- sured at a fixed value. Receivables and other assets are carried at their principal amount. Risks are taken into account through appropri- ate valuation allowances. Liquid funds are shown at their nominal amount. Payments made before the balance sheet date are carried as prepaid expenses where these represent expenditure for a specific period after the balance sheet date. Equity is recognised at nominal value. Based on actuarial opinions, provisions for pensions and similar obligations are recognised using the projected unit credit method (PUC) applying Professor Klaus Heubeck’s 2018 G mortality tables. Provisions are discounted using the average market interest rate of the past ten years, which results from an assumed general remaining maturity of 15 years. The interest rate as at 31 December 2025 was 2.06% p. a. (previous year: 1.78% p. a. assuming a remain- ing maturity of 12 years). The future salary trend (including career advancement) was calculated at 3.0% p. a. (previous year: 3.0% p. a.), the anticipated pension trend at 1.50% p. a. (previous year: 1.50% p. a.). Any effects of employee turnover are not taken into account. 31

32

Other provisions include all identifiable risks and uncertain obligations and are recognised at the settlement amount dictated by prudent business judgement. Some of the provisions have been determined on the basis of actuarial opinions. For provisions with a remaining term of more than one year, a salary trend (including career advancement) of 3.0% p. a. (previous year: 3.0%) was taken into account when calculating the settlement amount. Furthermore, depending on their remaining maturity these provisions were discounted in accordance with Section 253 (2) sen- tence 1 HGB at the average market interest rates set by the Deutsche Bundesbank at between 1.84% p. a. (previous year: 1.48% p. a.) and 2.22% p. a. (previous year: 1.96% p. a.). Liabilities are carried at their settlement amount. Payments received before the balance sheet date are car- ried as deferred income where these represent income relating to a specific period after the balance sheet date. M a n a g e m e n t r e p o r t a n d a n n u a l f i n a n c i a l s t a te m e n t s 20 25 Notes to the balance sheet (1) Fixed assets The breakdown of fixed assets is shown in the statement of changes in fixed assets (annex to the notes). (2) Receivables and other assets € thousand 2025 2024 1. Trade receivables 33,825 2. Receivables from affiliated companies 113,960 of which trade receivables (1,145) 47,130 17,324 (3,198) of which other receivables/liabilities (112,815) (14,126) of which from shareholders of which trade receivables (86,651) (0) of which other receivables/liabilities (86,651) (0) (0) (0) 3. Receivables from other long-term investees and investors of which trade receivables 4. Receivables from the Free and Hanseatic City of Hamburg of which trade receivables of which other receivables/liabilities 2,518 2,497 (2,518) (2,497) 0 (0) (0) 141,713 (120,981) (20,732) 5. Other assets 11,147 8,306 of which from shareholders from input tax deductible in the following year Total 2,805 3,036 161,450 216,970 Of the other assets, €2,935 thousand (previous year: €3,010 thousand) have a remaining term of more than one year. 32

33

A n n u a l f i n a n c i a l s t a t e m e n t s N o te s (3) Prepaid expenses (5) Statement of changes in equity The prepaid expenses item amounts to €8,070 thousand, including a discount of €3,170 thousand, which is contin- uously reversed over the term of the Green Bond and the registered bonds. € thousand Balance at 1.1.2025 Balance at 31.12.2025 (4) Subscribed capital Subscribed capital Capital reserves Revenue reserves Equity 88,938 73,050 5,446 167,434 HOCHBAHN’s subscribed capital amounted to €88,938 thousand on 31 December 2025 and is broken down as follows: The statutory reserve is €4,124 thousand, the other reserves are €1,322 thousand. No. of shares (units) No. of votes Notional par value € thousand (6) Provisions € thousand 2025 2024 Type of shares Bearer shares Class A no-par value shares Registered shares Class B no-par value registered shares Class C no-par value registered shares Class B no-par value preferred shares 720,172 720,172 37,449 219,616 219,616 11,420 768,898 768,898 39,982 1,664 1,664 87 990,178 990,178 51,489 1,710,350 1,710,350 88,938 All of HOCHBAHN’s shares are held by HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH, Hamburg. The Free and Hanseatic City of Hamburg holds 100% of the shares in HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH, Hamburg. The discounting of the provisions for pensions at the aver- age market interest rate for the past ten years compared with a discounting at the average market interest rate for the past seven years gives rise to a difference of –€816 thou- sand at the balance sheet date. Provisions for pensions and similar obligations Other provisions 73,379 76,713 120,496 108,058 193,875 184,771 Provisions for pensions and similar obligations of HOCHBAHN include obligations for the provision of free pensioners’ tickets and reduced-price tickets for the spouses of beneficiaries entitled to them that arose after 1 January 1987. There is a deficit of €14,468 thou- sand for current pensions and similar obligations and of €2,056 thousand for future pensions to beneficiaries and eligible beneficiaries who acquired these entitlements prior to 1 January 1987. Apart from provisions to ensure competitiveness in the amount of €21,349 thousand, other provisions include obligations for future anniversary bonuses, outstanding holiday entitlements, surpluses on long-term working hours accounts, contributions to the employers’ liability insur- ance association, obligations for third-party insurance with Haftpflichtgemeinschaft Deutscher Nahverkehrs- und Versorgungsunternehmen (HDN), deferred maintenance payments and outstanding invoices. 3 3

