Noumi (NOU) H2 2024 earnings summary

Executive summary

• Net revenue rose 6.9% year-over-year to $589.8 million, driven by record results in Plant-based Milks and improved Dairy & Nutritionals performance.

• Adjusted operating EBITDA reached $50.8 million, up 22.2% year-over-year, reflecting operational improvements and cost control.

• Net loss after tax widened to $98.3 million, impacted by non-cash impairment charges and fair value adjustments on Convertible Notes.

• Plant-based Milks segment delivered record results, with Milklab sales up 9.9% and adjusted operating EBITDA of $49.4 million, up 12.3%.

• Dairy & Nutritionals segment achieved positive adjusted operating EBITDA of $5.5 million, up 34.6% year-over-year despite global headwinds.

Financial highlights

• Group revenue up 6.9% to $589.8 million; Plant-based Milks revenue up 9.4% to $177.6 million.

• Adjusted operating EBITDA up 22.2% to $50.8 million; Plant-based Milks EBITDA up 12.3% to $49.4 million; Dairy & Nutritionals EBITDA up 34.6% to $5.5 million.

• Operating cash flow improved to $41.6 million from $35.2 million last year.

• Statutory net loss after tax was $98.3 million, primarily due to non-cash impairment and fair value charges.

• Cash at bank and undrawn facilities totaled $32.6 million as of 30 June 2024.

Outlook and guidance

• Cautious outlook due to macroeconomic uncertainty, global dairy price pressures, and consumer cost of living concerns.

• Continued focus on executing strategy for medium to long-term growth, with expansion in plant-based and dairy segments.

• Emphasis on product innovation, service, quality, and operating efficiency.

• No financial guidance provided due to ongoing market volatility and evolving consumer preferences.