The second year of CSRD reporting reveals a market in transition: from compliance to capability, from disclosure to insight, and from reporting sustainability to using it as a tool for better decisions, stronger resilience and long-term value creation.
The year 2026 marks the second year of mandatory reporting under the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS). Our analysis of 52 Greek-based and/or Athens Stock Exchange-listed entities across 7 sectors shows a market becoming more disciplined: 67% restated prior-year information, while 53% used ESRS “quick-fix” modifications — a clear signal that data quality is improving and reporting landscape is evolving.
As reporting practices mature, companies are also refining how they determine what matters most. While 77% of reporters revisited their Double Materiality Assessments in 2025, the average number of material topics remained stable at six and the core sustainability priorities remained broadly unchanged. The shift was that reporters identified a reduced number of impacts, risks and opportunities, while positive impacts and risks dominate the 2025 mix.
On the environmental front, the emissions comparison reveals additional insights: Scope 1 remained broadly stable, Scope 2 fell by 16%, and Scope 3 rose by 5%, keeping the value chain at the centre of the transition challenge. The 2025 analysis therefore shows both sides of climate reporting maturity — operational improvements are visible, but the hardest emissions remain largely outside companies’ direct control.
Against this backdrop, reporters continue to strengthen their climate commitments, as reflected in the growing disclosure of emissions reduction targets. While this demonstrates increasing climate maturity, opportunities remain to enhance the robustness and credibility of target-setting practices through broader adoption of science-based and externally validated frameworks, such as the Science Based Targets initiative (SBTi).
Social and governance metrics are moving into sharper focus. The average gender pay gap narrowed from 18% to 16%, while the EU Pay Transparency Directive’s transposition in Greek law is set to make pay gap reporting a stronger marker of fairness, governance and accountability. Executive pay is also moving closer to the sustainability agenda: more than half of entities linked remuneration to sustainability performance, and 17% introduced such incentives for the first time in 2025. The direction is clear: reporters are becoming more mature, more comparable and more accountable — even if the journey is still unfolding.
What is the next phase of CSRD reporting?
Going forward, as CSRD reporting matures, leaders will distinguish themselves not by reporting more data, but by generating high-quality, decision-useful and actionable sustainability information supported by robust governance, controls and strategic integration.
Maturity
Building on growing maturity demonstrated during the second year of CSRD reporting, the next stage requires sustainability information to be managed with the same rigor as financial information. Entities should establish mature internal control frameworks, clear accountability structures, auditable processes, and documented methodologies that support reliable, decision-useful, and assurance-ready disclosures.
Trust
Reporting should be viewed not as an annual compliance exercise but as a business capability. A well-designed ecosystem of data, controls, technology, documentation, governance and oversight creates confidence among boards, investors, regulators, customers and other stakeholders, strengthening organisational resilience and market credibility.
Resilience
Sustainability reporting increasingly highlights resilience as a defining characteristic of future-ready organisations. Companies that embed sustainability across strategy, operations and investment decisions are better positioned to mitigate risks, adapt to changing conditions, strengthen supply chain resilience and capture new sources of value, enhancing both business performance and long-term competitiveness.
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Insights from the second-year of CSRD reporting in Greece