34

M a n a g e m e n t r e p o r t a n d a n n u a l f i n a n c i a l s t a te m e n t s 20 25 total of which with a remaining maturity of up to 1 year 1 to 5 years 1 of which other liabilities/receivables (–11,135) (–11,135) 2,314,882 2,020,392 395,759 401,346 629,902 426,874 1,289,221 1,192,172 more than 5 years 1 920,773 950,000 368,448 242,172 0 0 0 0 0 0 (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) 0 0 (0) (0) 0 0 (0) (0) (0) (0) 0 0 (0) (0) (0) (0) 144,557 0 485,345 426,874 0 0 0 0 0 0 (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) 0 0 (0) (0) 0 0 (0) (0) (0) (0) 0 0 (0) (0) (0) (0) 1,099,977 962,000 1,011,108 794,067 6,021 3,454 99,502 104,425 45,396 129,264 (8,467) (16,069) (36,929) (113,195) (0) (96,882) (0) (12,782) (0) (84,100) 5 5 (5) (5) 33,121 0 (44,256) (0) 34,647 12,000 157,315 125,021 6,021 3,454 99,502 104,425 45,396 129,264 (8,467) (16,069) (36,929) (113,195) (0) (96,882) (0) (12,782) (0) (84,100) 5 5 (5) (5) 33,121 0 (44,256) (0) (0) 19,752 27,177 (3,662) (4,223) (17) (2,011) (0) 19,752 27,177 (3,662) (4,223) (17) (2,011) (7) Liabilities € thousand 1. Bonds Previous year 2. Liabilities to banks Previous year 3. Prepayments received on orders Previous year 4. Trade payables Previous year 5. Liabilities to affiliated companies Previous year of which trade receivables Previous year of which other liabilities/receivables Previous year of which to shareholders Previous year of which trade receivables Previous year of which other liabilities/receivables Previous year 6. Liabilities to other long-term investees and investors Previous year of which trade receivables Previous year 7. Liabilities to the Free and Hanseatic City of Hamburg Previous year of which trade receivables Previous year Previous year 8. Other liabilities Previous year of which taxes Previous year of which related to social security Previous year Total Previous year 1 These are liabilities with a remaining maturity of more than one year. 3 4

35

A n n u a l f i n a n c i a l s t a t e m e n t s N o te s Notes to the income statement (10) Cost of materials (8) Sales € thousand Ticket sales 1 Rental and leasing agreements Other Total 2025 2024 595,835 546,215 Cost of materials came to €379,143 thousand (previous year: €399,030 thousand). This includes prior-period expenses of €3,654 thousand (previous year: €0 thousand), in particular expenses for energy and planning services. 24,705 54,890 60,299 63,049 (11) Personnel expenses 675,430 669,563 € thousand of which relating to prior periods 2 6,405 4,916 1 Sales principally comprise income generated from membership of hvv as well as compensation pursuant to Section 45a of the Passenger Trans- port Act (PBefG) (school transport) and Section 148 of Volume IX of the Code of Social Law (SGB IX) (transport of severely disabled persons). Wages and salaries Social security, post-employment and other employee benefit costs The definitive allocation of hvv income for 2025 is not yet available. Income generated from membership of hvv has therefore been calculated using a qualified estimate based on preliminary figures of hvv GmbH. of which in respect of post- employment benefits 2025 2024 386,260 367,425 92,150 86,354 478,410 453,779 10,318 12,755 Income from the transport of severely disabled persons (Section 148 SGB IX) is determined in principle using provisional calculations based on the previous year’s parameters. 2 Sales relating to prior periods comprise adjustments to the estimate of income generated from membership of hvv (–€1,042 thousand; previous year: –€1,282 thousand). Sales were generated exclusively in Germany. (9) Other operating income € thousand Other operating income of which relating to prior periods 2025 94,287 11,069 2024 72,844 5,736 (mainly income from the reversal of provisions and the disposal of fixed assets) income Other operating income in the previous year included extraordinary from compensation payments received to offset higher expenses incurred in adjusting sales processes in connection with the introduction of the Deutschlandticket amounting to €3,295 thousand for 2024. (12) Amortisation and write-downs of intan- gible fixed assets, and depreciation and write-downs of tangible fixed assets Depreciation, amortisation and write-downs of €141,481 thousand (previous year: €131,632 thousand) were charged in the financial year. This figure includes write-downs in accordance with Section 253 (3) sentence 5 HGB in the amount of €199 thousand (previous year: €1,903 thousand). (13) Other operating expenses Other operating expenses amount to €85,963 thou sand (previous year: €75,623 thousand) and include prior- period expenses of €2,577 thousand (previous year: €389 thousand). 3 5

