REG - SSE Plc - Interim Results
12/11/2025 07:00
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RNS Number : 1473H SSE PLC 12 November 2025
This announcement contains inside information under Article 7 of the Market
Abuse Regulation (EU) No 596/2014, as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").
SSE plc: Interim Results
for the six months ended 30 September 2025
12 November 2025
Highlights
A transformational £33bn five-year investment plan announced separately today
will see a significant increase in the Group's exposure to UK electricity
networks, driving long-term value creation with attractive regulatory asset
value and earnings growth.
Interim results in line with expectations, reflecting typical seasonal
averages and with full year performance expectations remaining unchanged.
Adjusted capital investment increased by 22% to £1.6bn, predominantly in SSEN
Transmission where four of the eleven major projects are now under
construction.
Martin Pibworth, Chief Executive, said:
"Today's transformational investment plan will help build a cleaner, more
secure and more affordable energy system. Upgrading the UK electricity network
offers a once-in-a-generation opportunity for accelerated investment that is
underpinned by secure UK Government regulatory frameworks. It will unlock
much-needed growth across the wider economy and support thousands of jobs over
the course of the plan. Our focused, disciplined and comprehensively funded
investment plan will improve lives, whilst creating sustainable value for our
shareholders and society for decades to come."
Financial summary Adjusted Reported
Sep 2025 Sep 2024(1) % mvmt Sep 2025 Sep 2024 % mvmt
Operating profit (£m) 655.0 860.2 (24)% 634.2 902.8 (30)%
Profit before tax (£m) 521.5 724.7 (28)% 586.3 845.9 (31)%
Earnings per share (p) 36.1 50.7 (29)% 26.4 47.7 (45)%
Investment & capital expenditure (£m) 1,570.1 1,292.1 22% 2,009.4 1,573.3 28%
Net debt and hybrid capital (£bn)(2) (11.4) (9.8) (16)% (10.0) (8.7) (15)%
1 Comparative financial information has been restated, please see note 2.5 to
the Interim Financial Statements
2 Reported net debt excludes equity classified hybrid capital, see Alternative
Performance Measures section
Financial performance
· Adjusted Earnings Per Share of 36.1 pence, in line with our
expectations and consistent with typical seasonality in half year results.
· Regulated Networks contributed around two thirds of adjusted
operating profits, including:
§ Increasing investment and associated allowed revenues in SSEN Transmission,
where adjusted operating profit almost doubled.
§ Distribution operating profits lower than comparative period as guided
given the non-recurring inflation adjustment in the prior period, with the
business continuing to deliver strong operational performance.
· Capacity additions delivered by SSE Renewables were offset by
less favourable weather and lower hedged prices as expected, with adjusted
operating profits (18)% lower than the prior period.
· Lower operating profits in Energy Customer Solutions as expected,
with a bad debt provision release in the comparative period combined with less
seasonal fluctuation in wholesale prices meaning a greater proportion of
profits are expected to be generated in the second half of the year.
· Reported operating profit of £634.2m also reflects lower
re-measurement gains on forward energy derivatives and exceptional items
including £(56.8)m relating to the Group Operating Model and Efficiency
Review.
· Adjusted taxation rate decreased to 9.4%, reflecting tax relief
on increasing investment programme.
· Adjusted capital investment increased by 22% to £1.6bn,
predominantly in SSEN Transmission which increased 87% to £702.5m whilst SSEN
Distribution increased 29% to £381.1m.
· Adjusted net debt and hybrid capital at £11.4bn, in line with
expectations given increasing investment.
· Declared an interim dividend of 21.4 pence, being one third of
the 2024/25 full year dividend.
Strategic delivery
Networks
· All major consent applications now submitted across the eleven
ASTI and LOTI Transmission projects(1).
· Four of these eleven major projects now consented and under
construction.
· Supply chain fully in place for ASTI and LOTI projects following
signing of EGL3 agreements.
· Distribution delivery accelerating as business prepares for
proactive strategic investment in ED3.
Renewables
· Full completion of 101MW Yellow River onshore wind farm in
Ireland.
· Construction progressing well at Dogger Bank with turbine
installation at Phase A remaining on track for completion by the end of 2025.
· Consent received for the 4.1GW Berwick Bank offshore windfarm,
clearing way for entry into upcoming auction rounds.
Flexibility
· Significant summer maintenance programme completed with all
assets successfully returning to service.
· Final investment decision taken at the 170MW Platin Power Station
in Ireland, underpinned by an attractive capacity market contract.
Financial outlook
· SSE's balanced portfolio of assets and resilient business mix has
an increasing exposure to a strong, predictable regulated asset base that
continues to create sustainable long-term value.
· Reflecting this, the Group reaffirms the individual performance
expectations for each Business Unit for 2025/26 and 2026/27 as set out on page
8. Consistent with the approach taken in prior years, SSE will look to give
specific adjusted Earnings Per Share guidance for 2025/26 later in the
financial year.
· Full year 2025/26 capex is expected to increase to over £3bn,
with the net debt to EBITDA ratio expected to be within a 3.5 - 4.0x range,
before adjusting for today's proposed placing.
· In line with SSE's dividend plan, it is expected that the
dividend per share will increase by between 5-10% this financial year.
The transformational £33bn five-year investment plan, also announced today,
further outlines a significant increase in the Group's exposure to UK
electricity Networks which will drive long-term value creation with attractive
regulatory asset value and earnings growth.
(1)ASTI: Accelerated Strategic Transmission Investment, LOTI: Large Onshore
Transmission Investment
Results presentation
SSE will present these interim results and its strategic update on Wednesday
12 November at 08:00am UK time. The presentation will be available to replay.
You can join the webcast by visiting sse.com (https://www.sse.com) and
following the links on the homepage or investor pages; or directly
(https://edge.media-server.com/mmc/p/69m56nwu) .
This will also be available as a teleconference, for which participants can
register
(https://register-conf.media-server.com/register/BI29d8460f14414212abeb650f1285da97)
to receive a unique pin code and conference call number.
Key Performance Indicators
Financial Performance Adjusted Reported
Sep 2025 Sep 2024(1) Sep 2025 Sep 2024
EBITDA £m 1,152.2 1,323.0 1,058.6 1,290.7
Operating profit £m 655.0 860.2 634.2 902.8
Profit before tax £m 521.5 724.7 586.3 845.9
Earnings per share (EPS) pence 36.1 50.7 26.4 47.7
Interim dividend per share (DPS) pence 21.4 21.2 21.4 21.2
Investment and capital expenditure £m 1,570.1 1,292.1 2,009.4 1,573.3
Net debt and hybrid capital £m 11,437.6 9,843.8 10,034.6 8,688.8
SSEN Transmission RAV - £m (100% basis) 8,132 6,359
SSEN Distribution RAV - £m 6,093 5,528
SSE Total Electricity Networks RAV - £m (100% basis) 14,225 11,887
1 Comparative financial information has been restated, please see note 2.5 to
the Interim Financial Statements
Performance against 2030 Goals Sep 2025 Mar 2025 Sep 2024
Cut carbon intensity by 80% to 61gCO2e/kWh
- Scope 1 GHG intensity (gCO2e/kWh) 200 218 207
Increase renewable energy output fivefold to at least 50TWh
- Renewable generation output (TWh)(1) 5.4 13.3 5.4
Enable low-carbon generation and demand with at least 20GW of renewables
connected
- Renewables connected in SSEN Transmission licence area (GW)(2) 10.7 10.6 10.3
Champion a fair and just energy transition
- Contribution to GDP UK (£bn / €bn)(3) - 7.88/0.95 -
- Jobs supported in UK and Ireland(3) - 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 Sep 2025 Mar 2025 Sep 2024
Total Recordable Injury Rate per 100k hours (SSE & contract partners) 0.16 0.16 0.16
Investor Timetable
Interim ex-dividend date 4 December 2025
Record date 5 December 2025
Scrip reference pricing days 4 - 10 December 2025
Scrip reference price confirmed and released via RNS 11 December 2025
Final date for receipt of scrip elections 2 January 2026
Interim dividend payment date 30 January 2026
Q3 Trading Statement Early February 2026
Notification of Closed Period Early April 2026
Preliminary results for the twelve months ended 31 March 2026 28 May 2026
Contact Details
Institutional investors and analysts ir@sse.com (mailto:ir@sse.com) +44 (0)345 0760 530
Shareholder services www.investorcentre.co.uk/contactus +44 (0)345 143 4005
Media media@sse.com (mailto:media@sse.com) +44 (0)345 0760 530
MHP Group james.mcfarlane@mhpgroup.com (mailto:james.mcfarlane@mhpgroup.com) +44 (0)7584 142 665
The person responsible for making this Announcement on behalf of the Company is Liz Tanner, Group General Counsel and Company Secretary.
Group Financial Review
Financial performance for the six months ended 30 September 2025
The financial information set out in this Interim Results Statement has been
prepared in accordance with the Disclosure Guidance and Transparency Rules of
the Financial Conduct Authority and UK adopted IAS 34 Interim Financial
Reporting. The interim financial information is unaudited but has been
formally reviewed by the Group's statutory auditor and its report to the
Company is set out after the Interim Financial Statements.
In order to present the financial results and performance of the Group in a
consistent and meaningful way, SSE applies a number of adjusted accounting
measures throughout this financial report. The definitions SSE uses for
adjusted measures are explained in the Alternative Performance Measures
section of this document.
Key Financial Metrics (£m) Adjusted Reported
Sep 2025 Sep 2024(1) Sep 2025 Sep 2024(1)
Segmental operating profit / (loss)
SSEN Transmission 292.1 157.5 389.5 210.0
SSEN Distribution 127.9 346.3 115.8 346.3
Electricity networks total 420.0 503.8 505.3 556.3
SSE Renewables 275.6 335.6 193.6 270.5
SSE Thermal 14.5 (3.0) (10.4) (0.3)
Gas Storage (36.3) (34.8) (34.6) (34.8)
Thermal Total (21.8) (37.8) (45.0) (35.1)
SSE Airtricity (NI and ROI) 37.4 70.6 35.7 70.6
SSE Business Energy (8.9) 36.3 (8.1) 36.3
Energy Customer Solutions Total 28.5 106.9 27.6 106.9
SSE Energy Markets 6.7 12.9 9.2 78.1
Neos Networks (10.7) (10.7) (12.6) (12.3)
Corporate unallocated (43.3) (50.5) (43.9) (61.6)
Total operating profit 655.0 860.2 634.2 902.8
Net finance (costs) / income (133.5) (135.5) (47.9) (56.9)
Profit before tax 521.5 724.7 586.3 845.9
Tax charge (49.0) (96.0) (152.3) (213.3)
Effective tax rate (%) 9.4 13.2 26.0 25.2
Profit after tax 472.5 628.7 434.0 632.6
Less: hybrid equity coupon payments (72.9) (73.7) (72.9) (73.7)
Less: profits attributable to non-controlling interests - - (69.0) (36.8)
Profit after tax attributable to ordinary shareholders 399.6 555.0 292.1 522.1
Earnings Per Share (pence) 36.1 50.7 26.4 47.7
Weighted avg. number of shares for EPS (million) 1,106.6 1,094.2 1,106.6 1,094.2
Shares in issue at 30 September (million)(2) 1,108.0 1,105.4 1,108.0 1,105.4
1 Comparative financial information has been restated, please see note 2.5 to
the Interim Financial Statements
2 Excludes Treasury shares of 4.6m in September 2025 and 3.0m in September
2024
Segmental adjusted EBITDA results are included in note 5 to the Interim
Financial Statements.
Group Operating Profit
The Group delivered robust operating financial performance in the period, in
line with typical seasonal averages, and therefore consistent with our
expectations for full year operating profits. The results included an
increased relative contribution from regulated electricity Networks, which
comprised around two thirds of total adjusted operating profit, and was
consistent with the growing investment principally in SSEN Transmission.
Within electricity networks SSEN Distribution profitability more than halved,
as the prior period included a non-recurring inflation adjustment, but this
was partly offset by profits almost doubling for SSEN Transmission reflecting
the increased investment. Profitability in SSE Renewables was impacted by less
favourable weather conditions and lower hedged prices whilst SSE Thermal saw
half-year adjusted operating losses reduce as the flexible thermal fleet
benefited from stronger reliability. Energy Customer Solutions operating
profits decreased, reflecting a bad debt provision release which benefited
profits in the prior period, combined with less seasonal fluctuations in
wholesale prices meaning a greater proportion of profits are expected to be
generated in the second half of the year.
Reported operating profit, in addition to the movements above, includes both
the net re-measurement on forward energy derivatives which are unrelated to
underlying operating performance, as well as exceptional items and other
financial items which are excluded from adjusted results on the basis they are
materially non-recurring, uncontrollable or exceptional. Reported operating
profit decreased by (30)% compared to the prior period, largely reflecting a
lower net-remeasurement gain on forward energy derivatives in addition to an
increase in exceptional restructuring costs associated with the Group's
Operating Model and Efficiency Review and related restructuring programmes.
These movements are partially offset by the increase in profitability of SSEN
Transmission, which is fully consolidated within reported operating profit.
Further detail on operating profit performance can be found in the Business
Unit Operating Review.
Net finance costs
SSE's adjusted net finance costs - which excludes coupons on hybrid bonds
classified as equity - were broadly flat in the period. Whilst adjusted net
debt has increased by around 16% compared to the comparative period end, the
resulting increase in interest costs have been offset by an increase in
capitalised interest due to the increased capital expenditure in the period.
Reported net finance costs, which excludes SSE's share of interest in Joint
Ventures and Associates, were £(47.9)m compared to £(56.9m) in the previous
period reflecting increased capitalisation as noted above.
Taxation
SSE considers being a responsible taxpayer a core element of being a
responsible member of society. SSE seeks to pay the right amount of tax on its
profits, in the right place, at the right time, and was the first FTSE 100
company to have been awarded the Fair Tax Mark. October 2024 marked the tenth
consecutive year that SSE has achieved Fair Tax Mark accreditation.
SSE's adjusted current tax rate for the period, based on adjusted profit
before tax, is 9.4%, as compared with 13.2% for the same period last year on
the same basis, and after discrete items. The decrease in rate is largely
driven by increased capital allowances on capital expenditure in the period.
The Government's Corporate Tax Roadmap, published in October 2024, confirmed
that first-year capital allowance rates of 100% (full expensing) and 50%
(special rate), which replaced the existing rates of 18% (main rate) and 6%
(special rate) respectively for qualifying capital expenditure, will remain to
the end of the current parliament. These significantly increase the amount of
capital allowances available on SSE's capital investment programme.
Profit after tax and Earnings Per Share
Adjusted profit after tax was (25)% lower relative to the prior half year,
reflecting the movements in adjusted operating profit and net finance costs
outlined above, partly offset by the lower adjusted current tax rate.
Reported profit after tax reflects the movements in reported operating profit
and net finance costs outlined above and reflects a reported current tax rate
of 26.0%. The higher reported current tax rate reflects an increase in
deferred tax arising as a result of differences in accounting and tax bases
that give rise to potential future accounting credits or charges. Within the
reported tax charge, deferred tax increased by 26% on prior period, mainly due
to the increase in the Group's capital investment programme.
Reflecting the movements above, adjusted Earnings Per Share was (29)% lower
relative to the prior period at 36.1 pence with reported EPS decreasing by
(45)% to 26.4 pence.
Interim dividend
Dividend per Share (pence) Mar 2026 Mar 2025
Interim Dividend 21.4 21.2
Final Dividend To be confirmed at preliminary results in May 2026 43.0
Full Year Dividend To be confirmed at preliminary results in May 2026 64.2
SSE believes that dividends should be sustainable and based on earnings
performance, while also enabling the longer-term growth prospects of its
assets and operations. To that end, SSE's dividend plan is designed to balance
income to shareholders with the appropriate funding for an accelerated growth
plan that will ultimately create greater value and total return for
shareholders over the long term.
As part of this plan, the Group has moved to a formulaic approach to
calculating interim dividends which will be one-third of the prior year full
dividend, reflecting the inherent seasonality of the business. Therefore, for
2025/26, an interim dividend of 21.4 pence has been declared, being one-third
of the 2024/25 full year dividend of 64.2 pence. The Board will continue to
announce their final dividend recommendation in May, as part of the Full Year
Results announcement, which is expected to reflect an increase of between 5 -
10% on 2024/25.
Capital expenditure programme
Adjusted Investment and Capex Summary Sep 2025 Sep 2025 Sep 2024(1)
Share % £m £m
SSEN Transmission (net of 25% non-controlling interest) 45 702.5 376.6
SSEN Distribution 24 381.1 296.2
Regulated electricity networks total 69 1,083.6 672.8
SSE Renewables 22 352.2 491.9
SSE Thermal and Gas Storage 7 101.3 51.3
Energy Customer Solutions 1 19.3 58.8
SSE Energy Markets - 4.4 4.9
Corporate unallocated 1 9.3 12.4
Adjusted investment and capital expenditure 100% 1,570.1 1,292.1
1 Comparative financial information has been restated, please see note 2.5 to
the Interim Financial Statements
During the six months ended 30 September 2025, SSE's adjusted investment,
capital and acquisitions expenditure totalled £1,570.1m, compared to
£1,292.1m in the prior period. The increased investment was driven mainly by
SSE's regulated electricity networks divisions, with lower overall deployment
of capital across SSE's other businesses, and no acquisitions expenditure.
Further detail on the capital expenditure in the period can be found in the
Business Unit Operating Review.
Financial Outlook
Financial outlook for 2025/26
The first half of the SSE's financial year has seen the Group deliver robust
operating financial performance, in line with our expectations and consistent
with typical seasonality. As such, the Group reaffirms the individual
performance expectations for each Business Unit for the 2025/26 financial year
as previously set out in May 2025:
SSEN Transmission - it is expected that adjusted operating profit will be more
than 1.5 times higher than 2024/25, reflecting increased allowed revenue
generated by continued investment growth in this business.
SSEN Distribution - anticipates that adjusted operating profit will be less
than half of 2024/25, as allowed revenue is expected to decrease by around
£400m following a one-off inflation cost recovery in 2024/25.
SSE Renewables - is expected to deliver higher adjusted operating profit than
2024/25, given the capacity additions such as Dogger Bank A and a full year
contribution from Viking alongside broadly similar merchant power prices.
SSE Thermal and Gas Storage - with the step up in contracted Capacity Market
payments starting in financial year 2026/27, it is expected that the adjusted
operating profit for these businesses will be similar to 2024/25, assuming
similar market conditions to 2024/25.
Energy Customer Solutions - as income from legacy wind farm PPAs starts to
unwind, it is expected that the adjusted operating profit for these businesses
will be lower than 2024/25.
These expectations remain subject to normal weather conditions, current market
conditions and plant availability.
Consistent with the approach taken in prior years, SSE will look to give
specific adjusted Earnings Per Share guidance later in the financial year.
With capital expenditure and investment continuing to ramp up during the first
six months of the year, the full year capex is expected to significantly
increase to over £3bn, with the net debt to EBITDA ratio expected to be
within a 3.5 - 4.0x range, before adjusting for today's proposed placing.
Financial outlook for 2026/27
Given the continued progress made in the strategic execution of this
investment plan, the Group reaffirms the individual performance expectations
for each Business Unit for the 2026/27 financial year as previously set out in
May 2025:
SSEN Transmission - it is expected that adjusted operating profit will be
significantly higher than 2025/26, reflecting increased allowed revenue
generated by continued investment growth in this business.
SSEN Distribution - anticipates that adjusted operating profit will be at
similar levels to 2025/26.
SSE Renewables - is expected to deliver similar levels of adjusted operating
profit as 2025/26 as continued increases in capacity offsets lower merchant
power prices.
SSE Thermal and Gas Storage - it is expected that adjusted operating profit
will be significantly higher than 2025/26, reflecting the step up in
contracted Capacity Market payments and assuming similar market conditions to
2024/25.
Energy Customer Solutions - anticipated that the adjusted operating profit for
these businesses will be at similar levels to 2025/26.
These expectations remain subject to normal weather conditions, current market
conditions and plant availability.
After considering the strategic progress made, in addition to the current and
forecasted market conditions, SSE continues to be highly confident about
reaching its 175 - 200p adjusted Earnings Per Share guidance range for
2026/27, before adjusting number of shares in issue for today's proposed
placing.
Transformation for Growth - Outlook to 2029/30
Alongside SSE's Interim Results was the separate announcement today of a
transformational £33bn five-year investment plan to 2029/30, significantly
increasing the Group's exposure to UK electricity Networks, and driving
long-term value creation with attractive regulatory asset value and earnings
growth.
This plan represents a trebling of investment over the five-year period, with
around 80% or £27bn to be invested in regulated UK electricity Networks and
around 20% or £6bn selectively in Renewables and system Flexibility projects:
· SSEN Transmission (~67% or ~£22bn) delivering the RIIO-T3
investment programme which is critical to connecting renewables and removing
existing constraints within the electricity transmission network. This
investment, together with that from our 25% partner, is expected to increase
gross RAV to around £30bn by the end of 2029/30 representing an ~30% CAGR.
· SSEN Distribution (~15% or ~£5bn) delivering the remaining
RIIO-ED2 investment programme in addition to anticipated strategic investment
in ED3. This investment is expected to increase gross RAV to between £9 -
10bn by the end of 2029/30 representing a ~10% CAGR.
· SSE Renewables (~12% or ~£4bn) delivering its existing
construction programme together with highly disciplined investment into
exciting growth options. This focus on financial discipline and selective
growth is expected to result in a targeted ~9GW of installed capacity by the
end of 2029/30.
· SSE Thermal and other businesses (~6% or ~£2bn) predominantly
focused on flexible generation technologies and serving key customers.
The above investment plan includes ~£3bn of currently uncommitted capex
across the SSE Renewables and SSE Thermal businesses. In allocating this
capital, SSE will continue to apply its strict returns criteria for new energy
projects to ensure attractive shareholder returns whilst ensuring strategic
alignment with SSE's clean electricity focus.
The record programme of investment outlined above is expected to deliver
industry-leading capital growth across the Group. In the Networks businesses,
gross RAV is expected to more than treble to around £40bn and, with selective
and disciplined investment, Renewables installed capacity is set to almost
double to around 9GW by the end of the plan. This material capital growth will
create significant long-term value for shareholders whilst unlocking wider
economic benefits for society.
This programme is backed by a comprehensive funding strategy that maintains
SSE's strong balance sheet alongside a continued commitment to strong
investment grade credit ratings with net debt / EBITDA expected to remain
below 4.5x throughout the course of the plan. In addition to expected
operational cashflow generation and an increase in adjusted net debt and
hybrid capital, a £2bn equity placing is being launched concurrently to
today's announcement and around £2bn of targeted asset rotations are expected
across the portfolio, aligned with investment needs across the five-year plan.
Investments made in Networks and selective Renewables and system Flexibility
projects are expected to drive an uplift in earnings of around 50% over the
plan, with an adjusted Earnings Per Share CAGR of between 7 - 9% delivering
225 - 250 pence in 2029/30. This growth is underpinned by ~80% of EBITDA being
index linked in 2029/30, due to the upweighting in Networks investment,
providing consistent, predictable and highly visible earnings as the business
grows materially.
SSE is also continuing its existing sustainable and progressive dividend
policy to 2029/30. This policy targets annual dividend per share growth of
between 5 - 10% from an unaltered 64.2 pence 2024/25 baseline. SSE will retain
the existing scrip dividend option for shareholders whilst also restricting
earnings dilution from the scrip by capping take-up at 25% through a share
buyback if necessary.
Supplemental Financial Information
Exceptional items and certain re-measurements
Exceptional items
SSE recognised an exceptional charge within continuing operations of £(57.5)m
before tax in the current period. £(56.8)m of this relates to restructuring
costs associated with Group's Operating Model and Efficiency Review and
related restructuring programmes as noted below, and £(0.7)m reflects
anticipated costs associated with the part-disposal of the Enerveo contracting
business. Further detail on exceptional items can be found within note 6 and
the definition of exceptional items can be found in note 2.3 of the Interim
Financial Statements.
Group-wide operating model and efficiency review
During 2025, in line with SSE's commitment to capital and operational
discipline, the Group commenced an Operating Model and Efficiency Review,
intended to ensure that SSE has the right structures, resourcing and
accountabilities to maximise the growth opportunities ahead. This review
recognises that the timing, pace and returns from investment in each business
will be different, reflecting both the changing macroeconomic environment as
well as other external factors such as policy development, regulatory reform
and consenting delays.
Since announcement, the Group has made strong progress on this review which is
expected to continue into the 2026/27 financial year. A number of efficiency
and cost control measures have already been taken across the Group to improve
operational efficiency, increase organisational competitiveness and rebalance
businesses for future growth. At present, we anticipate that targeted measures
could result in around £200m of annual recurring efficiencies across the
Group by 2027/28.
Certain re-measurements
Certain re-measurements within continuing operations £m
Operating derivatives (including share from jointly controlled entities net of 11.7
tax)
Commodity stocks held at fair value 1.7
Financing derivatives 3.5
Total net favourable re-measurement 16.9
Operating derivatives
SSE enters into forward purchase contracts (for power, gas and other
commodities) to meet the future demands of its energy supply businesses and to
optimise the value of its generation assets. Some of these contracts are
determined to be derivative financial instruments under IFRS 9 and as such are
required to be recorded at their fair value as at the date of the financial
statements.
SSE reports the change in the fair value of these forward energy derivatives
separately as this mark-to-market movement does not reflect the realised
operating performance of the businesses in the period. The underlying value of
these contracts is recognised as the relevant commodity is delivered, which
for the majority of the position at 30 September 2025 is expected to be within
the next eighteen months.
The change in the operating derivative mark-to-market valuation was an £11.7m
positive movement from the start of the period, reflecting a £15.9m positive
movement on fully consolidated operating derivatives including affiliate and
commercial CfD contracts combined with a £(4.2)m negative share of movement
on derivatives in jointly controlled entities, net of tax.
As in prior periods, the reported result does not include re-measurement of
'own use' hedging agreements which do not meet the definition of a derivative
financial instrument under IFRS 9.
Commodity stocks held at fair value
Gas inventory purchased by the Gas Storage business for secondary trading
opportunities is held at fair value with reference to the forward month market
price. As trading churn during the half year has combined with relative
stability in gas prices, the book value at period end is broadly aligned with
the fair value. This assessment does not however account for any
mark-to-market movement on forward contracted sales and therefore any
valuation movement - or lack of movement - is not expected to reflect the
final result realised by the business.
Financing derivatives
In addition to the movements above, a positive movement of £3.5m was
recognised on financing derivatives in the period, including mark-to-market
movements on cross-currency swaps and floating rate swaps that are classed as
hedges under IAS 39. These hedges ensure that any fair value movement in net
debt is predominantly offset by a movement in the derivative position. The
positive movement was primarily driven by the weakening of Sterling which
meant GBP/€ cross currency swaps have become less "out of the money".
These re-measurements are presented separately as they do not represent
underlying business performance in the period. The result on financing
derivatives will be recognised in adjusted profit before tax when the
derivatives are settled.
Hedging position
The long-established approach to hedging followed by SSE looks to generally
reduce its broad exposure to commodity price variation in advance of delivery.
SSE continues to monitor market developments and conditions and periodically
alters its hedging approach in response to changes in its exposure profile.
A summary of the hedging position for each of SSE's market-based businesses is
set out below.
SSE Renewables - GB wind and hydro:
Energy output hedges are progressively established through the forward sale of
either:
Electricity - where market depth and liquidity allow;
Gas and carbon equivalents - recognising that spark spread exposures remain;
or
Gas equivalents only - recognising that carbon and spark spread exposures
remain.
