Last Updated: 11 August 2026
SSE plc is a Perth-based FTSE 100 energy group that has spent the last five years converting itself from a diversified utility into something much narrower: a regulated electricity network builder with a large renewables portfolio attached. In the year to 31 March 2026 it produced revenue of £10,186.5m, adjusted operating profit of £2,236.6m and adjusted earnings per share of 153.5p, and it invested a record £3,585.6m. In November 2025 it raised £2bn of fresh equity to underwrite a £33bn five-year capital programme, roughly 80% of which goes into the regulated wires business. This report sets out what the company reported, what it is building and what the raw valuation numbers look like, using only company filings and official data. There are no analyst opinions or price targets anywhere in it.
1. Company Snapshot
| Field | Value |
|---|---|
| Company | SSE plc (registered in Scotland, No. SC117119) |
| Ticker / listing | SSE, London Stock Exchange main market; FTSE 100 constituent |
| Sector | Utilities — regulated electricity networks, renewable generation and flexible thermal |
| Headquarters | Perth, Scotland |
| Financial year end | 31 March (FY2026 = year ended 31 March 2026) |
| Share price | 2,378.0p (11 August 2026) |
| Market cap | Approximately £28.7bn (2,378.0p on 1,206.3m shares) |
| Revenue (FY2026) | £10,186.5m, up 0.5% on FY2025 |
| Adjusted operating profit (FY2026) | £2,236.6m, down 8% on FY2025 |
| Profit attributable to ordinary shareholders (FY2026) | £1,208.7m reported; £1,758.5m adjusted |
| Adjusted EPS (FY2026) | 153.5p (FY2025 restated: 161.3p) |
| Statutory basic EPS (FY2026) | 105.5p (FY2025: 108.2p) |
| Dividend per share (FY2026) | 68.7p, up 7%; yield approximately 2.9% at 2,378.0p |
| Adjusted net debt and hybrid capital | £10,095.0m at 31 March 2026 |
| Employees | 15,197 at 31 March 2026 (31 March 2025: 15,824) |
| CEO / Leadership | Martin Pibworth, Chief Executive since 17 July 2025; Barry O'Regan, Chief Financial Officer; Sir John Manzoni, Chairman |
| Credit ratings | Moody's Baa1 stable; S&P BBB+ stable; Fitch BBB+ stable |
Live price action for SSE and the rest of the FTSE 100 is on the ChartsView Live Charts page.
2. Bull and Bear Case
Bull Case
- A regulated growth engine with the price control already signed: SSEN Transmission's RIIO-T3 settlement was accepted on 2 March 2026 and runs from April 2026 to March 2031. SSE is allocating roughly £22bn of its £33bn plan to it, and expects gross transmission regulated asset value to reach around £30bn by the end of 2029/30 from £9.0bn at March 2026.
- Earnings guidance is company-set, not inferred: management has guided FY2027 adjusted EPS to 168–193p and 2029/30 adjusted EPS to 225–250p, against the FY2026 base of 153.5p. That is a stated 10–13% compound path published by the company itself.
- The plan is funded: the £2bn equity placing completed in November 2025, £1.1bn of hybrid capital was raised in June 2025 and a further £1.1bn in the June 2026 quarter, and around £2bn of asset rotations are earmarked. Management expects net debt to EBITDA to stay below 4.5x throughout.
- Inflation protection is increasing: around 80% of EBITDA is expected to be index-linked by 2029/30 as the regulated share of profit grows, which mechanically reduces exposure to merchant power prices.
- Delivery is visible rather than promised: Q1 FY2027 networks investment rose 83% year on year to £888m, renewable output rose 31% to 3,264 GWh, Dogger Bank A finished turbine installation in February 2026 and Dogger Bank B had 30 turbines installed by July 2026.
Bear Case
- Reported earnings are going backwards while spending accelerates: FY2026 adjusted EPS fell 5% to 153.5p, adjusted operating profit fell 8% and statutory EPS fell to 105.5p. The growth is a forward promise; the current year was a decline.
