SSE : 2023/24 full year results statement

POWERING SUSTAINABLE GROWTH

Preliminary Results

for the year to 31 March 2024

HIGHLY CONFIDENTIAL DRAFT FOR CONTINGENCY AND DISCUSSION PURPOSES ONLY

Disclaimer

This financial report contains forward-looking statements about financial and operational matters. These statements are based on the current views, expectations, assumptions, and information of management, and are based on information available to the management as at the date of this financial report. Because they relate to future events and are subject to future circumstances, these forward-looking statements are subject to unknown risks, uncertainties and other factors which may not have been in contemplation as at the date of the financial report. As a result, actual financial results, operational performance, and other future developments could differ materially from those envisaged by the forward-looking statements. Neither SSE plc nor its affiliates assumes any obligations to update any forward-looking statements.

SSE plc gives no express or implied warranty, representation, assurance or undertaking as to the impartiality, accuracy, completeness, reasonableness or correctness of the information, opinions or statements expressed in the presentation or any other information (whether written or oral) supplied as part of it. Neither SSE plc, its affiliates nor its officers, employees or agents will accept any responsibility or liability of any kind for any damage or loss arising from any use of this presentation or its contents. All and any such responsibility and liability is expressly disclaimed. In particular, but without prejudice to the generality of the foregoing, no representation, warranty, assurance or undertaking is given as to the achievement or reasonableness of any future projections, forward-looking statements about financial and operational matters, or management estimates contained in the financial report.

This financial report does not constitute an offer or invitation to underwrite, subscribe for, or otherwise acquire or dispose of any SSE plc shares or other securities, or of any of the businesses or assets described in the financial report, and the information contained herein cannot be relied upon as a guide to future performance.

Definitions

The financial information set out in this Preliminary Results Statement has been prepared in accordance with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority and UK adopted International Accounting Standards.

In order to present the financial results and performance of the Group in a consistent and meaningful way, SSE applies a number of adjusted accounting measures throughout this financial report. These adjusted measures are used for internal performance management and are believed to present the underlying performance of the Group in the most useful manner for ordinary shareholders and other stakeholders.

The definitions SSE uses for adjusted measures are explained in the Alternative Performance Measures ("APMs") section before the Summary Financial Statements. SSE continues to prioritise the monitoring of developing practice in the use of APMs, ensuring the financial information in its results statements is clear, consistent, and relevant to the users of those statements.

For the purpose of calculating the 'Net Debt to EBITDA' metric, 'Net Debt' represents the group's 'Adjusted Net Debt and Hybrid Capital" APM and 'EBITDA' represents the full year group "Adjusted EBITDA" APM and including a further adjustment to remove the proportion of "Adjusted EBITDA" from equity-accounted Joint Ventures which relates to project financed debt.

Important note: Discontinued Operations - Gas Production

On 14 October 2021, the Group completed the sale of its Gas Production business which had been presented as a discontinued operation prior to disposal as the transaction constituted the exit of all activity in that industry. The Group's adjusted measures therefore exclude the contribution from this business in all periods presented. The Group continues to retain a 60% share of the decommissioning obligation of the Gas Production business following disposal. Any adjustments to the decommissioning obligation are accounted for through the Group's consolidated income statement and removed from the Group's adjusted profit measures as the revaluation of the provision is not considered to be part of the Group's core continuing operations.

Important note: Non-controlling equity stake sale

On 30 November 2022, the Group completed the sale of a 25% non-controlling equity stake in Scottish Hydro Electric Transmission plc ('SHET') (see note 12 of the Summary Financial Statements).

As this transaction did not result in a loss of control, the business continues to be classified as a continuing operation and its result continues to be included within the Group's adjusted profit-based measures, after removing the relevant share of profit attributable to holders of non-controlling equity stakes from the point when the ownership structure changed in accordance with the APM definitions.