This approach reflects that certain energy products have lower available
forward market depth and liquidity. Whilst some basis risk or commodity
exposure will remain, it facilitates the reduction of SSE Renewables' overall
exposure to potentially volatile spot market outcomes.
The table below notes both the proportion of hedges and prices of those hedges
for electricity and for gas alone. Due to market liquidity in later periods,
there are no gas and carbon equivalent hedges in place.
Offshore Wind, Onshore Wind and Hydro As of 31 March 2025 As at 30 September 2025
2025/26 2026/27 2027/28 2028/29
Total energy output volumes hedged - TWh 11.8 11.5 9.7 1.1
- Hedge in electricity & equivalents - TWh 6.2 7.9 3.4 0.2
- Electricity hedge price - £MWh £87 £76 £70 £73
- Hedge in Gas - TWh (1) 5.6 3.6 6.3 0.9
- Gas hedge price - £MWh (2) £78 £61 £54 £49
(1) Where gas trades have been used as a proxy for electricity, a constant
1MWh:69.444 th conversion ratio has been applied.
(2) This same ratio has been used to convert gas hedge price into electricity
£MWh and therefore no assumptions have been made on either spark or carbon.
The table above excludes any volumes and income under separate contracts such
as CfDs, ROCs and Balancing Mechanism activity. No hedging activity is
undertaken for assets in early-stage construction, with hedging activity
gradually built up over the construction period as greater certainty over
operational dates is received.
SSE's established approach seeks to minimise the volumetric downside risk for
renewable energy output by targeting a hedge of less than 100% of its
anticipated wind energy output for the coming 12 months. The targeted hedge
percentage is reviewed and adjusted as necessary to reflect any changes in
market and wind capture insights. Forward hedges for both wind and hydro are
progressively established over a 36-month period, although the extent of
hedging activity will depend on the available market depth and liquidity.
Target hedge levels are achieved through the forward sale of either
electricity or a combination of gas or carbon equivalents as outlined above.
Any non-electricity forward contracts will be converted into electricity
hedges ahead of delivery, which may lead to increases or decreases in the
average hedge price achieved.
SSE Thermal:
Hedging for the flexible thermal fleet is by its nature dynamic, changing as
market values vary with a constant process of re-optimisation to accrue future
value for the Thermal fleet. At negative spark spreads this hedge volume is
therefore likely to be very low; and at higher prices the hedge will be much
larger.
At all times the Thermal portfolio offers the wider group protection from
price spikes, renewables shortfall or asset availability issues and therefore
provides material risk management value to the Group.
Gas Storage:
The assets are commercially operated to optimise value arising from changes in
the spread between summer and winter prices, market volatility and plant
availability.
SSE Business Energy:
Sales to contract customers are hedged: at point of sale for fixed contract
customers; upon instruction for flexi contract customers; and on a rolling
hedge basis for tariff customers.
SSE Energy Markets:
This business provides the route to market and manages the execution for all
of SSE's commodity trading outlined above (spark spread, power, gas and
carbon). This includes monitoring market conditions and liquidity and
reporting net Group exposures. The business operates under strict position
limits and VAR controls.
There is some scope for position-taking to permit this business to manage
around shape and liquidity and providing market insight whilst taking
optimisation opportunities. This is contained within a total daily VAR limit
of £9m.
Financial management and balance sheet
Key metrics Sep 2025 Mar 2025 Sep 2024(1)
£m £m £m
Net Debt / EBITDA(2) NA 3.2x N/A
Adjusted net debt and hybrid capital (£m) (11,437.6) (10,186.7) (9,843.8)
Average debt maturity (years)(3) 5.9 5.6 6.3
Average cost of debt at period end (including all hybrid coupon payments) 4.14% 3.99% 4.04%
Adjusted net finance costs 133.5 281.0 135.5
Adjusted interest cover - 8.0x -
1 Comparative financial information restated, please see note 2.5 to the
Interim Financial Statements.
2 Net debt represents the Group adjusted net debt and hybrid capital. EBITDA
represents the full year Group adjusted EBITDA, less £153.3m at March 2025
for the proportion of adjusted EBITDA from equity-accounted Joint Ventures
relating to project financed debt.
3 The average debt maturity assumes Hybrids are refinanced on their first call
date
Principal Sources of debt funding Sep 2025 Mar 2025 Sep 2024
Bonds 61% 60% 62%
Hybrid debt and equity securities 15% 16% 17%
European investment bank loans 4% 4% 4%
US private placement 7% 7% 7%
Short-term funding 10% 10% 7%
Index-linked debt 3% 3% 3%
% of which has been secured at a fixed rate 92% 91% 94%
Rating Agency Rating Criteria Date of Issue
Moody's Baa1 'stable outlook' 'Low teens' Retained Cash Flow/Net Debt 17 January 2025
Standard and Poor's BBB+ 'stable outlook' About 18% Funds From Operations/Net Debt 20 December 2024
Maintaining a strong balance sheet
A key objective of SSE's long-term approach to balancing capital investment,
debt issuance and securing value and proceeds from disposals is to maintain a
strong net debt/EBITDA ratio. SSE calculates this ratio based on a methodology
that it believes best reflects its activities and commercial structure, in
particular to securing value and protecting our balance sheet through prudent
risk sharing by using Joint Ventures and non-recourse project financing.
SSE is committed to maintaining the existing strong balance sheet and
considers that a 4.5x net debt/EBITDA ratio is comfortably within the
thresholds required to maintain existing strong investment grade credit
ratings. Reflecting the strength of SSE's balance sheet, the net debt/EBITDA
ratio at 31 March 2025 was 3.2x and it is expected that this ratio will remain
below 4.5x throughout the course of the Group's investment plan to 2029/30.
Adjusted net debt and hybrid capital
SSE's adjusted net debt and hybrid capital was £11.4bn at 30 September 2025,
an increase of £1.2bn from 31 March 2025. With no significant acquisitions or
divestments in the period, the debt movement predominantly relates to our
capital investment programme, with operating cash flows partially offset by
the final dividend payment.
Debt summary as at 30 September 2025
SSE plc together with its subsidiary, Scottish Hydro Electric Transmission
(SHET) plc, issued £2.2bn of new long-term debt and Hybrid capital in the six
months to September 2025 whilst also continuing to roll short-term Commercial
Paper at similar levels to March 2025. The debt issues include:
· In June 2025 SSE plc issued a total of €1.3bn (£1.1bn) hybrid
bonds (i) €800m callable in September 2030 with a coupon of 4.0% and (ii)
€500m callable in June 2033 with a coupon of 4.5%, resulting in a weighted
average cost of 4.19%. The intent is to use the proceeds to replace SSE's
£600m hybrid capital security issued in 2020, which has a first coupon reset
date of 14 April 2026. The three-month issuer par call on this hybrid means it
can be called from 14 January 2026.
· In September 2025 SHET plc issued a €750m (£647m) 8-year green
bond maturing November 2033 with a coupon of 3.375% and an all-in GBP cost of
5.20% once swapped back to Sterling.
· In September 2025 SHET plc "tapped" its existing €850m
September 2032 bond for an additional €100m (£87m) which is swapped back to
Sterling at a fixed rate of 5.06%.
Over the next twelve months there is £1.2bn of medium- to long-term debt and
£1.2bn of short-term debt maturing.
Hybrid bonds summary as at 30 September 2025
Hybrid bonds are a valuable part of SSE's capital structure, helping to
diversify SSE's investor base, supporting credit ratings and providers of
senior debt, as their 50% equity treatment by the rating agencies is positive
for credit metrics. A summary of SSE's hybrid bonds as at 30 September 2025
can be found below:
Issued Hybrid Bond Value(1) All-in rate(2) First Call Date Classification
July 2020 £600m 3.74% Apr 2026 Equity
July 2020 €500m (£453m) 3.68% Jul 2027 Equity
April 2022 €1bn (£831m) 4.00% Apr 2028 Equity
June 2025 €800m (£679m) 4.00% Sep 2030 Equity
June 2025 €500m (£425m) 4.50% Jun 2033 Equity
(1) Sterling equivalents shown reflect the fixed exchange rate on date of
receipt of proceeds and is not subsequently revalued.
(2) All-in rate reflects coupon on bonds plus any cost of swap into sterling
which currently only applies to July 2020 Hybrid
A table detailing coupon payments on existing hybrids is shown below:
Hybrid coupon payments 2024/25 2025/26 2026/27
HYa FYa HYa FYe HYe FYe
Total equity hybrid coupon(1) £74m £74m £73m £73m £117m £117m
(1) Coupon payments on €2.8bn of hybrid bonds remain denominated in Euros
and are therefore subject to foreign exchange adjustments.
Summarising cash and cash equivalents
At 30 September 2025, SSE's adjusted net debt included cash and cash
equivalents of £0.4bn, which is lower than the £1.1bn at March 2025 due to
timing of new debt issues and repayment of maturing debt resulting in a lower
surplus cash position being held.
Cash collateral is only required for forward commodity contracts traded
through commodity exchanges, with the level of cash collateral either provided
or received depending on the volume of trading through the exchanges, the
periods being traded and the associated price volatility.
At 30 September 2025, £115m of net cash collateral deposited on the commodity
trading exchanges (March 2025: £73m net held). The increase in cash
collateral posted reflects a decrease in the "in the money" trading positions
held by the Group and higher initial margin requirements due to increase in
exchange trading.
Short-term funding
SSE had £3.25bn (gross of the Minority Interest in SHET plc) of committed
bank facilities in place at 30 September 2025 to ensure the Group has
sufficient liquidity to allow day-to-day operations and investment programmes
to continue in the event of disruption to Capital Markets preventing SSE from
issuing new debt for a period of time. These facilities are set out in the
table below.
Date Issuer Debt type Term Value
Oct 24 SSE plc Syndicated Revolving Credit Facility with 15 Relationship Banks 2030 £1.5bn
Oct 24 SHET plc Syndicated Revolving Credit Facility with 15 Relationship Banks 2030 £1.5bn
Sep 25 SHET plc Term Loan Facility 2030 £250m
The revolving credit facilities can also be utilised to cover short-term
funding requirements. There was £340m drawings on the SHET plc Syndicated
Revolving Credit Facility and no drawings on the SSE plc or the SHET plc Term
Loan facilities as at 30 September 2025. Both the Syndicated Revolving Credit
Facilities have one-year extension options and are classified as
sustainability linked with interest rate and fees paid dependant on various
ESG-related metrics being achieved.
The SHET plc £250m term loan facility, once drawn, becomes a 5-year term loan
with a 1-year extension option. This was fully drawn with proceeds received on
2 October 2025.
Maintaining a prudent treasury policy
SSE's treasury policy is designed to maintain a prudent and flexible funding
position. Cash from operations is first used to finance regulatory and
maintenance capital expenditure and then dividend payments, with investment
and capital expenditure for growth financed by a combination of cash from
operations, bank borrowings, and bond issuance.
SSE borrows as required on different interest bases with financial instruments
being used to achieve the desired out-turn interest rate profile. At 30
September 2025, 92% of SSE's borrowings were at fixed rates.
Borrowings are mainly in Sterling and Euros to reflect the underlying currency
denomination of assets and cash flows within SSE. All other foreign currency
borrowings are swapped back into either Sterling or Euros. Transactional
foreign exchange risk arises in respect of procurement contracts, fuel and
carbon purchasing, commodity hedging and energy portfolio management
operations, and long-term service agreements for plant. SSE's policy is to
hedge any material transactional foreign exchange risks using forward currency
purchases and/or financial instruments. Translational foreign exchange risk
arises in respect of overseas investments; hedging in respect of such
exposures is considered on a case-by-case basis.
Operating a Scrip Dividend Scheme
As part of the Group's dividend plan to 2029/30, take-up from the Scrip
Dividend Scheme is capped at 25%. This cap is implemented by means of a share
repurchase programme, or 'buyback', following payment of the final dividend.
The scale of any share repurchase programme would be determined by shareholder
subscription to Scrip Dividend Scheme across the full year, taking into
account the interim and final dividend elections. Overall Scrip Dividend
take-up for the 2024/25 financial year was 9.7%, and therefore no buyback was
required.
Principal Joint Ventures and Associates
SSE's financial results include contributions from equity interests in joint
ventures ("JVs") and associates, all of which are equity accounted. The
details of the most significant of these are included in the table below. This
table also highlights the non-recourse project finance debt within each Joint
Venture, in proportion to SSE's equity ownership. The total proportion of
external non-recourse project finance debt was around £3.8bn at 30 September
2025.
SSE principal JVs and associates(1) Asset type SSE holding Proportional non-recourse external debt SSE Shareholder loans
Marchwood Power 920MW CCGT 50% No external debt No loans outstanding
Seabank Power 1,234MW CCGT 50% No external debt No loans outstanding
Slough Multifuel 55MW energy-from-waste facility 50% No external debt £172m
Triton Power Holdings 1,200MW CCGT & 140MW OCGT 50% No external debt No loans outstanding
Beatrice Offshore Windfarm 588MW offshore wind farm 40% £536m Project financed
Dogger Bank A Wind Farm 1,200MW offshore wind farm 40% £977m £263m
Dogger Bank B Wind Farm 1,200MW offshore wind farm 40% £956m Project financed
Dogger Bank C Wind Farm 1,200MW offshore wind farm 40% £896m Project financed
Ossian Offshore Windfarm ScotWind seabed 40% No external debt No loans outstanding
Seagreen Wind Energy 1,075MW offshore wind farm 49% £392m £967m(2)
Seagreen 1A Offshore wind farm extension 49% No external debt £31m
Lenalea Wind Farm 30MW onshore wind farm 50% No external debt £15m
Clyde Windfarm 522MW onshore wind farm 50.1% No external debt £127m
Dunmaglass Wind Farm 94MW onshore wind farm 50.1% No external debt £47m
Stronelairg Wind Farm 228MW onshore wind farm 50.1% No external debt £89m
Cloosh Valley Wind Farm 105MW onshore wind farm 25% No external debt £26m
Neos Networks Private telecoms network 50% No external debt £71m
(1) Greater Gabbard, a 504MW offshore wind farm, is proportionally
consolidated and reported as a Joint Operation with no loans outstanding.
(2) For accounting purposes, £320m of the £967m of SSE shareholder loans
advanced to Seagreen Wind Energy are classified as equity.
Pensions
Contributing to employees' pension schemes - IAS 19 Sep 2025 Mar 2025 Sep 2024
£m
£m £m
Net pension scheme asset recognised in the balance sheet before deferred tax 491.2 501.8 470.8
Employer cash contributions Scottish Hydro Electric scheme 0.5 0.9 0.5
Employer cash contributions SSE Southern scheme 13.3 25.5 12.5
Deficit repair contribution included above 8.0 15.5 7.7
In the six months to 30 September 2025, the surplus across SSE's two pension
schemes decreased by £10.6m, from £501.8m to £491.2m. The overall decrease
in the net pension scheme asset is mainly driven by the valuation of the SSE
Southern scheme which decreased by £9.0m primarily due to actuarial losses of
£21.8m offset by the contributions to the scheme of £13.3m.
The Scottish Hydro Electric scheme has partially insured against volatility in
its pensioner members through the purchase of 'buy-in' contracts meaning that
the Group is protected from volatility relating to a significant proportion of
the liabilities. During the period the scheme's surplus remained stable with a
minor decrease of £1.6m.
Additional information on employee pension schemes can be found in note 17 to
the Interim Financial Statements.
Sustainability and Safety Summary
Performance against 2030 Goals Sep 2025 Mar 2025 Sep 2024
Cut carbon intensity by 80% to 61 gCO2e/kWh
- Scope 1 GHG intensity (gCO2e/kWh) 200 218 207
Increase renewable energy output fivefold to at least 50TWh
- Renewable generation output (TWh)(1) 5.4 13.3 5.4
- Renewables connected in SSEN Transmission licence area (GW)(2) 10.7 10.6 10.3
Champion a fair and just energy transition
- Contribution to GDP UK (£bn / €bn)(3) - 7.88/0.95 -
- Jobs supported in UK and Ireland(3) - 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 Sep 2025 Mar 2025 Sep 2024
Total Recordable Injury Rate (TRIR) per 100k hours worked (SSE and 0.16 0.16 0.16
contractors)
Measuring performance against SSE's 2030 Goals
SSE's sustainability strategy underpins its transition to net zero and
long-term value creation. SSE's four 2030 Goals, directly linked to the United
Nations' Sustainable Development Goals, ensure it tackles the challenge of
climate change in a way that is fair and just for workers and communities.
Cut carbon intensity by 80% to 61gCO2e/kWh: The scope 1 GHG intensity of
electricity generated in the six months to 30 September 2025 fell to
200gCO2e/kWh from 207gCO2e/kWh in the same period in 2024. This was due to
increased renewables output as a result of increased capacity, coupled with a
decrease in output from SSE's thermal fleet owing to maintenance outages.
While this represents a slight reduction, it should be noted it does not
represent a full year of performance. As previously outlined, in the context
of the current market and policy environment, SSE's carbon intensity goal is
on target but with risk.
Increase renewable energy output fivefold to at least 50TWh a year:
Performance during the period remained broadly unchanged year-on-year at
5.4TWh as less favourable weather conditions offset the increased capacity
from initial generation of Dogger Bank A and delivery of Yellow River wind
farms. As previously outlined, given the challenging market and policy
environment, SSE is unlikely to meet its ambitious goal of 50TWh of renewable
generation output by 2030.
Enable low-carbon generation and demand with at least 20GW of renewable
generation capacity within SSEN Transmission's licence area: As of 30
September 2025, SSE's transmission network had 10.7GW of installed renewable
capacity connected, having surpassed its RIIO-T2 target of 10GW by 2026 last
year. The slight increase in renewable capacity connected since full year
reflects an increase in large embedded renewable generation schemes at the
distribution level.
Champion a fair and just energy transition: SSE continued with its strategy to
share value with communities through the energy transition, with SSEN
Transmission launching the second round of its Regional Community Benefit
Fund, making £2m available to communities across the north of Scotland. SSE
tracks the proportion of its workforce that has moved from high-carbon roles
to a low-carbon career - a key indicator of a just transition in action. The
October 2025 all-employees survey shows that 28% of employees have made this
transition.
Safety performance: SSE's combined employee and contractor TRIR remains steady
at 0.16, even as contractor hours have nearly doubled since 2022. Around
11,000 people have completed immersive safety training since April 2024,
supporting stronger safety behaviours
Business Operating Review
SSEN Transmission
SSEN Transmission operates one of the fastest growing regulated electricity
networks in the world. It owns, operates and develops the high voltage
electricity transmission system in the north of Scotland and its islands and
is owned 75% by SSE plc and 25% by Ontario Teachers' Pension Plan Board. All
references to performance indicators relate to 100% of the business unless
otherwise stated.
Key Performance Indicators Sep 2025 Sep 2024
Adjusted operating profit(1) - £m 292.1 157.5
Reported operating profit - £m 389.5 210.0
Adjusted investment and capital expenditure(1) - £m 702.5 376.6
Gross Regulated Asset Value (RAV)(2) - £m 8,132 6,359
Renewable Capacity connected within SSEN Transmission area - GW(3) 10.7 10.3
1 Excludes 25% minority interest
2 Estimated and subject to outturn of annual regulatory process
3 Prior period comparator restated to reflect data refinement. Transmission
and distribution connected capacity within the SSEN Transmission Network area,
includes pumped storage and battery storage.
Financial performance
Adjusted operating profit, which is presented net of the business's 25%
non-controlling interest, increased by 85% to £292.1m from £157.5m in the
prior period. Revenue growth is driven by increasing allowances agreed with
the regulator to fund increasing investment. In addition, the prior period
included a one-off negative timing adjustment relating to tax relief.
Reported operating profit increased to £389.5m compared to £210.0m as a
result of all of the movements above but reflecting that non-controlling
interests are fully consolidated for all profit metrics under IFRS.
Net capex totalled £702.5m - an increase of 87% on the comparative period -
and included £103m on the Argyll and Kintyre 275kV upgrade with progress made
on site preparatory works and £93m on the Orkney High Voltage Alternating
Current system where the two substation compounds have made significant
progress. Meanwhile £58m was delivered on the EGL2 subsea HVDC being jointly
delivered with National Grid, where the onshore Peterhead Convertor Station is
under construction. Most remaining capex was delivered across the other ASTI
(Accelerated Strategic Transmission Investment) and LOTI (Large Onshore
Transmission Investment) large capital projects.
Operational delivery
SSEN Transmission remains on track for the full reward in 2025/26 through
Ofgem's 'Energy Not Supplied' annual incentive, underpinning the business's
ambitious goal of zero interruptions to homes and businesses.
The capital investment programme continues at pace to increase network
capacity, with the north of Scotland forecast to have the capability to meet
20% of GB electricity demand within 2030 clean power targets, unlocking the
homegrown power to deliver energy security and deliver economic growth.
Work to connect Shetland's electricity distribution network to the Shetland
HVDC link is nearing completion, with energisation to follow the conclusion of
SSEN Distribution's 'Shetland Standby Project' in 2026.
The East Coast 400kV upgrade continues to make good progress between Kintore
and Kincardine. Following the publication of the NESO's Beyond 2030 plan in
March 2024, several sections will now be replaced with higher capacity
conductors than previous planned. This change in scope is expected to move the
completion and full energisation of these upgrades to 2027.
Strategic progress
SSEN Transmission's Pathway to 2030 programme to build and reinforce network
infrastructure in the north of Scotland, continues to make good progress. The
programme constitutes 11 major projects, six onshore and five offshore, and
has secured all regulatory approvals of need through Ofgem's LOTI Uncertainty
Mechanism and ASTI framework. All major LOTI planning consents have been
secured, while all major ASTI consents have been submitted, with several
positive decisions already received. Project development and associated
delivery cost estimates across the portfolio have matured and the latest
estimated lifetime costs to deliver the 11 projects has increased to £28bn.
This reflects the prevailing supply chain cost environment and refined project
design following extensive engagement with the supply chain and local
communities on the plans for these projects.
The Argyll and Kintyre 275kV reinforcement, Orkney subsea link and Skye
reinforcement projects are now being delivered. Following a temporary
suspension of works at Dounreay West substation alongside delays securing
necessary permits for cable installation in Caithness, completion of the
Orkney link, planned for the end of 2028, remains under review. Argyll and
Skye remain on track for 2029 energisation.
The Eastern Green Link 2 project, the first of several planned subsea links to
be jointly delivered with National Grid Electricity Transmission, marked a
year in construction in September 2025. The project remains on track for
completion in 2029, with the Peterhead converter station platform now complete
and significant progress made on cable-related enabling works.
Construction works commenced at the existing New Deer substation in September
2025, which forms part of the Beauly-New Deer-Peterhead 400kV ASTI scheme.
The Netherton Hub, a major new substation and converter station development
west of Peterhead, was consented by Aberdeenshire Council in September 2025,
with Greens substation, also in Aberdeenshire, receiving consent in October
2025. Also in October 2025, Scottish Ministers consented the Alyth-Tealing and
Tealing-Westfield reconductoring projects which will see the capacity of
this/these existing overhead lines uprated from 275kV to 400kV. These positive
consenting decisions represent major milestones and momentum for the Pathway
to 2030 programme.
All outstanding ASTI substation consent decisions are expected before the end
of the year, with all remaining Section 37 overhead line decisions due in
summer 2026, in line with the Scottish Government's 52-week Priority
Applications for Transmission Infrastructure guidance.
Supply chain framework agreements are in place with key manufacturing capacity
slots secured across all projects, and a Supply Chain Forum established to
coordinate timely and efficient project delivery. SSEN Transmission has
established dedicated procurement delivery teams to oversee execution and
maintain dialogue with supply chain partners to ensure alignment with cost and
programme expectations. Strategic relationships with key contractors are also
maintained at executive level, enabling proactive resolution of challenges and
alignment on delivery priorities.
Elsewhere, work to progress Eastern Green Link 3 (EGL3) continues, including
reaching preferred bidder status with the supply chain for both the HVDC cable
and converter station. In September 2025, Ofgem launched a consultation on
proposed changes to the EGL3 delivery date to December 2033. This follows
required changes in scope to the onshore infrastructure in Lincolnshire.
SSEN Distribution
SSEN Distribution, operating under licence as Southern Electric Power
Distribution plc (SEPD) and Scottish Hydro Electric Power Distribution plc
(SHEPD), serves more than 3.9m homes and businesses across central southern
England and the north of Scotland. The business serves some of the most
diverse and unique geographies across the UK, spanning more than 75,000km²,
and keeps customers and communities connected while developing the flexible
electricity network vital to achieving net zero.
Key Performance Indicators Sep 2025 Sep 2024
Adjusted operating profit - £m 127.9 346.3
Reported operating profit - £m 115.8 346.3
Adjusted investment and capital expenditure - £m 381.1 296.2
Regulated Asset Value (RAV) - £m 6,093 5,528
Customer Satisfaction score 9.0/10 8.5/10
Customer Minutes Lost (SHEPD) average per customer 34 31
Customer Minutes Lost (SEPD) average per customer 27 27
Customer Interruptions (SHEPD) per 100 customers 30 28
Customer Interruptions (SEPD) per 100 customers 24 22
RAV, Customer minutes lost and Customer interruptions figures estimated and
subject to outturn of annual regulatory process
Financial performance
Adjusted operating profit decreased by 63% to £127.9m compared to £346.3m in
the prior period. This large decrease is expected and driven by a
non-recurring timing effect in the prior period, predominantly for cost
inflation across 2022 - 2024, which significantly increased prior period
allowed revenues.
Reported operating profit decreased to £115.8m compared to £346.3m in the
prior period, reflecting the movements above in addition to £(12.1)m of
exceptional restructuring costs.
£381.1m capex invested represents a 29% increase on the same period in
2024/25, as the business ramps up delivery of an ambitious RIIO-ED2 investment
programme. £137m was delivered in the north, covering a continuation of
subsea cable investment and pole mounted transformer replacements. Whilst in
the south, expenditure of £244m also includes pole mounted transformer
replacements in addition to reinforcement work at Iver in West London,
Fleet-Aldershot in Hampshire and Bramley-Thatcham near Reading.
Operational delivery
SSEN Distribution has completed the second year of the five-year RIIO-ED2
price control which runs until March 2028 and includes £3.6bn of baseline
expenditure (2020/21 prices). It is expected that significant levels of
additional funding will be triggered under Uncertainty Mechanisms (UMs), in
the period. This is allied with a business transformation programme aimed at
improving efficiency.
SSEN's ability to react to severe weather events remains a core strength. In
August, an unusually severe summer storm, Floris, impacted SHEPD causing more
than 460 faults. Despite being the most significant named summer storm ever
experienced by SSEN, and triggering an 'exceptional event' classification in
the regulatory licence, power was restored to more than 98% of the 72,000
impacted customers within 48 hours.
Overall Customer Satisfaction scores have increased in both SHEPD and SEPD
compared to the same period last year, with the 9.0/10 score achieved being
SSEN's best half-year performance since Ofgem's Broad Measure Incentive was
launched in 2015. This follows improvement across several customer facing KPIs
including Time to Connect and Time to Quote, both of which have improved
significantly year-on-year and are better than Ofgem targets. Unpredictable
and extreme weather events did however have an adverse impact on Customer
Interruptions and Customer Minutes Lost performance, including the impact of
the extended summer heatwave.
