The first CSRD reports are in. Black Sun Global analysed early adopters to reveal what's working, what isn't, and the biggest pitfalls ahead.
First CSRD reports reveal new patterns
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In brief
As the Corporate Sustainability Reporting Directive (CSRD) kicks in, a small but significant cohort of companies have already released their first compliant Sustainability Statements. Black Sun Global’s analysis of some of these companies - primarily from Denmark - uncovers important insights into structure, style, length, and the evolving role of disclosure in corporate reporting.
Whether you’re preparing your first CSRD report or refining your approach, these early patterns offer a preview of what ‘good’ looks like - and what challenges lie ahead.
66
Average page length of a CSRD-compliant Sustainability Statement
7
Average ESRS standards number of standards in scope
100%
Companies disclosing on Climate (E1) and Own Workforce (S1)
85%
Indicate where in the value chain each IRO occurs
80%
Use pages incorporation by reference to streamline reporting
50%
Include pages visual representations of material IROs
“In this first wave of CSRD reports, we’re already seeing a new language of transparency emerge. The next wave won’t just be about compliance - it’ll be about confidence.”
Anne Kirkeby,
Investor & ESG Communications Director,
Black Sun Global
Key Findings
1.Structure matters more than ever The best reports follow the ESRS structure clearly - labelling disclosure requirements consistently and guiding readers with clean, transparent formatting. Inconsistent or alternative labelling risks undermining usability and trust.
2. Incorporation by reference Most companies are using incorporation by reference to cut repetition, especially in Governance and Strategy sections. But it’s a fine balance - too much referencing can reduce accessibility and clarity.
3. Visuals are in, but not yet impactful While 85% use visuals and 30% include case studies, many miss the opportunity to make their narratives more engaging. Value chain graphics often feel generic rather than strategic.
4. Materiality still a work in progress Only half of companies include a materiality matrix. And despite the double materiality requirement, few are quantifying impacts or explaining thresholds transparently.
5. Topical trends to watch Beyond climate, the most reported topics include workforce, business conduct, and circular economy - suggesting a shift in focus under the new CSRD regime.
Explore all the findings, data points, and real-world examples from the first wave of CSRD-compliant reports.
Want to go deeper?
If you’d like to discuss how these insights could inform your CSRD strategy, we’d be happy to connect you with our Reporting & Disclosure specialists at Black Sun Global.