Noumi Limited reported a 13% rise in adjusted operating EBITDA for FY25, driven by strong growth in its Milklab plant-based milk brand, while preparing for a significant convertible note maturity in 2027.
- Adjusted operating EBITDA up 13% to $57.4 million
- Milklab brand hits $144 million in annual revenue
- Dairy & Nutritionals segment doubles EBITDA year-on-year
- International plant-based milk sales grow 19%, focusing on Asia
- Convertible notes worth $610 million mature in May 2027
Strong Financial Momentum Amid Strategic Reset
Noumi Limited (ASX – NOU), a prominent player in Australia’s fast-moving consumer goods sector, has revealed robust financial and operational progress at its 2025 Annual General Meeting. The company reported a 13% increase in adjusted operating EBITDA to $57.4 million for FY25, underscoring the success of its growth strategy centered on plant-based milks and nutritional products.
Central to this performance is the Milklab brand, which celebrated its 10th anniversary by generating $144 million in revenue, solidifying its position as Australia’s leading barista almond milk and a rising international contender. The brand’s expansion into retail channels has been particularly fruitful, accounting for over 12% of its domestic plant-based sales within just 18 months.
Dairy & Nutritionals Segment Shows Resilience
Noumi’s Dairy & Nutritionals division also delivered a notable turnaround, doubling its EBITDA to $11.1 million. This improvement reflects operational efficiencies, a shift towards value-added products, and the resolution of legacy legal issues that had previously weighed on the company. While this segment’s margins remain below those of plant-based milks, its consistent profitability adds a valuable layer of stability to Noumi’s overall business.
International Expansion and Innovation Drive Growth
International sales of plant-based milks increased by 19%, with Noumi targeting key Asian markets such as Indonesia, Thailand, and South Korea. The company is leveraging the growing café culture and rising health consciousness in these regions to build its footprint. Innovation remains a cornerstone of Noumi’s strategy, with new product launches like Milklab Sensations and lactose-free variants catering to evolving consumer preferences.
Operational investments continue, including a $6.1 million upgrade to unify technology systems and capital expenditures on manufacturing enhancements to improve product quality and shelf life. Noumi is also exploring artificial intelligence applications to enhance customer engagement and operational efficiency.
Preparing for Convertible Note Maturity and Future Growth
Looking ahead, Noumi is proactively managing the upcoming maturity of its $610 million convertible notes due in May 2027. The company is exploring refinancing options well in advance to ensure a smooth capital structure transition that supports its medium-term growth ambitions. Board continuity, with the re-election of key directors, is being emphasized to maintain strategic stability during this critical phase.
Noumi’s commitment to environmental, social, and governance (ESG) principles is also gaining traction, with targets set for significant carbon emissions reductions and waste diversion. Employee engagement scores have improved, reflecting a positive workplace culture that underpins the company’s innovation and growth efforts.
Outlook
Despite a statutory net loss of $150 million, largely due to non-cash impairments and convertible note fair value adjustments, the underlying business momentum is strong. Noumi’s clear strategic focus on premium, nutritious products and international expansion positions it well to capitalize on shifting consumer trends and economic conditions.
Bottom Line?
Noumi’s solid FY25 foundation sets the stage for strategic growth and refinancing challenges ahead.
Questions in the middle?
- How will Noumi approach refinancing its $610 million convertible notes in 2027?
- What new product innovations or market expansions will drive the next phase of growth?
- How effectively can Noumi scale its international footprint amid geopolitical and trade uncertainties?