Highlights

  • Group net Revenue increased 8.8% to $648.4 million, while adjusted operating EBITDA rose 7.6% to $61.8 million.
  • Dairy & Nutritionals adjusted EBITDA increased 94.1% to $21.6 million, supported by higher bulk cream returns.
  • Plant-based Milks revenue rose 2.4%, but adjusted EBITDA declined 14.2% to $43.1 million amid increased sales and Marketing investment.
  • Statutory net loss narrowed 55.2% to $67.2 million, although the result included a $91.8 million fair-value adjustment relating to convertible notes.

Noumi Limited (ASX:NOU) reported FY26 net revenue of $648.4 million, up 8.8% from $595.8 million, while adjusted operating EBITDA increased 7.6% to $61.8 million. The company's statutory net loss after tax narrowed to $67.2 million from $150.0 million, although the FY26 result included a substantial non-cash fair-value adjustment on convertible notes. Noumi shares were trading at $0.12, unchanged at 11:53 am on 20 August 2026.

Group Revenue and Earnings

Noumi's FY26 revenue increased by $52.6 million, with growth across both major operating segments. Plant-based Milks revenue increased 2.4% to $186.3 million, while Dairy & Nutritionals revenue rose 11.6% to $462.0 million.

Adjusted operating EBITDA increased from $57.4 million to $61.8 million. The company reported a $2 million adverse impact on operating EBITDA in the second half from the Middle East conflict, associated with unrecovered cost increases and lost regional sales.

Pretax Earnings before fair-value adjustments and Impairment charges increased 111.1% to $26.3 million from $12.4 million. After a $93.4 million combined fair-value adjustment on convertible notes and non-cash impairment charge, Noumi recorded a $67.2 million net loss.

The statutory loss therefore improved materially from FY25, when Noumi reported a $150.0 million net loss. The company said cash payments relating to convertible notes were $15.2 million during FY26.

Plant-Based Milks Revenue Grows as EBITDA Falls

Plant-based Milks revenue increased to $186.3 million, but adjusted operating EBITDA declined 14.2% to $43.1 million from $50.3 million. The decline reflected approximately $6 million of additional sales and marketing Investment during FY26, including sales resources, a CRM platform and increased Brand marketing.

Milklab plant-based revenue increased 4.1%, while Milklab Oat revenue grew 20.3%. Retail revenue increased 44.6%, helping offset weaker conditions in the HORECA channel. HORECA Milklab plant-based milk revenue declined 1.6% for the year as domestic economic conditions tightened during the second half.

International plant-based exports increased 9.8%, with South-East Asian sales rising 22.7%. The company plans further investment in sales capabilities and marketing during FY27.

Dairy and Nutritionals Deliver Earnings Improvement

Dairy & Nutritionals was the largest contributor to the improvement in group adjusted EBITDA. Revenue rose 11.6% to $462.0 million, while adjusted EBITDA increased 94.1% from $11.1 million to $21.6 million.

Bulk cream revenue increased 33.5%, or $14.3 million, supported by higher Commodity prices and a 9.1% increase in volumes. Noumi expects bulk cream returns to moderate from FY26 levels.

Long-life dairy milk exports increased 49.4%, with export sales representing 40.4% of total dairy long-life revenue compared with 30.2% in FY25. Nutritional Ingredients revenue increased 22.5%, supported by Demand for protein ingredients.

Lactoferrin revenue, however, declined 7.0%, with volumes down 2.5%. Consumer Nutritionals recorded higher sales from Vital Strength and Uprotein, but higher protein input costs were only partly recovered through pricing.

Capital Structure Remains a Key Issue

Noumi reported cash at bank and undrawn facilities of $25.3 million. The FY26 financial statements were prepared on a going-concern basis, while the company identified material uncertainty associated with refinancing its revolving finance Facility and convertible notes.

Noumi entered into a binding Scheme Implementation Deed with Arrovest Pty Ltd in July 2026. The proposed transaction follows a strategic review focused partly on the approximately $610 million convertible-note Maturity scheduled for May 2027. The proposed schemes remain subject to securityholder, court and regulatory approvals.

Noumi does not provide financial guidance and said FY27 performance will remain exposed to commodity prices, input-cost volatility, currency movements and changes in consumer demand.

Conclusion

Noumi's FY26 operating performance improved, with revenue rising 8.8% and adjusted operating EBITDA increasing 7.6%. Dairy & Nutritionals provided the largest earnings contribution, while Plant-based Milks revenue grew but EBITDA declined as the company increased sales and marketing investment. The statutory net loss narrowed significantly, although the Balance Sheet remains an important consideration because of the upcoming convertible-note maturity and refinancing requirements. The proposed Arrovest transaction and the performance of Milklab and higher-value dairy products will be key developments as Noumi moves into FY27.