London, Feb 23, 2026, 09:29 GMT — Regular session on tap.
SSE (SSE.L) slipped roughly 0.2% to 2,587 pence in early London action Monday, holding to a narrow 2,583–2,606 pence band. Shares remain close to their 52-week peak at 2,667 pence. UK defensives opened under a bit of pressure, with National Grid also trading marginally below water. 1
Investors hesitated after President Donald Trump rolled out a fresh global tariff regime over the weekend, injecting new uncertainty into U.S. trade policy and putting a lid on equity risk appetite. Britain’s FTSE 100 slipped 0.1%. “The tariff landscape is now more uncertain than before,” said Rodrigo Catril, senior FX strategist at NAB. 2
This hits SSE directly. Utilities tend to behave a lot like bond proxies—think stocks that mimic bonds whenever investors chase reliable dividends and cash flow. The group can swing sharply just on shifts in rate outlook or jitters about growth, regardless of specific company headlines.
SSE falls into the capital-intensive utility category. That puts financing costs and project execution front and center for investors as the group pushes ahead with building out electricity networks and ramping up renewables.
Late Sunday, Fitch Ratings put out a report noting SSE’s ratings are underpinned by solid earnings visibility, thanks to the company’s mix of regulated and quasi-regulated revenue streams. 3
SSE dialed back its annual adjusted earnings per share outlook earlier this month, pointing investors to a range of 144–152 pence for the year through March 2026. That’s down from last year’s 160.9 pence, as the company continues pumping money into network upgrades. For the nine months ending Dec. 31, renewables output ticked up a bit. 4
Traders are eyeing the extent of SSE’s recent rally and how that might leave it vulnerable if rates shift or broader risk appetite falters. With tariff talk swirling, there’s fresh uncertainty for companies sourcing equipment and services internationally.
Still, things can shift fast. If bond yields surge again, construction costs go up, or wind output disappoints, sentiment on earnings and cash flow could take a hit—even though the regulated networks provide some insulation.
SSE flagged April 2 as the start of its “closed period” on the investor calendar, locking out insiders from trading ahead of earnings. Preliminary full-year results are due May 28, the date investors are circling for the next batch of numbers on profit, investment plans and any balance-sheet strain. 5
