Methodology

How the study
was conducted

Hypothesis, methodology, company selection and the hybrid evaluation model.

This study employs a longitudinal approach, specifically a “Before-and-After” analysis of two distinct reporting cycles:

  • The 2021 Baseline: Representing the post-pandemic recovery, pre-Russian invasion of Ukraine times.
  • The 2025 A new era: Representing the era influenced more strongly by geopolitical uncertainty.

The ten companies selected for this longitudinal study were chosen from among large listed companies on the Swedish stock exchange. Together, they represent different sectors as well as both consumer-oriented and business-to-business business models.

Axfood

A leader in the retail and food sector. Included as a consumer-facing company which manages complex supply chains.

Boliden

A major Nordic metals and mining company. Included to represent a resource-intensive industry with a central role in industrial value chains.

H&M Group

A global fashion company with extensive international sourcing and a large consumer-facing business. Included to represent a sector with complex value-chain impacts.

Saab

A leading defence and security company. Included because it operates in a sector where questions of resilience, security and societal role are especially prominent.

Sandvik

A global engineering group with operations across mining, manufacturing and infrastructure. Included as an industrial business with a strong business-to-business profile.

SEB

A leading northern European financial services group. Included to represent the financial sector and its role in capital allocation and corporate transition.

Stora Enso

A renewable materials company with roots in forestry and industrial production. Included to represent a sector closely linked to natural resources, land use and industrial transformation.

Telia Company

A major telecommunications company in the Nordic and Baltic region. Included as a provider of digital infrastructure and connectivity.

Vattenfall

One of Europe's largest energy companies. Included because of its central role in electricity production, distribution and electrification.

Volvo Group

A global manufacturer of transport and infrastructure solutions. Included as a business-to-business company with a major industrial footprint and broad societal relevance.

Refined Methodology: Hybrid Evaluation

This analysis was conducted using a hybrid intelligence model, combining the high-volume data processing capabilities of AI with strategic human interpretation.

Role of AI: Automated tools were used to perform linguistic audits and structural mapping across thousands of pages of text. Also, AI has been used to write part of the text, after human instructions.

Role of Human Analysis: Human experts performed the analysis and conclusions, with input from AI, and a control check of results.

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Research & analysis by Miltton Sweden · Published April 2026