Oesterreichische Beteiligungs AG (OBAG)

Österreichische Beteiligungs AG (ÖBAG) · Austria · Europe · Founded 1967 · State holding company · Not an IFSWF member

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Focus

OBAG: what it invests in

Energy: oil and gasRenewables and climateTelecoms and mediaTransport and logisticsReal estateSports

Strategic state holdings

Geography Mainly domestic

Scale

OBAG: how big it is, and on what basis

EUR 30.05B

Portfolio valueAs of 2025-12-31

In US dollars: about USD 35.3B. EUR 30.05 billion at the ECB rate of 0.85106 euro per US dollar on 31 December 2025.

Transparency

OBAG: what it publishes

8.5 of 10 Band 5 of 5

Published 7 · Partly 3 · Not published 0

Our 10 item score. It measures what is public, not how well a fund is run.

Portfolio valueS1: EUR 30.05B (31 December 2025, includes VERBUND); As of 2025-12-31
In US dollarsS4: About USD 35.3B; As of 2025-12-31
HoldingsS1: 9 (Five listed, four unlisted); As of 2025-12-31
Paid to the Republic, 2025S1: EUR 1.26B (OBAG plus VERBUND); As of 2025-12-31
Paid since 2019S1: Over EUR 8.5B; As of 2025-12-31
Infrastructure plan to 2027S1: About EUR 10B (By portfolio companies); As of 2025-12-31
Jobs in portfolioS1: About 103,000; As of 2025-12-31
Transparency scoreS1: 8.5 of 10; As of 2025-12-31

At a glance. OBAG is Austria's state holding company. It manages the Republic's stakes in nine companies, including OMV, VERBUND, Telekom Austria and Austrian Post, valued at EUR 30.05 billion (about USD 35.3 billion) at end 2025. It acts as an active long-term owner: it nominates supervisory board members, negotiates strategic deals such as Borouge International, and pays dividends to the state. S1 S4

Key points

Portfolio value EUR 30.05 billion at 31 December 2025, up 0.7 percent on the year. S1
Nine holdings, five listed and four unlisted, all Austrian. S1
OBAG and VERBUND together paid EUR 1,263.0 million to the Republic in 2025. S1
More than EUR 8.5 billion has gone to the state since 2019. S1
Shaped the Borouge International deal between OMV and ADNOC, with a group value of over USD 60 billion. S1 S5
Portfolio companies plan about EUR 10 billion of Austrian infrastructure investment by 2027. S1
A lean team of 25 people, seven of them investment managers. S3 S1

Interesting facts

OBAG holds board seats rather than trading shares: it has filled 75 supervisory and 37 executive board roles since February 2022. S1
The Borouge deal carries an Austria package: head office and tax domicile in Vienna and research in Linz. S1
The portfolio companies support about 103,000 jobs. S1

Mandate and goals

Under the OIAG Act 2000, as reformed in 2018, OBAG has two goals: secure Austria as a place for business and research, and raise the value of its holdings over time. S1

Secure energy supply and cost efficiency in energy and digital infrastructure. S1
Promote innovation and key technologies. S1
Build a portfolio of growth companies and scale-ups in future industries. S1
Deepen international cooperation; patient capital stays the guiding principle. S1
Spending rule: Dividends passed to the owner ministry: EUR 766.9 million in 2025 (EUR 930.0 million in 2024) S1

How it invests

Industries	Energy: oil and gas, Renewables and climate, Telecoms and media, Transport and logistics, Real estate, Sports, entertainment and gaming S1
Asset classes	Strategic state holdings S1
Stages	Public markets, Growth S1
Geography	Mainly domestic. All nine holdings are Austrian companies S1
Direct / through funds / co-invest	Yes / No / Not published S1
Managed in house	100 percent S1
Ticket size	No ticket size is published; growth and scale-up stakes are a planned addition. S1
External managers	Not used S1
Co-investment programme	Syndicate agreements with ADNOC (OMV), Allwyn (Casinos Austria) and América Móvil (Telekom Austria and EuroTeleSites) S1

