Noumi’s FY25 EBITDA Climbs 13% on Plant-Based and Dairy Gains

Strong Financial Momentum Amidst Legacy Resolution

Noumi Limited’s FY25 results reveal a company emerging from a challenging reset phase with tangible progress. The adjusted operating EBITDA climbed 13% to $57.4 million, reflecting improved profitability across its core segments. Notably, the plant-based milks division posted a record adjusted EBITDA of $50.3 million, underscoring the growing consumer appetite for dairy alternatives.

The Milklab brand, a key growth driver, expanded its footprint in Australian retail and export markets, with overall plant-based sales rising 6.7%. Milklab Oat milk surged 28.4%, benefiting from strategic bundling and brand awareness campaigns. Export sales of plant-based products increased by nearly 19%, highlighting Noumi’s successful international expansion efforts.

Dairy & Nutritionals Segment Shows Consistent Improvement

Noumi’s Dairy & Nutritionals segment continued its three-year trajectory of improvement, delivering an adjusted operating EBITDA of $11.1 million. Despite industry headwinds, the segment benefited from recovering commodity prices and strategic initiatives focused on value-added milk components and contract packaging. The company also leveraged the health benefits of its PUREnFERRIN lactoferrin ingredient to explore new product applications.

Legacy Litigation Closed, Strategic Investments Ahead

FY25 marked the closure of legacy litigation matters that had previously weighed on the company. This resolution has cleared the path for Noumi to invest strategically in brand development, technology upgrades, and workforce capability. The company rolled out a new enterprise resource planning system and plans to enhance its customer relationship management tools in FY26, aiming to build a stronger operational foundation.

Convertible Note Maturity Looms Large

While operational performance improved, Noumi faces a significant financial milestone with the $610.4 million convertible note maturity scheduled for May 2027. The company has commenced planning to address this liability, which currently impacts its balance sheet and fair value charges. Noumi expressed confidence that its improved earnings and cash flow will support a successful recapitalisation, though details remain under consideration.

Outlook Tempered by Macroeconomic Uncertainty

Noumi remains cautiously optimistic but refrains from providing financial guidance due to ongoing macroeconomic and industry volatility. The company’s focus will be on expanding the Milklab brand, accelerating export growth, and continuing transformation projects in Dairy & Nutritionals. Strong cash generation and liquidity, including $16.2 million in cash and a $10 million undrawn facility, provide a buffer as Noumi navigates these challenges.