- Free cash flow is deeply negative: FY2026 operating cash flow of £3,435.2m was consumed by £4,147.0m of property, plant and equipment purchases plus £296.6m of intangibles. The dividend and the capital programme are both being funded from external capital.
- Shareholders have already been diluted once: the November 2025 placing issued 97.9m new shares, about 8.8% of the pre-issue count, and forced management to rebase the FY2027 adjusted EPS target from 175–200p to 168–193p purely for dilution.
- The allowed return is below what the sector asked for: Ofgem set the RIIO-3 electricity transmission allowed return on equity at 5.70%, an increase on RIIO-2 but below the level network companies sought. Regulated returns are set by a third party and can be reset again in 2031.
- Roughly £3bn of the plan is uncommitted and weather still swings the result: uncommitted renewables and thermal capex depends on hurdle rates being met, and Energy Customer Solutions adjusted operating profit fell 29% in FY2026 on lower wind-related revenues and tighter competition.
3. Business Segments
| Segment | % of revenue | What it is |
|---|---|---|
| Energy Customer Solutions | 46.2% (£4,704.7m) | Supplying electricity and gas to business customers in Great Britain and to households and businesses in Ireland through SSE Airtricity. High revenue, low margin: adjusted operating profit of £136.9m, 6.1% of the group total, down 29% year on year. |
| SSE Energy Markets | 19.0% (£1,935.1m) | The wholesale trading and optimisation arm that routes SSE's own generation and hedges its supply book. Gross trading revenue of £24,461.2m is offset by £16,989.8m of optimisation trades. Adjusted operating profit £43.2m. |
| SSEN Transmission | 11.9% (£1,210.3m) | The regulated high-voltage electricity transmission network in the north of Scotland, 75% owned by SSE with Ontario Teachers' holding 25%. Regulated asset value £9.0bn. Adjusted operating profit £562.6m, up around 75%, and 25.2% of group profit. This is where the £33bn plan is concentrated. |
| SSEN Distribution | 11.0% (£1,116.5m) | The regulated lower-voltage distribution networks in the north of Scotland and southern England. Regulated asset value £6.6bn. Adjusted operating profit £335.3m, down 54% because the prior year contained a large non-recurring inflation adjustment covering 2022 to 2024. |
| SSE Thermal | 6.6% (£669.8m) | Gas-fired and pumped-storage plant that provides flexible capacity when wind output is low, plus gas storage. Adjusted operating profit £195.4m. Includes the 150MW Ferrybridge battery, in full operation since March 2026. |
| SSE Renewables | 4.0% (£412.0m) | Onshore and offshore wind, hydro and pumped storage. Small on revenue but the single largest profit contributor: adjusted operating profit £1,076.4m, 48.1% of the group total. Renewable output was 14.5 TWh in FY2026 against 13.3 TWh in FY2025. |
| Corporate and unallocated | 1.4% (£138.1m) | Central costs, Neos Networks and other unallocated items. Adjusted operating loss of £113.2m. |
The revenue split is a poor guide to where SSE actually earns money. Supply and trading generate 65% of revenue but under 8% of adjusted operating profit, while Renewables and the two regulated networks generate 27% of revenue and 88% of adjusted operating profit.
4. Business Model and Moat
How it makes money. SSE has two distinct profit engines. The regulated networks earn a return set by Ofgem on their regulated asset value, indexed to inflation and largely independent of how much electricity flows through the wires. The bigger the asset base, the bigger the allowed revenue, which is why capital investment is the growth mechanism rather than a cost of doing business. SSE Renewables earns merchant and contracted power revenue from wind, hydro and pumped storage, some of it fixed under Contracts for Difference. The supply and trading businesses turn over large sums at thin margins and exist mainly to route and hedge the group's own output.
Where the moat comes from. SSEN Transmission is a legal monopoly over the transmission network in the north of Scotland — the geography where most new UK offshore and onshore wind connects to the grid. No competitor can build a rival network there. That position is reinforced by the ASTI and LOTI frameworks, under which need for around £16bn of strategic investment has already been approved, and by the fact that around 75% of major transmission consents were secured by the FY2026 results, with the transmission supply chain fully contracted. In renewables, the barrier is different: seabed leases, grid connection rights and consents. SSE holds consent for the 4.1GW Berwick Bank project and a 20-year Contract for Difference on its 1.4GW Phase B.
