Noumi (NOU) AGM 2025 Presentation summary

Operational and financial performance

• Achieved group revenue of $595.8 million, up 1%, and adjusted operating EBITDA of $57.4 million, up 13% from FY24.

• Plant-based Milks segment delivered record EBITDA of $50.3 million with 27.6% margin; Milklab brand generated $144 million in revenue and expanded into retail and international markets.

• Dairy & Nutritionals segment doubled EBITDA to $11.1 million, marking the third consecutive year of improvement.

• Statutory net loss after tax was $150 million, mainly due to non-cash items including convertible note adjustments and impairment.

• Closure of legacy legal matters, including shareholder class action settlement, completed in FY25.

Strategic direction and growth initiatives

• Strategy shifted from transformation to growth, focusing on innovation, operational excellence, and international expansion, especially in Asia.

• Milklab's retail and HORECA channel expansion, with strong performance in oat and almond varieties, supports market leadership.

• New product launches include Milklab Sensations, Milklab Lactose Free, and Australia's Own Lowers Cholesterol.

• Investment in technology and manufacturing, including ERP system and microfiltration, to drive efficiency and product quality.

• Planning underway for refinancing $610 million convertible notes maturing in May 2027.

Brand portfolio and market positioning

• Diverse brand portfolio includes Milklab, Australia's Own, So Natural, Vital Strength, and PURENFERRIN, targeting various consumer needs.

• Milklab holds #1 position in barista almond segment and is rapidly gaining share in plant-based milk retail.

• International plant-based revenue grew 19%, with focus markets in Indonesia, Thailand, and South Korea.

• Brands represent 80% of contribution margin, with continued investment in marketing and product development.