Final Results

1 July 2026

Supreme plc

("Supreme," the "Company" or the "Group")

Audited Financial Statements for the year ended 31 March 2026

· Record year for revenue and Adjusted EBITDA1

· Organic investment and earnings accretive acquisitions underpinning performance

· Expansion of in-house manufacturing capabilities and product diversification supports medium term growth ambitions

Supreme (AIM:SUP), a leading manufacturer, innovator and distributor of fast-moving consumer goods, announces its audited results for the year ended 31 March 2026 ("FY26" or "the Period").

Financial highlights

Financial highlights

· Record revenue of £270.2 million, increasing 17% YoY (FY25: £231.1 million) as a result of strategic acquisitions undertaken in the past two years combined with growth in the Vaping division.

· Adjusted EBITDA1 broadly level at £40.6 million, in line with current analysts' consensus following an upgrade earlier this year.

· Drinks & Wellness grew by 60% to £69.3 million of revenue, with SlimFast making a strong contribution after only five months as part of the Group, and a full year of contribution from Clearly Drinks.

· Positive Adjusted net cash position of £7.5 million (FY25: £1.2 million) after considerable investment into the business through M&A and manufacturing infrastructure initiatives.

Operational highlights

· Acquisitions of iconic brands SlimFast and 1001 carpet care in the Period for a combined cost of £22.3 million which, together, are expected to immediately generate annualised Adjusted EBITDA1 of around £6.5 million.

· £6.0 million investment to expand Supreme's in-house manufacturing capacity and capabilities, supporting future growth across multiple product categories.

o  Creation of a state-of-the-art wellness manufacturing facility 'The Hive' and continued development of the tea facility 'The Plant'.

· Vaping revenues grew 15% YoY, despite major legislative change in the period from the introduction of the UK's disposable vape ban, with all major retailers retained.

· Further vertical integration of the Typhoo Tea business through the establishment of a UK-based manufacturing facility, which produced approximately 380 million tea bags in its first year of operation.

· Ongoing progress to increase the Group's international sales footprint with distribution capabilities established in Hong Kong, and recent license agreements extending reach into Middle East and China.

· Post-period end, secured two new licensing agreements with Carabao and Tonino Lamborghini, further expanding our drinks and wellness offering.

· In total, the Group now owns or exclusively licenses almost 30 different brands across our portfolio, demonstrating the mix and diversity of our business model.

Dividend

· The Board is proposing a final dividend, subject to shareholder approval at the Annual General Meeting on 17 September 2026, of 3.8 pence per share. If approved, the final dividend will be paid on 22 September 2026 to shareholders on the register at the close of business on 21 August 2026. The ex-dividend date will be 20 August 2026.

· The Group paid an interim dividend of 1.6 pence per share, which together with the final dividend would take total dividends for the year to 5.4 pence per share, a 4% increase on the prior year dividend.

Outlook

· Supreme has had a positive start to FY27, supported by solid customer traction for existing and new products with current trading in line with market expectation.

· Supreme is well-positioned to grow organically and demonstrate resilience in the vaping industry with the introduction of the Vaping Products Duty and expected market consolidation.

· Management will continue to harness Supreme's extensive manufacturing and distribution capabilities, alongside further leveraging an expanded product portfolio, offering consumers great quality at affordable prices.

Sandy Chadha, Chief Executive Officer of Supreme, commented:

"I am delighted to report a record-breaking performance for Supreme. Our portfolio has doubled over the past couple of years, fuelled by a combination of brand led acquisitions alongside organic expansion of our product offering.

Our ongoing investment in Supreme's manufacturing capabilities continues at pace, greatly enhancing our ability to both safeguard margins but more importantly, continue to place product development at the heart of our business.

We entered the new financial year supported by our strong balance sheet, a diversified portfolio of products and brands, and a clear strategic vision on where our priorities lie.

I look forward to updating all our stakeholders later in the year on our continued progress."

Retail Investor Presentation

Management will be hosting a presentation for investors in relation to the Company's full year results on Thursday 2nd July at a revised time of 1pm. GMT.

To register for the event, please go to:

https://www.equitydevelopment.co.uk/news-and-events/supreme-fy-results-investor-presentation-2nd-july-2026

1. Adjusted EBITDA means operating profit before depreciation, amortisation and Adjusted items (as defined in Note 7 of the financial statements). Adjusted items include share-based payments charge, fair value movements on non hedge accounted derivatives and non-recurring items.

2. Adjusted Profit before tax means profit before tax and Adjusted items (as defined in Note 7 of the financial statements) Adjusted items include share-based payments charge, fair value movements on non-hedge accounted derivatives and non-recurring items.

3. Adjusted EPS means Earnings per share, where Earnings are defined as profit after tax but before amortisation of acquired intangibles and Adjusted items (as defined in Note 7 of the financial statements). Adjusted items include share-based payments, fair value movements on non-hedge accounted derivatives and non-recurring items.

4. Adjusted net cash means net debt as defined in Note 20 to these financial statements excluding the impact of IFRS16.

Enquiries:

About Supreme

Supreme supplies products across three operating divisions: Vaping (previously known as 'Vaping' and 'Branded Distribution'), Drinks & Wellness ('Sports Nutrition & Wellness' combined with Typhoo Tea, Clearly Drinks and the newly acquired SlimFast brand), and Electricals & Household (previously 'Batteries' and 'Lighting', also including the recently acquired 1001 cleaning brand). The Company's capabilities span from product development and manufacturing through to its extensive retail distribution network and direct to consumer capabilities. This vertically integrated platform provides an excellent route to market for well-known brands and products.

The Group has over 3,000 active business accounts with around 55,000 retail outlets. Customers include B&M, Home Bargains, Poundland, Tesco, Sainsbury's, Morrisons, Amazon, The Range, Costcutter, Asda, Halfords, Iceland, Waitrose, Aldi and HM Prison & Probation Service.

In addition to distributing globally-recognised brands such as Duracell, Energizer and Panasonic, and supplying lighting products exclusively under the Energizer, Eveready and JCB licences across 45 countries, Supreme has also built a strong portfolio of in-house brands, most notably 88Vape. The Company has a growing footprint in Sports Nutrition & Wellness via its principal Sci-MX brand and has recently expanded into the soft drinks and hot beverages markets with the acquisitions of Typhoo Tea and Clearly Drinks and now into weight management through SlimFast, one of the UK's leading meal replacement brands.

https://investors.supreme.co.uk/

CHAIR'S STATEMENT

I am pleased to report a robust performance across FY26, delivering EBITDA in line with the prior year while successfully navigating the regulatory disruption in the vaping industry. Our strong cash generation and financial position have enabled us to successfully execute two earnings accretive acquisitions, including SlimFast - our largest transaction to date - alongside ongoing organic investment in the business. We remain committed to diversifying our product portfolios, while invigorating iconic brands that continue to deliver new market entry and growth opportunities for Supreme.

