Rankings in detail

Euro Top 100 rankings

Points breakdown for the Top 100
Position and points by category

Position and points by sector

Position and points by country
Investor and analyst comments

IR Rankings – Euro Top 100 2024

IR MagazineEuro Top 100

The top European companies for investor relations, as voted for by investors and analysts

Large caps in bold

Rank 2024	Change	Company	Country
1	^	ASML	Netherlands
2	^	Schneider Electric	France
3	^v	Novo Nordisk	Denmark
4	^	Iberdrola	Spain
5	^v	UniCredit	Italy
6	^	Norsk Hydro	Norway
7	^	Assicurazioni Generali	Italy
8	^	Carlsberg	Denmark
9	*	Rolls-Royce	UK
10	^	MERLIN Properties	Spain
11	^v	Banco Santander	Spain
12	^	DSV	Denmark
13	^v	Intesa Sanpaolo	Italy
14	^v	DHL Group	Germany
15	^v	Galp	Portugal
16	^v	BASF	Germany
17	*	Grenergy Renovables	Spain
=18	^	BAE Systems	UK
=18	^	LPP	Poland
20	*	Enagás	Spain
21	*	Henkel	Germany
22	^	Vestas Wind Systems	Denmark
23	^	TotalEnergies	France
=24	^v	BBVA	Spain
=24	^	Ryanair Holdings	Ireland
=26	^	ABB	Switzerland
=26	^	Akbank	Turkey
28	^	MTU Aero Engines	Germany
29	^	BP	UK
30	^	Saint-Gobain	France
=31	^v	Nestlé	Switzerland
=31	^	Nokia Corporation	Finland
33	*	CIE Automotive	Spain
=34	^	H&M Hennes & Mauritz	Sweden
=34	^v	LVMH	France
=34	^	Repsol	Spain
=37	*	Imperial Brands	UK
=37	^	Vidrala	Spain
39	^v	Infineon Technologies	Germany
40	^	RWE	Germany
=41	^v	Allianz	Germany
=41	^	Corticeira Amorim	Portugal
43	^	Epiroc	Sweden
44	^	VINCI	France
45	*	GFT Technologies	Germany
46	^	Airbus Groupe	France
47	^	AXA	France
48	*	Sabancı Holding	Turkey
49	^	Siemens	Germany
=50	*	ACCIONA	Spain
=50	*	Akenerji Elektrik Uretim	Turkey
52	^	Voestalpine	Austria
=53	*	flatexDEGIRO	Germany
=53	^	Greenvolt Energias Renovaveis	Portugal
=55	^	Eni	Italy
=55	*	KONGSBERG Gruppen	Norway
=57	^	CCC Group	Poland
=57	^v	Ferrari	Italy
=59	^	Aker BP	Norway
=59	*	Britvic	UK
=59	^	L’Oréal	France
=62	*	Redeia	Spain
=62	^v	Vonovia	Germany
=64	*	CD Projekt	Poland
=64	*	Yapi Kredi	Turkey
=66	^v	Barco	Belgium
=66	^	Elis	France
=66	^	Pandora	Denmark
=69	^	Altri	Portugal
=69	^v	AstraZeneca	UK
=69	^	Bechtle	Germany
=69	^	ING Group	Netherlands
=69	^	SAP	Germany
=74	^	Covestro	Germany
=74	^v	Erste Group Bank	Austria
=76	^	Ahold Delhaize	Netherlands
=76	^	Atlas Copco	Sweden
=78	*	Ferrovial	Spain
=78	*	REN – Redes Energéticas Nacionais	Portugal
80	^v	Banco BPM	Italy
=81	^	Campari Group	Italy
=81	^v	EDP – Energias de Portugal	Portugal
=83	^	Demant Group	Denmark
=83	^	Deutsche Bank	Germany
=83	*	Exor	Netherlands
=83	*	QIAGEN	Netherlands
=87	*	Safran	France
=87	^v	Sika Group	Switzerland
=87	^	WDP	Belgium
=90	*	AIXTRON	Germany
=90	^	Wärtsilä	Finland
=92	*	Argenx	Netherlands
=92	^v	Coloplast	Denmark
=92	^v	GSK	UK
=92	*	Nexans	France
=92	*	Rational	Germany
97	^	Poste Italiane	Italy
=98	^	Banca Mediolanum	Italy
=98	*	Fluidra	Spain
=98	*	Sacyr	Spain

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IR Rankings – Euro Top 100 2024