2

CONTENTS
CONTENTS	3
SSE PLC: PRELIMINARY RESULTS	4
FOR THE YEAR ENDED 31 MARCH 2024	4
KEY PERFORMANCE INDICATORS	6
STRATEGIC OVERVIEW	8
GROUP FINANCIAL REVIEW	10
FINANCIAL OUTLOOK - 2024/25 AND BEYOND	15
SUPPLEMENTAL FINANCIAL INFORMATION	19
BUSINESS OPERATING REVIEW	33
SSEN TRANSMISSION	35
SSEN DISTRIBUTION	38
SSE RENEWABLES	41
SSE THERMAL	46
GAS STORAGE	49
ENERGY CUSTOMER SOLUTIONS	51
SSE BUSINESS ENERGY	51
SSE AIRTRICITY	52
SSE ENTERPRISE	53
SSE ENERGY MARKETS	54

3

SSE PLC: PRELIMINARY RESULTS

FOR THE YEAR ENDED 31 MARCH 2024

22 MAY 2024

A YEAR OF DELIVERY, RESILIENCE & GROWTH

• Delivered investment of £2.5bn in critical national energy infrastructure, including:

• 1. Construction starting on Eastern Green Link 2 subsea transmission cable, the largest in the UK; o Full power at Seagreen, the world's deepest fixed bottom offshore wind farm;
     o Progressing the world's largest wind farm, with Dogger Bank A turbine installations continuing; o Final commissioning under way on both Viking onshore wind farm and Shetland HVDC link.
• Reporting adjusted earnings per share of 158.5p, towards the top end of guidance and reflecting the resilience and quality of earnings from balanced business mix despite normalisation of energy markets.
• Enhanced visibility of accelerated growth in core regulated Transmission business creates significant depth to long-termearnings whilst complementing SSE's renewables capacity additions and demonstrating the benefit of optionality across networks, renewables and flexibility.
• Making a major contribution to communities, adding £6bn to UK GDP, supporting over 50,000 UK jobs with a further €1bn contribution to Ireland GDP and over 3,000 Irish jobs supported.
• Investing in safety, opening Scotland's first immersive safety training facility which will deliver innovative training to 7,000 people per year for the next three years. However, the combined Total Recordable Injury Rate for employees and contractors increased to 0.20 from 0.19 in 2023.

FINANCIAL SUMMARY

				Adjusted						Reported
	(continuing operations1)		Mar 2024		Mar 2023			% mvmt			Mar 2024		Mar 2023			% mvmt
	Operating profit / (loss) (£m)	2,426.4	2,529.2	(4%)	2,608.2	(146.3)		+1,883%
	Profit / (loss) before tax (£m)	2,174.7	2,183.6	(-%)	2,495.1	(205.6)		+1,314%
	Earnings / (loss) per share (p)	158.5	166.0	(5%)	156.7	(14.7)		+1,166%
	Investment, capital & acquisitions (£m)	2,476.7	2,803.3	(12%)	3,285.6	3,188.7	+3%
	Net Debt and Hybrid Capital (£bn)2	(9.4)	(8.9)	+6%	(8.1)	(8.2)		(1%)

1 Excluded discontinued operation relates to the disposal of the Gas Production business which contributed £nil to Reported profit for the year ended 31 March 2024 (2023: £35.0m profit). 2 Reported numbers exclude equity accounted hybrid capital.

FINANCIAL HIGHLIGHTS: DELIVERING RESILIENT EARNINGS

• Adjusted earnings per share of 158.5p, towards the top end of guidance provided in the pre-close statement reflecting strong operational performance across the diversified business mix.
• Reported earnings per share of 156.7p, reflecting positive fair value movements on derivatives offset by impairments in Triton Power and Gas Storage, reversing previous valuation increases to reflect changing market conditions, and an impairment in non-core Neos Networks investment.
• Increased profits in SSEN Transmission driven by increased investment as the business progresses with delivery of the RIIO-T2business plan, whilst the timing of cost inflation recovery in SSEN Distribution principally led to lower profitability in that business.
• Profitability in Renewables reflects higher hedged prices combined with lower hedge buyback costs, with higher year-on-yearoutput reflecting Seagreen offshore wind farm reaching full power.
• In SSE Thermal, lower market income was partially offset by additional capacity from Triton Power and Keadby 2 offering the market increased flexibility, alongside strong future capacity auction results.
• Gas Storage earnings lower, in line with expectations, as gas prices and price volatility reduced
• £1.1bn of long-termdebt issued in the period including a €750m eight-year Green Bond at a fixed coupon of 4.0% and a further £500m 20-year Green Bond at an all-in rate of 5.575%.
• Adjusted investment, capital and acquisition expenditure of £2.5bn.
• Adjusted net debt and hybrid capital at £9.4bn, in line with pre-close guidance, with a net debt to EBITDA ratio of 3.0 times, well within a strong investment grade credit rating range.