36

Breakdown of auditors’ fees € thousand Audit services –10,285 9,453 Other assurance services Other services Tax advisory services 2025 106 40 0 0 146 The audit services and other assurance services in the amount of €36 thousand relate to previous years. (18) Contingent liabilities There are liabilities from guarantees in the amount of €398 thousand. Liabilities from guarantees arise in connection with con- tractual obligations entered into by former HOCHBAHN investees when the investee has commitments towards its contractual partners under transport and service agree- ments. Given the current economic situation, it is highly unlikely that such guarantees will be called. In addition, there are further unlimited performance guarantees in favour of third parties. As the parent company, HOCHBAHN monitors the compliance of the investees with their con- tractual obligations. M a n a g e m e n t r e p o r t a n d a n n u a l f i n a n c i a l s t a te m e n t s 20 25 (14) Investment income Other disclosures € thousand Income from profit transfer agreements 2025 3,864 2024 5,179 of which from affiliated companies (3,864) (5,179) Income from long-term equity investments of which from affiliated companies Expenses for loss absorption 5,101 (4,138) –19,250 of which from affiliated companies (–19,250) 4,565 (4,186) –291 (–291) (17) Auditor’s fee The fee for services provided by the auditors of the annual financial statements was recognised as expense in the financial year as follows: (15) Net interest expense € thousand 2025 2024 Income from long-term loans of which from affiliated companies Other interest and similar income of which from affiliated companies of which from discounts of which from gain/loss from interest rate changes Interest and similar expenses of which to affiliated companies from the unwinding of discounts of which from previous years 107 (16) 7,561 (1,701) (58) (4,478) –44,221 (–1,195) (–2,469) (–1,095) 20 (20) 8,670 (1,351) (65) (3,049) –30,002 (–2,009) (–2,117) (–180) –36,553 –21,312 (16) Taxes under minimum tax laws The actual tax expense/income under the German Minimum Taxation Act (Mindeststeuergesetz – MinStG) for the 2025 financial year amounts to €0 (previous year: €0). 3 6

37

A n n u a l f i n a n c i a l s t a t e m e n t s N o te s (19) Other financial obligations (21) Total remuneration of the Supervisory Other financial obligations amount to €191,678 thou- sand. This figure includes €4 thousand to associates. There are also financial obligations arising from purchase commitments for capital expenditures amounting to €1,555,114 thousand, including €10,361 thousand in obli- gations to affiliated companies. (20) Disclosures on employees The figures show the average employee numbers for the year. Human Resources and Social Affairs Technical workers Corporate management and finance Investees, inactive employment contracts, etc. of which part-time employees of which female employees Pensioners Trainees 2025 3,920 2,050 584 329 6,883 892 1,185 63 144 2024 3,772 1,974 565 330 6,641 838 1,118 69 145 Board and the Management Board The members of the Supervisory Board did not receive any remuneration in financial year 2025, only meeting atten- dance fees. Total remuneration of the Management Board amounted to €1,379 thousand and is broken down as follows: € thousand Henrich Mr Lang Mr Ms Schmidt- Brunn Ms Heiden- berger Non-performance- related remuneration components Fringe benefits (remuneration in kind, direct insurance) Performance-related remuneration components Total 290 247 205 205 42 12 35 35 107 439 75 334 63 303 63 303 In addition, there are provisions for pension obligations to active members of the Management Board in the amount of €2,496 thousand and provisions for pension obligations to retired members of the Management Board and their surviving dependants totalling €13,722 thousand. Remu- neration of €608 thousand was paid to former members of the Management Board and their surviving dependants in financial year 2025. 37

38

M a n a g e m e n t r e p o r t a n d a n n u a l f i n a n c i a l s t a te m e n t s 20 25 (22) Governing bodies of the company Gabriel Arndt 1, Hamburg Union secretary, ver.di, United Services Union Members of the Supervisory Board Dr Anjes Tjarks, Hamburg Chairman Senator, Department of Transport and Mobility Transition Ingomar Spieß 1, Hamburg Head of staff division, HOCHBAHN Irene Hatzidimou 1, Hamburg Deputy Chairwoman Union secretary, ver.di, United Services Union Martin Bill, Hamburg State Secretary, Department of Transport and Mobility Transition Dr Stefanie von Berg, Hamburg (from 12.06.2025) State Secretary, Department of the Environment, Climate, Energy and Agriculture Anselm Sprandel, Hamburg (until 12.06.2025) State Secretary, Department of the Environment, Climate, Energy and Agriculture Dr Sibylle Roggencamp, Hamburg Head of Investment Management, Department of Finance Dr Tina Wagner, Hamburg Head of Transport, Department of Transport and Mobility Transition Martin Huber, Hamburg Senate Director (retired) Klaus Ceglecki 1, Hamburg Bus driver, Chairman of HOCHBAHN’s Works Council Stefan Uckert 1, Reinbek Technical employee, member of HOCHBAHN’s Works Council Kitty Faden 1, Hamburg Bus driver, member of HOCHBAHN’s Works Council Lars Bråkenhielm 1, Hamburg Works technician, member of HOCHBAHN’s Works Council Rainer Furtwängler 1, Seevetal Instructor, U-Bahn Services, Member of HOCHBAHN’s Works Council Members of the Management Board Robert Henrich, Ahrensburg, Chairman Corporate Management division Merle Schmidt-Brunn, Hamburg Finance and Sustainability division Saskia Heidenberger, Moorrege Human Resources and Social Affairs division Oliver Jensen, Hamburg Managing Director, HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH Jens-Günter Lang, Hamburg Technical division Martina Plag, Hamburg (until 11.12.2025) Managing Director, Hachenberg und Richter Unter nehmensberatung GmbH Professor Andreas Herrmann, St. Gallen (from 11.12.2025) Director, Institute for Mobility, University of St. Gallen 1 Employee representative 1 Employee representative 3 8

