v3.25.4
Goodwill and intangible assets (Tables)
 12 Months Ended
Dec. 31, 2025
Intangible assets and goodwill [abstract]  
Summary of Movements in Goodwill and Intangible Assets
€ million
Goodwill
Indefinite-life
intangible assets
Finite-life intangible assets
Total
Movements during 2025
Software
Other
Cost
1 January 2025
23,471
18,337
3,801
1,156
46,765
Additions through business combinations(a)
764
1,108
1
–
1,873
Disposal of businesses
(4)
(49)
(1)
–
(54)
Distributed through demerger
(3,322)
(712)
(43)
(32)
(4,109)
Additions
–
6
170
1
177
Disposals and other movements
(6)
9
(72)
(65)
(134)
Hyperinflationary adjustment
(108)
(12)
–
–
(120)
Currency retranslation
(1,929)
(1,722)
(217)
(58)
(3,926)
31 December 2025
18,866
16,965
3,639
1,002
40,472
Accumulated amortisation and impairment
1 January 2025
(1,160)
(481)
(3,123)
(1,100)
(5,864)
Amortisation/impairment for the year
–
(48)
(222)
(28)
(298)
Distributed through demerger
–
–
34
24
58
Disposals and other movements
–
1
71
61
133
Currency retranslation
3
18
186
56
263
31 December 2025
(1,157)
(510)
(3,054)
(987)
(5,708)
Net book value 31 December 2025(c)
17,709
16,455
585
15
34,764
9. GOODWILL AND INTANGIBLE ASSETS continued
€ million
Goodwill
Indefinite-life
intangible assets
Finite-life intangible assets
Total
Movements during 2024
Software
Other
Cost
1 January 2024
22,266
17,967
3,483
1,124
44,840
Additions through business combinations(a)
310
382
–
–
692
Disposal of businesses
(60)
(510)
(26)
(4)
(600)
Reclassification to held for sale(b)
(47)
(47)
(5)
–
(99)
Additions
–
3
229
1
233
Disposals and other movements
132
2
(23)
9
120
Hyperinflationary adjustment
284
34
–
–
318
Currency retranslation
586
506
143
26
1,261
31 December 2024
23,471
18,337
3,801
1,156
46,765
Accumulated amortisation and impairment
1 January 2024
(1,157)
(345)
(2,841)
(1,031)
(5,374)
Amortisation/impairment for the year
–
(127)
(213)
(35)
(375)
Disposals and other movements
(3)
–
47
(8)
36
Currency retranslation
–
(9)
(116)
(26)
(151)
31 December 2024
(1,160)
(481)
(3,123)
(1,100)
(5,864)
Net book value 31 December 2024(c)
22,311
17,856
678
56
40,901
(a)Includes the provisional fair value of goodwill and intangibles for acquisitions made in 2025, as well as subsequent changes in the fair value of goodwill and intangibles for the acquisitions
made in 2024 where the initial acquisition accounting was provisional at the end of 2024. See note 22 for further details.
(b)Goodwill and intangibles in relation to Conimex amounting to €17 million in 2024 were reclassified as held for sale and were subsequently disposed in 2025 (2024: €532 million for Elida
Beauty).
(c)Within indefinite-life intangible assets, there are five existing brands that have a significant carrying value: Horlicks €2,310 million (2024: €2,719 million), Knorr €1,793 million (2024:
€1,860 million), Paula’s Choice €1,602 million (2024: €1,807 million), Hellmann’s €1,161 million (2024: €1,285 million) and Carver Korea €1,158 million (2024: €1,278 million).
Summary of Goodwill and Indefinite-Life Intangible Assets Held in Significant CGUs
2025 GCGUs
2024 GCGUs
€ billion
Goodwill
€ billion
Goodwill
Beauty & Wellbeing
4.5
5.0
Personal Care
4.5
4.2
Home Care
0.8
0.9
Foods
7.9
8.6
Ice Cream(a)
–
3.6
Total GCGUs
17.7
22.3
2025 CGUs
2024 CGUs
€ billion
Indefinite-life intangible
assets
€ billion
Indefinite-life intangible
assets
Foods India and Nepal
2.5
3.0
Prestige
2.9
3.2
Wellbeing
1.5
1.7
Beauty & Wellbeing North America
0.9
1.0
Total Significant CGUs
7.8
8.9
Others(b)
8.7
9.0
Total CGUs
16.5
17.9
(a)Goodwill relating to Ice Cream amounting to €3.3 billion has been derecognised on account of the demerger.
(b)Included within Others are individually insignificant amounts of intangible assets.
Summary of Key Assumptions used in Discounted Cash Flow Projections Projected cash flows include specific estimates for one-year at the CGU level. The growth rates and operating margins applied for the one‑year period are based on
the Group’s strategic plan, which reflects expected economic conditions and incorporates the potential future impact of climate change. The CGU‑specific one‑year
cash flows are taken directly from the Group's strategic plan, which includes both the initiatives underway to reduce carbon emissions in line with our CTAP and
management’s assessment of the potential impact of climate change on operations. The growth rates used for GCGUs and significant CGUs are set out below:
For the year 2025
Group of CGUs
Beauty &
Wellbeing
Personal Care
Home Care
Foods
Longer-term sustainable growth rates
3%
3%
4%
3%
Discount rate
12%
12%
12%
11%
Significant CGUs
Foods
India and Nepal
Prestige
Wellbeing
Beauty &
Wellbeing
North America
Longer-term sustainable growth rates
6%
2%
2%
2%
For the year 2024
Group of CGUs
Beauty & Wellbeing
Personal Care
Home Care
Foods
Longer-term sustainable growth rates
3%
2%
3%
3%
Average near-term nominal growth rates(a)
5%
3%
3%
3%
Discount rate
11%
11%
12%
11%
Significant CGUs
Foods
India and Nepal
Prestige
Wellbeing
Beauty &
Wellbeing
North America
Longer-term sustainable growth rates
7%
2%
2%
2%
Average near-term nominal growth rates(a)
7%
8%
11%
1%
(a)As explained above, our 2025 annual impairment testing is based on one year projected cash flows (in 2024, this was five years) and so the average near term nominal growth rate is no
longer considered a key assumption, nor is the headroom sensitive to these growth rates.