4

FINAL DIVIDEND IN LINE WITH GROWTH-ENABLING PLAN

• Intention to recommend a final dividend of 40.0p for payment on 19 September 2024, making the full year dividend 60p per share in line with growth aligned dividend plan.
• Scrip uptake continues to be capped at 25% and implemented by means of a share buy-back.

PREMIUM ASSETS CREATING HIGH QUALITY EARNINGS

• On track to deliver adjusted EPS of 175 - 200p by FY27, a CAGR of 13-16%over the five-yearplan.
• Continued focus on delivery of the fully-funded £20.5bn Net Zero Acceleration Programme Plus (NZAP Plus), converting high quality organic project pipeline into long-termsustainable earnings.
  o c.55% of capex focused on electricity networks with regulated, index-linked revenues
  o c.35% of capex on renewables with increasing proportion under long-termindex-linked contracts o c.10% of capex on flexible power which is benefiting from increasing capacity market income
• Capex weighting reflects strong growth opportunities across the Group's portfolio, including:

• 1. Gross electricity networks RAV to exceed £16bn by 2026/27, a >15% CAGR over the five-yearso Up to 5GW net renewables capacity additions over the period, although focus remains on
     creating long-term value over short-term capacity volume
• Maintaining balance sheet strength through diversified business mix with net debt / EBITDA expected to remain within or below 3.5 - 4.0x range over the course of the plan.
• Reiterating commitment to target annual dividend increases of between 5 - 10% to 2026/27, based on an expected 60 pence full year dividend for 2023/24, with retention of the scrip option capped at 25%.

STRATEGIC HIGHLIGHTS: DELIVERING ESSENTIAL INFRASTRUCTURE

• Eastern Green Link 2, a 2GW subsea HVDC project being delivered in partnership with National Grid, received confirmation from Ofgem of £4.4bn project assessment, with onshore works now under way in Peterhead. EGL2 will be the UK's biggest subsea transmission project.
• Strong progress has also been made on delivery of further ASTI1 projects, which could collectively comprise c.£17bn of gross nominal investment to unlock renewable resource in Scotland.
• Installation of SSEN Transmission's Shetland HVDC reaching final commissioning ahead of energisation in Summer 2024.
• SSEN Distribution has completed the first year of its RIIO-ED2 price control, delivering accelerated investment in capital projects whilst unlocking its first Uncertainty Mechanism funding.
• Full power achieved at 1.1GW Seagreen, Scotland's largest and the world's deepest fixed bottom offshore wind farm and final commissioning reached at 440MW Viking, which is expected to be the UK's most productive onshore wind farm when it reaches full power later in 2024.
• Delivered first power at 3.6GW Dogger Bank, which will be the world's largest offshore wind farm when complete. Whilst phase one is behind original schedule, it is expected to deliver full value in line with FID.
• Secured 605MW of onshore wind in the UK fifth Contract for Difference auction (AR5) in addition to

101MW in Ireland's third RESS process.

1Accelerated Strategic Transmission Investment

Alistair Phillips-Davies, Chief Executive, said:

"This is a strong performance where we have delivered essential energy infrastructure, benefited from the resilience of our business model, and made disciplined investment in our excellent growth opportunities.

"Renewables, flexible power and electricity networks are the building blocks of a cleaner and more secure energy system. With world-class assets and capabilities, and enhanced visibility of growth in transmission, SSE is ideally placed to benefit from this structural trend, creating value for shareholders and society.

