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SSE Guides Half-Year EPS to 64p-68p as Networks Weigh More

SSE expects half-year adjusted earnings per share of 64p to 68p, with business-unit expectations unchanged, as regulated networks make up a growing share of earnings.

SSE (LON: SSE) expects adjusted earnings per share of 64p to 68p for the first half of its financial year, and says expectations for each business unit are unchanged. The company issued the trading update today ahead of half-year results on the 18th of November.

SSE said seasonality is lower given the rising proportion of earnings from regulated networks.

The business-unit expectations remain subject to weather, market conditions and plant availability. SSE remains on track for adjusted EPS of 168p to 193p for 2026/27 and 225p to 250p for 2029/30.

At 08:07 UK time the shares stood at 2,480p, down 11p or 0.44% from yesterday’s close of 2,491p, after opening at 2,467p and trading between 2,453p and 2,506p. They are up 13.8% this year from 2,179p and 10.4% below the 52-week high of 2,767.5p set on the 13th of April.

Investment is about 70% higher than a year earlier, with the majority in Transmission across 11 major projects.

Renewables output is about 20% higher, on favourable weather and capacity growth. Dogger Bank is progressing well and in line with expectations, and turbine installation on Dogger Bank B is beyond half-way.

Capital expenditure for the half-year is about £2.5bn. Adjusted net debt and hybrid capital is about £11.5bn.

SSE said the key winter months are still to come, so weather, market conditions and plant availability remain the factors to watch. Half-year results follow on the 18th of November.

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