SSE expects higher interim EPS as networks investment jumps and renewables output

SSE PLC, a UK-listed energy group, anticipates a stronger first-half performance as it ramps up investments in its regulated networks business and boosts renewable generation, while keeping its earnings outlook for the full year and long-term. The company expects adjusted earnings per share (EPS) of 64 pence to 68 pence for the six months ending September 30, citing reduced seasonality as more group earnings stem from regulated networks.

Adjusted investment across SSE's network businesses surged approximately 70% compared to the previous year, primarily driven by its Transmission operations. The company reported accelerated progress on 11 major projects. Renewable generation is projected to be around 20% higher than the same period last year, aided by favorable weather conditions and expanded capacity.

SSE stated that construction of the Dogger Bank offshore wind farm is advancing as planned, with turbine installation on Dogger Bank B surpassing the halfway point. The firm maintained its adjusted EPS guidance of 168-193 pence for fiscal years 2026/27 and 225-250 pence for fiscal years 2029/30. Financial expectations for each business unit remain unchanged, though they are contingent on weather patterns, market conditions, and plant availability, with key winter months still in the pipeline.

The group anticipates capital investment to reach around £2.5 billion in the first half, while adjusted net debt and hybrid capital are expected to be approximately £11.5 billion.