Noumi Ltd reported an 8.8% increase in net revenue to A$648.4 million for the fiscal year ended June 30, 2026, compared with A$648 million in the prior year, as dairy nutritionals and branded products offset softer plant-based margins. Adjusted operating EBITDA rose 7.6% to A$61.8 million, while the statutory net loss narrowed to A$67.2 million from A$150 million a year earlier.
Cash generated from trading increased 3.2% to A$69.1 million, and pre-tax earnings before fair value adjustments and impairment charges more than doubled to A$26.3 million from A$12.4 million. Year-end cash stood at A$15.3 million, with an undrawn A$10 million facility available. Capital expenditure reached A$8.5 million, up from about A$5 million previously, and is expected to remain around that level in FY2027.
Dairy nutritionals revenue climbed 11.6% to A$462 million, including a 14.8% increase excluding traded milk, while plant-based milk revenue rose 2.4% to a record A$186.3 million. Dairy nutritionals EBITDA surged 94.1% to A$21.6 million, offsetting a 14.2% decline in plant-based milk segment EBITDA to A$43.1 million. Bulk cream sales increased 33.5% due to strong demand and favorable commodity pricing, though management expects moderation in FY2027.
Milklab, the company’s flagship brand, reported total sales growth of 5.5%, with domestic retail up 44.6% to 17% of Australian sales. Milklab Oat grew 20.3% over the 12 months, while HORECA sales were flat overall, declining 5.5% in the second half. Australia’s Own brand rose 12.3%, driven by value-added products, though plant-based variants fell 14.8% amid retail ranging changes. Sports nutrition brands Uprotein and Vital Strength advanced 18% and 11.6%, respectively.
Noumi’s shares were little changed at A$0.12 in after-hours trading, near the bottom of their 52-week range between A$0.08 and A$0.18. The company faces convertible note maturities in May 2027 and a revolver facility due in March 2027. Management reiterated a target to achieve 50% recycled content in plastic-based packaging by 2030 where commercially viable.
CEO Michael highlighted consistent execution and ongoing brand investment, noting Milklab’s brands now contribute over 70% of the group’s contribution margin. CFO Iain cautioned that cream pricing tailwinds from FY2026 are expected to moderate in the cycle ahead.
