Reporting in transition: Insights from the DAX 40 annual reports 2024

The study at a glance

We have been analysing the digital and traditional formats of DAX 40 annual reports for 14 years. The aim is to visualise developments, establish benchmarks and provide impetus for reporting practice. In the current "DAX 40 Trend Monitor", the reports for the 2024 financial year were analysed - taking into account a further developed catalogue of criteria, which since 2024 has included aspects such as machine readability, mobile optimisation, SEO, accessibility and ecological sustainability.

The study not only provides an overview of the status quo, but also formulates key theses on the future direction of financial and sustainability reporting. Particularly in view of the increasing complexity due to CSRD and the digital structural change, there are clear shifts in media behaviour and the technological requirements for modern annual reports.

Performance & accessibility: plenty of room for improvement

A convincing digital report must not only be attractively designed - technical key figures such as loading speed, mobile optimisation and accessibility are also crucial. The analysis shows: Only 19 of the 22 online reports are fully responsive.

The performance tests (via Google PageSpeed) show big differences. Some reports load in under a second, others take significantly longer - especially on mobile devices. There is also a need to catch up in terms of accessibility. Less than half of the online reports fulfil basic requirements such as high-contrast display, alternative texts and screen reader compatibility.

CO₂ footprint: format diversity meets environmental awareness

The ecological footprint of digital content has long been a relevant topic - even in reporting. The study analyses the CO₂ emissions per page view of online reports for the first time. The result is sobering: of 22 reports tested, only 1 received an A or A+ rating, while 13 failed with an "F".

The biggest levers for improvement lie in image compression, hosting, code quality and the efficiency of the frameworks used. Anyone using HTML reporting should consistently consider sustainability - this is also part of corporate responsibility.

Content & interaction: more content, more possibilities

The integration of sustainability topics as part of the CSRD has significantly increased the scope of the reports: On average, a 2024 annual report comprises around 381 pages - an increase of 21% compared to the previous year. At the same time, interactivity is also increasing:

• 87% of PDFs offer a clickable table of contents
• 80 % contain bookmarks
• 50 % link content to the web
• 11 companies offer interactive comparisons of key figures

Multimedia formats such as animations, videos or interactive graphics are being used more frequently - for example at adidas, Beiersdorf or DHL. Beiersdorf, for example, relies on gamification elements in the form of an integrated quiz.

Visibility & SEO: an underestimated potential

Despite the growing importance of digital visibility, many companies underestimate the role of SEO in reporting. 5 of the analysed online reports cannot be found on Google at all. A further 13 rank for fewer than 50 relevant keywords - often not even for the combination of company name and "annual report".

Individual positive examples such as E.ON (154 keywords) show what is possible when metadata, URL structure, semantic HTML markup and targeted keyword optimisation are used correctly.

Trends & theses: Showing attitude

The analyses of recent years not only reveal developments in figures and formats - clear strategic patterns also emerge. This year's Trend Monitor formulates five theses that succinctly summarise the changes in reporting. They show that Reporting is no longer just a compliance tool. It is becoming a calling card for corporate attitudes, a platform for dialogue and positioning.

This is not just about design or technology, but about fundamental questions: How seriously does a company take its stakeholders? What role do user-friendliness, accessibility and transparency play? And how can complex content be communicated clearly, interactively and sustainably in an increasingly digital environment?

These theses provide orientation for IR managers and communication professionals who are thinking about the next step in reporting - strategically, future-orientated and with the user in focus.

• All or nothing: Partial HTML formats are becoming less important - companies are focussing on either pure PDF or full HTML.
  
• PDF is reaching its limits: With over 500 pages, usability becomes a problem. HTML offers clear added value here.
  
• Visibility needs structure: those who think HTML-first benefit in terms of SEO, AI visibility and reach.
  
• The future is format-free: In future, content will be delivered to all channels via a centralised system - regardless of the final format.
  
• Reporting is attitude: The quality of the report shows how important stakeholders really are in the company.

Conclusion: Rethinking reporting, actively reaching stakeholders

The change in reporting is not a question of format - it is a question of attitude. Companies that see reporting as a strategic communication tool will secure advantages in terms of visibility, relevance and trust.

Digital solutions that are user-centric, efficient and sustainable are becoming the new standard - especially in dialogue with investors, analysts and the public. Now is the right time to take the next step.