Evidence on the OpEx KPI and group-level Taxonomy reporting

This study examines selected implementation challenges under Article 8 of the EU Taxonomy Regulation, focusing on the non-financial operating expenditure (OpEx) KPI, including the relevance of R&D OpEx, and group-level Taxonomy reporting. It combines firm-level ownership and sector data, R&D investment data, and early disclosures under the Taxonomy regulation to assess the materiality, usability and comparability of current reporting requirements. The analysis shows that group-level Taxonomy reporting is complicated by the structure of mixed groups and financial conglomerates. Evidence from early disclosures further suggests that firms frequently report OpEx categories in aggregated form, limiting comparability and usefulness for policymakers and investors. Furthermore, limiting OpEx reporting to R&D expenditure alone may make this KPI materially relevant only in a limited number of sectors. The findings support two main policy directions: the development of harmonised rules for group-level Taxonomy reporting and the simplification of the OpEx KPI. The report is intended to support the Commission services in the ongoing review of the Taxonomy disclosure requirements laid down in the Disclosures Delegated Act and is without prejudice to any future policy developments.

ALESSI Lucia;  COTIGNANO Giacomo; 

2026-10-02

Publications Office of the European Union

JRC148053

978-92-68-43715-5 (online),   

1831-9424 (online),   

EUR 40864,    OP KJ-01-26-401-EN-N (online),   

https://publications.jrc.ec.europa.eu/repository/handle/JRC148053,   

10.2760/6901307 (online),