EMEA Sustainability "Europe’s energy transition: a capex cycle still ..."

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EMEA Sustainability "Europe’s energy transition: a capex cycle still ..."

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reconfiguration of the entire energy system. This broader framing is becoming better

understood, but we think the market may still underappreciate its investment Julian Radlinger, CFA

implications: the duration of the cycle, the breadth of sectors involved and the earnings Analyst

visibility created by sustained capital deployment. The opportunity now extends well julian.radlinger@ubs.com

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beyond utilities and renewables, spanning enabling infrastructure, electrified end-use

sectors and the decarbonisation of high-emitting industries. The investment case is Patrick Hummel, CFA

therefore less about owning a single “green” segment and more about identifying Analyst

patrick.hummel@ubs.comwhere capital deployment translates into revenue growth, earnings visibility and

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improving returns.

Gonzalo Sanchez-Bordona

From investment theme to stock selection framework Analyst

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We translate this system-wide capex cycle into a practical investment framework across +34-91-745 4147

low-carbon leaders, enablers and transitioners. Based on this framework, we construct a

Andrew Jonesfocused list of 31 European equities (Decarb Ideas List update) positioned to benefit

Analyst

from the energy transition. Using this current list as a basis, we assess the performance

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characteristics of the theme through a backtested, equally weighted portfolio, which +44-20-7901 6545

would have returned c.17.4% year-to-date, delivering c.980bps of

Daniel Majoroutperformance versus the Eurostoxx 600. UBS HOLT analysis also points to

improving returns, with forward CFROI above historical levels and not yet fully