EVN AG (EVN)
Wiener Börse · Utilities · analysed October 12, 2026
Founded in 1922 and headquartered in Lower Austria, EVN AG is a leading Austrian utility and environmental services company operating across Austria and Southeastern Europe. Its core business encompasses the generation, distribution, and supply of electricity, natural gas, and district heat, as well as drinking water supply, waste treatment, and e-mobility solutions. Guided by its Strategy 2030, EVN is currently focused on accelerating decarbonization and modernizing regional infrastructure through substantial multi-year investments. Strategic priorities include expanding wind and photovoltaic power capacity, building large-scale battery storage facilities, and reinforcing its electricity grids and water supply networks.
Executive summary
EVN AG is a Lower Austrian integrated multi-utility combining regulated electricity and gas network distribution, domestic renewable generation, regional customer supply, and South East European grid assets2,3. The business is underpinned by strong natural monopoly domestic network concessions, low financial leverage with a debt-to-equity ratio of 0.195, and substantial recurring dividend flows from a syndicated stake of over 25% in Austrian hydropower generator Verbund AG2,16,26. While the stock offers solid defensive cash generation and trades at a modest trailing earnings multiple of 10.25x, upside is counterbalanced by merchant electricity price exposure via Verbund, regulatory friction in South East Europe, and a tightly held municipal register with only a 19.7% free float2,6,26.
Sources cited here, 5 of 35
- 2evn.at
- 3evn.at
- 6wienerborse.at
- 16simplywall.st
- 26verbund.com
Key figures
- Market cap
- $5.8B
- P/E, trailing
- 10.3
- P/E, next 12 months
- 10.6
- Revenue growth, last fiscal year
- 4.2%
- Net margin, last fiscal year
- 14.3%
The full analysis adds sections on competition, financials and valuation, recent news, upcoming catalysts, institutional investors and fund letters. See the plans or join the waitlist.