Noumi Limited Posts $158.6M Q4 FY26 Revenue Boost Driven by Plant-Based and Dairy Segments

Q4 FY26 Consolidated Revenue Growth and Segment Analysis

Noumi recorded consolidated Q4 FY26 revenue of $158.6 million, up $3.5 million or 2.2% compared to Q4 FY25. This growth underscores the company's effective navigation of a competitive FMCG market across diverse product categories domestically and internationally. Both Plant-based Milks and Dairy and Nutritionals segments contributed to this revenue increase, highlighting the company's diversified portfolio.

The Plant-based Milks segment posted $47.0 million in revenue, a 1.9% rise year-over-year, while the Dairy and Nutritionals segment delivered $111.7 million, reflecting a 2.2% increase. The Dairy and Nutritionals segment remains the larger revenue contributor, driven by long-life dairy milk, nutritional products, and performance powders. Strategic investments in sales and marketing, particularly in Plant-based Milks, supported these modest yet positive growth rates.

Milklab Brand Shows Robust Domestic Retail Growth Amid Export Timing Impacts

The Milklab brand, covering plant-based and dairy products, generated $37.5 million in Q4 FY26 revenue, slightly down by $0.5 million compared to Q4 FY25. This decline is mainly due to shipment timing affecting export sales rather than demand weakness. Domestic Milklab revenue increased 2.8% to $33.3 million, reflecting strong retail market resilience.

Within the Plant-based Milks segment, Milklab plant-based sales rose 0.9% to $31.6 million. Domestic growth of 2.7% was offset by a 14.3% export sales decline due to shipment timing. Notably, domestic retail sales of Milklab plant-based products surged 12.3% year-over-year, demonstrating the brand's successful retail launch in June 2024. Contract manufacturing revenues also saw significant growth. Noumi's portfolio includes almond, soy, oat, coconut, macadamia milk, and liquid stocks, cementing its leadership in Australia's plant-based dairy alternatives market.

Dairy and Nutritionals Segment Growth Supported by Commodity Pricing and Nutritionals Expansion

The Dairy and Nutritionals segment reported $111.7 million in Q4 FY26 revenue, a 2.2% increase year-over-year. Export sales accounted for 34.2% of dairy long-life volumes, up from 31.7% in Q4 FY25, with export revenue rising 4.0%. Domestic dairy sales fell 3.0%, mainly due to lower contract manufacturing volumes. Noumi remains a key producer of long-life dairy milk, nutritional products, and performance powders.

Commodity pricing positively impacted revenue, with bulk cream sales increasing 23.3% ($3.0 million) compared to Q4 FY25. However, surplus milk sales declined by $2.1 million, reflecting a balanced milk procurement strategy. Consumer Nutritionals brands like Vital Strength and Uprotein grew revenue by 4.8%. Nutritional Ingredients sales surged 13.9%, driven by a 34.1% increase in non-Lactoferrin products, despite a slight 0.9% drop in Lactoferrin sales.

Operating Cash Flow and Liquidity Status for Q4 FY26

Operating cash inflow for Q4 FY26 was $15.1 million, including $2.3 million in legal expenses related to closing legacy matters, with provisions increased by $1.7 million during the quarter. These payments were partly offset by $1.6 million proceeds from releasing a term deposit securing U.S. litigation obligations, reflecting effective legacy financial management.

As of 30 June 2026, Noumi held $15.3 million in unrestricted cash and $10.0 million in undrawn credit facilities, totaling $25.3 million in liquidity. The company’s total finance facilities amount to $462.7 million, with $452.7 million drawn, indicating reliance on leveraged financing. Capital expenditure of $4.6 million was invested in property, plant, and equipment during the quarter. Equipment lease principal repayments totaled $6.3 million, alongside $0.6 million in cash payments for Convertible Notes maturity planning in 2027.

Convertible Notes Management and 2027 Maturity Preparations

Noumi’s capital structure includes Convertible Notes requiring active management. Q4 FY26 payments to Convertible Note holders totaled $3.8 million, treated as debt repayments in cash flow statements despite being accounted for at fair value on the balance sheet. Additionally, $3.4 million in interest-in-kind payments were made, including $1.5 million to related party investors, allowing short-term cash preservation while accruing debt.

The Convertible Notes mature in 2027, a significant financial event the company is preparing for, as reflected by $0.6 million cash outlays in Q4 for planning. Investors should closely watch Noumi’s refinancing or repayment strategies throughout FY27.

FY26 Adjusted Operating EBITDA Forecast and FY27 Economic Outlook

Preliminary unaudited accounts indicate FY26 adjusted operating EBITDA between $61 million and $63 million, up from $57.4 million in FY25, representing a 6.3% to 9.8% increase. This metric excludes non-recurring items such as recapitalization, litigation costs, and unrealized FX gains/losses. The company attributes growth to sales and marketing investments, especially in Plant-based Milks.

For FY27, Noumi adopts a cautious outlook amid macroeconomic uncertainties, including challenges in recovering input cost increases and commodity price volatility. The Australian dollar’s strength in H2 FY26 has pressured export competitiveness. Despite these headwinds, Noumi remains optimistic about long-term prospects, leveraging initiatives to address cost pressures and currency fluctuations.

Update on Shepparton Property Sale and Asset Revaluation

In its December 2025 Half Year Report, Noumi classified land at 160 Doyles Road, Shepparton, Victoria, as held for sale with agreed proceeds of $4.1 million and expected completion in H2 FY26, contingent on $1.0 million in pre-settlement works. The Q4 FY26 update revised the sale completion to H1 FY27, with pre-settlement work costs increasing to approximately $2.0 million.

This delay and cost increase reflect typical complexities in property transactions involving remediation. The sale represents a partial divestment of operational real estate in Shepparton, impacting expected cash flow timing and capital needs for FY27, which investors should consider in liquidity assessments.

Plant-Based Milks Portfolio and Market Positioning

Noumi’s Plant-based Milks segment leads Australia’s long-life plant-based category with products including almond, soy, oat, coconut, and macadamia milk and liquid stocks. Q4 FY26 revenue was $47.0 million, with domestic revenue up 4.1%, driven by Milklab retail sales and contract manufacturing growth. Milklab plant-based retail sales increased 25.2% year-over-year, and contract manufacturing revenue grew 20.6%, highlighting strong brand traction since its June 2024 retail launch.

However, other plant-based channels experienced declines: Australia's Own brand sales fell 33.8% due to retail ranging changes, and HORECA revenue dropped 3.8%. This mix underscores Milklab’s strategic success amid competitive and dynamic market conditions.

Competitive Challenges, Currency Impact, and Input Cost Risks

Noumi operates in a highly competitive market with export and domestic pressures. The Australian dollar’s appreciation in H2 FY26 negatively affected export price competitiveness, a challenge expected to continue in FY27. Input cost inflation and commodity price volatility remain significant concerns, influenced by global supply chain disruptions and domestic agricultural factors.

The company highlights uncertainty in passing increased input costs to customers amid competitive constraints. Investors should track quarterly results for indications of Noumi’s ability to manage these cost pressures and maintain margins.

Related Party Payments and Governance Disclosures

For Q4 FY26 (April to June 2026), Noumi disclosed related party payments: independent directors received $200,103 in fees, while non-independent directors received $8. The company maintains governance transparency by reporting director compensation in quarterly cash flow statements, complying with ASX Listing Rules and Australian corporate governance standards.

The minimal fees paid to non-independent directors may reflect payment timing or board composition. Investors should continue monitoring governance disclosures to assess board independence and remuneration practices, which influence corporate strategy and oversight.