Dairy & Nutritionals EBITDA nearly doubles to $21.6M on commodity pricing and 49% long-life export surge, offsetting MILKLAB marketing investments.
Australian beverage and dairy manufacturer Noumi has delivered solid FY2026 financial results, lifting group net revenue by 8.8 percent to $648.4 million and adjusted operating EBITDA by 7.6 percent to $61.8 million in what is expected to be its final full-year report as an ASX-listed company. The underlying statutory net loss narrowed significantly from $150.0 million to $67.2 million, driven by non-cash fair value adjustments on convertible notes; excluding those movements and impairments, pre-tax earnings more than doubled to $26.3 million.
Operational earnings growth was anchored by the Dairy and Nutritionals division, which nearly doubled its adjusted operating EBITDA by 94.1 percent to $21.6 million as segment revenue rose 11.6 percent to $462.0 million. Strong global dairy fat commodity markets drove bulk cream revenue up 33.5 percent ($14.3 million), supported by a 9.1 percent increase in sales volume and improved margins. Long-life UHT dairy milk also achieved a major recovery in offshore markets, with export revenue surging 49.4 percent to represent 40.4 percent of total long-life dairy sales.
In contrast, the Plant-based Milks division saw revenue edge up 2.4 percent to $186.3 million while adjusted operating EBITDA fell 14.2 percent to $43.1 million. The decline reflected deliberate capital allocation, with Noumi deploying approximately $6 million into sales workforce expansion, brand marketing, and a new CRM platform rollout to defend its flagship barista brand, MILKLAB. While MILKLAB retail sales jumped 44.6 percent and export revenue rose 9.8 percent, domestic out-of-home (HORECA) foodservice sales softened 1.6 percent amid tighter consumer spending.
Noumi CEO Michael Perich emphasized that disciplined product mix optimization, enhanced production reliability, and extracting maximum component value from each litre of milk are delivering sustainable operational consistency. The group also absorbed an estimated $2.0 million EBITDA impact during the second half resulting from supply chain friction and unrecovered cost pressures related to ongoing Middle East regional conflicts.
The financial performance provides a robust operational foundation as Noumi prepares to delist from the ASX through a binding scheme of arrangement with its majority shareholder, Arrovest (the Perich family investment vehicle). The $737 million transaction will take Noumi private, resolving long-standing capital structure pressures linked to $610 million in convertible notes due in May 2027 and allowing management to focus on long-term brand development across domestic and Asian export channels.
Source: Food & Drink Business
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