Ranked companies' points breakdown

This table details the points awarded to each Top 100 company for each category of IR by the investors and analysts who responded to the research

Rank	Company	Market cap	Sector	Country	Financial reporting	Technology	Investor meetings	Governance & disclosure	Sustainability communications	Most progress	Senior management	IRO	Overall	Total points
1	ASML	Large	Technology	Netherlands	46	56	40	36	32	13	46	38	44	351
2	Schneider Electric	Large	Industrials	France	36	42	33	20	53	10	39	59	57	349
3	Novo Nordisk	Large	Healthcare	Denmark	47	24	41	36	23	23	37	47	58	336
4	Iberdrola	Large	Utilities	Spain	50	30	38	31	31	20	23	30	48	301
5	UniCredit	Large	Financials	Italy	38	40	32	43	6	8	51	35	29	282
6	Norsk Hydro	Large	Materials	Norway	30	18	23	24	18	24	30	35	53	255
7	Assicurazioni Generali	Large	Financials	Italy	29	12	27	12	24	36	32	42	36	250
8	Carlsberg	Large	Consumer staples	Denmark	26	18	13	33	18	17	29	44	37	235
9	Rolls-Royce	Large	Industrials	UK	3	8	21	18	3	18	23	53	76	223
10	MERLIN Properties	Mid	Real estate	Spain	26	17	24	16	15	20	21	39	35	213
11	Banco Santander	Large	Financials	Spain	47	17	13	3	20	5	20	34	36	195
12	DSV	Large	Industrials	Denmark	23	24	27	14	27	13	24	20	19	191
13	Intesa Sanpaolo	Large	Financials	Italy	27	12	36	14	16	13	16	33	22	189
14	DHL Group	Large	Industrials	Germany	20	24	8	27	6	0	20	35	29	169
15	Galp	Large	Energy	Portugal	18	10	21	16	14	20	13	28	21	161
16	BASF	Large	Materials	Germany	21	12	18	18	8	9	12	41	21	160
17	Grenergy Renovables	Small	Energy	Spain	9	8	18	12	24	11	14	36	27	159
=18	BAE Systems	Large	Industrials	UK	18	9	5	18	10	4	26	27	33	150
=18	LPP	Mid	Consumer discretionary	Poland	27	3	10	11	18	0	35	20	26	150
20	Enagás	Mid	Utilities	Spain	10	12	8	18	8	17	14	32	27	146
21	Henkel	Large	Consumer staples	Germany	17	12	6	6	18	18	9	32	24	142
22	Vestas Wind Systems	Large	Energy	Denmark	20	12	17	13	11	16	17	17	18	141
23	TotalEnergies	Large	Energy	France	18	6	8	15	17	8	12	30	19	133
=24	BBVA	Large	Financials	Spain	21	17	3	12	9	2	23	18	20	125
=24	Ryanair Holdings	Large	Industrials	Ireland	11	12	18	0	18	0	18	21	27	125
=26	ABB	Large	Industrials	Switzerland	12	0	27	6	0	18	15	18	28	124
=26	Akbank	Large	Financials	Turkey	14	15	12	11	6	6	18	30	12	124
28	MTU Aero Engines	Large	Industrials	Germany	4	5	28	11	12	14	4	24	19	121
29	BP	Large	Energy	UK	18	11	18	8	8	12	12	18	14	119
30	Saint-Gobain	Large	Materials	France	16	17	21	5	9	6	18	4	22	118
=31	Nestlé	Large	Consumer staples	Switzerland	30	8	2	12	11	6	5	18	24	116
=31	Nokia Corporation	Large	Technology	Finland	9	12	9	6	6	21	18	24	11	116
33	CIE Automotive	Mid	Consumer discretionary	Spain	14	9	14	7	18	8	9	12	24	115
=34	H&M Hennes & Mauritz	Large	Consumer discretionary	Sweden	20	0	0	12	36	21	15	8	0	112
=34	LVMH	Large	Consumer discretionary	France	11	9	15	15	12	5	15	16	14	112
=34	Repsol	Large	Energy	Spain	12	11	14	12	8	9	14	14	18	112
=37	Imperial Brands	Large	Consumer staples	UK	12	12	8	17	7	10	11	12	18	107
=37	Vidrala	Mid	Materials	Spain	12	11	16	11	9	15	10	12	11	107
39	Infineon Technologies	Large	Technology	Germany	12	25	6	8	15	3	14	14	5	102
40	RWE	Large	Utilities	Germany	8	8	8	8	9	6	10	24	20	101
=41	Allianz	Large	Financials	Germany	12	12	12	18	6	0	18	8	14	100
=41	Corticeira Amorim	Mid	Materials	Portugal	7	12	9	15	8	11	9	15	14	100
43	Epiroc	Large	Industrials	Sweden	21	12	12	0	18	0	0	21	15	99
44	VINCI	Large	Industrials	France	15	8	18	6	6	2	6	12	24	97
45	GFT Technologies	Small	Industrials	Germany	3	9	7	6	3	6	9	18	33	94
