12. Intangible assets

Other intangible assets comprise in particular concessions, purchased customer lists and dealer relationships, industrial and similar rights, and licenses in such rights and assets.

The additions to impairment losses in fiscal year 2025 include primarily the impairment loss on capitalized project costs in connection with the realignment of Porsche’s product strategy, as well as the impairment loss on the goodwill allocated to the Porsche operating segment. Further disclosures can be found in the “Key events” section.

The allocation of the brand names and goodwill to the operating segments is shown in the following table:

The impairment test for recognized goodwill and brand names is always based on value in use, which has been determined at the level of the respective brand. In this process, the WACC rates, based on the risk-free rate of interest, a market risk premium, peer-group-specific beta factors and the cost of debt, are applied. For more information on the general approach and key assumptions, please refer to the details provided on intangible assets in the “Accounting policies” section. Moreover, the following aspects were of significance for the brands with material recognized brand names and goodwill:

The volume planning of the Porsche operating segment is based on regional differentiation and takes account of the impacts of currently known regional conflicts. In this context, challenging market conditions are expected due to protectionist tendencies, particularly in the markets in China and the USA, and additionally due to more intense competition in China. The plans also continue to anticipate that the transformation towards e-mobility will slow down. Positive price effects will be supplemented by a globally balanced and value-based unit sales structure. The negative impact on earnings expected from 2026 onward from continuing rises in the cost of materials and from emission and fuel consumption legislation is to be offset by corresponding programs to increase efficiency. The impairment test was conducted on the basis of a medium-term target of 10% to 15% for the operating return on sales.

Slight overall growth is expected in the commercial vehicle markets relevant to the TRATON GROUP in 2026 to 2030, with variations from region to region. Based on volume and price effects, it is anticipated that sales revenue in the cash-generating units of the TRATON GROUP (CGUs of the TRATON GROUP) will increase over the planning period. The five-year plans of all CGUs of the TRATON GROUP forecast an increase in e-mobility. The costs of the transformation have been included in the cash flows.

At Scania Vehicles & Services, a rise in sales volume and the expansion of the vehicle services business are additionally having a positive impact on the planned cash flows.

At MAN Truck & Bus, the higher sales volume is having a beneficial effect on cash flows.

Despite the direct impact of the additional US tariffs that entered into force under the section 232 decree and only slight growth of the North American market, sales volumes at International Motors are expected to increase significantly because of upcoming launches of new products. The product launches, the use of the powerful component and technology organization within the TRATON GROUP, and even more effective use of one of the largest independent dealer and service networks in the North American market, to which International Motors already has access today, are having a positive effect overall on planned cash flows.

For all cash-generating units recoverability is not affected by a variation in the discount rate of +0.5 percentage points or of the growth forecast for the perpetual annuity of −0.5 percentage points. If the discount rate were to increase by 0.8 percentage points, the recoverable amount would be equal to the carrying amount at the Porsche cash-generating unit.