Report published October 1, 2026
SSE Plc: Trading Statement in Line, H1 Benefited from Higher Renewables Output – Goldman Sachs Research
Goldman Sachs · October 1, 2026
SSE reported an in-line pre-close trading statement for H1 2027, driven by a ~20% YoY increase in renewables output and guiding to half-year adjusted EPS of 64p–68p. Goldman Sachs reiterates its Neutral rating and 2,678p 12-month price target.
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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.SSE's trading statement showed renewables output rose ~20% year-on-year due to more favorable weather conditions.
- 2.Half-year adjusted EPS is expected between 64p and 68p, reflecting reduced seasonality from an increasing proportion of regulated networks earnings.
- 3.Full-year business unit expectations remain unchanged, and SSE remains on track for FY26/27 adjusted EPS of 168–193p and FY29/30 adjusted EPS of 225–250p.
Table of Contents
- Valuation Methodology
Report data
GS Forecast and Valuation Multiples for SSE Plc — as of September 30, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 12-month Price Target | 2678 p | Goldman Sachs 12-month target price for SSE Plc. |
| Closing Share Price | 2491 p | Closing share price as of 30 Sep 2026. |
| Price Target Upside | 7.5% | Implied upside to 12-month price target. |
| Renewables Output Growth | 20% | Year-on-year increase in renewables output owing to favorable weather conditions. |
| H1 Adjusted EPS Guidance (Low) | 64 p | Low end of expected half-year adjusted EPS range. |
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