Sse Plc · LSE:SSE
Sse — Investor Day (September 2026)
40 slides from Sse's investor day presentation, Sep 2, 2026
Slide 1: Investor visit
Investor visit 2nd September 2026 Aberdeenshire | Scotland
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by SSE plc solely for use on 2 September 2026 during the SSEN Transmission Investor Visit. This presentation may not be disclosed or published, nor used by any other person or entity, for any purpose other than the purpose stated above, other than with
Slide 3: SSEN Transmission: The team joining you today
SSEN Transmission: The team joining you today 166 years experience at SSE between them Rob McDonald Maz Alkirwi Sandy Mactaggart Managing Director Director of Finance Director of Offshore Delivery Alison Hall Paul Cooley Dave McKay Christianna Logan Michael Ferguson Director of Project Development D
Slide 4: SSE: at the heart of the drive to electrification
SSE: at the heart of the drive to electrification Unique business mix Fully-funded investment High-quality earnings growth Index-linked Strong regulatory regime 80% ~80% EBITDA2 High regulatory certainty Networks1 FY30e underpinning key investments Adjusted EPS3 225 – 250p FY30e Premium asset mix Ac
Slide 5: Business and Strategic Overview
Business and Strategic Overview Rob McDonald Managing Director 5
Slide 6: Delivery excellence across RIIO-T2
Delivery Achieved best-ever Top quartile in Excellent performance excellence safety record international benchmarking against our 5 clear goals across RIIO-T2 Performed well against price Leading Transmission 20% reduction in key price control control Operator availability faults compared to deliver
Slide 7: Transformational RIIO-T3 price control agreed
Transformational RIIO-T3 Strengthening our price control agreed capability Our 2030 Goals Transformational New depots and New control rooms IT Strategy warehouses • Transformational network investment powering UK’s clean energy future • Reducing costly consumer constraints and delivering economic gr
Slide 8: Fastest-growing European Transmission Operator
Fastest-growing European Transmission Operator ~30% RAV CAGR driving ~£30bn RAV by 2030 • Fastest-growing 30% European Transmission Estimated RAV CAGR to 2030 25% Operator by RAV 20% • ~4x increase in RAV over five years 15% representing a ~30% compound annual 10% growth rate 5% • 4th largest Europe
Slide 9: Network growth continues beyond 2030
Network growth continues beyond 2030 All underpinned by continued electrification in heat, transport and data centres 9
Slide 10: Playing a critical role in the UK's clean energy transition
Playing a critical role in the UK’s clean energy transition • Reducing Grid Constraints • Transporting increasing volumes of clean home- grown electricity to where it’s needed across the UK 10
Slide 11: Confidence in execution of our investment programme
Confidence in execution of our investment programme Today’s team will evidence… Delivery in action • From design through consenting to construction and delivery • Equipment and supply chain secured and contracted early and on budget An investable proposition • RIIO-T3 enables a pathway to returns >9
Slide 12: Delivery in Action
Delivery in Action Sandy Mactaggart Director of Offshore Delivery Paul Cooley Director of Onshore Delivery Alison Hall Director of Project Development Christianna Logan Director of Connections, Customers & Stakeholders 12
Slide 13: Experience enables future transformational delivery
Experience enables future transformational delivery Proven delivery track record… ...Key growth enablers 2025 - 2026 ✓ Track record enabled strategic ASTI approach driven by SSEN Transmission • Further ASTI projects now in construction credentials and delivery • Western Isles, Peterhead-Spittal • Su
Slide 14: 11 major projects of national importance
11 major projects of national importance Reducing constraints; ensuring resilience; new connections Subsea cable improving system security and Orkney connecting 220MW of new Renewables HVDC cable exporting renewable power to major Peterhead-Drax (EGL2) demand centres in the south HVDC cable addressi
Slide 15: Supply chain secured, delivery accelerating
Supply chain secured, delivery accelerating Five projects in full construction, with substations and permitted development works also underway on remaining projects Project Status Developed Full Consenting Construction Supply chain fully secured Orkney Peterhead-Drax (EGL2) Spittal-Peterhead Offshor
Slide 16: Supply chain partners
Supply chain partners • BAM – Kenny Henderson (Managing Director) • Siemens Energy – Darren Davidson (Vice President UK&I) • Hitachi Energy – Laura Fleming (UK Managing Director) • NKT – Darren Fennell (Vice President – Strategy)
Slide 17: Early contracting de-risking delivery
Early contracting de-risking delivery Circuit AC Cable Conductor Steel HVDC HVDC Early procurement, Project Transformers Breakers & GIS bays (km) (km) Towers Cable (km) Converters standardisation & advanced Orkney 6 11 67 design enabling efficient and Peterhead-Drax 14 24 1,010 2 (EGL2) scalable del
Slide 18: Standardisation driving efficiency
Standardisation driving efficiency De-risking delivery of Substations & HVDC ✓ Standardised and repeatable design reducing time & resource requirements across design, development and construction ✓ Accelerated procurement, increased consistency and programme de-risking benefits ✓ Faster ramp up in d
Slide 19: Innovation enhancing safety and speed
Innovation enhancing safety and speed Modular and Digital Substations Digitally assisted seabed trenching Digitisation of route mapping • Accelerate delivery and reduced costs • Enhances protection of power cables • Rapid project development through through modularised substations infrastructure dig
Slide 20: Progressing from design to consent
Progressing from design to consent Consenting over 75% achieved… ...progression to consented 26 8 Approved consents Consents remaining Approved Under Appeal Public Inquiry Submitted 4 1 3 17 5 4 Substation Overhead Lines (OHL) Marine EGL2 Remaining determinations.. EGL3 • Fanellan hub • Beauly – Spi
Slide 21: Constructive engagement…