This progress is reflected in our record financial performance in FY26, with revenue of £270.2 million (FY25: £231.1 million), and Adjusted EBITDA of £40.6 million (FY25: £40.5 million). More importantly, we ended the Period in a positive Adjusted net cash position after initial cash outflow of £12.9 million in respect of the acquisition of the SlimFast and 1001 brands during the Period, and £6.0 million to enhance manufacturing capabilities, reinforcing the underlying strength of the business. The Group ended the Period with an adjusted net cash position of £7.5 million and a statutory net debt position of £7.4 million, reflecting IFRS16 lease liabilities.

Our extensive manufacturing and distribution capacities continue to offer consumers high-quality yet affordable products spanning Vaping, Drinks & Wellness and Electricals & Household.

Our Vaping category proved resilient to changes in the industry following the UK disposable vape ban, enforced from 1 June 2025, and continues to perform well. As a Board, we are supportive of the legislative landscape within our vaping segment that seeks to eradicate underage vaping, including the forthcoming Vaping Products Duty ("VPD") due to be implemented in October 2026. Whilst the VPD may lower sales volumes, we are optimistic that it will reduce illicit trade in favour of established, trusted distributors such as Supreme, and believe we are well placed to manage this transition.

The Group enhanced its Drinks & Wellness footprint during the Period, further developing our in-house manufacturing capability for Typhoo at 'The Plant', our black tea facility, alongside reviving its branding and digital presence. We have also extended our reach in the energy and isotonic market, signing two licensing agreements post-period end with Carabao and Tonino Lamborghini, as we look to further diversify our Drinks & Wellness offering.

The earnings-enhancing acquisition of SlimFast into the Group added another highly recognisable brand to our diverse portfolio, expanding Supreme's presence in the weight management market. SlimFast has an established sales footprint, including Home Bargains, Tesco and Amazon and provided Supreme with access to new customers such as Boots and Superdrug.

Our Electricals & Household category saw a forecast reduction in revenue, reflecting an overall decline in the lighting and batteries market. Nevertheless, the Company's low-maintenance operations across these markets remains a cash-generative source of income and one where this structural decline can be closely managed. Our acquisition of the 1001 carpet care brand expanded this category with a well-recognised name that was immediately earnings enhancing for Supreme in FY26. Product diversification within the category also created access to new retail customers, highlighting the strength of Supreme's M&A strategy.

During the year, the Group increased its capital expenditure, investing in 'The Hive': our new, state-of-the-art 40,000 sq ft protein powder manufacturing facility. This reflects the same scalable approach to in-house manufacturing previously executed in Vaping with the VN Labs facility, now being replicated across Drinks & Wellness.

The Board remains pleased with the Group's performance, and on its behalf, I would like to thank all our employees for their efforts, hard work and commitment during the year, which continue to support our strong financial results and ongoing growth ambitions.

Paul McDonald

Non-executive Chair

30 June 2026

CEO REVIEW

I am delighted to report a strong financial and operational performance from Supreme, delivering a record year in terms of both revenue and Adjusted EBITDA1. This result is a testament to the resilience of our model, the quality of our brands, the strength of our retail partnerships, and above all, the exceptional capability and commitment of our team.

Revenue for the year was £270.2 million, representing growth of 17% YoY (FY25: £231.1 million), with Adjusted EBITDA1 broadly level at £40.6 million (FY25: £40.5 million), in line with current market expectations, following an upgrade earlier in the year. After investing £12.9 million acquiring the SlimFast and 1001 brands, and a further £6.0 million in manufacturing infrastructure, the Group remains net-cash positive at year end, a reflection of the underlying cash generative quality of our operating model.

Two years ago, Drinks & Wellness was a category generating £23.9 million of revenue; today it contributes £69.3 million. Our Vaping division, widely expected to contract in the wake of the UK's disposable vape ban, instead grew by 15% year-on-year. These are not coincidences; they are the outcomes of deliberate, disciplined strategic execution, and they give us considerable confidence as we look ahead to FY27 and beyond.

A recurring theme of FY26 has been our investment in manufacturing and operational infrastructure. We are a vertically integrated business, and our ability to manufacture at scale is one of our most durable competitive advantages. This year, we have invested £6 million into two significant capital programmes: the build-out of The Hive wellness manufacturing facility and the ongoing development of The Plant tea facility. These investments will generate returns for many years to come and underpin our ability to grow Drinks & Wellness revenues at attractive margins.

Our centralised distribution model, anchored by our Ark facility, continues to deliver significant operational and commercial efficiency benefits. The Ark platform enables us to fulfil across our product portfolio with the speed, accuracy and service levels that our retail partners have come to expect from Supreme. We believe this infrastructure advantage is difficult for competitors to replicate and will become increasingly valuable as we further extend our product offering.

Having been highly acquisitive in the two years preceding FY26, we made a deliberate choice to be more selective on M&A in the second half of the year. With a portfolio that has doubled over a short period, our priority has been the integration of new brands; ensuring that our operational infrastructure is sufficiently scaled will support the next phase of growth.

That said, we remain committed to strategic M&A as a core component of our growth. Our enviable track record of seamless integration, alongside our manufacturing and distribution expertise, has enabled Supreme to consistently generate returns that exceed acquisition cost, with SlimFast expected to be the most recent example. We will continue to pursue complementary acquisitions where the strategic and financial case is compelling, at the pace and on the terms that are right for our Business.

Operational Review

We are pleased to report another period of resilient growth, reflecting the strength and adaptability of Supreme's diversified business model. Our strategy continues to differentiate us in the market, enabling us to respond quickly to customer demand while maintaining strong operational control. Operating under three distinct categories of Vaping, Drinks & Wellness, and Electricals & Household, I am delighted to see our divisions performing well, and in some cases surpassing our expectations.

Management remains focused on executing a clear and disciplined growth strategy, including:

· Targeting complementary earnings-enhancing acquisitions;

· Generating cross-selling opportunities to expand our customer footprint and average revenue per customer;

· Developing new product verticals that complement Supreme's customer base, focused on a high quality and good value consumer proposition;

· Leveraging our new manufacturing and distribution footprint to create ongoing economies of scale and explore bringing more product manufacturing in-house; and

· Enhancing online distribution and services to further grow our B2B and D2C sales channels.

Vaping: Navigating a Year of Significant Change

The UK ban on disposable vapes, which took effect on 1 June 2025, represented the most significant regulatory event in our industry's recent history. Nevertheless, our Vaping category outperformed expectations, with revenues for the period growing by almost £20 million (15%) on the prior year to £148.1 million (FY25: £129.0 million). Our ability to retain every major retail customer and guide them through the transition from disposable vapes to pod systems - following our guidance on range and SKU count - highlights our position as a leader in the UK vaping market.

