Best Annual reports 2024 - trends, tips and inspiration
What if your annual report not only summarised the year, but also became your company's strongest brand manifesto? By reviewing 50 Swedish listed companies' reports, we identified how clear strategy, engaging design and integrated sustainability create competitive advantage. In this article, we highlight the best examples from 2024, with reports that not only fulfil formal requirements, but also engage and build long-term value.
2024 has been a year characterised by transition and increased demands, both for business and society at large. The economic situation remains uncertain, with persistent inflation, high interest rates and a volatile economy that has placed great demands on clear governance and efficient use of resources. At the same time, the introduction of the EU's new CSRD has contributed to increased demands for quality, transparency and verifiability in sustainability reporting.
This development has made it increasingly important to communicate clearly, credibly and strategically, especially in the annual report. At a time when stakeholder expectations are growing and competition for capital, talent and trust is intensifying, the annual report plays a crucial role in conveying how the organisation creates value over time.
To get a clearer picture of how Swedish companies are navigating the changing landscape, we have reviewed 50 annual reports from large listed companies in different industries. For transparency, our own clients have been excluded from the survey. Our assessment focused on four dimensions: clarity, design, content and strategic communication. This article highlights a selection of the annual reports that we consider to be the most successful. Reports that not only meet formal requirements, but also manage to engage and build trust. The results provide both inspiration and concrete lessons for companies looking to strengthen their narrative for next year.
Trends in 2024
The user experience is becoming increasingly important
Form and function are increasingly important to more and more companies, with a focus on improving the reading experience and user-friendliness. Companies such as Tele2 and Saab have implemented clickable menus, “read more” features and thoughtful chapterisation to improve readability and make reports more engaging. This reflects a trend where annual reports are not only financial documents, but also communication tools that strengthen the brand and increase stakeholder engagement.
Sustainability is becoming a core issue
More and more companies are choosing to integrate sustainability directly into their business strategy, rather than treating it as a stand-alone section. This reflects a shift from traditional sustainability reporting to a more integrated and strategic approach. For example, Arjo and Husqvarna have introduced models with clear pillars, ambitions and future goals that create a common thread between sustainability and business value.
In Sweden, the EU Corporate Sustainability Reporting Directive (CSRD) comes into force in the 2025 financial year and requires companies to report on how sustainability issues affect their business as well as how their business affects society and the environment (dual materiality). As a result, companies have already adapted their reporting for the 2024 financial year and have increasingly emphasised sustainability. For example, Essity and Boliden are already highlighting sustainability goals in the strategic section of the front cover, emphasising the growing importance of sustainability in strategic communication.
You can read more about sustainability reporting in line with CSRD in our previous article.
The personal becomes more important
As annual reports become increasingly regulated, not least through CSRD, there is less room for the company's own words in many parts of the report. This makes the remaining, less controlled parts all the more important in conveying a coherent story. For example, it is becoming more common for the CEO's words to be expressed in interview format, as Pandox and Scandic, among others, do. The format provides a more personalised insight into the company's performance and development. The interview format means that the CEO answers questions directly, which often provides more concrete and focused reasoning compared to traditional running text. It also contributes to a high level of transparency regarding both successes and challenges, which increases the reader's trust and engagement.
The CEO statement thus offers a unique opportunity for the CEO to directly reach shareholders and stakeholders, provide their view of the business and put the financial reporting in context. It is one of the most widely read parts of the annual report, often because it provides new insights and reflections on the year's performance. You can read more about this in our previous article.
Five role models
At a time when annual reports often risk becoming monotonous and confusing, some companies are breaking the pattern and creating reports that both inform and engage. Here we highlight five annual reports from 2024 that not only scored the highest marks in our review, but also stood out for their clear structure, visual quality and ability to communicate complex information in an accessible way. These examples serve as models of what an effective and inspiring annual report can look like.
Saab´s annual report is well produced and it is clear that every graph and layout choice has been carefully considered. The sustainability section is also among the most comprehensive, with a double materiality analysis, concrete climate targets and a clear link to CSRD. Despite its extensive and complex content, the annual report is easy to follow and can almost be described as a textbook example.
Pandox´s annual report is an example of how extensive content, ranging from market trends to the hotel portfolio, can be communicated in an accessible and educational way. Graphic illustrations, tables and summaries are used extensively to highlight the key points so that the reader can quickly absorb the content without reading every word. With its industry-specific design and emphasis on attractive properties, the report also serves as an effective marketing channel for customers.
Axfood´s annual report is a clear example of how structure, content and business logic can work together to create an accessible and thoughtful story. What sets Axfood apart is how seamlessly sustainability issues are integrated into the business model. Taken as a whole, this is an annual report that combines clarity, transparency and balance, and clearly shows how value is created; both financially and socially.
Boliden´s annual report is characterised by its visual quality and ability to quickly capture the reader's interest. Right from the start, there is a clear company overview and a well-formulated CEO statement that sets the tone for the rest of the report. The mission statement is clearly divided into financial, environmental and social objectives, which shows transparency and provides good insight into governance. The market section stands out with its in-depth analysis of demand, competition and Boliden's market position - structured, insightful and strategically presented as a separate section.
