A structured comparison across reporting architecture, narrative framing and data presentation reveals distinct patterns of change between 2021 and 2025.
Compliance and reporting architecture
The structural changes between 2021 and 2025 are clear, but they need to be interpreted in light of regulation. By 2025, the reporting architecture is more formalised, more standardised and more clearly embedded in the statutory annual report. That is visible across the sample, but it is also largely the expected effect of the CSRD, which requires in-scope companies to include a sustainability statement in the management report.
The structural shift is therefore significant for how sustainability is presented, but it is not in itself strong evidence of a deeper change in strategic priority.
Observed patterns
In 2021, the dominant labels are "Sustainability report", "Sustainability notes" or sustainability chapters within a combined annual report. In 2025, reports use the term "Sustainability Statement", in line with ESRS.
In 2021, sustainability reporting is often substantial, but still presented as a distinct report section. In 2025, it is a formal disclosure block within the directors' or administration report.
The regulatory framing, like ESRS or the EU taxonomy, in 2025 is often not brought forward into the narrative opening of the reports, but remains concentrated in the formal sustainability reporting sections later in the document.
In 2021, the reports more often use voluntary sustainability reference points such as GRI, the UN Sustainable Development Goals and science-based targets as visible parts of the sustainability framing. In 2025 they are still present, but less visible and/ or further back in the report.
Illustrative examples
SEB's 2025 report includes a Sustainability Statement within the Report of the Directors, whereas the 2021 report presents a Sustainability report and Sustainability notes.
Vattenfall's 2025 report explicitly states that the sustainability statement is prepared in accordance with ESRS and forms part of the administration report.
Axfood 2021 explicitly states that its sustainability report is prepared in accordance with the GRI Standards, while Axfood 2025 instead frames the sustainability section through ESRS and the EU Taxonomy Regulation.
Sandvik 2021 gives visible front-end space to the UN Sustainable Development Goals and back-end space to Sustainability Governance, whereas Sandvik 2025 presents sustainability through a formal Sustainability Statement within the annual report structure.
Key takeaway
Framing, corporate role and CEO words
This part of the analysis examines the narrative layer of the reports: what companies choose to highlight in the opening sections, how they describe their role in relation to sustainability and society, and how these themes are expressed in CEO texts. The aim is not only to identify differences in wording, but also to compare how sustainability is positioned in the overall front-end framing of the reports in 2021 and 2025.
It should also be noted that the narrative presented in an annual or sustainability report may differ from the narrative used on corporate websites or in marketing communications. Reports are formal, investor- and governance-oriented documents, shaped by reporting requirements, corporate structure and materiality considerations. They therefore provide a specific and important, even if not complete, view of how companies choose to frame sustainability.
A first point of comparison is what the reports place at the front: the themes given prominence on the front page, in headlines, highlights and opening pages. In the 2021 reports, the opening emphasis is more often on sustainability as ambition, contribution, transition or future direction. In the 2025 reports, sustainability is still present, but it is more often introduced alongside business model, competitiveness, resilience, trust, security or operating context.
Opening emphasis more often on sustainability as ambition, contribution, transition or future direction.
Sustainability more often introduced alongside business model, competitiveness, trust, security or operating context.
Examples
Front page shift from "Fossil-free living within one generation" in 2021 to "Committed to fossil-free competitiveness" in 2025.
Frontpage features "Better quality of life for everyone" in 2021 and "Leveraging the strength of our business model to continue to challenge and grow" in 2025. However, the 2025 report still says "Our purpose is to create a better quality of life for everyone" on page two.
Moves from a front page saying "Courage, care and responsibility" and a front section headlined "Metals for generations to come" in 2021 to a front page saying "A solid foundation for today and beyond" in 2025.
In 2021, the front page framed Saab's role through the headline "Worth Protecting", accompanied by imagery of nature and people. In 2025, the front page instead used the more explicit security-oriented headline "Keeping people and society safe", with imagery of fighter jets.
A second point of comparison is how the reports describe the relationship between sustainability and the business. In 2021, companies more often describe their role as contributing to sustainability or the climate transition. In 2025, they more often describe how sustainability efforts contribute to business or societal value, such as competitiveness, customer value, long-term profitability, strategic relevance or societal resilience.
Examples
In 2021, the strategic focus page states that "Base metals are essential for the transition to a sustainable society". In 2025, the front section gives more weight to business offering and customer value, for example "some of the most sustainable offerings on the global market."
Frames itself in both years through fossil freedom, but the logic becomes more explicitly business-linked in 2025. In 2021 "To live fossil free tomorrow, we need to think beyond convention today." The 2025 front section states that "By reducing climate impact and accelerating the energy transition, societies and businesses can secure long-term competitiveness and profitability" and "combine sustainability with profitable growth."
In 2021 describes itself in transition terms "accelerating change to a more sustainable world". In 2025 a stronger emphasis on the new geopolitical situation, and refers to the EU:s ambition to phase out fossil fuels to become more competitive with the concluding "The climate transition also remains a priority for SEB's customers and fund investors.".
In 2021, the report frames Axfood as wanting to be "the leader in affordable, good and sustainable food." and "taking the lead in promoting a sustainable food system". In 2025, that ambition remains, but the report also states that sustainable and ethical business is "a prerequisite for competitiveness, trust and growth".
