AEX Annual Report Benchmark
New research — Mattmo Creative
Who actually reports well?
We analysed the annual reports of all 25 AEX-listed companies — on readability, digital accessibility, CSRD compliance and technical quality. Here are the results, and what they mean for your own reporting.
See the scores ↓
PDF — 13 pages
25
AEX annual reports analysed
4
Assessment pillars
400 pages
The longest report
#1
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Why this research
Corporate reporting is under pressure
The demands on annual reports keep stacking up. CSRD, CSDDD, mandatory digitalisation — documents running to 400 pages are no longer the exception. And yet the annual report remains indispensable: it is your single best opportunity to clearly communicate your strategic direction to investors and stakeholders.
But are the Netherlands’ largest listed companies managing to stay human and accessible in a sea of data? We set out to find out. Using structured AI analysis combined with the sharp eye of our reporting specialists, we assessed all 25 AEX annual reports for financial year 2025.
The conclusion? Ticking the regulatory boxes is no longer the problem. It’s the human reader who tends to get left behind.
The Four pillars
Four pillars, one honest verdict
Every report was assessed against the same four criteria — objectively measurable, and directly applicable to your own reporting process.
Pillar 1 — Language & readability Is the strategic message understandable for a broad audience — not just specialists? We measure this using the Flesch Reading Ease formula and estimated CEFR language level. Clear, plain language directly increases reader trust and the real-world impact of your message.
Pillar 2 — Accessibility (WCAG) Digital inclusion is both a moral and an increasingly legal obligation. We check for alt-text behind images and diagrams, and for correct technical tagging — so that users of assistive technologies such as screen readers can fully access and navigate the report.
Pillar 3 — Accountability & frameworks Does the report comply with the required frameworks, including CSRD and ESRS? And does it provide the right level of assurance? A thorough approach here makes a report audit-ready and carries significant weight with external rating agencies.
Pillar 4 — Machine readability Reports are increasingly processed first by systems and algorithms. We assess the parseability of the data and the quality of the navigation structure — PDF bookmarks, internal links — so that both humans and machines can find what they need quickly.
Learn how:
PDF — 13 pages
Key findings
What the AEX reports reveal about corporate reporting in 2025
Finding 1 The compliance foundation is solid On accountability and frameworks, the picture is broadly positive. Front-runners such as KPN and Philips demonstrate how to integrate complex compliance requirements without letting the report get buried in jargon.
Finding 2 Language is still the biggest stumbling block Texts are dense and heavy with technical terminology. Even the highest-scoring company on this dimension still has significant room to improve. Shell scores notably low — a missed opportunity for a company under constant public scrutiny.
Finding 3 Navigation needs to be more intuitive A document of a hundred-plus pages demands clear signposting. Internal links are still missing too often — Ahold and Unilever are notable examples. At RelX and Prosus, the PDF bookmarks are simply absent.
Finding 4 Visual accessibility is largely overlooked Alt-text behind images and diagrams is missing from the majority of reports. At Heineken and UMG, among others, users who rely on screen readers miss out on critical context as a result.
Top 3 spotlight
The leaders of 2025
Producing a well-integrated annual report in 2025 is a serious undertaking. Three companies rose to the challenge with above-average results across all four pillars.
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Recommendations
How to act on the benchmark findings
The benchmark makes clear where the greatest opportunities for improvement lie. Four practical steps you can take right now.
Download the full benchmark
Get the complete report with scores for all 25 AEX companies, an in-depth spotlight on the top three, and actionable recommendations for your own reporting cycle. Free — delivered straight to your inbox.
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About Mattmo
Helping organisations tell the story behind the data since 1993
Mattmo Creative is an independent agency specialising in strategic communication, annual reports and ESG reporting. For more than thirty years we have helped organisations communicate their story clearly, honestly and accessibly — from initial strategy through to the final published report. We are B Corp certified and fluent in all major reporting tools and platforms.
Tjerk de Wit
Experienced strategist in ESG and corporate reporting, with Mattmo for over 12 years.
He combines creative insight with substantive depth to realize sustainable brand stories and transparent reporting for organizations.
What is the AEX Annual Report Benchmark?
The AEX Benchmark is an annual study by Mattmo Creative in which we assess the annual reports of all 25 companies listed in the AEX index. Each report is scored on language and readability, digital accessibility, compliance with CSRD/ESRS frameworks, and machine readability.
How can I have my own annual report assessed?
Mattmo offers both a comprehensive individual review and a quick scan using the same four pillars as the benchmark. Get in touch for a no-obligation conversation.
Is the benchmark free to download?
Yes. The full PDF of the AEX Benchmark 2025 is available to download free of charge via the form on this page. You will receive the report directly by email.