We also introduced a number of well-regarded third-party brands into our distribution portfolio during the year, including IVG and Hayati, further broadening our vaping range. Our core 10ml e-liquid business, produced at scale from our Manchester manufacturing facility where we manufacture approximately 70 million bottles annually, performed solidly throughout with steady demand across the Period. We are seeing encouraging growth in contract manufacturing within the 10ml segment, a trend we expect to accelerate as smaller manufacturers face increasing complexity from the introduction of the Vaping Products Duty ("VPD") due to come into effect in October 2026.

The VPD will be the next major industry milestone. We have spent a significant portion of the second half of FY26 preparing for its introduction: adapting our manufacturing processes to accommodate digitised tax stamps, reviewing packaging requirements, applying for duty suspension arrangements and reconfiguring certain warehousing operations. The operational implications are complex, but we are well-resourced and well-prepared.

Supreme is confident that the forthcoming VPD regime represents an opportunity for the Group: smaller competitors without Supreme's financial strength and operational depth will find the compliance burden considerable. Supreme, however, expects to navigate the change effectively and opportunistically, as it begins to take a larger market share.

Drinks & Wellness: A Category Transformed

Our Drinks & Wellness division has continued to evolve in FY26 following further M&A activity and diversification. It has undergone a remarkable transformation over the past two years, now reporting revenue of £69.3 million, compared to £23.9 million just 24 months earlier. This reflects both the quality of the acquisitions we have made and the speed and effectiveness with which we have integrated them. Investment into the category over the past 2 years has resulted in a vertically integrated, manufacturing-led platform that generates high gross margins, supports brand innovation, and offers our retail customers an increasingly compelling and differentiated proposition.

All sub-sectors within Drinks & Wellness, including Sports Nutrition, Tea, Soft Drinks and Weight Management, delivered revenue and gross profit ahead of the prior year.

Within Sports Nutrition, our Sci-MX brand continued to grow strongly. According to Nielsen data, Sci-MX V-Gain is the UK's fastest-growing vegan powder on the market, and Sci-MX creatine delivers the highest rate of sales of any creatine brand sold in the UK. We have invested significantly in this sub-category during FY26, fitting out a brand new, state-of-the-art 40,000 sq ft wellness manufacturing facility - 'The Hive' - which will not only support further growth across our own brands but will substantially increase our contract manufacturing capability.

The Soft Drinks sub-category grew revenues by approximately 41% YoY to £26.3 million, almost 20% higher than its pre-Supreme revenue. This growth has been driven by cross-sell initiatives with some of Supreme's largest retail customers, alongside a new channel unlocked by the "pilot line" manufacturing investment made immediately post-acquisition, which allows smaller, nascent brands to launch their products through our facility. The pairing of Clearly Drinks' automated, accredited manufacturing capabilities with Supreme's customer network, balance sheet and entrepreneurial energy is a compelling model, and one we have now validated. Post-period end, we signed two license agreements in the energy drinks sector with Carabao in April and Tonino Lamborghini in May. We believe that the combination of strong independent brands and our operational capabilities is an attractive proposition, and we expect to see further momentum in our energy drinks offering as new customer interest grows.

Typhoo Tea completed its first full year under Supreme ownership during FY26 and performed solidly. At the outset, we stabilised the brand's retail listings by replacing an inconsistent, price-led approach with firm, permanent placements at key retailers. This foundation, combined with the opening of our dedicated tea manufacturing facility, 'The Plant' (which produced approximately 380 million tea bags in FY26), positions Typhoo for sustained growth. The same facility is expected to more than double output in FY27 on an almost identical cost base, a clear illustration of the operating leverage available as we scale and apply our continuous improvement disciplines, which we have previously executed in both our Vaping and Wellness manufacturing operations.

The acquisition of the SlimFast brand from Glanbia for £20.6 million, completed in October 2025, was a significant strategic addition to the Group and our largest acquisition to date. In just five months of ownership, the brand has performed well, and we have extensive plans for innovation and expanded distribution. SlimFast was immediately earnings enhancing for the Group and contributed to our strong FY26 performance; however, we are realistic that it had been somewhat under-invested prior to our acquisition, and rebuilding consumer and retailer confidence to deliver consistent, sustainable performance will take time. Nevertheless, the SlimFast brand is instantly recognisable for UK customers, and its integration into our new protein manufacturing facility, The Hive, will add scale and cost efficiency in the coming months.

An exciting development for the Group is the performance of our brands internationally. We launched Juicy Protein in Hong Kong via Circle K's 350-store convenience network during FY26, and early indications are positive. SlimFast and Tonino Lamborghini Energy Drinks are expected to follow in FY27, with other retailers having already committed to these brands. We have begun investing in on-the-ground infrastructure in the territory and are simultaneously exploring opportunities in the Middle East and China regions. International expansion has always been a strategic aspiration for us; it is now becoming a commercial reality.

Electricals and Household: Cash generative growth

Our Electricals & Household division, encompassing Batteries, Lighting and, following the acquisition of the 1001 cleaning brand, remained a reliable contributor to the Group, even as it navigated a more difficult year than in recent periods.

Batteries faced two discrete headwinds during FY26. First, the swift and unexpected exit of Panasonic from the UK market created a period of disruption, as we worked to replace volume with alternative brands. We have done so, but the transition naturally took time and came at a short-term cost to revenue. Second, a structural change at Amazon, which has moved to direct supply models, cutting out the reseller channel through which Supreme had previously distributed, removed a meaningful revenue stream that we do not expect to recover. Critically, gross margins across Electricals remain resilient, underlining the quality and durability of the category's earnings even as the topline faces temporary headwinds.

Lighting saw a gradual decline, accelerated in FY26 by our exit from the fittings market and the loss of a customer in Ireland. Neither development was unexpected, and both are consistent with our stated position that Lighting, while still contributing positively to Group earnings, is a non-core category.

The 1001 cleaning brand, acquired in FY26, has performed solidly since joining the Group, generating revenue of £2.0 million in the Period, and is beginning to demonstrate the cross-sell potential we envisaged at the time of acquisition.

Outlook

Supreme enters FY27 in a strong operational and financial position. We have record revenues, a diversified and growing portfolio of brands, two new manufacturing facilities, a strengthened retail distribution network spanning more than 55,000 outlets, and a clear strategic roadmap for each of our three divisions.

The introduction of the VPD will bring short-term complexity, but we also expect to see growing opportunity as the market consolidates around operators with scale, compliance capability and trusted customer relationships in a more regulated environment, and we look forward to demonstrating our resilience through this next transition just as we did through the disposables ban.

We expect our new products to generate excitement among both our retail partners and consumers, and SlimFast to develop into a substantial contributor as we invest in the brand and bring its manufacturing in-house.