46	Airbus Groupe	Large	Industrials	France	6	3	9	9	2	12	6	24	21	92
47	AXA	Large	Financials	France	11	3	24	6	12	6	14	6	9	91
48	Sabancı Holding	Mid	Financials	Turkey	12	9	15	0	15	3	12	12	12	90
49	Siemens	Large	Industrials	Germany	18	6	12	2	6	9	2	25	9	89
=50	ACCIONA	Mid	Industrials	Spain	8	9	5	4	9	9	15	14	14	87
=50	Akenerji Elektrik Uretim	Small	Utilities	Turkey	6	6	6	9	6	24	0	12	18	87
52	Voestalpine	Mid	Materials	Austria	5	14	2	3	18	12	2	12	18	86
=53	flatexDEGIRO	Mid	Financials	Germany	0	0	6	0	0	12	0	31	36	85
=53	Greenvolt Energias Renovaveis	Mid	Utilities	Portugal	5	11	8	8	12	12	5	12	12	85
=55	Eni	Large	Energy	Italy	8	12	11	8	12	4	10	6	12	83
=55	KONGSBERG Gruppen	Large	Industrials	Norway	11	6	3	12	6	0	0	18	27	83
=57	CCC Group	Mid	Consumer discretionary	Poland	3	6	6	0	3	6	0	23	35	82
=57	Ferrari	Large	Consumer discretionary	Italy	20	12	6	14	0	0	0	12	18	82
=59	Aker BP	Large	Energy	Norway	12	6	6	9	6	0	12	12	18	81
=59	Britvic	Mid	Consumer staples	UK	4	9	9	8	6	9	6	15	15	81
=59	L'Oréal	Large	Consumer staples	France	9	12	2	12	0	6	6	17	17	81
=62	Redeia	Large	Utilities	Spain	6	9	12	3	3	14	12	3	18	80
=62	Vonovia	Large	Real estate	Germany	3	0	12	3	6	6	12	23	15	80
=64	CD Projekt	Mid	Communications	Poland	0	9	9	6	6	0	18	18	13	79
=64	Yapi Kredi	Mid	Financials	Turkey	9	12	0	14	0	8	8	19	9	79
=66	Barco	Mid	Technology	Belgium	21	3	9	6	27	3	3	3	3	78
=66	Elis	Mid	Industrials	France	12	6	12	3	12	12	18	0	3	78
=66	Pandora	Large	Consumer discretionary	Denmark	6	9	11	8	6	12	12	8	6	78
=69	Altri	Mid	Materials	Portugal	4	9	8	5	6	12	8	12	12	76
=69	AstraZeneca	Large	Healthcare	UK	6	12	6	8	14	0	18	0	12	76
=69	Bechtle	Mid	Technology	Germany	9	12	12	8	0	0	8	15	12	76
=69	ING Group	Large	Financials	Netherlands	14	6	10	3	10	6	3	13	11	76
=69	SAP	Large	Technology	Germany	12	12	5	3	3	9	2	15	15	76
=74	Covestro	Large	Materials	Germany	8	0	3	8	0	0	18	29	9	75
=74	Erste Group Bank	Large	Financials	Austria	11	8	12	9	0	0	6	15	14	75
=76	Ahold Delhaize	Large	Consumer staples	Netherlands	18	0	0	12	3	0	14	12	15	74
=76	Atlas Copco	Large	Industrials	Sweden	14	6	3	18	6	0	12	9	6	74
=78	Ferrovial	Large	Industrials	Spain	6	8	8	12	3	6	6	18	6	73
=78	REN – Redes Energéticas Nacionais	Mid	Utilities	Portugal	6	9	5	6	12	6	5	12	12	73
80	Banco BPM	Large	Financials	Italy	11	3	2	8	12	3	6	15	12	72
=81	Campari Group	Large	Consumer staples	Italy	6	8	15	2	6	6	11	8	8	70
=81	EDP – Energias de Portugal	Large	Utilities	Portugal	12	6	6	3	14	2	9	6	12	70
=83	Demant Group	Large	Healthcare	Denmark	3	2	9	2	3	6	9	27	8	69
=83	Deutsche Bank	Large	Financials	Germany	9	6	6	0	0	12	12	12	12	69
=83	Exor	Large	Financials	Netherlands	9	4	8	4	4	8	8	12	12	69
=83	QIAGEN	Large	Healthcare	Netherlands	8	2	9	14	0	6	6	15	9	69
=87	Safran	Large	Industrials	France	8	2	8	5	0	12	3	13	17	68
=87	Sika Group	Large	Materials	Switzerland	9	9	9	12	4	4	6	6	9	68
=87	WDP	Mid	Real estate	Belgium	14	12	3	8	8	0	12	3	8	68
=90	AIXTRON	Mid	Technology	Germany	8	3	0	8	6	0	6	12	24	67
=90	Wärtsilä	Large	Industrials	Finland	6	6	9	0	0	0	0	32	14	67
=92	Argenx	Large	Healthcare	Netherlands	3	6	6	0	3	0	27	6	15	66
=92	Coloplast	Large	Healthcare	Denmark	2	6	6	12	6	2	9	11	12	66
=92	GSK	Large	Healthcare	UK	7	12	5	0	0	12	6	12	12	66
=92	Nexans	Mid	Industrials	France	0	6	0	6	12	6	12	12	12	66
=92	Rational	Mid	Industrials	Germany	5	5	14	5	9	12	5	9	2	66
97	Poste Italiane	Large	Industrials	Italy	6	18	3	6	6	12	8	0	6	65
=98	Banca Mediolanum	Large	Financials	Italy	8	3	6	0	0	0	20	15	12	64
=98	Fluidra	Mid	Industrials	Spain	6	6	9	8	9	3	5	12	6	64
=98	Sacyr	Mid	Industrials	Spain	12	6	3	6	8	12	2	6	9	64

