Noumi H1 FY26 slides: EBITDA jumps 23%, debt maturity looms

Noumi Limited (ASX:NOU) released its H1 FY26 financial results on February 24, 2026, revealing robust operational improvements despite looming debt maturity challenges. The Australian dairy and plant-based milk producer reported a 23.3% increase in adjusted operating EBITDA to $33.9 million, driven by its Milklab brand and a turnaround in the Dairy & Nutritionals segment.

However, the company's shares have been under pressure, trading near the lower end of their 52-week range at $0.12. Noumi's H1 FY26 results showed a 11.2% increase in net revenue to $332.7 million, with strong performance across its segments and export markets. Adjusted operating EBITDA reached $33.9 million, a $6.4 million increase, while the statutory net loss after tax narrowed to $24.2 million from $82.1 million in H1 FY25, marking a $57.9 million improvement.

However, this figure includes a $42.2 million fair value adjustment on convertible notes, which will continue through the notes' maturity in FY27. Noumi increased its marketing investments by 43.6% during H1 FY26, focusing on brand development, media and communications, and activations and events. This strategy aims to position the business for growth, particularly for the Milklab brand, despite margin compression in the Plant-based Milks segment and a 167.9% surge in Dairy & Nutritionals segment EBITDA.