Above all, we will continue to do what Supreme does best: provide consumers with high-quality, affordable products across categories they care about; move quickly, act decisively, and manage cost with discipline; and build deep, trusted relationships with our retail partners that make us indispensable.

On behalf of the entire Supreme team, I thank our shareholders for their continued support. I look forward to delivering for our customers, shareholders and employees in FY27.

Sandy Chadha

Chief Executive Officer

30 June 2026

1. Adjusted EBITDA means operating profit before depreciation, amortisation and Adjusted items (as defined in Note 7 of the financial statements). Adjusted items include share-based payments charge, fair value movements on non hedge accounted derivatives and non-recurring items.

CHIEF FINANCE OFFICER'S REVIEW

I am delighted to present our financial results for FY26, a year in which the Group delivered another strong financial performance, building on the momentum generated in previous years. We achieved growth across our key financial metrics, reinforcing the significant progress achieved across the business. 

Revenue increased 17% to £270.2 million (FY25: £231.1 million), largely driven by strategic acquisitions and organic development in the product mix, alongside growth in our Vaping category.

The business retained its strong cashflow disciplines and reported an Adjusted net cash4 position of £7.5 million, even after considerable investment into the business in the form of brand acquisitions and capital initiatives to support growth - including product and manufacturing infrastructure.

A summary of the key financial results is presented below, followed by further detail on divisional performance, group profitability and cash flow.

Financial highlights

Revenue

Group revenue for FY26 was £270.2 million, representing an increase of 17% compared to the prior year (FY25: £231.1 million). This £39.1 million of incremental revenue came from the two acquisitions undertaken during the year (£10.9 million), the full year impact of the two acquisitions undertaken the year before (£16.2 million) and almost £20 million of incremental revenue from Vaping, partially offset by contraction across Batteries and Lighting of £8.8 million. Further details by division are presented below.

Following the acquisition of the 1001 cleaning brand, the Board elected to combine the revenue from the Group's existing cleaning product lines with 1001 to establish a distinct cleaning sub-category within Electricals. As a result, the segment was reclassified as Electricals & Household and the FY25 revenue has been re-presented accordingly.

Revenue within Electricals & Household decreased by £6.1 million (10%) to £52.8 million (FY25: £58.9 million). This largely reflects the contribution from the 1001 acquisition (£2.0 million), and the decline across the Batteries and Lighting categories (£8.8 million). The reduction in Batteries was driven by a number of external factors, most notably Panasonic's unexpected withdrawal from the European battery market, which caused short-term supply disruption. This was followed by a shift in Amazon's distribution model for global brands, effectively removing resellers, including Supreme and its customers, from this channel. Performance in Lighting was in line with the broader market contraction. While performance within Electricals & Household was disappointing, the category remains earnings-enhancing for the Group, requires limited operational oversight and continues to benefit from a low cost-to-serve model.

Revenue for Vaping increased by £19.1 million (15%) from £129.0 million in FY25 to £148.1 million. This growth was entirely organic and arose as a result of extended distribution across new brands (Hayati and IVG) and new territories (Spain) and the rollout of pod devices across Q2 that replaced disposable vapes following the UK ban that was implemented in June 2025. The remainder of the category continued to perform robustly throughout FY26.

Revenue from Drinks & Wellness grew by £26.1 million (60%) to £69.3 million, benefiting from the acquisition of SlimFast (£8.9 million) and the annualisation of last year's acquisitions of Clearly Drinks and Typhoo Tea (£16.2 million). The Board was delighted with the performance of all elements of this category including the legacy Sports Nutrition segment with the SCI-MX brand at its core now officially "the UK's fastest growing vegan powder on the market" reporting growth of £1.0 million in FY26.

Gross profit

Gross profit increased by 7% to £78.9 million (FY25: £73.7 million). Due to the change in sales mix, gross profit margin reduced from 32% to 29%, primarily reflecting the transition from disposable to pod-based vape products, which carry structurally lower margins across the market. Margins were also impacted in the early stages of pod distribution as the Group established its purchasing disciplines and optimised buying routines. This pattern is consistent with previous experience in disposables, where margins improved progressively over time as purchasing strategies matured and retailer demand became more predictable.

In FY25, the Group reported revenue of £54.1 million from disposable vape products. Following the introduction of a UK-wide ban on the sale of these devices in early FY26, the Group transitioned seamlessly to pod devices and did not incur any material stock write-offs or incremental overhead costs in either FY25 or FY26 in respect of this transition. This reflects disciplined inventory management and a proactive approach to supporting retail partners in clearing existing stock ahead of the regulatory change.

Adjusted EBITDA¹

Administrative expenses reported within Adjusted EBITDA were £38.3 million (FY25: £33.3million). The year-on-year increase was mainly driven by:

· £3.9 million in respect of the businesses acquired in FY26 or the full year impact of businesses acquired the year before. Of this, £2.3 million related to the overheads at Clearly Drinks where the business is operated on a standalone basis (due to its manufacturing being tied to its water source in the North-East of England) and therefore operational synergies are limited;

· £0.2 million in respect of The Hive, the Group's newly established Wellness manufacturing facility; and

· £0.2 million of consultancy costs in relation to our international expansion activities across the Middle and Far East.

Adjusted EBITDA¹ increased marginally to £40.6 million (FY25: £40.5 million).

Adjusted items

Adjusted items totalled £0.8 million (FY25: £0.7 million credit). As in previous years, these primarily related to fair value movements on forward contracts and share-based payment charges, which together netted to almost £nil (FY25: £0.6 million charge). In addition, the Group reported £0.8 million of charges in respect of acquisitions, largely relating to adviser fees and integration costs.

The Board believes that by adjusting these items from profitability, it is able to present the underlying performance of the business more clearly and further information on these items can found in Note 7 to these financial statements.

Whilst Adjusted EBITDA1 was broadly the same year-on-year, Adjusted Items were £1.5 million higher (owing to the large credit last year in respect of the Typhoo "Bargain purchase") and depreciation (owing to the increased capital investment in our manufacturing operations) and amortisation (owing to the acquired brands of Typhoo and SlimFast) were both collectively £2.5 million higher, meaning that profit before tax was £4.2 million lower versus FY25.

Finance costs

Finance costs (net of interest income) were £1.8 million in FY26 (FY25: £1.6 million), split between interest arising from borrowings (net of interest on deposits) of £0.6 million, interest relating to the lease liabilities under IFRS16 of £0.9 million and £0.3 million of interest charged on deferred & contingent consideration.

Taxation

The Group incurred a tax charge of £8.3 million (FY25: £7.4 million), giving rise to an effective tax rate of 31% (FY25: 24%). The difference related almost entirely to the swing on deferred tax relating to the share-based payments charge (Sandy Chadha's 5-year options did not vest resulting in an unwind of the associated deferred tax asset).

Profit after tax and earnings per share

Profit after tax was £18.4 million compared to £23.5 million in FY25.

