olivLaw · European equity research
EVN AG EVN.VI
Austria · Wiener Börse · ISIN AT0000741053 · Vertical: Listed companies from Austria
EVN AG is an Austrian energy group headquartered in Maria Enzersdorf, active in electricity, gas, district heating, networks, renewable generation and drinking water, with a focus on Lower Austria. In fiscal 2024/25 it reported a Group net result of 436.7 million EUR, and its strategy to 2030 targets average annual investment of around 1 billion EUR, in a setting where networks and renewables are central to the energy transition.
At the close of 05 Nov 2026, EVN AG (EVN.VI) stock was 30.65 EUR (+0.99% on the day), with market capitalisation 5.5 bn EUR, P/E 12.5 on diluted EPS of 2.45 EUR over the last 12 months, dividend yield 2.94%, beta 0.37, 52-week range 25.85–30.65 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 67.4
- strong (55–70)
- Bollinger (20, 2)
- 28.67 – 30.59
- above the upper band · %B 1.03 · band width 6.5%
- SMA 50 / 200
- 29.15 / 28.84
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.37 / 0.29
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.4% | +0.4% | +6.0 pp | — |
| 3 months | +4.4% | −3.3% | +7.7 pp | — |
| 6 months | +4.1% | +4.0% | +0.1 pp | — |
| Year to date | +12.9% | +8.1% | +4.8 pp | — |
| 1 year | +15.2% | +10.7% | +4.5 pp | +5.3% |
| 3 years | +18.1% | +50.1% | −32.0 pp | +3.6% |
| 5 years | +23.8% | +43.6% | −19.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 9.6, median 10.1, max 10.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 2.9 bn | 3.0 bn |
| Revenue YoY | unavailable | +3.8% |
| Net income | 471.7 m | 436.7 m |
| Net income YoY | unavailable | −7.4% |
| Diluted EPS | 2.65 | 2.45 |
| Diluted EPS YoY | unavailable | −7.5% |
| net % | 16.3% | 14.6% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 89.8 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 6.7 bn EUR
- Total assets
- 11.0 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.15x
- ROE
- 6.5%
- ROA
- 4.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 2.9 bn | 3.0 bn | esef· 14 Jan 2026verified |
| Operating income | 404.3 m | 490.9 m | esef· 14 Jan 2026verified |
| Depreciation & amortisation | 333.7 m | 360.1 m | esef· 14 Jan 2026verified |
| EBITDA | 738.0 m ≈ | 851.0 m ≈ | esef· 14 Jan 2026derived |
| Interest expense | 60.4 m | 54.2 m | esef· 14 Jan 2026verified |
| Pre-tax income | 549.9 m | 574.4 m | esef· 14 Jan 2026verified |
| Income tax | 32.1 m | 65.6 m | esef· 14 Jan 2026verified |
| Net income | 471.7 m | 436.7 m | esef· 14 Jan 2026verified |
| Diluted EPS | 2.65 | 2.45 | esef· 14 Jan 2026verified |
| Dividend per share | — | 0.90 | esef· 14 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 78.8 m | 89.8 m | esef· 14 Jan 2026verified |
| Inventories | 116.2 m | 86.5 m | esef· 14 Jan 2026verified |
| Current assets | 1.2 bn | 1.4 bn | esef· 14 Jan 2026verified |
| Property, plant & equipment, net | 4.7 bn | 5.1 bn | esef· 14 Jan 2026verified |
| Total assets | 10.9 bn | 11.0 bn | esef· 14 Jan 2026verified |
| Current liabilities | 1.2 bn | 1.2 bn | esef· 14 Jan 2026verified |
| Equity | 6.7 bn | 6.7 bn | esef· 14 Jan 2026verified |
| Shares outstanding at year end | 178.0 m | 178.2 m | esef· 14 Jan 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 5.5 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 12.24 – 54.49 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E28.04 – 54.49 (Mid 41.85)24 companies used · median multiple 17.1x · quartiles 11.4x – 22.2x1AST.VI, ACAG.VI, AMAG.VI, ANDR.VI, BMAG.VI, CPI.VI, DOC.VI, ETS.VI, FAA.VI, FACC.VI, FQT.VI, MMK.VI, OMV.VI, POS.VI, POST.VI, PYT.VI, ROS.VI, SBO.VI, STR.VI, SWUT.VI, TKA.VI, VER.VI, VOE.VI, WIE.VI
- Dividend discount (DDM)12.24 – 16.69 (Mid 14.12)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 14.6% | 87 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 9.1x | 100 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.2x | 29 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 12.5x | 69 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet72/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial87/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial69/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EVN AG (EVN.VI). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 3.0 bn EUR in 2025; YoY growth 3.8%; net margin 14.6%; ROE 6.9%.
