SSE

SSE plc (SSE) is a British energy company. It owns and runs electricity networks, wind, hydro and solar power, and flexible gas power plants. SSEN Transmission owns the high-voltage grid in the north of Scotland, and SSE holds 75% of it. SSEN Distribution runs local electricity networks.

SSE Renewables runs wind, hydro and solar farms and builds Dogger Bank, an offshore wind farm. SSE Thermal runs flexible gas power plants with capacity market contracts, and Energy Customer Solutions sells energy products and services to business customers in Great Britain and to homes and businesses in Ireland. Regulated electricity networks were 72% of adjusted investment in 2025/26. Their regulatory asset value (RAV), on a 100% basis, was £15.6 billion at March 31, 2026.

For 2025/26, adjusted operating profit was £2,236.6 million and adjusted EPS was 153.5p. SSE plans to invest £33 billion over five years. About 15,000 people work at SSE. The shares in this pick are American depositary receipts (ADRs): SSEZY is a sponsored Level I program with Deutsche Bank Trust Company Americas that trades over the counter in US dollars.

One ADR equals one ordinary share (a ratio of 1:1, from SSE's ADR page). SSE is not an SEC filer, so its own English reports are the source. Martin Pibworth is Chief Executive.

SSE trades above the AI estimate because investors pay for its regulated network growth, even though it must spend a record amount on networks before its earnings catch up. SSE plans to invest £33 billion over five years, about £5 billion this year. It sold £2 billion of new shares in November 2025, which helped lower adjusted EPS from 161.3p to 153.5p. Adjusted EPS also leaves out a deferred tax charge of 30.7p, so it is higher than the earnings after tax that the accounts show.

SSE earns pounds while the ADR trades in dollars, so the exchange rate moves the ADR price. For the price to hold, three things must be true. Adjusted EPS must reach the guided 168p to 193p for 2026/27 and then 225p to 250p for 2029/30, a rise of 10% to 13% a year. Regulators must keep allowing returns on the new network assets: SSEN Distribution sends its ED3 business plan to the regulator in December 2026, and the 11 major SSEN Transmission projects must be built on time.

And debt must stay near 3.3 times EBITDA while the plan is paid for. The half-year results on November 18, 2026 are the next test.

AI estimate, checked by Kevin. How it is made

1. Nov 18, 2026Pending

   Half-year results: adjusted EPS and net debtAdjusted EPS of 64p to 68p, net debt near £11.5 billion and unchanged full-year guidance pass; a cut to guidance fails.
2. Dec 2026Pending

   SSEN Distribution ED3 business planA business plan sent to the regulator in December 2026 with investment that raises RAV passes; a delay fails.
3. May 2027 · est.Pending

   Full-year 2026/27 results: adjusted EPSAdjusted EPS inside the guided 168p to 193p range passes; a result below 168p fails.

Every passed and failed checkpoint across all picks

• October 1, 2026SSE gave a trading update before its half-year results. It expects half-year adjusted EPS of 64p to 68p, adjusted investment about 70% higher than a year before, renewables output about 20% higher, capital investment of about £2.5 billion for the half year, and adjusted net debt and hybrid capital of about £11.5 billion. It repeated its adjusted EPS guidance of 168p to 193p for 2026/27 and 225p to 250p for 2029/30.
• September 17, 2026SSE paid its final dividend of 47.3p per share. With the interim dividend of 21.4p, the full-year dividend for 2025/26 was 68.7p, up 7% from 64.2p.
• September 2, 2026SSE held an investor event on SSEN Transmission and published the presentation on its website.

• Regulators set the returns on networks, which are about 72% of investment. The ED3 price control for SSEN Distribution starts after the business plan that SSE sends in December 2026, and a lower allowed return would lower earnings growth.
• SSE must build a record programme on time and on budget, including 11 major SSEN Transmission projects and the second phase of Dogger Bank. Delays or higher costs would lower returns and delay earnings.
• Renewables profit depends on weather and power prices. SSE expects flat adjusted operating profit from SSE Renewables in 2026/27 as new capacity offsets lower power prices. The Electricity Generator Levy rose from 45% to 55%.
• Spending is funded by debt and shares. Adjusted net debt and hybrid capital was £10.1 billion, and SSE expects about £11.5 billion at the half year. Scrip dividends add shares unless SSE buys them back.
• SSE earns pounds while the ADR trades in dollars, over the counter, with less trading than the shares have in London. A weaker pound lowers the ADR price in dollars even when earnings are steady.

SSE reported adjusted net debt and hybrid capital of £10,095.0 million at March 31, 2026, against £10,066.7 million a year before. The ratio of net debt to EBITDA was 3.3 times, the average debt maturity was 5.7 years, and the average cost of debt, including hybrid coupons, was 4.1%. Read more

Yield at the current rate

2.6% (current annual rate, at today’s price)

Dividend yield

2.6% (last 12 months, at today’s price of $35.89)

Paid per share

$0.916 in the last 12 months (2 payments)

Current annual rate

$0.916 (the last two payments)

Latest ex-dividend date

July 24, 2026, $0.634 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 2.0% a year. From 2015 to 2025, the dividend grew by about 10.5% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.