As a result, earnings per share reduced by 23% to 15.4p (FY25: 20.1p) and on a fully diluted basis reduced from 19.5p to 15.0p. On an adjusted profit after tax basis, which we consider to be a better measure of performance, adjusted earnings (as calculated in note 11) were £22.2 million (FY25: £25.2 million) and adjusted earnings per share3 was 18.9p (FY25: 21.6p).

Dividends

In line with our dividend policy of distributing c.25% of net profit, the Group paid an interim dividend of 1.6p per share in January 2026. A final dividend of 3.8p per share will be proposed at the Annual General Meeting, scheduled to take place 17 September 2026, taking the total dividend for the year to 5.4p per share (FY25: 5.2p per share). This will be paid on 22 September 2026 to shareholders on the register at the close of business on 21 August 2026. The ex-dividend date will be 20 August 2026. The Group's ISIN and TIDM are GB00BDT89C08 and SUP respectively.

Cashflow

The Group generated £32.4 million of operating cash in the Period which it largely reinvested back into the business via the acquisitions of the SlimFast and 1001 brands which totalled £12.9 million and capital investment in respect of our two new manufacturing sites (The Hive and The Plant) and the onsite investment into Clearly Drinks own manufacturing capabilities totalling £6.0 million.

In respect of financing, the Group's principal borrowing facility, a £40 million asset-backed lending facility with HSBC was entirely undrawn at year end with cash on the balance sheet of £7.5 million.

Net debt

Use of non-GAAP measures

As in previous years, certain non-GAAP metrics are used in this report to provide clarity and comparability. These are clearly defined in the notes to the financial statements and reconciled where applicable.

Suzanne Smith

Chief Finance Officer

30 June 2026

1. Adjusted EBITDA means operating profit before depreciation, amortisation and Adjusted items (as defined in Note 7 of the financial statements). Adjusted items include share-based payments charge, fair value movements on non-hedge accounted derivatives and non-recurring items.

2. Adjusted Profit before tax means profit before tax and Adjusted items (as defined in Note 7 of the financial statements) Adjusted items include share-based payments charge, fair value movements on non-hedge accounted derivatives and non-recurring items.

3. Adjusted EPS means Earnings per share, where Earnings are defined as profit after tax but before amortisation of acquired intangibles and Adjusted items (as defined in Note 7 of the financial statements). Adjusted items include share-based payments, fair value movements on non-hedge accounted derivatives and non-recurring items.

4. Adjusted net cash means net debt as defined in Note 20 to these financial statements excluding the impact of IFRS16.

Consolidated Statement of Comprehensive Income

for the Year Ended 31 March 2026

Note 1: Adjusted EBITDA, which is defined as operating profit before depreciation, amortisation and Adjusted items (as defined in Note 7) is a non-GAAP metric used by management and is not an IFRS performance measure.

All results derive from continuing operations.

The notes are an integral part of these financial statements.

Consolidated Statement of Financial Position

as at 31 March 2026

The notes are an integral part of these financial statements.

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2026, and were signed on its behalf by:

S Smith

Director

Registered number: 05844527

Consolidated Statement of Changes in Equity

for the Year Ended 31 March 2026

Consolidated Statement of Cash Flows

for the Year Ended 31 March 2026

Notes to the Group Financial Statements

for the Year Ended 31 March 2026

1. Basis of preparation

Supreme PLC ("the Company") is a public company limited by shares, registered in England and Wales and domiciled in the UK, with company registration number 05844527. The registered office is 4 Beacon Road, Ashburton Park, Trafford Park, Manchester, M17 1AF.

The principal activity of the Group is the distribution of fast-moving branded, discounted consumer goods to retailers and wholesalers in the UK and online. The goods are either manufactured by Supreme in the UK or are sourced by Supreme from elsewhere in the UK, Europe or the Far East.

The financial information set out in this preliminary announcement does not constitute statutory accounts as defined by section 434 of the Companies Act 2006.

The results for the year ended 31 March 2025 have been extracted from the full accounts of the Group for that year which received an unqualified auditor's report and which have not yet been delivered to the Registrar of Companies. The financial information for the year ended 31 March 2024 is derived from the statutory accounts for that year, which have been delivered to the Registrar of Companies. The report of the auditor on those filed accounts was unqualified. The accounts for the year ended 31 March 2025 and 31 March 2024 did not contain a statement under s498 (1) to (4) of the Companies Act 2006. The statutory accounts for the year ended 31 March 2025 will be posted to shareholders at least 21 days before the Annual General Meeting and made available on our website www.supreme.co.uk and on request by contacting the Company Secretary at the Company's Registered Office.

These Group financial statements have been prepared on a going concern basis under the historical cost convention, modified for the revaluation of certain forward contracts derivatives; in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.

2. Summary of material accounting policies

The principal accounting policies adopted are set out below.

2.1 Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries as if they form a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full.

The Group financial statements incorporate the results of business combinations using the acquisition method. In the Consolidated Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. The merger reserve arose on a past business combination of entities that were under common control. The merger reserve is the difference between the cost of investment and the nominal value of the share capital acquired.

Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, statement of comprehensive income, statement of changes in equity and statement of financial position respectively.

2.2 New standards, amendments and interpretations

New standards, amendments and interpretations adopted by the Group

The group has applied the following amendment for the first time for its annual reporting period commencing 1 April 2025:

· Lack of Exchangeability - Amendments to IAS 21. The amendment did not have any material impact on these financial statements.

On 28 November 2025, the IASB issued Disclosures about Uncertainties in the Financial Statements - Illustrative examples, which amended multiple IFRS Accounting Standards to include illustrative examples demonstrating how companies can apply IFRS Accounting Standards when reporting the effects of uncertainties in their financial statements. The illustrative examples are accompanying materials to IFRS Accounting Standards and do not have an effective date. The IASB had issued a near-final staff draft of the illustrative examples in July 2025. The Group has considered these illustrative examples in its preparation of the consolidated financial statements and no additional disclosures or changes in presentation were considered necessary.

2. Summary of material accounting policies (continued)

2.2 New standards, amendments and interpretations (continued)

New standards, amendments and interpretations not yet adopted by the Group

The following amendments are effective for the period beginning 1 April 2026:

· IFRS 9 Financial Instruments (Amendments to the Classification and Measurement of Financial Instruments

· Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)

The following amendments are effective for the period beginning 1 April 2027:

· IFRS 18 Presentation and Disclosure in Financial Statements

· IFRS 19 Subsidiaries without Public Accountability: Disclosures

The Group is currently assessing the impact of these new accounting standards and amendments. The Group does not expect any standards issued by the IASB, but are yet to be effective, to have a material impact on the Group, other than IFRS 18.

