## SSE plc Interim Results Summary (November 12, 2025)
**Key Highlights**
* **Transformational £33bn 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 £1.6bn, 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** £655.0 million (adjusted), £634.2 million (reported).
* **Profit Before Tax** £521.5 million (adjusted), £586.3 million (reported).
* **Investment & Capital Expenditure** £1.57 billion (adjusted), £2.01 billion (reported).
* **Net Debt and Hybrid Capital** £11.4 billion (adjusted), £10.0 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 £3bn, net debt to EBITDA ratio within 3.5-4.0x range.
* **2026/27** Reaffirmed performance expectations for all business units.
* **Long-Term** £33bn investment plan aims to treble gross RAV in Networks to £40bn 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 £33bn 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.
| Metric | Sep 2025 (£m) | Sep 2024 (£m) | Change (%) |
|---|---|---|---|
| Operating Profit | 655.0 | 860.2 | (24%) |
| Profit Before Tax | 521.5 | 724.7 | (28%) |
| Earnings Per Share (p) | 36.1 | 50.7 | (29%) |
| Investment & Capital Expenditure | 1,570.1 | 1,292.1 | 22% |
| Net Debt and Hybrid Capital (£bn) | (11.4) | (9.8) | (16%) |
| EBITDA (£m) | 1,152.2 | 1,323.0 | (13%) |