In a year that marked Noumi closing out its involvement in all legacy legal issues from its former Freedom Food Group days, the dairy and plant-based milk business might not have been able to report a profit, but could draw confidence from record sales performances and operating EBITDA in FY25.
Noumi CEO, Michael Perich, said the strong revenue and improved adjusted operating EBITDA performance provided the foundation for the company to pursue opportunities and drive growth.
Snapshot
- Net revenue: $595.8m, up 1% on prior corresponding period (pcp);
- Adjusted operating EBITDA: $57.4m, up 13% pcp;
- Pre-tax earnings before fair value adjustment on convertible notes and impairment charge: $12.4m, up 49.4% pcp; and
- Net loss after tax: ($150m), down 52.6% pcp.
While group revenue was flat, ($595.8 million, up one per cent), group adjusted EBIDTA was up 13 per cent to $57.4 million, reflecting ongoing growth in plant-based milks, particularly Milklab, and a doubling of adjusted operating EBITDA from Dairy & Nutritionals, which also recorded its third consecutive year of earnings recovery.
Noumi’s net loss after tax included $112.4 million for convertible notes fair value adjustments and a previously disclosed non-cash impairment of $50 million for Daily & Nutritionals. Without these, net earnings would have been positive, it said.
The headline loss didn’t reflect the “significant improvement” in Noumi’s underlying operating performance, it said, with operating cash flow nearly doubling from $17.6 million in FY24 to $34.6 million in FY25.
“With the closure of the final legacy issues related to our past, for the first time in several years we can focus all our attention on investing to maximise these opportunities,” Perich said.