IFRS 18 Presentation and Disclosure in Financial Statements will not have any effect on the recognition and measurement of items in the consolidated financial statements. However, it is expected to have a significant effect on the presentation and disclosure of certain items. These changes include categorisation and sub-totals in the statement of profit or loss, aggregation/disaggregation and labelling of information, and disclosure of management-defined performance measures.

Judgements made by the Directors in the application of these accounting policies that have a significant effect on these financial statements together with estimates with a significant risk of material adjustment in the next year are discussed in note 3.

2.3 Going concern

In assessing the appropriateness of adopting the going concern basis in the preparation of these financial statements, the Directors have prepared cash flow forecasts and projections for the two-year period to 31 March 2028. These forecasts and projections, which the Directors consider to be prudent, have been sensitised by applying general reductions to revenue and profitability, to consider downside risk and the impact these scenarios would have on the Group's cashflows and liquidity and its ability to continue to operate and trade.

· The Directors have undertaken a specific sensitivity analysis in relation to the forthcoming Vaping Products Duty ("VPD"), modelling a scenario in which revenue currently attributable to 10ml e-liquids reduces to nil, reflecting a potential complete loss of demand. While VPD will apply to both e-liquids and pod-based products, the resulting impact on retail pricing is expected to be more pronounced for e-liquids, which may increase the likelihood of a shift in consumer demand away from this category. Under this scenario, the business is not faced with any going concern risk for the foreseeable.

· In addition to the specific sensitivity on the VPD, the Directors have also overlaid further a potential downturn sensitivity by assuming a 5% and then 20% reduction in revenue across all divisions of the business (whilst maintaining the existing overhead base). Again, the business remains profitable and cash generative.

· In fact, owing to the working capital unwind that occurs in the short to medium term when sales reduce, the forecasts indicate that the Group's revenue can fall significantly (without any adjustment to overheads) in the period to 31 March 2028.

2.3 Going concern (continued)

· The recent and ongoing conflict in the Middle East has the potential to disrupt global energy markets and key trade routes, which may adversely affect the Group through shipping delays and increased volatility in the cost and availability of raw materials. The Directors have not performed a specific sensitivity analysis in respect of this scenario as they consider the Group to have sufficient resources and operational flexibility to manage the potential impacts arising from such developments.

· Whilst the Group's debt facility (a £40 million asset-based lending facility with HSBC) is priced at a variable rate (SONIA + a margin) and will be in place until March 2028, the Group's current positive leverage ratio (i.e. having a net cash positive position at the balance sheet date), means that Supreme's exposure to any increases in borrowing rates is limited. Should the Group increase its level of bank borrowings during the forecast period (likely to be triggered by M&A) then of course this increased cost of borrowing would impact the Group (albeit expected to be offset by the incremental earnings generated by any M&A target).

· Historically Supreme has been a net beneficiary in periods of economic downturn, owing to the fact more than half of its revenue is derived from the discount retail sector which typically trades buoyantly during these periods (for prudence this has not been assumed in the forecast). The inflationary cost increases (specifically over salary costs, energy and transport) have been specifically factored into the cost base throughout for the forecast period.

Based on these various scenarios, the Directors are satisfied that the Group has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the Group and Company financial statements. 

2.4 Currencies

Functional and presentational currency

Items included in the Group financial statements are measured using the currency of the primary economic environment in which the Company operates ("the functional currency") which is UK sterling (£). The Group financial statements are presented in UK sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using a standard exchange rate for a period if the rates do not fluctuate significantly. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Group companies

The results and financial position of foreign operations (none of which has the currency of a hyper-inflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

· assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position;

· income and expenses for each statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and

· all resulting exchange differences are recognised in other comprehensive income.

2. Summary of material accounting policies (continued)

2.5 Revenue recognition

Revenue solely relates to the sale of goods and arises from the wholesale distribution and online sales of Electricals and Household, Vaping and Drinks and Wellness.

To determine whether to recognise revenue, the Company follows the 5-step process as set out within IFRS 15:

1. Identifying the contract with a customer.

2. Identifying the performance obligations.

3. Determining the transaction price.

4. Allocating the transaction price to the performance obligations.

5. Recognising revenue when/as performance obligation(s) are satisfied.

Revenue is measured at transaction price, stated net of VAT, and other sales related taxes. Rebates to customers take the form of volume discounts, which are a type of variable consideration, and the transaction price is constrained to reflect the rebate element. The transaction price equates to the invoice amount less an estimate of any applicable rebates and promotional allowances that are due to the customer. Accumulated experience is used to estimate and provide for rebates and discounts using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. These accruals are reported within trade and other payables.

Revenue is recognised at a point in time as the Company satisfies performance obligations by transferring the promised goods to its customers as described below. At any point in time where such obligations haven't been met but the customer has been invoiced, revenue is deferred, as disclosed in note 19. Variable consideration, in the form of rebates, is also recognised at the point of transfer, however the estimate of variable consideration is constrained at this point and released once it is highly probable there will not be a significant reversal.

Contracts with customers take the form of customer orders. Performance obligations take the form of distribution of products to the customer, or customer collection of goods, for which the transaction price is clearly identified. When control has passed from the Group to the customer, which tends to be on receipt by the customer revenue is recognised. In respect of certain direct shipments control passes when an invoice is raised, payment received, and title formally transferred to the customer; at which point the customer has the risks and rewards of the goods.

2. Summary of material accounting policies (continued)

2.6 Goodwill

The carrying value of goodwill has arisen following the acquisition of subsidiary entities. Such goodwill is subject to an impairment review, both annually and when there is an indication that the carrying value may be impaired. Any impairment is recognised immediately in the Statement of Comprehensive Income and is not reversed.

Where the fair value of net identifiable assets acquired and liabilities assumed in a business combination exceeds the consideration transferred, the difference is recognised immediately as a gain in the Consolidated Statement of Comprehensive Income after management has reassessed whether it has correctly identified and measured the assets acquired and liabilities assumed.

2.7 Other intangible assets

Other intangible assets that are acquired by the Group are stated at cost less accumulated amortisation and accumulated impairment losses.

At the end of each reporting period the Group assesses whether there is any indication that an asset may be impaired. If any such indication exists, an estimate of the recoverable amount is determined, and any impairment is recognised in the Statement of Comprehensive Income.

The amortisation is charged on a straight-line basis as follows:

Domain name - 10%

Trademarks - 10%

Customer relationships - 20%

Trade names - 20%

Know how - 10%

Computer software - 20%

2.8 Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is charged so as to write off the costs of assets over their estimated useful lives, on a straight-line basis starting from the month they are first used, as follows:

Land - not depreciated

Assets under construction - 0%

Plant and machinery - 25%

Fixtures and fittings - 25%

Motor vehicles - 25%

Computer equipment - 33%

Leasehold improvements - 25%

Buildings - 2%

The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the Statement of Comprehensive Income.

