Goodwill is the excess of the cost of a business combination over the Group’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities at the date of acquisition, recognised on first consolidation.
Goodwill in fully consolidated subsidiaries is recognised under goodwill in consolidated assets. Goodwill relating to companies accounted for under the equity method is included in the line item “Investments in companies accounted for under the equity method”.
Goodwill is not amortised but is tested for impairment at least annually or when there is an indication that an impairment loss has arisen. If a goodwill impairment loss is recognised as a result, the difference between its carrying amount and its recoverable amount is charged definitively to operating income in the period. Negative goodwill is taken to operating income in the year of acquisition.
Under IFRS 3 (Revised), an option is available to measure non-controlling interests on the acquisition date either at fair value (the full goodwill method) or for the portion of the net assets acquired that they represent (the partial goodwill method). The choice can be made for each business combination.
Changes in goodwill during the period were as follows:
| (in € millions) | 31/12/2025 | 31/12/2024 |
|---|---|---|
| Net at beginning of period |
Net at beginning of period 31/12/2025 19,519 |
Net at beginning of period 31/12/2024 17,577 |
| Goodwill recognised during the period |
Goodwill recognised during the period 31/12/2025 1,026 |
Goodwill recognised during the period 31/12/2024 1,846 |
| Impairment losses |
Impairment losses 31/12/2025 (5) |
Impairment losses 31/12/2024 (8) |
| Companies leaving the consolidation scope |
Companies leaving the consolidation scope 31/12/2025 (4) |
Companies leaving the consolidation scope 31/12/2024 (6) |
| Currency translation differences |
Currency translation differences 31/12/2025 (362) |
Currency translation differences 31/12/2024 107 |
| Other movements |
Other movements 31/12/2025 4 |
Other movements 31/12/2024 3 |
| Net at end of period |
Net at end of period 31/12/2025 20,177 |
Net at end of period 31/12/2024 19,519 |
Goodwill recognised during the period mainly relates to:
The main items of goodwill were as follows:
| (in € millions) | 31/12/2025 | 31/12/2024 | ||
|---|---|---|---|---|
| Gross | Impairment losses | Net | Net | |
| Cobra IS | 4,156 | - | 4,156 | 4,156 |
| VINCI Airports | 3,647 | (9) | 3,638 | 3,781 |
| VINCI Energies France | 2,606 | - | 2,606 | 2,561 |
| ASF group | 1,935 | - | 1,935 | 1,935 |
| VINCI Energies Germany | 1,619 | - | 1,619 | 1,312 |
| VINCI Highways | 685 | 0 | 685 | 670 |
| VINCI Energies North America | 741 | (83) | 658 | 704 |
| VINCI Energies Benelux | 577 | - | 577 | 571 |
| VINCI Energies Scandinavia | 459 | - | 459 | 445 |
| Other | 4,042 | (199) | 3,844 | 3,384 |
| Total |
20,467 |
(290) |
20,177 |
19,519 |
