Supreme (SUP) H1 2026 earnings summary

Executive summary

• Revenue increased 17% year-over-year to £132.6 million in H1, driven by acquisitions (SlimFast, 1001, Clearly Drinks, Typhoo) and organic growth, despite a challenging retail environment.

• Adjusted EBITDA remained flat at £18.5 million, as gains from acquisitions were offset by higher overheads and declines in Electricals & Household.

• Acquisitions accelerated product diversification and were immediately earnings-enhancing.

• Typhoo turnaround advanced with new manufacturing, rebranding, and a return to profitability.

• Continued innovation with new product launches in drinks and wellness, including Juicy Protein and Typhoo Iced Tea.

Financial highlights

• Revenue rose to £132.6 million from £113 million in the first half last year.

• Gross profit increased 13% to £38.4 million, with gross margin at 29% (down from 30%).

• Adjusted EBITDA flat at £18.5 million; operating profit at £12.9 million.

• Net debt (including leases) increased to £20 million, mainly due to acquisitions and working capital outflows.

• EPS declined to 7.7p; adjusted EPS at 9.1p.

Outlook and guidance

• Trading for FY 2026 expected to be in line with market expectations; analysts' consensus: £245 million revenue and £37 million adjusted EBITDA.

• Focus shifting from M&A to integration and optimization of acquired businesses.

• Continued innovation and product launches, especially in drinks and wellness.

• Preparing for UK vaping tax changes in 2026, with operational adaptations underway.

• Non-vape activities projected to contribute about 50% of annualised revenue.