SSE (SSE) delivered full-year results at the upper end of its guidance range this morning as the energy group reinforced its commitment to shareholders through a 7% dividend increase despite lower overall profits.
Adjusted earnings per share came in at 153.5p, ahead of consensus expectations, as the Perth-based company demonstrated it can maintain shareholder returns while dramatically accelerating spending on infrastructure.
Adjusted operating profit fell 8% to £2.24 billion for the year to March 2026, whilst reported profit before tax slipped 0.7% to £1.8 billion. The contraction in headline profits reflects the capital-intensive nature of SSE’s transition towards renewable energy and network upgrades. The company recommended a final dividend of 47.3p, taking the full-year payout to 68.7p, up from 64.2p the previous year.
Capital investment rose to £3.6 billion on an adjusted basis, representing a 23% year-on-year increase, making this SSE’s record spending level to date. This accelerated capex is driving the company’s £33 billion investment plan to 2030, which the group said is “well underway”.
The spending increase is concentrated in the regulated electricity networks division, where SSE is expanding transmission and distribution infrastructure across Scotland and southern central England.
Consensus for the current financial year sits broadly at the midpoint of SSE’s updated guidance of 168p to 193p for adjusted earnings per share.
The company has also maintained earnings targets of between 225p and 250p for 2029/30. Analysts have responded positively to the combination of top-end earnings delivery and the reaffirmed medium-term growth trajectory, with RBC Capital Markets rating the stock ‘outperform’ with a 3,025p target price.
Over the past 12 months, the SSE share price is up 38%.