First-quarter results from SSE PLC (LSE:SSE), due on Thursday 17 July, will be the final numbers under outgoing CEO Alistair Phillips-Davies, who hands over in what is usually a softer seasonal period for the core renewables energy generation side.
Investor attention is likely to focus more on project progress that the FTSE 100 group has been making, as well as any other forward-looking catalysts, rather than on near-term financial performance.
Wind generation was down in April and up in May, with June expected to be more stable.
Lower hydro levels and weaker trading activity are also seen as weighing on current performance, according to UBS analysts, who expect renewable output in the quarter to be slightly below trend.
No changes to full-year guidance are anticipated, however, where the consensus City forecast is for earnings per share of 156.5p.
UBS noted that approximately 75% of SSE’s adjusted EPS is typically generated in the second half of the year, driven by the seasonal profile of renewable generation. The bank forecasts adjusted EPS of 150.3p for the year to March 2026.
Progress at the Dogger Bank offshore wind project may be a focus, where the ‘A’ phase has seen around 65 of 95 turbines now installed off the north-east coast of England.
This means that SSE could give a firm date when full installation could be completed; perhaps October or November.
Investors and analysts will also be watching for developments at Berwick Bank, in the outer Firth of Forth and may be key ahead of the 27 August government contracts for difference auction.