[ESMA32-51-370 APM Q11]

Unless the applicable financial reporting framework defines or specifies “result of operating activities”, this measure is an APM for the purpose of the APMs Guidelines.

Despite the fact that there is a reference in paragraph 55 of the Basis for Conclusion of IAS 1 Presentation of Financial Statements to ‘results of operating activities’, operating results or results from operating activities are not defined or specified in IFRS.

Therefore, under the IFRS framework, measures labelled as ‘operating results’, ‘results of operating activities’ or other similar labels are within the scope of the APMs Guidelines when presented outside financial statements.

In case such APMs are presented inside and outside financial statements please refer to question ESMA_QA_1868 (historic reference ESMA32-51-370 APM Q2).

[16/02/2026] This is the revised Q&A version which will be effective from 1 January 2027: 

Answer: Unless the applicable financial reporting framework defines or specifies “result of operating activities”, this measure is an APM for the purpose of the APMs Guidelines.

Despite the fact that there is a reference in paragraph 55 of the Basis for Conclusion of IAS 1 Presentation of Financial Statements to ‘results of operating activities’, Given that IFRS 18 Presentation and Disclosure in Financial Statements specifies ‘operating profit or loss’, if the operating results or results from operating activities are calculated and presented in accordance with IFRS 18, this measure is no longer an APM are not defined or specified in IFRS. 

Measures labelled as ‘operating results’ or ‘results of operating activities’ that are not calculated in accordance with IFRS 18 are APMs. Therefore, if presented outside financial statements and within regulated information documents, issuers should comply with the APM Guidelines and specifically consider the APM Guidelines requirements regarding (mis) labelling. 

Therefore, However, under other relevant applicable financial reporting framework, measures labelled as ‘operating results’, ‘results of operating activities’ or other similar labels are may be within the scope of the APMs Guidelines when presented outside financial statements if these are not defined or specified in such applicable financial reporting framework. 

In case such APMs are presented inside and outside financial statements please refer to ESMA_QA_1868 (historic reference ESMA32-51-370 APM Q2).