How Did Noumi Limited (ASX:NOU) Balance MILKLAB Growth with Dairy Earnings in FY26?

Aditi Sarkar

29 October 2026 05:09 PM AEDT

How Did Noumi Limited (ASX:NOU) Balance MILKLAB Growth with Dairy Earnings in FY26?

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Key Highlights

Trading data for 29 October 2026 showed NOU at A$0.12, unchanged for that session. The article examines FY26 group revenue, adjusted earnings, MILKLAB growth and the contrasting operating results of the dairy and plant-based divisions.
Dairy & Nutritionals adjusted operating EBITDA grew 94.1% to A$21.6 million.
Plant-based Milks generated A$186.3 million in revenue, with the MILKLAB portfolio expanding across retail and export channels.

Noumi Limited (ASX:NOU) operates within the consumer and agricultural products market and reported results and operating developments across its latest disclosure period.. At the time of writing on 29 October 2026, NOU shares were trading at A$0.12, unchanged on the day. FY26 group revenue rose 8.8% to A$648.4 million, while adjusted operating EBITDA increased 7.6% to A$61.8 million. The article examines FY26 group revenue, adjusted earnings, MILKLAB growth and the contrasting operating results of the dairy and plant-based divisions.

Sales and earnings across the group

Noumi reported A$648.4 million in revenue for FY26, an increase of 8.8% on FY25. Adjusted operating EBITDA reached A$61.8 million, up 7.6%. The company attributed sales growth to commodity pricing and a wider mix of brands, markets and sales channels. Adjusted operating EBITDA is a non-IFRS measure that excludes specified non-trading and non-recurring items. Cash generated from trading was A$69.1 million, an increase of 3.2% on the previous financial year.

What changed in Plant-based Milks

The Plant-based Milks division recorded revenue of A$186.3 million, up 2.4% from FY25. Adjusted operating EBITDA in the division was A$43.1 million, down 14.2%, with the company identifying additional marketing and capability investment. Total MILKLAB-branded revenue across its plant and dairy ranges rose 5.5%. Export revenue increased 11.2% and retail revenue rose 44.6%, while the hospitality channel was broadly flat amid tighter conditions. These divisional figures show that rising sales and reported earnings followed different paths.

Dairy and Nutritionals developments

Dairy & Nutritionals generated A$462.0 million in revenue and A$21.6 million in adjusted operating EBITDA. The latter increased 94.1% from FY25, supported by more favourable commodity pricing for bulk cream. Noumi described FY26 as its fourth consecutive year of earnings improvement in the segment. The business also operates in protein, lactose-free and other higher-value dairy categories. Those product lines form part of the wider portfolio rather than the plant-based division, which has a separate earnings profile.

Brand mix and distribution channels

The company reported brand revenue increases of 12.3% for Australia’s Own, 18.0% for Uprotein and 11.6% for Vital Strength. MILKLAB remained a central brand across the plant-based and dairy products portfolio. Its channel comparisons distinguish retail, export and hospitality customers, rather than treating all sales as a single market. Noumi also identified investment in operational safety, product quality, digital systems and leadership capability during the reporting period.

Operating priorities and financial context

Noumi is continuing to develop its brand positioning and capabilities across multiple categories. Management described demand for protein and lactose-free products as relevant to its Dairy & Nutritionals activities. Its FY26 reported adjusted earnings growth occurred alongside a decline in plant-based divisional EBITDA and a substantial increase in dairy divisional EBITDA. Those differences are important when reading the headline group result. The presentation identified operational improvements and brand investment as ongoing parts of the business programme.

Key Insights

Noumi’s FY26 disclosures record higher group revenue and adjusted operating EBITDA, with improved Dairy & Nutritionals earnings and lower Plant-based Milks EBITDA. MILKLAB sales growth, commodity pricing and additional brand investment were among the disclosed operating developments.

FAQs

Q: What was Noumi’s FY26 revenue?

A: A$648.4 million, an increase of 8.8% on FY25.

Q: How much did Dairy & Nutritionals earn on an adjusted operating EBITDA basis?

A: A$21.6 million in FY26, up 94.1%.

Q: Did Plant-based Milks EBITDA rise?

A: No. Adjusted operating EBITDA fell 14.2% to A$43.1 million.

Q: What was total MILKLAB brand revenue growth?

A: MILKLAB brand revenue across plant-based and dairy products grew 5.5% in FY26.

Q: How much revenue came from Plant-based Milks?

A: The Plant-based Milks segment reported A$186.3 million in FY26 revenue.

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