Slide 1: Transformation for growth
Transformation for growth Interim Results and Strategic Update 12 November 2025
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by SSE plc solely for use on 12 November 2025 during the presentation of the Company’s interim results for the period to 30 September 2025. This presentation may not be disclosed or published, nor used by any other person or entity, for any purpose othe
Slide 3: Agenda
Agenda • Interim Results to 30 September 2025 • Strategic Update – Transformation for Growth • Q&A 3
Slide 4: Transformation for Growth – our 2030 investment plan
Transformation for Growth – our 2030 investment plan Significant step-up in spending to deliver long-term value creation Fully-funded investment Significant capital growth High quality earnings growth 80% Market-leading Networks RAV growth1 Index-linked EBITDA2 Networks ~80% FY30e ~£13bn ~25% ~£40bn
Slide 5: Six-month progress report
Six-month progress report Delivering on strategy Networks • Construction under way on four of 11 major Transmission projects with capex delivery accelerating • All other major Transmission consents now submitted • Supply chain secured, with clear visibility over delivery Renewables • 101MW Yellow Ri
Slide 6: Safety – SSE's core value
Safety – SSE’s core value Embedding a strong safety culture Protecting employees and partners 129 safe days (vs 125 in HY25)1 16 0.5 15 0.45 0.4 14 0.35 13 0.3 Nearly doubling contract partner 12 0.25 hours since 2022 0.2 0.28 11 0.15 10 0.1 9 0.05 Combined TRIR2 0.16 steady YoY with 8 0 increasing
Slide 7: Agenda
Agenda • Interim Results to 30 September 2025 • Strategic Update – Transformation for Growth • Q&A 7
Slide 8: HY26 financial performance in line with expectations
HY26 financial performance in line with expectations First half delivered step change in Transmission investment and earnings as projects reach construction Two thirds of EBIT from Networks Two thirds invested in Networks 1,000 900 860 ~45% ~20% 800 Transmission Renewables (84) 700 (60) 8 655 600 (6
Slide 9: Financial Results – Networks
Financial Results – Networks Adjusted operating profit Networks operating profit review HY26 HY25 Movement Transmission earnings almost doubled, reflecting increased allowed revenue Networks 420 504 (84) Distribution earnings lower as guided, Transmission 292 158 +134 following one-off cost inflatio
Slide 10: Financial Results – Renewables
Financial Results – Renewables Adjusted operating profit Renewables operating profit review Increased output from new assets Dogger HY26 HY25 Movement Bank and Yellow River offset by unfavourable weather conditions, mainly in hydro Networks 420 504 Renewables 276 335 (59) Lower year-on-year hedged p
Slide 11: Financial Results – Flexibility
Financial Results – Flexibility Adjusted operating profit Flexibility operating profit review HY26 HY251 Movement Lower earnings in Customers due to prior period provision release and lower volumes in current period, with greater proportion of earnings expected Networks 420 504 in second half compar
Slide 12: Financial Results – Net income and dividend
Financial Results – Net income and dividend Adjusted net income (£m) Net income review HY26 HY251 Stable net finance costs owing to greater capitalised interest Total operating profit 655 860 Net finance costs (134) (135) Stable hybrid equity coupon Current tax charge (49) (96) payments despite incr
Slide 13: Outlook – Segmental guidance reaffirmed
Outlook – Segmental guidance reaffirmed Adjusted EBIT FY25 Actuals FY26 Expectations FY27 Expectations Significantly higher than FY25 Significantly higher than FY26 Transmission £323m Expected to be more than 1.5x higher reflecting Reflecting increased allowed revenue increased allowed revenue Netwo
Slide 14: Agenda
Agenda Interim Results to 30 September 2025 Strategic Update – Transformation for Growth Q&A
Slide 15: Electrification: unstoppable and accelerating
Electrification: unstoppable and accelerating Electricity demand expected to more than double by 2050 As strategic system plans unlock… NESO’s 2025 electricity demand forecasts 800 Rapid Transmission expansion and reinforcements 700 Annual Demand (TWh) 600 500 Strategic local distribution upgrades a
Slide 16: A multi-decade organic growth opportunity
A multi-decade organic growth opportunity Transmission Renewables Once-in-a-generation investment Renewables remain the cheapest required to rewire north of Scotland deployable homegrown energy resource alongside North Sea access Visibility of further growth well into 2030s under stable regulatory S
Slide 17: Record investment driving industry-leading growth
Record investment driving industry-leading growth Trebling of investment Primarily into regulated Networks… Driving ~50% earnings uplift ~£40bn £33bn ~25% Distribution 225 – 250p1 Gross RAV CAGR 7 – 9% EPS CAGR ~£13bn 3x Transmission FY25a FY30e 160.9p …with selective Renewables growth £11bn ~1.5GW
Slide 18: Transmission: RAV to grow at ~30% CAGR