IR Rankings – Euro Top 100 2024

Research categories

This section lists the scores received by companies for their IR performance in a range of categories, plus comments made by the investors and analysts who voted for each company

Best overall investor relations (large cap)

The numbers next to the bars are the scores received

1 ASML'The semiconductor industry is one of the top-performing sectors and ASML is doing very well as a company, so it is attractive to investors. To make things even better – and what the IR team has done so well – is to simplify its complex activities, making it more accessible to investors. It is even more appealing because it can explain AI in a digestible way, which is really helpful. The way it does things makes for a clean and clear story' – Switzerland, sell side2 Schneider Electric'With Schneider Electric, there is just generally good communication, a great capital markets day, strategy is communicated really well and there is a good deal of forward-looking guidance. All these are very clear for investors. The firm communicates very directly, too, and it gives a lot of detail on company decisions, especially around specific business areas and operations, which helps us enormously' – Netherlands, buy side3 Novo Nordisk'Novo Nordisk has a large investor relations team, which allows the company to send its more junior staff out to meet us in provincial towns every year. The slides for quarterlies and investor events paint a clean picture of where the company is going, and the supporting material is very useful' – Belgium, buy side4 Iberdrola'Iberdrola scores highly for me, as it does everything well and focuses on communicating complex information and data in bite-sized chunks that allow easy and efficient communication with investors' – Netherlands, buy side5 UniCredit'UniCredit has been restructuring over the past three years, with a refocus on true return on capital. Results have started to show and the IR team has conveyed this message with the required consistency and clarity. Now, running with excess capital, the firm is keeping lots of options for capital allocation' – Italy, sell side6 Norsk Hydro'Norsk Hydro relates well and gives extra meaning to what is happening in the broader market, and this is valued by investors. As a result, we are able to fully understand what is driving the changes. This insight is respected by investors and helps us enormously' – Netherlands, buy side7 Assicurazioni Generali'The IR team at Generali is responsive: team members try to help analysts as best they can by always making themselves available' – Italy, sell side8 Carlsberg'Carlsberg holds helpful conference calls and its analyst days are insightful. The management team is on the road a lot so we can meet with it four times a year, which is great. The managers provide a great level of detail and have successfully maintained a professional image for an extended period of time' – Denmark, sell side9 Rolls-Royce'Rolls-Royce has well-planned communication and events, thoughtfully organized capital markets days with exposure to senior and mid-level management and much improved disclosure over the past few years' – UK, buy side10 Banco Santander'Banco Santander's investor relations program focuses well on providing transparent and timely communications to investors and analysts' – UK, sell side11 DSV'DSV has very detailed policies that are easy to understand, and the company communicates well' – Denmark, buy side12 Intesa Sanpaolo'Over the years, Intesa has maintained good communication at the best and worst of times. It genuinely seems to care about talking to analysts and investors' – Italy, buy side13 DHL Group'DHL has the biggest team, the most events and best availability' – Germany, sell side14 Galp'Galp offers comprehensive visibility and depth of information. The IR team is accessible, which makes my job easier' – Portugal, buy side15 BASF'When we met with BASF, we had a detailed run-down regarding some hot topics, and it was willing to provide additional information, followed by availability of mid-tier management to meet with investors alongside heads of R&D groups' – Germany, sell side16 BAE Systems'BAE Systems has strong IR and has done extremely well with communicating strategy. Due to the nature of its business, it has to be open and have high standards' – UK, sell side17 Henkel'The overall IR program at Henkel is effective, very committed to transparency and ESG, and provides a lot of information along with comprehensive reporting' – UK, buy side18 Vestas Wind Systems'Overall, Vestas prioritizes transparent and timely communication with analysts and investors to ensure they are well informed about the company's activities and financial performance' – UK, sell side