The estimated value range is 20.14–35.59 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 27.99 EUR, the price of 30.65 EUR leaves a potential of -8.7% (value / price − 1) and a margin of safety of -9.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 14.6%
- Interest coverage: 9.1x
What contradicts it
- Current ratio: 1.2x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Austria · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| OMV.VIOmv Aktiengesellschaft | 35.6 bn | 23.4 | 8.9% | 6.3% | −7.2% | +53% / +86% |
| VER.VIVerbund AG | 26.2 bn | 17.6 | 14.7% | 18.6% | −2.8% | +19% / −14% |
| STR.VIStrabag Se | 11.7 bn | 12.8 | 17.2% | 4.9% | +7.4% | +32% / +168% |
| ANDR.VIAndritz AG | 8.1 bn | 17.7 | 19.3% | 5.8% | −5.2% | +33% / +66% |
| VOE.VIvoestalpine AG | 7.1 bn | 17.0 | 5.7% | 2.8% | −4.3% | +12% / +61% |
| EVN.VIEvn AG | 5.5 bn | 12.5 | 6.9% | 14.6% | +3.8% | +15% / +14% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 2.5 bn | — | -2.4% | -1.4% | +12.7% | +238% / +346% |
| DOC.VIDO & CO Aktiengesellschaft | 2.4 bn | 22.2 | 24.0% | 4.3% | +7.1% | +12% / +70% |
| CPI.VICPI Europe AG | 2.2 bn | 4.2 | 12.2% | 68.2% | −6.7% | +1% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.4 | 18.3% | 4.3% | −2.6% | +6% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.7 | 5.9% | 3.6% | +1.2% | −40% / −32% |
| LNZ.VILenzing Aktiengesellschaft | 1.8 bn | — | -11.8% | -5.2% | −2.3% | −48% / −65% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.1 | 3.6% | 1.9% | −4.8% | −21% / −41% |
| POS.VIPorr AG | 1.2 bn | 10.7 | 12.9% | 1.8% | +1.7% | +6% / +167% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.4 | 4.7% | 2.3% | +2.1% | +34% / +19% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +85% / −47% |
| FQT.VIFrequentis AG | 790.7 m | 28.1 | 15.5% | 4.9% | +20.8% | −14% / +111% |
| ETS.VIEuroTeleSites AG | 745.4 m | 22.3 | 8.8% | 11.9% | +3.7% | −6% / +34% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 722.9 m | — | -3.6% | -1.2% | −7.9% | −3% / −15% |
| FACC.VIFacc AG | 602.4 m | 28.4 | 9.1% | 2.2% | +11.3% | +22% / +127% |
| ROS.VIRosenbauer International AG | 591.1 m | 11.9 | 17.4% | 3.5% | +9.4% | +35% / +104% |
| 1AST.VIASTA Energy Solutions AG | 467.7 m | 15.5 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 456.6 m | 19.4 | 5.2% | 5.2% | −18.8% | +5% / −30% |
| SEM.VISemperit Aktiengesellschaft Holding | 379.1 m | 902.5 | 0.1% | 0.1% | −2.1% | +39% / +28% |
| ACAG.VIAustriacard Holdings AG | 347.8 m | 25.6 | 11.4% | 4.1% | −8.2% | +76% / +65% |
1- and 3-year price returns: for EVN.VI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 18.00 Total return -39% · Per year -39% | 31.83 Total return 7% · Per year 7% | 47.95 Total return 60% · Per year 60% |
| 3 years | 17.23 Total return -37% · Per year -14% | 34.31 Total return 21% · Per year 7% | 56.80 Total return 97% · Per year 25% |
| 5 years | 16.50 Total return -35% · Per year -8% | 37.00 Total return 37% · Per year 7% | 67.28 Total return 141% · Per year 19% |
- Exit P/E± 8.58
- Net margin± 6.00
- Annual revenue growth± 4.96
- Annual dilution± 0.50
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
EVN AG is an Austrian energy group headquartered in Maria Enzersdorf, active in electricity, gas, district heating, networks, renewable generation and drinking water, with a focus on Lower Austria. In fiscal 2024/25 it reported a Group net result of 436.7 million EUR 1, and its strategy to 2030 targets average annual investment of around 1 billion EUR 1, in a setting where networks and renewables are central to the energy transition.
SWOT
Strengths
- The regulated network base provides predictable revenue, and the company holds a strong position in Lower Austria, its main region of activity 1.
- Holdings in strategic companies bring significant financial income and equity accounted results 1.
- The company has advanced in digitalisation and AI, with applications already deployed in front-office and back-office functions 1.
Weaknesses
- Results depend heavily on weather and water levels, making production and revenue volatile from year to year 1.
- The Group net result declined from the prior year, and some gains and losses on investments were volatile 1.
- International activity and the sale of external projects introduce uncertainty and transition costs 1.
Opportunities
- Investment in networks, battery storage and e-charging could expand the regulated asset base and long-term revenue 1.
- The Peer2Peer platform and dynamic tariff projects could create new revenue from direct electricity trading 1.
- The Allianz WärmeZukunft and low-temperature district heating could open new decarbonisation projects 1.
Threats
Risks
- Impairment riskshigh
The company identified impairment risks as one of the major uncertainties with potentially high impact on its results 1.
