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Supreme PLC beats market forecasts with record FY26 revenue of £265m and strong vaping sales growth despite the UK disposable ban, ending the year net-cash positive.
This article covers information on Supreme PLC.
LON:SUPSupreme 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.
| 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.
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 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.
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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.
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.
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.
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.
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