Slide 1: Disclaimer
Disclaimer This presentation has been prepared by SSE plc solely for use on 28 May 2026 during the presentation of the Company’s full year results for the period to 31 March 2026. This presentation may not be disclosed or published, nor used by any other person or entity, for any purpose other than
Slide 2: Powering resilient growth
Powering resilient growth Full-year Results 28 May 2026
Slide 3: A strong safety culture
A strong safety culture Protecting employees and partners 248 safe days 10% increase Combined TRIR2 0.17 (vs 257 in FY25)1 YoY in contract partner hours broadly similar YoY 0.6 17 ~14,000 employees and contract partners 16 0.5 put through immersive safety training 15 14 0.31 0.4 13 0.3 12 SSE TRIR i
Slide 4: Agenda
Agenda Full-year results • Overview • Financial results to 31 March 2026 • Operating review • Summary Q&A 4
Slide 5: SSE at the heart of the drive to electrification
SSE at the heart of the drive to electrification Networks Renewables Flexibility ✓ Drives wider economic growth ✓ Clean, homegrown power at scale ✓ Ensures security of supply ✓ Unlocks clean energy benefits ✓ Quickest and cheapest to deploy ✓ Reduces system risk and volatility ✓ Modernises for futur
Slide 6: Unique business mix drives resilient long-term growth
Unique business mix drives resilient long-term growth Unique business mix Resilient long-term growth Strong regulatory regime 80% index-linked earnings1 High regulatory certainty underpinning key Providing embedded financial resilience investments Premium asset mix >90% fixed rate debt Accelerated N
Slide 7: Our transformational five-year investment plan
Our transformational five-year investment plan Fully-funded investment Significant capital growth High quality earnings growth Index-linked 80% Market-leading Networks ~80% EBITDA2 RAV growth1 FY30e Networks Adjusted EPS3 ~£13bn ~25% ~£40bn 225 – 250p FY30e FY25a CAGR FY30e ~£33bn Adjusted net capex
Slide 8: Momentum across the Group
Momentum across the Group A year of strong investment delivery Networks • An 80% increase in Transmission investment year on year • ~75% of key Transmission consents received with remaining consents in process • Construction under way on five of the 11 major Transmission projects representing around
Slide 9: Agenda
Agenda Full-year results • Overview • Financial results to 31 March 2026 • Operating review • Summary Q&A 9
Slide 10: Strong delivery underpinning high quality returns
Strong delivery underpinning high quality returns Significantly increased investment as construction programme gains momentum Capex increase from RAV growth creates Delivering high quality Networks growth long-term value underlying returns £3.6bn £15.6bn Index-linked EBITDA2 ~60% FY26 £2.9bn £12.9bn
Slide 11: Financial Results – Networks
Financial Results – Networks Adjusted operating profit (£m) Networks operating profit review FY26 FY25 Movement Transmission earnings up almost 75% reflecting continually increasing investment Networks 898 1,059 (161) Transmission1 563 323 +240 Distribution earnings lower as guided following one-off
Slide 12: Financial Results – Renewables
Financial Results – Renewables Adjusted operating profit (£m) Renewables operating profit review FY26 FY25 Movement Increased output from capacity increases Networks 898 1,059 with mixed weather conditions Renewables 1,076 1,039 +37 Lower year-on-year hedged prices in line with expectations Flexibil
Slide 13: Financial Results – Flexibility
Financial Results – Flexibility Adjusted operating profit (£m) Flexibility operating profit review FY26 FY251 Movement Lower Thermal generation earnings reflecting market conditions and outages Networks 898 1,059 Renewables 1,076 1,039 Lower earnings in Customers due to lower wind revenues and lower
Slide 14: Financial Results: Focus on operational efficiency
