Noumi (NOU) H1 2026 earnings summary

Executive summary

• Revenue for H1 FY26 increased 11.2% year-over-year to $332.7 million, driven by record Plant-based Milks sales and improved Dairy & Nutritionals performance.

• Adjusted operating EBITDA rose 23.3% to $33.9 million, with Dairy & Nutritionals EBITDA more than doubling.

• Net loss after tax narrowed significantly to $24.2 million from $82.1 million in H1 FY25, mainly due to non-cash Convertible Notes adjustments and reduced litigation expenses.

• Significant investments in sales and marketing, particularly for the Milklab brand, are expected to drive future growth.

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

Financial highlights

• Net revenue up 11.2% year-over-year to $332.7 million, with Dairy & Nutritionals up 15.7% and Plant-based Milks up 1.1%.

• Adjusted operating EBITDA up 23.3% to $33.9 million.

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

• Net loss after tax reduced by 70.5% to $24.2 million, impacted by $42.2 million in Convertible Notes fair value adjustments.

• Cash at bank and undrawn facilities total $22.5 million, supporting liquidity.

Outlook and guidance

• Continued focus on growth agenda, with ongoing investments in sales and marketing, especially for Milklab.

• No formal financial guidance provided due to market uncertainties and Convertible Notes maturity.

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

• The Group is proactively assessing funding options ahead of the May 2027 convertible notes maturity.

• Cautious outlook on Australian consumer spending and ongoing margin pressures from input costs.