| INTANGIBLE ASSETS |
10. INTANGIBLE ASSETS Changes in the net carrying amount of intangible assets are as follows: | | | | | | | | | | | | | | | | | | | | | Customer | | | | | | | | | | | relationships, | | | | | | | | | | | | brand names, | | | | | | | | | | | projects | | | | | | | | | | | under | | | | | | Spectrum | | | | development | | | | | | licences | | Software | | and other | | Total | Cost | | | | | | | | | | | | | | | | | | | | | | | | | | Balance as of December 31, 2023 | | $ | 2,610.9 | | $ | 1,752.1 | | $ | 364.0 | | $ | 4,727.0 | Additions1,2 | | | 298.9 | | | 28.1 | | | 91.5 | | | 418.5 | Net change in additions financed with non-cash balances3 | | | — | | | (92.3) | | | 0.4 | | | (91.9) | Reclassification | | | — | | | 52.7 | | | (52.7) | | | — | Retirement, disposals and other | | | — | | | (26.7) | | | — | | | (26.7) | Balance as of December 31, 2024 | | | 2,909.8 | | | 1,713.9 | | | 403.2 | | | 5,026.9 | Additions2 | | | — | | | 69.1 | | | 58.2 | | | 127.3 | Net change in additions financed with non-cash balances3 | | | — | | | 34.5 | | | — | | | 34.5 | Reclassification | | | — | | | 96.4 | | | (96.4) | | | — | Retirement, disposals and other | | | — | | | (27.5) | | | (1.6) | | | (29.1) | Balance as of December 31, 2025 | | $ | 2,909.8 | | $ | 1,886.4 | | $ | 363.4 | | $ | 5,159.6 | | | | | | | | | | | | | | Accumulated amortization and impairment losses | | | | | | | | | | | | | | | | | | | | | | | | | | Balance as of December 31, 2023 | | $ | 247.7 | | $ | 1,139.5 | | $ | 40.5 | | $ | 1,427.7 | Amortization | | | — | | | 188.0 | | | 36.6 | | | 224.6 | Retirement, disposals and other | | | — | | | (26.7) | | | — | | | (26.7) | Balance as of December 31, 2024 | | | 247.7 | | | 1,300.8 | | | 77.1 | | | 1,625.6 | Amortization | | | — | | | 158.9 | | | 29.0 | | | 187.9 | Retirement, disposals and other | | | — | | | (27.5) | | | (1.6) | | | (29.1) | Balance as of December 31, 2025 | | $ | 247.7 | | $ | 1,432.2 | | $ | 104.5 | | $ | 1,784.4 | | | | | | | | | | | | | | Net carrying amount | | | | | | | | | | | | | As of December 31, 2024 | | $ | 2,662.1 | | $ | 413.1 | | $ | 326.1 | | $ | 3,401.3 | As of December 31, 2025 | | | 2,662.1 | | | 454.2 | | | 258.9 | | | 3,375.2 |
| 1 | In 2024, Videotron acquired 305 blocks of spectrum in the 3800 MHz band across the country. |
| 2 | Net of government credits received for large investment projects ($29.1 million in 2025 and $36.6 million in 2024). |
| 3 | Includes also the net change in government credits receivable for large investment projects (decrease of $28.0 million in 2025 and increase of $92.4 million in 2024). |
The net carrying value of intangible assets with an indefinite useful life, mainly spectrum licences and brand names, was $2,760.9 million as of December 31, 2025 and 2024.
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