Evida Due Diligence

Run due diligence on Evida: check compliance and get alerts when suppliers or ownership change.

Denmark · owned by Finansministeriet, Departementet (Denmark) · evida.dk · 18 vendors

Evida is Denmark's national gas distribution company, responsible for operating and maintaining the approximately 18,000 km gas pipeline network that spans most of the country. The company monitors the gas system around the clock to ensure safe, stable, and efficient operation, and actively works on connecting biogas plants to the network as part of Denmark's green energy transition. Evida is also preparing future infrastructure for CO2 and hydrogen transport.

Resilience scores

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Last updated 2026-09-13 · revision 6

18 direct vendors, 195 subvendors

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Subvendors by controlling owner country (sample)

Compliance

6 in-scope frameworks identified; showing 3.

SOC 2 (source) — No public evidence

ISO 27001 (source) — No public evidence

GDPR (source) — No public evidence

Evidence: https://evida.dk/privatlivspolitik/, https://evida.dk/cookieinfo/

Financials

Three-year financials

Financial Resilience Score: 8/10

Evida Holding A/S demonstrates strong financial resilience underpinned by its status as a 100% Danish state-owned regulated monopoly gas distribution operator. The company benefits from exceptional credit and political backing from the Danish Ministry of Finance, including a long-term interest-deferred state loan of DKK 2,593M that is repayment-free until 2029. As a regulated monopoly under the Gas Supply Act, Evida's tariffs and revenue caps are set by the Danish Utility Regulator, providing inherent revenue predictability across economic cycles. The company operates critical national infrastructure with 99.99% uptime maintained every year from 2021-2025 and a near-100% market share of Danish gas distribution. The balance sheet has steadily strengthened, with equity growing from DKK 1.41B in 2021 to DKK 1.66B in 2025 (CAGR ~4.2%), and the solidity ratio improving from 20.3% to 24.9% over the same period. No short-term bank debt remained at year-end 2025. EBIT and net profit improved meaningfully in 2024-2025 as operating cost discipline outpaced gross revenue decline. However, EBITDA structurally reset lower in 2024 (~DKK 515-569M vs ~DKK 830M in 2021-2023) reflecting the tariff revenue cap reset, and ROCE remains modest at 2.6% (2025), typical of regulated utilities but limiting financial flexibility. Key concerns include structural decline in legacy gas demand due to Danish political target to phase out gas heating by 2035, capex intensity (DKK 600-800M guided for 2026), abandonment liabilities of DKK 898M for future pipeline removal, and execution risk in new CO2 and hydrogen business ventures. Despite these, the combination of state ownership, regulatory protection, improving solidity, and strategic diversification into CCUS and hydrogen infrastructure provides robust resilience.

Key strengths: 100% Danish state ownership (Ministry of Finance) providing exceptional credit backing, Regulated monopoly with revenue caps set by Danish Utility Regulator, Long-term interest-deferred state loan of DKK 2,593M (repayment-free until 2029), Equity ratio improved from 20.3% (2021) to 24.9% (2025), 99.99% uptime maintained every year 2021-2025, Near-100% market share of Danish gas distribution, No short-term bank debt at year-end 2025, Strategic diversification into CO2 transport and hydrogen infrastructure, Biogas now ~40% of distributed volume

Risk factors: Structural decline in legacy gas demand; Danish political target to phase out gas heating by 2035, Regulatory risk: revenue caps for 2023-2026 still preliminary and could be revised, Abandonment liabilities of DKK 898M for pipeline removal/site restoration, Cyber and physical security risk; threat level raised to 'orange' in 2025, Execution risk in nascent CO2 and hydrogen business ventures, High capex intensity (DKK 600-800M guided for 2026), Low ROCE of 2.6% limits financial flexibility, EBITDA structurally reset lower from 2024 onwards

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