SSE plc: Preliminary Results
28 May 2026
Highlights
- Record year delivering £3.6bn capital investment, as construction programme gains momentum
- Financial results towards the upper end of guidance, reflecting strong operational performance
- Resilient business mix means no immediate impact from macro volatility on performance outlook
- Delivery of fully-funded £33bn investment plan to 2030 well under way
- Earnings targets of between 168 – 193 pence for 2026/27 (adjusted for equity issuance) and between 225 – 250 pence for 2029/30 remain unchanged
- Recommend a final dividend of 47.3 pence, resulting in a full year dividend of 68.7 pence, a 7% increase on the prior year, reflecting the strategic progress made
Martin Pibworth, Chief Executive, said:
“This year has demonstrated the strength and resilience of SSE’s integrated model. We met all our financial and operational targets and delivery of our fully-funded £33bn investment plan to 2030 – focusing on Networks, Renewables and Flexibility – is well under way. That investment is central to long‑term value creation. It is reducing the UK’s exposure to volatile global energy markets and providing more stable, predictable returns through the energy transition, while supporting economic growth and cutting bills for consumers.
“By operating our business efficiently and optimally, while accelerating electrification and building energy infrastructure to unlock homegrown renewables, we are strengthening energy security and lowering system costs over time. With record levels of capital investment in line with our plan and strong momentum across the Group, we are well placed to deliver sustainable growth and value creation for our shareholders while helping to build a more affordable and secure energy system for the UK.”
| Financial Summary | Adjusted | Reported | ||||
| Mar 2026 | Mar 20251 | % | Mar 2026 | Mar 2025 | % | |
| Operating profit (£m) | 2,237 | 2,419 | (8)% | 1,889 | 1,962 | (4)% |
| Profit before tax (£m) | 2,025 | 2,145 | (6)% | 1,837 | 1,851 | (1)% |
| Earnings per share (p) | 153.5 | 161.3 | (5)% | 105.5 | 108.2 | (2)% |
| Investment & capital expenditure (£m) | 3,586 | 2,910 | +23% | 4,781 | 3,837 | +25% |
| Net Debt and Hybrid Capital (£bn)2 | 10.1 | 10.1 | – | 8.6 | 9.5 | (9)% |
1 Comparative financial information has been restated, please see note 2.3 to the Summary Financial Statements
2 Reported net debt excludes equity accounted hybrid capital, see Alternative Performance Measures section
Financial performance
- Adjusted Earnings Per Share of 153.5p, towards the upper end of guidance and reflecting continued strong operational performance during a period of macro-economic uncertainty.
- Regulated Networks contributed around 40% of adjusted operating profits, including:
- Increasing investment and associated allowed revenues in SSEN Transmission, with adjusted operating profit around 75% higher than prior year.
- Distribution operating profits around 54% lower than prior year as expected given the non-recurring inflation adjustment in the prior year.
- Capacity additions delivered by SSE Renewables were partially offset by less favourable weather conditions throughout the course of the year combined with lower hedged prices as expected, with adjusted operating profits around 4% higher than the prior year.
- Operating profits across the Flexibility businesses were lower as expected, as market conditions, outages and lower volumes meant that adjusted operating profits were around 15% down on prior year.
- Reported operating profit of £1,889m reflects a net £(157.7)m re-measurement charge, £(84.7)m group restructuring costs and £(77.9)m net asset impairments.
- Adjusted taxation rate decreased to 9.6%, reflecting tax relief on increasing investment programme.
- Adjusted capital investment increased by over 20% to £3.6bn, predominantly in SSEN Transmission.
- Adjusted net debt and hybrid capital at £10.1bn, in line with expectations given increasing investment, with 3.3x net debt / EBITDA
- Recommend a final dividend of 47.3 pence, taking full year dividend to 68.7 pence or 7% increase on prior year.
Strategic delivery
Networks
- Construction under way on five of the 11 major Transmission projects, representing around one third of transmission investment plan spend.
- Around 75% of major transmission consents have now been received, with remainder in progress.
- Transmission supply chain fully secured and delivering on projects under construction, as employee base continues to grow with >20% increase over the year.
- Distribution RIIO-ED3 business plan under development, due for submission in December 2026, setting the foundation for decades of expected growth.
Renewables
- Construction progressing at Dogger Bank with turbine installation stage at Phase A completed in February 2026, and strong installation progress on Phase B with 20 turbines installed to date.
- Success in UK Allocation Round 7 for 1.4GW Berwick Bank Phase B project, with the remaining 2.7GW of capacity expected to be eligible for the accelerated Allocation Round 8 auction later this calendar year.