What it costs to hold the position. The moat is capital-hungry. FY2026 adjusted investment was £3,585.6m and FY2027 guidance is for over £5bn. Average cost of debt is 4.1%, average maturity 5.7 years and 92% of debt is fixed, but the group carries £10,095.0m of adjusted net debt and hybrid capital and is rated Baa1/BBB+. Maintaining that rating while trebling investment is the central financial constraint on the strategy.
5. Financial Health
All figures below are taken from SSE's published preliminary results announcements, half-year statements and Annual Report and Accounts. SSE's financial year ends on 31 March, so FY2026 is the year ended 31 March 2026.
| Fiscal Year | Revenue (£m) | YoY % | GAAP EPS | Adjusted EPS | Dividend/share | Long-term debt (YE) |
|---|---|---|---|---|---|---|
| FY2022 (to 31 Mar 2022) | £8,697.2m | n/a † | 241.2p | 94.8p | 85.7p | £7,873.9m |
| FY2023 (to 31 Mar 2023) | £12,490.7m | +43.6% | (14.7)p | 166.0p | 96.7p | £7,239.3m |
| FY2024 (to 31 Mar 2024) | £10,457.2m | −16.3% | 156.7p | 160.9p | 60.0p | £8,005.7m |
| FY2025 (to 31 Mar 2025) | £10,131.9m | −3.1% | 108.2p | 161.3p | 64.2p | £8,640.4m |
| FY2026 (to 31 Mar 2026) | £10,186.5m | +0.5% | 105.5p | 153.5p | 68.7p | £8,916.8m |
† FY2022 revenue is stated on the restated continuing-operations basis after SSE completed the sale of its 33.3% stake in SGN for £1,286m in March 2022; the FY2021 comparative on the same basis is not disclosed in the FY2026 report, so no year-on-year figure is shown. FY2022 GAAP EPS of 241.2p is continuing operations only and is flattered by disposal gains. Adjusted EPS for FY2024 was originally reported as 158.5p and restated to 160.9p; FY2025 was originally reported as 160.9p and restated to 161.3p. Long-term debt is non-current loans and other borrowings including lease obligations. Dividend per share was deliberately rebased in FY2024 under the Net Zero Acceleration Programme.
SSE reports half-yearly rather than quarterly. The table below shows the reported halves, with the derived second halves marked.
| Quarter / Half | Revenue | Adjusted EPS | GAAP EPS |
|---|---|---|---|
| H2 FY2026 (Oct 2025 – Mar 2026) ‡ | £5,552.5m | 117.4p | 79.1p |
| H1 FY2026 (Apr – Sep 2025) | £4,634.0m | 36.1p | 26.4p |
| H2 FY2025 (Oct 2024 – Mar 2025) ‡ | £5,672.6m | 110.6p | 60.5p |
| H1 FY2025 (Apr – Sep 2024) | £4,459.3m | 50.7p | 47.7p |
| FY2026 full year | £10,186.5m | 153.5p | 105.5p |
‡ Second-half figures are derived by subtracting the reported first half from the reported full year; SSE does not publish them as a separate period. SSE's earnings are heavily weighted to the winter half, which is why H1 adjusted EPS of 36.1p sits against a full-year 153.5p.
Balance sheet and cash flow at 31 March 2026: cash and cash equivalents of £1,542.9m, current loans and borrowings of £1,204.4m, non-current loans and borrowings of £8,916.8m, total loans and borrowings of £10,121.2m and unadjusted net debt of £8,578.3m. Adding £2,985.8m of equity-accounted hybrid capital and deducting £1,258.4m attributable to non-controlling interests gives the group's headline adjusted net debt and hybrid capital of £10,095.0m. Net cash from operating activities was £3,435.2m, against £4,147.0m of purchases of property, plant and equipment and £296.6m of intangibles. Depreciation and amortisation before exceptional charges was £879.3m. Net assets were £16,401.3m.
