Slides
Page 1
Noumi Limited H1 FY26 Results 24 February 2026 For personal use only
Page 2
Summary Information Only This presentation criteria contains general information about Noumi Limited and its consolidated entities (“Noumi Limited”) and its activities current as at the date of this presentation. It is provided in summary and does not purport to be complete. You acknowledge and agree that you will rely on your own independent assessment of any information, statements or representations contained in this presentation and such reliance will be entirely at your own risk. Disclaimer Noumi Limited and its related bodies corporate and associated entities and each of their respective officers, employees, associates, agents, auditors, independent contractors and advisers, do not make any representation, guarantee or warranty, express or implied as to the accuracy, completeness, currency or reliability (including as to auditing or independent verification) of any information contained in this presentation and do not accept, to the maximum extent permitted by law: (a) any responsibility arising in any way for any errors in or omissions from any information or for any lack of accuracy, completeness, currency or reliability of any such information made available; (b) any responsibility to provide any other information or notification of matters arising or coming to their notice which may affect any information provided; and (c) any liability for any loss or damage (whether under statute, in contract or tort for negligence or otherwise) suffered or incurred by any person as a result of or in connect with a person or persons using, disclosing, acting on or placing reliance on any information contained in or omitted from this presentation, whether the loss or damage arises in connection with any negligence, default or lack of care or from any misrepresentation or any other cause. Forward-looking statements This presentation may contain forward-looking statements. All statements other than statements of historical facts included in this presentation are forward-looking statements. Forward-looking statements may include, without limitation, statements relating to Noumi Limited’s financial position and performance, business strategy, plans and objectives of management for future operations. Forward-looking statements involve known and unknown risks, uncertainties and other factors (many of which are beyond Noumi Limited’s control) and which may cause actual results to differ materially from those expressed in the statements contained in this presentation. Some of the important factors that could cause Noumi Limited’s actual results, performance or achievement to differ materially from those in any forward-looking statements include (among other things): the risks and uncertainties associated with levels of demand and market prices, climatic conditions in Australia and overseas, the ability to produce, process and transport goods profitably, the actions of competitors, potential Geopolitical events and inflation impacts. Forward-looking statements should not be relied on, particularly in light of the current economic climate. No representation, guarantee, or warranty (express or implied) is given as to the accuracy, completeness, likelihood of achievement or reasonableness of any forecasts, projections or forward-looking statements contained in this presentation. Except as required by applicable regulations or by law, Noumi Limited does not undertake any obligation to publicly update or review any forward-looking statements, whether as a result of new information or future events. This presentation should not be relied upon as a recommendation or forecast by Noumi Limited. No offer of securities Nothing in this presentation should be construed as either an offer or invitation to sell or a solicitation of an offer to buy or sell Noumi Limited securities in any jurisdiction. Non-IFRS information Operating Profit, Statutory EBIT and Statutory EBITDA are unaudited, non-IFRS financial information. Important notice and disclaimer For personal use only
Page 3
H1 FY26 Overview and Progress 3Noumi Limited | H1 FY26 Results For personal use only
Page 4
Strategy delivering Strategy turns to growth – strong EBITDA growth as well as investing for the future. Plant-based Milks delivers record sales with growth in all key strategic channels – Milklab in retail, HORECA and export. Flagship Milklab brand grew both in Plant-based Milks and Dairy & Nutritionals. Milklab Almond clear number one in grocery barista channel. Dairy & Nutritionals improvement continues – more consistent performance supporting growth investments. 4 Extensive strategic investments in sales and marketing including brand, activation and global playbook. Noumi Limited | H1 FY26 Results For personal use only