39

A n n u a l f i n a n c i a l s t a t e m e n t s N o te s (23) Name and registered office of the parent company HGV Hamburger Gesellschaft für Vermögens- und Beteili- gungsmanagement mbH, Hamburg (HGV), is HOCHBAHN’s sole shareholder; the sole shareholder of HGV is the Free and Hanseatic City of Hamburg. HGV is the parent com- pany that prepares the consolidated financial statements for the largest group of companies. In addition, the Free and Hanseatic City of Hamburg prepares consolidated financial statements. HOCHBAHN has entered into a control and profit transfer agreement with HGV. HGV’s financial statements are published in the electronic Company Register, while the consolidated financial state- ments of the Free and Hanseatic City of Hamburg (FHH) are published on FHH’s website. Hamburg, 27 March 2026 Hamburger Hochbahn Aktiengesellschaft The Management Board Robert Henrich Merle Schmidt-Brunn Saskia Heidenberger Jens-Günter Lang 3 9

40

M a n a g e m e n t r e p o r t a n d a n n u a l f i n a n c i a l s t a te m e n t s 20 25 Shareholdings of Hamburger Hochbahn Aktiengesellschaft as at 31 December 2025 1 Name and registered office of the entity € thousand Name % € thousand Control and profit transfer agreement Equity (incl. reserves) Equity investment 2025 profit/loss FFG Fahrzeugwerkstätten Falkenried GmbH, Hamburg HADAG Seetouristik und Fährdienst AG, Hamburg ATG Alster-Touristik GmbH, Hamburg HHW Hamburger Hochbahn-Wache GmbH, Hamburg HSF Hamburger Schnellbahn-Fahrzeug-Gesellschaft mbH, Hamburg hySOLUTIONS GmbH, Hamburg HOCHBAHN U5 Projekt GmbH, Hamburg NMS New Mobility Solutions Hamburg GmbH, Hamburg Zentral-Omnibus-Bahnhof „ZOB“ Hamburg GmbH, Hamburg HOCHBAHN Grundstücksverwaltungsgesellschaft mbH & Co. KG, Hamburg HOCHBAHN-Verwaltungsgesellschaft mbH, Hamburg HOCHBAHN Beteiligungsgesellschaft mbH & Co. KG, Hamburg HSG Hanseatische Siedlungsgesellschaft mbH, Hamburg TEREG Gebäudedienste GmbH, Hamburg 1 Unless insignificant 2 A profit transfer agreement is in place with HOCHBAHN. 4,100 4,096 3,472 HOCHBAHN HOCHBAHN HOCHBAHN 26 HOCHBAHN 100.0 100.0 100.0 100.0 775 545 30 50 HOCHBAHN 100.0 HOCHBAHN HOCHBAHN HOCHBAHN 56.0 100.0 100.0 1,685 HOCHBAHN 72.1 1,965 –19,179 51 –71 322 3 0 0 61 39,572 HOCHBAHN 134 HOCHBAHN 100.0 100.0 4,132 6 78,880 HOCHBAHN 100.0 273 HOCHBAHN Beteiligungs- gesellschaft HOCHBAHN Beteiligungs- gesellschaft 11,245 1,731 100.0 82 56.0 1,444 yes yes yes yes yes – yes – – – – – yes 2 yes 2 4 0

41

I n d e p e n d e n t a u d i to r ’s r e p o r t Independent auditor’s report To Hamburger Hochbahn Aktiengesellschaft, Hamburg Audit opinions Basis for the audit opinions We conducted our audit of the annual financial statements and of the management report in accordance with Sec- tion 317 HGB and in compliance with German Generally Accepted Standards for Financial Statement Audits pro- mulgated by the Institut der Wirtschaftsprüfer (Institute of Public Auditors in Germany – IDW). Our responsibili- ties under those requirements and principles are further described in the “Auditor’s responsibilities for the audit of the annual financial statements and of the management report” section of our auditor’s report. We are independent of the Company in accordance with the requirements of German commercial and professional law, and we have fulfilled our other German professional respon- sibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions on the annual financial statements and on the management report. Other information The executive directors are responsible for the other infor- mation. The other information includes the following unau- dited components of the management report: • the statement on corporate governance pursuant to Section 289f (4) German Commercial Code (HGB) (disclosures regarding the quota of women), • the information designated as unaudited and not being part of the management report in the sections “1.3. Sustainability” and “1.4. “Research and Development”. We have audited the annual financial statements of Ham- burger Hochbahn Aktiengesellschaft, Hamburg, comprising the balance sheet as at 31 December 2025 and the income statement for the financial year from 1 January 2025 to 31 December 2025, as well as the notes to the financial statements, including the presentation of the accounting policies. In addition, we have audited the management report of Hamburger Hochbahn Aktiengesellschaft for the financial year from 1 January 2025 to 31 December 2025. In accordance with the German legal requirements, we have not audited the contents of the management report components mentioned in the “Other information” section of our audit report. In our opinion, on the basis of the knowledge obtained in the audit, • the accompanying annual financial statements comply, in all material respects, with the requirements of German commercial law applicable to corporations and in com- pliance with the German generally accepted account- ing principles give a true and fair view of the assets, liabilities and financial position of the Company as at 31 December 2025, and of its financial performance for the financial year from 1 January 2025 to 31 December 2025, and • the accompanying management report as a whole pro- vides an appropriate view of the Company’s position. In all material respects, this management report is con- sistent with the annual financial statements, complies with German legal requirements and appropriately pres- ents the opportunities and risks of future development. Our audit opinion on the management report does not extend to the contents of the management report com- ponents mentioned in the “Other information” section. Pursuant to Section 322 (3) sentence 1 HGB, we declare that our audit has not led to any reservations relating to the legal compliance of the annual financial statements and of the management report. 41