Transmission: RAV to grow at ~30% CAGR, one of the fastest growing electricity networks in the world Visibility on step-change in capex requirement… …translating into rapid RAV growth to FY30… Transmission - Illustrative phasing of ~£22bn net capex1 …with EBIT growing faster than RAV £6bn ~£30bn ~30
Slide 19: Transmission: Clear visibility of required investment
Transmission: Clear visibility of required investment ~90% of Transmission capex already secured Four of the 11 major projects are under construction • ASTI, LOTI and baseline projects well advanced for delivery Under construction – with four already under construction In consenting stage • Supply c
Slide 20: Transmission: Delivering high quality growth
Transmission: Delivering high quality growth Supply chain secured early through proactive strategy With programme well progressed into delivery phase Key ✓ Supply chain frameworks in place for all 11 major projects, aligned with expected delivery dates Under Development Construction Target energisat
Slide 21: Distribution: RAV to grow at ~10% CAGR driven by long term electrification trends
Distribution: RAV to grow at ~10% CAGR driven by long term electrification trends Delivering ~10% RAV CAGR to 2030 Continued growth required to 2050 to connect low-carbon technologies • South region in key location for datacentre and low-carbon tech growth RAV of £9 – 10bn by FY30 • Strategic planni
Slide 22: Renewables: Discipline on options in core markets
Renewables: Discipline on options in core markets Selective capital allocation driving earnings quality Highly selective investment delivering quality growth Increasing index-linked earnings1 ~20ppt ~60% ~£2bn committed, ~£2bn EBITDA index linked 60% Increase delivering 2.5GW uncommitted, % Renewabl
Slide 23: Transformation for Growth – our 2030 investment plan
Transformation for Growth – our 2030 investment plan Significant step-up in spending to deliver long-term value creation Fully-funded investment Significant capital growth High quality earnings growth 80% Market-leading Networks RAV growth1 Index-linked EBITDA2 Networks ~80% FY30e ~£13bn ~25% ~£40bn
Slide 24: 80% of investment into regulated Networks
80% of investment into regulated Networks Evolution of capital allocation Driving enhanced earnings visibility Increasing Networks investment Increasing index-linked EBITDA1 ~50% ~20% ~40% ~20% ~20% value upside Markets Markets Low-level of merchant exposure provides capability to generate additiona
Slide 25: Visibility over earnings growth and value creation
Visibility over earnings growth and value creation Highly visible earnings drivers Remaining focused on efficiency 7 – 9% 225 – 250p1 Commerciality EPS CAGR1 We focus on value – maximising commercial performance Efficiency We simplify, streamline and unlock the full potential of our capabilities 160
Slide 26: Fully-funded plan supported by strong balance sheet
Fully-funded plan supported by strong balance sheet Fully-funded plan to 2030 Commitment to strong balance sheet • Net debt / EBITDA4 remaining below 4.5x ~£39bn ~55% throughout the course of the plan ~£6bn other cash • Reinforced commitment to strong investment commitments1 grade credit ratings • M
Slide 27: Structure of proposed equity placing
Structure of proposed equity placing Key placing terms • Placing to raise gross proceeds of approximately £2bn to fund capital investment programme for FY26-30 Size • Placing represents approximately 10%1 of SSE plc’s current issued share capital • Non-pre-emptive placing of ordinary shares to certa
Slide 28: SSE PLC: At the heart of the clean energy transition
SSE PLC: At the heart of the clean energy transition A compelling investment proposition Unique portfolio providing access to long-term growth in core UK & Irish markets Balanced business mix well positioned to benefit from inflation and market volatility Supportive policy and supply chain framework
Slide 29: Transformation for Growth – our 2030 investment plan
Transformation for Growth – our 2030 investment plan Significant step-up in spending to deliver long-term value creation Fully-funded investment Significant capital growth High quality earnings growth 80% Market-leading Networks RAV growth1 Index-linked EBITDA2 Networks ~80% FY30e ~£13bn ~25% ~£40bn
Slide 30: Agenda
Agenda Interim Results to 30 September 2025 Strategic Update – Transformation for Growth Q&A 30
Slide 31: Thank you
Thank you For more information, contact: ir@sse.com 31
Slide 32: Appendix
Appendix 32
Slide 33: Recent updates to ESG ratings
Recent updates to ESG ratings Score range Sector Rating provider SSE score (minimum to maximum) ranking CCC AAA AAA Top 13 percent (Sep 2025) 74 88th percentile 0 100 Corporate Sustainability (Nov 2025) Assessment Severe risk Negligible risk 20.9 88th percentile (medium risk) (Sep 2025) ESG Risk Rat
Slide 34: Financial Results - Segments
Financial Results - Segments Adjusted Operating Profit - £m HY26 +/-% HY25 SSEN Transmission 292.1 86 157.5 SSEN Distribution 127.9 (63) 346.3 Regulated Networks 420.0 (17) 503.8 SSE Renewables 275.6 (18) 335.6 SSE Thermal 14.5 - (3.0) Gas Storage (36.3) 4 (34.8) Energy Generation & Gas Storage (21.