Page 5
Our Business Units For personal use only
Page 6
Our Brands Noumi has a broad portfolio of strong brands that meet differing consumer needs and occasions across multiple markets. 6 For personal use only
Page 7
Financial performance highlights Adjusted operating EBITDA of $33.9m up 23.3% on H1 FY25. Plant-based Milks record sales of $94.3m up 1.1% and adjusted operating EBITDA of $22.9m after investments. Overall Milklab sales up 11.1% across Plant-based Milks and Dairy & Nutritionals. Plant-based Milks HORECA sales return to growth; up 2.5%. Dairy & Nutritionals adjusted operating EBITDA of $12.4m up 167.9% - fourth successive improvement in first half EBITDA. 7 Planning underway for the $610.4m Convertible Note maturity in May 2027. Noumi Limited | H1 FY26 Results For personal use only
Page 8
8 $33.9m Adj Op EBITDA 1,2 $6.4m $332.7m Net Revenue $33.4m $12.4m Dairy & Nutritionals Adj Op EBITDA 1 $7.8m $238.4m Dairy & Nutritionals Net Revenue $32.4m $94.3m Plant-based Milks Net Revenue $1.0m $22.9m Plant-based Milks Adj Op EBITDA 1 $2.4m ($24.2m) Statutory net loss after tax $57.9m FINANCIAL HIGHLIGHTS 1 Adjusted for non-trading and non-recurring items (including litigation costs, transformation costs, recapitalisation costs, and unrealised foreign exchange). 2 Group adjusted operating EBITDA includes Unallocated Shared Services costs of $1.4m. Noumi Limited | H1 FY26 Results For personal use only
Page 9
Revenue highlights Disciplined return to export markets DAIRY MILK 2.5% HORECA Plant-based MilksReturns to Growth Lactose Free In retail plant-based milks 42.4% 51.8% 69.2% 18.4% EXPORT Bulk Cream 16.9% COMMODITIES 22.5% Oat For personal use only
Page 10
H1 Spend Sales and marketing spend of $19.6m up 43.6% and more to come in H2 Investments for the future Noumi Limited | H1 FY26 Results Key activities New campaign launch Brisbane CBD activation Milklab 10th birthday Coffee shop sets 10 New markets Investing in consistent penetration in all markets and regions through product and sales resources Global Brand Guidelines Supporting Milklab becoming an international brand with consistent execution NPD investments New Soy and Lactose free launches in H2, cold drink applications and strong pipeline for FY27 For personal use only
Page 11
Marketing investment accelerates Noumi Limited | H1 FY26 Results 11 ACTIVATIONS & EVENTSMEDIA & COMMUNICATIONS BRAND For personal use only
Page 12
Over 500 talented team members around the globe driving performance and success. Investing in additional HORECA sales team to support incremental marketing initiatives. Safety metrics continue to improve across both sites. New safety culture program launched. Frontline leadership development program driving reliability, efficiency and innovation – consistent with strategy. Investment in tools and resources continues. New CRM launched in January. Further development of our team For personal use only
Page 13
Noumi – Key manufacturing sites Dairy & Nutritionals Shepparton, VIC Plant-based Milks Ingleburn, NSW • Noumi Nutritionals is a leading Australian manufacturer of quality Long-life dairy products and premium protein ingredients including PUREnWPI and PUREnFERRIN®. • We source milk from ‘grass & grain’ fed cows from dairy farms across the Goulburn Valley to deliver the best dairy products from the most well-nourished cows. • Our state-of-the-art facility in Ingleburn, New South Wales specialises in the development and manufacturing of Long-life plant-based milks. • We are experienced in the development and production of a wide range of plant-based milks that include Almond, Oat, Macadamia, Soy and Coconut milk varieties. We also produce liquid stocks and cream. For personal use only
Page 14
Imagining a Healthier Tomorrow is Noumi’s strategic purpose and our guiding light as we seek to create a positive impact by promoting: For our consumers & communities Through our farmers & production processes For our people & stakeholders The Healthier Tomorrow Plan These Principles are the foundation of our future as we seek to drive continuous positive change For personal use only
Page 15
Strategy For personal use only
Page 16
For personal use only
Page 17
Strategy | Plant-based Milks Focus Areas Build on the successful launch of Milklab in retail with brand, activation and new product development initiatives. Targeted investments following resolution of legacy issues and more consistent earnings across both segments. Launching improved Soy formulation in H2 to improve opportunities for portfolio selling. Drive consistent performance in HORECA with increased resources and improved tools. Accelerate Milklab internationally with investments in strategic markets, leadership, and global brand guidelines. 17 Noumi Limited | H1 FY26 Results For personal use only
