In accordance with IAS 36 “Impairment of Assets”, the goodwill and other non-financial assets of cash-generating units (CGUs) are tested for impairment.
CGUs are identified in line with operational reporting and their recoverable amounts are based on a value in use calculation. Values in use are determined by discounting the projected operating cash flow before tax of the CGU (operating income plus depreciation and amortisation plus/minus the change in non-current provisions minus operating investments plus/minus the change in operating working capital requirement) at the rates indicated below.
For concessions, cash flow projections are calculated across the length of contracts by applying a variable discount rate, determined for each period depending on the change in the debt-to-equity ratio of the entity in question. In the specific case of VINCI Airports, cash flow projections for fully owned airports are established over a 30-year period. At the end of that period, a terminal value is determined by capitalising the final year’s projected cash flow to infinity, and that value is discounted to present value.
For the other CGUs, cash flow projections are generally established for a five-year period on the basis of management forecasts. At the end of that period, a terminal value is determined by capitalising the final year’s projected cash flow to infinity, and that value is discounted to present value.
Goodwill impairment tests are carried out using the following assumptions:
| (in € millions) | Parameters of the model applied to cash flow projections | Impairment losses recognised in the period | ||||
|---|---|---|---|---|---|---|
| Growth rate (years Y+1 to Y+5) | Growth rate (terminal value) | Discount rate(**) | 2025 | 2024 | ||
| 31/12/2025 | 31/12/2024 | |||||
| Cobra IS | 2.7% | 1.5% | 12.5% | 12.9% | - | - |
| VINCI Airports | (*) | (*) | 10.6% | 10.5% | - | - |
| VINCI Energies France | 3.0% | 2.0% | 10.6% | 10.0% | - | - |
| ASF group | (*) | (*) | 11.7% | 11.2% | - | - |
| VINCI Energies Germany | 3.0% | 2.0% | 10.3% | 9.9% | - | - |
| VINCI Energies North America | 3.5% | 2.2% | 10.4% | 10.2% | - | - |
| VINCI Energies Benelux | 3.0% | 2.0% | 10.4% | 10.3% | - | - |
| VINCI Energies Scandinavia | 3.0% | 2.0% | 9.8% | 9.3% | - | - |
| VINCI Highways | (*) | (*) | 9.8% | 11.9% | - | - |
| Other | −1.0% to 5.9% | 0.9% to 4.4% | 8.8% to 15.6% | 8.6% to 15.0% | (5) | (8) |
| Total | (5) | (8) | ||||
Impairment tests at 31 December 2025 were conducted on the basis of assumptions made by management at the business lines concerned, in line with macroeconomic forecasts in their business areas and geographies. The change in discount rates reflects current economic conditions and financial market volatility.
| (in € millions) | Sensitivity to rates | Sensitivity to cash flow | ||||
|---|---|---|---|---|---|---|
| Discount rate for cash flows | Perpetual growth rate for cash flows | Change in projected operating cash flows (before tax) | ||||
| 0.5% | (0.5%) | 0.5% | (0.5%) | 5.0% | (5.0%) | |
| Cobra IS | (356) | 392 | 284 | (258) | 372 | (372) |
| VINCI Airports |
(2,103) |
2,340 | (*) | (*) | 1,879 |
(1,879) |
| VINCI Energies France | (460) | 517 | 390 | (347) | 427 | (427) |
| ASF group | (390) | 337 | (*) | (*) | 905 | (905) |
| VINCI Energies Germany | (257) | 290 | 220 | (195) | 234 | (234) |
| VINCI Energies North America | (55) | 62 | 47 | (42) | 50 | (50) |
| VINCI Energies Benelux | (107) | 120 | 91 | (81) | 98 | (98) |
| VINCI Energies Scandinavia | (58) | 66 | 51 | (45) | 49 | (49) |
| VINCI Highways | (321) | 357 | (*) | (*) | 295 | (295) |
These sensitivity calculations show that a change of 50 basis points in the assumptions for discount and perpetual growth rates or a ±5% change in projected operating cash flow would not have a material impact on the Group’s consolidated financial statements at 31 December 2025.
