SSE PLC said it expects earnings for the current financial year to come in batween 5% and 10% lower than last year, as it ramps up investment in regulated networks.
The renewable energy generation and transmission group said adjusted earnings per share is expected to be between 144p and 152p for the year to March, down from 160.9p in 2025.
In the first nine months of the year, the FTSE 100 company has spent £1.8 billion, up 64% compared to the same period a year earlier as it accelerates work on major transmission projects in the north of Scotland, as part of its £33 billion Transformation for Growth strategy.
Renewable output rose 7% to nearly 9,900 GWh, helped by additional capacity from its growing portfolio of wind and hydro assets, although weather conditions were mixed. Offshore and onshore wind saw contributions grow, while hydro was down slightly.
The group has now secured three-quarters of the planning consents needed for 11 key transmission projects. Among them, the Spittal-Peterhead link has become the fifth to enter construction following final consent. It involves laying a 203km subsea cable to carry electricity over long distances with minimal losses.
Funding for the network buildout has also been bolstered. SSE has signed a £1 billion, 12-year facility supported by the UK government’s National Wealth Fund, alongside a £500 million, 19-year facility backed by Sweden’s export credit agency.
In renewables, the Berwick Bank B offshore wind farm secured a 20-year contract in the latest government auction, while Dogger Bank A is nearing completion, with all 95 turbines expected to be installed shortly before work begins on phase B.
Chief financial officer Barry O’Regan said: “Since announcing our £33 billion investment programme to unlock the enormous growth opportunity presented by the transformation of electricity networks, our focus has been on accelerating investment and delivering the plan that will create compounding, long-term earnings and value for investors.”
He added: “We are encouraged by recent steps from government and regulators – from positive signals on the upcoming transmission price control to the success of AR7 and updated ambitions for offshore wind – which highlight the value of SSE’s integrated business model and will ultimately help deliver a cleaner, secure and more affordable energy system.”
SSE will provide an update on its full-year performance on 2 April.