Constructive engagement… …aligned with key stakeholders • Proactively engaging to ensure aligned objectives with core stakeholders • Focused on progressing Scottish Government consenting processes • Strategic plan with local authorities to enable early site works • Drive timely conclusion of appeals
Slide 22: Positive economic impact of our Pathway to 2030
Positive economic impact of our Pathway to 2030 Investing ~£29bn in transmission projects across the north Contributing to the development of 1,000 homes, the of Scotland spend on which will generate up to £100m in GVA, equating to 3% of the Scottish housebuilding sector Spending up to £19bn in the
Slide 23: Delivering in the right way
Delivering in the right way • Sector-leading sustainability programme through Paris-aligned emissions targets, biodiversity net gain on all projects, and driving local economic growth. • Strategic partnerships established with nature leaders to deliver on these commitments Operational carbon footpri
Slide 24: Investable Proposition
Investable Proposition Maz Alkirwi Director of Finance Michael Ferguson Director of Regulation & Strategy 24
Slide 25: Transformational investment with key enablers secured
Transformational investment with key enablers secured Transformational investment with key enablers secured Transformational increase in network investment ...underpinned by an attractive regulatory model >£29bn2 ✓ An attractive price control with evolved financial parameters ✓ Full funding clarity
Slide 26: Baseline underpins network excellence
Baseline underpins network excellence Baseline ensuring high operational standards Underpinning investment delivery ~£4bn ex ante funding1 11 Major projects agreed through Project Non load Indirects Assessments Resilience Digital Cyber portfolio BSC & CAI2 Operational investment approved with focus
Slide 27: Funding clarity with in-built protections
Funding clarity with in-built protections An investable deal providing risk-adjusted returns across growth and operations Need and Development Price Control process Full funding clarity Protection & flexibility funding secured Has secured the Funding for each Embedded in the price Approvals agreed a
Slide 28: Regulatory funding secured
Regulatory funding secured Indicative composition of Project funding and costs: Funding clarity and outcomes de-risked Regulatory funding Project costs Risk & Project assessment contingency Funding well advanced across all major projects with early construction framework and advanced construction co
Slide 29: A well-established framework
A well-established framework RIIO-T2 RIIO-T3 Revenue predictable and calculated through a defined process Apr 2021-Mar 2026 Apr 2026-Mar 2031 • Price Control Financial Model (PCFM) recalculates applicable annual revenue Cost of Equity allowance using the annual reporting inputs 5.09%1 5.70% (real) •
Slide 30: Incentives available to achieve outperformance
Incentives available to achieve outperformance Framework to achieve outperformance target >1%1 Mechanism Description Min / Max Delivering connections within agreed timelines / penalties for date Connections -20 to +40 bps slippages. New for >1% >9% RIIO-T3 Innovative Incentivising efficient, coordin
Slide 31: Accelerated asset growth with attractive returns
Accelerated asset growth with attractive returns Accelerated RAV growth to FY301 Pathway to overall return on equity2 above 9% >1% >9% ~£30bn ~30% Gross RAV CAGR ~2% 5.7% ~£9.0bn ~£7.2bn FY25a FY26a FY30e Baseline Inflation Outperformance Target Return Return 1 Regulatory Asset Value (RAV) stated on
Slide 32: Operational Excellence
Operational Excellence Dave McKay Network Director 32
Slide 33: Industry-leading network performance
Industry-leading network performance Leading reliability, availability and resilience as our foundation for growth 1 RIIO-T2 Performance SSENT SPEN NGET (Avg/year) Reliability >99.99% >99.99% >99.99% Availability 96.24% 93.91% 94.40% Energy Not Supplied Incentive 97%2 77% 34% Faults 98 133 428 Faul
Slide 34: Emissions decoupled from network growth
Emissions decoupled from network growth Reducing GHG emissions while growing the network Sector-leading SF₆1 performance SF₆ leakage rate reduced Use of lower impact SF₆ • ~1/3rd emissions reduction despite Absolute CO₂e from IIG2 GHG emissions by 50% whilst doubling leaks reduced by 9% alternatives
Slide 35: Driving performance through international benchmarking
Driving performance through international benchmarking SSENT has optimal network performance achieved World-class performance in asset management on cost and performance International Transmission Operations International Transmission Asset Management Study (ITAMS) & Maintenance Study (ITOMS)1 Overa
Slide 36: Investments in operational capability supporting network growth
Investments in operational capability supporting network growth Enhanced capability and skills Strengthened systems and resilience Efficiencies through innovation • Specialist workforce developing • Faster delivery and lower cost • National HVDC Centre strengthening enabled through use of emerging n
Slide 37: Increasing Visibility of Future Growth
Increasing Visibility of Future Growth Alison Hall Director of Project Development 37
Slide 38: Post-2030 projects underpinning the ongoing growth opportunity
Post-2030 projects underpinning the ongoing growth opportunity Existing 11 Mega Projects (in delivery) Beyond 2030 TCSNP21 Projects – published March 2024 Beyond 2030 (SSENT Delivery Body) Beyond 2030 Update (Delivery Body TBC) • Peterhead-Kintore 275kV to 400kV Upgrade (Onshore) • Blackhillock-Kint
Slide 39: Clear pathway to progress post-2030 projects
Clear pathway to progress post-2030 projects Regulatory milestones increasing confidence in future network investment Already completed Within the next twelve months... By the end of 2028… Strategic need established Project selection process Enduring planning framework • NESO Beyond 2030 report publ
Slide 40: Confidence in execution of our investment programme
Confidence in execution of our investment programme Today’s team have evidenced.. Delivery in action ▪ From design through consenting to construction and delivery ▪ Equipment and supply chain secured and contracted early and on budget An investable proposition ▪ RIIO-T3 enables a pathway to returns