SSE PLC

PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2022

25 MAY 2022

Strong Performance, Strategic Progress And Record Investment In Volatile Macroeconomic Conditions

• Adjusted earnings per share of 95.4p , within pre-close guidance, reflects the resilience of the Group's integrated and balanced business model in volatile market conditions.
• £12.5bn strategic capital investment plan to FY26 on track with record investment of £2.1bn reported for the year.
• Total Recordable Injury Rate of 0.17 , an increase from 0.14, reflecting growing construction activity.
• Progressing well on flagship SSE Renewables projects, with 2.4GW under construction.
• Over 1GW pipeline additions through ScotWind wins and site optimisation, with up to 4.9GW future additions through Southern Europe acquisition expected to complete by September 2022.
• Advancing major infrastructure projects in Transmission and greater clarity on asset base growth with gross RAV now expected to reach £6.5-7bn by FY26, and over £12bn by FY31.
• Guiding to adjusted EPS of at least 120p for 2022/23 and updating to an adjusted EPS CAGR of between 7-10% over the five year period to 2025/26.
• Net investment into vital UK and Ireland infrastructure could exceed £25bn this decade , creating thousands of jobs and directly addressing the energy crisis in the longer term.
• Contributed over £5.8bn to UK GDP, supporting over 45,000 UK jobs, and €438m contribution to Ireland GDP and over 1,800 Irish jobs supported.

* Comparative information has been re-presented to reflect the classification of Scotia Gas Networks as a discontinued operation and the changes to segmental disclosures made in the period (see note 2.3 of the Summary Financial Statements). ** includes discontinued operations and is net of refund proceeds from project financing.

Alistair Phillips-Davies , Chief Executive, said:

“This was a year in which our resilient business mix and balanced portfolio of assets helped us navigate volatile markets and meet our financial objectives whilst making record investments in the critical UK infrastructure needed to tackle climate change and deliver more secure, independent energy supplies.

“We set out in November our Net Zero Acceleration Programme, which acts as a floor, not a ceiling, to our ambitions and we are delivering on that plan at pace. In the context of a global energy crisis and intense pressure on the cost of living, we are helping to drive the build-out of vital electricity infrastructure that will reduce dependency on imported gas and help protect consumers from future price spikes, and in doing so we are investing significantly more than we are making in profits.

“We are delivering major projects, building pipelines, and have made inroads in Southern Europe and Japan as we export our renewables capabilities internationally to fulfil SSE's considerable potential. Strategically, operationally and financially, SSE is well-placed to continue to create value for all of our stakeholders and wider society as we create the infrastructure needed to deliver net zero, secure energy supplies and ultimately drive consumer prices down.”