Noumi (NOU) H2 2025 earnings summary

Executive summary

• Adjusted operating EBITDA rose 13.0% to $57.4 million, driven by both Plant-based Milks and Dairy & Nutritionals segments, with legacy litigation matters resolved and a renewed focus on growth opportunities.

• FY25 revenue increased 1.0% to $595.8 million, with Milklab sales up 5.8% and plant-based export sales up 18.8%.

• Statutory net loss after tax was $150.0 million, impacted by $112.4 million in convertible note fair value adjustments and a $50.0 million non-cash impairment.

• Operating financial metrics improved, setting a foundation for future growth.

Financial highlights

• Adjusted operating EBITDA reached $57.4 million, up 13% year-over-year, with Plant-based Milks at $50.3 million (up 1.7%) and Dairy & Nutritionals at $11.1 million (more than double prior year).

• Net revenue totaled $595.8 million, with $182.0 million from Plant-based Milks and $413.8 million from Dairy & Nutritionals.

• Net cash from trading was $67.0 million, up from $41.6 million last year; operating cash flow nearly doubled to $34.6 million.

• Statutory net loss after tax was $150.0 million, including significant non-operating and non-cash items.

• Unrestricted cash and undrawn facilities at $26.2 million as of 30 June 2025.

Outlook and guidance

• Focus on investing in Milklab brand, marketing, and product development to support expansion into new channels and select overseas markets, especially South East Asia.

• Key transformation projects in Dairy & Nutritionals will continue in FY26, targeting value-added opportunities.

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

• Planning underway for the $610.4 million convertible note maturity in May 2027.