Noumi Limited, parent of MilkLab, has reported sales growth for the year ended June 30, primarily driven by its dairy and nutritional segment.
The company’s revenue rose 8.8 per cent to $648.4 million, with adjusted operating EBITDA growing 7.6 per cent to $61.8 million. The group said this was achieved despite an approximately $2 million adverse impact from the Middle East conflict on operating EBITDA in the second half.
Statutory net loss after tax stood at $67.2 million, a 55.2 per cent reduction compared to the prior year.
“FY26 was another year of consistent progress for Noumi against a challenging environment, with growth in revenue and earnings delivered alongside deliberate investment in the brands, people and capabilities,” said Noumi’s CEO Michael Perich.
The dairy and nutritional segment saw revenue increase 11.6 per cent to $462.0 million, while adjusted EBITDA surged 94.1 per cent to $21.6 million.
Noumi attributed the improvement to stronger returns from bulk cream, with revenue from the product rising by $14.3 million, or 33.5 per cent. The growth reflects the impact of several initiatives, including maximising returns from milk components, refining its product mix and improving manufacturing performance.
“Dairy and nutritionals delivered a substantial improvement in FY26. While the FY26 result was supported by strong commodity pricing for bulk cream, demand for protein, lactose-free products and higher-value dairy continues to support our confidence in the segment”, said Perich.
Plant-based milks generated revenue of $186.3 million, up 2.4 per cent, benefiting from initiatives launched over the past two years to expand into new channels and geographies, as well as improved formulations. The segment saw adjusted EBITDA down 14.2 per cent to $43.1 million due to brand and marketing investments, but still maintained a healthy overall margin of 23.1 per cent.
MilkLab continued to underpin segment growth, though its revenue declined 1.6 per cent in the Horeca channel. Total MilkLab plant-based milk revenue increased 4.1 per cent, with MilkLab Australia up 3.4 per cent and MilkLab Oat up 20.3 per cent.
For FY27, Noumi expects market competition to remain intense, with some benefits from its FY26 investments taking time to fully emerge.
“We enter FY27 with a stronger operating base and a broader set of opportunities. Our focus remains on building MilkLab, growing higher-value dairy and nutritionals, and maintaining discipline in a competitive environment,” Perich concluded.
In July, the company announced plans to go private after its largest shareholder agreed to acquire the remaining stake in the business.
