Supreme delivered FY26 results significantly ahead of market expectations, with the Board reiterating confidence in future trading prospects. Key financial metrics were robust. Revenue increased 15% YoY to c.£265m, driven by broad‑based growth, with adjusted EBITDA of c.£40.6m, EPS of 19.6p, and the Group net‑cash positive at year end. Supreme’s strategy continues to deliver. Performance was underpinned by material growth in vaping, a strong contribution from Drinks & Wellness supported by recent acquisitions, and continued investment in manufacturing capacity, supporting operational resilience. Today's new 5 year licensing deal with Carabao adds a further element to their growth strategy. Valuation remains attractive. The shares trade on 8x PER, which does not fully reflect the Group’s scale, diversification and cash generative profile, supporting a fair value of 237p per share.