Investment Ideas (AO) | Green impact selection: MTU Aero Engines replaces Orsted

研报英文原文证据摘录

Investment Ideas (AO) | Green impact selection: MTU Aero Engines replaces Orsted

Connecting the dots

21 May 2026

Josep Pujal

Head of Sustainability Research

+33 1 53 65 35 26Investment Ideas

Green impact selection: MTU Aero Engines replaces Orsted

Key points:

We take advantage of the recent weakness due to the fears of disruptions in air traffic to buy MTU Aero Engines, the long-term

earnings compounder, which is playing an important role in improving the energy efficiency of planes.

It replaces Orsted, which delivered a good performance (+31.6% since our inclusion on 4 November at DKK115/share, and despite

having missed the performance between 14 January and 15 February due to doubts about US legal risks).

The Green impact selection is down 0.8% YTD, lagging behind the Stoxx 600, which is up +3.2%. Taking a step back, the

performance has been strong: +93.2% since inception in June 2019 and +33.6% above the Stoxx 600 benchmark.

Great focus on energy efficiency

MTU manufactures technologically advanced and highly specialised engine sub-systems for commercial and military aircraft.

Aerospace will take time to electrify, and combustion engines will continue to be the norm (although increasingly using SAF). MTU

has been and will continue to deliver ever more performant engines, which reduce the need for fuel.

According to its annual report, 70% of R&D is geared towards energy efficiency. MTU’s Claire (Clean Air Engine) agenda spans both

evolutionary and revolutionary propulsion technologies aimed at climate-neutral flight.

Regarding the evolutionary-stage technologies, the Geared Turbofan (GTF) enhancements reduce fuel consumption by up to 20%

and produce 20% less CO2 emissions per trip compared to previous-generation engines. The technologies also achieve 50% lower