A study by the Politecnico di Milano in collaboration with Banor, which analysed over 8,000 financial statements of Stoxx Europe 600 companies and their stock market returns between 2011 and 2025, found that companies’ ability to capitalise on megatrends had a tangible impact on share performance. The strongest signal came from the climate transition, with companies best positioned to capitalise on the energy revolution recording higher returns than those most exposed to climate change risks, without taking on higher levels of risk. The portfolio of growth stocks with the greatest positive exposure to the climate megatrend more than tripled in value over the period analysed. Angelo Meda, head of equities at Banor, noted that identifying companies exposed to a megatrend is often not simple, and that the market often already prices in the benefits, so monitoring progress is necessary.