- Regulation in the energy transitionhigh
Changes in the regulatory framework of the energy system and markets could alter network revenue and market conditions 1.
- Sale of the international project businessmedium
The sale of the international project business carries execution risks and effects on reported results 1.
- Cybersecuritymedium
Cyber threats and sabotage could affect critical infrastructure and continuity of services 1.
- Weather riskslow
Temperature, drought and extreme events influence production, demand and network operations 1.
Investment thesis
What would need to be true (bull case)
- If planned network and renewable investments are delivered on time, the regulated asset base could grow and support long-term revenue 1.
- Digitalisation and AI automation could reduce operating costs and improve customer service efficiency 1.
- A stable dividend policy with a planned increase could make the company attractive to income-oriented investors if financial targets are met 1.
What would break the thesis
- If impairment or regulatory risks materialise, the Group net result could fall below the range expected for 2025/26 1.
- Dependence on weather and water levels could make results more volatile than the company intends 1.
- The sale of the international business and uncertainties in holdings could limit the predictability of revenue 1.
What to watch
- Achievement of Group net profit within the forecast range2025/26
- Development of the proposed dividend and dividend policynext annual report
- Launch of the Peer2Peer platform and dynamic tariff projects2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
EVN AG operates through segments covering energy generation and sales, distribution networks, renewable energy and activities in South East Europe. The group reported consolidated revenue of 3000.0 million EUR in fiscal 2024/25 1, with EBITDA of 909.1 million EUR 1. A significant part of the result comes from regulated networks and from equity accounted investees 1.
The business structure is dominated by assets in Lower Austria, where the company concentrates investment in networks, wind and photovoltaic parks, large battery storage, e-charging infrastructure and water supply 1. The Peer2Peer platform of subsidiary E.GON is preparing direct electricity trading between producers and consumers, with go-live planned for 2026 1.
The company sold part of its international project business, and results from discontinued operations are shown separately in the consolidated statement of operations 1. The proposed dividend for fiscal 2024/25 is 0.90 EUR per share, with a policy of at least the same level in 2025/26 and an increase to 1.10 EUR per share by 2029/30 1.
Segments
Networks and distribution
Electricity, gas, district heating and water networks are the base of regulated revenue. The company is expanding network digitalisation, smart transformer stations and remotely readable meters to integrate decentralised producers and manage flexibility in the system 1.
Generation and renewable energy
Generation covers hydro, wind, photovoltaic and battery storage. Results depend on weather and water levels, and the plan to 2030 foresees an expansion of wind, photovoltaic and storage capacity in Lower Austria 1.
South East Europe
Activities in South East Europe are an external component of the group, exposed to regulatory and market risks that differ from those in Austria. The company expects stable development of these activities in line with its organic growth plans 1.
Market context
The Austrian energy market is regulated, and network revenues depend on the tariff framework and the regulated asset base. The company reported revenue of 3000.0 million EUR 1, and its outlook for 2025/26 assumes a Group net profit between 430 and 480 million EUR 1, provided the regulatory and energy policy environment stays stable.
Energy demand depends on temperature, and the transition to renewables increases production volatility and pressure on networks. If energy prices or public policies change, results could fluctuate significantly from the prior year level 1.
Trends
- Digitalisation and artificial intelligencetailwind
The company has deployed voice bots and AI-assisted e-mail processing for over 900000 customer contacts a year, along with assistants for accounting and ESG reporting 1. These could lower operating costs if adoption extends into back-office functions.
- Low-temperature district heatingtailwind
Projects on low-temperature networks and hybrid heating systems aim to decarbonise heat supply. The Allianz WärmeZukunft innovation lab in Austria, starting in 2026, could open new expansion opportunities 1.
- Energy price volatilityheadwind
Fluctuations in energy prices and market distortions, amplified by recent geopolitical crises, affect margins and the company's procurement position 1.
- Climate change and extreme weathermixed
Lower river flows, mild winters and extreme weather events could reduce hydro output and energy demand, and also affect networks. The company treats them as distinct physical risks 1.
Competitive position
EVN competes in the Austrian market with other regional suppliers and with producers developing renewable capacity. As a company with significant investments, its position also depends on dividends received from strategic holdings such as Verbund AG 1.
In networks, the position is largely regulated, so direct competition comes mostly from data models and flexibility solutions of new players. The company aims to stay competitive through investment in digitalisation and peer-to-peer trading platforms 1.
- Verbund AG
Austrian hydropower producer, a significant dividend source for EVN and also a competitor in the Austrian energy market.
- Wiener Netze
Vienna network operator, a competitor in distribution and network services in Austria.
- Energie Steiermark
Austrian regional energy supplier active in generation and distribution, present in neighbouring markets.
- Enel
European energy group with network and renewable activities, competing for projects and energy services.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202514 Jan 2026
- Annual report 202514 Jan 2026
Sources
- [1] Annual report, fiscal year ended 2025-09-30 (ESEF) · SEC / EVN AG · 30 Sept 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.