SEB´s annual report is a clear example of how important design and structure are in creating a good reading experience. The report is visually appealing with clear headings, a neat layout and well-chosen graphic elements that make the content easy to absorb. The CEO's statement is also a strength; it is well articulated and engaging. The strategy section is also clear, giving the reader both a simple overview and in-depth information on how the bank intends to achieve its long-term business goals. By emphasising the CEO's words, the strategy and the visual presentation, SEB shows that they understand what makes an annual report effective today.
Do´s and Don´ts
Do´s - How to succeed with your annual report
Strategy at the centre
A good annual report presents the strategy as a stand-alone section, explaining the business model, strategic pillars and areas of focus with graphical illustrations and textual organisation. This is the company's opportunity to convey its long-term direction and what differentiates it from its competitors. The strategy should also be linked to the company's financial targets to create a common thread between business and financial ambitions. Saab and Telia are among the companies that meet these criteria with engaging strategy sections that are characterised by clarity, visual rigour and a strong link to the bigger picture.
Personal CEO statement
The CEO statement is one of the most widely read parts of the annual report as it summarises the CEO's thoughts on the financial statements and often provides an insight into the company's future prospects. To stand out from the often objective language of the report, we like to see the CEO chapter keep a transparent and personal tone, both highlighting personal views and explaining potential setbacks. Fabege and SKF are two good examples that fulfil all these points and are of high quality in terms of personality, transparency and content.
Easy-to-navigate report
With a lot of information over many pages, it is important to organise the report with an effective and clickable side menu - something that Tele2 and Storskogen Group handle very well. Stakeholders have different information needs and should be able to quickly navigate to relevant content without having to skim through the entire document. It is also important to visualise key figures and models graphically, so that the reader quickly gets a general overview without having to look in the body text.
Clear investment case
In our experience, current and potential investors are the primary target audience for the annual report. Therefore, it is important to argue clearly and strategically why the company is an attractive investment, something that is best done through a sharply formulated investment case. To create confidence, the arguments should be backed up with relevant data, something that SEB and Investor do well. The investment case thus serves not only as a communicative tool, but also as an effective summary of the financial core of the report. Axfood clearly illustrates how a well-formulated investment case can be used to effectively reach investors, build credibility and summarise the company's financial strength. Balder breaks down its very comprehensive case into six clear points for why to invest in the company.
Don'ts - Pitfalls to avoid
Don't underestimate the sustainability report
With the advent of CSRD and more focus on sustainability, interest in sustainability reporting has increased and grown to become a central part of company operations. It is therefore common to integrate sustainability elements, such as strategy and targets, into the rest of the report, and to emphasise progress and challenges in a comprehensive and credible sustainability chapter. However, a recurring problem is that sustainability KPIs are not reported with the same transparency as financial ones, making comparison difficult. The UN SDGs also often appear without a clear link to the company's activities and can risk diluting credibility. An effective approach is therefore to link sustainability goals and risks to each step of the process, which provides both clarity and credibility in communication.
Avoid an inconsistent graphic profile
A consistent design is not only visually appealing but also crucial to ensure structure and ease of reading. Mixing different fonts and colours risks creating a cluttered and disjointed impression. A consistent graphic profile shows professionalism and makes content more accessible. When colour, fonts and graphic elements are used with purpose and balance, they highlight the essentials and make content easier to absorb.
Lack of revenue model
Despite its importance, many companies fail to explain their revenue model both graphically and in writing. Revenue streams are often diverse and involve different stakeholders, requiring a clear presentation - either as a separate section or integrated into the business model.
More than an obligation
We conclude with something that gets too little attention in the annual report conversation: the opportunity to use it as a powerful branding and communication tool.
As requirements increase and content becomes more complex, it's also becoming clearer which companies manage to look beyond the surface - those that see the annual report as more than a report. Lyko and Yubico are such companies that use it as a way to tell the story of who they are, what they stand for and how they create value. When business, sustainability, narrative and design come together, something extra emerges, something that really engages. The best reports we've seen this year do just that. They are not just informative, they are inspiring. They highlight what sets the organisation apart, how it creates value and the role it plays in society. There is strategic value in that.
It reminds us that the annual report, when used correctly, is one of a company's most powerful communication channels. A chance to build trust, attract the right audiences and show the way forward. It becomes more than a report - it becomes an opportunity.
We also want to take this opportunity to highlight some companies that have dared to take the plunge and add personality to their annual reports. The Volvo Group not only impressed with its content, but also offered a playful graphic detail where the back of the report is adorned with the rear sections of the vehicles - a stylish and fun reflection of the front. Cloetta also showed that playful pictures with their own sweets bring a smile, with people posing with and on large pieces of candy. Such creative elements not only make the report more memorable, they also reinforce the brand in a subtle and effective way.
All annual reports mentioned in the article:
Saab, Tele2, Husqvarna Group, Storskogen Group, Pandox, Scandic, Essity, Boliden, Fabege, SKF, Arjo, Axfood, Cloetta, Volvokoncernen, SEB, Telia, Investor, Yubico, Lyko, Balder
Choose AVA - an agency that cares
If you are looking for expert help to fulfil these goals, AVA Corporate Communications offers a partner that cares. At AVA, we understand the importance of a well-crafted annual report. We offer expertise in design, content creation and strategic communications to help your company create an annual report that not only meets all regulatory requirements, but also engages and inspires. Contact us today to find out more about how we can help your business stand out with an annual report that really makes a difference.
