Universal Registration Document 2025

6.6 Notes to the consolidated financial statements

Note 12 Goodwill

Goodwill
(in millions of euros)	Gross value	Impairment loss	Net amount
December 31, 2023	December 31, 2023 Gross value 13,948	December 31, 2023 Impairment loss (1,526)	December 31, 2023 Net amount 12,422
Acquisitions	Acquisitions Gross value 919	Acquisitions Impairment loss -	Acquisitions Net amount 919
Impairment loss⁽¹⁾	Impairment loss ⁽¹⁾ Gross value -	Impairment loss ⁽¹⁾ Impairment loss (4)	Impairment loss ⁽¹⁾ Net amount (4)
Changes during the allocation period⁽²⁾	Changes during the allocation period ⁽²⁾ Gross value (91)	Changes during the allocation period ⁽²⁾ Impairment loss -	Changes during the allocation period ⁽²⁾ Net amount (91)
Disposals	Disposals Gross value (1)	Disposals Impairment loss -	Disposals Net amount (1)
Foreign exchange	Foreign exchange Gross value 675	Foreign exchange Impairment loss (77)	Foreign exchange Net amount 598
December 31, 2024	December 31, 2024 Gross value 15,450	December 31, 2024 Impairment loss (1,607)	December 31, 2024 Net amount 13,843
Acquisitions	Acquisitions Gross value 804	Acquisitions Impairment loss -	Acquisitions Net amount 804
Impairment loss⁽¹⁾	Impairment loss ⁽¹⁾ Gross value -	Impairment loss ⁽¹⁾ Impairment loss -	Impairment loss ⁽¹⁾ Net amount -
Changes during the allocation period⁽²⁾	Changes during the allocation period ⁽²⁾ Gross value (34)	Changes during the allocation period ⁽²⁾ Impairment loss -	Changes during the allocation period ⁽²⁾ Net amount (34)
Disposals	Disposals Gross value -	Disposals Impairment loss -	Disposals Net amount -
Foreign exchange	Foreign exchange Gross value (1,483)	Foreign exchange Impairment loss 163	Foreign exchange Net amount (1,320)
December 31, 2025	December 31, 2025 Gross value 14,737	December 31, 2025 Impairment loss (1,444)	December 31, 2025 Net amount 13,293

See Note 7.
See Note 1.3 on the change in fair-value on any earn-out in a business combination. In 2024, the euro (91) million change was related to the revaluation of earn-out payments during the allocation period. In 2025, the euro (34) million change is attributable to euro (16) million from the revaluation of earn-out payments during the allocation period, and euro (17) million from the adjustment of the opening balance sheet during the allocation period.

The net carrying amounts of goodwill by cash-generating unit or by group of cash-generating units are disclosed in Note 7.