Scope ratings affirms Eviny AS's A- rating, citing strong cash flow

Scope Ratings has affirmed Eviny AS's A-/Stable issuer rating, along with its senior unsecured debt at A- and short-term debt at S-1. This decision is based on Scope's expectation that Eviny's leverage will stabilize around 2.5x, despite substantial capital expenditures in its grid business, which underscore its robust profitability and consistent cash flow generation. The latest assessment, dated 26 September 2025, highlights the company's strong financial risk profile and adequate liquidity.

Eviny's business risk profile is rated BBB, characterized by its vertically integrated model encompassing regulated and unregulated activities. The company, Norway's fifth-largest hydropower producer, operates with environmentally friendly and cost-efficient hydropower generation. Recent acquisitions, including two wind farms in 2024, have diversified its generation capacity and geographic exposure.

Looking ahead, Eviny plans capital expenditures of NOK 2.5–3.0bn for 2025-2027, with 45% allocated to grid investments and continued expansion in electrification infrastructure. The company’s commitment to an EBITDA margin of around 60% and a ROCE above 20% further supports its stable outlook.