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.

Noumi reported total sales of $595 million, up 1.0% (vs MSTe +0.6%). While the Plant-based Milk division sales grew 2.5%, the Dairy and Nutritionals division sales were flat. The Plant-based Milk division sales were led by the performance of the Milklab branded product which grew 6.7% in the year, with strong sales growth in the retail channel.