Australian dairy and plant-based nutrition company Noumi Limited reported a 23.3% rise in adjusted operating EBITDA to $33.9 million for the six months ended December 31, 2025, as revenue increased 11.2% to $332.7 million. The company, which trades under the ticker ASX: NOU, also narrowed its statutory net loss after tax to $24.2 million from $82.1 million in the prior-year period.
Full-year FY26 revenue reached $648.4 million, up 8.8%, while full-year EBITDA totaled $61.8 million, a 7.6% increase. The H1 FY26 results were presented on February 24, 2026, with the full-year FY26 results scheduled for release in August 2026.
Noumi's plant-based milk segment generated record sales of $94.3 million, up 1.1% year-over-year, with adjusted operating EBITDA of $22.9 million. The Milklab brand grew 11.1% across plant-based and dairy categories, while Milklab Oat sales surged 22.5%. Export sales of plant-based milks rose 18.4%, and HORECA sales increased 2.5%. The Dairy & Nutritionals segment delivered adjusted operating EBITDA of $12.4 million, a 167.9% jump from $4.6 million in H1 FY25, with revenue up 15.7% to $238.4 million. Export dairy milk sales climbed 69.2%, and bulk cream sales rose 42.4%, improving the segment's EBITDA margin to 5.2% from 2.2%.
The company increased sales and marketing investment to $19.6 million in H1, up 43.6% from the prior period, as part of its growth strategy. Cash holdings stood at $12.5 million with an undrawn facility of $10 million, while net liabilities totaled $479.4 million. Noumi's convertible notes carried a fair value of $474.5 million, with a redemption value of $593.6 million, approximately 10.5 times its last-twelve-months EBITDA. Key debt maturities include a convertible note due in May 2027 and a revolver facility maturing in March 2027.
Noumi's share price remained unchanged at $0.12 as of August 18, 2026, within a 52-week range of $0.08 to $0.18. Management highlighted continued investment in the Milklab brand and noted progress in the Dairy & Nutritionals segment despite a highly competitive domestic market and exposure to global commodity price fluctuations.
