Noumi (NOU) H2 2025 earnings summary

Executive summary

• Adjusted operating EBITDA rose 13% year-over-year to AUD 57.4 million, driven by both Plant-based Milks and Dairy Nutritionals segments.

• Statutory net loss after tax was AUD 150 million, impacted by non-cash fair value adjustments on convertible notes and prior impairment charges.

• Legacy litigation matters have been resolved, enabling a strategic shift toward growth and investment.

• FY 2025 marked another period of solid progress, with operating financial metrics moving in the right direction and a foundation set for future growth.

Financial highlights

• Group adjusted operating EBITDA reached AUD 57.4 million, up 13% year-over-year, following a 22% increase the prior year.

• Statutory net loss after tax was AUD 150 million, including AUD 112 million in convertible note fair value adjustments and a AUD 50 million non-cash impairment; excluding these, net earnings were positive at AUD 12.4 million.

• Net revenue totaled AUD 595.8 million, with MILKLAB sales up 5.8% and plant-based export sales up 18.8%.

• Net cash from trading was AUD 67 million, up from AUD 41.6 million last year; financial debt reduced by AUD 13 million.

• Dairy Nutritionals adjusted operating EBITDA doubled to AUD 11.1 million.

Outlook and guidance

• Focus on investing in MILKLAB brand, marketing, and product development to support expansion into new channels and select overseas markets.

• Key transformation projects in Dairy Nutritionals will continue in FY 2026, aiming to maximize yield and value-added opportunities.

• Planning underway for the maturity of convertible notes in May 2027, with a minimum redemption value of AUD 610 million.

• No financial guidance provided due to ongoing macroeconomic and industry uncertainties.