2. Summary of material accounting policies (continued)

2.8 Property, plant and equipment (continued)

At each reporting date, the Company reviews the carrying amounts of its property, plant and equipment assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

2.9 Inventories

Inventories are valued using a first in, first out method and are stated at the lower of cost and net realisable value. Cost includes expenditure incurred in the normal course of business in bringing the products to their present location and condition.

At the end of each reporting period inventories are assessed for impairment. If an item of inventory is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the income statement. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the income statement.

2.10 Leases

The Company applies IFRS 16 in the Group financial statements. At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to restore the underlying asset, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liabilities.

The lease liability is initially measured at the present value of lease payments that were not paid at the commencement date, discounted using the rate implicit in the lease. Where there is no rate implicit in the lease then the Group's incremental borrowing rate is used.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect lease payments made, and remeasuring the carrying amount to reflect any reassessment, lease modification or revised in-substance fixed lease payments required by IFRS 16. Interest on the lease liability is recognised in profit or loss over the lease term so as to produce a constant periodic rate of interest on the remaining balance of the lease liability. If there is a remeasurement of the lease liability, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded directly in profit or loss if the carrying amount of the right of use asset is zero.

Short term leases and low value assets

The Group has elected not to recognise right-of-use assets and lease liabilities for short-term lease of machinery that have a lease term of 12 months or less or leases of low value assets. These lease payments are expensed on a straight-line basis over the lease term.

2. Summary of material accounting policies (continued)

2.10 Leases (continued)

Sub-leases

When the Group sub-leases part of its right of use asset it recognises a reduction in the right of use asset and a lease receivable at the lease commencement date.

The lease receivable is measured as the present value of the lease income receivable at the commencement date, discounted at the same incremental borrowing rate.

2.11 Share based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Statement of Financial Position date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the Statement of Comprehensive Income over the remaining vesting period.

Where equity instruments are granted to persons other than employees, the Statement of Comprehensive Income is charged with fair value of goods and services received.

2.12 Segmental reporting

The Directors consider there to be one segment for reporting purposes because although revenue is grouped within 3 product categories, as the directors analyse revenue at this gross level, the directors do not analyse, monitor or review the Groups KPIS (being adjusted EBITDA and profit before tax) by product category. Due to this, the Group do not believe there are any IFRS 8 considerations around the requirement to report operating segments for reporting purposes.

2. Summary of material accounting policies (continued)

2.13 Adjusted items

The Company's income statement separately identifies Adjusted items. Such items are those that in the Directors' judgement need to be disclosed separately by virtue of either: their volatility year-on-year; their one-off nature; their size, their non-operating nature; or because the adjustment of a particular item is widely accepted and conducted by peers (to ensure comparability with other listed businesses). These may include, but are not limited to, professional fees and other costs directly related to refinancing, acquisitions and capital transactions, fair value movements on open forward contracts, share based payment charges, material impairments of inventories and gains/losses on disposal of intangible assets. In determining whether an item should be disclosed as an Adjusted item, the Directors consider quantitative and qualitative factors such as the frequency, predictability of occurrence and significance. This is consistent with the way financial performance is measured by management and reported to the Board.

Adjusted EBITDA is presented as an Alternative Performance Measure (APM). Adjusted EBITDA is defined as earnings before interest, tax, depreciation, amortisation, and Adjusted items. Adjusted EBITDA is not defined by IFRS and may therefore differ from similarly titled measures presented by other companies, limiting comparability. Management believes Adjusted EBITDA provides useful additional information to assess underlying performance, but it should not be considered in isolation or as a substitute for IFRS-defined measures.

2.14 Financial instruments

Financial assets and financial liabilities are recognised in the Group Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument. Financial assets are de-recognised when the contractual rights to the cash flows from the financial asset expire or when the contractual rights to those assets are transferred. Financial liabilities are de-recognised when the obligation specified in the contract is discharged, cancelled or expired.

2. Summary of material accounting policies (continued)

2.15 Trade and other receivables

Trade and other receivables are initially measured at transaction price less provisions for expected credit losses. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance.

IFRS 9's impairment requirements use forward-looking information to recognise expected credit losses - the 'expected credit loss (ECL) model'.

Recognition of credit losses is determined by considering a broad range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument.

Credit Insurance is also in place which also mitigates the credit risk in relation to the respective customer. This insurance is applied to most accounts over £5,000 with exception of proforma accounts and accounts agreed by the CEO, although some accounts are excluded from the credit insurance having been assessed by the Board on a cost-benefit analysis - these equate largely to the largest grocery retailers.

3. Critical accounting estimates and judgements

The preparation of the Group financial statements require management to make judgements and estimates that affect the reported amounts of assets and liabilities at each Statement of Financial Position date and the reported amounts of revenue during the reporting periods. Actual results could differ from these estimates. Information about such judgements and estimations are contained in individual accounting policies. The key judgements and sources of estimation uncertainty that could cause an adjustment to be required to the carrying amount of assets or liabilities within the next accounting period are outlined below:

Accounting estimates

Management have not identified any significant accounting estimates that require disclosure.

Accounting judgements

3.1 Inventory obsolescence

Management applies judgement in determining whether certain inventory items are obsolete, considering factors such as expiry dates, sales forecasts, changes in market sentiment and consumer tastes, and one off events such as government imposed regulation on the sale of products. Based on these judgements, estimates are made regarding the recoverable value of inventory, which could materially affect the financial statements if these estimates are incorrect.

3.2 Asset acquisition or business combination

During the year, the Group completed acquisitions, as disclosed in note 29, and management exercised judgement in determining whether each acquisition represented a business combination under IFRS 3 or an asset acquisition. This assessment considered whether the acquired set included inputs and substantive processes capable of contributing to outputs, including employees, operational processes, customer relationships and revenue-generating activities. Management also considered whether substantially all of the fair value was concentrated in a single asset or group of similar assets. Based on this assessment, management concluded that the acquisitions were asset acquisitions.

4. Revenue analysis

Following the acquisition of 1001 during the year the Group has revised its reporting categories. The category formerly knowns as Electricals was renamed Electricals and Household, now including any household related products. As such the results for the year ended 31 March 2025 have been represented to reflect this recategorisation.

Analysis of revenue by geographical destination

The prior year comparative has been restated to display revenues attributed to Spain separately following its identification as material in the year ended 31 March 2026. These revenues were previously included in the Rest of Europe category. Revenues associated with the Netherlands has also been restated in the prior year to the Rest of Europe.

The above revenues are all generated from contracts with customers and are recognised at a point in time. All assets of the Group reside in the UK except for total non-current assets of £614,000 (2025: £569,000) and net assets of £5,171,000 (2025: £4,260,000) held in Europe.

