Noumi’s H1 FY26 Revenue Rises 11.2%, EBITDA Up 23.3%, Loss Narrows to $24.2m

Strong Operational Performance Amidst Financial Headwinds

Noumi Limited (ASX: NOU), a prominent Australian FMCG company specialising in dairy and plant-based beverages, has released its half-year financial results for the period ending 31 December 2025. The company reported a solid 11.2% increase in revenue to $332.7 million and a 23.3% rise in adjusted operating EBITDA to $33.9 million, reflecting operational improvements across its core segments.

Despite these gains, Noumi posted a net loss after tax of $24.2 million, a significant improvement from the $82.1 million loss recorded in the previous corresponding period. This loss includes a substantial $42.2 million fair value expense related to the company’s convertible notes, which continues to weigh heavily on the bottom line.

Segment Highlights: Growth in Plant-Based Milks and Recovery in Dairy & Nutritionals

The Plant-based Milks segment, led by the Milklab brand, demonstrated robust growth with sales increasing by 8.0% and maintaining a strong EBITDA margin of 24.3%. This growth was supported by new product formulations and expanded retail presence, particularly in export markets such as South East Asia and China.

Meanwhile, the Dairy & Nutritionals segment showed a marked recovery, with adjusted operating EBITDA surging 167.9% to $12.4 million. Export sales grew by 43.7%, aided by improved commodity pricing and increased volumes of bulk cream and lactoferrin products. However, margins in this segment remain under pressure due to competitive retail environments and input cost inflation.

Liquidity and Funding: Navigating Convertible Notes Maturity Risk

At 31 December 2025, Noumi reported net current liabilities of $457.1 million and net liabilities of $479.4 million, largely driven by the $474.5 million fair value liability of convertible notes maturing in May 2027. The redemption value of these notes stands at $610.4 million, with the fair value expected to increase further as maturity approaches.

The company holds $12.5 million in unrestricted cash and has access to an undrawn $10 million revolving credit facility, alongside debtor finance arrangements. These resources, combined with forecast operating cash flows, are expected to sustain operations for at least the next 12 months. However, the directors acknowledge a material uncertainty regarding the ability to refinance or repay the convertible notes in full by maturity, which casts doubt on the company’s long-term going concern status.

Strategic Outlook and Market Conditions

Noumi has transitioned into a growth phase following prior reset and transformation initiatives. The company continues to invest heavily in marketing and brand development, particularly within the Plant-based Milks segment, aiming to capture expanding consumer demand domestically and internationally.

Nonetheless, Noumi remains cautious about macroeconomic headwinds, including inflationary pressures on utilities and labour, and competitive pricing dynamics in both domestic and export markets. The company’s ability to sustain margin improvements, especially in Dairy & Nutritionals, will be critical to its financial trajectory.

Auditor Review and Going Concern Considerations

The half-year financial statements were reviewed by KPMG, who issued an unmodified opinion but highlighted a material uncertainty related to the Group’s ability to continue as a going concern due to the convertible notes repayment risk. The directors, however, maintain that preparing the financial statements on a going concern basis remains appropriate given ongoing funding assessments and operational cash flow forecasts.