Financial Results Focus on operational efficiency Delivering a step change in efficiency Refocused and right-sized market facing business and corporate services Deprioritised lower-value activities with sharper capital and management focus on core growth Protected and prioritised investment in data,
Slide 15: Financial Results – Net income and dividend
Financial Results – Net income and dividend Adjusted operating profit (£m) Net income review FY26 FY251 Lower net finance costs as capitalised interest and equity raise Total operating profit 2,237 2,419 more than offset higher cost of debt Net finance costs (212) (275) Current tax charge (193) (298
Slide 16: Balance sheet strength today and across the plan
Balance sheet strength today and across the plan Stable balance sheet leverage Continued commitment to strong balance sheet Adjusted Net Debt and Hybrid Capital • Reaffirmed, strong investment grade credit ratings: o S&P – BBB+ 'stable outlook' £10.1bn £10.1bn o Moody’s – Baa1 'stable outlook' o Fit
Slide 17: Outlook: expectations unchanged
Outlook: expectations unchanged Adjusted EBIT FY26 Actuals FY27 Expectations FY30 Expectations Significantly higher than FY26 Significantly higher than FY26 Transmission £563m Reflecting increased allowed revenue With earnings growth in excess as investment continues to accelerate of RAV growth CAGR
Slide 18: Agenda
Agenda Full-year results • Overview • Financial results to 31 March 2026 • Operating review • Summary Q&A
Slide 19: Transmission: one of the fastest growing networks
Transmission: one of the fastest growing networks 80% increase in investment.. ..progressing rapid RAV growth to FY30 ✓ Regulatory framework confirmed with acceptance of RIIO-T3 final determination ~£30bn ✓ Supply chain secured with frameworks in place with ~30% established partners Gross RAV CAGR ✓
Slide 20: Transmission: from consenting to construction
Transmission: from consenting to construction Consenting ~75% achieved.. ..progression to construction Indicative timeline Early works / Target Construction Development energisation Project timelines1 2026 2030 Orkney Peterhead-Drax (EGL2) Spittal-Peterhead Western Isles Link Offshore Peterhead-Humb
Slide 21: Transmission: innovation enabling delivery
Transmission: innovation enabling delivery Modular substations revolutionising grid connections ✓ Roll-out of modular substations for small-scale grid connections ✓ Standardised and repeatable design, built under controlled conditions ✓ Major framework agreement signed, with first energisations expe
Slide 22: Transmission: supply chain secured and in delivery
Transmission: supply chain secured and in delivery Offshore and Islands • ~1/3rd of total FY30 £22bn capex in construction1 Projects in Subsea HVDC/AC Projects Converter Civil and building / substations construction • ~50:50 onshore / offshore split across the 11 Cable major projects Orkney n/a EGL2
Slide 23: Distribution: delivering and accelerating investment
Distribution: delivering and accelerating investment More than 25% increase in investment.. Long-term growth driver ✓ New subsea cables completed connecting Scotland’s islands ~10% RAV CAGR ✓ £950m subsea upgrade framework agreed ~£10bn complementing existing capital delivery ✓ Additional funding se
Slide 24: Distribution: multi decade growth
Distribution: multi decade growth Strategic delivery and transformation… Regional Strategic • Building capability growth and delivery readiness for ED3 price control Energy Plans • Driving material operational improvements and digital transformation …upcoming ED3 Price Control Connections demand mor
Slide 25: Renewables: Pipeline progress and strong earnings
Renewables: Pipeline progress and strong earnings Clear progress on delivery Pathway to ~9GW 2030 target Improved resilience in earnings GB Renewables merchant volumes and prices hedged1 ~9GW2 ~1.4GW1 Expected volumes (TWh) ~2.4GW 25.0 100 20.0 80 ~5.3GW 15.0 60 10.0 40 5.0 20 - - FY25 FY26 FY27 FY2