6. Valuation Metrics
Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.
| Metric | Value |
|---|---|
| Market cap | Approximately £28.7bn (2,378.0p on 1,206.3m shares, 11 August 2026). On the 1,212.2m voting shares disclosed on 1 June 2026 the figure is £28.8bn. |
| Trailing P/E (GAAP) | 22.5x (2,378.0p / FY2026 statutory basic EPS of 105.5p). On the company's Adjusted EPS of 153.5p the same price is 15.5x; the gap is exceptional charges of £162.6m and re-measurements of £139.8m. |
| P/E (forward) | 12.3x to 14.2x, using SSE's own FY2027 adjusted EPS guidance range of 193p to 168p reiterated on 16 July 2026. At the 180.5p midpoint the multiple is 13.2x. |
| P/S (TTM) | 2.82x (market cap £28.7bn / FY2026 revenue £10,186.5m) |
| Enterprise value | Approximately £37.3bn (market cap £28.7bn + total loans and borrowings £10,121.2m − cash £1,542.9m, per the 31 March 2026 balance sheet). Including the £2,985.8m of equity-accounted hybrid capital, which ranks ahead of the ordinary shares, EV is approximately £40.3bn. |
| EV/EBITDA (TTM) | 13.5x (EV £37.3bn / EBITDA £2,768.2m; EBITDA = reported operating profit £1,888.9m + depreciation and amortisation before exceptional charges £879.3m, which ties to SSE's own reported EBITDA). On SSE's adjusted EBITDA of £3,207.9m the multiple is 11.6x. |
| P/FCF | n/m — free cash flow was negative in FY2026. Operating cash flow of £3,435.2m less £4,147.0m of property, plant and equipment purchases and £296.6m of intangibles gives −£1,008.4m. This is by design: the £33bn programme is being funded from equity, hybrids and debt, not from surplus cash. |
| Price to book | 2.26x (2,378.0p / net assets attributable to ordinary shareholders of £12,663.9m over 1,206.3m shares, approximately 1,050p per share) |
| Dividend yield | 2.89% (FY2026 dividend of 68.7p / 2,378.0p). Policy is 5–10% annual growth to 2029/30 from an unaltered 64.2p FY2025 baseline. |
| 52-week high | 2,767.5p intraday on 13 April 2026 (closing high 2,757.5p on 9 April 2026) |
| 52-week low | 1,612.0p on a closing basis on 3 September 2025 |
| Short interest (% of float) | 0.4% — the FCA aggregated net short position in SSE plc, position date 27 July 2026. Under the UK Short Selling Regulation that applies from 13 July 2026 the FCA publishes only an anonymised aggregate of individual positions at or above 0.2%; the last named disclosure was AQR Capital Management at 0.49% on 1 July 2026, having peaked at 0.91% in February 2026. |
| Days to cover | Not published — the UK regime discloses an aggregated net short percentage only, with no share-lending or average-volume data, so a days-to-cover figure cannot be derived. Verify at the FCA short positions data page. |
7. What Are They Building
The £33bn five-year plan announced on 12 November 2025 replaced the earlier Net Zero Acceleration Programme and represents roughly a trebling of investment. Around £27bn goes into regulated UK electricity networks and around £6bn into renewables and system flexibility. Networks gross regulated asset value is expected to more than treble to around £40bn across the plan.
Transmission. SSEN Transmission takes about £22bn of the plan, roughly 67%. There are eleven major ASTI and LOTI projects, of which five were in construction at the FY2026 results, representing around a third of transmission plan spend. Around 75% of major consents had been received, with six schemes fully consented. In the June 2026 quarter construction began on the Netherton Hub near Peterhead, comprising a 400kV substation, a 132kV substation and HVDC converter stations supporting the Spittal to Peterhead, Eastern Green Link 3 and Eastern Green Link 5 subsea projects. Early preparatory work started on the Western Isles HVDC link. NESO's Beyond 2030 Update Report identified over £12bn of additional potential SSEN Transmission investment, taking identified Future Uncertainty Mechanism spend to more than £17bn, subject to regulatory and planning approval.
