SSE (SSE) H2 2026 earnings summary

Executive summary

• Achieved FY 2026 earnings per share of £1.535, near the top end of guidance, with strong investment delivery across Networks, Renewables, and Flexibility, supporting resilient long-term growth to 2030 and beyond.

• Accelerated delivery of a £33 billion investment plan, with 80% focused on regulated networks, driving a 25% CAGR in earnings.

• Maintained a robust safety culture with a combined TRIR of 0.17 and immersive safety training for ~14,000 employees and partners.

• Record annual CapEx of £3.6 billion, supporting compounding growth in the regulatory asset base and future earnings.

• Focused on operational efficiency, targeting over £100 million savings in FY27 and over £200 million annual recurring savings by FY28.

Financial highlights

• Adjusted operating profit: £2,237m (down from £2,419m in FY25); adjusted EPS: 153.5p (vs 161.3p in FY25).

• Full year dividend: 68.7p, a 7% increase year-over-year, in line with progressive policy.

• CapEx increased to £3.6bn, with Networks CapEx up 62% to £2,569m.

• Net debt/EBITDA at 3.3x, with £7.4bn liquidity at year end and 92% of debt at fixed rates, average cost of debt around 4.1%.

• 60% of underlying earnings were index-linked, expected to rise to 80% by 2030.

Outlook and guidance

• FY27 adjusted EPS expected in the range of 168–193p, consistent with a 175–200p target (adjusted for equity raise dilution).

• Targeting £2.25–£2.50 EPS by 2030, driven by regulated networks and renewables growth.

• Transmission and Flexibility earnings expected to be significantly higher in FY27 and FY30, with Renewables and Distribution stable.

• Dividend per share growth targeted at 5–10% annually from FY25 baseline.

• Flexibility segment to benefit from increased capacity payments.