SYDNEY : Australian dairy and beverage company Noumi Limited has reported a stronger financial performance for FY2026, supported by higher bulk cream prices and a sharp recovery in long-life dairy exports.
Group net revenue increased 8.8% to A$648.4 million, while adjusted operating EBITDA rose 7.6% to A$61.8 million, according to the company’s latest results.
The FY2026 report is expected to be Noumi’s final full-year financial report as an ASX-listed company as the company moves towards a proposed A$737 million privatisation transaction with majority shareholder Arrovest, the investment vehicle associated with the Perich family.
Dairy and Nutritionals Drives Earnings Growth
Noumi’s Dairy and Nutritionals division was the strongest contributor to operational earnings growth.
Segment revenue increased 11.6% to A$462.0 million, while adjusted operating EBITDA jumped 94.1% to A$21.6 million, nearly doubling from the previous year.
The improvement was driven largely by stronger global dairy-fat commodity markets.
Bulk cream revenue increased 33.5%, or A$14.3 million, supported by a 9.1% increase in sales volume and improved margins.
The performance highlights the importance of dairy-component optimisation, with higher-value utilisation of milk fat contributing significantly to profitability.
Long-Life Dairy Exports Surge
Noumi’s long-life dairy business also recorded a strong recovery in international markets.
Long-life dairy export revenue increased 49.4%, with exports accounting for 40.4% of total long-life dairy sales.
The growth reflects stronger demand in offshore markets and provides Noumi with an increasingly important channel for its UHT dairy portfolio.
CEO Michael Perich highlighted product-mix optimisation, improved production reliability and the company’s focus on extracting greater value from every litre of milk as key contributors to operational performance.
MILKLAB Investment Weighs on Plant-Based Earnings
The company’s Plant-based Milks division delivered a more modest performance.
Revenue increased 2.4% to A$186.3 million, while adjusted operating EBITDA declined 14.2% to A$43.1 million.
Noumi attributed the earnings decline partly to planned investment in its flagship MILKLAB brand.
The company invested approximately A$6 million in sales-force expansion, brand marketing and implementation of a new customer relationship management platform.
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The investment is aimed at strengthening MILKLAB’s position in the increasingly competitive plant-based beverage market.
MILKLAB retail sales increased 44.6%, while export revenue rose 9.8%. However, domestic out-of-home and HORECA foodservice sales declined 1.6%, reflecting weaker consumer spending.
Statutory Loss Narrows
Noumi’s underlying financial position also improved substantially despite the company continuing to report a statutory loss.
The statutory net loss narrowed from A$150.0 million to A$67.2 million.
Excluding fair-value movements and impairments, pre-tax earnings more than doubled to A$26.3 million.
The difference between statutory and underlying performance was significantly influenced by non-cash fair-value adjustments relating to convertible notes.
The company also estimated that supply-chain disruption and unrecovered cost pressures associated with continuing conflicts in the Middle East reduced EBITDA by approximately A$2 million during the second half of FY2026.
A$737 Million Deal to Take Noumi Private
The improved operational performance comes as Noumi prepares for a major change in ownership structure.
The company is progressing with a binding scheme of arrangement valued at approximately A$737 million, under which majority shareholder Arrovest would take Noumi private and the company would be delisted from the Australian Securities Exchange.
The transaction is significant for Noumi because of its capital structure, including approximately A$610 million in convertible notes due in May 2027.
A successful privatisation would allow the business to operate outside the ASX-listed environment while management focuses on longer-term growth across its Australian and Asian export markets.
Dairy Strategy Focuses on Value per Litre
Noumi’s FY2026 performance demonstrates how changes in dairy commodity markets, product mix and export demand can materially influence earnings.
The near doubling of EBITDA in Dairy and Nutritionals, alongside stronger cream pricing and long-life milk exports, points to the growing importance of component value optimisation and international markets.
For dairy processors, the broader lesson is clear: profitability is increasingly dependent not simply on milk volumes, but on how efficiently each litre is converted into higher-value products and components.
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