Distribution. SSEN Distribution takes about £5bn, completing RIIO-ED2 and anticipating strategic ED3 investment. Gross regulated asset value is expected to reach £9bn to £10bn by the end of 2029/30. The RIIO-ED3 business plan is due for submission in December 2026, following Ofgem's Sector Specific Methodology Decision.
Renewables. Around £4bn is allocated, targeting roughly 9GW of installed capacity by the end of 2029/30, approximately double the current base. Dogger Bank A completed its turbine installation stage in February 2026 with commissioning continuing. Dogger Bank B had 30 turbines installed by July 2026, up from 20 at the May results, with the installation run-rate significantly ahead of Phase A. Berwick Bank, consented at 4.1GW in July 2025, won a 20-year Contract for Difference for its 1.4GW Phase B in Allocation Round 7 in January 2026, signed in March 2026; the remaining 2.7GW is expected to be eligible for Allocation Round 8 later in 2026, with a Phase B final investment decision expected in 2027 subject to hurdle rates. The 101MW Yellow River onshore wind farm in Ireland completed during the first half of FY2026, and Coire Glas pumped storage was included on Ofgem's long-duration electricity storage minded-to list in June 2026.
Flexibility and thermal. Around £2bn is allocated. The 150MW Ferrybridge battery entered full operation in March 2026. A final investment decision was taken on a 180MW open-cycle gas turbine at Platin in Ireland, with construction starting in the June 2026 quarter, operation expected in 2028 and ten-year Capacity Market agreements underpinning it. Approximately £3bn of the total plan remains uncommitted across renewables and thermal, and will only be deployed if return thresholds are met.
8. Competitive Landscape
| Peer | Market cap (August 2026) | Key 2025 metric |
|---|---|---|
| Iberdrola SA (BME: IBE) | Approximately €137.2bn (£117.2bn at GBP/EUR 1.1703) | FY2025 reported net profit of €6,285m, up 12% and a record; adjusted EBITDA €15,684m with networks up 21%; investment €14.46bn |
| National Grid plc (LSE: NG) | Approximately £59.1bn | FY2026 to 31 March 2026 underlying EPS of 78.0p, up 8% at constant currency, on record capital investment of £11.6bn; new commitment to invest at least £70bn over five years |
| E.ON SE (XETRA: EOAN) | Approximately €49.3bn (£42.1bn) | FY2025 adjusted group EBITDA of €9.0bn and adjusted group net income of €2.9bn, with Energy Networks driving the expansion |
| RWE AG (XETRA: RWE) | Approximately €42.4bn (£36.2bn) | FY2025 adjusted EBITDA of €5.1bn, down from €5.7bn in 2024 but at the upper end of guidance; adjusted net income €1.8bn; new €35bn investment plan to 2031 |
| SSE plc (LSE: SSE) | Approximately £28.7bn | FY2026 to 31 March 2026 adjusted EPS of 153.5p, adjusted operating profit £2,236.6m, record adjusted investment £3,585.6m, dividend 68.7p |
| Ørsted A/S (CPH: ORSTED) | Approximately DKK 186.2bn (£21.3bn at GBP/DKK 8.7512) | FY2025 EBITDA excluding new partnerships and cancellation fees of DKK 25.1bn, within the DKK 24–27bn guided range; net profit DKK 3.2bn; completed a DKK 60bn rights issue in November 2025 |
| Centrica plc (LSE: CNA) | Approximately £7.1bn | FY2025 to 31 December 2025 adjusted operating profit of £800m, down 50% from £1.6bn on weaker commodity pricing, nuclear outages and subdued trading; halted its £800m buyback to fund infrastructure investment |
SSE sits in the middle of this group by size but is unusual in the mix: unlike Iberdrola, E.ON and National Grid it still runs a large merchant renewables fleet, and unlike Ørsted it has a regulated network base to fall back on. Market caps above were re-checked live on 11 August 2026 and converted at spot rates the same day.
