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SSE (SSE) investor relations material
SSE H1 2026 & Strategic Update earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 & Strategic Update earnings summary12 Nov, 2025
Executive summary
Announced a fully funded £33 billion investment plan to 2030, tripling prior spending and focusing 80% on regulated UK and Ireland energy networks and 20% on renewables and flexibility projects.
Interim results to 30 September 2025 were in line with expectations, with a significant step-up in Transmission investment and earnings as projects reach construction phase.
Two-thirds of EBIT and capex are allocated to Networks, reflecting the strategic focus on regulated infrastructure.
Targeting adjusted EPS of 225–250p by FY2030, a 7–9% CAGR from FY2025 base, and extending a progressive dividend policy.
Investment is underpinned by strong operational cash flows, targeted £2bn asset disposals, and a £2bn equity placing.
Financial highlights
Adjusted operating profit for HY26 was £655m, down from £860m in HY25, mainly due to lower Distribution and Renewables earnings.
Adjusted EPS for the period was 36.1p, down 29% year-over-year, with two-thirds of earnings from regulated networks.
Interim dividend of 21.4p declared, one-third of FY25 dividend, with policy of 5–10% annual growth.
Adjusted capital investment rose 22% to £1.6bn, mainly in Transmission, with four of eleven major projects under construction.
Adjusted net debt and hybrid capital increased to £11.4bn, reflecting higher investment.
Outlook and guidance
Reaffirmed FY2026 and FY2027 segmental guidance, with Transmission EBIT expected to be more than 1.5x higher in FY26 vs FY25.
Adjusted EPS for FY30 targeted at 225–250p, with 7–9% CAGR from FY25 baseline of 160.9p.
Dividend per share to increase 5–10% annually to FY2030, maintaining a progressive policy.
Full-year 2025/26 capex expected to exceed £3bn, with net debt/EBITDA targeted at 3.5–4.0x.
How do asset rotations support debt ratio targets?
Impact of rising Transmission project costs?
Renewables strategy to mitigate price/weather risks?
Criteria for later asset disposals?
What underpins T3 return confidence?
Berwick Bank's role in unallocated CapEx?
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Frequently asked questions
SSE plc engages in the generation, transmission, distribution, and supply of electricity. It generates electricity from water, gas, coal, oil, and multi fuel. The company operates through three segments: SSE Hydro; Scottish Hydro Electric Transmission; and Networks. The SSE Hydro segment manages the design, build, and operation of hydro electric schemes. The SHET segment includes the state-owned conventional generation fleet as well as natural gas networks that are operated for the account of Scottish Gas Consumers in England. The Network segment manages the generation and transmission network activities in Scotland. The company was founded in 1989 and is based in Perth, the United Kingdom.
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