6.12 Intangible assets

Intangible assets consist of goodwill and other intangible assets.

Cost

In the column 'other movements', the administrative clean-up of the customer portfolio of Burgers Ergon, acquired in 2007 and fully amortised since 2024, is recognised.

Amortisation and impairment losses

The amortisation of other intangible assets and any impairment losses on intangible assets are recognised in the statement of profit or loss under other operating expenses.

Carrying amount

Acquisitions

As set out in note '6.2 Business combinations', the Group acquired 100% of the share capital in Hegeman Bouw & Services B.V. on 17 December 2025. As part of the accounting, other intangible assets were identified and measured at fair value, namely the Hegeman brand name, the order book and the value of the exclusive framework agreements. Goodwill arising from this transaction is the difference between the purchase consideration and the fair value of the acquired net identifiable assets. The goodwill is explained by the fact that, through this acquisition, the Group expects stable returns from construction and service-related activities, combined with expected growth in strategic segments, as well as strengthening the organisation with skilled personnel.

Annual impairment test

The Group performs an annual impairment test for each relevant cash-generating unit (CGU). The method for determining the recoverable amount is described in more detail in the accounting policies. The key assumptions and estimates explained in this section are applied uniformly to all CGUs and are consistent with the Group’s long-term plans, market conditions and strategic objectives.

The impairment tests are based on valuations prepared using the discounted cash flow (DCF) method, under which expected future cash flows are discounted at a post-tax weighted average cost of capital (WACC) of 9.1% (2024: 8.8%). The WACC used is determined on the basis of publicly available information and comprises various components, including macroeconomic indicators and market data from comparable listed companies selected as a ‘peer group’.

The value in use of the CGUs is based on expected future cash flows as included in the budgets for 2026 and 2027. The revenue and gross margin included are based on the current order book, historical results and the Group’s strategic ambitions. An annual growth rate of 1.2% is assumed for the subsequent period from 2028 up to and including 2032 (2024: 1.2%), in line with external forecasts for economic growth in the Netherlands. For the period after 2032 (the ‘terminal value’ in the discounted cash flow method), a growth rate of 1.2% has also been assumed (2024: 1.2%). The gross margin percentage for the period after 2027 has been determined conservatively and is based on an average of the budget and historically realised margins.

In addition, a sensitivity analysis was performed on the three key parameters affecting the impairment tests: the WACC, the growth rate applied and the gross profit. This analysis shows that reasonably foreseeable changes in these variables do not give rise to the recognition of an impairment loss.