The SSE Group has moved to a formulaic approach to calculating interim dividends which will be one-third of the prior year full dividend, reflecting the inherent seasonality of the business. Therefore, for 2025/26, an interim dividend of 21.4 pence has been declared, being one-third of the 2024/25 full year dividend of 64.2 pence. The Board will continue to announce their final dividend recommendation in May, as part of the Full Year Results announcement, which is expected to reflect an increase of between 5 - 10% on 2024/25.
Other financial highlights include:
Adjusted Earnings Per Share of 36.1 pence, in line with their expectations and consistent with typical seasonality in half year results.
Regulated Networks contributed around two thirds of adjusted operating profits, including:
Increasing investment and associated allowed revenues in SSEN Transmission, where adjusted operating profit almost doubled.
Distribution operating profits lower than comparative period as guided given the non-recurring inflation adjustment in the prior period, with the business continuing to deliver strong operational performance.
Capacity additions delivered by SSE Renewables were offset by less favourable weather and lower hedged prices as expected, with adjusted operating profits (18)% lower than the prior period.
Lower operating profits in Energy Customer Solutions as expected, with a bad debt provision release in the comparative period combined with less seasonal fluctuation in wholesale prices meaning a greater proportion of profits are expected to be generated in the second half of the year.
Reported operating profit of £634.2m also reflects lower re-measurement gains on forward energy derivatives and exceptional items including £(56.8)m relating to the Group Operating Model and Efficiency Review.
Adjusted taxation rate decreased to 9.4%, reflecting tax relief on increasing investment programme.
Adjusted capital investment increased by 22% to £1.6bn, predominantly in SSEN Transmission which increased 87% to £702.5m whilst SSEN Distribution increased 29% to £381.1m.
Adjusted net debt and hybrid capital at £11.4bn, in line with expectations given increasing investment.