"Our immediate focus is on delivering our financial and operational growth targets out to 2026/27 and we are on track to do this, converting our premium organic project pipeline into high-quality sustainable earnings."

5

KEY PERFORMANCE INDICATORS

	Key Financial Indicators		Adjusted		Reported
	(continuing operations)		Mar 2024			Mar 2023			Mar 2024			Mar 2023
	Operating profit / (loss) by business £m
	- SSEN Transmission	419.3	372.7	559.1	405.5
	- SSEN Distribution	272.1	382.4	272.1	382.4
	- SSE Renewables	833.1	561.8	630.3	428.1
	- SSE Thermal & Gas Storage	818.9	1,244.4	602.2	1,338.7
	- Other businesses inc. corporate unallocated	83.0	(32.1)	544.5	(2,701.0)
	Operating profit / (loss) £m	2,426.4	2,529.2	2,608.2	(146.3)
	EBITDA £m	3,295.6	3,382.1	3,333.1	557.9
	Profit / (loss) before tax £m	2,174.7	2,183.6	2,495.1	(205.6)
	Earnings / (loss) per share (EPS) pence	158.5	166.0	156.7	(14.7)
	Full year dividend per share (DPS) pence	60.0	96.7	60.0	96.7
	Investment and capital expenditure £m
	- SSEN Transmission	595.6	495.5	797.5	543.8
	- SSEN Distribution	505.1	421.0	657.1	502.0
	- SSE Renewables	1,097.1	911.5	788.9	1,072.0
	- SSE Thermal & Gas Storage	100.4	159.5	108.7	71.6
	- Other businesses	178.5	173.1	933.4	999.3
	Acquisition consideration £m	-	642.7	-	642.7
	Investment, capital and acquisitions £m	2,476.7	2,803.3	3,285.6	3,831.4
	Net debt and hybrid capital £m	9,435.7	8,894.1	8,097.8	8,168.1

2022/23 segmental numbers restated reflecting movement of Solar and Battery business to SSE Renewables, previously reported in SSE Enterprise. Excluded discontinued operation contributed £nil to Reported profit for the period ended 31 Mar 2024 (31 Mar 2023: £35.0m profit).

Operational Key Performance Indicators	Mar 2024	Mar 2023
SSE Thermal generation - GWh1	15,247	18,313
SSE Renewables generation - GWh (inc. pumped storage and constrained-off GB wind)	11,158	10,159
Enterprise - GWh	105	96
Total generation output - all plant - GWh	26,510	28,568
SSEN Transmission gross RAV - £m2	5,676	4,836
SSEN Distribution RAV - £m	5,301	4,720
SSE Total Electricity Networks gross RAV - £m2	10,977	9,556
SSE Business Energy Electricity Sold - GWh	10,693	12,108
SSE Business Energy Gas Sold - mtherms	168	200
Airtricity Electricity Sold - GWh	6,400	5,795
Airtricity Gas Sold - mtherms	199	193

1. 2022/23 excludes 1,184GWh of pre-commissioning output from Keadby 2 which entered commercial operation on 15 March 2023
2. Gross of 25% non-controlling interest in SSEN Transmission.

	ESG Key Performance Indicators		Mar 2024	Mar 2023
	Carbon emissions (scopes 1&2) MtCO2e	4.81	6.52
	Scope 1 GHG intensity gCO2e/kWh	205	254
	Total water consumed (million cubic meters)	2.4	1.4
	Total recordable injury rate per 100,000 hours worked	0.20	0.19
	Total economic contribution - UK/Ireland (£bn/€bn)1	5.96/1.06	6.04/0.43
	Jobs supported - UK/Ireland (headcount)2	53,230/3,270	39,940/2,430
	Total taxes paid UK/Ireland (£m/€m)	679.2/68.0	501.7/53.8
	Employee retention/turnover rate (%)3	91.3/8.7	89.5/10.5
	Employee engagement index (%)4	85	84
	Average board tenure - years5	3.8	4.4
	Female board members (%)6	42	46
	Independent board members (%)6	73	75
	Total number of board members	12	13

1Direct, indirect and induced Gross Value Added, from PwC analysis; 2 Direct, indirect and induced jobs supported, PwC analysis. 3 Includes voluntary and involuntary turnover, excludes end of fixed term contracts and internal transfers. 4 Results from SSE's annual employee engagement survey. 5 Non-Executive directors including non-Executive Chair 6Excludes non-Executive Chair.

