Highlights

  • SSE confirms a GBP 33bn five-year investment programme, increasing exposure to UK electricity networks and supporting long-term growth.
  • Adjusted capital investment rose 22% to GBP 1.6bn, driven mainly by SSEN Transmission.
  • Interim results were in line with expectations, with adjusted EPS of 36.1 pence and full-year outlook unchanged.

SSE plc (LSE:SSE) has announced its interim results for the six months ended 30 September 2025, alongside confirmation of a transformational GBP 33 billion five-year investment plan. The initiative will significantly expand the Group’s role in UK electricity networks, underpinning future value creation and earnings growth.

The company said half-year results were consistent with expectations and typical seasonal trends, with no changes to full-year performance guidance.

Financial Overview

Adjusted earnings per share stood at 36.1 pence, in line with forecasts. Regulated Networks accounted for around two-thirds of adjusted operating profit, supported by higher investment and allowed revenues in SSEN Transmission, where adjusted operating profit nearly doubled year-on-year.

SSEN Distribution reported lower operating profit compared to the prior period due to a one-off inflation adjustment last year, though operational delivery remained on track.

In SSE Renewables, new capacity additions were offset by lower wind conditions and reduced hedged prices, leading to an 18% decline in adjusted operating profit. Meanwhile, Energy Customer Solutions saw lower profits, reflecting the absence of last year’s bad debt provision release and a more balanced wholesale pricing environment.

Reported operating profit for the period was GBP 634.2 million, including exceptional charges of GBP 56.8 million linked to the Group Operating Model and Efficiency Review. The adjusted tax rate fell to 9.4%, primarily due to tax relief from increased capital investment.

Adjusted capital investment rose to GBP 1.6 billion, with SSEN Transmission up 87% to GBP 702.5 million and SSEN Distribution up 29% to GBP 381.1 million. Adjusted net debt and hybrid capital totalled GBP 11.4 billion, consistent with expectations. An interim dividend of 21.4 pence per share was declared, equal to one-third of the 2024/25 full-year dividend.

Progress Across Business Units

In the Networks division, all major consent applications for the eleven ASTI and LOTI transmission projects have been submitted, with four projects now under construction. Supply chains have been secured following recent EGL3 agreements, supporting delivery momentum across the UK’s grid network.

Within Renewables, SSE completed the 101MW Yellow River Wind Farm in Ireland and continued construction at Dogger Bank, where turbine installation for Phase A remains on schedule for completion by the end of 2025. Consent has also been granted for the 4.1GW Berwick Bank offshore wind farm, positioning it for participation in upcoming auction rounds.

In Flexibility, a major summer maintenance programme was completed successfully, and a final investment decision was taken on the 170MW Platin Power Station in Ireland, supported by a secured capacity market contract.

Outlook

SSE reaffirmed full-year expectations across all business units for 2025/26 and 2026/27. Capital expenditure for the year is forecast to exceed GBP 3 billion, with the net debt to EBITDA ratio expected to remain between 3.5x and 4.0x, before accounting for the proposed share placing.

The company’s dividend per share is projected to increase by 5–10% in the current financial year.

SSE stated that its GBP 33 billion investment plan will substantially grow its regulated asset base and earnings.