Largest holdings: VERBUND (managed for the Republic) (51.0%), Österreichische Post (52.85%), OMV (31.5%), Telekom Austria (28.42%), EuroTeleSites (28.42%), Casinos Austria (33.24%), APK Pensionskasse (33.35%), Bundesimmobiliengesellschaft (BIG) (100%), GKB-Bergbau (100%) (as of 2025-12-31) S1

Published criteria

Holdings must serve Austria as a business location and grow in value. S1
New stakes would target growth companies and scale-ups in future industries. S1
Board nominees are chosen for professional fit and diversity under a voluntary guideline. S1

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
2025	Borouge Group International. Agreements signed 4 March 2025 to combine Borouge, Borealis and Nova Chemicals; OMV and ADNOC to hold 46.94 percent each. Head office in Vienna. S1 S5	Joint venture or partnership	Energy: oil and gas	Growth	Group value over USD 60B
2026	Borouge Group International listing. Listing, exchange offer and capital increase moved to 2027, subject to markets. S6	Joint venture or partnership	Energy: oil and gas	Public markets	Not published
Not published	OMV. Integrated oil, gas and chemicals group; value rose 27 percent in 2025. Syndicate with ADNOC. S1	Direct investment	Energy: oil and gas	Public markets	Not published	31.5%
Not published	VERBUND. Power utility held by the Republic and managed by OBAG; committed EUR 570M to Limberg pumped storage. S1	Direct investment	Renewables and climate	Public markets	Not published	51.0%
Not published	Österreichische Post. Postal, parcel and logistics group; value rose 8 percent in 2025. S1	Direct investment	Transport and logistics	Public markets	Not published	52.85%
Not published	Telekom Austria. Telecom group; syndicate with America Movil; value rose 13 percent in 2025. S1	Direct investment	Telecoms and media	Public markets	Not published	28.42%
Not published	EuroTeleSites. Listed mobile tower company; syndicate with America Movil. S1	Direct investment	Telecoms and media	Public markets	Not published	28.42%
Not published	Casinos Austria. Unlisted gaming group; syndicate with Allwyn. S1	Direct investment	Sports, entertainment and gaming	Growth	Not published	33.24%
Not published	Bundesimmobiliengesellschaft (BIG). Federal property company; plans a further EUR 3B in education, research, security, housing and urban property. S1	Direct investment	Real estate	Real estate	EUR 2B decarbonisation plan	100%
2025	APK Pensionskasse. Pension fund manager; a further 0.4 percent stake was transferred from IMIB in 2025. S1	State asset transfer	Financial services	Growth	Not published	33.35%
Not published	GKB-Bergbau. Wholly owned unlisted company. S1	Direct investment	Mining and metals	Growth	Not published	100%
2025	Electricity cost relief package. OBAG, VERBUND and BIG agreed in December 2025 to jointly provide funds to lower power costs. S1	Joint venture or partnership	Infrastructure and utilities	Infrastructure	EUR 500M

Case studies

Borouge International: the Austria package S1 S5 S6

What: OMV and ADNOC agreed to merge Borouge and Borealis and buy Nova Chemicals into one polyolefins group.
When: March 2025 to 2027
Size: Group value over USD 60B
Why: OBAG secured a Vienna head office and tax domicile, research in Linz, a two-tier board and a dual listing plan.
Outcome: EU clearance on 8 July 2025; listing now expected in 2027, with a minimum dividend of USD 2.2B a year planned.

Active ownership through board seats S1

What: OBAG nominates supervisory board members and staggers terms across its holdings.
When: February 2022 onward
Size: 75 supervisory and 37 executive roles
Why: The 2018 reform made OBAG an active owner rather than a privatisation agency.
Outcome: 18 supervisory nominations filled in 2025 alone.

Infrastructure push by the portfolio S1

What: Portfolio companies plan about EUR 10B of domestic investment, half for the energy transition.
When: To 2027
Size: About EUR 10B
Why: Supports secure, low-cost energy and Austria as a business location.
Outcome: VERBUND committed EUR 570M to Limberg; BIG plans EUR 2B of building decarbonisation.

