88 BWA | JUL 2026 more than one route to relevance, especially in categories where consumer preferences, raw input costs and channel economics can shift quickly. Its FY25 numbers reflected a business that kept moving forward operationally even while legacy issues still affected the statutory result. Noumi reported revenue of $595.8 million in FY25, up from $589.8 million in FY24, and adjusted operating EBITDA of $57.4 million, up from $50.8 million the year before. Within that, Dairy & Nutritionals produced net revenue of $413.8 million and Plant-based Milks delivered $182.0 million, with the latter described as achieving record revenues and earnings. The strongest brand story inside the portfolio is MILKLAB. Noumi’s annual report says MILKLAB continued to grow in key domestic and international chan- “We are continually investing in consumer insights, technology and research to develop the next generation of dairy, plant-based and nutritional food and beverage products.”
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