Combined Integrated * Combined Integrated * Combined Integrated * Stand-alone Stand-alone Stand-alone While stand-alone sustainability reports remain the predominant approach in 2025, comprising 54% of reports in this year’s sample, combined reports have increased by 11%. This confirms the shift towards reporting financial and non- financial information within the same document, in line with mandatory requirements. The percentage of stand-alone reports continues to decrease, down from 62% in 2023 and 59% in 2024. The increase in combined reports – those that combine financial and non-financial disclosures such as annual reports, financial statements or universal registration documents – is linked to the regulatory shift in Europe. In the region, 42% are combined reports, up from 24% in 2024. In Asia-Pacific (APAC) and the Americas, we found a 2–3% increase. Stand-alone sustainability reports still predominate in the Americas, representing 81% of reports. In APAC, there is a mix of sustainability and self-declared integrated reports in those we reviewed, at 58% and 35% respectively. Most of the integrated reports examined were from APAC. While the trend towards combined reporting is unsurprising in Europe, the Middle East and Africa (EMEA), we noted that companies are reconsidering their approach to reporting more broadly. In our conversations, we repeatedly heard companies express thoughts about developing multiple reports to meet the needs of different audiences and exploring more web-based content to make narrative-based stories, such as case studies and partnerships, more accessible. Spotlight Approach to reporting Figure 1: Approach to reporting (% of reports) * Reports labelled as an integrated report 2023 2024 2025 Additional findings Additional findings Additional findings Additional findings Figure 2: Approach to reporting, 2025, by region (% of reports) Americas Stand-alone Combined Integrated * APAC Combined Integrated * Stand-alone EMEA Combined Integrated * Stand-alone