SSE earnings: November 18, 2026 results
SSE's next results are expected on November 18, 2026. The key watch is whether Dogger Bank A is substantially commissioned and producing reliable output.
What has SSE guided for the year?
Management guides to adjusted EPS of 168–193p for FY2027 and targets 225–250p for FY2030. It plans about £5.0bn of FY2027 capital investment and guides to net debt/EBITDA no higher than 4.5x. It expects annual dividend growth of 5–10% through FY2028.
| Period | Low | High | Given on | |
|---|---|---|---|---|
| Adjusted Earnings Per Share (pence) | Year to Mar 2027 | 168.00 | 193.00 | 1 October 2026 |
| Interim adjusted Earnings Per Share (pence) | 6 months to Sep 2026 | 64.00 | 68.00 | 1 October 2026 |
| Renewable generation output growth (%) | 6 months to Sep 2026 | 20.0% | 20.0% | 1 October 2026 |
| Capital investment (£bn) | 6 months to Sep 2026 | 2.5 | 2.5 | 1 October 2026 |
| Annual dividend per share growth (%) | Years to Mar 2027 and Mar 2028 | 5.0% | 10.0% | 28 May 2026 |
| Net debt / EBITDA | Years to Mar 2027 and Mar 2028 | 4.5x | 28 May 2026 |
How have SSE's results changed over the last eight reported periods?
SSE reports full financial statements half-yearly, so the eight periods in the comparison are six-month periods rather than quarters. In the latest March half-year, revenue was lower than a year earlier but operating income, net income and diluted EPS were higher. That combination shows why sales are a weak scorecard when the business mix is changing.
Cash also improved, yet capital spending increased and free cash flow remained negative. The company was still funding construction faster than its operations paid for it. Seasonal earnings matter too: the March half-year is naturally different from the September half-year, so a change should be compared with the same season before it is called a trend.
| 6 months to Mar 2026 | 6 months to Sep 2025 | 6 months to Mar 2025 | 6 months to Sep 2024 | 6 months to Mar 2024 | 6 months to Sep 2023 | 6 months to Mar 2023 | 6 months to Sep 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,552.5 | 4,634.0 | 5,672.6 | 4,459.3 | 5,666.7 | 4,790.5 | 6,861.3 | 5,629.4 |
| Gross margin | 38.4% | 35.4% | 36.4% | 40.4% | 49.3% | 32.5% | 4.9% | -8.8% |
| Operating income | 1,254.7 | 634.2 | 1,059.4 | 902.8 | 1,949.0 | 659.2 | 488.8 | -635.1 |
| Net income | 916.6 | 292.1 | 667.3 | 522.1 | 1,375.4 | 335.1 | 269.4 | -427.4 |
| EPS, diluted | 79.00 | 26.40 | 60.50 | 47.60 | 125.80 | 30.70 | 25.00 | -39.70 |
| = Free cash flow | -232.0 | -839.2 | -448.2 | -312.9 | 344.0 | 904.8 | -141.8 | -274.7 |
What should investors watch in SSE's next results?
The 18 November 2026 interim results will test whether networks are reducing SSE’s earnings seasonality. A larger regulated contribution should make the first half more substantial, but winter weather, power prices and plant availability still matter. First-half earnings alone will not settle the full-year outcome.
Dogger Bank A should be substantially commissioned by the end of 2026. The important questions are how much capacity operates reliably, what work remains and whether spending has risen. At Dogger Bank B, installed turbines must translate into operating output rather than merely a higher installation count.