SFDR European Survey 2025

The SFDR Barometer for Management Companies

Report
March 10, 2026

This year’s edition of the SFDR European Survey offers a uniquely up‑to‑date view of how the sustainable finance landscape is evolving across the industry at a time when the EU is preparing to reshape the framework through SFDR 2.0. Drawing on insights from 53 management companies representing over €3.66 trillion in assets under management, the report explores five key themes emerging from the responses, highlighting major trends and areas requiring adjustment as the industry transitions from the previous regime to the new categorisation framework.

Management Companies participating across Europe

€3.66tn

Assets Under Management

67%

respondents opted for a product categorisation regime

A turning point in the SFDR framework

This move towards clear categorisation also reflects a broader political moment in which the EU is redefining the role of sustainable finance within its geopolitical and socioeconomic agenda.

Preferred regime and category approach

Desired product categories

Introduction of ESMA guidelines

ESMA’s naming rules reset the standard by requiring sustainability terms to be measurable and evidence‑based.

Management companies impacted by ESMA’s guidelines on fund names

Impacted products

Substantial contributions

A wide range of indicators and metrics are being used to assess environmental and social contribution across UCITS and AIF products.

Methods used by management companies to measure substantial contribution

Article 8 products position themselves through a blend of environmental and social characteristics

Promotion of environmental and social characteristics for all ManCos

16.49%

Environmental characteristics only

0.42%

Social characteristics only

83.09%

Environmental and social characteristics

ESG data sources

More reliance on multiple ESG data sources, with SFDR 2.0 pushing greater transparency, stronger governance and more rigorous evidence requirements.

Number of ESG data providers used

ESG data sources used by ManCos

*e.g. NGO reports, CDP, internal research

Discover this edition of the SFDR European Survey 2025

Contact us

Geoffroy Marcassoli

Audit Partner, EMEA AWM ESG Leader, PwC Luxembourg

Tel: +352 621 335 410

Michael Horvath

Advisory Partner, Sustainability Leader, PwC Luxembourg

Tel: +352 621 333 612

Kenny Panjanaden

Audit Partner, PwC Luxembourg

Tel: +352 621 336 078

Shehzad Ahmad Sahib

Audit Director, ESG Assurance, PwC Luxembourg

Tel: +352 621 333 668

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