The following is a summary of the SSE Plc (SSEZF) Q4 2024 Earnings Call Transcript:

Financial Performance:

• SSE reported an adjusted operating profit of £2.4 billion, a decrease of 4% from the previous year.

• The adjusted earnings per share (EPS) were 158.5p, indicating performance in the upper end of predicted guidance.

• With an investment of £2.5 billion this year, the company's adjusted net debt increased to £9.4 billion.

• The company proposed a full-year dividend of 60p per share.

• Earnings from Renewables' operating increased by 48% to £833 million.

• SSE remains on track for its 2027 earnings guidance and predicted significant returns from Thermal & Gas Storage in the future.

Business Progress:

• SSE saw the full operation of the Seagreen offshore wind farm which resulted in a net capacity increase of 527 megawatts.

• The company reported growth in earnings from increases in allowed revenues under RIIO T2 and a positive timing impact from tariffs.

• SSE is on track to deliver full Dogger Bank's capacity by H1 2025. Dogger Bank phase is expected to generate around 6 terawatt hours of clean electricity annually.

• Future developments will focus on optimizing data and processes and increasing value in distribution.

• SSE aims to provide 10 gigawatts of renewables by 2026 through its strategic net zero first investments.

• Significant investments are planned into the mid-2030s, underpinned by growth prospects in transmission and distribution networks.

• Collaboration with local partners is being pursued for attractive auctions to produce up to 800 megawatts of onshore wind in the next decade.

• SSE plans to increase capital expenditures in support of Microsoft Cloud growth and increased demand for the AI platform.

• Despite future political uncertainties, the company maintains its focus on achieving net zero energy.

• Increased profits from transmission business improved the quality of earnings as it provides more predictability compared to the merchant pieces.

• SSE confirmed plans for increased capital in the transmission business and continued building of its renewable capacity.

• The company confirmed its commitment to invest in larger capital projects and grow through the NZAP Plus initiative.

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