Strategic progress
Over the six-month period, SSEN has accelerated its large capital delivery
programme as it seeks to balance network optimisation with growing the asset
base, whilst maximising the benefits of the £1.45bn of holistic Capital
Delivery Agreements that have been established with the supply chain. Work
started on a major upgrade to Oxford's electricity infrastructure as part of a
£200m programme, as well as a £155m project to support economic growth and
decarbonisation in Southampton. Large capital projects are also being
delivered in Dorset, West London and Aberdeenshire.
As the ED2 price control progresses, there is now greater visibility and
confidence in the outcomes of Uncertainty Mechanism processes. Between April
and September, nearly £80m in additional funding has been secured through
Uncertainty Mechanisms related to investment in subsea infrastructure and
cyber security. This takes the total investment approved during the ED2 period
to more than £215m (2020/21 price base). A further £885m (2020/21 price
base) of Uncertainty Mechanism requests are currently being assessed by Ofgem.
This includes a Load Related Expenditure application submitted at the end of
October 2025, which requests additional funding of more than £725m (2020/21
price base) to enable SSEN to deliver requested and forecast network
developments over the remainder of RIIO-ED2, and to support early ED3
mobilisation. Further submissions are planned in the coming months.
SSEN Distribution remains the only DNO to publish Strategic Development Plans,
publicly consulted long-term network strategies at a local level to support
community priorities to 2050 and underpin investment planning. These are now
in place for every Grid Supply Point (GSP) in the two Distribution licence
areas. Allied to this, the business unit's Distribution System Operator (DSO)
function secured an increased return of £5m in Ofgem's DSO Incentive in
2024/25 through improved stakeholder survey scores and the independent panel
assessment of its performance. This is a significant uplift on the £2m return
from the prior year.
Significant work is under way to develop an ambitious, stakeholder-led plan
for the ED3 price control for 2028 to 2033, where SSEN has been a leading
voice calling for a shift in regulatory approach. In May, SSEN became the
first DNO to publish its Emerging Thinking on ED3 and more recently, Ofgem
published its Sector Specific Methodology Consultation for the price control.
This shows a high level of ambition aligned to greater strategic investment in
distribution networks, but with further work required to ensure appropriate
calibration of incentives and sufficient allowances to enable successful
delivery.
SSE Renewables
SSE Renewables is a leading developer and operator of renewable energy
generation, focusing on onshore and offshore wind, hydro and battery storage
across the UK and Ireland, and in carefully selected international markets.
Key Performance Indicators Sep 2025 Sep 2024
Adjusted operating profit - £m 275.6 335.6
Reported operating profit - £m 193.6 270.5
Adjusted investment & capital expenditure - £m 352.2 491.9
Generation capacity - MW(1)
Onshore wind capacity 2,555 2,426
Offshore wind capacity 1,014 1,014
Conventional hydro capacity 1,164 1,160
Pumped storage capacity 300 300
Battery capacity 50 50
Total renewable generation capacity (inc. storage) - MW 5,083 4,950
Contracted capacity(2) 3,290 3,458
Generation output - GWh (including compensated constraints)
Onshore wind output(3) 2,536 2,320
Offshore wind output(3) 1,800 1,715
Conventional hydro output 885 1,194
Pumped storage output 148 151
Battery output 19 21
Total renewable generation (inc. storage)(4) 5,388 5,401
1. Capacity and output based on 100% of wholly owned sites and share of joint
ventures
2. Contracted capacity includes sites with a CfD, RESS contract, eligible for
ROCs, or contracted under REFIT (CfD contracts may be still to commence)
3. Onshore wind output includes 584GWh of compensated constrained-off
generation in HY2025/26 and 420GWh in HY2024/25; Offshore wind output includes
522GWh of compensated constrained-off generation in HY2025/26 and 731GWh in
HY2024/25.
4. Biomass capacity of 15MW and output of 34GWh in HY2025/26 and 28GWh
HY2024/25 is excluded, with the associated operating profit or loss reported
within SSE Thermal.
Financial performance
Adjusted operating profit decreased by 18% to £275.6m from £335.6m in the
prior period. Whilst output was supported by generation from initial
commissioning at Dogger Bank A and the delivery of Yellow River, this was
offset by less favourable weather conditions than the prior period. These
volumes were delivered in a lower hedged price environment which has reduced
operating profit, with weighted average prices around 20% lower than the prior
period.
Reported operating profit decreased 28% to £193.6m from £270.5m in the prior
period. This reflects the above and other movements including the impact of
movements in the fair value of derivatives and a decrease in the Joint Venture
/ associate share of interest and tax.
A total of £352.2m was invested during the period, including £69m of equity
for Dogger Bank Offshore Wind Farm as installation and commissioning of
turbines continues. Meanwhile at SSE's onshore windfarms in Scotland, £39m
was invested at Strathy South and £16m was incurred progressing Aberarder.
£33m of capex was delivered in Southern Europe, with progress being made at
several onshore wind projects across Spain and Italy. On battery energy
storage system projects, £51m was incurred in progressing the delivery of
Ferrybridge, Fiddlers Ferry and Monk Fryston.
Operational delivery
Onshore wind volumes increased from the same period last year due to
contribution from increased capacity and strong operational availability,
partly offset by lower average wind speeds and wind variability, and grid
outages.
In offshore wind, output from initial capacity commissioning at Dogger Bank A
(1,200MW, SSE share 40%) was partly offset by an unplanned OFTO transmission
outage at Beatrice (588MW, SSE share 40%) lasting 14 weeks which is now
restored, resulting in a marginal increase in generation output on the same
period last year. In hydro, production decreased due to lower average
precipitation compared to the same period last year.
Strategic progress
Offshore, turbine installation and commissioning at Dogger Bank A continues
and is on track for completing turbine installation by the end of 2025.
Foundations and offshore cables on Dogger Bank B (1,200MW, SSE share 40%) are
complete and turbine installation will begin straight after installation
completes on phase A. On Dogger Bank C (1,200MW, SSE share 40%), installation
of transition pieces is expected to complete imminently with offshore cable
laying ongoing and due to complete by mid-2026.
Onshore, Yellow River wind farm (101MW) in Ireland, which benefits from a
16.5-year RESS 3 contract, entered full commercial operations in October
following transmission upgrade works over the summer to provide a permanent
grid connection. Also this month, pre-construction works have started on the
contracted Drumnahough wind farm (58MW, SSE share 50%).
In Scotland, construction is ongoing on Aberarder (50MW) and Strathy South
(208MW) wind farms, both of which are fully contracted under AR5 contracts.
In England, the 150MW Ferrybridge Battery Energy Storage System (BESS) project
is approaching completion while battery installation continues at Monk Fryston
BESS (320MW) and Fiddlers Ferry (150MW).
In northern Spain, Jubera Wind Farm (64MW) is also approaching completion,
while in southern Italy commissioning is underway at the combined Castel
Favorito and Masseria la Cattiva (17MW) wind farm. SSE Renewables continues to
selectively build out its international pipeline, subject to strict hurdle
rates, with final investment decisions taken on 52MW of new onshore wind
capacity at three sites in southern Italy and northern Spain.
Turning to hydro, asset improvement works to repower Lochay power station
(45MW) continue. This £70m investment will extend the plant's useful life by
at least 40 years.
In July 2025, the Scottish Government granted offshore array consent for
Berwick Bank wind farm (4.1GW), clearing the way for its entry into upcoming
auction rounds. In August, a seabed lease to progress Dogger Bank D (1.45GW,
SSE share 50%) was finalised with the Crown Estate.
SSE is reviewing the financial parameters of Ofgem's confirmed cap and floor
ahead of a decision this month on whether to progress Coire Glas pumped
storage hydro project (1.3GW) through the second phase of the scheme.
SSE Thermal and Gas Storage
SSE Thermal owns and operates conventional flexible thermal generation and gas
storage in GB and Ireland. It is developing options for lower carbon power
generation and hydrogen storage, while maintaining its existing flexible and
efficient fleet which continues to play a critical role in the transition to
net zero.
Key Performance Indicators Sep 2025 Sep 2024(1)
Thermal adjusted operating profit / (loss) - £m 14.5 (3.0)
Gas Storage adjusted operating loss - £m (36.3) (34.8)
Total adjusted operating loss - £m (21.8) (37.8)
Thermal reported operating loss - £m (10.4) (0.3)
Gas storage reported operating loss - £m (34.6) (34.8)
Total reported operating loss - £m (45.0) (35.1)
Total adjusted investment and capital expenditure - £m 101.3 51.3
Generation capacity - MW(2)
Gas-fired generation capacity 6,210 6,210
Energy from waste capacity & Biomass 42 42
Total thermal generation capacity 6,252 6,252
Generation output - GWh(3)
Gas-fired output(4) 5,926 6,935
Energy from waste & Biomass output 128 50
Total thermal generation 6,054 6,985
Gas storage levels
Gas storage level at year end - mTh 95 117
Gas storage level at year end - % 51 62
1 Comparative information has been restated, please see note 2.5 to the
Interim Financial Statements
2 Capacity is wholly owned and share of joint ventures, and reflects
Transmission Entry Capacity.
3 Output is based on SSE 100% share of wholly owned sites and 100% share of
Marchwood PPAs due to the contractual arrangement.
4 Gas -fired Output includes 56GWh Oil-fired output
Financial performance
The net adjusted operating loss for SSE Thermal and Gas Storage improved to a
£(21.8)m loss compared to a £(37.8)m loss in the prior period. With stronger
reliability across the period, thermal generation returned to profitability
despite the usual significant outage programme undertaken across the summer
months. In Gas Storage, the adjusted operating loss is expected to reverse in
the second half of the financial year, as physical sale contracts are
delivered in a market environment demonstrating stronger spreads.
Reported operating profitability decreased to loss of £(45.0)m compared to
£(35.1)m in the prior period, which in addition to the movements above,
predominantly reflects a £(22.8)m exceptional impairment on standalone
hydrogen development projects associated with the Group's Operating Model and
Efficiency Review.
Operational delivery
Thermal power plants continue to provide back-up to an increasingly
renewables-led system. Revenues accrued through the Capacity Market, Balancing
Mechanism and other ancillary contracts are increasingly important, when
compared to intrinsic baseload spark spread. We continue to see periods of
strong price volatility on delivery, providing strong value opportunities for
SSE Thermal's flexible assets.
SSE Thermal delivered a significant summer outage programme across its
flexible generation fleet, with all assets successfully returning to service
before the end of October. An extended outage at Great Island limited its
operation through August and September, offset by additional market value
captured earlier in the summer, and the asset was successfully returned to
full service in mid-September.
Managing availability responsibly remained a key priority, this was emphasised
by the variation in market volatility seen in the period. High volatility on
delivery in May, June and August was offset by weaker volatility in April and
July. Higher levels of volatility on delivery have continued in September and
October.
SSE's gas storage assets continue to be an important risk management tool for
the Group's generation portfolio. With the reversal of inverted summer/winter
spreads, Atwick and Aldbrough have been available for injection and withdrawal
in the first half of the year. More favourable market conditions for gas
storage assets (with stronger market spreads available) have enabled Cavern
Eight at Atwick to be returned to service at the beginning of October.
Strategic progress
Investment is planned across a number of years to build in additional
longevity and resilience across the fleet. The continued need for flexible
thermal assets like Keadby 2, Medway and Peterhead, and the enduring role of
the Capacity Market, has been underlined in recent policy updates from UK
Government.
In Ireland, preparatory works continue at the 300MW Tarbert Next Generation
power station with full construction due to commence later this year. The
station has secured €335m of revenues through a 10-year capacity agreement.
A final investment decision on Platin, a 170MW power station in County Meath,
was taken in July, also underpinned by a 10-year Capacity Market agreement,
with a total value of around €250m. Early construction works has commenced
at Platin and, together, these projects represent a total investment of to up
to €600m.
In the UK, there is government recognition of the need for new-build
dispatchable capacity, like hydrogen to power. While a dedicated Hydrogen to
Power Business Model is intended to be the enduring route to market, the UK
Government is consulting on Capacity Market changes that could facilitate
earlier investment in hydrogen ready power stations. These proposed changes
could support investment in Keadby and Ferrybridge Next Generation power
stations, with both being developed as hydrogen capable. A Development Consent
Order (DCO) application for Keadby has been accepted for examination by the
Planning Inspectorate. Statutory consultation is complete ahead of a
Ferrybridge DCO application.
The UK Government Comprehensive Spending Review included development funding
to progress carbon capture and storage (CCS) in Scotland. SSE Thermal is
working with Scottish Cluster partners and UK Government to develop a
programme of work, with Peterhead Carbon Capture power station the proposed
anchor project for the CCS infrastructure.
For gas storage, the next phase of the UK Government Hydrogen Allocation Round
2 is expected for shortlisted projects, including Aldbrough Hydrogen
Pathfinder, before the end of the calendar year, with successful projects
expected to be announced in early 2026.
The UK Government has also confirmed funding to develop the first regional
hydrogen transport and storage network, providing a potential investment
opportunity for Aldbrough Hydrogen Storage.
Energy Customer Solutions
Energy Customer Solutions is SSE's shop window to the non-domestic market in
GB and the whole energy supply market on the island of Ireland, with dedicated
energy experts as key account managers pulling together the best of SSE into
powerful combined propositions.
Backed by the Group's generation assets it provides a growing suite of energy
products and distributed energy solutions that remove complexity for customers
on the journey to net zero.
SSE Airtricity
Key Performance Indicators Sep 2025 Sep 2024
Adjusted operating profit - £m 37.4 70.6
Reported operating profit - £m 35.7 70.6
Adjusted investment and capital expenditure - £m 4.6 9.7
Aged Debt (60 days past due) - £m 20.5 19.7
Bad debt expense - £m 3.0 2.1
Airtricity Electricity Sold - GWh 5,089 3,152
Airtricity Gas Sold - mtherms 82.8 85.3
All Ireland energy market customers - m 0.74 0.79
Financial performance
Adjusted operating profit declined by 47% to £37.4m from £70.6m in the prior
period. The prior period benefited from higher wind income, while the current
period reflects a modest decline in customer numbers.
Reported operating profit decreased to £35.7m compared to £70.6m in the
prior period, reflecting the movements above in addition to exceptional
restructuring costs associated with the Group's Operating Model and Efficiency
Review.
Operational delivery
Market competition has increased over the first half of the year with a modest
decline in customer numbers combined with lower wind revenue compared to prior
period.
In September 2025, SSE Airtricity announced that it would increase tariffs by
an average of 9.5% for electricity customers in the Republic of Ireland (RoI)
and 4% for customers in Northern Ireland. Since the energy crisis it has had a
range of customer supports in place and continues to support customers
directly as well as work with charity partners to provide support to the most
vulnerable.
The business also continues to deliver its one-stop-shop retrofit programme in
RoI, with currently around 15% market share of the solar and retrofit markets.
Strategic delivery
Energy affordability and customer vulnerability continues to be a key concern
for energy stakeholders in Ireland and SSE Airtricity is positively engaging
with government, particularly its energy affordability taskforce, on policy
proposals to improve the market for consumers.
The business currently provides around 85% of the energy by volume used by
data centres and will continue to target the technology and pharmaceutical
sectors where strong growth is expected.
SSE Business Energy
Key Performance Indicators Sep 2025 Sep 2024(1)
Adjusted operating profit/(loss) - £m (8.9) 36.3
Reported operating profit/(loss) - £m (8.1) 36.3
Adjusted investment and capital expenditure - £m 14.7 49.1
Electricity Sold - GWh 4,213 4,895
Gas Sold - mtherms 28.0 46.1
Aged Debt (60 days past due) - £m 252.7 356.8
Bad debt expense - £m 15.7 17.4
Energy customers' accounts - m 0.26 0.34
1 Comparative financial information has been restated, please see note 2.5 to
the Interim Financial Statements
Financial performance
Adjusted operating losses of £(8.9)m were recognised compared to £36.3m
profit in the previous period, mainly driven by one-off benefits recognised in
the prior period relating to bad debt releases while the current period
reflects lower customer numbers and less seasonal fluctuation in wholesale
prices resulting in a more even distribution of profits across the year, with
profitability expected to recover in the second half.
Reported operating profitability decreased to £(8.1)m loss compared to
£36.3m profit in the prior period, reflecting the movements above in addition
to restructuring costs incurred during the period.
Operational delivery
Over the last six months, Business Energy has faced challenging market
conditions with lower volumes of energy sold.
The reduction in market share reflects the lagged impact of the decision to
taper customer gains not for nine months to January 2025 to enable the
business to stabilise the Evolve billing system. All business operations have
resumed, with a focus on offers directly to large customers and Third-Party
Intermediaries (TPIs), maintaining a value over volume discipline.
The business continues to build its Corporate Power Purchase Agreement (CPPA)
customer book with total GB volumes locked in via CPPA's increasing to
1.05TWh, with up to seven years duration.
Strategic progress
Over the coming months the introduction of market-wide half hourly settlement
will be one of the biggest set of changes to the energy supply market for many
years. While SSE Business Energy supports the aims of improved customer data,
product innovation and greater demand flexibility, the scale of change brings
risks that will require close and careful management. The business will
continue to work with Ofgem on the implementation of half hourly settlement
ahead of the May 2027 deadline for migration.
The UK Government's focus on growth and particularly AI Growth Zones, is an
opportunity to leverage strong relationships the business has with combined
authorities, other public bodies and the technology sector to develop
innovative sustainable solutions for data centres.
SSE Energy Markets
SSE Energy Markets commercially optimises all of SSE's market-based Business
Unit assets, securing value by trading and managing volatility through active
risk management. This involves trading the principal commodities to which
SSE's asset portfolios are exposed, namely power (baseload and other
products); gas; and carbon (emissions allowances) and the spreads therein.
Key Performance Indicators Sep 2025 Sep 2024(1)
Adjusted operating profit - £m 6.7 12.9
Reported operating profit - £m 9.2 78.1
1 Comparative financial information has been restated, please see note 2.5 to
the Interim Financial Statements.
Financial performance
Adjusted operating profit decreased by 48% to £6.7m from £12.9m in the prior
period. While SSE Energy Markets continues to drive significant value for the
energy-exposed businesses through its trading activities, the business itself
generates a relatively low level of baseline operating earnings through these
services. The decrease in profitability during the period is mainly driven by
lower margin on optimisation activities given lower levels macro volatility
and greater compression of market spreads.
Reported operating profit decreased to £9.2m compared to £78.1m in the prior
period. In addition to the operating profit movements above, this
predominantly reflects a lower level of net remeasurement gains on forward
commodity derivatives compared to the prior period. These IFRS 9
re-measurements exclude any re-measurement of 'own use' contracts and are
unrelated to underlying operating performance.
Operational delivery
In the first half of the year SSE Energy Markets has continued to play a
pivotal role in navigating energy market volatility, managing risk and
ensuring the Group's market-based Business Units capture and maximise value.
This covers all trading periods, with decisions being made from one centre of
excellence. The value Energy Markets secures for SSE's asset portfolio
continues to be reported against individual Business Units.
Strategic progress
SSE Energy Markets has maintained its focus on optimisation activities and
position taking - both subject to SSE's strict position limits and value at
risk (VAR) controls - and contracting for third party Power Purchase Agreement
(PPA) and route-to-market contracts.
At 30 September 2025 the business has contracted for 2.8GW of CfD-backed
route-to-market contracts, of which around 2.0GW are either wholly owned or
joint venture contracts secured through competitive tenders with the remaining
balance contracted with third party developers. The business continues to
originate contracts across multiple geographies and technologies to support
the development of renewable assets.
The business continues to gradually increase the volumes it is trading in
European power and gas markets. This deepens understanding of the global
energy complex, and is critical as the Group develops, constructs, and
operates assets in carefully selected international markets.
Alternative Performance Measures
When assessing, discussing, measuring and reporting the Group's financial
performance, management refer to measures used for internal performance
management. These measures are not defined or specified under International
Financial Reporting Standards ("IFRS") and as such are considered to be
Alternative Performance Measures ("APMs").
By their nature, APMs are not uniformly applied by all preparers including
other participants in the Group's industry. Accordingly, APMs used by the
Group may not be comparable to other companies within the Group's industry.
Purpose
APMs are used by management to aid comparison and assess historical
performance against internal performance benchmarks and across reporting
periods. These measures provide an ongoing and consistent basis to assess
performance by excluding items that are materially non-recurring,
uncontrollable or exceptional. These measures can be classified in terms of
their key financial characteristics:
Profit measures allow management to assess and benchmark underlying business
performance during the period. They are primarily used by operational
management to measure operating profit contribution and by the Board to
monitor performance against business plan. The Group has six profit measures,
of which adjusted operating profit and adjusted profit before tax are the main
focus of management through the financial period and adjusted earnings per
share is the main focus of management on an annual basis. In order to derive
adjusted earnings per share, the Group has defined adjusted operating profit,
adjusted net finance costs, and adjusted current tax charge as components of
the adjusted earnings per share calculation. Adjusted EBITDA is used by
management as a proxy for cash derived from ordinary operations of the Group.
Capital measures allow management to track and assess the progress of the
Group's significant capital investments and projects against their approved
investment cases, including the expected timing of their operational
deployment and to provide a measure of progress against the Group's strategic
objectives.
Debt measures allow management to record and monitor both operating cash
generation and the Group's ongoing financing and liquidity position.
The Group simplified its adjusted profit metrics in the year ended 31 March
2025 by removing the adjustment for interest on net pension assets/liabilities
valued under IAS 19 "Employee Benefits" and has therefore restated its 30
September 2024 adjusted profit metrics, as explained in note 2.5 to the
Interim Financial Statements. There have been no other changes to the way the
Group calculates its APMs in the current period.
The following section explains the key APMs applied by the Group and referred
to in these statements:
Profit measures
Group APM Purpose Closest equivalent IFRS measure Adjustments to reconcile to primary financial statements
Adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) Measure which acts as a proxy for cash generated from operating activities Operating profit Movement on operating and joint venture operating derivatives ("certain
re-measurements")
Exceptional items
Adjustments to Gas Production decommissioning provision
Share of joint ventures and associates' interest and tax
Depreciation and amortisation before exceptional charges (including
depreciation expense on fair value uplifts)
Share of joint venture and associates' depreciation and amortisation
Non-controlling share of operating profit
Non-controlling share of depreciation and amortisation
Release of deferred income
Adjusted Operating Profit Measure of the underlying business performance excluding material Operating profit Movement on operating and joint venture operating derivatives ("certain
non-recurring and exceptional items re-measurements")
Exceptional items
Adjustments to Gas Production decommissioning provision
Depreciation expense on fair value uplifts
Share of joint ventures and associates' interest and tax
Non-controlling share of operating profit
Adjusted Profit Before Tax Measure of the underlying business performance excluding material Profit before tax Movement on operating and financing derivatives ("certain re-measurements")
non-recurring and exceptional items, before tax
Exceptional items
Adjustments to Gas Production decommissioning provision
Non-controlling share of profit before tax
Depreciation expense on fair value uplifts
Share of joint ventures and associates' tax
Adjusted Net Finance Costs Used to monitor the underlying cost of Group financing Net finance costs Exceptional items
Movement on financing derivatives
Share of joint ventures and associates' interest
Non-controlling share of financing costs
Adjusted Current Tax Charge Measure of the current period tax charge excluding deferred and exceptional Tax charge Share of joint ventures and associates' tax
elements
Non-controlling share of current tax
Deferred tax including share of joint ventures, associates and non-controlling
interests
Tax on exceptional items and "certain re-measurements"
Adjusted Earnings Per Share Measure of earnings available to ordinary shareholders on an adjusted basis Earnings per share Exceptional items
Adjustments to Gas Production decommissioning provision
Movements on operating and financing derivatives ("certain re-measurements")
Depreciation and amortisation expense on fair value uplifts
Deferred tax including share of joint ventures, associates and non-controlling
interests
Rationale for adjustments to profit measures
1. Movement on operating and financing derivatives ("certain re-measurements")
This adjustment can be designated between operating and financing derivatives.
Operating derivatives
The Group's SSE Energy Markets function enters forward commitments or options
to buy or sell electricity, gas and other commodities. These contracts are
used to:
meet the future demand requirements of Energy Customer Solutions, or
optimise the value of generation from SSE Renewables and SSE Thermal
generation assets; or
conduct trading activities within the value at risk limits set out by the
Energy Markets Risk Committee.
Certain of these contracts (predominately purchase contracts) are determined
to be derivative financial instruments under IFRS 9 and as such are required
to be recorded at their fair value. Changes in the fair value of those
commodity contracts designated as IFRS 9 financial instruments are recognised
in the income statement (as part of "certain re-measurements").
The Group presents these fair value movements separately, as they introduce
volatility that does not reflect the underlying performance of its operating
segments. The underlying value of these contracts is recognised as the
relevant commodity is delivered, typically within the subsequent 12 to 24
months.
Conversely, commodity contracts that do not meet the definition of a financial
instrument under IFRS 9 (predominately sales contracts) are accounted for as
"own use" contracts and are consequently not recorded until the commodity is
delivered and the contract is settled.
Additionally, gas inventory purchased by the Group's Gas Storage business for
secondary trading opportunities is also held at fair value with gains and
losses on re-measurement recognised as part of "certain re-measurements" in
the income statement.
Finally, the mark-to-market valuation movements on SSE Renewables' contracts
for difference ("CfDs") that are not designated as government grants and are
measured as Level 3 fair value financial instruments are also included within
"certain re-measurements".
Financing derivatives
Financing derivatives include all fair value and cash flow interest rate
hedges, non-hedge accounted (mark-to-market) interest rate derivatives, cash
flow foreign exchange hedges and non-hedge accounted foreign exchange
contracts entered to manage the Group's banking, liquidity and risk management
exposures relating to interest rate and foreign exchange.
Changes in the fair value of the non-hedge account financing derivatives are
recognised in the income statement (within "certain re-measurements"). These
forward contracts are presented separately as this mark-to-market movement
does not reflect the underlying performance of the Group's operations.
Presentation
The re-measurements arising from both operating and financing derivatives,
together with their associated tax effects, are disclosed separately to aid
transparency and provide a clearer understanding of the Group's underlying
performance.
2. Exceptional items
Exceptional charges or credits, and the tax effects thereof, are considered
unusual by nature or scale and of such significance that separate disclosure
is required for the underlying performance of the Group to be properly
understood. Further explanation for the classification of an item as
exceptional is included in note 2.3.
3. Adjustments to Gas Production decommissioning provision
The Group retains an obligation for 60% of the decommissioning liabilities of
its former Gas Production business which was disposed in October 2021. The
revaluation adjustments relating to these decommissioning liabilities are
accounted for through the Group's consolidated income statement and are
removed from the Group's adjusted profit measures as the revaluation of the
provision is not considered to be part of the Group's core continuing
operations.
4. Share of joint ventures and associates' interest and tax
The Group's reported operating profit includes its share of post-tax results
from equity-accounted joint ventures and associates. For internal performance
management and for consistency, SSE excludes its share of associated interest
and tax from adjusted operating profit. This presentation is expected to
change on adoption of IFRS 18 when share joint venture of joint venture
interest and tax will no longer be reported within operating profit. At that
point the Group will review and update its APM reconciliations.
5. Share of joint ventures and associates' depreciation and amortisation
For management purposes, the Group considers adjusted EBITDA ("earnings before
interest, tax, depreciation and amortisation") based on a sum-of-the-parts
derived metric which includes a share of the EBITDA from equity accounted
investments. While this is not equal to adjusted cash generated from operating
activities, it is considered useful by management in assessing a proxy for
such a measure, given the complexity of the Group structure and the range of
investment structures utilised.
