Noumi (NOU) H2 2026 earnings summary

Executive summary

• Delivered revenue and underlying earnings growth in FY 2026, with adjusted operating EBITDA up 23.3% to $33.9 million, driven by strategic investments and improved performance in plant-based and dairy nutritionals segments.

• Safety, quality, and capability improved through operational investment and leadership development, with a strong focus on ESG and sustainability initiatives.

• Milklab brand expanded in both plant-based and dairy nutritionals, with overall Milklab sales up 11.1%.

• Significant investments in sales and marketing, up 43.6% to $19.6 million, supported brand growth and international expansion.

• Net loss after tax narrowed significantly to $24.2 million from $82.1 million, mainly due to non-cash Convertible Notes fair value adjustments.

Financial highlights

• Net revenue rose 11.2% year-over-year to $332.7 million for H1 FY26 and 8.8% year-over-year to AUD 648.4 million for FY 2026.

• Adjusted operating EBITDA increased 23.3% to $33.9 million and 7.6% to AUD 61.8 million.

• Statutory net loss after tax was $24.2 million, a 70.5% improvement from H1 FY25, and AUD 67.2 million for FY 2026, improved by AUD 82.8 million from FY 2025.

• Cash at bank and undrawn facilities totaled $22.5 million, supporting liquidity.

• Non-operating items, including litigation and recapitalisation, reduced by 61.3% to $2.5 million.

Outlook and guidance

• Entering FY 2027 with a stronger operating platform and broader opportunities, but external environment remains unsettled due to commodity price movements, input cost volatility, and intense competition.

• No financial guidance provided due to ongoing market volatility and competitive pressures.

• Benefits from FY 2026 investments expected to take time to emerge; continued disciplined CapEx management at similar levels to FY 2026.