According to AMF recommendation DOC-2024-05, commercial performance analysis aims to make an informed judgment on the company's ability to create value. This involves a rigorous methodology that takes into account the overall context, sector-specific characteristics, and the materiality of significant items. The analysis relies on data such as revenue, its breakdown, and gross margin to evaluate the intrinsic dynamics of the business.

IFRS 18, applicable from January 1, 2027, imposes a standardized income statement structure with five distinct categories: operating, investing, financing, tax, and discontinued operations. It also introduces Management Performance Measures as mandatory subtotals in the notes, enabling more structured and comparable performance analysis.

To assess the consistency of financial information, the analyst must verify several elements. Financial information must be aligned with non-financial information. Alternative indicators must be clearly defined and reconciled with the IFRS financial statements. Finally, these indicators must not take undue prominence over standardized items.

Commercial performance analysis relies on several key elements. Revenue and its trends are essential, with particular attention to organic growth, which is distinct from scope effects and currency impacts. The gross margin, the ratio of trade margin to sales, is also crucial for assessing the company's ability to generate value. For manufacturing companies, value added relative to production is an important indicator.

Organic growth is distinct from scope effects and currency impacts. It allows an assessment of the intrinsic dynamics of the business without being influenced by external factors such as acquisitions or currency fluctuations.

The gross operating surplus (EBE) is an intermediate balance defined by the PCG. It is calculated from value added plus subsidies minus taxes, levies and personnel costs. It measures the gross profitability of operations independently of depreciation and financing policies.

Financial indicators can be classified into two categories: those standardized by IFRS and alternative ones. Standardized indicators include the gross operating surplus and operating income. Alternative indicators include EBITDA and free cash flow, which are not defined by IFRS standards but must be clearly defined and reconciled with the financial statements.

According to AMF position DOC-2015-12, alternative performance measures such as EBITDA are not defined by IFRS accounting standards. They must be clearly defined, reconciled with the IFRS financial statements, and presented in a way that does not give them undue prominence over standardized items.