Noumi (NOU) H1 2026 earnings summary

Executive summary

• Adjusted operating EBITDA rose 23.3% year-over-year to AUD 33.9 million, driven by strong Dairy & Nutritionals and Plant-based Milks performance, with significant investments in sales, marketing, and product innovation, especially for the MILKLAB brand.

• Net revenue increased by AUD 33.4 million (11.2%) to AUD 332.7 million, with Milklab sales up 11.1% and export long-life dairy up 69.2%.

• Statutory net loss after tax narrowed to AUD 24.2 million from AUD 82.1 million in H1 FY25, reflecting improved operational results but continued non-cash charges.

• Export net revenue surged 66.5% to AUD 88.1 million, offsetting a slight 0.7% decline in domestic net revenue.

• Leadership transition announced with new CFO starting April 1.

Financial highlights

• Adjusted operating EBITDA of AUD 33.9 million, up 23.3% year-over-year, with Plant-based Milks and Dairy & Nutritionals both contributing.

• Net revenue reached AUD 332.7 million, up from AUD 299.3 million in H1 FY25.

• Plant-based Milks segment delivered record sales of AUD 94.3 million, up 1.1%, with adjusted operating EBITDA of AUD 22.9 million.

• Dairy & Nutritionals segment adjusted operating EBITDA rose 167.9% to AUD 12.4 million.

• Statutory net loss after tax was AUD 24.2 million, improved from AUD 82.1 million loss in H1 FY25.

Outlook and guidance

• Maturity of AUD 610.4 million Convertible Notes in May 2027 presents significant capital structure uncertainty, with all refinancing options under review.

• Continued focus on growth through targeted investments in marketing, sales, and innovation, especially for MILKLAB.

• Directors believe sufficient liquidity exists for at least 12 months, assuming stable margins and market conditions.

• Expectation that increased marketing spend will moderate but remain elevated in the near term.

• No financial guidance provided due to market competitiveness and global export volatility.