For the purpose of calculating the "Net Debt to EBITDA" metric, "adjusted
EBITDA" is further refined to remove the proportion of adjusted EBITDA from
equity-accounted joint ventures relating to off-balance sheet debt. This
metric is not calculated for 30 September period ends.
6. Depreciation expense on fair value uplifts
When SSE changes its ownership interest in a subsidiary through a
part-disposal which causes the Group to no longer control the entity, fair
value uplifts may arise on re-measurement of retained assets. These non-cash
uplifts are recognised as exceptional gains in the year of the transaction,
and the resulting depreciation or amortisation is excluded from adjusted
profit measures, as it derives from one-off fair value gains rather than
underlying operations.
7. Release of deferred income
The Group deducts the release of deferred income in the period from its
adjusted EBITDA metric as it principally relates to customer contributions
against depreciating assets. As the metric adds back depreciation, the income
release is also deducted.
8. Deferred tax
The Group adjusts for deferred tax when arriving at adjusted profit after tax,
adjusted earnings per share and its adjusted effective rate of tax. Deferred
tax arises as a result of differences in accounting and tax bases that give
rise to potential future accounting credits or charges. As the Group remains
committed to its ongoing capital programme, the liabilities associated are not
expected to reverse and accordingly the Group excludes these from its adjusted
profit measures.
9. Results attributable to non-controlling interest holders
Some Group subsidiaries, including SSEN Transmission (25% sold in November
2022), are controlled but not wholly owned. The share of profit, depreciation,
finance costs, and tax attributable to non-controlling interests is excluded
from adjusted profit measures so that all profit metrics reflect only the
results attributable to the Group's ordinary shareholders.
30 September 2025
Continuing operations (£m) Reported Movement on derivatives Exceptional items Reported before exceptional items and certain re-measurements Adjustments to Gas Production decommissioning provision Joint venture interest and tax Depreciation expense on FV uplifts Deferred tax Share of profits attributable to non-controlling interests Adjusted
Operating profit 634.2 (13.4) 57.5 678.3 (14.1) 78.0 10.2 - (97.4) 655.0
Net finance (costs)/income (47.9) (3.5) - (51.4) - (87.6) - - 5.5 (133.5)
Profit before taxation 586.3 (16.9) 57.5 626.9 (14.1) (9.6) 10.2 - (91.9) 521.5
Taxation (152.3) 5.9 (8.5) (154.9) - 9.6 - 105.4 (9.1) (49.0)
Profit after taxation 434.0 (11.0) 49.0 472.0 (14.1) - 10.2 105.4 (101.0) 472.5
Attributable to other equity holders (141.9) - - (141.9) - - - (32.0) 101.0 (72.9)
Profit attributable to ordinary shareholders 292.1 (11.0) 49.0 330.1 (14.1) - 10.2 73.4 - 399.6
Number of shares for EPS 1,106.6 1,106.6
Earnings per share (pence) 26.4 36.1
Adjusted EBITDA
30 September 2025
Adjusted operating profit from continuing operations Share of joint venture and associates' depreciation and amortisation Depreciation expense on FV uplifts Release of deferred income Depreciation, impairment and amortisation before exceptional charges Share of depreciation, impairment and amortisation before exceptional items Adjusted EBITDA
attributable to non-controlling interests
£m £m £m £m £m
£m
£m
655.0 111.1 (10.2) (6.2) 424.4 (21.9) 1,152.2
30 September 2024 (restated*)
Continuing operations (£m) Reported Movement on derivatives Exceptional items Reported before exceptional items and certain re-measurements Adjustments to Gas Production decommissioning provision Joint venture interest and tax Depreciation on expense on FV uplifts Deferred tax Share of profits attributable to non-controlling interests Adjusted
Operating profit 902.8 (94.5) 21.9 830.2 (10.8) 83.3 9.9 - (52.4) 860.2
Net finance (costs)/income (56.9) 4.6 (0.3) (52.6) - (86.2) - - 3.3 (135.5)
Profit before taxation 845.9 (89.9) 21.6 777.6 (10.8) (2.9) 9.9 - (49.1) 724.7
Taxation (213.3) 27.7 (3.1) (188.7) - 2.9 - 95.3 (5.5) (96.0)
Profit after taxation 632.6 (62.2) 18.5 588.9 (10.8) - 9.9 95.3 (54.6) 628.7
Attributable to other equity holders (110.5) - - (110.5) - - - (17.8) 54.6 (73.7)
Profit attributable to ordinary shareholders 522.1 (62.2) 18.5 478.4 (10.8) - 9.9 77.5 - 555.0
Number of shares for EPS 1,094.2 1,094.2
Earnings per share (pence) 47.7 50.7
*The comparative has been restated. See note 2.5.
Adjusted EBITDA
30 September 2024
Adjusted operating profit from continuing operations Share of joint venture and associates' depreciation and amortisation Depreciation expense on FV uplifts Release of deferred income Depreciation, impairment and amortisation before exceptional charges Share of depreciation, impairment and amortisation before exceptional items Adjusted EBITDA
attributable to non-controlling interests
£m £m £m £m £m
£m
£m
860.2 110.2 (9.9) (7.4) 387.9 (18.0) 1,323.0
31 March 2025
Continuing operations (£m) Reported Movement on derivatives Exceptional items Reported before exceptional items and certain re-measurements Adjustments to Gas Production decommissioning provision Joint venture interest and tax Depreciation expense on FV uplifts Deferred tax Adjusted
Share of profits attributable to non-controlling interests
Operating profit 1,962.2 78.5 309.7 2,350.4 (17.9) 173.3 20.1 - (106.7) 2,419.2
Net finance (costs)/income (111.3) (12.8) (0.3) (124.4) - (164.3) - - 7.7 (281.0)
Profit before taxation 1,850.9 65.7 309.4 2,226.0 (17.9) 9.0 20.1 - (99.0) 2,138.2
Taxation (518.0) (4.0) (29.7) (551.7) - (9.0) - 276.6 (12.3) (296.4)
Profit after taxation 1,332.9 61.7 279.7 1,674.3 (17.9) - 20.1 276.6 (111.3) 1,841.8
Attributable to other equity holders (143.5) - - (143.5) - - - (41.5) 111.3 (73.7)
Profit attributable to ordinary shareholders 1,189.4 61.7 279.7 1,530.8 (17.9) - 20.1 235.1 - 1,768.1
Number of shares for EPS 1,099.2 1,099.2
Earnings per share (pence) 108.2 160.9
Adjusted EBITDA
31 March 2025
Adjusted operating profit from continuing operations Share of joint venture and associates' depreciation and amortisation Depreciation expense on FV uplifts Release of deferred income £m Depreciation, impairment and amortisation before exceptional charges Share of depreciation, impairment and amortisation before exceptional items Adjusted EBITDA
attributable to non-controlling interests
£m £m £m £m
£m
£m
2,419.2 226.0 (20.1) (14.1) 776.1 (37.8) 3,349.3
Debt measure
Group APM Purpose Closest equivalent IFRS measure Adjustments to reconcile to primary financial statements
Adjusted Net Debt and Hybrid Capital Measure of the capital owed to investors and lenders Unadjusted net debt · Cash held and posted as collateral and other deposits
· Lease obligations
· Non-controlling share of borrowings and cash
· Hybrid equity
Rationale for adjustments to debt measure
10. Cash held and posted as collateral and other deposits
Cash held and posted as collateral refers to cash balances received from and
deposited with counterparties including trading exchanges. Collateral balances
mostly represent initial and variation margin, required as part of the
management of the Group's exposures on commodity contracts, that will be
received on maturity of the related trades. Deposits with a maturity of more
than three months are also included in this adjustment. The Group includes
this adjustment to better reflect the cash resources to which it has access,
which in turn better reflects the Group's funding position.
11. Lease obligations
SSE's reported loans and borrowings include lease obligations recognised under
IFRS 16 "Leases". The Group excludes these liabilities from adjusted net debt
and hybrid capital to better reflect the Group's underlying funding position
with its primary sources of capital.
12. External net debt and cash attributable to non-controlling interests
Some Group subsidiaries, including SSEN Transmission (25% stake sold in
November 2022), are controlled but not wholly owned. The share of external
debt and cash attributable to non-controlling interests is excluded from
adjusted net debt and hybrid capital so that the debt metric reflects only
amounts proportionately attributable to the Group's ordinary shareholders.
13. Hybrid equity
The characteristics of certain hybrid capital securities mean they qualify for
recognition as equity rather than debt under applicable accounting standards.
Consequently, their coupon payments are presented within equity rather than
within finance costs. As a result, the coupon payments are not included in
SSE's adjusted profit before tax measure. To present total funding provided
from sources other than ordinary shareholders, SSE presents its adjusted net
debt measure inclusive of hybrid capital to better reflect the Group's funding
position.
March September 2025 September
2025 2024
£m £m £m
(9,513.9) Unadjusted net debt (10,034.6) (8,688.8)
(63.3) Cash (held)/posted as collateral and other deposits 114.9 (260.2)
455.0 Lease obligations 461.6 401.4
817.9 External net debt attributable to non-controlling interests 1,006.3 586.2
(8,304.3) Adjusted Net Debt (8,451.8) (7,961.4)
(1,882.4) Hybrid equity (2,985.8) (1,882.4)
(10,186.7) Adjusted Net Debt and Hybrid Capital (11,437.6) (9,843.8)
Capital measures
Group APM Purpose Closest equivalent IFRS measure Adjustments to reconcile to primary financial statements
Adjusted Investment and Capital Expenditure Measures the Group's underlying investment in capital assets, excluding Capital additions to intangible assets and property, plant and equipment · Joint ventures and associates' additions funding
non-cash or third-party funded additions
· Allowances and certificates
· Customer or third party funded additions
· Lease asset additions
· Non-controlling share of capital expenditure
· Additions acquired through business combinations
Adjusted Investment, Capital and Acquisition Expenditure Expands the above measure to include acquisition related cash consideration, Capital additions to intangible assets and property, plant and equipment · Joint ventures and associates' additions funding
providing a broader view of total investment growth
· Allowances and certificates
· Customer or third party funded additions
· Lease asset additions
· Non-controlling share of capital expenditure
· Additions acquired through business combinations
· Acquisition cash consideration
Rationale for adjustments to capital measures
14. Joint ventures and associates' additions funding
Joint ventures and associates' additions included in the Group's capital
measures represent the direct loan or equity funding provided by the Group to
joint venture and associate arrangements in relation to capital expenditure
projects. This has been included to better reflect the Group's use of directly
funded equity accounted vehicles to grow the Group's asset base. Asset
additions funded by project finance raised within the Group's joint ventures
and associates are not included in this adjustment.
15. Allowances and certificates
Allowances and certificates consist of purchased carbon emissions allowances
and generated or purchased renewable source of generation certificates such as
renewable obligations certificates ("ROCs"). Additions of allowances and
certificates in the period are not included in the Group's "capital
expenditure and investment" APM to better reflect the Group's investment in
enduring operational assets.
16. Customer or third party funded additions
Customer or third party funded additions represent additions to the Group's
electricity and other networks that are financed by cash provided by third
parties. Given these are directly funded by customers or third parties, these
additions have been excluded to better reflect the Group's underlying
investment position.
17. Lease additions
Additions of right of use assets under the Group's IFRS 16 compliant policies
for lease contracts are excluded from the Group's adjusted capital measures as
they do not represent directly funded capital investment. This is consistent
with the treatment of lease obligations explained at 11, above.
18. Non-controlling interest share of capital expenditure
The Group's structure includes non-wholly owned but controlled subsidiaries
which are consolidated within the financial statements of the Group under
IFRS. The most significant of those is SSEN Transmission, a 25% stake in which
was divested on 30 November 2022. The Group has removed the share of capital
additions attributable proportionately to these equity holders from its
"adjusted investment and capital expenditure" and "adjusted investment,
capital and acquisition expenditure" metrics. This is consistent with the
adjustments noted elsewhere related to these non-controlling interests.
19. Additions acquired through business combinations
Where the Group acquires an early-stage development company, which is
classified as the acquisition of an asset, or group of assets and not the
acquisition of a business, the acquisition is treated as an addition to
intangible assets or property, plant and equipment and is included within
'adjusted investment and capital expenditure'. Where the Group acquires an
established business or interest in an equity-accounted joint venture
requiring a fair value assessment in line with the principles of IFRS 3
"Business Combinations", the fair value of acquired consolidated tangible or
intangible assets is excluded from the Group's "adjusted investment and
capital expenditure", as they are not direct capital expenditure by the Group.
However, the fair valuation of consideration paid for the business or
investment is included in the Group's 'adjusted investment, capital and
acquisition expenditure' metric, see 20 below. During the period and prior
year there were no significant business acquisitions.
20. Acquisition cash consideration in relation to business combinations
The Group has outlined a significant investment programme which will partly be
achieved through the acquisition of businesses with development opportunities
for the Group. The cash consideration paid for these entities is included
within the Group's "adjusted investment, capital and acquisition expenditure"
metric as it provides stakeholders an accurate basis of cash investment into
the Group's total development pipeline and is consistent with the reporting of
the Group's projected capital investment expectations. During the period and
prior year there were no significant business acquisitions.
March September September
2025 2025 2024
£m £m £m
1,045.5 Capital additions to intangible assets 299.8 392.5
2,791.5 Capital additions to property, plant and equipment 1,709.6 1,180.8
3,837.0 Capital additions to intangible assets and property, plant and equipment 2,009.4 1,573.3
288.0 Joint ventures and associates' additions 95.2 173.6
(603.7) Allowances and certificates (146.8) (192.4)
(163.4) Customer or third party funded additions (115.7) (92.6)
(126.7) Lease asset additions (36.9) (43.0)
(320.8) Non-controlled interests share of capital expenditure (235.1) (126.8)
2,910.4 Adjusted Investment and Capital Expenditure 1,570.1 1,292.1
2,910.4 Adjusted Investment, Capital and Acquisition Expenditure 1,570.1 1,292.1
Interim Financial Statements
Consolidated Income Statement
for the period 1 April 2025 to 30 September 2025
2025 2024
Before exceptional items and certain re-measure-ments Exceptional items and certain re-measure-ments (note 6) Total Before exceptional items and certain re-measure-ments Exceptional items and certain re-measure-ments Total
Note £m £m £m £m £m £m
Continuing operations
Revenue 5 4,634.0 - 4,634.0 4,459.3 - 4,459.3
Cost of sales (3,011.4) 17.6 (2,993.8) (2,778.4) 118.7 (2,659.7)
Gross profit 1,622.6 17.6 1,640.2 1,680.9 118.7 1,799.6
Operating costs (891.3) (57.5) (948.8) (836.4) (21.9) (858.3)
Debt impairment charges (20.9) - (20.9) (21.2) - (21.2)
Other operating income 2.5 - 2.5 7.7 - 7.7
Operating profit before joint ventures and associates 712.9 (39.9) 673.0 831.0 96.8 927.8
Joint ventures and associates:
Share of operating profit 43.4 - 43.4 82.5 - 82.5
Share of interest (87.6) - (87.6) (86.2) - (86.2)
Share of movement in derivatives - (5.6) (5.6) - (32.2) (32.2)
Share of tax 9.6 1.4 11.0 2.9 8.0 10.9
Share of loss on joint ventures and associates (34.6) (4.2) (38.8) (0.8) (24.2) (25.0)
Operating profit/(loss) 5 678.3 (44.1) 634.2 830.2 72.6 902.8
Finance income 7 120.9 3.5 124.4 97.5 0.3 97.8
Finance costs 7 (172.3) - (172.3) (150.1) (4.6) (154.7)
Profit/(loss) before taxation 626.9 (40.6) 586.3 777.6 68.3 845.9
Taxation 8 (154.9) 2.6 (152.3) (188.7) (24.6) (213.3)
Profit/(loss) for the period 472.0 (38.0) 434.0 588.9 43.7 632.6
Attributable to:
Ordinary shareholders of the parent 330.1 (38.0) 292.1 478.4 43.7 522.1
Non-controlling interests 69.0 - 69.0 36.8 - 36.8
Other equity holders 72.9 - 72.9 73.7 - 73.7
Earnings per share
Basic (pence) 10 26.4 47.7
Diluted (pence) 10 26.4 47.6
The accompanying notes are an integral part of this interim statement.
Consolidated Income Statement
for the year ended 31 March 2025
Before exceptional items and certain Exceptional items and certain re-measure-ments Total
re-measure-ments
(note 6)
Note £m £m £m
Continuing operations
Revenue 5 10,131.9 - 10,131.9
Cost of sales (6,210.9) (57.4) (6,268.3)
Gross profit/(loss) 3,921.0 (57.4) 3,863.6
Operating costs (1,742.0) (309.7) (2,051.7)
Debt impairment charges (47.1) - (47.1)
Other operating income 107.5 - 107.5
Operating profit/(loss) before joint ventures and associates 2,239.4 (367.1) 1,872.3
Joint ventures and associates:
Share of operating profit 284.3 - 284.3
Share of interest (164.3) - (164.3)
Share of movement in derivatives - (28.1) (28.1)
Share of tax (9.0) 7.0 (2.0)
Share of profit/(loss) on joint ventures and associates 111.0 (21.1) 89.9
Operating profit/(loss) 5 2,350.4 (388.2) 1,962.2
Finance income 7 194.8 13.1 207.9
Finance costs 7 (319.2) - (319.2)
Profit/(loss) before taxation 2,226.0 (375.1) 1,850.9
Taxation 8 (551.7) 33.7 (518.0)
Profit/(loss) for the year 1,674.3 (341.4) 1,332.9
Attributable to:
Ordinary shareholders of the parent 1,530.8 (341.4) 1,189.4
Non-controlling interests 69.8 - 69.8
Other equity holders 73.7 - 73.7
Earnings per share
Basic (pence) 10 108.2
Diluted (pence) 10 108.1
The accompanying notes are an integral part of this interim statement.
Consolidated Statement of Comprehensive Income
for the period 1 April 2025 to 30 September 2025
Year ended 31 March 2025 Six
Six months ended 30 September 2025 months ended 30 September 2024
£m £m £m
1,332.9 Profit for the period - continuing operations 434.0 632.6
Other comprehensive income:
Items that will be reclassified subsequently to profit or loss:
48.1 Net gains/(losses) on cash flow hedges (11.9) (8.3)
10.0 Transferred to assets and liabilities on cash flow hedges 2.6 0.3
(11.3) Taxation on cash flow hedges 3.2 2.4
46.8 (6.1) (5.6)
(16.7) Share of other comprehensive loss of joint ventures and associates, net of (37.6) (27.4)
taxation
(42.9) Exchange difference on translation of foreign operations 63.1 (56.1)
36.0 Gain/(loss) on net investment hedge (84.9) 46.1
23.2 (65.5) (43.0)
Items that will not be reclassified to profit or loss:
39.6 Actuarial gains/(losses) on retirement benefit schemes, net of taxation (21.4) 25.1
15.8 Share of other comprehensive income/(loss) of joint ventures and associates, (15.8) -
net of taxation
(0.3) Losses on revaluation of investments in equity instruments, net of taxation - -
55.1 (37.2) 25.1
78.3 Other comprehensive gain/(loss), net of taxation (102.7) (17.9)
1,411.2 Total comprehensive income for the period - continuing operations 331.3 614.7
Attributable to:
1,263.6 Ordinary shareholders of the parent 191.8 509.6
73.9 Non-controlling interest 66.6 31.4
73.7 Other equity holders 72.9 73.7
1,411.2 331.3 614.7
The accompanying notes are an integral part of this interim statement.
Consolidated Balance Sheet
as at 30 September 2025
At At 30 September 2025 At
31 March 30 September 2024
2025 (restated*) (restated*)
£m Note £m £m
Assets
18,824.1 Property, plant and equipment 20,199.3 17,461.1
2,170.5 Goodwill and other intangible assets 2,240.8 2,362.1
1,987.3 Equity investments in joint ventures and associates 1,871.4 1,889.8
1,510.3 Loans to joint ventures and associates 1,534.4 1,484.4
8.8 Other investments 8.9 7.6
447.7 Other non-current assets 526.5 383.7
63.5 Derivative financial assets 16 111.2 63.2
501.8 Retirement benefit assets 17 491.2 470.8
25,514.0 Non-current assets 26,983.7 24,122.7
392.7 Intangible assets 205.6 305.5
462.9 Inventories 289.2 331.3
2,695.4 Trade and other receivables 2,743.8 2,432.5
29.7 Current tax asset 19.1 58.4
1,090.5 Cash and cash equivalents 433.3 890.8
178.4 Derivative financial assets 16 174.7 420.8
- Assets held for sale - 19.3
4,849.6 Current assets 3,865.7 4,458.6
30,363.6 Total assets 30,849.4 28,581.3
Liabilities
1,964.0 Loans and other borrowings 13 1,573.3 1,903.9
2,708.2 Trade and other payables 2,298.6 2,663.5
- Current tax liabilities - 4.0
2.4 Financial guarantee liabilities 2.5 2.9
80.5 Provisions 45.0 63.8
126.3 Derivative financial liabilities 16 84.0 250.9
- Liabilities held for sale - 19.3
4,881.4 Current liabilities 4,003.4 4,908.3
8,640.4 Loans and other borrowings 13 8,894.6 7,675.7
1,844.5 Deferred tax liabilities 1,958.8 1,639.7
1,437.6 Trade and other payables 1,540.7 1,352.3
23.1 Financial guarantee liabilities 22.3 35.0
676.1 Provisions 672.5 690.9
167.7 Derivative financial liabilities 16 138.1 208.8
12,789.4 Non-current liabilities 13,227.0 11,602.4
17,670.8 Total liabilities 17,230.4 16,510.7
12,692.8 Net assets 13,619.0 12,070.6
Equity:
555.6 Share capital 15 556.3 554.2
812.6 Share premium 811.9 814.0
52.6 Capital redemption reserve 52.6 52.6
432.7 Hedge reserve 389.9 377.7
(8.6) Translation reserve (28.9) (10.3)
8,336.7 Retained earnings 8,156.0 7,813.7
10,181.6 Equity attributable to ordinary shareholders of the parent 9,937.8 9,601.9
1,882.4 Hybrid equity 14 2,985.8 1,882.4
628.8 Attributable to non-controlling interests 695.4 586.3
12,692.8 Total equity 13,619.0 12,070.6
*The comparative Consolidated Balance Sheet has been restated. See note 2.5.
The accompanying notes are an integral part of this interim statement.
Consolidated Statement of Changes in Equity
for the period 1 April 2025 to 30 September 2025
Share capital Share premium Capital redemption reserve Hedge reserve Translation reserve Retained earnings Total attributable to ordinary shareholders Hybrid equity Total equity before non-controlling interest Non-controlling interest Total equity
£m £m £m £m £m £m £m £m £m £m £m
At 1 April 2025 555.6 812.6 52.6 432.7 (8.6) 8,336.7 10,181.6 1,882.4 12,064.0 628.8 12,692.8
Profit for the period - - - - - 292.1 292.1 72.9 365.0 69.0 434.0
Other comprehensive (loss) - - - (42.8) (20.3) (37.2) (100.3) - (100.3) (2.4) (102.7)
Total comprehensive income for the period - - - (42.8) (20.3) 254.9 191.8 72.9 264.7 66.6 331.3
Dividends to shareholders - - - - - (475.8) (475.8) - (475.8) - (475.8)
Scrip dividend related share issue 0.7 (0.7) - - - 25.3 25.3 - 25.3 - 25.3
Issue of treasury shares - - - - - 1.0 1.0 - 1.0 - 1.0
Distributions to Hybrid equity holders - - - - - - - (72.9) (72.9) - (72.9)
Issue of hybrid equity - - - - - - - 1,103.4 1,103.4 - 1,103.4
Credit in respect of employee share awards - - - - - 16.2 16.2 - 16.2 - 16.2
Investment in own shares - - - - - (2.3) (2.3) - (2.3) - (2.3)
At 30 September 2025 556.3 811.9 52.6 389.9 (28.9) 8,156.0 9,937.8 2,985.8 12,923.6 695.4 13,619.0
for the period 1 April 2024 to 30 September 2024
Share capital Share premium Capital redemption reserve Hedge reserve Translation reserve Retained earnings Total attributable to ordinary shareholders Hybrid equity Total equity before non-controlling interest Non-controlling interest Total equity
£m £m £m £m £m £m £m £m £m £m £m
At 1 April 2024 (restated*) 548.1 820.1 52.6 407.6 (2.6) 7,540.0 9,365.8 1,882.4 11,248.2 554.9 11,803.1
Profit for the period - - - - - 522.1 522.1 73.7 595.8 36.8 632.6
Other comprehensive (loss)/income - - - (29.9) (7.7) 25.1 (12.5) - (12.5) (5.4) (17.9)
Total comprehensive income for the period - - - (29.9) (7.7) 547.2 509.6 73.7 583.3 31.4 614.7
Dividends to shareholders - - - - - (437.3) (437.3) - (437.3) - (437.3)
Scrip dividend related share issue 6.1 (6.1) - - - 225.5 225.5 - 225.5 - 225.5
Issue of treasury shares - - - - - 0.7 0.7 - 0.7 - 0.7
Distributions to Hybrid equity holders - - - - - - - (73.7) (73.7) - (73.7)
Share buyback - - - - - (75.0) (75.0) - (75.0) - (75.0)
Credit in respect of employee share awards - - - - - 14.8 14.8 - 14.8 - 14.8
Investment in own shares - - - - - (2.2) (2.2) - (2.2) - (2.2)
At 30 September 2024 (restated*) 554.2 814.0 52.6 377.7 (10.3) 7,813.7 9,601.9 1,882.4 11,484.3 586.3 12,070.6
*The comparative Consolidated Statement of Changes in Equity has been
restated. See note 2.5.
