SSE (SSE) Trading Update summary

Executive summary

• Networks operations remained strong, with significant capex progress and nearly 70% increase in adjusted investment in networks compared to the same quarter last year.

• Renewables output decreased by 4% year-over-year due to unfavorable weather, despite strong operational availability.

• Strategic progress includes major project milestones, regulatory clarity, and a final investment decision on the Platin power station.

• Leadership transition announced, with the outgoing CEO expressing confidence in future growth under new leadership.

Financial highlights

• Adjusted investment in networks rose to around £0.5bn, up nearly 70% from the same quarter last year.

• Reiterated adjusted EPS guidance for 2026/27 at 175–200 pence.

• Total outstanding hybrid capital securities to increase by around £500m to £2.4bn after recent issuance.

Outlook and guidance

• 2026/27 adjusted EPS guidance of 175–200 pence reiterated, with financial expectations unchanged from May 2025.

• Outlook remains subject to weather, market conditions, and plant availability, with key winter months ahead.