DPEF Post-CSRD: Who Remains Subject to Non-Financial Performance Reporting?

Quick answer. The Non-Financial Performance Declaration (DPEF – Déclaration de Performance Extra-Financière) set out in Article L. 225-102-1 of the French Commercial Code has been replaced by the CSRD sustainability report for wave 1 CSRD entities (>500 employees, financial years 2024+). Enterprises excluded from the original scope by the Omnibus (waves 2 and 3 postponed) are no longer subject to the NFPD. Only parallel CSR obligations remain (BEGES carbon reporting, Equality Index).

The French non-financial reporting landscape underwent a major transformation between 2023 and 2026. The Non-Financial Performance Declaration (DPEF), implemented in 2016 by transposing the NFRD directive (2014/95/EU), shaped CSR reporting for large French enterprises for a decade. Founded in Article L. 225-102-1 of the Commercial Code, it required companies exceeding 500 employees or EUR 50 million in turnover to publish a declaration covering environment, social issues, and governance.

Since 6 December 2023, the entry into force of Ordinance no. 2023-1142 transposed the CSRD directive (Corporate Sustainability Reporting Directive, EU 2022/2464) into French law. This new directive represents a fundamentally different approach: it shifts from a minimal non-financial information obligation to a standardised, verifiable, and granular reporting framework, mandatory from financial year 2024 for wave 1.

The Omnibus package, proposed by the European Commission in February 2025 to simplify the CSRD, took the form of two texts: the "stop-the-clock" directive (EU) 2025/794 (April 2025), postponing waves 2 and 3 by two years (now financial years 2027 and 2028), and the simplification ("content") directive, adopted on 16 December 2025 and in force on 18 March 2026, which raises the main reporting threshold to 1,000 employees and EUR 450 million in net turnover. France must transpose this raised threshold by 19 March 2027 at the latest; until then, wave 1 (public-interest entities with more than 500 employees) remains in scope. Thousands of mid-caps and listed SMEs that believed they were CSRD-subject from 2026 are therefore exempt for several more years.

What Was the NFPD: Article L. 225-102-1 of the Commercial Code#

Article L. 225-102-1 of the French Commercial Code, stemming from the Sapin II law (2016), defined the Non-Financial Performance Declaration. It was a document published either in the management report or in a consolidated non-financial statement, covering:

1. Environment: greenhouse gas emissions, water consumption, waste management, biodiversity.
2. Social and governance: working conditions, gender equality, supplier and subcontractor relations.
3. Operational risks: human rights, corruption, taxation, competition, transparency.

The NFPD was mandatory for enterprises exceeding two of three thresholds: more than 500 employees, more than EUR 50 million in turnover, or more than EUR 25 million in total assets. It carried no mandatory third-party verification requirement.

Who Was Subject to the NFPD in 2024?#

In 2024, approximately 8,500 large French enterprises were NFPD-subject, including:

• Companies listed on regulated markets (CAC 40, SBF 120, Euronext Growth).
• Credit institutions and insurance companies.
• Large SMEs and mid-caps exceeding the thresholds.

The NFPD remained optional for unlisted enterprises below the thresholds and for all micro-enterprises.

End of the NFPD: Replacement by the CSRD Sustainability Report#

Since financial year 2024, the NFPD has been formally repealed for enterprises entering the CSRD wave 1 scope. They now publish a sustainability report structured according to the ESRS (European Sustainability Reporting Standards).

This article asks: who remains subject to the NFPD after the CSRD enters into force? The answer is straightforward: no enterprise is any longer subject to the NFPD under Article L. 225-102-1, because:

• CSRD wave 1 enterprises publish a CSRD sustainability report (not an NFPD).
• Enterprises outside the CSRD scope (waves 2 and 3 postponed, unlisted SMEs) are no longer bound by the NFPD — neither under the old law nor under the CSRD.

To understand who is no longer subject to the NFPD, one must distinguish the three CSRD waves and their shifts due to the Omnibus.

CSRD Wave 1 — Maintained and Already Enforced#

Scope: Public interest entities (PIEs): listed companies, banks, insurers exceeding two of three thresholds (>500 employees, >EUR 50m turnover, >EUR 25m total assets).

Timeline: Financial years opening from 1 January 2024 onwards → reports published in 2025 (e.g., a financial year 2024 ending 31 December, published by 30 April 2025).

Status as of June 2026: Fully operational. These enterprises have already published their first CSRD sustainability report and are no longer subject to the NFPD.

CSRD Wave 2 — Postponed Two Years (Omnibus)#

Original scope: Other large enterprises (>250 employees, >EUR 50m turnover or >EUR 25m total assets), listed or unlisted, not falling under wave 1.

Original timeline: Financial years opening from 1 January 2025 onwards.

Post-Omnibus timeline (February 2025): Postponed to financial years opening from 1 January 2027 onwards (reports published 2028).

Status as of June 2026: These enterprises remain exempt from CSRD and NFPD. They are not bound by any legal obligation for standardised sustainability reporting. However, they may remain subject to parallel obligations (BEGES carbon reporting, Equality Index) and contractual pressures (ESG questionnaires from wave 1 suppliers).

CSRD Wave 3 — Postponed to 2028#

Scope: Listed SMEs on European regulated markets (excluding micro-enterprises).

Original timeline: Financial years opening from 1 January 2026 onwards.

Post-Omnibus timeline: Postponed to financial years opening from 1 January 2028 onwards (reporting 2029).

Status as of June 2026: Exemption through end of 2027 inclusive. No NFPD or CSRD obligation.

