Electricity infrastructure company SSE has reported operating profit of £1.8bn for the year ending 31 March 2026, a 4% decrease from £1.9bn in 2025.
Profit before tax was slightly down, standing at £1.83bn compared to £1.85bn in the prior year.
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Despite the decline in profits, the company recorded capital investment of £3.6bn during the year, highlighting its ongoing construction programme.
SSE reported that its £33bn investment plan, set to run until 2030, is progressing as planned.
Earnings per share were noted at 105.5p (£1.055), down 2% from 108.2p the previous year. However, the company remains confident in its earnings targets, forecasting between 168p and 193p for 2026/27, and 225–250p by 2029/30.
SSE CEO Martin Pibworth said: “This year has demonstrated the strength and resilience of SSE’s integrated model. We met all our financial and operational targets, and delivery of our fully funded £33bn investment plan to 2030 – focusing on Networks, Renewables and Flexibility – is well under way.
“That investment is central to long‑term value creation. It is reducing the UK’s exposure to volatile global energy markets and providing more stable, predictable returns through the energy transition, while supporting economic growth and cutting bills for consumers.
“By operating our business efficiently and optimally, while accelerating electrification and building energy infrastructure to unlock homegrown renewables, we are strengthening energy security and lowering system costs over time.”
The operational environment impacted SSE Renewables, where less favourable weather and lower hedged prices affected the year’s performance. Nonetheless, adjusted operating profits rose by approximately 4%. Conversely, profits in SSE’s Flexibility businesses dropped by around 15% due to market conditions, outages and reduced volumes.
The reported operating profit includes a net charge of £157.7m due to remeasurement, £84.7m in group restructuring costs and £77.9m in net asset impairments.
SSE’s capital investments have increased significantly, particularly in the SSEN Transmission division.
By March, the group’s adjusted net debt and hybrid capital stood at £10.1bn, aligning with expectations due to the increased investment.
The company has begun construction on five out of 11 major transmission projects, with approximately 75% of the necessary consents acquired.
In the renewables sector, construction progresses at the Dogger Bank wind project, with milestones achieved in turbine installations for phases A and B.
Looking ahead, SSE anticipates capital expenditure will exceed £5bn in the 2026/27 financial year.