Consolidated Statement of Changes in Equity
for the year ended 31 March 2025
Share capital Share premium Capital redemption reserve Hedge reserve Translation reserve Retained earnings Total attributable to ordinary shareholders Hybrid equity Total equity before non-controlling interest Non-controlling interest Total equity
£m £m £m £m £m £m £m £m £m £m £m
At 1 April 2024 548.1 820.1 52.6 407.6 (2.6) 7,540.0 9,365.8 1,882.4 11,248.2 554.9 11,803.1
Profit for the year - - - - - 1,189.4 1,189.4 73.7 1,263.1 69.8 1,332.9
Other comprehensive income/(loss) - - - 25.1 (6.0) 55.1 74.2 - 74.2 4.1 78.3
Total comprehensive income for the year - - - 25.1 (6.0) 1,244.5 1,263.6 73.7 1,337.3 73.9 1,411.2
Dividends to shareholders - - - - - (671.0) (671.0) - (671.0) - (671.0)
Scrip dividend related share issue 7.5 (7.5) - - - 268.9 268.9 - 268.9 - 268.9
Issue of treasury shares - - - - - 17.8 17.8 - 17.8 - 17.8
Distributions to Hybrid equity holders - - - - - - - (73.7) (73.7) - (73.7)
Share buyback - - - - - (71.7) (71.7) - (71.7) - (71.7)
Credit in respect of employee share awards - - - - - 22.3 22.3 - 22.3 - 22.3
Investment in own shares - - - - - (14.1) (14.1) - (14.1) - (14.1)
At 31 March 2025 555.6 812.6 52.6 432.7 (8.6) 8,336.7 10,181.6 1,882.4 12,064.0 628.8 12,692.8
Consolidated Cash Flow Statement
for the period 1 April 2025 to 30 September 2025
Year Note Six months ended 30 September 2025 Six
ended 31 months
March ended 30 September
2025 2024
£m £m £m
1,962.2 Operating profit - continuing operations 5 634.2 902.8
(89.9) Less/add share of (profit)/loss of joint ventures and associates 38.8 25.0
1,872.3 Operating profit before jointly controlled entities and associates 673.0 927.8
(6.7) Pension service charges, less contributions paid (3.7) (5.5)
60.1 Movement on operating derivatives (26.2) (115.1)
1,057.1 Depreciation, amortisation, write downs and impairments 447.2 387.9
22.3 Charge in respect of employee share awards 16.2 14.8
(47.9) Profit on disposal of assets and businesses - -
6.4 Charge/(release) of provisions (20.7) (11.2)
(1.9) Credit in respect of financial guarantees (0.7) (0.9)
(14.1) Release of deferred income 5 (6.2) (7.4)
2,947.6 Cash generated from operations before working capital movements 1,078.9 1,190.4
(109.5) (Increase)/decrease in inventories 172.0 11.3
2.6 Decrease in receivables 196.9 162.2
(196.0) Decrease in payables (143.2) (191.7)
(23.7) Decrease in provisions (19.4) (9.5)
2,621.0 Cash generated from operations 1,285.2 1,162.7
200.6 Dividends received from investments 81.7 98.3
(104.2) Interest paid (40.5) (43.0)
(240.6) Taxes paid (12.0) (143.0)
2,476.8 Net cash from operating activities 1,314.4 1,075.0
(2,689.2) Purchase of property, plant and equipment 5 (1,961.9) (1,137.1)
(441.8) Purchase of other intangible assets 5 (153.0) (200.1)
55.7 Receipt of government grant income 16.1 13.7
20.2 Deferred income received 2.2 12.8
25.2 Proceeds from disposals - 16.5
(408.3) Loans and equity provided to joint ventures and associates (129.5) (215.2)
121.7 Loans and equity repaid by joint ventures 46.4 18.1
(1.9) Increase in other investments (0.1) -
(3,318.4) Net cash used in investing activities (2,179.8) (1,491.3)
17.8 Proceeds from issue of share capital 15 1.0 0.7
(402.1) Dividends paid to the company's equity holders 9 (450.5) (211.8)
(71.7) Share buybacks - -
(73.7) Hybrid equity dividend payments 14 (72.9) (73.7)
(14.1) Employee share awards share purchase 15 (2.3) (2.2)
- Issue of hybrid instruments 14 1,103.4 -
2,592.2 New borrowings 1,948.6 1,655.6
(1,162.2) Repayment of borrowings (2,321.7) (1,097.7)
10.0 Settlement of cashflow hedges 2.6 0.3
896.2 Net cash from financing activities 208.2 271.2
54.6 Net increase/(decrease) in cash and cash equivalents (657.2) (145.1)
1,035.9 Cash and cash equivalents at the start of period 1,090.5 1,035.9
54.6 Net increase/(decrease) in cash and cash equivalents (657.2) (145.1)
1,090.5 Cash and cash equivalents at the end of period 433.3 890.8
Notes to the Interim Financial Statements
Condensed Interim Financial Statements
SSE plc (the Company) is a company domiciled in Scotland. The condensed
Interim Financial Statements comprise those of the Company and its
subsidiaries (together referred to as the Group).
The financial information set out in these condensed Interim Financial
Statements does not constitute the Group's statutory accounts for the periods
ended 30 September 2025, 31 March 2025 or 30 September 2024 within the meaning
of Section 435 of the Companies Act 2006. Statutory accounts for the year
ended 31 March 2025, which were prepared in accordance with UK-adopted
international accounting standards, have been reported on by the Group's
auditors and delivered to the Registrar of Companies. The report of the
auditor was (i) unqualified (ii) did not include reference to any matters to
which the auditors drew attention by way of emphasis without qualifying their
report and (iii) did not contain statements under section 498 (2) or (3) of
the Companies Act 2006. The Group's financial statements for the year ending
31 March 2026 will be prepared on a consistent basis in accordance with
UK-adopted international accounting standards.
The financial information set out in these condensed Interim Financial
Statements has been prepared in accordance with the Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority and UK adopted IAS 34
"Interim Financial Reporting". The interim financial information is unaudited
but has been formally reviewed by the auditor and its report to the Company is
set out on page 80.
These interim statements were authorised by the Board on 11 November 2025.
Basis of preparation
These condensed Interim Financial Statements for the period to 30 September
2025 and the comparative information for the period to 30 September 2024 have
been prepared applying the accounting policies used in the Group's
consolidated financial statements for the year ended 31 March 2025, with the
exception of the policy change related to capital prepayments, as explained in
note 2.5.1.
Adjusted measures
The Directors assess the performance of the Group and its reportable segments
based on "adjusted measures". These measures are used for internal performance
management and are believed to be appropriate for explaining underlying
performance to users of the accounts. These measures are also deemed to be the
most useful for the ordinary shareholders of the Company and for other
stakeholders.
Reconciliations from the reported measures to adjusted measures along with
further description of the rationale for those adjustments are included in the
"Alternative Performance Measures" section on pages 29 to 36.
Going concern
The Directors consider that the Group has adequate resources to continue in
operational existence for the period to 31 December 2026. The condensed
Interim Financial Statements are therefore prepared on a going concern basis.
In reaching their conclusion, the Directors regularly review the Group's
funding structure (see note 13) against the current economic climate to ensure
that the Group has the short and long-term funding required. The Group has
performed detailed going concern testing, including the consideration of cash
flow forecasts under stressed scenarios for the period to December 2026. While
the formal assessment period was to the period ending 31 December 2026, a
period of three months beyond this date was reviewed for significant events
that may result in a change to the conclusion of the assessment. No events or
circumstances were identified in that period beyond the formal assessment.
The Group has an established €1.5bn Euro commercial paper programme (paper
can be issued in a range of currencies and swapped into Sterling) and as at 30
September 2025 there was £874m commercial paper outstanding (31 March 2025:
£891m). In the six months ended 30 September 2025, the Group has issued new
hybrid equity bonds and debt instruments totalling £2.0bn, and has redeemed
£1.1bn of maturing long-term debt, while rolling £0.9bn of short-term
commercial paper.
The Group also continues to have access to the following three committed
facilities totalling £3.3bn, including a new term loan facility signed in
September 2025:
a £1.5bn revolving credit facility for SSE plc maturing October 2030 with a
one year extension option;
a £1.5bn revolving credit facility for Scottish Hydro Electric Transmission
plc maturing October 2030 with a one year extension option; and
a new £0.25bn five year term loan facility for Scottish Hydro Electric
Transmission plc.
As at 30 September 2025 there were drawings of £0.3bn on the revolving credit
facility relating to Scottish Hydro Electric Transmission plc, as described in
note 13.
Exceptional items and certain re-measurements
Exceptional items are those charges or credits that are considered unusual by
nature and/or scale and of such significance that separate disclosure is
required for the financial statements to be properly understood. The trigger
points for recognition of items as exceptional items will tend to be
non-recurring although exceptional charges (or credits) may impact the same
asset class or segment over time.
2. Basis of preparation (continued)
2.3. Exceptional items and certain re-measurements (continued)
Examples of items that may be considered exceptional include material asset,
investment or business impairment charges; reversals of historic exceptional
impairments; certain business restructuring and reorganisation costs;
significant realised gains or losses on disposal; unrealised fair value
adjustments on acquisitions or disposals; and provisions in relation to
significant disputes and claims.
The Group operates a policy framework for establishing whether items should be
classified as exceptional. This framework, which is reviewed annually, is
based on the materiality of the item, by reference to the Group's key
performance measure of adjusted earnings per share. This framework estimates
that any qualifying item greater than £40.0m (March 2025: £40.0m) will be
considered exceptional, with the exception of any strategic restructuring or
transformation of activities or discontinued operations, which will
respectively be considered on a case-by-case basis or will always be treated
as exceptional. The only exception to this threshold is for gains or losses on
disposal, or divestment of early-stage international or offshore windfarm
development projects within SSE Renewables, which are considered
non-exceptional in line with the Group's strategy to generate recurring gains
from developer divestments. Where a qualifying gain arises on a non-cash
transaction, the gain is treated as exceptional.
Certain re-measurements are re-measurements arising on certain commodity,
interest rate and currency contracts which are accounted for as held for
trading or as fair value hedges in accordance with the Group's policy for such
financial instruments; re-measurements on stocks of commodities held at the
balance sheet date; or movements in fair valuation of contracts for difference
not designated as government grants. The amount recorded in the adjusted
results for these contracts is the amount settled in the period as disclosed
in note 16.
This excludes commodity contracts not treated as financial instruments under
IFRS 9 where the contracts are held for the Group's own use requirements. The
fair value of these contracts is not recorded and the value associated with
the contract is not recognised until the underlying commodity is delivered.
The impact of changes in corporation tax rates on deferred tax balances are
also included within certain re-measurements.
2.4. Other additional disclosures
As permitted by IAS 1 "Presentation of Financial Statements", the Group's
income statement discloses additional information in respect of joint ventures
and associates, exceptional items and certain re-measurements to aid
understanding of the Group's financial performance and to present results
clearly and consistently.
Changes to presentation and prior year adjustments
Comparative changes at 31 March 2025 and 30 September 2024
Capital prepayments
The Group has elected to amend its accounting policy for disclosure of capital
prepayments. Under the Group's previous policy, all capital prepayments were
previously shown as current assets. Due to the long-term nature of capital
projects within the Group and the fact that payments are made to suppliers in
advance to secure materials and production capacity, a greater proportion of
prepayments are extending beyond 12 months. As a result of the change in
policy, the balances have been presented in the period ended 30 September 2025
to better reflect the split between current and non-current maturity. In
accordance with IAS 8 "Accounting Policies, Changes in Accounting Estimates
and Errors" the balance sheets for the period ended 30 September 2024 and the
year ended 31 March 2025 have been restated. £202.1m of capital prepayments
have been presented as non-current assets as at 30 September 2024 and £247.8m
as at 31 March 2025. This change in policy had no impact on net assets, the
income statement, statement of cashflows or adjusted performance measures of
the Group, at any reporting date.
Deferred income
In addition, a prior period adjustment has been made to restate deferred
income as a result of an incorrect classification split as at 30 September
2024 and 31 March 2025, to reflect the split between current and non-current
maturity. The adjustment has been made to present additional deferred income
due after more than one year within non-current "Trade and other payables",
which has increased to £1,352.3m at 30 September 2024 (previously £1,184.8m)
and to £1,437.6m at 31 March 2025 (previously £1,247.9m). Current "Trade and
other payables" has decreased to £2,663.5m at 30 September 2024 (previously
£2,831.0m) and to £2,708.2m at 31 March 2025 (previously £2,897.9m). This
adjustment also has no impact on retained earnings, net assets or the
consolidated adjusted performance measures of the Group, at any reporting
date.
Comparative changes at 30 September 2024
Segments
In accordance with the requirements of IFRS 8 "Operating Segments" the Group
aligns its segmental disclosures with its internal reporting to the Group
Executive Committee (the Chief Operating Decision Maker). The reporting of
these operating segments is used to assess the operating performance and to
make decisions on how to allocate capital. During the year to 31 March 2025,
the Group's Enterprise business was integrated into its SSE Business Energy,
SSE Thermal and SSE Energy Markets operating segments. Consequently, the
segmental results reported within these condensed Interim Financial Statements
for the period ended 30 September 2024 have been restated with effect from 1
April 2023. Details of the restatement at 31 March 2025 and the main
activities reallocated from SSE Enterprise into the Group's other segments are
provided in note 5 of the Group's 31 March 2025 Annual Report.
2. Basis of preparation (continued)
2.5.2 Comparative changes at 30 September 2024 (continued)
Comparative segmental information in note 5 has been restated to reflect the
change to these segments. The impacts of the restatements are a decrease to
the adjusted operating profit of SSE Business Energy (2024: £23.8m), a
decrease to the adjusted operating loss of SSE Thermal (2024: £6.0m) and a
decrease in the adjusted operating profit of SSE Energy Markets (2024: £1.2m)
and a decrease to the adjusted EBITDA of SSE Business Energy (2024: £21.2m)
an increase to the adjusted EBITDA of SSE Thermal (2024: £8.1m) and a
decrease in the adjusted EBITDA of SSE Energy Markets (2024: £1.2m). The
reported operating profit by segment has been restated by the same amounts.
Additionally, adjusted capital expenditure has been restated with an increase
to SSE Business Energy (2024: £22.6m), SSE Thermal (2024: £4.0m) and SSE
Energy Markets (£0.4m) and revenue has been restated with an increase to SSE
Business Energy (2024: £25.8m) and SSE Thermal (2024: £14.5m).
This restatement has had no impact on the consolidated adjusted performance
measures of the Group at 30 September 2024.
Non-controlling interest presentation change
After reviewing the accounting for sale of the 25% non-controlling stake in
Scottish Hydro Electric Transmission plc, which the Group disposed of in the
year ended 31 March 2023, the comparative balance sheets and statements of
changes in equity at 30 September 2024 have been restated to increase retained
earnings by £195.0m (with a corresponding decrease in non-controlling
interests) representing the gain recognised in equity on that transaction.
This adjustment had no impact on net assets, the income statement, statement
of cashflows or adjusted performance measures of the Group. This amendment was
recognised in the Group's 31 March 2025 Annual Report.
Alternative Performance Measures ("APMs") - adjustment for net interest on net
pension assets/liabilities
The Group simplified its adjusted profit metrics last year by removing the
adjustment for interest on net pension assets/liabilities valued under IAS 19
"Employee Benefits". The impact of the restatement for 30 September 2024 is an
increase in the adjusted profit before tax of £10.2m and adjusted earnings
per share of 0.9 pence.
New accounting policies and reporting changes
The accounting policies applied in the preparation of these condensed Interim
Financial Statements are consistent with those applied by the Group in the
preparation of the consolidated financial statements for the year ended 31
March 2025, with the exception of the policy change related to capital
prepayments and accruals, as explained in note 2.5.1.
Set out below are revisions to accounting standards that have become
applicable in the period, or which are issued but not yet effective.
New standards, amendments and interpretations effective or adopted by the
Group
In the six months to 30 September 2025, the Group adopted the amendments to:
"Lack of Exchangeability" amendments to IAS 21 "The Effects of Changes in
Foreign Exchange Rates"
Adoption of this amendment had no impact on these condensed Interim Financial
Statements.
New standards, amendments and interpretations issued, but not yet adopted by
the Group
IFRS 18 "Presentation and Disclosure in Financial Statements" was issued in
April 2024 and will be effective for accounting periods beginning on or after
1 January 2027 (1 April 2027 for the Group), subject to UK endorsement. This
standard will replace IAS 1 "Presentation of Financial Statements." The new
standard does not amend the principles of recognition and measurement and so
will not impact the financial results of the Group. However, it will impact
the presentation of the consolidated financial statements, in particular the
consolidated income statement.
While the Group is continuing to assess the full impact of adoption of the
standard, it is expected that the presentation of the consolidated income
statement will be amended to include the new subtotals prescribed in the
standard. The share of profit recognised from equity accounted investments
will be classified within investing activities, instead of its current
classification within operating activities. It is expected that certain notes
to the consolidated financial statements will also be amended to comply with
aggregation and disaggregation principles.
Amendments to IFRS 9 "Financial Instruments" and IFRS 7 "Financial
Instruments: Disclosures" in relation to the classification and measurement of
financial instruments have been issued. An additional amendment has also been
made to both standards in relation to contracts referencing nature-dependent
electricity. These amendments will be effective from 1 January 2026 (1 April
2026 for the Group). While the impact of adoption is continuing to be
assessed, it is not expected the amendments will have a material impact on the
Group's consolidated financial statements.
Accounting judgements and estimation uncertainty
In the process of applying the Group's accounting policies, management is
required to make judgements and estimates that will have a significant effect
on the amounts recognised in the financial statements. Changes in the
assumptions underlying the estimates could result in a significant impact to
the financial statements. The Group's key accounting judgement and estimation
areas are noted below.
Significant financial judgements and estimation uncertainties
The preparation of these condensed Interim Financial Statements has
specifically considered the following significant financial judgements, some
of which are areas of estimation uncertainty as noted below.
Impairment testing and valuation of certain non-current assets - financial
judgement and estimation uncertainty
On an annual basis the Group reviews the carrying amounts of its goodwill,
other intangible assets, specific property, plant and equipment and investment
assets to determine whether any impairments or reversal of impairments to the
carrying value of those assets requires to be recorded. As part of the
preparation of these Interim Financial Statements, a review is conducted to
determine whether any indicators of impairment or reversal of impairment
exist. Where an indicator of impairment or impairment reversal exists, the
recoverable amount of those assets is reassessed by reference to value in use
calculations or fair value less cost to sell assessments, if more appropriate.
At 30 September 2025, the Group considered changes in market conditions and
asset performance that would constitute an indicator of impairment (or
impairment reversal) over its Southern Europe and Japanese renewable
development platforms; its equity investment in Triton Power Holdings Limited;
and the operational Great Island CCGT in Ireland. No indicators of impairment
or impairment reversal were identified necessitating formal impairment review
at 30 September 2025. Further information on the impairment assessment at 31
March 2025 is provided in note 15 of the 2025 annual report, and further
information on the 30 September 2025 review is provided in note 12 to these
condensed Interim Financial Statements.
The Group will reassess indicators of impairment (or impairment reversal) at
31 March 2026 and will also perform its required valuation assessments for
goodwill, intangible and investment assets.
Retirement benefit obligations - estimation uncertainty
The assumptions in relation to the cost of providing post-retirement benefits
during the period are based on the Group's best estimates and are set after
consultation with qualified actuaries. While these assumptions are believed to
be appropriate, a change in these assumptions would impact the level of the
retirement benefit obligation recorded and the cost to the Group of
administering the schemes.
Further detail of the calculation basis, key assumptions used and the
resulting movements in obligations are disclosed in note 17 of these condensed
Interim Financial Statements.
Revenue recognition - Customers unbilled supply of energy - estimation
uncertainty
Revenue from energy supply activities undertaken by the Group's Energy
Customer Solutions businesses includes an estimate of the value of electricity
or gas supplied to customers between the date of the last meter reading and
the period end. This estimation comprises both billed revenue and unbilled
revenue and is calculated based on applying the tariffs and contract rates
applicable to customers against aggregated estimated customer consumption,
taking account of various factors including tariffs, consumption patterns,
customer mix, metering data, operational issues relating to the billing
process and externally notified aggregated volumes supplied to customers from
national settlement bodies.
This unbilled estimation is subject to an internal corroboration process which
compares calculated unbilled volumes to a theoretical "perfect billing"
benchmark measure of unbilled volumes (in GWh and millions of therms) derived
from historical consumption patterns and aggregated metering data used in
industry reconciliation processes. Unbilled revenue is compared to billings in
the period between the balance sheet date and the finalisation of the
condensed Interim Financial Statements which has provided evidence of post
report date billings and hence support to the accrual recognised.
Given the requirement of management to apply judgement, the estimated revenue
accrual remains a significant estimate made by management in preparing the
condensed Interim Financial Statements. A 5% sensitivity on the unbilled
energy accrual would equate to an increase or decrease in the receivable
balance of £10.4m (2024: £14.1m, March 2025: £14.6m). A more comprehensive
explanation of the Group's policy, and the nature of the judgements requiring
consideration, is disclosed in the Group's 31 March 2025 Annual Report.
4. Accounting judgements and estimation uncertainty
(continued)
2.1.4. Valuation of other receivables - financial judgement and estimation
uncertainty
The Group holds a £100m loan note due from OVO Group Limited ("Ovo")
following the disposal of SSE Energy Services on 15 January 2020. The loan is
repayable in full by 31 December 2029, carries interest at 13.25% and is
presented cumulative of accrued interest payments, discounted at 13.25%. At 30
September 2025, the carrying value is £206.3m (2024: £181.6m, March 2025:
£193.5m).
The Group has assessed the recoverability of the loan note receivable and has
recognised a provision for the expected credit loss in accordance with the
requirements of IFRS 9. The Group has taken appropriate steps to assess all
available information in respect of the recoverability of the loan note.
Procedures included reviewing recent financial information of Ovo including
the 31 December 2024 consolidated financial statements; and discussions with
Ovo management. In particular, the Group has considered the material
uncertainty in relation to going concern disclosed within the financial
statements of Ovo Group Limited. While the carrying value is considered to be
appropriate, changes in economic conditions could lead to a change in the
expected credit loss incurred by the Group in future periods.
Impact of climate change and the transition to net zero - financial judgement
and estimation uncertainty
Climate change and the transition to net zero have been considered in the
preparation of these condensed Interim Financial Statements. Where relevant,
assumptions have been applied that are consistent to a Paris-aligned 1.5(O)C
2050 net zero pathway. The Group has a clearly articulated strategy to lead in
the UK's transition to clean power and aligns its investment plans and
business activities to that strategy. These plans are supported by the Group's
Green Bond framework under which the tenth green bond was issued by SSEN
Transmission in September 2025. The proceeds of the tenth green bond were
allocated to fund Transmission network projects.
The impact of future climate change regulation could have a material impact on
the currently reported amounts of the Group's assets and liabilities. In
preparing these condensed Interim Financial Statements, the following climate
change related risks have been considered:
Valuation of property, plant and equipment, and impairment assessment of
goodwill
The Group's view is that flexible generation capacity, such as the Group's
fleet of CCGT power stations, will be an essential part of the UK net zero
transition to provide security of supply to a market increasingly dependent
upon renewable sources, which are inherently intermittent. The Group has not
shortened the useful economic lives of the gas fired-CCGTs fleet due to the
longer-term back-up role these assets will play throughout the transition to
clean power.
A significant increase in renewable generation capacity in the Group's core
markets in the UK and Ireland could potentially result in an oversupply of
renewable electricity at a point in the future, which would lead to a
consequential decrease in the power price achievable for the Group's wind
generation assets. The Group has not assessed that this constitutes an
indicator of impairment at 30 September 2025 as the Group's baseline
investment case models assume a centrally approved volume of new build in
these markets over the life of the existing assets. The Group's policy is to
test the goodwill balances associated with wind generation portfolio for
impairment on an annual basis in line with the requirements of IAS 36
"Impairment of Assets".
Changes to weather patterns resulting from global warming have also been
considered as a potential risk to future returns from the Group's wind and
hydro assets. Changes to weather patterns could result in calmer, drier
weather patterns, which would reduce volumes achievable for the Group's wind
and hydro generation assets (although noting that this would likely lead to
capacity constraints and hence higher prices). This has not been assessed as
an indicator of impairment for operating assets in the UK and Ireland at 30
September 2025, as there is no currently observable evidence to support that
scenario directly.
Valuations of decommissioning provisions
The Group holds decommissioning provisions for its Renewable and Thermal
generation assets and has retained a 60% share for the decommissioning of its
disposed Gas Production business. The Group extended the useful economic life
of three of its unabated CCGT assets at 31 March 2025, which are expected to
operate to 2035. While the Group modelled scenarios estimating the impact of
the closure date being brought forward by legislation, the perceived risk of
legislation being enacted by 2030 to mandate the closure of unabated assets
has decreased. Similarly, it is expected that fundamental changes to weather
patterns, or the impact of new wind generation capacity will not bring forward
the decommissioning of the Group's current wind farm portfolio.
The Group's discounted share of the Gas Production provision is £192.3m
(2024: £207.0m, March 2025: £201.6m). At 30 September 2025, the impact of
discounting of this retained provision is £81.9m (2024: £67.9m, March 2025:
£80.8m), which is expected to be incurred across the period to 31 March 2040.
If the decommissioning activity was accelerated due to changes in legislation,
the costs of unwinding the discounting of the provision would be recognised
earlier.
4. Accounting judgements and estimation uncertainty (continued)
Defined benefit scheme assets
The Group holds defined benefit pension scheme assets at 30 September 2025
which could be impacted by climate-related risks. The trustees of the schemes
have a long-term investment strategy that seeks to reduce investment risk as
and when appropriate and takes into consideration the impact of
climate-related risk.
Going concern
The implications of near-term climate-related risks have been considered in
the Group's going concern assessment.
4.2. Other accounting judgements and estimation uncertainties -
changes from the prior year
The Group has made no changes to accounting judgements and estimation
uncertainties and identified no new areas of estimation uncertainty from those
presented in the Group's 2025 Annual Report.
Other areas of estimation uncertainty
Decommissioning costs
The calculation of the Group's decommissioning provisions involves the
estimation of quantum and timing of cash flows to settle the obligation. The
Group engages independent valuation experts to estimate the cost of
decommissioning its Renewable, Thermal and Gas Storage assets every three
years based on current technology and prices. The last independent assessment
for the majority of the Group's Renewable and Thermal generation assets was
performed in the year to 31 March 2025. The last formal assessment for Gas
Storage assets was performed in the year to 31 March 2023. Retained
decommissioning costs in relation to the disposed Gas Production business are
periodically agreed with the field operators and reflect the latest expected
economic production lives of the fields.
The dates for settlement of future decommissioning costs are uncertain,
particularly for the disposed Gas Production business where reassessment of
gas and liquids reserves and fluctuations in commodity prices can lengthen or
shorten the field life.
Segmental information
IFRS 8 requires operating segments to be identified based on the Group's
internal reporting to its Chief Operating Decision Maker to assess operating
performance and to make decisions on how to allocate capital. The Group's
Chief Operating Decision Maker has been identified as the Group Executive
Committee. There have been no changes to the Group's core operating segments
during the period. The Group's "Corporate unallocated" segment is the Group's
residual corporate central costs which are not allocated to individual
segments and includes the contribution from its Enerveo business and the
Group's joint venture investment in Neos Networks Limited.
The types of products and services from which each reportable segment
generates its revenue are:
Business area Reported segments Description
Transmission SSEN Transmission The economically regulated high voltage transmission of electricity from
generating plant to the distribution network in the North of Scotland.
Distribution SSEN Distribution The economically regulated lower voltage distribution of electricity to
customer premises in the North of Scotland and the South of England.
Renewables SSE Renewables The generation of electricity from renewable sources, such as onshore and
offshore windfarms and run of river and pumped storage hydro assets primarily
in the UK and Ireland. This segment also includes the development of wind
assets in Japan and The Netherlands; solar assets in Poland; and the
development of wind, solar and battery opportunities in the UK and Southern
Europe markets including Spain, Italy, France and Greece.
Thermal SSE Thermal The generation of electricity from flexible generation plants including CCGTs
in the UK and Ireland and the Group's interests in multifuel assets in the UK.
Gas Storage The operation of gas storage facilities in Great Britain, utilising capacity
to optimise trading opportunities associated with the assets.
Energy Customer Solutions SSE Business Energy The supply of electricity and gas to business customers in Great Britain. Low
carbon solutions activity behind-the-meter funded solar and battery solutions;
equity investment in the Source EV joint venture; private electric networks
and heat network activities.
SSE Airtricity The supply of electricity, gas and energy related services to residential and
business customers in the Republic of Ireland and Northern Ireland.
SSE Energy Markets SSE Energy Markets The provision of a route to market for the Group's Renewable and Thermal
generation businesses and commodity procurement for the Group's energy supply
businesses and proprietary trading in line with the Group's stated hedging and
risk management policies.
5. Segmental information (continued)
The internal measure of profit used by the Board is "adjusted profit before
interest and tax" or "adjusted operating profit" which is arrived at before
exceptional items, the impact of financial instruments measured under IFRS 9,
share of profits attributable to non-controlling interests, adjustments to the
Gas Production decommissioning provision, the impact of depreciation on fair
value uplifts and after the removal of taxation and interest on profits from
joint ventures and associates.