42

M a n a g e m e n t r e p o r t a n d a n n u a l f i n a n c i a l s t a te m e n t s 20 25 The other information also includes: • the foreword by the Management Board on the annual financial statements Our audit opinions on the annual financial statements and on the management report do not cover the other informa- tion, and consequently we do not express an audit opinion or any other form of assurance conclusion thereon. In connection with our audit, our responsibility is to read the other information and, in so doing, to consider whether the other information Furthermore, the executive directors are responsible for the preparation of the management report that, as a whole, pro- vides an appropriate view of the Company’s position and is, in all material respects, consistent with the annual finan- cial statements, complies with German legal requirements, and appropriately presents the opportunities and risks of future development. In addition, the executive directors are responsible for such arrangements and measures (systems) as they have considered necessary to enable the prepara- tion of a management report that is in accordance with the applicable German legal requirements, and to be able to provide sufficient appropriate evidence for the assertions in the management report. • is materially inconsistent with the annual financial statements, the management report or our knowledge obtained in the audit, or • otherwise appears to be materially misstated. The Supervisory Board is responsible for overseeing the Company’s financial reporting process for the preparation of the annual financial statements and of the management report. Responsibilities of the executive directors and the Supervisory Board for the annual financial statements and the management report The executive directors are responsible for the preparation of the annual financial statements that comply, in all mate- rial respects with the requirements of German commercial law applicable to corporations and that the annual finan- cial statements, in compliance with the German generally accepted accounting principles, give a true and fair view of the assets, liabilities, financial position and financial perfor- mance of the Company. In addition, the executive directors are responsible for such internal control as they, in accor- dance with German generally accepted accounting princi- ples, have determined necessary to enable the preparation of annual financial statements that are free from material misstatement, whether due to fraud (i. e., fraudulent finan- cial reporting and misappropriation of assets) or error. In preparing the annual financial statements, the execu- tive directors are responsible for assessing the Compa- ny’s ability to continue as a going concern. They also have the responsibility for disclosing, as applicable, matters related to going concern. In addition, they are responsible for financial reporting based on the going concern basis of accounting, provided no actual or legal circumstances conflict with this. Auditor’s responsibilities for the audit of the annual financial statements and of the management report Our objectives are to obtain reasonable assurance about whether the annual financial statements as a whole are free from material misstatement, whether due to fraud or error, and whether the management report as a whole provides an appropriate view of the Company’s position and, in all material respects, is consistent with the annual financial statements and the knowledge obtained in the audit, com- plies with the German legal requirements and appropriately presents the opportunities and risks of future development, as well as to issue an auditor’s report that includes our audit opinions on the annual financial statements and on the management report. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Section 317 of the HGB and in compliance with Ger- man Generally Accepted Standards for Financial Statement Audits promulgated by the IDW will always detect a material misstatement. Misstatements can arise from fraud or error and are considered material if, individually or in the aggre- gate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual financial statements and this management report. 42

43

I n d e p e n d e n t a u d i to r ’s r e p o r t We exercise professional judgement and maintain profes- sional scepticism throughout the audit. We also: • identify and assess the risks of material misstatement of the annual financial statements and of the manage- ment report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our audit opinions. The risk of not detecting a material misstatement resulting from fraud is higher than the risk of not detecting a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresen- tations, or the override of internal controls. • obtain an understanding of internal controls relevant to the audit of the annual financial statements and of arrangements and measures relevant to the audit of the management report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an audit opinion on the effective- ness of the Company’s internal controls and/or these arrangements and measures. • evaluate the appropriateness of accounting policies used by the executive directors and the reasonableness of estimates made by the executive directors and related disclosures. • conclude on the appropriateness of the executive direc- tors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a mate- rial uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a mate- rial uncertainty exists, we are required to draw attention in the auditor’s report to the related disclosures in the annual financial statements and in the management report or, if such disclosures are inadequate, to modify our audit opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to be able to continue as a going concern. • evaluate the overall presentation, structure and content of the annual financial statements, including the disclo- sures, and whether the annual financial statements pres- ent the underlying transactions and events in a manner that the annual financial statements give a true and fair view of the assets, liabilities, financial position and finan- cial performance of the Company in compliance with the German generally accepted accounting principles. • evaluate the consistency of the management report with the annual financial statements, its conformity with German law, and the view of the Company’s position it provides. • perform audit procedures on the prospective informa- tion presented by the executive directors in the man- agement report. On the basis of sufficient appropriate audit evidence, we evaluate, in particular, the significant assumptions used by the executive directors as a basis for the prospective information and evaluate the proper derivation of the prospective information from these assumptions. We do not express a separate audit opin- ion on the prospective information and on the assump- tions used as a basis. There is a substantial unavoidable risk that future events will differ materially from the pro- spective information. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, includ- ing any significant deficiencies in internal controls that we identify during our audit. Hamburg, 3 June 2026 Forvis Mazars GmbH & Co. KG Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft Hajo Hauschildt Auditor Sandra Fischer Auditor 4 3