Best overall investor relations (mid-cap)

The numbers next to the bars are the scores received

1 MERLIN Properties'MERLIN Properties always discloses everything it can, and that’s very valuable for analysts' – Spain, sell side2 LPP'Polish companies generally don't tend to give future guidance, but LPP does, and it's incredibly helpful for analysts and investors. The guidance is good and well delivered, with lots of useful information' – Poland, sell side3 Enagás'Enagás is extremely available, and provides information that is both useful and detailed' – Spain, sell side4 CIE Automotive'CIE is always ready to respond to questions, and great at describing the firm and the industry as a whole' – Spain, buy side5 Vidrala'Vidrala is always available and everyone in the IR department has great knowledge of the company. The IR people always have fresh information because they’re close to management, which allows them to also disclose key information clearly' – Spain, buy side6 Corticeira Amorim'Corticeira Amorim is very accessible and has a very cautious view, so it doesn’t oversell. It has created great initiatives to make sure analysts and investors understand the business' – Spain, sell side7 Sabancı Holding'With the new transformation story, Sabanci’s IR has been very good over the past year' – Turkey, sell side 8 ACCIONA'Absolutely great service' – Spain, sell side 9 Voestalpine'The team from Voestalpine talks to you like an engineer and tells you the truth' – Austria, buy side=10 flatexDEGIRO'We appreciate the availability, helpfulness, clarity and disclosure we get from flatexDEGIRO' – UK, buy side=10 Greenvolt Energias Renovaveis'The IR at Greenvolt Energias Renovaveis provides reliable information' – Spain, sell side12 CCC Group'CCC is very easy to access. Sometimes we do events with it for investors where it shows investors how the business works well in the e-commerce industry, and it is very willing to do this' – Poland, sell side13 Britvic'Britvic's IR team continues to do a good job of providing clear communication' – UK, sell side

Best overall investor relations (small cap)

The numbers next to the bars are the scores received

1 Grenergy Renovables'With Grenergy, investors and analysts are given the opportunity to meet other crucial employees in the business, like the construction team. This is useful for the analysts and investors as they can directly ask the workers on the ground about the timeframe of operations' – Spain, sell side2 GFT Technologies'GFT Technologies has trustworthy IR and excellent availability. People are always available over different media, whether that be online or in person, which gives us certainty regarding communication' – Germany, sell side3 Akenerji Elektrik Uretim'Akenerji provides transparent and fair reporting, the IRO has a good understanding of the sector and the meetings are good, with improved presentations' – Turkey, buy side=4 HomeToGo'HomeToGo works hard to communicate a complex business story and complex model to investors. With the extra information and KPIs, we get a good understanding of where the revenues come from. And the business model, communicated with sharp presentations about its story, gives investors a great overall view of the company' – Germany, sell side=4 SÜSS MicroTec'SÜSS MicroTec ticks all the boxes, with good financial reporting, great IR and using technology to its advantage. It is transparent and keeps investors well informed' – Netherlands, buy side6 CECONOMY'CECONOMY's IR team is transparent and explains strategy well. The slides are clear and it gives all figures in detailed Excel files. Overall, the team meets our requests' – France, sell side7 Mersen'Mersen’s IR is reliable and the team is reactive to our queries. It is a strong actor on sustainability, communicating lots on this' – France, buy side8 Volution Group'Volution is great at disclosing important information, especially with regards to ESG. The investor relations team always goes above and beyond and has a good track record of over-delivering' – Denmark, buy side