In 2021, Sandvik describes how customers' efficiency enables reduced emissions: "Digital manufacturing, combined with our premium tools optimized for long-life, improve customer productivity and efficiency while reducing energy consumption, emissions and waste." In 2025, it emphasises how their sustainability work enables efficiency for customers: "Sustainability is integrated into our business model and a major opportunity for Sandvik since our solutions help our customers improve productivity, safety, and resource efficiency in their operations."
In 2021 Saab describes their role under the headline Mission: "...sustainability is the very basis for the company's long-term development and growth. Peace, security and stability are prerequisites to ensure that we together reach all the UN Sustainable Development Goals." There is nothing corresponding to that in the 2025 report, but they do stress that "In a world facing widespread instability through both geopolitical and climate related challenges, the safety and resilience of our societies are crucial."
In 2021 frames its role through climate solutions: "Our products offer solutions to climate change." In 2025 the framing shifts towards business positioning: "As a reliable and trusted partner, we design and deliver competitive, high-quality packaging materials and solutions, made from fresh and recycled fibers."
In 2021 emphasises planetary boundaries: "Our commitment to achieving development without exceeding the planetary boundaries includes all 17 of the UN's Sustainable Development Goals." In 2025 the framing shifts to sustainability despite challenges: "Despite the varied pace of change, the imperative for investing in sustainable solutions remains high, underscoring our vision of becoming 100% fossil-free."
In the 2021 reports, CEO texts more often describe sustainability through purpose, contribution and long-term ambition. In the 2025 reports, CEO language is more often shaped by external pressure, business conditions, competitiveness, trust or security.
Examples
Moves from a 2021 CEO text highlighting "societies to develop with people and the planet flourishing together" to 2025 CEO text explicitly titled "The business of trust". In 2025, secure and resilient infrastructure, reliability and the responsibility not to fail are brought much more clearly to the front.
In 2021 the CEO word starts with the 1,5 degree target from the Paris agreement.. In 2025, the CEO text includes a passage related to fossil fuels and resilience "The cost of energy determines Europe's competitiveness. The EU still imports around 90% of its fossil fuels, making energy both a matter of cost and security".
In 2021 the CEO words include the headline "Supporting the sustainability transition" and the commitment to be a "catalyst in the transition towards a sustainable society". In 2025 the CEO in a Q&A states that SEB "remain committed" to sustainability, but that "The political and regulatory developments require us to adapt, navigate increasing complexity, and continue supporting our customers' transition with flexibility and proactivity."
In 2021, the CEO frames food retail as having a responsibility to contribute to positive environmental change. In 2025, the leadership framing gives greater prominence to supply, competitiveness and Sweden's food system, including: "We are an important part of Swedish society, providing food and groceries to people across the country every day of the year. We promote and support domestic food production in order to meet consumer demand and help make Sweden more self sufficient."
While in 2021 expecting an "increased speed in the transformation", the CEO expresses their disappointment with the current development in 2025: "The Volvo Group has the products and solutions necessary to drive the adoption of zero-emission vehicles. However, the societal transformation is slower than previously anticipated - - - We regret this."
Key takeaway
Metrics, evidence and disclosed priorities
The clearest shift in the data layer is not simply that the 2025 reports contain more sustainability data. Many of the companies already reported substantial sustainability data in 2021. The more important difference is that, by 2025, the reports more often include broader and less selective forms of evidence, including data on topics that are more closely tied to accountability, governance and operational risk.
Observed patterns
In 2021, sustainability data is more often centred on selected environmental, climate and workforce indicators. In 2025, it more often extends across a broader set of environmental, social and governance topics, including the value chain, affected communities and business conduct.
In 2025, the reports more often include harder forms of evidence, such as supplier screenings, audit findings, grievance mechanisms, remediation processes and due diligence reporting.
In 2025, the data is more often accompanied by methodology, accounting principles, reporting boundaries, phase-ins or other technical explanations. This gives the data a more governed and auditable character than in 2021.
The overall effect is less room for company-specific selection based on the company's own choice of narrative, and more emphasis on accountability-oriented evidence.
Illustrative examples
In 2025, Boliden includes distinct disclosure on workers in the value chain, affected communities and an OECD due diligence report. In 2021, the report covers social and societal themes, but through broader headings such as environment, climate, role in society and responsible business.
In 2025, Vattenfall includes explicit data on counterparty screenings, sustainability audits and audit findings, as well as supplier grievance and remediation processes linked to value-chain workers. That kind of quantified and process-based supply-chain oversight is much more visible than in the 2021 sustainability presentation.
In 2025, Telia's Sustainability Statement includes explicit categories for workers in the value chain, affected communities, consumers and end-users and business conduct, alongside more granular own-workforce metrics and accounting-principles text. In 2021, Telia already reports sustainability data extensively, but this broader and more technically specified social and governance evidence is not comparably visible in the front matter and section structure.
The main data-layer shift is therefore not simply that the reports disclose more sustainability data, but that they disclose broader, less selectively curated and more accountability-oriented evidence than in 2021.
Summary
Structure
Sustainability reporting has become more formalised and embedded in the statutory annual report — but this is primarily a regulatory effect, not a voluntary shift in communications ambition.
Narrative
The tone has shifted from assumed momentum to conditional commitment. Sustainability is more often justified through competitiveness, resilience and strategic relevance than through shared societal direction.
Data
The reports disclose broader, less selectively curated and more accountability-oriented evidence — but the change is in the kind of data, not simply the amount.
By 2025, sustainability communication is not only about demonstrating commitment. It is more often used to show how sustainability relates to the company's role, risks, decisions and long-term position.
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