Noumi has reported improved first-half revenue and underlying earnings growth, with record sales from its plant-based business and a strong turnaround in Dairy & Nutritionals, while statutory profit remains impacted by non-cash fair value adjustments on its convertible notes.
In 1H26, group net revenue increased 11.2 per cent to $332.7 million, and adjusted operating EBITDA rose 23.3 per cent to $33.9 million.
Pretax earnings before fair value adjustments on convertible notes and impairment charges jumped 325.9 per cent to $18.1 million. However, a $42.2 million fair value adjustment on convertible notes and non-cash impairment charge contributed to a statutory net loss after tax of $24.2 million, compared with a loss of $82.1 million in the prior corresponding period.
Noumi said that excluding the non-cash convertible note adjustment, underlying earnings were again positive.
Snapshot: H1 FY26
- Net revenue: $332.7m, +11.2%
- Adjusted operating EBITDA: $33.9m, +23.3%
- Net loss after tax: $24.2m (improved from $82.1m loss)
CEO Michael Perich said the group had delivered “another six months of strong revenue and improved adjusted operating EBITDA” while investing heavily in sales and marketing to support future growth.
Plant-based Milks: record sales, margin investment
The Plant-based Milks segment posted record revenue of $94.3 million, up 1.1 per cent, with adjusted operating EBITDA of $22.9 million, down 9.2 per cent due to increased brand and marketing investment. EBITDA margins remained strong at 24.3 per cent.
Noumi increased sales and marketing investment by nearly 50 per cent during the period, investing an additional $4.3 million following the resolution of legacy legal matters.
Milklab continued to underpin growth, with plant-based sales up 8.0 per cent and retail channel sales surging 51.8 per cent. Export sales grew 18.4 per cent, including a 39.7 per cent increase in South-East Asia and 20.3 per cent growth in China.
Dairy & Nutritionals: turnaround consolidates
Dairy & Nutritionals delivered revenue growth of 15.7 per cent to $238.4 million and more than doubled adjusted operating EBITDA to $12.4 million, up 167.9 per cent.
Export markets were a key driver, with sales up 43.7 per cent. Long-life dairy milk exports rose 69.2 per cent, supported by new opportunities in smaller format products and temporary supply disruptions in certain South-East Asian markets.
Higher realised commodity prices, particularly for bulk cream, also contributed to earnings, with bulk cream revenue up $8.3 million. Nutritional Ingredients sales increased 29.8 per cent, reflecting strong demand for protein, though lactoferrin dollar sales declined 8.6 per cent due to the maturity of a premium-priced contract.
Capital structure remains in focus
The company continues to assess options ahead of the May 2027 maturity of its convertible notes, which have a minimum redemption value of $610.4 million. Noumi’s capital structure also includes $68.7 million of other net senior debt.
Cash at bank and undrawn facilities totalled $22.5 million at period end, which the company said provides sufficient liquidity for day-to-day operations under current conditions.
Noumi said it remains focused on its growth agenda, particularly for the Milklab brand, but will continue its practice of not providing financial guidance given market volatility and uncertainty around the convertible notes process.
