Supreme Plc Company Research (SUP)

In a statement to accompany today’s AGM, Supreme reports that the Group has “continued to see good momentum across its portfolio in the first half of the current financial year” (H126). The Group highlights the combination of strong recent (FY25) financial performance and strategy of complementary acquisitions. On changes in the UK market for vaping products, Supreme reports that it “continues to successfully navigate the evolving UK vaping market, having strategically managed the ban on disposable vapes, which came into effect on 1 June 2025, as well as the transition to pods and other vaping alternatives”. The AGM report confirms that Supreme expects FY26 trading to be in line with market expectations’ and our Fair Value estimate remains 225p/ share.