SSE Plc Good results with FY27, FY30 Guidance confirmed (FY26 First Take)

研报英文原文证据摘录

SSE Plc Good results with FY27, FY30 Guidance confirmed (FY26 First Take)

C A Z E N O V E Europe Equity Research

28 May 2026

SSE Plc Overweight

SSE.L, SSE LN

Good results with FY27, FY30 Guidance confirmed Price (27 May 26):2,430p

(FY26 First Take) Price Target (Mar-28):2,925p

Our Take: A good set of results with adj. EPS at the top end of the guided range. European Utilities & Clean Energy

ACRelative to our numbers, this looks to be driven by higher capitalised interest than Pavan Mahbubani, CFA

we were expecting. Confirmation of FY27 guidance (adjusted for the mechanical (44-20) 7134-3056

impact of last November’s equity raise) and FY30 guidance was expected and pavan.mahbubani@jpmorgan.com

should reassure. We expect the conference call to focus on any views on the J.P. Morgan Securities plc

evolving UK political backdrop and potential impact on SSE, as well as execution Javier Garrido

of the company’s investment programme in Networks & Offshore Wind. (34-91) 516-1557

javier.x.garrido@jpmorgan.com

• Noteworthy Areas: An earnings beat with FY26 Adj. EPS +4% vs JPME and J.P. Morgan Securities plc

+3% vs BBG median consensus. Samanvitha Theegela

(91-22) 6157-5846

• Outlook & Guidance: The group has reiterated its FY27 EPS expectations of samanvitha.theegela@jpmchase.com

168-193p (adjusted for the equity issuance). FY27 capex is expected to J.P. Morgan India Private Limited

increase to >£5bn. Transmission Adj. EBIT is expected to be significantly Mukund Verma

higher than FY26 due to increased allowed revenue and continued investment. (44-20) 7742-4181

mukund.verma@jpmorgan.com

Distribution Adj. EBIT is expected to be similar y/y. Renewables Adj. EBIT J.P. Morgan Securities plc

is also expected to be similar y/y as increased capacity is offset by lower power

prices.