Slide 26: Renewables: Continued momentum at Dogger Bank
Renewables: Continued momentum at Dogger Bank Strong progress made on world’s largest offshore wind farm Improved turbine installation rate 20 18 16 Turbines installed 14 First 20 turbines 12 installed ~3x faster 10 8 Dogger Bank A 6 Turbine installation complete with commissioning 4 expected to be
Slide 27: Renewables: optimising technology
Renewables: optimising technology Species recognition project enabling consenting / environmental permitting ✓ Video footage from remote sites fed through AI image classification model to identify wildlife and monitor movements and activity ✓ Ensures accurate understanding of impact of our assets on
Slide 28: Flexibility: Delivering current and future value
Flexibility: Delivering current and future value Value today … • 6.3GW of flexible, efficient thermal generation across 11 strategic sites • Building 0.5GW new flexible generation at Platin and Tarbert, fully backed by capacity market agreements • Supplying ~1m customers in UK and Ireland, including
Slide 29: Strategic exposure to growing data centre demand
Strategic exposure to growing data centre demand Optionality across the AI / data centre theme, underpinned by strong partnerships and the ability to capture value across the portfolio… Indicates designated AI Growth Zones Strategic land / Existing and new build and regions with data centre growth c
Slide 30: Agenda
Agenda Full-year results • Overview • Financial results to 31 March 2026 • Operating review • Summary Q&A 30
Slide 31: Unique business mix drives resilient long-term growth
Unique business mix drives resilient long-term growth Unique business mix Resilient long-term growth Strong regulatory regime 80% index-linked earnings1 High regulatory certainty underpinning key Providing embedded financial resilience investments Premium asset mix >90% fixed rate debt Accelerated N
Slide 32: Agenda
Agenda Full-year results • Overview • Financial results to 31 March 2026 • Operating review • Summary Q&A 32
Slide 33: Thank you
Thank you For more information, contact: ir@sse.com 33
Slide 34: 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 (Oct 2025) 74 87th percentile 0 100 Corporate Sustainability (Feb 206) Assessment Severe risk Negligible risk 20.2 90th percentile (medium risk) (Apr 2026) ESG Risk Rati
Slide 35: Financial Results - Segments
Financial Results - Segments £m FY26 +/-% FY25 SSEN Transmission 562.6 74% 322.5 SSEN Distribution 335.3 (54%) 736.0 Networks 897.9 (15%) 1,058.5 SSE Renewables 1,076.4 4% 1,038.8 Renewables 1,076.4 4% 1,038.8 SSE Thermal 195.4 (8)% 211.4 Energy Customer Solutions 136.9 (29%) 192.1 SSE Energy Market
Slide 36: Financial Results – Adjusted and Reported
Financial Results – Adjusted and Reported Reconciliation from adjusted to reported operating profit Other reconciling items 2,500 IFRS 9 Fair Value movements 2,400 reflects net movement on energy derivatives which do not reflect the 2,300 realised operating performance of the 2,237 Group in the year
Slide 37: SSEN Transmission – EBIT waterfall
SSEN Transmission – EBIT waterfall SSEN Transmission adjusted EBIT (75% SSE share) Operating profit review 700 Underlying earnings growing 650 in line with growing investment 258 programme (6) 600 (33) 563 550 (32) Prior period revenue included one- 500 off negative timing adjustment relating to “fu
Slide 38: SSEN Distribution – EBIT waterfall
SSEN Distribution – EBIT waterfall SSEN Distribution adjusted EBIT Operating profit review 800 Multi-year cost inflation catch-up 736 reflected in prior year 700 600 Small under-recovery expected versus an over-recovery in the prior period1 £m 500 400 Small increase in operating costs (361) 2 reflec
Slide 39: SSE Renewables – EBIT waterfall
