We spoke to SSE after this morning''s pre-close RNS update. The conversation makes us more comfortable about 154p FY consensus, with the weakish 1H guide driven by y/y changes in earnings mix rather than any deterioration elsewhere in the business. Key points from the conversation: . Expressing confidence that the 1H guidance is consistent with past guidance and FY consensus . The previously-flagged step-down in distribution revenues has altered the seasonality of the business, explaining the slightly weaker 1H EPS phasing guidance vs. previous years. Distribution is more equalweighted in the year whereas the wider business is more 2H weighted, therefore any decline of distribution earnings in the mix will naturally skew overall EPS further to 2H. . Wind speeds have been robust since July after a challenging start to the year; September was good. . Co is pleased with the rate of capex execution in 1H and ASTI project approvals. FY26 capex cons. still looks a little high to us at GBP4bn vs. us GBP3.3bn. . FY27 175-200p guidance firmly reiterated.