NIQ Global Intelligence plcNIQ
NIQ Global Intelligence plc Goodwill & Intangibles Disclosure
6. GOODWILL AND INTANGIBLE ASSETS
Goodwill
Prior to the completion of the GfK Combination, NIQ had three reportable segments consisting of North America & Global Accounts, International and Consumer Insights. Effective on the date of the GfK Combination, the Company added GfK as a reportable segment. During the third quarter of 2024, the Company transitioned into its new reporting structure which resulted in changes to the Company’s operating segments and reporting units. The goodwill of the Company’s historical reporting units were reallocated to the new reporting units on a relative fair value basis as of the date of the reorganization, as it is impractical to reallocate goodwill in prior periods. Upon the reorganization, the Company’s operating segments now consist of North America and Latin America within the Americas reportable segment, Western Europe and Eastern Europe, Middle East and Africa within the EMEA reportable segment and APAC. The Company assessed goodwill for impairment immediately before and immediately after the reorganization and concluded that there was no goodwill impairment.
The table below summarizes the changes in the carrying amount of goodwill by reportable segment during the periods presented:
(in millions) | Americas | EMEA | APAC | North America & Global Accounts | International | Consumer Insights | GfK | Total | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | — | $ | — | $ | — | $ | 225.4 | $ | 535.4 | $ | 20.3 | $ | 1,584.8 | $ | 2,365.9 | |||||||||||||||||||||||||||||||
Adjustments to goodwill for disposals(1) | — | — | — | — | — | — | (22.3) | (22.3) | |||||||||||||||||||||||||||||||||||||||
| Foreign currency exchange rate changes | — | — | — | (0.2) | 0.9 | — | 3.7 | 4.4 | |||||||||||||||||||||||||||||||||||||||
Reporting unit reallocation(2) | 608.0 | 1,209.0 | 531.0 | (225.2) | (536.3) | (20.3) | (1,566.2) | — | |||||||||||||||||||||||||||||||||||||||
| Balance at September 30, 2024 | 608.0 | 1,209.0 | 531.0 | — | — | — | — | 2,348.0 | |||||||||||||||||||||||||||||||||||||||
Adjustments to goodwill for disposals(3) | — | (21.1) | — | — | — | — | — | (21.1) | |||||||||||||||||||||||||||||||||||||||
| Foreign currency exchange rate changes | (9.0) | (91.0) | (17.4) | — | — | — | — | (117.4) | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2024 | 599.0 | 1,096.9 | 513.6 | — | — | — | — | 2,209.5 | |||||||||||||||||||||||||||||||||||||||
Adjustments to goodwill for acquisition of M-Trix (4) | 38.5 | — | — | — | — | — | — | 38.5 | |||||||||||||||||||||||||||||||||||||||
Foreign currency exchange rate changes | 32.0 | 124.9 | 26.8 | — | — | — | — | 183.7 | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2025 | $ | 669.5 | $ | 1,221.8 | $ | 540.4 | $ | — | $ | — | $ | — | $ | — | $ | 2,431.7 | |||||||||||||||||||||||||||||||
(1)Adjustments due to the deconsolidation of Russia businesses, as disclosed in Note 4. “Discontinued Operations and Disposals”.
(2)Represents the reallocation of goodwill as a result of the Company reorganizing its segments.
(3)Adjustments related to the Netquest business classified as held for sale, as further described in Note 4. “Discontinued Operations and Disposals”.
(4)Adjustments to goodwill for acquisition of M-Trix, as disclosed in Note 3. “Acquisitions”.
Intangible Assets
The table below summarizes the carrying value of intangible assets:
| December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||||
Computer software(1) | $ | 1,800.6 | $ | (1,181.2) | $ | 619.4 | $ | 1,413.2 | $ | (755.2) | $ | 658.0 | ||||||||||||||||||||||||||
Client relationships(1) | 1,148.3 | (315.1) | 833.2 | 1,056.6 | (204.8) | 851.8 | ||||||||||||||||||||||||||||||||
Retail partnerships(1) | 656.6 | (201.5) | 455.1 | 600.8 | (140.5) | 460.3 | ||||||||||||||||||||||||||||||||
| Trade names and trademarks | 301.8 | (96.1) | 205.7 | 274.2 | (64.4) | 209.8 | ||||||||||||||||||||||||||||||||
Consumer panels(1) | 83.2 | (40.9) | 42.3 | 60.4 | (22.2) | 38.2 | ||||||||||||||||||||||||||||||||
| Other intangibles | 88.2 | (52.5) | 35.7 | 106.8 | (37.3) | 69.5 | ||||||||||||||||||||||||||||||||
| $ | 4,078.7 | $ | (1,887.3) | $ | 2,191.4 | $ | 3,512.0 | $ | (1,224.4) | $ | 2,287.6 | |||||||||||||||||||||||||||
(1)The net carrying amount as of December 31, 2024 excludes $12.8 million of client relationships, $4.4 million of retail partnerships, $2.8 million of consumer panels and $2.2 million of computer software that are classified as held for sale, as disclosed in Note 4. “Discontinued Operations and Disposals”.
For the years ended December 31, 2025, 2024 and 2023, amortization expense related to intangible assets was $544.1 million, $516.8 million and $380.4 million, respectively. This amount includes amortization expense associated with computer software of $344.8 million, $319.3 million and $241.8 million for the years ended December 31, 2025, 2024 and 2023, respectively.
At December 31, 2025, the net book value of internally developed and purchased software was $616.3 million and $3.1 million, respectively. At December 31, 2024, the net book value of internally developed and purchased software was $652.7 million and $5.3 million, respectively.
The following table sets forth the estimated amortization expense for intangible assets for the next five years and thereafter:
For the year ending December 31, | (in millions) | ||||
| 2026 | $ | 492.4 | |||
| 2027 | 380.0 | ||||
| 2028 | 276.6 | ||||
| 2029 | 194.5 | ||||
| 2030 | 177.2 | ||||
Thereafter | 670.7 | ||||
| $ | 2,191.4 | ||||
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.