6

FURTHER INFORMATION

Investor Timetable
2024 Annual Report and Sustainability Report published on sse.com	14	June 2024
AGM and Q1 Trading Statement		18	July 2024
Final ex-dividend date		25	July 2024
Record date		26	July 2024
Scrip reference pricing days		25-31 July 2024
Scrip reference price confirm and released via RNS	1 August 2024
Final date for receipt of scrip elections		22	August 2024
Final dividend payment date		19	September 2024
Notification of Closed Period		Around 30 September 2024
Interim results for the six months ended 30 September 2024	13	November 2024
Contact Details
Institutional investors and analysts	[e-mail]	+ 44 (0)345 0760 530
Shareholder services	[e-mail]	+ 44 (0)345 143 4005
Media	[e-mail]	+ 44 (0)345 0760 530
MHP Group, Oliver Hughes	[e-mail]	+ 44 (0)7885 224 532
MHP Group, James McFarlane	[e-mail]	+ 44 (0)7584 142 665

Management presentation webcast and teleconference

SSE will present its full year results for the twelve months to 31 March 2024 on Wednesday 22 May at 10:00am BST.

You can join the webcast by visiting www.sse.com and following the links on either the homepage or investor pages; or directly using:

https://edge.media-server.com/mmc/p/6nczrdg7

This will also be available as a teleconference, for which participants can register to receive a unique pin code and conference call number using:

https://register.vevent.com/register/BI187dcac642ae47be89755db4e581283c

The presentation will be available to replay.

Online Information

News releases and announcements are made available on SSE's website at www.sse.com/investors and you can register for Regulatory News Service alerts using the following link: sse.com/investors/regulatory-news/regulatory-news-alerts/.You can also follow the latest news from SSE at www.twitter.com/sse.

7

STRATEGIC OVERVIEW

POWERING SUSTAINABLE GROWTH

The work SSE is doing to accelerate the construction of renewables assets, provide critical flexible generation back-up and transform electricity networks goes to the very heart of a long-held purpose that is building a better world of energy. Renewables, flexibility and networks are the foundations of the future energy system and we have the skills, world-class assets and development pipeline to deliver it.

The same diversified business mix that performed so well in 2023/24 gives us the optionality to pivot our investment plans to where the best opportunities exist in the clean electricity value chain. In this way we are powering sustainable growth. Right now, that growth - and associated value creation - are coming through networks and renewables, and this is reflected in the adjustments we made in the year to capital allocation across the Group with 90% of our fully-funded £20.5bn Net Zero Acceleration Programme Plus (NZAP Plus) investment programme geared to these two areas, particularly as we get enhanced visibility of growth in our core regulated transmission business.

As the UK and Ireland's clean energy champion, there are significant tailwinds behind our core business and broad political and societal consensus on the need to slow climate change. Supportive market design will be key to SSE playing its part and we welcomed the bulk of the UK Government's long-awaited Review of Electricity Market Arrangements that will accelerate reform of the energy system. We also welcome the more strategic approach to network planning and continue to advocate for the deployment of more renewables, greater ambition on flexible generation technologies and streamlined planning and consenting frameworks for networks.

DELIVERY, RESILIENCE AND GROWTH

We can look back on 2023/24 as a year in which we accelerated the delivery of a strategic plan that is making significant inroads to a future energy system that is cleaner, secure and more affordable. It was another year of record investment, with £2.5bn spent on critical national infrastructure as we pushed ahead with our fully- funded capex programme to 2026/27 and reached a number of delivery milestones on our flagship infrastructure projects. At the same time we met our financial objectives, achieving the higher end of our guided range of full-year adjusted Earnings Per Share as the resilience of our diversified business mix proved its worth yet again.

