SSE PLC (LSE:SSE) shares fell 2.3% to 1,741p in early trading on Thursday as the renewable power generator said first-half earnings would be lower than last year due to a large increase in investment.
Adjusted earnings per share are expected to be between 33p and 37p, down from 49.8p a year ago.
This reflects accelerated development work, with its three offshore transmission projects gaining regulatory and planning approval and investment in distribution progressing.
Investment in networks is expected to increase to around £1.1 billion in the first half, swelling roughly 60% compared to the same period last year.
Total capital expenditure and investment is expected to be around £1.5 billion adjusted net debt and hybrid capital expected to be around £11.5 billion.
The FTSE 100 company noted that a weaker first half was "in line with usual seasonal averages" and its full-year expectations are unchanged, along with its 2026/27 adjusted EPS target of 175-200p.
"Strong renewables operational availability over the summer months was offset by unfavourable weather conditions - notably across April and May - with first half output expected to be around 2% lower than the same period last year," it said.
It said "strong progress" was made on its Net Zero acceleration investment programme (NZAP), having submitted the final major application under Ofgem's Accelerated Strategic Transmission Investment framework, and secured planning permission for the Netherton Hub in Aberdeenshire, which includes two converter stations to support the transmission of renewable energy from new generators in the north of Scotland to demand centres throughout the UK.
The final major consent was also received for Berwick Bank offshore wind farm following a decade of development, with construction work also continuing across several sites, including expansion of Dogger Bank offshore wind farm and Strathy South onshore wind farm.