Noumi (NOU) H2 2024 earnings summary

Executive summary

• Record adjusted operating EBITDA of AUD 50.8 million, up 22.2% year-over-year, driven by the Reset, Transform, Grow strategy and strong plant-based milk performance.

• Net revenue increased 6.9% to AUD 589.8 million, with MilkLab sales up 9.9% and domestic long-life dairy up 19.6%.

• Statutory net loss after tax was AUD 98.3 million, impacted by a AUD 59 million fair value adjustment on convertible notes and non-cash impairment charges.

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

• Strategic focus remains on profitable dairy, global MilkLab expansion, and embedding company culture and values.

Financial highlights

• Adjusted operating EBITDA reached AUD 50.8 million, up 22% from FY 2023.

• Group revenue up 6.9% year-over-year to AUD 589.8 million; plant-based segment revenue up 9.4%.

• Plant-based milk EBITDA up 12.3% to AUD 49.4 million; Dairy Nutritionals EBITDA up to AUD 5.5 million from AUD 4.1 million.

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

• Convertible Note fair value charges and non-cash impairments significantly impacted the bottom line.

Outlook and guidance

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

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

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