It is all the more pleasing that progress in the year was accompanied by a significant reduction in our greenhouse gas (GHG) emissions. Performance against our climate targets represented the lowest value on record for SSE's total GHG emissions, scope 1 GHG emissions and carbon intensity. This was mainly attributable to a reduction in thermal generation output in the year and we will continue to track closely the progress we are making against interim science-based targets.

SSE's continued success is dependent on the talent and commitment of our highly-skilled employees and contract partners, and getting them home safe at the end of each working day remains our top priority. We were therefore deeply saddened by the loss of Richard Ellis, the employee of a contract partner, who died in an offsite incident in October 2023. Among direct employees we matched our best safety performance year, but this was of course overshadowed by Richard's death. We are redoubling efforts to ensure everyone at SSE is kept out of harm's way, and with a growing workforce - we filled over 4,000 roles last year - safety remains front of mind.

DELIVERY OF A CLIMATE-FOCUSED STRATEGY

One measure of the strategic progress we are making is the various milestones reached in the year on major infrastructure projects within SSE's two growth engines: networks and renewables. Working with our joint venture partners, the construction of SSE Renewables' flagship projects continued to progress, with Scotland's largest offshore wind farm, Seagreen, completed in the Firth of Forth. We also made good progress at Viking, on Shetland, and Yellow River and Lenalea in Ireland, while construction got under way at onshore sites in

8

France and Spain. These are highly complex projects, however, and not without risk, as we have seen with Dogger Bank A which has been impacted by poor North Sea weather, installation vessel availability and supply chain delays with completion now expected in the first half of 2025.

At the same time, SSEN Transmission has been delivering critical grid infrastructure that is vital to the future energy system. Good progress was made in the year on enabling work for the Eastern Green Link 2, or EGL2, which is the High Voltage Direct Current (HVDC) undersea link from Peterhead to Yorkshire. Elsewhere, major RIIO-T2 projects moved ahead at pace, notably with the pioneering HVDC Shetland link where all 260km of the subsea cable was laid in 2023 and the project remains on track for full energisation in summer 2024.

RESILIENCE IN A COMPLEX ENERGY LANDSCAPE

We operate in a highly dynamic energy landscape that is best navigated with a blend of diverse technologies and revenue streams. Our very deliberate mix of market-facing and economically-regulated businesses spans the clean energy value chain and offers stable economic returns for the Group as a whole, while providing multiple options for continued investment. The agility of the Group business model has enabled us to pivot capital to where it will have the biggest impact on net zero and create the greatest value. And while SSE Renewables and SSEN Transmission are the current drivers of growth, with Transmission in particular offering a 'once in a generation' growth opportunity, they are complemented by other businesses that contribute to delivery of our climate-focused,value-creating strategy.

SSE Thermal offers much of the system flexibility needed for energy security and secured significant capacity contracts in the year; SSEN Distribution is transforming itself and investing to electrify streets and homes as demand for its services increases; SSE Energy Markets is managing risk, navigating market volatility and securing value for our assets; and our customer businesses are ensuring a valuable route to market with new products and systems, bringing energy users with us on the road to net zero. As the constituent parts of a strategically cohesive group, these are quality businesses that are creating lasting value. Detail of how all of our businesses have played their part in the past year can be found in the following pages.

GROWTH BEYOND THE FIVE-YEAR PLAN

Looking beyond the NZAP Plus, we see more growth to come. With steady regulatory earnings and well- established infrastructure, electricity networks have long been an underappreciated part of the energy system. An impending surge in demand has changed all that. SSEN Transmission is required by its licence conditions to deliver £20bn of upgrades to the network in the north of Scotland under the Large Onshore Transmission Infrastructure (LOTI) and Accelerated Strategic Transmission Infrastructure (ASTI) frameworks, with additional investment of at least £5bn earmarked for early delivery in the north of Scotland in Ofgem's Beyond 2030 plan.