Best investor relations officer (large cap)

The numbers next to the bars are the scores received

1 Schneider Electric'Schneider’s IR team is well organized and communicates in a professional way. You really get a sense that the people know the industry and the kind of detail investors need to hear' – Netherlands, buy side2 Rolls-Royce'The IR team has done great work simplifying the investment case at Rolls-Royce. It is now much simpler and easier to scrutinize than before, when complex financial communication rendered any analysis opaque and prevented many from being engaged with the company' – UK, buy side3 Novo Nordisk'Novo Nordisk's IR team calls us whenever there is a significant release rather than waiting for us to do so. It also reaches out proactively by email. The firm offers exposure to the IR department as we get to spend a couple of days with it, which gives us a good idea of how things are evolving' – France, sell side4 Carlsberg'Peter Kondrup at Carlsberg is very experienced, proactive, helpful, responsive and knowledgeable regarding the sector: he ticks all the boxes!' – Netherlands, sell side5 Assicurazioni Generali'Generali’s Fabio Cleva got in touch to check whether there was anything I needed around the new accounting tools. Underwriting metrics were explained well and Fabio introduced a new IR team member efficiently' – Netherlands, buy side6 BASF'BASF’s IR team is reachable, informed and honest, with no tricks behind the message' – Austria, buy side7 ASML'Marcel Kemp at ASML gives a lot of information. It makes it easy to understand the company thanks to his transparent way of communicating' – Switzerland, buy side=8 DHL Group'The IRO at DHL has the ability to transfer knowledge in a complex environment' – UK, sell side=8 Norsk Hydro'Being in a complex market, Norsk Hydro’s IR team does a great job of communicating, and holds interesting and informative meetings' – Sweden, sell side=8 UniCredit'Since changing the IR team two or three years ago, UniCredit’s communications have materially improved. IR now gives clear presentations with lots of detail, and excellent follow-up. At Q&A sessions, there are very few questions because IR gives so much detail' – Italy, buy side11 Banco Santander'There is always a member of Santander’s IR team available for a chat, and consistently high-quality communication is given' – France, buy side12 Intesa Sanpaolo'The Intesa IR team gives a comprehensive view on the company and is available at weekends and evenings, too' – Italy, buy side

Best investor relations officer (mid-cap)

The numbers next to the bars are the scores received

1 MERLIN Properties

'The IR team at MERLIN Properties always replies swiftly. People's knowledge of the company is great because they know how to apply that knowledge to solve problems for investors and analysts' – Spain, sell side

2 Valmet

'Pekka Rouhiainen is very knowledgeable, easy to reach and always ready to answer questions' – Finland, sell side

3 Enagás

'The head of IR at Enagás is an expert who is able and willing to have technical discussions' – Italy, sell side

4 flatexDEGIRO

'The IRO at flatexDEGIRO, Achim Schreck, is clear, responsive and really understands the business' – UK, buy side

5 CCC Group

'Wojciech Latocha does a good job of communicating about CCC, which is very useful as generally we only have knowledge of the internal workings of a company from financial reports. But his reports provide more technical information about how the company is running and show what is effective and ineffective, given where the market is going' – Poland, sell side

Best investor relations officer (small cap)

The numbers next to the bars are the scores received

1 Grenergy Renovables

'Alberto Sanchez Salazar of Grenergy is professional, knowledgeable and provides the most detailed and open disclosure. He also heads one of the best IR teams in my coverage' – Spain, sell side

2 Mersen

'Mersen's IR team has high standards. It provides very complete work and transparent communication, so there are no bad surprises' – France, buy side

=3 GFT Technologies

‘GFT Technologies’ IR gives honest feedback on market conditions consistently, which also means we really trust what it says and often don’t need to ask follow-up questions' – Germany, sell side

=3 Thermador Groupe

'We have lots of good communication from the IR at Thermador Groupe. It is the most transparent, most complete and first to release' – France, buy side