Page 18
Strategy | Dairy & Nutritionals Focus Areas Build out portfolio of specialty dairy formats and products – such as an improved lactose free. Maximise value of key milk components – fat and protein. Improvement through world class operational excellence programs and targeted sales approach. Enhance long-life milk profitability with selected increases in export volumes focused on new formats. Consumer Nutritionals – continued market tailwinds represent an opportunity for additions to the product portfolio. 18 Noumi Limited | H1 FY26 Results For personal use only
Page 19
Financial Performance For personal use only
Page 20
H1 FY26 Earnings H1 FY26 ($m) H1 FY25 ($m) Change ($m) Net revenue 332.7 299.3 33.4 Adj operating EBITDA1, 2 33.9 27.5 6.4 Non-operating items incl. litigation, transformation & recapitalisation (2.5) (6.6) 4.1 Depreciation & amortisation (3.9) (6.0) 2.1 Net finance costs (excluding Convertible Notes) (9.4) (10.7) 1.3 Pretax earnings before fair value adjustment on Convertible Notes & impairment charge 18.1 4.2 13.9 Fair value adjustment on Convertible Notes (42.2) (36.3) (5.9) Non-cash Dairy & Nutritionals impairment charge - (50.0) 50.0 Income tax benefit (0.1) - (0.1) Net loss after tax (24.2) (82.1) 57.9 1. Adjusted for non-trading and non-recurring items (including litigation costs, transformation costs, recapitalisation costs and unrealised foreign exchange). 2. Group adjusted operating EBITDA includes Unallocated Shared Services costs of $1.4m. 20 Net revenue up $33.4m – Milklab overall sales up 11.1%; Export Long-life dairy up 69.2% and plant-based export sales up 18.4% Adjusted operating EBITDA $33.9m up 23.3% Improvement in Dairy & Nutritionals segment whilst Plant-based Milks results reflect brand and marketing investment Earnings after non-operating costs but before Convertible Notes fair value charges positive $18.1m Convertible notes fair value charges continue as previously foreshadowed will continue through to maturity in FY27. $7.6m paid in cash in H1 FY26. Noumi Limited | H1 FY26 Results Summary of performance For personal use only
Page 21
H1 FY26 ($m) H1 FY25 ($m) Change ($m) Change Net revenue 94.3 93.3 1.0 1.1% Adjusted operating EBITDA1 22.9 25.3 (2.4) (9.2%) Adjusted operating EBITDA margin % 24.3 27.1 - (2.8ppt) Financial results Summary of performance 1. Adjusted for non-trading and non-recurring items (including litigation costs, transformation costs, recapitalisation costs and unrealised foreign exchange). 2. Net revenue in HY22 includes $9m of subsequently discontinued low -margin products which have now been replaced with higher-margin sales of the Company’s own brands. Financial Performance | Plant-based Milks 21 Milklab brand lifted overall plant-based sales by 8.0%. Record revenues with gains in key strategic channels. EBITDA reflects investments in channels, international and products. Milklab’s successful expansion into Australian retail added $8.7m revenue, now 15.0% of Milklab’s Australian sales. Milklab Oat sales rose 22.5%, underpinned by bundling strategy and brand awareness campaigns. Plant export sales up 18.4% including strategic markets. Net Revenue ($m) Adjusted Operating EBITDA ($m) 19 22 23 25 23 HY22 HY23 HY24 HY25 HY26 74 82 88 93 94 9 HY22 HY23 HY24 HY25 83 HY262 Noumi Limited | H1 FY26 Results For personal use only
Page 22
Financial Performance | Dairy & Nutritionals Financial results 1. Adjusted for non-trading and non-recurring items (including litigation costs, transformation costs, recapitalisation costs and unrealised foreign exchange loss). 22 H1 FY26 ($m) H1FY25 ($m) Change ($m) Change Net revenue 238.4 206.1 32.3 15.7% Net revenue excl. Traded Milk 233.9 194.9 39.0 20.0% Adjusted operating EBITDA1 12.4 4.6 7.8 167.9% Adjusted operating EBITDA margin % 5.2 2.2 - 3.0ppt Export long life milk rebounds (up 69.2%) with selective opportunities and new formats. Milklab Lactose Free up 16.9% Positive adjusted operating EBITDA more than doubled from $4.6m in H1 FY25 to $12.4m Strategic investments, systems improvements and leadership programs targeting best-in-class performance Bulk cream sales up $8.3m with strategic sales program securing prices in a weakening global commodity market Consumer Nutritionals revenue up 2.0%. Uprotein powders and supplements up 10.9%. Vital Strength powders up 7.9%. Net Revenue ($m) Adjusted Operating EBITDA ($m) 182 198 209 206 238 HY22 HY23 HY24 HY25 HY26 Summary of performance Noumi Limited | H1 FY26 Results (5.0) (1.9) 2.2 4.6 12.4 HY22 HY23 HY24 HY25 HY26 For personal use only