Analysis of revenue, operating profit, capital expenditure and earnings before
interest, taxation, depreciation and amortisation ("EBITDA") by segment is
provided on the following pages. Revenue and profit before taxation arise
primarily from operations within the UK and Ireland. Details of revenue
recognition policies are included in the Group's consolidated financial
statements for the year to 31 March 2025.
Revenue by segment
Six months ended 30 September 2025 Six months ended 30 September 2024 (restated*)
Reported revenue Inter-segment revenue Segment revenue Reported revenue Inter-segment revenue Segment revenue
£m £m £m £m £m £m
Continuing operations
SSEN Transmission 602.8 - 602.8 397.2 - 397.2
SSEN Distribution 517.3 18.5 535.8 700.5 35.1 735.6
SSE Renewables 166.2 419.3 585.5 145.4 454.2 599.6
Thermal
SSE Thermal 280.1 423.9 704.0 252.7 407.6 660.3
Gas Storage 7.1 1,350.4 1,357.5 8.1 1,154.8 1,162.9
Energy Customer Solutions
SSE Business Energy 1,044.9 37.4 1,082.3 1,304.7 25.5 1,330.2
SSE Airtricity 1,093.9 43.1 1,137.0 837.9 59.1 897.0
SSE Energy Markets:
Gross trading 6,693.9 2,560.9 9,254.8 5,234.6 2,479.9 7,714.5
Optimisation trades(i) (5,855.8) (98.9) (5,954.7) (4,529.1) (130.6) (4,659.7)
SSE Energy Markets 838.1 2,462.0 3,300.1 705.5 2,349.3 3,054.8
Corporate unallocated 83.6 161.7 245.3 107.3 149.3 256.6
Total SSE Group 4,634.0 4,916.3 9,550.3 4,459.3 4,634.9 9,094.2
Year ended 31 March 2025
Reported revenue Inter-segment revenue Segment revenue
£m £m £m
Continuing operations
SSEN Transmission 807.0 - 807.0
SSEN Distribution 1,513.6 66.9 1,580.5
SSE Renewables 354.9 1,243.8 1,598.7
Thermal
SSE Thermal 633.0 1,251.3 1,884.3
Gas Storage 17.6 3,305.4 3,323.0
Energy Customer Solutions
SSE Business Energy 2,692.4 76.3 2,768.7
SSE Airtricity 1,909.1 163.0 2,072.1
SSE Energy Markets:
Gross trading 16,542.4 6,074.6 22,617.0
Optimisation trades(i) (14,547.0) 36.8 (14,510.2)
SSE Energy Markets 1,995.4 6,111.4 8,106.8
Corporate unallocated 208.9 294.5 503.4
Total SSE Group 10,131.9 12,512.6 22,644.5
The Group continues to provide optimisation volume disclosures to disclose the
volume of trading in the period by its SSE Energy Markets segment.
*The comparatives have been restated see note 2.5.
5. Segmental information (continued)
5.1 Revenue by segment (continued)
Disaggregation of revenue
Revenue from contracts with customers can be disaggregated by reported
segment, by major service lines and by timing of revenue recognition as
follows:
Six months ended 30 September 2025
Revenue from contracts with customers
Goods or services transferred over time Goods or services transferred at a point in time
Use of electricity networks Supply of energy and ancillary services Construction related services Other contracted services Physical energy Gas storage Other revenue Total revenue from contracts with customers Other contract revenue Total
£m £m £m £m £m £m £m £m £m £m
Continuing operations
SSEN Transmission 589.2 - - 11.3 - - 2.3 602.8 - 602.8
SSEN Distribution 486.3 - - 8.8 - - 12.4 507.5 9.8 517.3
SSE Renewables - 24.4 - 70.2 70.6 - 1.0 166.2 - 166.2
Thermal
SSE Thermal 11.8 260.9 1.2 3.0 - - 2.1 279.0 1.1 280.1
Gas Storage - - - - - 7.1 - 7.1 - 7.1
Energy Customer Solutions
SSE Business Energy 1.0 1,016.1 - - - - 27.0 1,044.1 0.8 1,044.9
SSE Airtricity - 1,085.2 - - - - 8.7 1,093.9 - 1,093.9
SSE Energy Markets - - - - 543.1 - 295.0 838.1 - 838.1
Corporate unallocated - - - 75.0 - - 8.0 83.0 0.6 83.6
Total SSE Group 1,088.3 2,386.6 1.2 168.3 613.7 7.1 356.5 4,621.7 12.3 4,634.0
5. Segmental information (continued)
5.1 Revenue by segment (continued)
Disaggregation of revenue
Six months ended 30 September 2024 (restated*)
Revenue from contracts with customers
Goods or services transferred over time Goods or services transferred at a point in time
Use of electricity networks Supply of energy and ancillary services Construction related services Other contracted services Physical energy Gas storage Other revenue Total revenue from contracts with customers Other contract revenue Total
£m £m £m £m £m £m £m £m £m £m
Continuing operations
SSEN Transmission 385.4 - - 10.4 - - 1.4 397.2 - 397.2
SSEN Distribution 676.5 - - 7.3 - - 9.9 693.7 6.8 700.5
SSE Renewables - 30.9 - 53.4 60.2 - 0.9 145.4 - 145.4
Thermal
SSE Thermal 10.6 235.4 1.0 - - - 0.7 247.7 5.0 252.7
Gas Storage - - - - - 8.1 - 8.1 - 8.1
Energy Customer Solutions
SSE Business Energy 0.8 1,263.0 5.5 - - - 32.7 1,302.0 2.7 1,304.7
SSE Airtricity - 825.8 - - - - 12.1 837.9 - 837.9
SSE Energy Markets - - - - 548.1 - 157.4 705.5 - 705.5
Corporate unallocated - - - 95.6 - - 11.7 107.3 - 107.3
Total SSE Group 1,073.3 2,355.1 6.5 166.7 608.3 8.1 226.8 4,444.8 14.5 4,459.3
*The comparatives have been restated see note 2.5.
5. Segmental information (continued)
5.1 Revenue by segment (continued)
Disaggregation of revenue (continued)
Year ended 31 March 2025
Revenue from contracts with customers
Goods or services transferred over time Goods or services transferred at a point in time
Use of electricity networks Supply of energy and ancillary services Construction related services Other contracted services Physical energy Gas storage Other revenue Total revenue from contracts with customers Other contract revenue Total
£m £m £m £m £m £m £m £m £m £m
Continuing operations
SSEN Transmission 783.0 - - 21.4 - - 2.6 807.0 - 807.0
SSEN Distribution 1,423.0 - - 15.4 - - 21.7 1,460.1 53.5 1,513.6
SSE Renewables - 97.1 - 121.1 134.4 - 2.3 354.9 - 354.9
Thermal
SSE Thermal 21.1 583.3 2.8 5.6 - - 11.6 624.4 8.6 633.0
Gas Storage - - - - - 17.6 - 17.6 - 17.6
Energy Customer Solutions
SSE Business Energy 1.8 2,663.5 0.4 - - - 15.4 2,681.1 11.3 2,692.4
SSE Airtricity - 1,887.1 - - - - 22.0 1,909.1 - 1,909.1
SSE Energy Markets - - - - 1,815.1 - 180.3 1,995.4 - 1,995.4
Corporate unallocated - - - 187.1 - - 21.8 208.9 - 208.9
Total SSE Group 2,228.9 5,231.0 3.2 350.6 1,949.5 17.6 277.7 10,058.5 73.4 10,131.9
5. Segmental information (continued)
Operating profit/(loss) by segment
Six months ended 30 September 2025
Adjusted operating profit/(loss) reported to the Board Depreciation expense on fair value uplifts Joint Venture/ Associate share of interest and tax Non-controlling interests Before exceptional items and certain re-measurements Exceptional items and certain re-measurements Total
Adjustments to Gas Production decommissioning provision
£m £m £m £m £m £m £m £m
Continuing operations
SSEN Transmission 292.1 - - - 97.4 389.5 - 389.5
SSEN Distribution 127.9 - - - - 127.9 (12.1) 115.8
SSE Renewables 275.6 (9.8) (73.7) - - 192.1 1.5 193.6
Thermal
SSE Thermal 14.5 (0.4) (3.4) - - 10.7 (21.1) (10.4)
Gas Storage (36.3) - - - - (36.3) 1.7 (34.6)
Energy Customer Solutions
SSE Business Energy (8.9) - 1.4 - - (7.5) (0.6) (8.1)
SSE Airtricity 37.4 - (0.4) - - 37.0 (1.3) 35.7
SSE Energy Markets 6.7 - - - - 6.7 2.5 9.2
Corporate
Corporate unallocated (43.3) - - 14.1 - (29.2) (14.7) (43.9)
Neos Networks (10.7) - (1.9) - - (12.6) - (12.6)
Total SSE Group 655.0 (10.2) (78.0) 14.1 97.4 678.3 (44.1) 634.2
The adjusted operating profit of the Group is reported after removal of the
Group's share of interest, fair value movements on operating derivatives, the
depreciation charged on fair value uplifts and tax from joint ventures and
associates, adjustments to the Gas Production decommissioning provision,
operating profit from non-controlling interests and after adjusting for
exceptional items and certain re-measurements (note 6).
5. Segmental information (continued)
5.2. Operating profit/(loss) by segment (continued)
Six months ended 30 September 2024 (restated*)
Adjusted operating profit/(loss) reported to the Board Depreciation expense on fair value uplifts Joint Venture/ Associate share of interest and tax Non-controlling interests Before exceptional items and certain re-measurements Exceptional items and certain re-measurements Total
Adjustments to Gas Production decommissioning provision
£m £m £m £m £m £m £m £m
Continuing operations
SSEN Transmission 157.5 - - - 52.5 210.0 - 210.0
SSEN Distribution 346.3 - - - - 346.3 - 346.3
SSE Renewables 335.6 (9.8) (84.3) - (0.1) 241.4 29.1 270.5
Thermal
SSE Thermal (3.0) (0.1) 2.6 - - (0.5) 0.2 (0.3)
Gas Storage (34.8) - - - - (34.8) - (34.8)
Energy Customer Solutions
SSE Business Energy 36.3 - - - - 36.3 - 36.3
SSE Airtricity 70.6 - - - - 70.6 - 70.6
SSE Energy Markets 12.9 - - - - 12.9 65.2 78.1
Corporate
Corporate unallocated (50.5) - - 10.8 - (39.7) (21.9) (61.6)
Neos Networks (10.7) - (1.6) - - (12.3) - (12.3)
Total SSE Group 860.2 (9.9) (83.3) 10.8 52.4 830.2 72.6 902.8
*The comparatives have been restated see note 2.5.
5. Segmental information (continued)
5.2. Operating profit/(loss) by segment (continued)
Year ended 31 March 2025
Adjusted operating profit/(loss) reported to the Board Depreciation expense on fair value uplifts Joint Venture/ Associate share of interest and tax Adjustments to Gas Production decommissioning provision Non-controlling interests Before exceptional items and certain re-measurements Exceptional items and certain re-measurements Total
£m £m £m £m £m £m £m £m
Continuing operations
SSEN Transmission 322.5 - - - 107.5 430.0 - 430.0
SSEN Distribution 736.0 - - - - 736.0 - 736.0
SSE Renewables 1,038.8 (19.7) (155.3) - (0.8) 863.0 (245.4) 617.6
Thermal
SSE Thermal 248.5 (0.4) (6.0) - - 242.1 (1.3) 240.8
Gas Storage (37.1) - - - - (37.1) (8.4) (45.5)
Energy Customer Solutions
SSE Business Energy 32.7 - (0.5) - - 32.2 - 32.2
SSE Airtricity 159.4 - (0.4) - - 159.0 (2.0) 157.0
SSE Energy Markets 30.0 - - - - 30.0 (72.9) (42.9)
Corporate
Corporate unallocated (89.4) - - 17.9 - (71.5) (58.2) (129.7)
Neos Networks (22.2) - (11.1) - - (33.3) - (33.3)
Total SSE Group 2,419.2 (20.1) (173.3) 17.9 106.7 2,350.4 (388.2) 1,962.2
5. Segmental information (continued)
Capital expenditure by segment
Capital additions to intangible assets Capital additions to property, plant and equipment Capital additions to intangible assets Capital additions to property, plant and equipment Capital additions to intangible assets Capital additions to property, plant and equipment
30 September 2025 30 September 2025 30 September 2024 (restated*) 30 September 2024 (restated*) 31 March 31 March
£m £m £m £m 2025 2025
£m £m
Continuing operations
SSEN Transmission - 937.5 - 504.8 20.3 1,253.8
SSEN Distribution 16.3 465.6 4.5 384.4 35.8 743.9
SSE Renewables 101.9 161.1 144.3 223.5 291.3 545.8
Thermal
SSE Thermal 19.2 91.5 6.8 17.8 56.9 138.6
Gas Storage - 3.0 - 0.9 - 0.7
Energy Customer Solutions
SSE Business Energy 5.1 8.9 21.0 23.5 28.9 33.5
SSE Airtricity 4.6 - 9.5 0.2 7.1 -
SSE Energy Markets 151.2 - 197.3 - 585.1 -
Corporate unallocated 1.5 42.0 9.1 25.7 20.1 75.2
Total SSE Group 299.8 1,709.6 392.5 1,180.8 1,045.5 2,791.5
Increase in prepayments related to capital expenditure - 311.3 - 142.7 - 254.9
Tarbert temporary generation additions - 16.1 - 13.7 - 55.7
Decrease/(increase) in trade payables related to capital expenditure - 77.5 - (64.5) - (122.8)
Customer or third party funding additions funded additions - (115.7) - (92.6) - (163.4)
Lease asset additions - (36.9) - (43.0) - (126.7)
Less non-cash items:
Allowances and certificates (92.8) - (153.2) - (335.7) -
Net cash outflow 207.0 1,961.9 239.3 1,137.1 709.8 2,689.2
*The comparatives have been restated see note 2.5.
Capital additions do not include assets acquired in acquisitions, assets
acquired under leases or assets constructed that the Group were reimbursed by
way of a government grant. During the period the Group received reimbursements
totalling £16.1m (2024: £13.7m; March 2025: £55.7m) from government bodies
relating to construction of a temporary generation plant at the Group's
Tarbert site, which have been presented separately on the cashflow statement.
Capital additions to intangible assets includes the cash purchase of emissions
allowances and certificates of £54.0m (2024: £39.2m; March 2025: £268.0m).
These purchases are presented in the cash flow statement within operating
activities since they relate to the obligation to surrender the allowances and
certificates in line with operating volumes of emissions. Other non-cash
additions comprise self-generated renewable obligation certificates.
No segmental analysis of assets is required to be disclosed as this
information is not presented to the Board.
5 Segmental information (continued)
5.3. Capital expenditure by segment (continued)
Six months ended 30 September 2025
Capital additions to intangible assets Capital additions to property, plant and equipment Capital Investment relating to Joint Ventures and Associates (i) Allowances and certificates Customer funded additions Lease asset additions (iv) Share of non-controlling interests Adjusted
£m £m £m (ii) (iii) £m (v) Investment and Capital Expenditure
£m £m £m £m
Continuing operations
SSEN Transmission - 937.5 - - - (0.9) (234.1) 702.5
SSEN Distribution 16.3 465.6 - - (100.7) (0.1) - 381.1
SSE Renewables 101.9 161.1 91.7 - - (1.5) (1.0) 352.2
Thermal
SSE Thermal 19.2 91.5 - - (12.2) (0.2) - 98.3
Gas Storage - 3.0 - - - - - 3.0
Energy Customer Solutions
SSE Business Energy 5.1 8.9 3.5 - (2.8) - - 14.7
SSE Airtricity 4.6 - - - - - - 4.6
SSE Energy Markets 151.2 - - (146.8) - - - 4.4
Corporate unallocated 1.5 42.0 - - - (34.2) - 9.3
Total SSE Group 299.8 1,709.6 95.2 (146.8) (115.7) (36.9) (235.1) 1,570.1
(i) Represents equity or debt funding provided to joint ventures or
associates in relation to capital expenditure projects.
(ii) Allowances and Certificates consist of purchased carbon emissions
allowances and generated or purchased renewable obligations certificates and
are not included in the Group's Capital Expenditure and Investment alternative
performance measure.
(iii) Represents removal of additions to electricity and other networks
funded by customer contributions.
(iv) Represents removal of additions in respect of right of use assets
recognised on the commencement date of a lease arrangement.
(v) Represents the share of capital additions attributable to
non-controlling interests.
5 Segmental information (continued)
5.3. Capital expenditure by segment (continued)
Six months ended 30 September 2024 (restated*)
Capital additions to intangible assets Capital additions to property, plant and equipment Capital Investment relating to Joint Ventures and Associates (i) Allowances and certificates Customer funded additions Lease asset additions Share of non-controlling interests (v) Adjusted
£m £m £m (ii) (iii) (iv) £m Investment and Capital Expenditure
£m £m £m £m
Continuing operations
SSEN Transmission - 504.8 - - - (2.6) (125.6) 376.6
SSEN Distribution 4.5 384.4 - - (92.6) (0.1) - 296.2
SSE Renewables 144.3 223.5 142.5 - - (17.2) (1.2) 491.9
Thermal
SSE Thermal 6.8 17.8 26.0 - - (0.2) - 50.4
Gas Storage - 0.9 - - - - - 0.9
Energy Customer Solutions
SSE Business Energy 21.0 23.5 5.1 - - (0.5) - 49.1
SSE Airtricity 9.5 0.2 - - - - - 9.7
SSE Energy Markets 197.3 - - (192.4) - - - 4.9
Corporate unallocated 9.1 25.7 - - (22.4) - 12.4
Total SSE Group 392.5 1,180.8 173.6 (192.4) (92.6) (43.0) (126.8) 1,292.1
*The comparatives have been restated see note 2.5.
5 Segmental information (continued)
5.3. Capital expenditure by segment (continued)
Year ended 31 March 2025
Capital additions to intangible assets Capital additions to property, plant and equipment Capital Investment relating to Joint Ventures and Associates (i) Allowances and certificates Customer funded additions Lease asset additions (iv) Share of non-controlling interests Adjusted
£m £m £m (ii) (iii) £m (v) Investment and Capital Expenditure
£m £m £m £m
Continuing operations
SSEN Transmission 20.3 1,253.8 - - - (2.8) (317.8) 953.5
SSEN Distribution 35.8 743.9 - - (143.3) (0.6) - 635.8
SSE Renewables 291.3 545.8 227.8 - - (60.1) (3.0) 1,001.8
Thermal
SSE Thermal 56.9 138.6 31.3 (27.3) (16.2) (0.2) - 183.1
Gas Storage - 0.7 - - - - - 0.7
Energy Customer Solutions
SSE Business Energy 28.9 33.5 15.1 - (3.9) (0.5) - 73.1
SSE Airtricity 7.1 - - - - (0.2) - 6.9
SSE Energy Markets 585.1 - - (576.4) - - - 8.7
Corporate unallocated 20.1 75.2 13.8 - - (62.3) - 46.8
Total SSE Group 1,045.5 2,791.5 288.0 (603.7) (163.4) (126.7) (320.8) 2,910.4
5. Segmental information (continued)
Earnings/(losses) before interest, taxation, depreciation and amortisation
("Adjusted EBITDA")
30 September 2025
Adjusted operating profit/(loss) reported to the Board Depreciation expense on fair value uplifts Depreciation/ impairment/ amortisation before exceptional charges Joint venture/ Associate share of depreciation and amortisation Release of deferred income Share of non-controlling interest depreciation and amortisation Adjusted EBITDA
£m £m £m £m £m £m £m
Continuing operations
SSEN Transmission 292.1 - 87.5 - (1.2) (21.9) 356.5
SSEN Distribution 127.9 - 114.7 - (4.7) - 237.9
SSE Renewables 275.6 (9.8) 109.7 68.4 - - 443.9
Thermal
SSE Thermal 14.5 (0.4) 41.4 18.2 - - 73.7
Gas Storage (36.3) - 0.4 - - - (35.9)
Energy Customer Solutions
SSE Business Energy (8.9) - 13.5 0.6 (0.2) - 5.0
SSE Airtricity 37.4 - 5.1 - - - 42.5
SSE Energy Markets 6.7 - 5.3 - - - 12.0
Corporate
Corporate unallocated (43.3) - 46.8 - (0.1) - 3.4
Neos Networks (10.7) - - 23.9 - - 13.2
Total SSE Group 655.0 (10.2) 424.4 111.1 (6.2) (21.9) 1,152.2
5. Segmental information (continued)
5.4. Earnings/(losses) before interest, taxation, depreciation and
amortisation ("Adjusted EBITDA") (continued)
30 September 2024 (restated*)
Adjusted operating profit/(loss) reported to the Board Depreciation expense on fair value uplifts Depreciation/ impairment/ amortisation before exceptional charges Joint venture/ Associate share of depreciation and amortisation Release of deferred income Share of non-controlling interest depreciation and amortisation Adjusted EBITDA
£m £m £m £m £m £m £m
Continuing operations
SSEN Transmission 157.5 - 72.1 - (1.0) (18.0) 210.6
SSEN Distribution 346.3 - 105.2 - (6.0) - 445.5
SSE Renewables 335.6 (9.8) 94.5 67.1 - - 487.4
Thermal
SSE Thermal (3.0) (0.1) 46.2 20.7 - - 63.8
Gas Storage (34.8) - 0.4 - - - (34.4)
Energy Customer Solutions
SSE Business Energy 36.3 - 12.4 - (0.2) - 48.5
SSE Airtricity 70.6 - 8.2 - - - 78.8
SSE Energy Markets 12.9 - 3.2 - - - 16.1
Corporate
Corporate unallocated (50.5) - 45.7 - (0.2) - (5.0)
Neos Networks (10.7) - - 22.4 - - 11.7
Total SSE Group 860.2 (9.9) 387.9 110.2 (7.4) (18.0) 1,323.0
*The comparatives have been restated see note 2.5.
31 March 2025
Adjusted operating profit/(loss) reported to the Board Depreciation expense on fair value uplifts Depreciation/ impairment/ amortisation before exceptional charges Joint venture/ Associate share of depreciation and amortisation Release of deferred income Share of non-controlling interest depreciation and amortisation Adjusted EBITDA
£m £m £m £m £m £m £m
Continuing operations
SSEN Transmission 322.5 - 151.1 - (2.3) (37.8) 433.5
SSEN Distribution 736.0 - 214.2 - (10.8) - 939.4
SSE Renewables 1,038.8 (19.7) 202.7 132.5 - - 1,354.3
Thermal
SSE Thermal 248.5 (0.4) 89.6 42.9 - - 380.6
Gas Storage (37.1) - 0.8 - - - (36.3)
Energy Customer Solutions
SSE Business Energy 32.7 - 24.7 1.3 (0.5) - 58.2
SSE Airtricity 159.4 - 7.5 - - - 166.9
SSE Energy Markets 30.0 - 6.8 - - - 36.8
Corporate
Corporate unallocated (89.4) - 78.7 - (0.5) - (11.2)
Neos Networks (22.2) - - 49.3 - - 27.1
Total SSE Group 2,419.2 (20.1) 776.1 226.0 (14.1) (37.8) 3,349.3
Exceptional items and certain re-measurements
Six months ended 30 September 2025 Six months ended 30 September 2024
Year ended 31 March £m £m
2025
£m
Continuing operations
Exceptional items (note 6.1)
(293.6) Asset impairments and related charges (22.8) (19.2)
(16.1) Provisions for restructuring and other liabilities (34.0) (2.7)
0.3 Net gains/(losses) on acquisitions/disposals of businesses and other assets (0.7) 0.3
(309.4) Total exceptional items (57.5) (21.6)
Certain re-measurements (note 6.2)
(49.0) Movement on operating derivatives 15.9 118.7
(8.4) Movement in fair value of commodity stocks 1.7 -
12.8 Movement on financing derivatives 3.5 (4.6)
(21.1) Share of movement on derivatives in jointly controlled entities (net of tax) (4.2) (24.2)
(65.7) Total certain re-measurements 16.9 89.9
(375.1) Exceptional items and certain re-measurements on continuing operations before (40.6) 68.3
taxation
Taxation
29.7 Taxation on other exceptional items 8.5 3.1
4.0 Taxation on certain re-measurements (5.9) (27.7)
33.7 Total taxation 2.6 (24.6)
(341.4) Total exceptional items and certain re-measurements on continuing operations (38.0) 43.7
after taxation
Exceptional items and certain re-measurements are disclosed across the
following categories within the income statement:
Six months ended 30 September 2025 Six months ended 30 September 2024
Year ended 31 March £m £m
2025
£m
Continuing operations
Cost of sales:
(49.0) Movement on operating derivatives (note 16) 15.9 118.7
(8.4) Movement in fair value of commodity stocks 1.7 -
(57.4) 17.6 118.7
Operating costs:
(293.6) Asset impairments and related charges (22.8) (19.2)
(16.1) Exceptional restructuring provisions and charges (34.7) (2.7)
(309.7) (57.5) (21.9)
Joint ventures and associates:
(21.1) Share of movement on derivatives in jointly controlled entities (net of tax) (4.2) (24.2)
(21.1) (4.2) (24.2)
(388.2) Operating (loss)/profit: (44.1) 72.6
Finance costs
12.8 Movement on financing derivatives (note 16) 3.5 (4.6)
0.3 Interest income on deferred consideration receipt - 0.3
13.1 3.5 (4.3)
(375.1) (Loss)/profit before taxation on continuing operations (40.6) 68.3
6. Exceptional items and certain re-measurements (continued)
Exceptional items
Exceptional items recognised within continuing operations in the current
financial period ended 30 September 2025
Restructuring costs
During the six months to 30 September 2025, SSE continued to progress its
Group Operating Model and Efficiency Review and related restructuring
programmes, costs of which are expected to continue to be incurred during this
financial year and into FY27. Costs totalling £56.8m were recognised,
including the impairment of £22.8m of standalone hydrogen development
projects in SSE Thermal; consultancy fees of £16.0m; £14.4m of redundancy
costs; and £3.6m of onerous contract charges.
Enerveo
On 23 September 2025, SSE entered into a Business Purchase Agreement to
dispose of components of its subsidiary Enerveo Limited ("Enerveo") for
nominal consideration, resulting in an exceptional charge of £0.7m. While the
charge in the period is immaterial, it is a continuation of a series of
transactions related to the disposal of the non-core Enerveo business that
have all been classed as exceptional.
Taxation
The Group has separately recognised the tax effect of the exceptional items
summarised above.
Exceptional items in the year ended 31 March 2025
Southern Europe goodwill and development assets - impairment charge
The Group recognised a pre-tax impairment charge of £249.5m against the
carrying value of its Southern Europe goodwill and intangible assets, offset
by the release of a deferred tax liability of £23.2m.
Restructuring costs
Costs of £46.7m in relation to the Group Operating Model and Efficiency
Review were recognised during the year ended 31 March 2025. The costs included
the impairment of £19.8m of goodwill associated with The Energy Solutions
Group Limited, the impairment of £11.1m of stranded IT assets and £13.8m of
redundancy costs.
Enerveo acquisition
At 30 September 2024 SSE assessed that the Infrastructure Solutions component
of Enerveo met the criteria to be classified as held for sale and recognised
an exceptional charge of £13.5m for asset impairments and advisor costs.
