New research from Datamaran has revealed how European companies are tackling the EU’s Corporate Sustainability Reporting Directive (CSRD), with many still in the early stages of embedding data-led, strategic ESG reporting.
The report, titled CSRD Reports Uncovered: Insights from a Detailed Analysis of 11,000+ IROs from 300+ Companies, offers one of the first in-depth examinations of how firms are implementing the regulation and engaging with the core concepts of impacts, risks and opportunities (IROs).
Datamaran analysed over 11,000 IROs disclosed by 304 companies across 21 countries and 57 industries, with reports published between January and April 2025. Its findings suggest that businesses are taking a conservative stance, with negative impacts making up 37% of all IROs, compared to just 13% categorised as opportunities—almost a 3:1 ratio. This pattern underscores a cautious interpretation of the directive’s double materiality principles, with most organisations aligning to the CSRD’s call for prudence in sustainability disclosures.
Some ESG topics dominated the agenda. Climate change (E1) was addressed by 99% of companies, followed closely by own workforce (S1) at 98% and business conduct (G1) at 92%. In contrast, areas like water (E3), biodiversity (E4), and affected communities (S3) were far less represented, appearing in only 36–44% of reports. Despite the average length of sustainability reports remaining steady at 103 pages—similar to pre-CSRD filings—there was notable variation in the number of IROs disclosed, ranging from 6 to 130, with most companies disclosing between 25 and 45.
The study also highlights that most firms identified an average of six out of the ten European Sustainability Reporting Standards (ESRS) as material. However, just 14% included any entity-specific IROs, suggesting that personalisation and nuance in reporting remain underdeveloped.
Datamaran CEO and co-founder Marjella Lecourt-Alma said, “As the CSRD sets a new standard for transparency and accountability, our analysis shows that most companies are still building the muscle for continuous, data‑driven management. This report gives corporate leaders a valuable benchmark as they work to evolve from compliance to competitive advantage.”
The report includes sector-specific breakdowns and maturity signals, including whether organisations are setting time horizons, disclosing value chain impacts, and distinguishing between actual and potential effects—helping corporates identify blind spots and benchmark best practices.
Novisto has recently raised $27m in a Series C funding round to further develop its ESG platform and strengthen its European presence.
The round was led by Inovia Capital, with participation from existing backers White Star Capital, SCOR Ventures, and Sagard. This latest raise brings Novisto’s total funding to over $55m.
Founded to help enterprises manage and disclose ESG data, Novisto’s platform supports global companies with the collection, consolidation, and governance of sustainability information. It is designed to facilitate compliance with a growing list of ESG regulations, including the EU’s Corporate Sustainability Reporting Directive (CSRD).
The fresh capital will be used to accelerate innovation within Novisto’s platform and scale operations in Europe, where regulatory momentum around ESG disclosures continues to build. The company aims to match its North American workforce in Europe, reflecting strong demand in the region.
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