Page 23
H1 FY26 Balance Sheet Cash and Borrowings H1 FY26 ($m) FY25 ($m) Change ($m) Cash and cash equivalents 12.5 16.2 (3.7) Financial debt (excl. Convertible Notes) (80.7) (83.3) 2.6 AASB 16 Lease liabilities (95.6) (94.6) (1.0) Convertible Notes at fair value (474.5) (436.9) (37.6) 23 Cash at bank of $12.5m with undrawn finance facility of $10.0m provides liquidity for operations based on current conditions and expectations Financial debt includes revolver, debtor financing and equipment leases AASB 16 lease liabilities principally includes Shepparton and Ingleburn operations Convertible Notes fair value charges to continue through to maturity in May 2027. Accounting rules require notes classified as current liability due to conversion option Planning underway for the $610.4m maturity of the convertible notes in 2027 Balance Sheet H1 FY26 ($m) FY25 ($m) Change ($m) Total Assets 256.3 265.2 (8.9) Total Liabilities (735.7) (717.5) (18.2) Net Liabilities (479.4) (452.3) (27.1) Balance sheet – Milklab brand value not included on balance sheet Summary Noumi Limited | H1 FY26 Results For personal use only
Page 24
Capital structure overview 24 Convertible Notes issued in two tranches in FY21 and FY22 with a common maturity of May-27. Terms remain unchanged. Convertible notes maturity to address gearing levels. Currently ~10.5x LTM EBITDA post AASB16 (including Convertible Notes). Process to address maturity is underway, all options are being considered. Refinancing is significant relative to current market capitalisation, with impact on equity value remaining uncertain. Convertible notes carried on balance sheet at fair value. This is different to redemption value (see HY FY26 financial report). Summary Balance at 31 December 2025 Drawn amount ($m) Facility limit ($m) Latest maturity date Revolver Finance Facility (36.0) (46.0) Mar-27 Recourse Debtor Finance Facility (16.0) (20.0) Rolling 6 months Equipment Finance Leases (29.2) (29.2) Mar-27 Cash 12.5 NET DEBT BEFORE CONVERTIBLE NOTES1 (68.7) Convertible Notes – Redemption value (593.6) n.a. May-27 TOTAL NET DEBT – Redemption value (662.3) Noumi Limited | H1 FY26 Results 1. Net debt before Convertible Notes does not include $0.5m of capitalised finance costs related to revolver finance facility which is being amortised over the term of the facility in accordance with the accounting standards. 2. Noumi also has an off-balance-sheet Limited Recourse Debtor Finance Facility which was drawn to $49.1m at 31 December 2025. For personal use only
Page 25
Cash Flow H1 FY26 ($m) H1 FY25 ($m) Cash generated from trading 22.7 40.1 Net finance costs (8.7) (9.8) Property, plant and equipment (2.5) (2.1) Income taxes paid (0.1) (3.3) Restructuring related cash flows: US litigation settlement and other litigation costs (5.6) (7.6) Security Deposit 3.4 3.3 Subtotal (Restructuring related cash flows) (2.2) (4.3) Movement in Net Debt 9.2 20.6 Repayments of convertible notes 7.6 9.2 Repayments of financial debt - net 2.5 (1.3) Reduction in lease liabilities 0.8 0.8 Transaction costs 2.0 - Change in cash (3.7) 11.9 Movement in Net Debt 9.2 20.6 25 Working capital management remains a priority – strict inventory control, optimal use of debtor financing Net cash flow from operations below last year. Inventory increased to target level and receivables reflect export growth. Capital expenditure spend carefully managed Restructuring and litigation costs $2.2m net of unwind of security deposit reflects residual legacy issues and recap Cash flow includes $2.5m net decrease in financial debt Summary Cash payments on the Convertible Notes amounted to $7.6m Noumi Limited | H1 FY26 Results For personal use only
Page 26
The maturity of the Convertible Notes represents a significant amount of capital relative to the Company’s market capitalisation. The outcome of the process to address the maturity of the Convertible Notes, including the impact on the equity value of the business, remains uncertain. Noumi will continue to pursue its growth agenda and expects that its investment in sales and marketing initiatives will be rewarded, particularly for the Milklab brand. While the Company has delivered significant and sustainable improvements in the Dairy & Nutritionals segment, Noumi operates in a highly competitive domestic market and is exposed to global impacts on export markets and commodity prices. The Company is positive about its progress and confident about the investments it is making. However, having regard to the nature of its markets, Noumi will continue its practice of not providing financial guidance. Noumi Limited | H1 FY26 Results 26 Outlook For personal use only
Page 27
Q&A For personal use only
Page 28
For personal use only