## SSE plc Interim Results Summary (November 12, 2025)
**Key Highlights**
* **Transformational ยฃ33bn Investment Plan:** SSE announced a five-year investment plan focused on UK electricity networks, aiming to increase exposure to regulated assets, drive long-term value creation, and support the UKs energy transition.
* **In-line Interim Results** Interim results were in line with expectations, reflecting typical seasonal patterns. Full-year performance expectations remain unchanged.
* **Increased Capital Investment** Adjusted capital investment rose 22% to ยฃ1.6bn, primarily driven by SSEN Transmission projects.
* **Focus on Networks** Regulated Networks contributed around two-thirds of adjusted operating profits, with SSEN Transmission seeing a near doubling of profits due to increased investment.
* **Renewables Growth** SSE Renewables saw lower profits due to less favorable weather and lower hedged prices, but capacity additions are progressing well.
* **Dividend Increase** An interim dividend of 21.4 pence was declared, representing one-third of the 2024/25 full-year dividend, with expectations of a 5-10% increase in the full-year dividend.
**Financial Performance**
* **Adjusted Earnings Per Share** 36.1 pence, in line with expectations.
* **Operating Profit** ยฃ655.0 million (adjusted), ยฃ634.2 million (reported).
* **Profit Before Tax** ยฃ521.5 million (adjusted), ยฃ586.3 million (reported).
* **Investment & Capital Expenditure** ยฃ1.57 billion (adjusted), ยฃ2.01 billion (reported).
* **Net Debt and Hybrid Capital** ยฃ11.4 billion (adjusted), ยฃ10.0 billion (reported).
**Strategic Delivery**
* **Networks** Progress on major transmission projects, with four out of eleven under construction.
* **Renewables** Completion of Yellow River wind farm, progress at Dogger Bank, and consent received for Berwick Bank offshore windfarm.
* **Flexibility** Significant summer maintenance completed, final investment decision on Platin Power Station.
**Financial Outlook**
* **2025/26** Capex expected to exceed ยฃ3bn, net debt to EBITDA ratio within 3.5-4.0x range.
* **2026/27** Reaffirmed performance expectations for all business units.
* **Long-Term** ยฃ33bn investment plan aims to treble gross RAV in Networks to ยฃ40bn and double Renewables capacity to 9GW by 2029/30.
**Sustainability**
* **Carbon Intensity** Scope 1 GHG intensity reduced to 200gCO2e/kWh.
* **Renewable Generation** Output remained broadly unchanged at 5.4TWh.
* **Renewable Capacity** 10.7GW connected in SSEN Transmission area.
**Overall**
SSEs interim results demonstrate continued progress towards its strategic goals, with a strong focus on regulated networks and renewable energy. The ยฃ33bn investment plan underscores its commitment to the UKs energy transition and long-term growth. While facing challenges in the renewables sector due to weather and pricing, SSE remains confident in its ability to deliver on its financial and sustainability targets.
Here is a comparison of SSE PLC's financials and debt year on year, presented as an HTML table:
**Key Observations:** - **Operating Profit and Profit Before Tax:** Both metrics decreased significantly year-on-year, primarily due to lower re-measurement gains on forward energy derivatives and exceptional items.
- **Earnings Per Share:** Decreased by 29%, reflecting the decline in operating profit and profit before tax.
- **Investment & Capital Expenditure:** Increased by 22%, driven by higher spending in SSEN Transmission and other regulated networks.
- **Net Debt and Hybrid Capital:** Increased by 16%, in line with expectations due to higher investment.
- **EBITDA:** Decreased by 13%, mainly due to lower operating profit. This table provides a concise overview of SSE PLC's financial performance and debt position, highlighting key changes between September 2024 and September 2025.