5. Operating segments

The Chief Operating Decision Maker ("CODM") has been identified as the Board of Directors. The Board reviews the Group's Internal reporting in order to assess the performance and allocate resources. The Board of Directors deem the Group to be one operating segment because they do not assess performance or allocate resources at a disaggregated level.

Information about major customers

The Group has generated revenue from an individual customer that accounted for greater than 10% of total revenue. The total revenue from this customer (2025: 2 customers) was £39,078,000 (2025: £29,967,000, £25,710,000). These revenues related to all divisions.

6. Expenses by nature

During the year, Auditor's remuneration in respect of non-audit services was £nil (2025: £nil). During the year Auditor's remuneration in respect of the parent company audit was £15,000 (2025: £15,000) and group audit was £225,000 (2025: £225,000). The remaining audit fee of £90,000 (2025: £100,000) related to the audit of the direct and indirect subsidiary undertakings of Supreme PLC.

7. Adjusted items

Fair value movements on forward contracts

The Group typically holds 1 years' worth of USD-denominated purchases on open forward contracts. The charge in the year ended 31 March 2026 reflects the movement in the fair value of these open forward contracts at the balance sheet date. The movement is reported each year as Adjusted due to its volatility. The asset at 31 March 2026 is £509,000 (2025: liability of £131,000) and is reported as 'forward contract derivative' in the statement of financial position. This is a non-cash item and is not taxable for corporation tax purposes. The resulting tax impact is therefore £nil.

7. Adjusted items (continued)

Share based payments charge

The Group operates a number of share incentive arrangements as set out in note 25. The aggregate expense recognised in the year has been reported as an Adjusted item in line with its treatment by other comparable businesses. The charge is a non-cash item and was disallowable for corporation tax purposes. The resulting tax impact is therefore £nil.

Acquisition costs

Acquisition costs arise at Supreme when businesses are integrated into the Supreme Group. In the year ended 31 March 2026 these costs related to the acquisition of the trade and selected UK and European assets of SlimFast, the trade and intellectual property of 1001, and some finalisation of costs associated with the Typhoo transaction in the prior year. These costs include the loss on fair valued machinery acquired in the year ended 31 March 2025 of £365,000, and payments made to suppliers to maintain supply during the period where customers were being transitioned following acquisition. £35,000 of these costs were included in accruals at the year end.

In the year ended 31 March 2025 these costs related to the acquisitions of Acorn Topco Limited and the trade and certain assets of Typhoo Tea Limited. These integration expenses reflected redundancy costs. £38,000 of these costs were reported within accruals at the year ended 31 March 2025.

Acquisition costs of this nature were treated as allowable for the purpose of corporation tax and the corporation tax impact was £154,000 in 2026 (25%) and £258,000 (25%) in 2025.

Transaction costs

In the year ended 31 March 2026 and 31 March 2025 these costs consist largely of adviser fees in respect of acquisitions as well as the accounting advice taken afterwards to assess the purchase price allocation. £nil of these costs were included in accruals at the year end (2025: £159,000).

The majority of the transaction costs in 2026 were treated as disallowable for corporation tax purposes. As a result the tax charge arising on these costs totalled £2,000 (25%). Transaction costs of this nature in the prior year were treated as allowable for the purpose of corporation tax and the corporation tax impact was £171,000 (25%).

Other restructuring costs

Following the decision to exit a warehouse facility held under lease during the year ended 31 March 2025 the Group recognised a profit of £94,000 on the unwinding of the remaining lease.

This gain was treated as allowable for the purposes of corporation tax and the corporation tax impact was £24,000 (25%).

7. Adjusted items (continued)

Net gain on bargain purchase

During the year ended 31 March 2025 the Group acquired the trade and certain assets of Typhoo Tea Limited out of administration for a consideration of £10.2m. The fair value of net assets acquired totalled £14.4m. The resulting negative goodwill of £4,163,000 has been recognised as a gain on bargain purchase. In addition to this the business was charged £1,222,000 in ransom payments by key Typhoo suppliers. These costs were deducted from the goodwill recognised to produce a net gain on bargain purchase which was presented in the income statement in the year.

Net gain on bargain purchase has been treated as allowable for the purposes of corporation tax and the corporation tax impact was £735,000 in the year ended 31 March 2025 (25%).

8. Employees and Directors

Directors' remuneration

The highest paid director received remuneration of £547,000 (2025: £630,000).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,000 (2025: £1,000).

During the year, retirement benefits were accruing to 3 directors (2025: 3) in respect of defined contribution pension schemes.

9. Finance (income)/costs

10. Taxation

10. Taxation (continued) 

Factors affecting the charge

Factors that may affect future tax charges

Deferred taxes at the balance sheet date have been measured using the current enacted tax rates and have been reflected in these financial statements.

11. Earnings per share

Basic earnings per share is calculated by dividing the profit or loss for the year attributable to ordinary equity holders after tax by the weighted average number of ordinary shares outstanding during the year.

Diluted earnings per share is calculated with reference to the weighted average number of shares adjusted for the impact of dilutive instruments in issue. For the purposes of this calculation an estimate has been made for the share price in order to calculate the number of dilutive share options.

11. Earnings per share (continued)

Statutory EPS

The basic and diluted calculations are based on the following:

Adjusted EPS

The calculation of adjusted earnings per share is based on the after tax adjusted operating profit after adding back certain costs as detailed in the table below. Adjusted earnings per share figures are given to exclude the effects of amortisation of acquisition related intangibles (on the basis that these intangible assets arise through purchase price allocations on acquisitions) and adjusted items, all net of taxation, and are considered to show the underlying performance of the Group.

Adjusted earnings per share is presented as an Alternative Performance Measure (APM). Adjusted EPS is not defined by IFRS and may therefore differ from similarly titled measures presented by other companies, limiting comparability. Management believes Adjusted EPS provides useful additional information to assess underlying performance of the Group, but it should not be considered in isolation or as a substitute for IFRS-defined measures.

11. Earnings per share (continued)

Adjusted EPS (continued)

The calculation of basic adjusted earnings per share is based on the following data:

12. Goodwill and other intangible assets

The amortisation charge for the year has been included in Administrative expenses in the Statement of Comprehensive Income.

Of the additions in the financial year £12,944,000 (2025: £57,000) was paid during the year. An amount of £8,809,000 was recognised as deferred and contingent consideration as per note 19. Adjustments arising as a result in a change of estimates relating to the acquisition of the 1001 brand in the year resulted in a reduction to the additions recognised in the period of £108,000. In the prior year the remaining amounts was recognised as part of the acquisition of business combinations.

12. Goodwill and other intangible assets (continued)

Individually material intangible assets

The individually material intangible assets at the year end are summarised below:

The individually material intangible assets at the prior year end are summarised below:

12. Goodwill and other intangible assets (continued)

Goodwill arises on acquisitions where the fair value of the consideration given for the business exceeds the fair value of the assets acquired and liabilities assumed.