During the second half of the prior financial year, the transaction to dispose
of the business failed to complete resulting in the assets and liabilities no
longer being presented as held for sale.
Other credits
At 31 March 2025, the Group recognised a final exceptional credit of £0.3m
relating to the unwind of discounting on deferred consideration recognised on
the part disposal of SSE Slough Multifuel Limited in the year ending 31 March
2021. The deferred consideration of £7.0m was paid on commissioning of the
plant.
Certain re-measurements
The Group, through its SSE Energy Markets business, enters into forward
commodity purchase and sale contracts to:
meet the future demand requirements of its Energy Customer Solutions
businesses,
optimise the value of its SSE Renewables and SSE Thermal power generation
assets, or
conduct trading subject to the value at risk limits set out by the Energy
Markets Risk Committee.
Certain of these contracts (predominately electricity, gas and other commodity
purchase contracts) are determined to be derivative financial instruments
under IFRS 9 "Financial Instruments" and therefore are required to be recorded
at their fair value. Conversely, commodity contracts that are not financial
instruments under IFRS 9 (predominately electricity sales contracts) are
accounted for as "own use" contracts and are not recorded at fair value.
Inventory held by the Gas Storage business for optimisation and trading
purposes is measured at fair value, with changes in value recognised within
"certain re-measurements". In addition, the mark-to-market valuation movements
on the Group's CfDs entered into by SSE Renewables that are not designated as
government grants, and which are measured as Level 3 fair value financial
instruments, are also included within "certain re-measurements".
Changes in the fair value of those commodity contracts designated as financial
instruments and trading inventory are therefore reflected in the income
statement. The Group recognises the change in the fair value of these forward
contracts and trading inventory separately as "certain re-measurements", as
the Group does not believe this mark-to-market movement is relevant to the
underlying performance of its businesses.
6. Exceptional items and certain re-measurements (continued)
6.2 Certain re-measurements (continued)
At 30 September 2025, changes in commodity prices and in SSE's contractual
positions have resulted in net mark-to-market re-measurement gain of £17.6m
on commodity contracts designated as financial instruments, contracts for
difference contracts and trading inventory (2024: £118.7m gain, March 2025:
£57.4m loss). The net IFRS 9 position on operating derivatives at 30
September 2025 is an asset of £20.8m (2024: £169.9m asset; March 2025:
£3.9m liability).
The mark-to-market gain generated a tax charge of £5.9m (2024: £27.7m
charge, March 2025: £4.0m credit), which has been presented separately within
"certain re-measurements". In addition, the Group has recognised £3.5m of
gains (2024: £4.6m losses, March 2025: £12.8m gains) on the re-measurement
of the certain interest rate and foreign exchange contracts through the income
statement.
The following mark-to-market losses were recorded in the statement of other
comprehensive income:
£11.9m of losses (2024: £8.3m losses, March 2025: £48.1m gain) on the
re-measurement of cash flow hedge accounted contracts, and,
£37.6m of losses (2024: £27.4m loss, March 2025: £16.7m loss) on the equity
share of the remeasurement of cash flow hedge accounted contracts in joint
ventures.
The re-measurements arising under IFRS 9, together with the associated
deferred tax effects, are disclosed separately to aid transparency and provide
a clearer understanding of the Group's underlying performance.
Finance income and costs
Year ended 31 March Six months ended 30 September 2025 Six months
2025 ended 30 September 2024
£m £m £m
Finance income:
24.8 Interest income from short term deposits 20.5 11.6
20.7 Interest on pension scheme assets 14.3 10.2
Other interest receivable:
118.8 Joint ventures and associates 62.0 60.1
30.8 Other receivable 24.1 15.9
149.6 86.1 76.0
195.1 Total finance income 120.9 97.8
Finance costs:
(61.1) Bank loans and overdrafts (42.4) (28.0)
(309.9) Other loans and charges (170.6) (146.6)
(27.2) Notional interest arising on discounted provisions (17.8) (13.2)
(0.2) Foreign exchange translation of monetary assets and liabilities (4.4) -
(26.9) Lease charges (11.8) (11.0)
106.1 Less: interest capitalised 74.7 48.7
(319.2) Total finance costs (172.3) (150.1)
12.8 Changes in fair value of financing derivative assets or liabilities at fair 3.5 (4.6)
value through profit or loss
(111.3) Net finance costs (47.9) (56.9)
Presented as:
207.9 Finance income 124.4 97.8
(319.2) Finance costs (172.3) (154.7)
(111.3) Net finance costs (47.9) (56.9)
Adjusted net finance costs are arrived at after the following adjustments:
Year ended 31 March Six months ended 30 Six months ended 30
September
September
2025
2025
2024 (restated*)
£m £m £m
(111.3) Net finance costs (47.9) (56.9)
(add)/less:
(164.3) Share of interest from joint ventures and associates (87.6) (86.2)
(12.8) Movement on financing derivatives (note 16) (3.5) 4.6
(0.3) Exceptional item - (0.3)
7.7 Share of net finance cost attributable to non-controlling interests 5.5 3.3
(281.0) Adjusted net finance costs (133.5) (135.5)
*The comparatives have been restated see note 2.5.
Taxation
The income tax expense for the interim period is calculated in accordance with
the principles of IAS 34, where the forecast effective rate of tax for the
year is applied to the profits for the period, with discrete items arising in
the interim period being separately treated.
The income tax expense reflects the anticipated effective rate of tax on
profits before taxation for the Group for the year ending 31 March 2026,
taking account of the movement in the deferred tax provision in the period so
far as it relates to items recognised in the income statement. The reported
tax rate on the profit before tax before exceptional items and "certain
re-measurements" on continuing operations is 24.7% (2024: 24.3%, March 2025:
24.8%). The reported tax rate on the profit before tax after exceptional items
and "certain re-measurements" is 26.0% (2024: 25.2%, March 2025: 28.0%).
The charge recognised in the income statement is as follows:
Six months ended 30 September 2025 Six months ended 30 September 2024
Before exceptional items and remeasurements Exceptional items and remeasurements Total Before exceptional items and remeasurements Exceptional items and remeasurements Total
£m £m £m £m £m £m
Current tax
Corporation tax 35.0 (5.8) 29.2 104.2 11.1 115.3
Total current tax 35.0 (5.8) 29.2 104.2 11.1 115.3
Deferred tax
Current period 119.9 3.2 123.1 84.5 13.5 98.0
Total deferred tax 119.9 3.2 123.1 84.5 13.5 98.0
Total taxation charge/(credit) 154.9 (2.6) 152.3 188.7 24.6 213.3
Year ended 31 March 2025
Before exceptional items and remeasurements Exceptional items and remeasurements Total
£m £m £m
Current tax
Corporation tax 247.3 (5.3) 242.0
Adjustments in respect of previous years (8.3) - (8.3)
Total current tax 239.0 (5.3) 233.7
Deferred tax
Current year 293.6 (28.4) 265.2
Adjustments in respect of previous years 19.1 - 19.1
Total deferred tax 312.7 (28.4) 284.3
Total taxation charge/(credit) 551.7 (33.7) 518.0
The "adjusted current tax charge" and the "adjusted effective rate of tax",
which are presented to best represent underlying performance by making similar
adjustments to the "adjusted profit before tax" measure, are arrived at after
the following adjustments:
Year ended Six months ended Six months ended
30 September 2025
30 September 2024 (restated*)
31 March 2025
£m % £m % £m %
Continuing operations
518.0 29.4 Group tax charge and effective rate 152.3 24.4 213.3 24.5
(284.3) (16.1) Add: reported deferred tax charge and effective rate (123.1) (19.7) (98.0) (11.3)
233.7 13.3 Reported current tax charge and effective rate 29.2 4.7 115.3 13.2
(2.4) Effect of adjusting items 0.9 2.7
233.7 10.9 Reported current tax charge and effective rate on adjusted basis 29.2 5.6 115.3 15.9
add/(less):
45.1 2.2 Share of current tax from joint ventures and associates 4.9 0.9 (13.7) (2.0)
5.3 0.2 Current tax charge/(credit) on exceptional items 5.8 1.1 (11.1) (1.5)
12.3 0.6 Share of current tax attributable to non-controlling interests 9.1 1.8 5.5 0.8
296.4 13.9 Adjusted current tax charge and effective rate 49.0 9.4 96.0 13.2
*The comparative has been restated. See note 2.5.
The adjusted effective current tax rate for the period after adjusting for
discrete events arising in the first half of the year is 9.4% (2024: 13.2%
restated*). The forecast full-year effective current tax rate is expected to
be 9.4%.
8. Taxation (continued)
Change in UK corporation tax rates
There are no announced or enacted changes in corporation tax rates in the
interim period.
Finance Act (No.2) 2023 introduced legislation in respect of Multinational
Top-up Tax in line with OECD BEPS pillar 2 principles. Similar draft
legislation has been introduced in the Republic of Ireland and other EU
jurisdictions. The Group has carried out a group wide tax rate review, in line
with the BEPS pillar 2 legislation and guidance, and has found there is no
impact as tax rates in the countries in which the Group operates exceed 15%.
The Group has applied the exemption from recognising and disclosing
information about deferred tax assets and liabilities related to Pillar Two
income taxes as required by the amendments to IAS 12 "International Tax Reform
- Pillar Two Model Rules", which were issued in May 2023.
Dividends
Ordinary dividends
Year ended 31 March 2025 Six months ended 30 September 2025 Six months ended 30
September 2024
Total £m Settled via scrip £m Pence per ordinary share Total Settled Pence per ordinary share Total £m Settled Pence per ordinary share
£m via scrip via scrip £m
£m
- - - Final - year ended 31 March 2025 475.8 25.3 43.0 - - -
233.7 43.4 21.2 Interim - year ended 31 March 2025 - - - - - -
437.3 225.5 40.0 Final - year ended 31 March 2024 - - - 437.3 225.5 40.0
671.0 268.9 475.8 25.3 437.3 225.5
The final dividend of 43.0p per ordinary share declared in respect of the
financial year ended 31 March 2025 (2024: 40.0p) was approved at the Annual
General Meeting on 17 July 2025 and was paid to shareholders on 18 September
2025. Shareholders were able to elect to receive ordinary shares credited as
fully paid instead of the cash dividend under the terms of the Company's scrip
dividend scheme.
For dividends paid in relation to the financial year ended 31 March 2022 and
in relation to the subsequent years to 31 March 2027, the Group's approved
policy is to repurchase shares to reduce the scrip's dilutive effects, if the
scrip take-up exceeds 25% of the full year dividend in any given year. The
overall scrip dividend take-up for the financial year ended 31 March 2025 was
9.7% and the Group has therefore not initiated a share buyback in the current
period. For the financial year ended 31 March 2024 the overall scrip dividend
take-up was 35.7% and therefore under the share buyback program 3.8m of shares
were repurchased during the year ended 31 March 2025 for total consideration
of £71.7m (including stamp duty and commission).
An interim dividend of 21.4p per ordinary share has been proposed and is due
to be paid on 30 January 2026 to those shareholders on the SSE plc share
register on 5 December 2025. The proposed interim dividend has not been
included as a liability in these financial statements. A scrip dividend will
be offered as an alternative.
Earnings per share
Basic earnings per share
The calculation of basic earnings per ordinary share at 30 September 2025 is
based on the net profit or loss attributable to ordinary shareholders and the
weighted average number of ordinary shares outstanding during the period ended
30 September 2025.
Adjusted earnings per share
Adjusted earnings per share has been calculated by excluding the charge for
deferred tax, retained Gas Production decommissioning costs, the depreciation
expense on fair value uplifts, the share of profit attributable to
non-controlling interests and the impact of exceptional items and "certain
re-measurements".
10. Earnings per share (continued)
Year ended Six months ended Six months ended
30 September 2025
30 September 2024
31 March 2025
(restated*)
Earnings Earnings per share Earnings Earnings per share Earnings Earnings per share
£m pence £m pence £m pence
1,189.4 108.2 Basic earnings attributable to ordinary shareholders on continuing operations 292.1 26.4
used to calculate adjusted EPS
522.1 47.7
341.4 31.1 Exceptional items and certain re-measurements (note 6) 38.0 3.4 (43.7) (4.0)
1,530.8 139.3 Basic excluding exceptional items and certain re- measurements 330.1 29.8
478.4 43.7
Adjusted for:
(17.9) (1.6) Decommissioning Gas Production (14.1) (1.3) (10.8) (1.0)
20.1 1.8 Depreciation expense on fair value uplifts 10.2 0.9 9.9 0.9
312.7 28.4 Deferred tax 119.9 10.9 84.5 7.7
(36.1) (3.2) Deferred tax from share of joint ventures and associates (14.5) (1.4) 10.8 1.0
(41.5) (3.8) Deferred tax on non-controlling interest (32.0) (2.8) (17.8) (1.6)
1,768.1 160.9 Adjusted 399.6 36.1 555.0 50.7
*The comparative has been restated. See note 2.5.
Reported earnings per share
Year ended Six months ended Six months ended
30 September 2025
30 September 2024
31 March 2025
Earnings Earnings per share Earnings Earnings per share Earnings Earnings per share
£m pence £m pence £m Pence
1,189.4 108.2 Basic 292.1 26.4
522.1 47.7
- (0.1) Dilutive effect of outstanding share options - - - (0.1)
1,189.4 108.1 Diluted 292.1 26.4 522.1 47.6
The weighted average number of shares used in each calculation is as follows:
Year ended 31 March 2025 Six months ended Six months ended
Number of shares 30 September 2025 30 September 2024
(millions) Number of shares Number of shares
(millions) (millions)
1,099.2 For basic and adjusted earnings per share 1,106.6 1,094.2
1.1 Effect of exercise of share options 1.4 2.2
1,100.3 For diluted earnings per share 1,108.0 1,096.4
Acquisitions and disposals
Acquisitions and disposals in the current period
There have been no significant acquisitions and disposals in the current
period.
Prior year acquisitions
During the year ended 31 March 2025, the Group made small asset acquisitions
(of special purpose vehicles as opposed to businesses) for cash consideration
of £17.1m.
Impairment testing
At 30 September 2025, the Group reviewed the carrying value of certain assets
and assessed whether there were any indicators of impairment necessitating a
formal impairment review.
At 31 March 2025, the Group recorded an impairment of £249.5m against the
carrying value of its Southern Europe platform, following challenges in
obtaining the required environmental permits across several pipeline projects
in Spain and negative changes to other market assumptions. The permitting
challenges resulted in specific development asset impairments for sites no
longer deemed viable, while the market challenges resulted in an impairment to
the Group's goodwill balance. During the six months to 30 September 2025,
there have been no positive developments in the prospects for the specific
sites in obtaining permits and these remain impaired. While the wider Southern
European market has improved slightly during the period and no new indicators
of impairment were identified, the impairment at March 2025 was recognised
against goodwill and is not eligible for reversal. Therefore, no formal
impairment assessment was performed.
A formal impairment assessment of the Group's SSE Pacifico development
platform in Japan was performed in March 2025. At 30 September 2025 the Group
assessed whether the publicly announced withdrawal from similar projects in
Japan by a local developer and the developments in the market during the
period constituted impairment triggers that would require a formal impairment
assessment. Due to the differences in bid assumptions and the continued
uncertainty in the way the market will operate already being reflected in
SSE's 31 March 2025 impairment assessment, neither factor was deemed an
impairment indicator requiring a formal impairment assessment at 30 September
2025.
12. Impairment testing (continued)
The Group's investment in Triton Power Holdings Limited was formally tested
for impairment at 31 March 2025 following a fall in observable market prices
and losses recognised during the year. Following formal review, no impairment
or impairment reversals were recorded at 31 March 2025. In the six months to
30 September 2025 the market has remained relatively stable and there were no
indicators of impairment or reversals of impairment identified, therefore no
formal impairment assessment was performed.
Other assets formally tested for impairment at 31 March 2025, being the
goodwill attributed to the Group's Great Britain and Ireland wind portfolio;
the goodwill attributed to the Energy Customer Solutions business; and
property plant and equipment balances at the Group's Great Island CCGT and Gas
Storage assets, either displayed significant headroom at 31 March 2025 or are
no longer material. No formal impairment reviews were performed across these
assets.
Sources of finance
Capital management
The Board's policy is to maintain a strong balance sheet and credit rating to
support investor, counterparty and market confidence in the Group and to
underpin future development of the business. The Group's credit ratings are
also important in maintaining an efficient cost of capital and in determining
collateral requirements throughout the Group. As at 30 September 2025, the
Group's long term credit rating was BBB+ stable outlook for Standard &
Poor's and Baa1 stable outlook for Moody's.
The maintenance of a medium-term corporate model is a key control in
monitoring the development of the Group's capital structure and allows for
detailed scenarios and sensitivity testing. Key ratios drawn from this
analysis underpin regular updates to the Board and include the ratios used by
the rating agencies in assessing the Group's credit ratings.
The Group's debt requirements are principally met through issuing bonds
denominated in Sterling and Euros as well as private placements and
medium-term bank loans including those with the European Investment Bank.
SSE's adjusted net debt and hybrid capital was £11.4bn at 30 September 2025,
compared with £10.2bn at 31 March 2025.
Adjusted net debt and hybrid capital is stated after removing lease
obligations, external net debt attributable to non-controlling interests and
cash held and posted as collateral and other deposits with a maturity of more
than three months in line with the Group's presentation basis which is
explained at note 2.1. The adjustment related to the non-controlling interest
share of Scottish Hydro Electric Transmission plc external net debt is
£1,006.3m at 30 September 2025 (2024: £586.2m; March 2025: £817.9m) and
relates to 25% of external loans of £4,049.0m (2024: £2,930.1m; March 2025:
£3,278.8m) net of cash and cash equivalents of £24.0m (2024: £585.4m; March
2025: £7.3m). Cash held and posted as collateral refers to amounts received
and deposited on commodity trading exchanges which are reported within "Trade
and other payables" and "Trade and other receivables" respectively on the face
of the balance sheet.
At 30 September 2025 collateral and other deposits were an asset of £114.9m
(2024: £260.2m net liability, March 2025: £63.3m net liability) primarily
consisting of collateral assets of £101.8m (2024: £260.2m net liability,
March 2025: £72.9m net liability). The collateral movement since March 2025
reflects an increase in initial margin requirements due to a significant
increase in exchange trading primarily relating to the Winter 2025 position,
and lower gas prices resulting in an increase in cash required to cover
variation margin.
Borrowing facilities
The Group has an established €1.5bn Euro commercial paper programme (paper
can be issued in a range of currencies and swapped into Sterling) and as at 30
September 2025 there was £874m commercial paper outstanding (March 2025:
£891m).
The Group also continues to have access to £3.0bn of revolving credit
facilities (March 2025: £3.0bn), and in September 2025 Scottish Hydro
Electric Transmission plc signed a £250m facility with CaixaBank, which was
drawn on 2 October 2025 as a five year term loan paying SONIA +75bps with a
one year extension option.
The details of the Group's committed facilities as at 30 September 2025 are:
a £1.5bn revolving credit facility for SSE plc maturing October 2030 with a
one year extension option;
a £1.5bn revolving credit facility for Scottish Hydro Electric Transmission
plc maturing October 2030 with a one year extension option; and
a new £0.25bn five year term loan facility for Scottish Hydro Electric
Transmission plc.
The committed facilities are in place to ensure the Group is set up to meet
its funding obligations over the next five years, with available committed
facilities on the entities that require them. The £1.5bn revolving credit
facility for SSE plc is in place to provide back-up to the commercial paper
programme and support the Group's capital expenditure plans. The Scottish
Hydro Electric Transmission plc revolving credit facility is in place to help
cover the capital expenditure and working capital of that business. The terms
and conditions of the revolving credit facilities contain certain
sustainability-linked features which may or may not adjust the interest margin
applicable to the revolving credit facilities. The rate of interest is
calculated annually, subject to fulfilling certain ESG KPIs and applied
prospectively. At 30 September 2025, these terms had no impact on the carrying
value of the debt.
As at 30 September 2025 there were £340m (2025: £340m) drawings on the
Scottish Hydro Electric Transmission plc revolving credit facility being 23%
utilisation (2025: 23%) and nil drawings on the SSE plc facility (2025: nil
utilisation).
13. Sources of finance (continued)
Debt maturities and new debt issued
During the period, SSE plc issued £2.0bn of new hybrid equity bonds and debt,
and had £1.9bn of debt maturities. In June 2025, SSE plc issued €1.3bn
(£1.1bn) dual tranche hybrid equity bonds being a €800m (£0.7bn) hybrid
equity bond at 4.00% and a €500m (£0.4bn) hybrid equity bond at 4.50%, both
of which were left in Euros. The remaining £0.9bn of new debt relates to
commercial paper being rolled at maturity, which also accounts for the £0.9bn
of debt maturities, with the other £1.0bn of debt maturities being
represented by bond maturities in April and September 2025.
During the period Scottish Hydro Electric Transmission plc issued £1.1bn of
new debt and had £340m of debt maturities. The issuances of new debt were as
follows:
September 2025 - €750m (£647m) eight year Eurobond maturing November 2033
with a coupon of 3.375% and an all-in GBP cost of 5.20% once swapped back to
Sterling; and
September 2025 - €100m (£86m) additional issuance related to the existing
Eurobond repayable on September 2032, with a coupon of 3.375% and an all-in
GBP cost of 5.06% once swapped back to Sterling.
The remaining £340m of new debt relates to drawings on the £1.5bn committed
facility that were used to repay the £340m of drawings on the facility at 31
March 2025.
The Group capital comprises:
March September September
2025 2025 2024
(restated*)
£m £m £m
10,149.4 Total borrowings (excluding lease obligations) 10,006.3 9,178.2
(1,090.5) Less: Cash and cash equivalents (433.3) (890.8)
9,058.9 Net debt (excluding hybrid equity) 9,573.0 8,287.4
1,882.4 Hybrid equity 2,985.8 1,882.4
(817.9) External net debt attributable to non-controlling interests (1,006.3) (586.2)
63.3 Cash held/(posted) as collateral and other deposits (114.9) 260.2
10,186.7 Adjusted net debt and hybrid capital 11,437.6 9,843.8
10,181.6 Equity attributable to shareholders of the parent 9,937.8 9,601.9
20,368.3 Total capital excluding lease obligations 21,375.4 19,445.7
*The comparative has been restated. See note 2.5.
Loans and other borrowings
March September 2025 September 2024
2025
£m £m £m
Current
1,895.5 Short term loans 1,494.0 1,829.0
68.5 Lease obligations 79.3 74.9
1,964.0 1,573.3 1,903.9
Non-current
8,253.9 Loans 8,512.3 7,349.2
386.5 Lease obligations 382.3 326.5
8,640.4 8,894.6 7,675.7
10,604.4 Total loans and borrowings 10,467.9 9,579.6
(1,090.5) Cash and cash equivalents (433.3) (890.8)
9,513.9 Unadjusted net debt 10,034.6 8,688.8
Add/(less):
1,882.4 Hybrid equity (note 14) 2,985.8 1,882.4
(817.9) External net debt attributable to non-controlling interests (1,006.3) (586.2)
(455.0) Lease obligations (461.6) (401.4)
63.3 Cash held/(posted) as collateral and other deposits (114.9) 260.2
10,186.7 Adjusted net debt and hybrid capital 11,437.6 9,843.8
Reconciliation of net increase/(decrease) in cash and cash equivalents to
movement in adjusted net debt and hybrid capital
March September 2025 September 2024
2025
£m £m £m
54.6 Increase/(decrease) in cash and cash equivalents (657.2) (145.1)
Add/(less)
(2,592.2) New borrowing proceeds (1,948.6) (1,655.6)
- New hybrid equity proceeds (1,103.4) -
1,055.3 Repayment of borrowings 2,283.0 1,047.0
113.7 Non-cash movement on borrowings (191.3) 156.6
327.7 Increase in external net debt attributable to non-controlling interests 188.4 96.0
289.9 Increase in cash held and posted as collateral and other deposits 178.2 93.0
(751.0) Increase in adjusted net debt and hybrid capital (1,250.9) (408.1)
13. Sources of finance (continued)
Equity attributable to non-controlling interests
This relates to equity attributable to non-wholly owned but controlled
subsidiaries which are consolidated within the condensed Interim Financial
Statements of the Group. At 30 September 2025 the amount attributable to
non-controlling interests is £695.4m (2024: £586.3m restated; March 2025:
£628.8m), which relates to Scottish Hydro Electric Transmission plc of
£657.7m (2024: £547.8m restated; March 2025: £589.6m) and SSE Pacifico
£37.7m (2024: £38.5m; March 2025 £39.2m). The profit and loss attributable
to non-controlling interests for the period ended 30 September 2025 is £69.0m
gain (2024: £36.8m; March 2025: £69.8m gain), which relates to Scottish
Hydro Electric Transmission plc £69.0m gain (2024: £36.9m gain, March 2025:
£70.6m gain) and SSE Pacifico £nil (2024: £0.1m loss; March 2025: £0.8m
loss).
Hybrid equity
March September 2025 September 2024
2025
£m Perpetual subordinated capital securities £m £m
598.0 GBP 600m 3.74% perpetual subordinated capital securities (i) 598.0 598.0
453.0 EUR 500m 3.125% perpetual subordinated capital securities (i) 453.0 453.0
831.4 EUR 1,000m 4.00% perpetual subordinated capital securities (ii) 831.4 831.4
- EUR 800m 4.00% perpetual subordinated capital securities (iii) 678.9 -
- EUR 500m 4.50% perpetual subordinated capital securities (iii) 424.5 -
1,882.4 2,985.8 1,882.4
2 July 2020 £600m and €500m Hybrid Capital Bonds
The hybrid capital bonds issued in July 2020 have no fixed redemption date,
but the Company may, at its sole discretion, redeem all but not part of the
capital securities at their principal amount. The date for the first potential
discretionary redemption of the £600m hybrid bond is 14 April 2026 and then
every five years thereafter. The date for the first potential discretionary
redemption of the €500m hybrid capital bond is 14 July 2027 and then every
five years thereafter. For the £600m hybrid the discretionary coupon payments
are made annually on 14 April and for the €500m hybrid the discretionary
coupon payments are made annually on 14 July.
12 April 2022 €1,000m Hybrid Capital Bonds
The hybrid capital bond issued in April 2022 has no fixed redemption date, but
the Company may, at its sole discretion, redeem all but not part of the
capital securities at their principal amount. The date for the first potential
discretionary redemption is 21 April 2028 and then every five years
thereafter. The discretionary hybrid coupon payments are made annually on 22
April.
12 June 2025 €800m and €500m Hybrid Capital Bonds
The hybrid capital bonds issued in June 2025 have no fixed redemption dates,
but the Company may, at its sole discretion, redeem all but not part of the
capital securities at their principal amount. The date for the first potential
discretionary redemption for the €800m hybrid capital bond is 19 September
2030, and for the €500m bond is 19 June 2033, then every five years
thereafter. The discretionary hybrid coupon payments are made annually on 19
September and 19 June respectively.
4.1. Coupon Payments
In relation to the £600m hybrid equity bond a discretionary coupon payment of
£22.4m (March 2025: £22.4m) was made on 14 April 2025, for the €500m
hybrid equity bond a discretionary coupon payment of £16.5m (March 2025:
£16.5m) was made on 14 July 2025 and for the €1bn hybrid equity bond a
discretionary payment of £34.0m was paid on 22 April 2025 (March 2025:
£34.8m). The first discretionary coupon payment on the new hybrid equity
bonds will occur on 19 June 2026 for the €500m hybrid equity bond and 19
September 2026 for the €800m hybrid equity bond.