SSE Renewables – EBIT waterfall SSE Renewables adjusted EBIT Operating profit review 1,100 1,090 Increased output from capacity 48 increases partially offset by mixed 1,080 19 1,076 weather conditions 1,070 1,060 (24) Lower year-on-year hedged prices £m 1,050 in line with expectations 1,040 1,039 1,
Slide 40: SSE Renewables – EBIT And EBITDA
SSE Renewables – EBIT And EBITDA Adjusted EBITDA £m FY26 FY25 Conventional hydro 322.3 385.4 Pumped storage 74.0 75.7 Onshore wind 529.6 491.1 Offshore wind 482.6 412.3 Solar & Battery 1.3 (10.2) Total SSE Renewables 1,409.8 1,354.3 Adjusted EBIT £m FY26 FY25 Conventional hydro 288.6 312.5 Pumped st
Slide 41: SSE Thermal – EBIT waterfall
SSE Thermal – EBIT waterfall SSE Thermal adjusted EBIT Operating profit review 260 FY25 included profit on sale of 240 Ferrybridge land 220 Lower market income reflecting 211 market conditions and lower plant 24 availability 200 195 £m (4) 180 Opex savings through efficiency 24 challenges and lower
Slide 42: Energy Customer Solutions – EBIT waterfall
Energy Customer Solutions – EBIT waterfall SSE Energy Customer Solutions adjusted EBIT Operating profit review 220 200 Lower wind income from continually 192 reducing hedge benefit on wind farms contracted to Airtricity 180 Lower earnings in Customer £m 160 business due to lower supply volumes (42)
Slide 43: Income Statement Adjustments
Income Statement Adjustments FY26 EBITDA (£m) EBIT (£m) EPS (p) Comments Reported 2,768.2 1,888.9 105.5 In line with UK adopted IAS Movement on derivatives 157.7 157.7 10.9 Not relevant to CY performance Exceptional items 149.5 162.6 10.7 Majority of which are non-cash costs Gas Production decom pro
Slide 44: Net Debt Adjustments
Net Debt Adjustments 31 March 2026 31 March 2025 Comments Unadjusted Net Debt (8,578.3) (9,513.9) 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 1,258.4 9
Slide 45: Net Debt / EBITDA Calculation
Net Debt / EBITDA Calculation £m FY26 FY25 Adjusted Net Debt & Hybrid Capital1 10,095 10,067 Adjusted EBITDA 3,208 3,349 Beatrice Offshore Wind Farm (at 91% gearing) (103) (121) Seagreen Offshore Wind Farm (at 27% gearing) (29) (30) Dogger Bank A (at 63% gearing) (25) (2) Less: project finance relat
Slide 46: SSE Networks – Price Control Parameters
SSE Networks – Price Control Parameters SSEN Transmission SSEN Transmission SSEN Distribution RIIO-T2 Agreement RIIO-T3 Agreement RIIO-ED2 Agreement Comment Apr 2021-Mar 2026 Apr 2026-Mar 2031 Apr 2023-Mar 2028 Cost of Equity (real) 5.09%1 5.70% (Avg) 5.50% (Avg) Adjusted annually for risk-free rate
Slide 47: SSE Networks – Regulatory Asset Value Bridge
SSE Networks – Regulatory Asset Value Bridge £m (nominal) Distribution Transmission (gross) Total (gross) FY24 Closing RAV1 5,301 5,676 10,977 FY24 Timing Adjustment (43) 39 (4) Slow money 701 1,576 2,277 Inflation 169 184 353 Depreciation (391) (304) (695) FY25 Closing RAV1 5,737 7,171 12,908 FY25
Slide 48: RIIO ED2 – Revenues published by Ofgem
RIIO ED2 – Revenues published by Ofgem As per 28 January 2026 published PCFM1 Allowed Revenue Tariff set in Dec 2025 SSEN Distribution Revenue Price base FY24 FY25 FY26 FY27 FY28 Fast money £m 20/21 - - - - 291.8 Depreciation £m 20/21 - - - - 281.9 Return on RAV £m 20/21 - - - - 222.0 Pass-through e
Slide 49: SSE Renewables – Pipeline And Prospects
SSE Renewables – Pipeline And Prospects In Construction Late-stage Development Early-stage Development Secured pipeline MW MW MW MW Strathy South 208 Cloiche 130 GB 218 GB 600 Bhlaraidh Ext. 90 Aberarder 50 Onshore Tangy repower 91 Ireland 883 Ireland 883 ~2.6GW operational Drumnahough 29 Achany Ext
Slide 50: Capacity Markets – Contracted Revenue
Capacity Markets – Contracted Revenue GB Capacity Market Ireland Capacity Market Contract years Total Revenue Clearing Price Contracted Revenue Clearing Price Contracted Revenue (Oct-Sept) (£/kW) (MW) (£m) (€/MW) (MW) (€m) £m Multi year 848 18 - - T-4 £30.59 4,743 145 €46,000 600 28 2025/26 T-1 £20.
Slide 51: Thank you
Thank you For more information, contact: ir@sse.com 52