- 150MW Ferrybridge Battery Energy Storage System entered full operation in March 2026.
Flexibility
- Final investment decision taken at the 170MW Platin Power Station in Ireland, underpinned by an attractive capacity market contract.
Financial outlook
- SSE’s increasing exposure to regulated, index-linked earnings provides embedded financial resilience in periods of significant macro-economic, political or regulatory uncertainty.
- Accordingly, the Group reiterates adjusted EPS expectations for both 2026/27 of between 168 – 193 pence (adjusted for equity issuance and increased number of shares) and 2029/30 of between 225 – 250 pence.
- Full year 2026/27 capex is expected to significantly increase to over £5bn, with net debt continuing to be comfortably within the Group’s recently reaffirmed strong investment grade credit ratings.
Key Performance Indicators
| Financial Performance | Adjusted | Reported | ||
| Mar 2026 | Mar 20251 | Mar 2026 | Mar 20251 | |
| EBITDA £m | 3,207.9 | 3,349.3 | 2,768.2 | 2,738.3 |
| Operating profit £m | 2,236.6 | 2,419.2 | 1,888.9 | 1,962.2 |
| Profit before tax £m | 2,024.8 | 2,144.5 | 1,837.3 | 1,850.9 |
| Earnings per share (EPS) pence | 153.5 | 161.3 | 105.5 | 108.2 |
| Full year dividend per share (DPS) pence | 68.7 | 64.2 | 68.7 | 64.2 |
| Investment and capital expenditure £m | 3,585.6 | 2,910.4 | 4,780.7 | 3,837.0 |
| Net debt and hybrid capital £bn | 10.1 | 10.1 | 8.6 | 9.5 |
| SSEN Transmission RAV – £bn (100% basis) | 9.0 | 7.2 | ||
| SSEN Distribution RAV – £bn | 6.6 | 5.7 | ||
| SSE Total Electricity Networks RAV – £bn (100% basis) | 15.6 | 12.9 | ||
1 Comparative financial information has been restated, please see note 2.3 to the Summary Financial Statements
| Performance against 2030 Goals | Mar 2026 | Mar 2025 |
| Cut carbon intensity by 80% | ||
| – Scope 1 GHG intensity (gCO2e/kWh) | 194 | 218 |
| Increase renewable energy output fivefold | ||
| – Renewable generation output (TWh)1 | 14.5 | 13.3 |
| Enable low-carbon generation and demand | ||
| – Renewables connected in SSEN Transmission network area (GW)2 | 10.8 | 10.6 |
| Champion a fair and just energy transition | ||
| – Contribution to GDP UK and Ireland (£bn / €bn)3 | 9.66/1.36 | 7.88/0.95 |
| – Jobs supported in UK and Ireland3 | 83,360/4,990 | 62,000/5,190 |
1 Includes pumped storage, battery energy storage systems, biomass and constrained-off wind in GB.
2 Prior period comparators restated to reflect data refinement. Transmission and Distribution connected capacity within the SSEN Transmission network area, includes pumped storage and battery storage.
3 Direct, indirect and induced Gross Value Added and jobs supported, from PwC analysis
| Safety Performance | Mar 2026 | Mar 2025 |
| Total Recordable Injury Rate per 100k hours (SSE & contract partners) | 0.17 | 0.16 |
Results presentation
SSE will present these full year results on Thursday 28 May 2026 at 09:00am UK time. The presentation will be available to replay. You can join the webcast by visiting sse.com and following the links on the homepage or investor pages; or directly. Participants can register for a pin code and conference call number for an accompanying teleconference. News releases and announcements are made available on sse.com/investors and you can register for Regulatory News Service alerts at sse.com/investors/regulatory-news/regulatory-news-alerts.
Investor Timetable
| 2026 Annual Report and Sustainability Report published on sse.com | 12 June 2026 | ||||
| AGM and Q1 Trading Statement | 16 July 2026 | ||||
| Final ex-dividend date | 23 July 2026 | ||||
| Record date | 24 July 2026 | ||||
| Scrip reference pricing days | 23 – 29 July 2026 | ||||
| Scrip reference price confirmed and released via RNS | 30 July 2026 | ||||
| Final date for receipt of scrip elections | 20 August 2026 | ||||
| Final dividend payment date | 17 September 2026 | ||||
| Trading Update | Around 30 September 2026 | ||||
| Interim results for the six months ended 30 September 2026 | 18 November 2026 | ||||