Noumi’s 1H26 result included highlights such as MilkLab sales growth of 8.0% and Dairy & Nutritionals EBITDA margin expansion of 249bp to 5.2%. Overhanging the result is the maturity of the convertible note in May 2027. Work is in progress though no decisions have been finalised.

Noumi’s Plant-based Milk division sales were down 1% in 1Q26. Sales of Milklab grew 9.3% and there was modest growth in the export channel but private label contract manufacturing dragged the result down. Grocery customers have lowered shelf price and the expectation is that this will drive a volume recovery.

We forecast Plant-based milk to deliver 1H26e revenue of $95 million, up 1.9% driven by growth in the hotel, restaurants and cafes channel along with a strong result in exports. We forecast a 1H26e EBITDA margin for the division of 25%, down 213bp as Noumi invests in marketing.