44

M a n a g e m e n t r e p o r t a n d a n n u a l f i n a n c i a l s t a te m e n t s 20 25 Report of the Supervisory Board The Supervisory Board was regularly briefed on the posi- tion of the company and on important management issues during financial year 2025 by means of verbal and written reports from the Management Board. The Supervisory Board formed a Finance Committee, a Transport Commit- tee, an Identification Committee as well as the Arbitration Committee required by law. During financial year 2025 the Supervisory Board held four regular meetings, the Finance Committee two meetings and the Transport Committee two meetings. The annual financial statements and the management report of Hamburger Hochbahn AG for the year ended 31 Decem- ber 2025 and the company’s accounting records were audited by Forvis Mazars GmbH & Co. KG Wirtschaftsprü- fungsgesellschaft Steuerberatungsgesellschaft, Hamburg, the auditors elected at the Annual General Meeting. The audit did not give rise to any objections and an unqualified auditor’s report was issued. The audit reports were submitted to the members of the Supervisory Board. In addition, the financial statement auditors reported on the main findings of their audit at the financial statements meeting held by the Finance Commit- tee and the Supervisory Board. The Supervisory Board examined the annual financial statements and the management report of Hamburger Hochbahn AG and, in agreement with the auditor, raised no objections. It approved and thus adopted the annual financial statements presented by the Management Board. The Supervisory Board would like to thank State Secretary Anselm Sprandel, who stepped down on 12 June 2025, for his dedicated work on this body. In his place, State Secre- tary Dr Stefanie von Berg joined the Supervisory Board at the meeting held on the same day. We would also like to thank Ms Martina Plag, a long-stand- ing member of the Supervisory Board who left this body on 11 December 2025. Professor Andreas Herrmann was wel- comed as a new member at the Supervisory Board meeting held on the same day. The Supervisory Board would like to extend its thanks to the members of the Management Board and all company employees for their work in 2025. Hamburg, 18 June 2026 The Supervisory Board Dr Anjes Tjarks Chairman 4 4

45

D e c l a r a t i o n of c o m p l i a n c e w i t h t h e H a m b u r g C o r p o r a te G ove r n a n c e C o d e (C o d e) Declaration of compliance with the Hamburg Corporate Governance Code (Code) Hamburger Hochbahn AG (HOCHBAHN) • and its subsidiaries ATG Alster-Touristik GmbH (ATG) FFG Fahrzeugwerkstätten Falkenried GmbH (FFG) HADAG Seetouristik und Fährdienst AG (HADAG) Hamburger Hochbahn-Wache GmbH (HHW) HSG Hanseatische Siedlungs-Gesellschaft mbH (HSG) TEREG Gebäudedienste GmbH (TEREG) HOCHBAHN US Projekt GmbH New Mobility Solutions Hamburg GmbH (NMS) in the period from 1 January 2025 to 31 December 2025 complied with the regulations of the Hamburg Corporate Governance Code, which is the responsibility of their respective Management Board, executive management, and Supervisory Board, with the following exceptions (Items 3 – 7 of the Code and their sub-sections). The subsid- iaries HHW, HSG, NMS and HOCHBAHN U5 Projekt GmbH do not have a supervisory board. The companies departed from the Code in the following items: • Item 4.1.5 sentence 2 of the Code: “In the allocation of duties for the Management Board, responsibility for the topic of equality and diversity must be allocated to a specific member of the Management Board.” At the subsidiary TEREG, there are plans to allocate responsibility for the topic of equality and diversity to a specific member of the executive management. Item 4.2.1 sentence 1 and sentence 5 of the Code: “The Management Board shall be comprised of at least two persons, who represent the company jointly. By-laws shall govern the cooperation between the mem- bers of the Management Board and the allocation of duties among individual Management Board members.” The HOCHBAHN subsidiaries FFG and HSG have only one managing director. Due to their small size, the appointment of only one managing director to FFG and HSG is deemed appropriate. In view of this situation, there are no by-laws governing the cooperation between members of the respective executive management. Since October 2025, the executive management of the HOCHBAHN subsidiary FFG has again comprised two persons. • Item 4.2.9 of the Code: “Remuneration to members of the Management Board shall be disclosed on an individual basis – broken down into its non-performance-related and performance- related components – in the notes to the annual financial statements or in the management report. In the case of companies which are not required to publish annual financial statements because they are part of a group, the disclosure of the remuneration shall appear in the declaration of compliance with the Code.” 4 5