9. Insider Activity
Martin Pibworth became Chief Executive on 17 July 2025, succeeding Alistair Phillips-Davies, and Barry O'Regan is Chief Financial Officer. The bulk of 2026 director dealing is scheme-driven rather than discretionary. The transactions below come from SSE's Director/PDMR Shareholding RNS announcements.
| Name | Date | Type | Shares | Price | Value | Plan Type |
|---|---|---|---|---|---|---|
| Martin Pibworth (Chief Executive) | 15 Jun 2026 | Vesting | 29,469 net | £23.6737 | Approximately £697,644 | Performance Share Plan, vested at 63% of maximum |
| Martin Pibworth (Chief Executive) | 15 Jun 2026 | Vesting | 15,001 gross (7,474 net of tax sales) | £23.6737 | Approximately £355,132 | Deferred Bonus Scheme, 2023 award plus dividend shares |
| Barry O'Regan (Chief Financial Officer) | 15 Jun 2026 | Vesting | 7,912 net | £23.6737 | Approximately £187,306 | Leadership Share Plan, vested at 79% of maximum |
| Barry O'Regan (Chief Financial Officer) | 15 Jun 2026 | Vesting | 3,134 gross (1,492 net of tax sales) | £23.6737 | Approximately £74,193 | Deferred Bonus Scheme, 2023 award plus dividend shares |
| Executive management and certain directors | 12 Nov 2025 | Purchase | 16,319 | £20.50 | Approximately £334,540 | Subscription in the £2bn equity placing, at the placing price |
The pattern is worth reading carefully. The June 2026 entries are long-term incentive awards vesting after their three-year performance periods, with a portion sold at the vesting price purely to settle income tax and National Insurance; they are not discretionary market buys. The only genuine cash-out-of-pocket purchase in the period was the November 2025 placing subscription, when management put their own money in alongside institutions at 2,050p. Directors and PDMRs also make routine monthly purchases under the all-employee Share Incentive Plan, most recently at £25.12415 per share on 6 May 2026. No material discretionary open-market buy or sell by the Chief Executive or Chief Financial Officer was disclosed during calendar 2026.
10. Key Risks
- Regulatory reset risk: SSEN Transmission and SSEN Distribution earn what Ofgem allows them to earn. The RIIO-T3 allowed return on equity of 5.70% runs only to March 2031, and the RIIO-ED3 settlement for distribution is still being negotiated with a business plan not due until December 2026. A tougher settlement would directly reduce the return on the £27bn being invested.
- Execution and supply chain risk on an enormous build programme: eleven major transmission projects, multi-gigawatt offshore wind and an HVDC link to the Western Isles are being delivered simultaneously. Around 25% of major transmission consents were still outstanding at the FY2026 results. Delay, cost inflation or consent refusal on schemes of this scale flows straight into the regulated asset value trajectory and the EPS path.
- Funding and balance sheet risk: adjusted net debt and hybrid capital stood at £10,095.0m with net debt to EBITDA at 3.3x against a stated ceiling of 4.5x, while free cash flow is negative and capex rises above £5bn in FY2027. The plan assumes around £2bn of asset rotations completing and continued access to hybrid and senior debt markets. Ratings are Baa1/BBB+, so there is limited headroom before a downgrade would raise the cost of the whole programme.
- Further equity dilution: the November 2025 placing already cut the FY2027 EPS target by roughly 4%. If asset rotations disappoint or capex overruns, more equity is a live option, and the scrip dividend adds up to a further 1.98% of share capital for the FY2026 final alone unless offset by buybacks.
- Merchant power price and weather exposure: SSE Renewables generates 48% of adjusted operating profit and remains partly exposed to wholesale prices and to how windy and wet the year is. Renewable output of 14.5 TWh in FY2026 followed a weak FY2025, and management explicitly flags that the key winter months determine the outcome.
- Customer-facing and political risk: Energy Customer Solutions adjusted operating profit fell 29% in FY2026 on lower wind-related revenues, tighter competition and work to stabilise a new GB billing system. Retail energy in the UK and Ireland is politically sensitive; the July 2026 VAT cut on electricity bills shows how quickly government intervention can change the economics.
11. Recent Developments
- 03 Aug 2026 — Routine share admission. SSE notified the admission to trading of 613 new ordinary shares of 50p, issued under employee share schemes.
