The purpose of the chapter is three fold. First, it sets out to provide an understanding of the evolution of integrated reporting in Spain. Second, it assesses the integrated thinking of companies through the analysis of the CEO presentation pages of the Integrated Report. And third, to study to what extent are integrated reports committed to sustainability and really integrated. These assessments will uncover issues and benefits from Integrated Reporting and its implementation process. We are exploring these topics using text-mining and content analysis techniques, besides the descriptive analysis of the documents from 2015. We select Spain because it is a leading country in CSR reporting. Our results show a disparity between the underlying integrated thinking shown in the presentation letters/messages and the reference to the capitals proposed by the IIRC. Finally, the IR seems to be a tool to send signals to specific stakeholders: employees and financial capital providers.