Supreme - H1 26 results: diversified and resilient
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.
Equity Development enables companies to become better understood and supported by investors. Since our launch in 1996 we have consistently focused on helping our clients improve their communication and relationships with both existing and potential shareholders. Our clients have come from a wide variety of sectors and domiciles, are both private and quoted and range in size from micro-cap to $multi-billions. We offer free access to company research notes written by experienced analysts. These notes include detailed forecasts, financial models and a fair value. We host regular Private Investor Forums at which investors have the opportunity to hear company directors present, and to ask questions. These are free to attend. We broadcast live Webinars with company management that include active Q&A. We also make the recordings available online. We arrange face to face meetings between private investors and company management. We are active users of Twitter, commenting daily on company news, share price moves, Directors’ Dealings, Equity Development Research Notes & Events.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.