Best IR by a senior management team

The numbers next to the bars are the scores received

1 UniCredit'The senior management team at UniCredit provides clear messaging. The managers' presence at roadshows is what makes the difference. The CEO has been very clear on the strategy and goals from the beginning. And the CFO gets into the granular details of everything' – Italy, sell side2 ASML'During our last meeting with ASML's CEO, I was struck by how relaxed and laid back he was when discussing targets for 2024 and 2025. His relaxed manner gave us confidence' – Germany, buy side3 Schneider Electric'Schneider Electric’s senior management could have been more aggressive with its target communication but it set expectations well and made sure people weren't too optimistic' – Switzerland, sell side4 Novo Nordisk'The senior management team at Novo Nordisk makes sure communication is constant. It sticks to its statements, providing communication that is reliable and consistent' – France, sell side5 LPP'LPP has a good communication line with investors and analysts. It is easy to contact the management team with a question or to make an appointment' – Poland, buy side6 Assicurazioni Generali'Generali has tried to favor meetings with senior management. There have also been periodic meetings with the sell side' – Italy, sell side7 Norsk Hydro'Norsk Hydro's CFO grew up in the company, which shows in the way he presents its performance, with clear and strong depth of knowledge. Great meetings with him and you can tell that every detail of the market is looked at and interpreted for investors in a way that is easily understandable. He's just a trustworthy CFO who fills you with confidence due to the way he communicates' – Netherlands, buy side

Best financial reporting

The numbers next to the bars are the scores received

1 Iberdrola'With Iberdrola’s financial reporting, I feel like it has a good idea of how to package the information, so it saves us time as we don’t have to go back and ask repeat questions because it has already clearly broken it down for us' – Netherlands, buy side=2 Banco Santander'The quality of Santander’s reports is high, and webcasts and capital markets days are detailed, with the numbers very transparent' – Spain, buy side=2 Novo Nordisk'The reporting at Novo Nordisk is really clear. There are only rare changes in how it presents its numbers. This consistency is key in facilitating our ability to follow and track the numbers' – France, sell side 4 ASML'At ASML, people are easily accessible and always make sure to be thorough in their reports. It makes it easy to see what’s going on at the company from a high level' – Switzerland, buy side5 UniCredit'UniCredit's investor relations team knows how to inform analysts and investors transparently when reporting the firm's finances, and always makes sure to give the most relevant information when communicating' – Portugal, buy side6 Schneider Electric'The level of detail Schneider can provide on different business divisions is so detailed and so much better than the competition. Also, it’s very forward-looking and this gives confidence to investors. And I like how it segments the different data, so you get a clear picture of the different aspects of the business and its financial performance' – Netherlands, buy side

Best use of technology for IR

The numbers next to the bars are the scores received

1 ASML'ASML uses technology very well because it leads with quality tutorial videos, making it very accessible. Most companies do something similar, but ASML seems to do it better. What it does is generate a lot of attention and gets a network effect, which it has harnessed extremely well. This means the company has improved and also improved its use of tech over the years' – Switzerland, sell side2 Schneider Electric'Schneider formats its online reports in a way that's easy to read and has a great flow of communication' – Denmark, sell side3 UniCredit'UniCredit's website is comprehensive and easy to navigate. It displays key information in a way that’s easy to understand' – UK, buy side 4 Iberdrola'Iberdrola is very good at publishing all its data on the home page and it is also pretty accessible at events' – Norway, buy side5 Infineon Technologies'Infineon implements smooth technology. It's well integrated with a lot of different people on the call' – Switzerland, sell side

Best investor meetings

The numbers next to the bars are the scores received

1 Novo Nordisk'Novo Nordisk does a capital markets day at least every two years, and sell-side meetings every quarter, consisting of one or two days, with breakfast and lunch meetings in Q&A form with senior management. Of the six key people, usually at least three are present' – France, sell side 2 ASML'ASML explains its tech very simply, which makes it easy to understand in meetings, ensuring the firm is clearly understood' – Switzerland, buy side3 Iberdrola‘Iberdrola is especially active with clients, no question goes unanswered and I can always get a bit more out of the company’s meetings' – Netherlands, buy side4 Intesa Sanpaolo'The meetings at Intesa always allow for open discussion, where the firm takes our suggestions on board. It addresses criticisms and provides more details when requested' – Italy, buy side5 Schneider Electric'Schneider Electric does an analyst day and responds quickly to investor questions. Disclosure is timely, consistent and comprehensive' – Switzerland, sell side6 UniCredit'UniCredit puts on quite a show, and it is always one of high quality' – Italy, buy side

