REG - SSE Plc - Q3 Trading Statement

SSEAnnouncement

Wed 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260204:nRSD6012Ra&default-theme=true

RNS Number : 6012R  SSE PLC  04 February 2026

SSE plc

Q3 Trading Statement

4 February 2026

This Trading Statement updates on strategic progress and operational
performance for the nine-month period ending 31 December 2025 and provides
guidance for 2025/26 full-year earnings.

á      Strong networks performance with a two-thirds increase in
investment compared to this point last year.

á      Renewables output slightly higher, reflecting capacity additions
against mixed weather conditions.

á      Momentum behind the £33bn Transformation for Growth plan with
three quarters of key transmission consents received and the fifth major
transmission project in construction.

á      2025/26 full-year adjusted Earnings Per Share expected to be
between 144 - 152 pence.

Trading update

SSE expects that 2025/26 adjusted Earnings Per Share will be between 144 - 152
pence, reflecting strong operational performance against mixed weather
conditions. Previously reported Business Unit operating profit expectations
remain unchanged.

The regulated networks businesses have delivered a 64% increase in investment
compared to the first nine months of last year as strategic delivery
accelerates. Around £1.8bn was invested(1) in networks as construction
gathers pace on the major ASTI and LOTI projects in Transmission, while
Distribution continues to progress investment through its baseline plan and
Uncertainty Mechanisms.

Generation output from SSE Renewables over the first nine months was 7% higher
than the same period in prior year, reflecting the ongoing increase in
capacity from its construction programme against mixed weather conditions.

Guidance remains subject to factors such as weather, market conditions and
plant availability over the remainder of the year. An update on actual
performance will be provided in SSE's Notification of Closed Period statement
on 2 April 2026.

(1) adjusted investment is net of SSEN Transmission 25% minority interest.

Strategic progress

Momentum continues behind delivery of SSE's five-year, £33bn Transformation
for Growth investment plan, with a number of projects of critical national
importance reaching delivery, planning and policy milestones including:

á      Five transmission planning decisions have been secured since
November. SSEN Transmission now has 25 of the 34, or three quarters of the
major consents required to fulfil its licence condition to deliver the 11
major projects that reinforce the grid in the north of Scotland. Securing the
remaining consents will be a focus for the business for the remainder of this
calendar year.

á      Following receipt of its final consent, the Spittal-Peterhead
link became SSEN Transmission's fifth major project to fully enter
construction. The project comprises a 203km 2GW subsea High Voltage Direct
Current cable and two convertor stations. The cables for the project, and
cabling for the planned Western Isles link, have been secured through the
awarding of a €2bn contract, SSEN Transmission's biggest ever, to NKT.

á      SSE welcomed improvements to baseline total expenditure within
the RIIO-T3 Final Determination. The Group also noted updates to Ofgem's
proposed financial parameters and incentive regime, and it continues to assess
the overall investability of the package ahead of the deadline for accepting
the price control, on 3 March.

á      SSEN Transmission has signed a £1bn, 12-year Bank Facility
backed by an £800m financial guarantee from the UK Government's National
Wealth Fund in addition to a £500m, 19-year Bank Facility guaranteed by the
Swedish Export Credit Agency (EKN). These facilities provide an important
source of longer-dated funding diversification as investment gathers pace.

á      Berwick Bank B offshore wind farm will now progress towards Final
Investment Decision after securing a 20-year contract for 1.4GW in last
month's CfD Allocation Round 7. This opens a valuable route to market for a
world-class project at a competitive strike price for consumers of
£89.49/MWh.

á      Turbine installation is nearing completion on Dogger Bank A, with
the 95th and final turbine set to be installed in the next available weather
window. Installation will then immediately commence on the second phase,
Dogger Bank B. Commissioning work continues on Dogger Bank A and is expected
to be complete later this calendar year.

Barry O'Regan, Chief Financial Officer, said:

'Since announcing our £33bn investment programme to unlock the enormous
growth opportunity presented by the transformation of electricity networks,
our focus has been on accelerating investment and delivering the plan that
will create compounding, long-term earnings and value for investors.'

'We are encouraged by recent steps from government and regulators - from
positive signals on the upcoming transmission price control to the success of
AR7 and updated ambitions for offshore wind - which highlight the value of
SSE's integrated business model and will ultimately help deliver a cleaner,
secure and more affordable energy system.'

Operational performance
 Regulated Networks Investment - £m            Q3 YtD FY26  Q3 YtD FY25
 SSEN Transmission (net of Minority Interest)  1,207        632
 SSEN Distribution                             581          458
 SSE Networks adjusted investment              1,788        1,090

 

 Generation Output - GWh                         Q3 YtD FY26  Q3 YtD FY25
 Onshore wind output                             4,514        4,154
 Offshore wind output                            3,185        2,819
 Hydro, pumped storage and battery gross output  2,177        2,280
 Total renewable output                          9,876        9,253

 Total flexible thermal output                   10,605       12,488

 

Renewable output based on equity share and includes compensated
constrained-off generation.

Thermal output is based on equity share except Marchwood where 100% of volumes
are included due to the contractual arrangement.

 

 Enquiries
 Investors  SSE Investor Relations  ir@sse.com (mailto:ir@sse.com)        Michael Livingston  +44 (0)345 0760 530
 Media      SSE Media               media@sse.com (mailto:media@sse.com)  Ross Easton         +44 (0)345 0760 530
            MHP                                                           James McFarlane     +44 (0)7584 142 665

 

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
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTKZGGZLFDGVZM



            Copyright 2019 Regulatory News Service, all rights reserved