Supreme (SUP) Trading update summary

Financial performance and growth

• Revenue for FY26 rose 17% year-on-year to £270.2 million, driven by strategic acquisitions and strong vaping division momentum.

• Adjusted EBITDA reached £40.6 million, aligning with analyst consensus and reflecting resilient earnings despite significant investment.

• Drinks & Wellness division revenue surged 60% to £69.3 million, boosted by SlimFast and Clearly Drinks contributions.

• Adjusted net cash position improved to £7.5 million, supporting future growth and value creation.

Market positioning and regulatory readiness

• Fully prepared for the Vaping Products Duty introduction on 1 October 2026, with clear pricing impacts outlined.

• Supports government efforts for a regulated vaping market and expects continued resilience in the sector.

• 88Vape brand positioned to maintain appeal under new pricing regime.

Strategic investments and outlook

• Nearly £5 million invested in brands year-to-date to support future growth.

• Trading for FY27 expected to be in line with market expectations, following a solid start to the year.

• Management aims to leverage manufacturing and distribution strengths to capture further opportunities.