Investment process

A single-member Executive Board, the CEO, runs OBAG, supported by a CIO and CFO. A nine-member supervisory board, six for the owner and three employee seats, oversees it. Owner rights are exercised through the Economy Minister. S1 S3

Committee	Role
Supervisory Board	Six shareholder and three employee members; chaired by Günther Ofner S1

The CEO and team set ownership strategy for each holding. S1
OBAG nominates supervisory board members using its voluntary suitability and diversity guideline. S1
Strategic deals are negotiated with syndicate partners and approved by the boards. S1
The CIO handles investment management of any portfolio expansion. S3
Dividends are collected and passed to the owner ministry each year. S1

How to approach: There is no published route for outside capital or companies; contact is through the official website. S7

Size and returns

Headline size: EUR 30.05B (Portfolio value, as of 2025-12-31) S1 S4
In US dollars: about USD 35.3B. EUR 30.05 billion at the ECB rate of 0.85106 euro per US dollar on 31 December 2025.
OBAG balance sheet total: EUR 3.64B (Total assets (balance sheet), as of 2025-12-31) S1
Returns: the fund does not publish a return figure.
Staff: 25 staff, seven investment managers S3 S1
Size over time (EUR billion): 2024-12 29.85, 2025-12 30.05 S1

Leadership

Name	Title	Since
Edith Hlawati	Sole Executive Board member and CEO S3	2022-02
Stefan Fürnsinn	Chief Investment Officer S3	Not published
Martin Holzinger	Chief Financial Officer S3	Not published
Günther Ofner	Chair, Supervisory Board S1	Not published
Karl Ochsner	First Deputy Chair, Supervisory Board S1	Not published
Michael Höllerer	Second Deputy Chair, Supervisory Board S1	2025-06-16

Governance and transparency

Legal basis: OIAG Act 2000 as amended in 2018; stock corporation since 20 February 2019 S1
Oversight: Supervisory board; owner rights exercised through the Federal Minister of Economic Affairs, Energy and Tourism S1
Employee board seats come from the listed holdings with the highest revenues. S1
Board seats held through OBAG in several holdings count as one for mandate limits. S3
OBAG worked with the OECD on revised state-owned enterprise guidelines. S1

Transparency score: 8.5 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, asset allocation, holdings or deal list, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S1 S3
Partly published: annual return, long-term returns, geographic or sector split. S1

History

Date	Event
1967	OIG founded to hold state industry. S1
1970	OIAG formed from OIG. S1
2019-02-20	Became the stock corporation OBAG. S1
2022-02	Edith Hlawati became CEO. S1
2025-03-04	Borouge International agreements signed. S1
2025-07-08	EU cleared the Borouge International deal. S1
2026-03-19	BGI listing moved to 2027. S6
2026-03-26	BGI supervisory board named, including Edith Hlawati. S8

For family offices

OBAG partners with strategic corporates, not private wealth, and has no co-investment programme. Its relevance for family offices is as a co-shareholder in listed Austrian blue chips. S1

Syndicate agreements with industrial partners in OMV, Casinos Austria and Telekom Austria. S1

Reports

OBAG Annual Report 2025: https://oebag.gv.at/wp-content/uploads/2026/06/20260629_OEBAG_Report_2025.pdf S1

Common questions

How large is OBAG?

EUR 30.05 billion of portfolio value at 31 December 2025, including VERBUND, about USD 35.3 billion. S1

Who leads OBAG?

Edith Hlawati, sole Executive Board member and CEO since February 2022. S3

Who owns OBAG?

The Republic of Austria, 100 percent, through the Economy Ministry since 2025. S1

What does OBAG own?

Stakes in OMV, VERBUND, Telekom Austria, EuroTeleSites, Austrian Post, Casinos Austria, APK Pensionskasse, BIG and GKB-Bergbau. S1

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Sources

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