Supreme PLC Reports Record FY26 Performance, Beating Market Expectations

Record-beating FY26: revenue up 15% and EBITDA ahead of the City

Supreme PLC has delivered a punchy trading update for the year to 31 March 2026, flagging record results and a clear beat versus market expectations. Revenue is expected to land around £265.0 million, up 15% year-on-year, while adjusted EBITDA is slated at approximately £40.6 million. Both are “significantly ahead” of consensus, which sat at £245 million of revenue and £37 million of adjusted EBITDA.

On a year-on-year basis, EBITDA is broadly flat (FY25: £40.5 million), but that doesn’t tell the whole story. Supreme invested meaningfully in acquisitions and manufacturing during the period, yet still ended FY26 in a net-cash position – a sign of strong cash generation and disciplined balance sheet management.

Key numbers from the trading update

Metric	FY26 (Expected)	FY25 (Reported)	Market Consensus
Revenue	c.£265.0 million	£231.1 million	£245 million
Adjusted EBITDA	c.£40.6 million	£40.5 million	£37 million
Net cash at 31 March 2026	Net-cash positive	Not disclosed	Not applicable
Strategic acquisitions (cash deployed)	£12.4 million	Not disclosed	Not applicable
Manufacturing investment	£5.0 million	Not disclosed	Not applicable

Adjusted EBITDA is a profitability measure that removes non-cash and one-off items such as depreciation, amortisation, share-based payments, fair value movements on non-hedge derivatives and exceptional items. It’s a useful read on underlying trading, but remember it is not statutory profit.

Vaping shows resilience despite the disposable ban

One of the big headlines is that vape sales rose by more than 10% year-on-year, even with the UK disposable vape ban coming in on 1 June 2025. That is a notable stress-test of the category and Supreme’s position within it. It suggests the business has been able to pivot its mix, lean on its brands (notably 88Vape), and leverage its routes to market to keep volumes and value moving.

For investors, this is an important proof point: regulation is a structural risk to vaping, but Supreme’s diversified model and brand reach appear to be cushioning the shocks. The RNS does not disclose category margins or mix, but the top-line growth alongside the EBITDA beat implies operational resilience.

Drinks & Wellness momentum, powered by SlimFast and new facilities

Drinks & Wellness also had a strong year, helped by an “excellent contribution” from SlimFast, acquired during the period. Alongside this, Supreme invested in two new manufacturing facilities, including a state-of-the-art 40,000 sq.ft. dedicated wellness site. That kind of in-house capacity matters: it can improve control of quality, margins and speed-to-shelf as ranges scale.

The category now bundles Sports Nutrition & Wellness with Typhoo Tea, Clearly Drinks and SlimFast. This is a sizeable platform play across hydration, hot beverages and weight management – three areas with repeat purchase behaviour. The company hasn’t broken out category revenue or profitability in this update, but the tone is clearly confident.

Invest, integrate, and still net cash: a healthy balance sheet stance

Supreme spent £12.4 million on strategic acquisitions and £5.0 million upgrading manufacturing during the year, and still finished FY26 net-cash positive. Net cash simply means cash exceeds borrowings – a welcome position when interest costs remain elevated. It also gives Supreme optionality to keep investing or defend the balance sheet if conditions tighten.

The manufacturing push – particularly the wellness facility – should support longer-term margin and growth ambitions. The immediate-year EBITDA being flat versus FY25 likely reflects the timing of investment, acquisition integration costs and product mix. The key point is they outpaced consensus while funding growth.

New divisional structure and extensive retail footprint

Supreme has regrouped into three operating divisions: Vaping; Drinks & Wellness; and Electricals & Household (covering batteries, lighting and the newly acquired 1001 cleaning brand). This simplifies the story and better reflects how consumers shop across core FMCG aisles.

The distribution credentials are substantial: 3,000+ active business accounts and around 55,000 retail outlets, with customers including B&M, Home Bargains, Poundland, Tesco, Sainsbury’s, Morrisons, Amazon, The Range, Costcutter, Asda, Halfords, Iceland, Waitrose, Aldi and HM Prison & Probation Service. Supreme also distributes third-party brands like Duracell, Energizer and Panasonic, and holds licences for Energizer, Eveready, Black & Decker and JCB lighting across 45 countries. That scale is a real moat in FMCG where shelf-space and route-to-market are king.

Why this update matters for investors

Positives I’m taking away

• Clear beat vs expectations: revenue c.£265.0 million and adjusted EBITDA c.£40.6 million versus consensus £245 million and £37 million.
• Vaping resilience: >10% sales growth despite the disposable ban indicates brand strength and channel depth.
• Category diversification working: Drinks & Wellness momentum, with SlimFast’s “excellent contribution” and new facilities to underpin growth.
• Balance sheet discipline: meaningful capex and M&A yet net-cash positive at year-end.
• Operational backbone: vertically integrated model from product development to D2C and an extensive retail network.

What I’m watching next

• Margin mix: adjusted EBITDA is flat year-on-year – I’ll look for detail on gross margin, category profitability and integration costs in the full results (not disclosed here).
• Regulatory risk in vaping: growth through a ban is impressive, but ongoing regulatory changes are a persistent watch-out.
• Integration execution: how quickly acquisitions (including SlimFast and 1001) embed and contribute to margins and cash flow.
• Cash allocation: with net cash, will management lean further into M&A, capex, or retain headroom? No policy updates in this RNS.

My take: a confident beat with investment for the long haul

This is a strong print. Supreme didn’t just edge past the City – it beat decisively on both revenue and EBITDA while funding strategic moves that should support future growth. The flat year-on-year EBITDA headline could spook a quick glance, but against the investment backdrop and the disposable vape ban, the underlying performance looks robust.

The Board says it remains confident in future trading, and on this showing that confidence looks justified. I’ll be looking for fuller colour on margins, cash conversion and category splits at results. For now, Supreme looks to have navigated regulatory headwinds, broadened its consumer platform and strengthened its manufacturing base – all while keeping the balance sheet in good nick.

For more on the company, you can visit Supreme’s investor page at investors.supreme.co.uk.