Highlights

  • Noumi Limited (ASX:NOU) reported FY26 net revenue of A$648.4 million, up 8.8%.
  • Adjusted operating EBITDA rose 7.6% to A$61.8 million, while the net loss after tax narrowed to A$67.2 million.
  • Arrovest has proposed schemes at A$0.1234 cash per share, with shareholder and optionholder scheme meetings scheduled for 5 November 2026.
  • Convertible notes of about A$610 million mature in May 2027.

Noumi Limited is an Australian food and beverage manufacturer producing plant-based and dairy milks, nutritional products and ingredients, with manufacturing facilities in Victoria and New South Wales. The company's FY26 results, released in August, showed higher revenue and adjusted earnings, while a proposed scheme of arrangement with its largest shareholder and a May 2027 note maturity frame the period ahead.

Company Business

Noumi reports two segments. Plant-based Milks includes the Milklab range, including oat and soy beverages, sold to retail and hospitality customers and export markets. Dairy and Nutritionals covers long-life dairy, bulk cream, nutritional ingredients and consumer nutritional products. Brands include Milklab, Australia's Own, So Natural, Vital Strength, Uprotein and PUREnFERRIN lactoferrin.

Dairy and Nutritionals is the larger segment for Noumi Limited (ASX:NOU), with A$462.0 million of FY26 revenue compared with A$186.3 million in Plant-based Milks. Export sales form a growing part of the dairy business, with exports at 40.4% of long-life dairy revenue. The company's operations are therefore exposed to dairy commodity prices, protein costs and retail and food service demand.

Recent Development

In August 2026, Noumi (ASX:NOU) reported results for the year ended 30 June 2026. Net revenue rose 8.8% to A$648.4 million and adjusted operating EBITDA increased 7.6% to A$61.8 million. About A$2 million of second-half operating EBITDA was affected by the Middle East conflict through unrecovered cost increases and lost sales.

In July 2026, Noumi entered a binding scheme implementation deed with Arrovest Pty Ltd, its largest shareholder and largest holder of convertible notes. Arrovest would acquire all shares it does not already own for A$0.1234 cash per share, an equity value of about A$34.2 million on a 100% basis. Listed options would be cancelled for A$0.002 each. ASX granted a waiver in August allowing the options to be cancelled without a separate shareholder approval process. The Independent Board Committee unanimously recommends the schemes, absent a superior proposal and subject to the Independent Expert concluding they are in securityholders' best interests.

Financial Performance and Sector Context

Pre-tax earnings before convertible note fair value adjustments and impairment were A$26.3 million, compared with A$12.4 million in the prior year. The net loss after tax was A$67.2 million, against A$150.0 million, a reduction of 55.2%. The statutory result includes a A$93.4 million charge for convertible note fair value changes and non-cash impairment, while cash payments on the notes were A$15.2 million.

Plant-based Milks revenue rose 2.4% to A$186.3 million, but adjusted operating EBITDA fell 14.2% to A$43.1 million, reflecting about A$6.0 million of additional sales, marketing and systems spending. Dairy and Nutritionals revenue rose 11.6% to A$462.0 million and adjusted operating EBITDA nearly doubled to A$21.6 million. Bulk cream revenue rose 33.5% on better commodity prices and higher volumes, although the company expects bulk cream returns to moderate in FY27.

Noumi does not provide financial guidance. Management cited a cautious macroeconomic outlook and intense competition, and noted that some benefits of FY26 investment will take time to appear. Consumer Nutritionals earnings fell because protein cost increases were only partly passed through in pricing.

Risks to Consider

The principal risk is refinancing. Noumi Limited (ASX:NOU) must refinance its revolving finance facility and about A$610.4 million of convertible notes that require cash redemption in May 2027. The FY26 accounts were prepared on a going concern basis but disclose a material uncertainty linked to the refinancing. Cash at bank plus undrawn facilities was A$25.3 million. The schemes require approval from at least 75% of votes cast, Court approval and other conditions, including an Independent Expert conclusion, and must be satisfied or waived by 21 January 2027. Operating risks include dairy and protein costs and competitive pricing.

What to Watch Next

The first Court hearing took place and the Scheme Booklet was issued on 2 October 2026. The timetable lists scheme meetings on 5 November, second Court hearings on 10 November, the effective date on 11 November, the record date on 20 November and implementation on 27 November. The timetable is subject to change. The Scheme Booklet includes the Independent Expert’s Report; the scheme votes, court approval and May 2027 note maturity remain material milestones.

Key Insights

Noumi Limited (ASX:NOU) enters its next phase with higher FY26 revenue, improved adjusted EBITDA and a smaller statutory loss, while its capital structure remains central to the outlook. The Arrovest schemes, the Independent Expert's conclusion, the vote and the handling of the May 2027 notes are the main scheduled milestones, alongside segment margins and input costs.