For the six months to 30 September 2025 (H1 26), Supreme reported revenue of £132.6m, +17%YoY - reflecting both organic growth and the impact of acquisitions - gross profit (including forex) of £38.4m, +13%YoY, and (adj.) EBITDA of £18.5m (H1 25: £18.5m). The closing net debt position (non-IFRS16) was £4.1m, whilst the Group maintained its dividend policy (25% of net profit), recording an interim dividend of 1.6p/ share (H1 25: 1.8p/ share).
The Group reiterated its strategy of growth and product diversification driven by acquisition, noting a “robust M&A pipeline”. Post H1, the Group added an estimated £30m in annualised revenue via the acquisition of 1001 carpet care and SlimFast UK & Europe.
The planned introduction in the UK of the Vaping Products Duty (VPD) from 1st October 2026, at a flat rate tax of £2.20 per 10ml of e-liquid, is designed to discourage youth vaping and boost tax take. This development indicates the addition of c.£40m to Supreme Vaping revenue but is matched by a commensurate increase in COGS. As a result, although our FY27 revenue line is inflated, the (adj.) EBIT and (adj.) EBITDA outlook remains unchanged.
Based on a 5-year discounted cashflow analysis, our Fair Value remains 237p/ share.