The coupon payments in the six month period to 30 September 2025 consequently
totalled £72.9m (March 2025: £73.7m) and the Company has the option to defer
coupon payments on the bonds on any relevant payment date, as long as a
dividend on the ordinary shares has not been declared. Deferred coupons shall
be satisfied only on redemption; or on a dividend payment on ordinary shares,
both of which occur at the sole option of the Company. Interest will accrue on
any deferred coupon.
Share capital
Number £m
(millions)
Allotted, called up and fully paid:
At 1 April 2025 1,111.2 555.6
Issue of shares 1.4 0.7
At 30 September 2025 1,112.6 556.3
The Company has one class of ordinary share which carries no right to fixed
income. The holders of ordinary shares are entitled to receive dividends as
declared and are entitled to one vote per share at meetings of the Company.
Shareholders were able to elect to receive ordinary shares in place of the
final dividend for the year to 31 March 2025 of 43.0p per ordinary share
(2024: 40.0p in relation to the final dividend for the year to 31 March 2024;
March 2025: 21.2p in relation to the interim dividend for the year to 31 March
2025) under the terms of the Company's scrip dividend scheme. This resulted in
the issue of 1.4m (2024: 12.2m, March 2025: 12.2m and 2.8m) new fully paid
ordinary shares.
In addition, the Company issued 0.3m shares (2024: 53k, March 2025: 1.7m)
during the period to satisfy awards to employees under certain employee
schemes (all of which were settled by shares held in Treasury) for a
consideration of £1.0m (2024: £0.7m, March 2025: £17.8m).
15. Share capital (continued)
The scrip dividend take-up for the prior financial year was 9.7%, which was
below the 25.0% required by the share buyback programme, therefore no share
buybacks occurred during the period to 30 September 2025. In the year ended
31 March 2025 3.8m shares were repurchased for total consideration of £71.7m
(including stamp duty and commission).
Of the 1,112.6m (2024: 1,108.4m, March 2025: 1,111.2m) shares in issue, 4.6m
(2024: 3.0m, March 2025: 4.9m) are held as treasury shares. These shares will
be held by SSE plc and used to satisfy awards to employees under certain
employee share schemes.
During the period, on behalf of the Company, the employee share trust
purchased 0.1m shares (2024: 0.1m, March 2025: 0.8m) for a total consideration
of £2.3m (2024: £2.2m, March 2025: £14.1m) to be held in trust for the
benefit of employee share schemes.
Financial risk management
The Board has overall responsibility for the establishment and oversight of
the Group's risk management framework. The Group's policies for risk
management are established to identify the risks faced by the Group, to set
appropriate risk limits and controls, and to monitor risks and adherence to
limits. Exposure to commodity, currency and interest rate risks arise in the
normal course of the Group's business and derivative financial instruments are
entered into to hedge exposure to these risks.
SSE has a Group wide Risk Committee reporting to the Group Executive
Committee, which is responsible for reviewing the risk exposures across the
Group, by overseeing the controls and strategies employed to manage these
risks and by ensuring and promoting an effective system of internal control.
In addition, the Group has two dedicated Energy Market risk committees
reporting to the Group Executive Committee and Board respectively, with the
Group Executive Sub-committee chaired by the Chief Executive Officer (the
"Group Energy Markets Exposures Risk Committee") and the Board Sub-committee
chaired by Non-Executive Director Tony Cocker (the "Energy Markets Risk
Committee (EMRC)"). These Committees oversee the Group's management of its
energy market exposures, including its approach to hedging.
During the period ended 30 September 2025, the Group continued to be exposed
to the economic conditions impacting the primary commodities to which it is
exposed (Gas, Carbon and Power). The Group's approach to hedging, and the
diversity of its energy portfolios (across Wind, Hydro, Thermal and Customers)
has provided significant certain mitigation of these exposures.
The Group's policy in relation to liquidity risk continues to be to ensure, in
so far as possible, that it will always have sufficient liquidity to meet its
liabilities when due, under both normal and stressed conditions, without
incurring unacceptable losses or risking damage to its reputation. Further
detail is noted in the Group's financial statements at 31 March 2025.
For financial reporting purposes, the Group has classified derivative
financial instruments into two categories, operating derivatives and financing
derivatives. Operating derivatives include all qualifying commodity contracts
including those for electricity, gas, oil, carbon and the post-day 1 fair
value movements on non-government backed contracts for difference in SSE
Renewables. Financing derivatives include all fair value and cash flow
interest rate hedges, non-hedge accounted (mark-to-market) interest rate
derivatives, cash flow foreign exchange hedges and non-hedge accounted foreign
exchange contracts. Non-hedge accounted contracts are treated as held for
trading.
The net movement reflected in the interim income statement can be summarised
as follows:
Year ended 31 March 2025 Six months ended Six months
£m 30 September 2025 ended
£m 30 September 2024
£m
Operating derivatives
92.9 Total result on operating derivatives (i) 35.2 51.6
(141.9) Less: amounts settled (ii) (19.3) 67.1
(49.0) Movement in unrealised derivatives 15.9 118.7
Financing derivatives (and hedged items)
63.6 Total result on financing derivatives (i) 66.5 59.2
(50.8) Less: amounts settled (ii) (63.0) (63.8)
12.8 Movement in unrealised derivatives 3.5 (4.6)
Financial guarantee liabilities
1.9 Total result on financial guarantee liabilities (iii) 0.7 0.9
(34.3) Net income statement impact 20.1 115.0
i) Total result on derivatives in the income
statement represents the total amounts (charged) or credited to the income
statement in respect of operating and financial derivatives.
ii) Amounts settled in the period represent the result
on derivatives transacted which have matured or been delivered and have been
included within the total result on derivatives.
iii) Total result on financial guarantee liabilities
in the income statement represents the total amounts credited or (charged) to
the income statement in respect of the unwind of the financial liabilities and
recognition of new or expiring contracts.
16. Financial risk management (continued)
The fair values of the primary financial assets and liabilities of the Group
together with their carrying values are as follows:
March 2025 September 2025 September 2024
Carrying Fair Carrying Fair Carrying Fair
value value value value value value
£m £m £m £m £m £m
Financial Assets
Current
1,480.2 1,480.2 Trade receivables 1,200.7 1,200.7 1,173.7 1,173.7
6.6 6.6 Other receivables 6.7 6.7 4.2 4.2
19.2 19.2 Cash collateral and other deposits 114.9 114.9 4.4 4.4
1,090.5 1,090.5 Cash and cash equivalents 433.3 433.3 890.8 890.8
178.4 178.4 Derivative financial assets 174.7 174.7 420.8 420.8
2,774.9 2,774.9 1,930.3 1,930.3 2,493.9 2,493.9
Non-current
8.8 8.8 Unquoted equity investments 8.9 8.9 7.6 7.6
193.5 193.5 Loan note receivable 206.3 206.3 181.6 181.6
1,510.3 1,510.3 Loans to associates and jointly controlled entities 1,534.4 1,534.4 1,484.4 1,484.4
63.5 63.5 Derivative financial assets 111.2 111.2 63.2 63.2
1,776.1 1,776.1 1,860.8 1,860.8 1,736.8 1,736.8
4,551.0 4,551.0 3,791.1 3,791.1 4,230.7 4,230.7
Financial Liabilities
Current
(710.7) (710.7) Trade payables (551.3) (551.3) (569.4) (569.4)
(82.5) (82.5) Outstanding liquid funds - - (264.6) (264.6)
(1,895.5) (1,937.0) Loans and borrowings (1,494.0) (1,505.1) (1,829.0) (1,831.1)
(68.5) (68.5) Lease liabilities (79.3) (79.3) (74.9) (74.9)
(2.4) (2.4) Financial guarantee liabilities (2.5) (2.5) (2.9) (2.9)
(126.3) (126.3) Derivative financial liabilities (84.0) (84.0) (250.9) (250.9)
(2,885.9) (2,927.4) (2,211.1) (2,222.2) (2,991.7) (2,993.8)
Non-current
(8,253.9) (7,960.4) Loans and borrowings (8,512.3) (8,241.3) (7,349.2) (7,295.8)
(386.5) (386.5) Lease liabilities (382.3) (382.3) (326.5) (326.5)
(23.1) (23.1) Financial guarantee liabilities (22.3) (22.3) (35.0) (35.0)
(167.7) (167.7) Derivative financial liabilities (138.1) (138.1) (208.8) (208.8)
(8,831.2) (8,537.7) (9,055.0) (8,784.0) (7,919.5) (7,866.1)
(11,717.1) (11,465.1) (11,266.1) (11,006.2) (10,911.2) (10,859.9)
(7,166.1) (6,914.1) Net financial liabilities (7,475.0) (7,215.1) (6,680.5) (6,629.2)
Fair value hierarchy
The following tables provide an analysis of financial instruments that are
measured subsequent to initial recognition at fair value, grouped into Levels
1 to 3 based on the degree to which the fair value is observable.
Level 1 fair value measurements are those derived from unadjusted quoted
market prices for identical assets or liabilities.
Level 2 fair value measurements are those derived from inputs other than
quoted prices included within Level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from
prices).
Level 3 fair value measurements are those derived from valuation techniques
that include inputs for the asset or liability that are not based on
observable market data.
September 2025 September 2024
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
£m £m £m £m £m £m £m £m
Financial assets
Energy derivatives 7.3 168.1 9.3 184.7 298.8 121.0 6.2 426.0
Interest rate derivatives - 79.3 - 79.3 - 46.0 - 46.0
Foreign exchange derivatives - 21.9 - 21.9 - 12.0 - 12.0
Unquoted equity instruments - - 8.9 8.9 - - 7.6 7.6
7.3 269.3 18.2 294.8 298.8 179.0 13.8 491.6
Financial liabilities
Energy derivatives - (90.5) (73.4) (163.9) - (202.6) (53.5) (256.1)
Interest rate derivatives - (49.3) - (49.3) - (158.6) - (158.6)
Foreign exchange derivatives - (8.9) - (8.9) - (45.0) - (45.0)
Loans and borrowings* - (11.3) - (11.3) - 113.1 - 113.1
- (160.0) (73.4) (233.4) - (293.1) (53.5) (346.6)
* The £11.3m (2024: £113.1m, 2025: £88.6m) relates to fair value hedges
that are in place against the Group's loans and borrowings and has been
included in the table above within financial liabilities, as it is presented
in loans and borrowings liabilities in the balance sheet.
16. Financial risk management (continued)
March 2025
Level 1 Level 2 Level 3 Total
£m £m £m £m
Financial assets
Energy derivatives 71.5 80.9 5.8 158.2
Interest rate derivatives - 68.9 - 68.9
Foreign exchange derivatives - 14.8 - 14.8
Unquoted equity instruments - - 8.8 8.8
71.5 164.6 14.6 250.7
Financial liabilities
Energy derivatives - (80.8) (81.3) (162.1)
Interest rate derivatives - (107.8) - (107.8)
Foreign exchange derivatives - (24.1) - (24.1)
Loans and borrowings - 88.6 - 88.6
- (124.1) (81.3) (205.4)
There were no significant transfers out of Level 1 into Level 2 and out of
Level 2 into Level 1 during the six months ended 30 September 2025 (2024:
none, March 2025: none). There were no significant transfers out of Level 2
into Level 3 and out of Level 3 into Level 2 during the six months ended 30
September 2025 (2024: none, March 2025: none).
The following table represents the difference between the Level 3 financial
instruments at fair value at the start of the reporting period and at the
reporting date:
31 March 2025 30 September 2025 30 September 2024
£m £m £m
(97.6) Level 3 financial instruments fair value at 1 April (66.7) (97.6)
3.4 Additions 0.1 -
4.6 Transfer from financial assets - 4.6
(0.1) Disposals in period - (0.2)
(38.5) Cash settlement (7.1) 1.8
5.2 Re-measurement gain/(loss) recognised in income statement 6.5 36.9
(0.8) Re-measurement loss recognised in other comprehensive income - -
342.3 Additions - new instruments entered in the period - 3.0
(342.3) Deferred day 1 gains on instruments entered in the period - (3.0)
(342.0) Instruments derecognised in the period (1.5) -
370.7 Deferred day 1 gains derecognised in the period - -
28.4 Amortisation of day 1 gains in the period 13.5 14.8
(66.7) Level 3 financial instruments fair value (55.2) (39.7)
Retirement benefit obligations
The Group has two funded final salary pension schemes which provide defined
benefits based on final pensionable pay. The schemes are subject to
independent valuations at least every three years. The Group provides pension
benefits to most UK colleagues through SSE Pensions+, a defined contribution
master trust arrangement with Aviva. The Group also operates other pension
arrangements, including a defined contribution master trust arrangement with
Zurich in the Republic of Ireland and an Unfunded Unapproved Retirement
Benefit Scheme. Further details on these schemes are provided in the Group's
Financial Statements to 31 March 2025.
Summary of defined benefit pension schemes:
Movement recognised in the SoCI Movement recognised in respect of the pension asset in the SoCI Pension asset
Pension assets
March March September September September September
2025 2025 2025 2024 2025 2024
£m £m £m £m £m £m
7.7 353.7 Scottish Hydro Electric (6.8) 15.6 352.1 360.3
45.1 148.1 SSE Southern (21.8) 17.9 139.1 110.5
52.8 501.8 (28.6) 33.5 491.2 470.8
The last triennial actuarial valuation of the Scottish Hydro Electric Pension
Scheme was carried out as at 31 March 2024 and showed a surplus of £230.2m on
a projected unit basis. Following this valuation, the Group agreed a new
schedule of contributions which does not require employer contributions to be
paid to the scheme, unless there is a sustained deficit for two successive
quarters on the trustees' long-term funding basis. Consequently, the Group has
not and is not expected to make contributions to the scheme in the year ending
31 March 2026.
17. Retirement benefit obligations (continued)
The last triennial actuarial valuation of the SSE Southern Group of the
Electricity Supply Pension Scheme was carried out at 31 March 2022 and showed
a deficit of £79.6m on a projected unit basis. Following this valuation, the
Group agreed a new schedule of contributions which, along with investment
returns from return-seeking assets, are expected to make good this shortfall
by 31 March 2027. The funding valuation as at 31 March 2025 is currently in
process and expected to finalise in the second half of the financial year. As
part of that process the Trustee and the Company will agree future
contributions to the scheme based on the valuation. The Group also pays
contributions in respect of current accrual. Total contributions of
approximately £26.7m are expected to be paid by the Group during the year
ending on 31 March 2026, including deficit repair contributions of £16.0m of
which £8.0m have been paid to 30 September 2025. Under the current schedule
of contributions the deficit repair contribution will be made until March
2027, increasing in line with inflation each year (2024: £7.7m, March 2025
£15.5m).
A summary of the movement presented in the statement of comprehensive income
is shown below:
Year ended 31 March 2025 Six months ended 30 September Six months ended 30 September
2025
2024
£m
£m £m
52.8 Actuarial gains/(losses) recognised (28.6) 33.5
(13.2) Deferred tax thereon 7.2 (8.4)
39.6 Net gain/(loss) recognised in statement of comprehensive income (21.4) 25.1
The major assumptions used by the actuaries in both schemes in preparing the
IAS 19 valuations were:
March September September
2025 2025 2024
3.3% Rate of increase in pensionable salaries 3.2% 3.3%
3.0% Rate of increase in pension payments 2.9% 3.1%
5.8% Discount rate 5.8% 5.1%
3.0% Inflation rate 2.9% 3.1%
The assumptions relating to longevity underlying the pension liabilities are
based on standard actuarial mortality tables, and include an allowance for
future improvements in longevity. The assumptions, equivalent to future
longevity for members in normal health at age 65, are as follows:
March September September
2025 2025 2024
Male Female Male Female Male Female
Scottish Hydro Electric Pension Scheme
22 24 Currently aged 65 22 24 22 24
24 26 Currently aged 45 24 26 24 26
SSE Southern Pension Scheme
22 25 Currently aged 65 22 25 22 25
24 25 Currently aged 45 24 25 24 26
Other matters
In July 2024 the Court of Appeal upheld the 16 June 2023 High Court ruling in
respect of Virgin Media v NTL Pension Trustees II Limited (and others) calling
into question the validity of rule amendments made to defined benefit pension
schemes contracted-out on a Reference Scheme Test basis between 6 April 1997
and 5 April 2016. Relevant amendments to these pension schemes over this time
required confirmation from the Scheme Actuary that the Reference Scheme Test
would continue to be met. In the absence of such a confirmation, the Rule
amendment would be void.
On 1 September 2025, the UK Government introduced draft legislation to enable
pension schemes to retrospectively obtain written actuarial confirmation that
historic benefit changes met the necessary standards. Any subsequent
developments are being monitored by the Group and the pension scheme trustees.
The defined benefit obligation for the Group's schemes has been calculated on
the basis of the pension benefits currently being administered.
Capital commitments
March September September
2025 2025 2024
£m £m £m
4,438.3 Capital expenditure 4,688.8 3,605.4
Contracted for but not provided
The Group's capital commitments have increased due to the projected increase
in the Group's overall capital programme. The increases during the year
primarily relate to Transmission projects.
Related party transactions
The following transactions took place during the period between the Group and
entities which are related to the Group, but which are not members of the
Group. Related parties are defined as those in which the Group has control,
joint control or significant influence over.
September 2025 September 2024
Sale of goods and services Purchase of goods and services Amounts owed from Amounts owed to Sale of goods and services Purchase of goods and services Amounts owed from Amounts owed to
£m £m £m £m £m £m £m £m
Joint arrangements:
Marchwood Power Limited 89.9 (41.5) - (0.1) 51.2 (74.9) - (8.9)
Clyde Windfarm (Scotland) Limited 2.8 (69.6) 1.3 (43.7) 2.7 (68.1) - (42.7)
Beatrice Offshore Windfarm Limited 3.2 (22.2) 1.7 (6.4) 2.9 (28.1) 1.3 (4.2)
Stronelairg Wind Farm Limited 1.3 (32.1) 0.1 (19.2) 1.3 (28.4) 1.3 (13.5)
Dunmaglass Wind Farm Limited 0.6 (14.7) 0.1 (8.6) 0.6 (11.6) 0.6 (5.6)
Neos Networks Limited 1.7 (12.5) 2.4 (2.2) 1.0 (12.4) 2.0 (3.8)
Seagreen Wind Energy Limited 17.9 (60.7) 2.4 (11.8) 4.4 (59.6) 18.4 (9.0)
Doggerbank A, B, C and D 22.8 (8.1) 32.8 (2.0) 17.0 - 18.5 -
Greater Gabbard Offshore Winds Limited 3.7 (65.8) 1.9 (52.3) 4.0 (60.2) 0.7 (40.9)
Other joint arrangements 15.5 (17.4) 9.9 (4.1) 4.2 (14.6) 2.7 (2.5)
March 2025
Sale of goods and services Purchase of goods and services Amounts owed from Amounts owed to
£m £m £m £m
Joint arrangements:
Marchwood Power Limited 111.2 (116.1) - (5.0)
Clyde Windfarm (Scotland) Limited 5.6 (187.6) 0.1 (51.6)
Beatrice Offshore Windfarm Limited 6.3 (86.1) 1.2 (7.1)
Stronelairg Wind Farm Limited 2.6 (88.4) 0.1 (25.1)
Dunmaglass Wind Farm Limited 1.2 (32.6) - (9.0)
Neos Networks Limited 6.8 (28.2) 2.1 (4.0)
Seagreen Wind Energy Limited 54.6 (171.5) 13.6 (16.8)
Doggerbank A, B, C and D 47.7 (2.8) 36.5 (1.0)
Greater Gabbard Offshore Winds Limited 7.5 (134.7) 0.6 (50.6)
Other joint arrangements 23.9 (37.4) 12.5 (3.7)
The transactions with Marchwood Power Limited relate to the contracts for the
provision of energy or the tolling of energy under power purchase
arrangements.
The amounts outstanding are trading balances, are unsecured and will be
settled in cash.
In addition to the above at 30 September 2025, the Group was owed the
following loans from its principal joint ventures: Clyde Windfarm (Scotland)
Limited £127.1m (2024: £127.1m, March 2025: £127.1m); Dunmaglass Wind Farm
Limited £46.6m (2024: £46.6m, March 2025: £46.6m); Stronelairg Wind Farm
Limited £88.7m (2024: £88.7m, March 2025: £88.7m); Neos Networks Limited
£70.9m (2024: £71.8m, March 2025: £83.5m); Seagreen Wind Energy Limited
£646.9m (2024: £691.3m, March 2025: £646.0m); SSE Slough Multifuel Limited
£171.6m (2024: £179.0m, March 2025: £181.3m); Doggerbank Offshore Wind Farm
Project 1 Holdco Limited £263.4m (2024: £158.5m, March 2025: £188.3m) and
Marchwood Power Limited £nil (2024: £7.7m, March 2025: £nil).
Seasonality of operations
Certain activities of the Group are influenced by weather patterns,
temperature variations, and seasonal fluctuations in market prices. As a
result, the financial results for the interim period may not be indicative of
those expected for the full year.
Customer demand for gas, electricity, and related services typically varies
with seasonal conditions and commodity price movements:
In Transmission and Distribution, the volumes of electricity and gas
transmitted or distributed across network assets are generally higher during
the Winter months, reflecting increased customer demand;
In Energy Customer Solutions, warmer temperatures in the first half of the
financial year reduce customer demand, while seasonal differences in
procurement prices between Summer and Winter also affect performance;
In Thermal Generation and Renewables, output is affected by seasonal weather
conditions, with lower renewable generation typically seen in the Summer
months and associated impacts on commodity prices. Wind and hydro generation
are particularly sensitive to variations in weather and rainfall patterns; and
In Gas Storage, profitability depends partly on managing seasonal gas price
spreads between Summer and Winter and the extent to which optimisation
opportunities can be realised.
Overall, the timing and extent of weather-related and seasonal effects can
have a material impact on the Group's interim and full-year performance.
Post balance sheet events
On 11 November 2025, the Board approved the issuance of an institutional
placing of equity to raise gross proceeds of approximately £2bn.
Principal Risks and Uncertainties
SSE's established Risk Management Framework and wider system of internal
control continues to inform strategic decision-making in 2025/26. This,
combined with a resilient business model, helps the Group manage and minimise
the human, operational and financial impacts from external conditions such as
volatile commodity prices and to meet its objective of supporting the reliable
supply of electricity to those who need it. The Directors regularly monitor
the Principal Risks and Uncertainties of the Group and have determined that
those reported in the 2025 Annual Report and summarised below remain relevant
for the remaining half of the financial year.
Climate Change
Cyber Security and Resilience
Energy Affordability **
Energy Infrastructure Failure
Financial Liabilities
Large Capital Projects Management
People and Culture
Political and Regulatory Change **
Portfolio Exposure
Safety and the Environment *
Speed of Change
Supply Chain
* Safety remains SSE's most important value, and management of this risk
remains SSE's highest priority.
** It should be noted that Energy Affordability is particularly closely linked
to - and therefore impacted by - Political and Regulatory Change and Portfolio
Exposure.
An essential tenet of SSE's Risk Management process is the consideration of
potential emerging risks and whether any of those identified have the
potential to become a Group Principal risk in the medium to long-term. As
such, the number of Principal Risks remained at 12 as disclosed in the SSE plc
2025 Annual Report. For more information on these risks, and the wider system
of internal control, please refer to pages 60 to 69 of the SSE plc 2025 Annual
Report which is available on the company website www.sse.com
(http://www.sse.com) .
Statement of Directors' Responsibilities in Respect of the Condensed Interim
Financial Statements
We confirm that to the best of our knowledge:
i) the condensed set of financial statements has been
prepared in accordance with UK adopted IAS 34 Interim Financial Reporting;
ii) the interim management report includes a fair review of
the information required by:
a. DTR 4.2.7R of the Disclosure Guidance and Transparency
Rules, being an indication of important events that have occurred during the
first six months of the financial year and their impact on the condensed set
of financial statements; and a description of the principal risks and
uncertainties for the remaining six months of the year;
b. DTR 4.2.8R of the Disclosure Guidance and Transparency
Rules, being related party transactions that have taken place in the first six
months of the current financial year that have materially affected the
financial position or performance of the entity during that period; and any
changes in the related party transactions described in the last Annual Report
that could do so; and
c. DTR 4.2.10 of the Disclosure Guidance and Transparency
Rules, being the condensed set of financial statements, which has been
prepared in accordance with the applicable set of accounting standards, gives
a true and fair view of the assets, liabilities, financial position and profit
or loss of the issuer, or the undertakings included in the consolidation as a
whole.
For and on behalf of the Board
Martin
Pibworth
Barry O'Regan
Chief
Executive
Chief Financial Officer
Perth
11 November 2025
Independent Review Report to SSE Plc
Conclusion
We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30
September 2025 which comprises Consolidated Income Statement, Consolidated
Statement of Other Comprehensive Income, Consolidated Balance Sheet,
Consolidated Statement of Changes in Equity, Consolidated Cash Flow Statement
and the related explanatory notes 1 to 21. We have read the other information
contained in the half-yearly financial report and considered whether it
contains any apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 September 2025 is not prepared,
in all material respects, in accordance with UK adopted International
Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of
the United Kingdom's Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements 2410 (UK) "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" (ISRE) issued by the Financial
Reporting Council. A review of interim financial information consists of
making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit
opinion.
As disclosed in note 1, the annual financial statements of the group are
prepared in accordance with UK adopted international accounting standards. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with UK adopted International
Accounting Standard 34, "Interim Financial Reporting".
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis of Conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
this ISRE, however future events or conditions may cause the entity to cease
to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the Disclosure Guidance and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible
for assessing the company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the company or to cease operations, or have no realistic alternative
but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statements in the
half-yearly financial report. Our conclusion, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of our report
This report is made solely to the company in accordance with guidance
contained in International Standard on Review Engagements 2410 (UK) "Review of
Interim Financial Information Performed by the Independent Auditor of the
Entity" issued by the Financial Reporting Council. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other
than the company, for our work, for this report, or for the conclusions we
have formed.
Ernst & Young LLP
London
11 November 2025
Disclaimer
This financial report contains forward-looking statements about financial and
operational matters. These statements are based on the current views,
expectations, assumptions, and information of management, and are based on
information available to the management as at the date of this financial
report. Because they relate to future events and are subject to future
circumstances, these forward-looking statements are subject to unknown risks,
uncertainties and other factors which may not have been in contemplation as at
the date of the financial report. As a result, actual financial results,
operational performance, and other future developments could differ materially
from those envisaged by the forward-looking statements. Neither SSE plc nor
its affiliates assumes any obligations to update any forward-looking
statements.
SSE plc gives no express or implied warranty, representation, assurance or
undertaking as to the impartiality, accuracy, completeness, reasonableness or
correctness of the information, opinions or statements expressed in the
financial report or any other information (whether written or oral) supplied
as part of it. Neither SSE plc, its affiliates nor its officers, employees or
agents will accept any responsibility or liability of any kind for any damage
or loss arising from any use of this financial report or its contents. All and
any such responsibility and liability is expressly disclaimed. In particular,
but without prejudice to the generality of the foregoing, no representation,
warranty, assurance or undertaking is given as to the achievement or
reasonableness of any future projections, forward-looking statements about
financial and operational matters, or management estimates contained in the
financial report.
This financial report does not constitute an offer or invitation to
underwrite, subscribe for, or otherwise acquire or dispose of any SSE plc
shares or other securities, or of any of the businesses or assets described in
the financial report, and the information contained herein cannot be relied
upon as a guide to future performance.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
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