Slide 35: SSEN Transmission – EBIT waterfall
SSEN Transmission – EBIT waterfall SSEN Transmission adjusted EBIT (75% SSE share) Operating profit review 350 Underlying earnings growing 110 in line with growing investment 300 (4) (4) 292.1 programme (11) 250 Prior period included one-off 44 negative timing adjustment relating 200 to “full expens
Slide 36: SSEN Distribution – EBIT waterfall
SSEN Distribution – EBIT waterfall SSEN Distribution adjusted EBIT Operating profit review 400 Multi-year cost inflation catch-up reflected in HY25 revenues, as tariffs 350 346.3 set in advance 300 Small under-recovery expected 250 versus an over-recovery in the prior period1 £m 200 150 (188) (6) (1
Slide 37: SSE Renewables – EBIT waterfall
SSE Renewables – EBIT waterfall SSE Renewables adjusted EBIT Operating profit review 400 Increased output from new 350 335.6 assets Dogger Bank and Yellow River offset by unfavourable 300 weather conditions (29) 10 275.6 (18) 250 (24) Lower year-on-year hedged £m 200 prices in line with expectations
Slide 38: SSE Renewables – EBIT And EBITDA
SSE Renewables – EBIT And EBITDA Adjusted EBITDA £m HY26 HY25 Conventional hydro 89.9 113.0 Pumped storage 24.0 23.3 Onshore wind 175.4 190.0 Offshore wind 153.9 167.8 Solar & Battery 0.7 (6.7) Total SSE Renewables 443.9 487.4 Adjusted EBIT £m HY26 HY25 Conventional hydro 72.2 96.5 Pumped storage 22
Slide 39: SSE Renewables – In Construction and Secured Pipeline
SSE Renewables – In Construction and Secured Pipeline In Construction Late-stage Development Early-stage Development Secured pipeline MW MW MW MW Strathy South 208 Cloiche 130 GB 248 GB 618 Bhlaraidh Ext. 90 Aberarder 50 Onshore Tangy repower 69 Ireland 870 Ireland 870 ~2.6GW operational Drumnahough
Slide 40: SSE Thermal – EBIT waterfall
SSE Thermal – EBIT waterfall SSE Thermal adjusted EBIT Operating profit review 0 Increased thermal generation earnings despite significant summer -5 outage programs -10 Gas Storage losses expected to largely reverse with physical -15 contracts taking effect in second half 19 of the year £m -20 6 (2)
Slide 41: Energy Customer Solutions – EBIT waterfall
Energy Customer Solutions – EBIT waterfall SSE Energy Customer Solutions adjusted EBIT Operating profit review 120 Customers business experienced 106.9 lower earnings due to lower volumes with greater proportion of profits 100 expected in second half. 80 Prior period included non- (32) recurring one
Slide 42: Income Statement Adjustments
Income Statement Adjustments HY26 EBITDA (£m) EBIT (£m) EPS (p) Comments Reported 1,058.6 634.2 26.4 In line with UK adopted IAS Movement on derivatives (13.4) (13.4) (1.0) Not relevant to CY performance Exceptional items / deferred income 51.3 57.5 4.4 Majority of which are restructuring costs Gas
Slide 43: Net Debt Adjustments
Net Debt Adjustments 30 Sept 2025 30 Sept 2024 Comments Unadjusted Net Debt (10,034.6) (8,688.8) In line with UK adopted IAS 100% of Hybrids included within SSE metric, compared to 50% Add: Hybrid Equity (2,985.8) (1,882.4) considered by ratings agencies (Less): Minority Interest Net Debt 1,006.3 58