28 Provisions

The actuarial assumptions as at 31 December 2024 used to calculate provisions for severance payments and pensions are represented as follows:

Sensitivity analysis

All other parameters remaining equal, a change in the discount rate by +/- 0.5 percentage points, a change in the salary increase by + 1.0 percentage points as well as a change in the pension increase by + 1.0 percentage points would have the following impact on the amount of the provisions for severance payments and pension obligations as at 31 December 2024:

Provisions for severance payments show the following development:

The development of the provisions for pensions is shown below:

The plan assets for pension provisions developed as follows in the reporting period:

The plan assets consist of the following risk groups:

The plan assets involve almost exclusively the assets of the pension foundation of STRABAG AG, Switzerland. Any investments in this regard are subject to the applicable laws and regulations governing the supervision of foundations. Capital investments are to be chosen by trained experts in such a way as to guarantee the investment goal of revenue-generating and risk-minimising asset management while taking into consideration security, risk distribution, returns and the liquidity to fulfil the pension purposes. The investment strategy can be adjusted on an annual basis in order to reflect market changes. Currently the split is 40% in nominal value assets and 60% in tangible assets.

In the 2024 financial year, STRABAG AG, Switzerland, had a surplus of plan assets over the pension liability in the amount of T€ 28,284 (2023: T€ 21,527). This surplus is reported under other non-current financial assets.

The expected contributions to pension foundations in the following year will amount to T€ 3,916 (2023: T€ 3,767).

The actual income from plan assets amounted to T€ 5,359 in the 2024 financial year (2023: T€ 9,471).

Asset-liability matching strategy

Pension payments in Switzerland are provided by pension foundations with funds dedicated to this purpose, while payments in Austria and in Germany are covered by readily available cash and cash equivalents as well as securities.

The following amounts for pension and severance provisions were recognised in the income statement:

The development of the net defined benefit obligation for pension and severance provisions was as follows:

The maturity profile of the benefit payments from the net defined benefit liability as at 31 December 2024 was as follows:

The maturity profile of the benefit payments from the net defined benefit liability as at 31 December 2023 was as follows:

The durations (weighted average term) are shown in the following table.

Other provisions

The construction-related provisions include warranty obligations, costs of the contract execution and subsequent costs of invoiced contracts, as well as impending losses from projects pending which are not accounted for elsewhere. The personnel-related provisions essentially include bonus obligations and premiums, service anniversary bonuses, contributions to occupational funds as well as costs of the old age part-time scheme and expenses for personnel downsizing measures. Other provisions especially include provisions for damages and litigations.