46

M a n a g e m e n t r e p o r t a n d a n n u a l f i n a n c i a l s t a te m e n t s 20 25 The subsidiaries FFG, HADAG, HHW, HOCHBAHN U5 Projekt GmbH and HSG are not subject to the obligation to disclose this information. As required by the Code, the remuneration of the management is published here: € thousand FFG, Olaf Lilla ATG, Tanja Cohrt HADAG, Tanja Cohrt ATG, Martin Lobmeyer HADAG, Martin Lobmeyer TEREG HHW, Arndt Malyska HHW, Normen Wiegand HOCHBAHN U5 Projekt, Dr Petra Welge HOCHBAHN U5 Projekt, Klaus Uphoff HSG Hauke Funk Non-performance- related remuneration components Fringe benefits (remuneration in kind, direct insurance) Performance-related remuneration components 153 40 80 40 80 34 7 14 7 14 43 3 7 3 7 To be published in the 2025 annual financial statements 95.5 155 174 179.5 121 0 5.5 20 15.5 12 42.5 2.5 30 30 25 Total 230 50 101 50 101 138 163 224 225 158 • • Item 5.3.1 of the Code: “Depending on the specifics of the enterprise and the number of its members, the Supervisory Board shall form committees with sufficient expertise. These serve to increase the efficiency of the Supervisory Board’s work and its handling of complex issues. The respec- tive committee chairpersons shall report regularly to the Supervisory Board on the work of these committees or send the minutes of committee meetings to all Super- visory Board members without delay.” The Supervisory Boards of ATG, FFG, HADAG and TEREG have not formed any committees since it was not deemed necessary to do so due to the small size of the companies and the small number of Supervisory Board members in each case. Item 5.3.2 of the Code: “The Supervisory Board of larger companies shall form an Audit Committee or instruct their Finance Committee to monitor the company’s financial reporting process, the effectiveness of the internal control system, internal risk management system and internal audit system, and the audit of the financial statements and compliance. At least one member of the Audit Committee/Finance Com- mittee shall have special knowledge and experience in the application of accounting principles and internal control processes and be familiar with auditing financial statements. The chairperson of the Audit Committee/ Finance Committee shall not be a former member of the Management Board of the company and not be the Supervisory Board Chairperson in office.” The Supervisory Boards of FFG and TEREG have not formed an Audit Committee, nor have they instructed their Finance Committee as described above, since it was not deemed necessary to do so due to the small size of the companies and the small number of Supervisory Board members in each case. 4 6

47

D e c l a r a t i o n of c o m p l i a n c e w i t h t h e H a m b u r g C o r p o r a te G ove r n a n c e C o d e (C o d e) • Item 5.5.1 of the Code: “Payments (meeting attendance fees and remunera- tion) for the members of the Supervisory Board shall be established by resolution of the shareholders’ meeting or, in the case of public law institutions, by the compe- tent authority as a representative of the FHH. Where only public bodies have a direct or indirect interest in the capital of a company or where the expenses of the com- pany are borne entirely or to a large extent by the public sector, no remuneration shall be granted; only meeting attendance fees shall be paid within the framework of the relevant Senate resolutions.” The standard does not apply to TEREG because a non-public company holds an interest in TEREG’s capital. • Item 7.2.3 of the Code: “To safeguard independence, a change of auditor should take place if the auditor has signed off on five consecu- tive annual financial statements for a company. Award- ing a contract to an auditing firm should be based on a competitive tendering procedure.” In accordance with Section 68 (1) of the Hamburg Bud- get Code (LHO), the Hamburg Court of Auditors has agreed to the appointment of the auditor for financial year 2025. HOCHBAHN and its subsidiaries ATG, FFG, HADAG, HOCHBAHNU5 Projekt GmbH HHW, HSG, NMS, and TEREG therefore deviate from Code item 7.2.3, as the same auditing firm is signing off on sixth consecutive annual financial statements. A new auditor is to be appointed for the audit of the 2026 financial year, meaning that no further deviation from this Code item is expected. Hamburg, 18 June 2026 Dr Anjes Tjarks Supervisory Board, Chairman Hamburg, 27 March 2026 Robert Henrich Merle Schmidt-Brunn Saskia Heidenberger Jens-Günter Lang 47

48

M a n a g e m e n t r e p o r t a n d a n n u a l f i n a n c i a l s t a te m e n t s 20 25 Overview of subsidiaries and investees ATG Alster-Touristik GmbH (www.alstertouristik.de) Shareholder: Hamburger Hochbahn AG 100% I Business purpose: Tourist boat cruises, mainly on the Alster Lake and its canals I Number of vessels: 18 I Number of employees: 42 FFG Fahrzeugwerkstätten Falkenried GmbH (www.ffg-hamburg.de) Shareholder: Hamburger Hochbahn AG 100% I Business purpose: Maintenance of all types of com- mercial vehicles, especially buses; technical and commercial fleet management for HOCHBAHN’s bus fleet; maintenance of various underground stops; construction and retrofitting of special vehi- cles I Number of employees: 342 HADAG Seetouristik und Fährdienst AG (www.hadag.de) Shareholder: Hamburger Hochbahn AG 100% I Business purpose: passenger transport services by ferry in the Port of Hamburg and on the Elbe I Number of ferries: 26 I Number of employees: 112 (of which 104 for HADAG Verkehrsdienste GmbH) HHW Hamburger Hochbahn-Wache GmbH Shareholder: Hamburger Hochbahn AG 100% I Business purpose: ensuring the security of passen- gers and employees, protection of rolling stock, facilities and installations. Performance of ticket inspections, collection of fair surcharges I Number of seconded employees: 230 HOCHBAHN, 200 Securitas ÖPV GmbH HOCHBAHN U5 Projekt GmbH (www.schneller-durch-hamburg.de/u5) Shareholder: Hamburger Hochbahn AG 100% I Business purpose: U5 Projekt GmbH has taken over the entire commercial and technical project management in connection with planning, construction and system engineering of the U5 U-Bahn line up until commissioning I Number of employees: 92 HSF Hamburger Schnellbahn-Fahrzeug-Gesellschaft mbH Shareholder: 100% Hamburger Hochbahn AG I Business purpose: The purpose of the company is the procurement and financing of rail rolling stock and its leasing to rail transport operators, in particular for use in the rapid transit network in the Greater Hamburg Area, as well as the construc- tion, financing and leasing to rail and rapid transit system operators of rolling stock maintenance depots and storage sidings I Number of employees: The company has no employees of its own. 4 8

