London, Feb 5, 2026, 09:10 GMT — Regular session
- SSE shares slipped around 0.7% in early trading, following Wednesday’s close at 2,495p
- Utility set its FY26 adjusted EPS guidance between 144p and 152p in the Q3 trading update
- Traders are eyeing UK regulator deadlines alongside SSE’s upcoming update cycle through April and May
Shares of Britain’s SSE (SSE.L) slipped 0.7% to around 2,477 pence by 0834 GMT, down from Wednesday’s close at 2,495 pence. The stock has oscillated between 2,449 and 2,481 pence today, staying just under its 52-week peak of 2,537 pence. (StockAnalysis)
The move puts the spotlight on SSE’s earnings trajectory as it ramps up spending on electricity networks and offshore wind. Investors have used the stock to gauge the pace of Britain’s grid rebuild — and the upfront costs involved.
SSE now expects adjusted earnings per share between 144 and 152 pence for the year ending March 2026, Reuters reported, down from the 160.9 pence posted last year. The drop comes as “mixed weather conditions” hit output. This forecast arrives amid SSE’s push of a £33 billion investment plan over five years, launched last November, and follows its win alongside Germany’s RWE in Britain’s latest offshore wind auction. (Reuters)
In its Q3 update, SSE reported a 64% jump in investment in its regulated networks, reaching about £1.8 billion over the nine months to Dec. 31. Renewable output increased 7% to 9.876 terawatt hours, while flexible thermal output dropped 15% to 10.605 TWh. The company said its Berwick Bank B offshore wind project secured a 20-year Contracts for Difference (CfD) deal for 1.4 gigawatts at £89.49 per megawatt hour. Turbine installation on Dogger Bank A is close to wrapping up. CFO Barry O’Regan highlighted a push to “accelerate investment.” SSE also noted it will provide an update on April 2, with Ofgem’s price-control decision expected by March 3. (SSE)
CfDs are contracts guaranteed by the government that offer generators a fixed price for their power, shielding them from wholesale market fluctuations. RIIO-T3 is Ofgem’s upcoming transmission price control, essentially the framework dictating how much network firms can earn on new infrastructure.
Aarin Chiekrie, equity analyst at Hargreaves Lansdown, said SSE’s profit guidance matched market expectations, though renewables remain “at the mercy of mother nature.” He pointed out that cash returns on regulated network investments can trail behind the spending. SSE also raised £2 billion in new equity last November to support its build-out. (Hargreaves Lansdown)
Shares have surged in the past year, prompting traders to watch closely for profit-taking as focus shifts from growth initiatives to short-term earnings calculations. Early trades have shown some volatility.
Still, the outlook hinges on weather and plant availability, with large construction projects prone to delays. Returns could take a hit if regulations tighten more than anticipated, consents stall, or funding costs surge, potentially forcing a slowdown.
SSE’s next big update will be its preliminary results for the year ending March 31, 2026, set for release on May 28, according to its financial calendar. (SSE)
