Impairment tests are performed on property, plant and equipment and intangible assets where evidence of an impairment loss arises. For intangible assets with an indefinite useful life and construction work in progress, a test is performed at least annually or whenever there is an indication that an asset may be impaired.
Assets to be tested for impairment are grouped within cash-generating units (CGUs) that correspond to homogeneous groups of assets that generate identifiable cash inflows from their use.
In accordance with IAS 36, the criteria adopted to assess indications that an impairment loss has arisen are either external (e.g. a material change in market conditions) or internal (e.g. a material reduction in revenue), without distinction.
At 31 December 2025, the net value of other intangible assets was €10,865 million. Other intangible assets include the rights to operate London Gatwick airport (€6,337 million) and Edinburgh airport (€3,556 million) at 31 December 2025. Since those rights to operate are analogous to holding a perpetual licence, they are not amortised but undergo an impairment test once per year.
The impairment test for the rights to operate London Gatwick and Edinburgh airports was carried out at 31 December 2025 on the basis of the following assumptions:
At 31 December 2025, the recoverable amounts of those rights to operate, based on the above assumptions, were higher than their net carrying amounts. Sensitivity calculations show that an increase of 50 basis points in the discount rate or a 5% decrease in projected operating cash flow would reduce value in use by €2.1 billion and €0.8 billion, respectively. Under these scenarios, values in use would remain higher than the net carrying amounts for the rights to operate the airports.
Financial assets at amortised cost mainly consist of loans and receivables. When first recognised, loans and receivables are recognised at their fair value less the directly attributable transaction costs.
From the outset, the Group recognises impairment on its loans and receivables in relation to their risk of non-recovery, in accordance with IFRS 9 “Financial Instruments”.
At each balance sheet date, these assets are measured at their amortised cost using the effective interest method and the Group analyses credit risk to determine whether further impairment must be recognised.
If credit risk is found to have increased, additional impairment is recognised in profit or loss, taking into account this risk over the asset’s life.
Loans and receivables at amortised cost mainly comprise receivables relating to shareholdings, including shareholders’ advances to concession or PPP project companies for €819 million (€928 million at 31 December 2024). They are presented on the asset side of the consolidated balance sheet under “Other non-current financial assets” (for the part at more than one year). The part at less than one year of loans and receivables is included under “Other current financial assets” for €108 million at 31 December 2025 (€68 million at 31 December 2024).
Changes in loans and receivables at amortised cost and their breakdown by maturity are as follows:
| (in € millions) | 2025 | 2024 |
|---|---|---|
| Beginning of period | Beginning of period 2025 1,439 |
Beginning of period 2024 1,273 |
| Acquisitions during the period | Acquisitions during the period 2025 199 |
Acquisitions during the period 2024 427 |
| Acquisitions as part of business combinations | Acquisitions as part of business combinations 2025 (0) |
Acquisitions as part of business combinations 2024 3 |
| Impairment losses | Impairment losses 2025 (9) |
Impairment losses 2024 (25) |
| Disposals during the period | Disposals during the period 2025 (251) |
Disposals during the period 2024 (124) |
| Other movements and currency translation differences | Other movements and currency translation differences 2025 118 |
Other movements and currency translation differences 2024 (116) |
| End of period | End of period 2025 1,495 |
End of period 2024 1,439 |
| of which: | of which: 2025
|
of which: 2024
|
| between 1 and 5 years | between 1 and 5 years 2025 729 |
between 1 and 5 years 2024 657 |
| over 5 years | over 5 years 2025 766 |
over 5 years 2024 782 |
