Annual Report Benchmark AMX

New research — Mattmo Creative

Who actually reports well?

We analysed the annual reports of all 25 AMX-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 ↓

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 AMX 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:

Key findings

What the AMX reports reveal about corporate reporting in 2025

Finding 1: The compliance foundation is solid In the area of ‘Accountability & Frameworks’, the picture is predominantly green and positive. Front-runners show how you integrate complex compliance requirements well without letting the report bog down.

Finding 2: Language is a stumbling block The texts are heavy and full of professional jargon. Even the highest scoring party in the area of ‘Language & Readability’ still has quite some room for improvement. A well-known bank scores lowest here, and a large player also drops the ball considerably here; a missed opportunity for companies that want to radiate transparency.

Finding 3: Navigating could be a lot more intuitive Documents of hundreds of pages, with peaks up to 532, demand good signposts. Although front-runners have things well in order, the bottom half of the list scores heavily insufficient on Digital UX & Parseability. Tail-enders often simply lack the correct internal links and digital bookmarks.

Finding 4: Visual accessibility gets little attention On the level of (PDF) accessibility a rock-hard dividing line can be seen. A significant part of the companies remains stuck at a dismal score of 20. In this group, alt-texts behind images and diagrams are missing almost structurally. As a result, users who depend on a screen reader miss crucial context.

The Top 3

The front-runners of 2025

Drafting an integrated report in 2025 is a tough challenge. Three companies managed to tackle this with flying colours. Download the report to read how they distinguish themselves.

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Find out who they are:

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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 AMX companies, an in-depth spotlight on the top three, and actionable recommendations for your own reporting cycle. Free — delivered straight to your inbox.

About Mattmo 

Specialist in annual reports for over 30 years

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.