Although the NFPD has vanished, other CSR obligations persist for enterprises outside CSRD wave 1 scope:

BEGES (Greenhouse Gas Emissions Inventory)#

• Mandatory from 500 employees in mainland France (Article L. 229-25 of the Environmental Code).
• From 250 employees in overseas regions.
• Publication every four years on the ADEME platform (bilans-ges.ademe.fr).
• Penalty: Administrative fine of EUR 50,000 (EUR 100,000 for repeat offence).
• Independent of CSRD: SMEs of 250–500 employees in mainland France are not required to produce BEGES unless they received France Relance aid.

Professional Equality Index (Gender)#

• Mandatory from 50 employees.
• Publication required before 1 March each year.
• Score 0–100 points, with 4 or 5 indicators depending on headcount.
• Penalty: Fine up to 1% of gross annual payroll for non-correction within 3 years.

BDESE (Economic, Social and Environmental Database)#

• Mandatory from 50 employees.
• Annual update covering employment, remuneration, equality, training, health-safety, environment, and work organisation.

Duty of Vigilance (Law 2017-399)#

• Mandatory for enterprises of at least 5,000 employees in France or 10,000 worldwide.
• Encompasses supply chain (human rights, environment, anti-corruption).

Contractual Pressures (Non-Mandatory ESG Questionnaires)#

Wave 1 CSRD enterprises continue to transmit structured questionnaires (ESRS standards) to suppliers and subcontractors, even if the latter are not directly CSRD-subject. This is a de facto contractual obligation without direct legal mandate.

Subsidiaries of Large CSRD-Subject Groups#

A French subsidiary of a parent company publishing a consolidated CSRD sustainability report may be individually exempt from publishing its own sustainability report, provided that:

• It is effectively included in the consolidated scope.
• The group report is public and accessible.
• A reference is published in its management report.

This exemption removes the CSRD-subsidiary duplication but does not exempt autonomous obligations (BEGES, Equality Index).

Enterprises of 250–500 Employees in Mainland France#

These entities find themselves in a favourable grey zone: neither CSRD, nor BEGES, nor legal requirement to report a standardised carbon inventory. However, they remain subject to the Equality Index and BDESE (from 50 employees) and receive ESG questionnaires from suppliers. Our recommendation: engage in structured voluntary CSR initiatives from 2026 to anticipate wave 2 (2027) and strengthen commercial competitiveness.

Non-European Companies Listed on European Regulated Markets#

They fall under the CSRD scope on the same size criteria as European entities (wave 1 if PIE and >500 employees). NFPD: not applicable.

Associations, Foundations and Public-Law Bodies#

Associations exceeding Commercial Code thresholds (250 employees, EUR 50m revenue, EUR 25m total assets) may enter CSRD scope if listed (rare). Otherwise, they remain bound by their own disclosure obligations (public accountability, simplified management reports) but not by NFPD or private-law CSRD.

• Do not attempt to publish an NFPD "for legal safety". Article L. 225-102-1 no longer applies. Those wishing to publish non-financial reporting must do so as a voluntary initiative, not as NFPD compliance.
• Verify definitive Omnibus transposition before accelerating CSRD spending. Applicable French texts are expected in spring 2026. An SME of 300 employees committing EUR 40,000 to prepare for CSRD wave 2 prematurely faces financial risk.
• Anticipate wave 2 from 2026 if you are a mid-cap of 250–500 employees. Although the CSRD obligation is deferred to 2027, your wave 1 CSRD customers are already requesting ESRS data. Investing in coherent voluntary reporting is cost-effective.
• Distinguish legal obligation from contractual pressure. An SME of 100 employees receiving an ESG questionnaire from a major client is not legally obliged to complete 150+ ESRS indicators, but is contractually. Negotiate a proportionate scope.
• BEGES remains mandatory independently of CSRD. Enterprises of 500+ employees in mainland France must file their BEGES on bilans-ges.ademe.fr before the end of the fourth year. Any delay is sanctionable.

At Hayot Expertise, we observe a common misconception in 2026. A mid-cap of 380 employees contacted us in January to "comply with the NFPD", having read online that the threshold was 500 employees. Once we clarified the repeal of the NFPD and the postponement of CSRD wave 2, the conversation pivoted: should they engage in voluntary, structured CSRD reporting, or remain in a light CSR posture focused on supplier relations and labels?

Recently, a growth-stage SaaS startup listed on Euronext Growth faced an unexpected CSRD obligation: as a listed company meeting two of three CSRD wave 1 thresholds, it was subject from 2024. No Commercial Code provision obliged it to the NFPD (Article L. 225-102-1), but CSRD imposed itself with mandatory assurance. We mobilised a specialist consultant to avoid cost overruns. Initial cost (EUR 40,000 excl. tax) proved worthwhile for investor appeal.

The example illustrates the transition: the NFPD, an informal and unaudited option, has given way to CSRD, a structured obligation. More demanding, yes; but also more standardised.

Hayot Expertise Advice. If you lead an unlisted SME of 50–500 employees, let us clarify your situation: the NFPD no longer exists; CSRD applies only if you are listed (wave 3, but postponed to 2028) or a subsidiary of a CSRD group (possible exemption). Your true obligations are the Equality Index (from 50 employees), BDESE (from 50 employees), and possibly BEGES if you operate overseas or received France Relance aid. Beyond these, structured voluntary CSR strengthens your standing with suppliers and financiers. We support you in drafting a free legal diagnostic and building a strategy suited to your size and sector via our CSR and CSRD reporting offer.