Cream lifts Noumi ahead of going private

Noumi has lifted net revenue 8.8 per cent to $648.4 million and adjusted operating EBITDA 7.6 per cent to $61.8 million in FY26, in what is likely its final full year result as a listed company.

The earnings growth came from the dairy side of the business rather than MILKLAB. Dairy and Nutritionals almost doubled adjusted operating EBITDA to $21.6 million on strong bulk cream pricing, while Plant-based Milks earnings fell 14.2 per cent as the company spent on brand and sales capability.

The statutory net loss narrowed to $67.2 million from $150 million, still driven by non-cash fair value movements on the convertible notes rather than trading. Stripping those out, pretax earnings more than doubled to $26.3 million.

Snapshot

Cream carries the dairy result

Dairy and Nutritionals revenue rose 11.6 per cent to $462.0 million, with adjusted operating EBITDA margin improving to 4.7 per cent from 2.7 per cent. Bulk cream revenue was up $14.3 million or 33.5 per cent on better commodity pricing and a 9.1 per cent volume increase. Noumi expects those returns to moderate in FY27.

Long-life dairy milk returned to export growth, with sales up 49.4 per cent. Exports now account for 40.4 per cent of long-life dairy revenue, against 30.2 per cent a year ago, helped by smaller format products and customers hit by regional supply disruption in South-East Asia. Nutritional ingredients revenue grew 22.5 per cent, although lactoferrin revenue fell 7.0 per cent on customer mix and a 2.5 per cent volume decline.

Noumi CEO, Michael Perich, said, “More reliable production, disciplined product mix and a focus on getting more value from each component of milk are producing more consistent results.”

MILKLAB softens in HORECA

Plant-based Milks revenue rose 2.4 per cent to $186.3 million, but adjusted operating EBITDA dropped to $43.1 million from $50.3 million on roughly $6.0 million of additional sales and marketing spend, including a CRM platform rollout. Margin held at 23.1 per cent.

MILKLAB plant-based revenue in the HORECA channel finished the year down 1.6 per cent after softening through the second half, offset by retail growth of 44.6 per cent. MILKLAB total plant revenue rose 4.1 per cent, with the oat variant up 20.3 per cent and a new soy formulation launched in the second half. Export sales for the segment lifted 9.8 per cent, with South-East Asia up 22.7 per cent.

Perich said the marketing spend was deliberate. “Our step-up in sales, marketing and systems investment, which impacted in-year Plant-based Milks earnings, reflected a deliberate choice to defend our category position and support areas of growth,” he said.

The group also absorbed an estimated $2 million adverse impact on second half operating EBITDA from the Middle East conflict, through unrecovered cost increases and lost sales into the region.

Scheme vote due in November

The FY26 financial statements were prepared on a going concern basis with a material uncertainty identified, tied to refinancing the revolving debt facility and the maturity of the convertible notes. Cash at bank and undrawn facilities stood at $25.3 million. The company is not providing financial guidance.

That backdrop is the reason for the binding scheme implementation deed with Arrovest, the Perich family vehicle, announced on 21 July. Arrovest would acquire the Noumi shares and listed options it does not already own, resolving the approximately $610 million convertible note maturity due in May 2027. The independent board committee unanimously recommends security holders vote in favour, absent a superior proposal and subject to the independent expert. A scheme booklet is expected in early October, with a vote in November.

Noumi lifted revenue and underlying earnings at the half, and posted a $150 million statutory loss in FY25 on the same non-cash note adjustments.