- 30 Jul 2026 — Scrip dividend reference price set at 2,383p. The price was struck on the average mid-market close over 23 to 29 July 2026. Up to 24,064,713 new shares, approximately 1.98% of issued share capital, could be issued if every eligible holder elects the scrip. Elections close on 20 August 2026.
- 16 Jul 2026 — AGM and Q1 FY2027 trading statement. Networks investment rose 83% year on year to £888m, with SSEN Transmission at £666m and SSEN Distribution at £222m. Renewable output rose 31% to 3,264 GWh. FY2027 and 2029/30 EPS guidance was reiterated. SSE raised £1.1bn of hybrid debt at an average 4.6% and £1.3bn of senior debt at 5.1% during the quarter, and announced John Pettigrew, formerly of National Grid, as a non-executive director from 1 December 2026.
- 21 Jul 2026 — SSE welcomes VAT cut on electricity bills. The company publicly supported the UK government's reduction of VAT on electricity, having argued that levies on electricity discourage the switch from gas.
- 12 Jun 2026 — 2026 Annual Report and Sustainability Report published. The accounts were approved by the Board on 27 May 2026 and signed by Barry O'Regan and Sir John Manzoni.
- 26 Jun 2026 — Coire Glas named on Ofgem's long-duration storage minded-to list. SSE said it would engage with Ofgem on the cap-and-floor mechanism while applying capital discipline and strict return thresholds.
- 28 May 2026 — FY2026 preliminary results. Revenue of £10,186.5m, adjusted operating profit down 8% to £2,236.6m, adjusted EPS down 5% to 153.5p, statutory EPS 105.5p and a full-year dividend of 68.7p, up 7%. Adjusted investment rose 23% to £3,585.6m and electricity networks regulated asset value reached £15.6bn.
- 02 Mar 2026 — SSEN Transmission accepts Ofgem's RIIO-T3 Final Determination. SSE described the settlement, which runs from April 2026 to March 2031, as investable and deliverable overall. Ofgem had set the electricity transmission allowed return on equity at 5.70% in its 4 December 2025 Final Determinations.
- Jan 2026 to Mar 2026 — Berwick Bank Phase B secures and signs a Contract for Difference. The 1.4GW phase won a 20-year CfD in Allocation Round 7 in January 2026 and the contract was signed in March 2026.
- 12 Nov 2025 — £2bn equity placing and the £33bn investment plan. SSE issued 97,916,637 new shares at 2,050p, a 3.8% premium to the previous close, raising approximately £2bn to fully fund the plan and rebasing the FY2027 adjusted EPS target from 175–200p to 168–193p for the dilution.
12. Key Dates
- 20 Aug 2026 — final date for receipt of scrip dividend elections for the FY2026 final dividend
- 17 Sep 2026 — FY2026 final dividend of 47.3p per share paid; ex-dividend date was 23 July 2026 and the record date 24 July 2026
- Expected 30 Sep 2026 — FY2027 trading update, per the investor timetable published with the FY2026 results
- 18 Nov 2026 — interim results for the six months ending 30 September 2026, the next full earnings event
- 01 Dec 2026 — John Pettigrew joins the Board as an independent non-executive director
- Expected Dec 2026 — SSEN Distribution submits its RIIO-ED3 business plan to Ofgem
- 31 Mar 2027 — FY2027 financial year end; guidance is for adjusted EPS of 168–193p and capex above £5bn
- Expected 2027 — final investment decision on Berwick Bank Phase B, subject to hurdle rates being met
- TBC — Allocation Round 8, in which the remaining 2.7GW of Berwick Bank is expected to be eligible, scheduled for later in calendar 2026 with the precise date not yet confirmed
SSE's dividend policy targets 5–10% annual growth to 2029/30 measured from an unaltered 64.2p FY2025 baseline, with the scrip option retained and take-up capped at 25% through a buyback if required. Scheduled macro events that move UK utility valuations, including Bank of England rate decisions and inflation prints, are listed on the ChartsView Economic Calendar, and readers discuss FTSE 100 utilities in the ChartsView Forum.
Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.