Noumi lifts FY26 revenue 8.8% to $648.4m as earnings and brands strengthen
In its FY26 results presentation dated 20 August 2026, Noumi Limited reported group revenue of $648.4m, up 8.8% on the prior year, alongside adjusted operating EBITDA of $61.8m, up 7.6%.
Management reported that the statutory net loss after tax narrowed to $67.2m from $150.0m in FY25, an improvement of $82.8m, though the group remained loss-making at the statutory level. The presentation also confirmed that after the close of FY26, Noumi signed a Scheme Implementation Deed with Arrovest, a strategic development covered later in this article.
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FY26 financial highlights at a glance
The table below summarises the key financial metrics disclosed in the FY26 results presentation.
| Metric | FY26 | FY25 | Change |
|---|---|---|---|
| Net revenue | $648.4m | $595.8m | +$52.5m |
| Adjusted operating EBITDA | $61.8m | $57.4m | +$4.4m |
| Dairy & Nutritionals Adj EBITDA | $21.6m | $11.1m | +$10.5m |
| Plant-based Milks Adj EBITDA | $43.1m | $50.3m | −$7.2m |
| Statutory net loss after tax | −$67.2m | −$150.0m | +$82.8m improvement |
| Cash generated from trading | $69.1m | $67.0m | +3.2% |
The presentation noted that underlying pre-tax earnings, measured before the fair value adjustment on Convertible Notes and impairment charges, were positive at $26.3m, up from $12.4m in FY25.
Two segments, two stories — brand investment vs commodity tailwinds
Plant-based Milks — record revenue, deliberate margin trade-off
The Plant-based Milks segment delivered record net revenue of $186.3m, up 2.4%, while adjusted operating EBITDA declined 14.2% to $43.1m. Management attributed the EBITDA decline to deliberate brand and marketing investment into key channels and markets, rather than a deterioration in underlying performance.
Key segment metrics disclosed in the presentation include:
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Total Milklab brand revenue up 5.5%
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Milklab domestic retail up 44.6%, now representing 17.0% of Milklab’s Australian sales
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Total plant-based export sales up 9.8%
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HORECA revenue flat for the full year, with a softer second half (down 5.5% in H2)
Dairy & Nutritionals — fourth consecutive year of earnings growth
The Dairy & Nutritionals segment recorded a fourth consecutive year of earnings growth, with adjusted operating EBITDA up 94.1% to $21.6m on net revenue of $462.0m, an increase of 11.6%.
The presentation identified the following drivers:
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Bulk cream revenue up 33.5%, supported by favourable commodity pricing and 9.1% volume growth
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Export long-life milk revenue up 49.4%
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Nutritional Ingredients revenue up 22.5% on strong protein ingredient demand
Management flagged a forward caution that returns on cream in FY27 are anticipated to moderate from the levels achieved in FY26.
Brand momentum across the portfolio
The presentation showcased branded revenue growth across the portfolio, which management positioned as evidence of building brand equity.
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Milklab: +5.5%
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Australia’s Own: +12.3%
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Uprotein: +18.0%
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Vital Strength: +11.6%
Management detailed accelerated Milklab marketing activity, including the brand’s 10-year anniversary, participation in global trade shows such as World of Coffee Bangkok and Dubai, DrinksLAB and TrainingLAB activations, and portfolio expansion into Lactose Free and Soy. Investment also extended Milklab beyond hot coffee into iced, matcha and chai occasions. This brand spend was identified as the strategic lever explaining the plant-based margin dip.
Understanding the Convertible Notes and going concern position
Convertible Notes are debt instruments that can, under certain conditions, convert into equity, but which otherwise require repayment at maturity. For Noumi, the redemption of approximately $610m due in May 2027 dominates the balance sheet and shapes the group’s capital structure.
The presentation explained that the Notes are carried at fair value of $517.1m, which differs from their redemption value of $622m at 30 June 2026. The financial statements were prepared on a going concern basis, with a material uncertainty identified.
This “material uncertainty” is a formal accounting flag tied to the maturity of the Convertible Notes in May 2027 and the Revolver finance facility in March 2027, rather than a reflection of trading performance. The group ended the period with cash at bank of $15.3m plus an undrawn facility of $10.0m, and net debt before Notes of $48.7m. This liability is the single most important factor shaping the proposed Arrovest Schemes.
The Arrovest Scheme — cash certainty ahead of a $610m Note maturity
As a post-FY26 strategic development, Noumi signed a binding Scheme Implementation Deed with Arrovest, its majority shareholder and largest Convertible Noteholder, on 21 July 2026 to acquire the shares and listed options it does not already own. This followed a 12-month strategic review assessing sale, recapitalisation, refinancing and note extension options, which found no committed alternative able to address the maturity or deliver comparable value.
Following secondary market purchases in July 2026, Arrovest now holds approximately 83.4% of Convertible Notes on issue. These acquisitions were at a discount to redemption value and involved no consideration payable to or by Noumi.
Independent Board Committee (IBC)
The IBC “unanimously recommends voting in favour of the Schemes, subject to no superior proposal emerging and the Independent Expert concluding (and continuing to conclude) the Schemes are in securityholders’ best interests,” while recognising the Schemes “may crystallise a significant loss on their investment for some shareholders.”
The proposed consideration terms disclosed in the presentation are:
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12.34 cents per share, a 30% premium to the 30-day VWAP
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0.2 cents per option
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Transaction value of approximately $737m, including equity value on a 100% basis and full Note redemption
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Current debt obligations of approximately $703m
The Scheme Booklet and Independent Expert’s Report are expected to be sent to shareholders and optionholders in early October. No action is required yet.
Cash generation and capital structure
Cash generated from trading rose 3.2% to $69.1m, contributing to a cash-based movement in net debt of $35.7m. Financial debt was reduced by $19.7m net, while cash interest payments on the Convertible Notes amounted to $15.2m for the year.
| Facility | Drawn ($m) | Limit ($m) | Maturity |
|---|---|---|---|
| Revolver Finance Facility | 36.0 | 46.0 | Mar-27 |
| Recourse Debtor Finance | 13.9 | 20.0 | Rolling 6 months |
| Equipment Finance Leases | 14.1 | 14.1 | Mar-27 |
| Convertible Notes redemption | 622.0 | n.a. | May-27 |
The maturity of the Convertible Notes in May 2027 remains the critical issue to address, with the Revolver facility also maturing in March 2027.
Outlook — a stronger platform into FY27
Management stated that FY26 leaves Noumi with a stronger operating platform, deeper capability and clear priorities for disciplined improvement. The external environment, however, remains unsettled, with commodity movements, input cost volatility, currency shifts and changing consumer demand continuing to influence its markets.
The presentation noted that some of the benefits from investments made in FY26 will take time to fully emerge, and that Noumi will continue its practice of not providing financial guidance. The proposed Schemes remain subject to the required approvals, with the company stating it will continue to keep securityholders informed as that process progresses.
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