Financial reporting of European companies on sustainability issues

The statistical analysis draws on the financial statements of CAC 40 and ESTX 50 companies, supplemented by an additional sample to broaden the scope. It offers a structured overview of nearly 400 extracts from around 100 financial statements, illustrating the diversity of approaches and the richness of information disclosed. These extracts are analysed across 75 themes, grouped into four chapters:

Clear and consistent trends

Sustainability issues still rarely have a direct impact on financial results, but they highlight risks and dynamics that could affect performance or reshape business models. Even without specific regulatory requirements, disclosures in the notes have become widespread, detailed, and insightful.

• 90of companies mention at least one climate-related risk or commitment
• 2present climate issues in a dedicated note
• 3disclose at least one environmental or climate policy instrument

Linking financial statements and sustainability

This year, a new chapter focuses on connectivity – the practice of linking the financial effects of sustainability issues across both the financial statements and the ESRS report. The study sets out a method for identifying these connections within the annual report.

As ESRS reports adopt a more forward-looking perspective, certain financial effects of sustainability are likely to appear there before they are reflected – if at all – in the financial statements. This makes sustainability reporting particularly valuable, as it can be predictive and complementary. The study shows that sustainability information in the accounts is not necessarily less comprehensive than in ESRS reports, and that expected effects such as investment commitments linked to transition plans are already included.

Impact across all sectors

Climate disclosures are now so widespread that all sectors address them in their accounts, even where the impact is not considered material. However, they are more detailed in sectors where climate issues are strategic:

• sectors in transition (energy, heavy industry)
• sectors enabling decarbonisation in other industries (mobility, capital goods)
• sectors subject to specific regulatory requirements (banking, insurance)

Environmental policy instruments – such as renewable electricity contracts, carbon credits, and green finance – are used and reported across all sectors. In the absence of specific standards, these often complex mechanisms raise significant accounting questions.

Emerging topics

While climate change remains central, new ESG themes are gaining prominence. The study highlights growing references to risks linked to business conduct, pollution, biodiversity, water management, and the circular economy. Although these are often not quantified, they reflect the breadth of companies’ objectives to reduce their impact, as well as the challenges of aggregating and assessing more localised and diffuse financial effects.