Highlights

  • Noumi Limited (ASX:NOU) reported Q1 FY27 revenue of $160.2 million, down 1.4% on Q1 FY26.
  • Plant-based Milks revenue rose 10.7% to $52.1 million, while Dairy and Nutritionals fell 6.3% to $108.1 million.
  • Operating cash inflow was $7.9 million and unrestricted cash was $15.3 million at 30 September 2026.

Noumi Limited (ASX:NOU) released its Quarterly Activities and Appendix 4C report for the quarter ended 30 September 2026 on 23 October 2026. Noumi is an Australian FMCG company that produces dairy and plant-based milks, nutritional products and ingredients. The report covers first-quarter FY27 trading, cash flow, and an update on the proposed schemes of arrangement with Arrovest Pty Ltd.

Group revenue and the Milklab brand

Consolidated Q1 FY27 revenue was $160.2 million, down $2.3 million, or 1.4%, on the same quarter of FY26. The company said trading was broadly consistent with management's expectations.

The Milklab brand, which spans plant-based milks and dairy, recorded revenue of $43.9 million, up $3.1 million or 7.6%. Milklab export revenue of $7.0 million rose 16.2%, and domestic revenue of $36.9 million rose 6.1%. Noumi noted that both figures were supported by shipment timing around quarter end, particularly in export.

Plant-based Milks

Plant-based Milks revenue was $52.1 million, up $5.0 million or 10.7%. Plant-based export revenue increased 41.6%, led by priority Asian markets, and domestic sales rose 4.5%. Retail channel sales rose 12.6%, while the HORECA channel declined 1.8%.

The company said Milklab's retail performance more than offset lower Australia's Own sales following ranging changes by retailers, and that contract manufacturing revenue also increased.

Dairy and Nutritionals

Dairy and Nutritionals revenue was $108.1 million, down $7.3 million or 6.3%. Dairy long-life sales fell 6.5% against a high comparator period, with export sales down 9.2% on lower contract manufacturing volumes in Asia and domestic sales down 4.9%.

Bulk cream revenue fell $1.0 million, or 7.5%, despite a 5.9% rise in volume sold, reflecting moderating commodity pricing. Consumer Nutritionals revenue declined 24.8%, reflecting delistings of Crankt bars and lower Vital Strength revenue. Nutritional Ingredients sales were 1.2% lower.

Cash flow, funding and capital items

Operating cash inflow was $7.9 million, which included $2.0 million of legal and other payments relating to legacy matters, partly offset by $1.6 million of proceeds from the release of a term deposit. Operating cash inflow was $7.2 million lower than in Q4 FY26, mainly because receipts from customers were $9.1 million lower. Cash at 30 September 2026 was $15.3 million, with undrawn facilities of $10.0 million.

Capital expenditure on property, plant and equipment was $3.2 million, including $1.2 million for land held for sale at Shepparton, with sale proceeds of $4.1 million expected on completion in Q2 FY27. Noumi repaid $1.7 million of equipment finance and $0.4 million of lease principal, paid $1.5 million toward preparation for the 2027 maturity of its Convertible Notes, and paid $3.9 million to Convertible Note holders. It also elected to pay $3.4 million of interest in kind. Available finance facilities were $466.2 million, of which $456.2 million was drawn.

Scheme update and outlook

Noumi entered into a Scheme Implementation Deed with Arrovest on 21 July 2026, under which Arrovest proposes to acquire all Noumi shares and listed options it does not already own. The Scheme Booklet was released on 2 October 2026 and the Scheme Meetings are scheduled for 5 November 2026. The Independent Board Committee continues to unanimously recommend the Schemes, in the absence of a superior proposal and subject to the Independent Expert continuing to conclude they are in the best interests of holders.

Noumi described the macro-economic environment as unsettled, citing commodity prices, input cost volatility, currency shifts and changing consumer demand, and said competition is expected to remain intense. It will continue not to provide financial guidance.