SSE (SSE) Trading Update summary

Performance and earnings

• Interim adjusted earnings per share expected to exceed 45 pence, with most annual earnings typically realized in the second half.

• First half renewables output reached 5.3TWh, up 44% year-on-year, driven by increased capacity and favorable weather.

• Full-year adjusted operating profits from flexible thermal and gas storage assets anticipated to be at least £200m.

Investment and project progress

• Continued progress on the NZAP Plus investment programme, including completion of Viking onshore wind farm, Shetland HVDC link, and Slough Multifuel power station.

• Dogger Bank A offshore wind farm completion now expected in H2 2025, with project returns not materially impacted.

• Secured government contracts for approximately 190MW of renewables capacity during the period.

Financial position and funding

• SSEN Transmission issued an €850m eight-year Green Bond in August 2024 at a 4.95% fixed funding cost.

• Adjusted net debt projected to be around £10bn as of 30 September 2024.