Best corporate governance & disclosure

The numbers next to the bars are the scores received

1 UniCredit'The governance at UniCredit operates effectively. The choice of CEO was a remarkable one: the firm allowed him to define the strategy, which has worked. Better returns have been the proof of the success of that decision-making' – Italy, sell side=2 ASML'ASML creates shareholder value and guides the market clearly. The earnings quality is high. It has the courage to say whether the business is going in the desired direction' – Austria, buy side=2 Novo Nordisk'It is clear that Novo Nordisk takes corporate governance seriously. It discloses more than others and its care for this seems genuine. You will find all the ESG information you typically need laid out clearly. The firm is well aligned with shareholders while maintaining financial performance and ethical standards' – Belgium, buy side4 Carlsberg'Calrlsberg’s management team makes sure to disclose the information that analysts and investors would value the most. At the same time, it does everything by the book and makes sure to adhere to the most up-to-date standards' – Denmark, sell side5 Iberdrola'Iberdrola has an integrated business model that rightfully emphasizes the understanding of the integrated business. This provides stability in revenue and cash flow and its strong investment activities give it a lot of scope for growth' – Spain, sell side6 DHL Group'DHL has great disclosure and the cleanest governance' – UK, buy side

Best sustainability communications

The numbers next to the bars are the scores received

1 Schneider Electric'The level of detail in Schneider's sustainability report is fantastic. It clearly has a huge and dedicated team that cares about these issues and what they mean for investors. The firm provides a lot of granularity, not just simple carbon emissions statements and data. Company policy is very clear and positive, which I like a lot' – Netherlands, buy side2 H&M Hennes & Mauritz'I'd definitely throw H&M into the mix for any sustainability awards. Its reporting is spot-on: transparent, aligned with the big global standards and full of real, solid commitments to cutting its environmental footprint. Plus, its push on using sustainable materials is impressive. It is leading the way in fashion sustainability' – UK, sell side3 ASML'Because ASML’s processes are more efficient, what it does is try to be efficient in terms of its use of energy, and this is communicated well. As it is not seen as polluting, people and investors have been perceiving it as such, so now it has communicated a position that puts sustainability front and center' – Switzerland, sell side4 Iberdrola'Iberdrola communicates well in terms of sustainability, which means it is really concentrating on the small details of these issues. You can tell it has a large, dedicated and specialized team that is working on sustainability issues within the company and in the wider market and this gives you a sense that Iberdrola knows where the market is going' – Netherlands, buy side=5 Barco'Barco has upgraded its ESG reporting and is now fully compliant with our list of questions' – Belgium, sell side=5 DSV'DSV is working toward improving its Scope 3 emissions and does its best to be sustainable, even though it’s very difficult in its line of work' – Denmark, buy side

Most progress in IR

The numbers next to the bars are the scores received

1 Assicurazioni Generali'Generali now organizes fewer formal meetings with senior management, favoring smaller dinners arranged with sell-side analysts. This format has been helpful for us to connect better with senior management. It shows it has stepped up its communication strategy' – Italy, sell side=2 Akenerji Elektrik Uretim'The new IR person at Akenerji has increased the communication and interaction with investors' – Turkey, buy side=2 Norsk Hydro'Norsk Hydro is now providing more detailed information and has improved the pre-quarter and post-quarter calls with the CFO' – Norway, sell side4 Novo Nordisk'Novo Nordisk has improved by providing access to members of the IR team who offer in-depth insights into all aspects of the business, demonstrating a commitment to transparency and keeping stakeholders well informed' – Denmark, buy side=5 H&M Hennes & Mauritz'The new CEO at H&M knows the company inside out, as he has worked there for many years. He stepped into a challenging role and has already begun implementing new strategies' – UK, buy side=5 Nokia Corporation'Nokia’s IR team is accessible and helpful in terms of providing details and information, and the senior management is more available than previously' – Finland, sell side

IR Rankings – Euro Top 100 2024

Best in sector

This section lists the top companies in each sector, as determined by totaling the scores received across each category of IR from the previous section

Communications

Consumer discretionary

Consumer staples

Energy

Financials

Healthcare

Industrials

Materials

Real estate

Technology

Utilities

IR Rankings – Euro Top 100 2024

Best in country

This section lists the top companies in each country, as determined by totaling the scores received across each category of IR from the earlier section

Austria

Belgium/Luxembourg

Czech Republic

Denmark

Finland

France

Germany

Hungary

Ireland

Italy

Netherlands

Norway

Poland

Portugal

Spain

Sweden

Switzerland

Turkey

UK

There are no tables for Bulgaria, Croatia, Estonia, Greece, Latvia, Lithuania, Romania, Slovenia or Ukraine as there were insufficient nominations