49

O ve r v i ew of s u b s i d i a r i e s a n d i nve s te e s HSG Hanseatische Siedlungs-Gesellschaft mbH Shareholder: Hamburger Hochbahn AG via HOCHBAHN-BeteiligungsgesellschaftmbH & Co. KG 100%. I Business purpose: Letting of company-owned apartments to employees of the HOCHBAHN Group. I Number of apartments: 2,048 I Number of employees: 44 (44 excluding one employee of HOCHBAHN and excluding the managing director) HVW Hamburger Verkehrsmittel-Werbung GmbH Shareholder: Hamburger Hochbahn AG 24.9%, DSM Deutsche Städte-Medien GmbH 75.1% I Business purpose: Set-up, management and letting of advertising space at stations, marketing and design of advertising on board buses and trains I Number of employees: 0 (As at 31 December 2023, HVW had no employees. It previously had one employee, who retired as at 30 April 2023, at which date his employment ended.) hySOLUTIONS GmbH (www.hysolutions.de) Shareholder: Hamburger Hochbahn AG 56%, Vattenfall Europe 12.5%, Stromnetz Hamburg 12.5%, VHH Verkehrsbetriebe Hamburg-Holstein 5%, Handelskammer Hamburg 4%, Handwerkskammer Hamburg 4%, Gasnetz Hamburg 3%, Hamburg Port Authority 3%, I Business purpose: Promotion, support and implementation of hydrogen and fuel cell technology as well as innovative electri- cal drive and supply systems in Hamburg I Number of employees: 14 excluding the executive management NMS New Mobility Solutions Hamburg GmbH (www.new-mobility-solutions.de) Shareholder: Hamburger Hochbahn AG 100% I Business purpose: Support FHH in implementing a sustainable transport and mobility transition, and help shape and advance the digital transforma- tion of the City’s organisations and agencies. I Number of employees: 19 excluding the executive management TEREG Gebäudedienste GmbH (www.tereg.de) Shareholder: Hamburger Hochbahn AG via HOCHBAHN-Beteiligungsgesellschaft mbH & Co. KG 56%, Vattenfall Europe 44% I Business purpose: Provision of cleaning and related services for sites, buildings, transport facilities and rolling stock, public establishments and industrial plants and facilities, repair of damage to buildings and sites, building management and provision of security and services in the transport sector I Number of employees: 863 Zentral-Omnibus-Bahnhof „ZOB“ Hamburg GmbH (www.zob-hamburg.de) Shareholder: Hamburger Hochbahn AG 72.2%, Autokraft 11.7%, VHH 10.3%, six further minority stakes 5.8% I Business purpose: Operation of Hamburg’s Central Bus Station (ZOB), letting of units for retail and catering outlets I Number of employees: The company does not have staff of its own but staff seconded by HOCHBAHN and 1 employee from VHH 4 9

50

M a n a g e m e n t r e p o r t a n d a n n u a l f i n a n c i a l s t a te m e n t s 20 25 H O C H B A H N a t a g l a n c e HOCHBAHN at a glance Financial information (€ million) Sales Net loss for the year before loss absorption by HGV Cost coverage ratio (%) Fixed assets Total assets Gross capital expenditures 2025 2024 2023 675.4 316.2 75.3 2,406.7 2,676.3 938.5 669.6 286.6 74.1 1,980.2 2,372.6 658.4 587.7 295.0 70.5 1,847.0 2,134.1 418.1 Employees 1 7,115 6,910 6,645 Bus services Passengers (million) Passenger kilometres (million) Capital expenditures (€ million) Buses Lines Stations/stops Rail services Passengers (million) Passenger kilometres (million) Capital expenditures (€ million) U-Bahn carriages Lines Stations/stops 1 At 31 December, including Management Board and trainees 2 Updated figures 261.3 799.6 180.6 1,140 118 1,496 291.2 1,423.9 749.3 1,007 4 93 261.4 2 799.9 2 99.8 1,084 119 1,500 290.0 2 1,372.3 2 550.4 1,007 4 93 223.5 780.1 122.3 1,096 117 1,466 244.5 1,278.3 287.1 1,007 4 93 5 0

51

Pu b l i c a t i o n d e t a i l s Publication details Published by Hamburger Hochbahn AG Steinstraße 20, 20095 Hamburg Phone: +49 (0)40/32 88-0 Fax: +49 (0)40/32 64 06 E-mail: info@hochbahn.de www.hochbahn.de Edited by Marketing division Strategic Group Development division Sustainability staff unit Finance division Concept and design Silvester Group, www.silvestergroup.com Daniel-Vincent Seeger 51

52

Hamburger Hochbahn AG Steinstraße 20, 20095 Hamburg Germany hochbahn.de