Noumi Limited on Monday reported a 23.3% year-over-year increase in adjusted operating EBITDA to $33.9 million for the six months ended December 31, 2025, as revenue rose 11.2% to $332.7 million. The Melbourne-based company, which operates under brands including Milklab and Australia’s Own, posted a statutory net loss after tax of $24.2 million, an improvement from a $82.1 million loss in the prior period, driven by a $42.2 million non-cash fair value adjustment on convertible notes.
The dairy and nutritionals segment delivered the strongest performance, with adjusted EBITDA surging 167.9% to $12.4 million on a 15.7% revenue increase to $238.4 million. Export long-life milk revenue grew 69.2%, while bulk cream sales rose by $8.3 million. The plant-based milks segment recorded sales of $94.3 million, up 1.1%, though adjusted EBITDA declined 9.5% to $22.9 million as margins compressed by 2.8 percentage points to 24.3%.
Milklab, the company’s barista-focused brand, saw overall sales rise 11.1%, with Australian retail plant-based milk sales up 51.8%, contributing $8.7 million in incremental revenue. The brand’s oat and lactose-free product lines grew 22.5% and 16.9%, respectively, while Milklab Almond secured the top position in the grocery barista channel.
Total net debt stood at approximately $662.3 million as of December 31, 2025, calculated on a redemption-value basis and excluding convertible notes. Financial debt excluding convertible notes totaled $80.7 million, with lease liabilities under AASB 16 amounting to $95.6 million. Cash reserves were $12.5 million, with a further $10 million in undrawn finance facilities. Convertible notes, carried at fair value, amounted to $474.5 million, though their redemption value is significantly higher.
Debt maturities remain a near-term challenge, with convertible notes due in May 2027 and revolver finance facilities and equipment leases maturing in March 2027. The company’s full-year FY26 results are scheduled for release in August 2026.