And we have an enviable development pipeline of energy assets that will be needed for net zero too. Renewables projects like Berwick Bank, Seagreen 1A, Coire Glas and Arklow will be complemented by future auction possibilities and other opportunities in our home markets and abroad. There is also a range of flexibility options across different technologies, from batteries and pumped storage hydro to carbon capture and storage and hydrogen.

ON COURSE WITH THE NZAP PLUS

For now, our primary focus is on delivery of our five-year plan and the lasting value it will bring to shareholders and society. Much of the anticipated NZAP Plus growth is factored into the later years of the plan, and some 60% of the forecast earnings is regulated and inflation-linked. This - combined with a fully-funded investment plan; strict capital discipline; quality assets and people; a resilient business mix; and a strong balance sheet with the majority of debt held at fixed rates - gives us every confidence in our guidance to 2026/27.

Alistair Phillips-Davies

Chief Executive

SSE plc

9

GROUP FINANCIAL REVIEW

YEAR ENDED 31 MARCH 2024

This Group Financial Review sets out the financial performance of the SSE Group for the year ended 31 March 2024. See also the separate sections on Group Financial Outlook, 2024/25 and beyond, and Supplemental Financial Information.

In order to present the financial results and performance of the Group in a consistent and meaningful way, SSE applies a number of adjusted accounting measures throughout this financial report. These adjusted measures are used for internal management reporting purposes and are believed to present the underlying performance of the Group in the most useful manner for shareholders and other stakeholders.

The SSE Renewables and SSE Business Energy comparative results have been restated to reflect the transfer of responsibility for the Solar and Battery business to SSE Renewables and Building Energy Management Systems to SSE Business Energy. These businesses both transfer from SSE Enterprise, where comparative results are also restated.

The definitions SSE uses for adjusted measures are consistently applied and are explained - including a detailed reconciliation to reported measures - in the Alternative Performance Measures section of this document before the Summary Financial Statements.

	Key Financial Metrics	Adjusted	Reported
	(continuing operations)1
	Mar 2024	Mar 2023	Mar 2024	Mar 2023
		£m	£m	£m	£m
	Operating profit / (loss)	2,426.4	2,529.2	2,608.2	(146.3)
	Net finance (costs) / income	(251.7)	(345.6)	(113.1)	(59.3)
	Profit / (loss) before tax	2,174.7	2,183.6	2,495.1	(205.6)
	Current tax (charge) / credit	(371.0)	(358.8)	(610.7)	110.0
	Effective current tax rate (%)	17.1	16.4	25.6	(12.7)
	Profit / (loss) after tax	1,803.7	1,824.8	1,884.4	(95.6)
	Less: hybrid equity coupon payments	(73.1)	(38.8)	(73.1)	(38.8)
	Less: profits attributable to non-controlling interests	-	-	(100.8)	(23.6)
	Profit / (loss) after tax attributable to ordinary	1,730.6	1,786.0	1,710.5	(158.0)
	shareholders
	Earnings / (loss) per share (pence)	158.5	166.0	156.7	(14.7)
	Number of shares for basic/reported and adjusted	1,091.8	1,075.6	1,091.8	1,075.6
	EPS (million)
	Shares in issue at 31 March (million)2	1,093.4	1,090.3	1,093.4	1,090.3

1. Excluded discontinued operation relates to the disposal of the Gas Production business which contributed £nil to Reported profit for the year ended 31 March 2024 (2023: £35.0m profit).
2. Excludes Treasury shares of 2.8m in March 2024 and 3.6m in March 2023

Dividend per Share (pence)	Mar 2024	Mar 2023
Interim Dividend	20.0	29.0
Final Dividend	40.0	67.7
Full Year Dividend	60.0	96.7

As announced alongside the NZAP Plus capital investment plan, and following completion of the Group's previous commitments to dividend growth, the 2023/24 dividend was rebased to 60.0 pence per share to support SSE's ongoing ambitions to accelerate investment in the assets required to reach net zero.

10