92 BWA | JUL 2026 revenue in FY26, especially in higher-value protein ingredients such as PUREnFERRIN. The wider growth plan remains brand-led but supported by channel partnerships. Noumi said MILKLAB continued to invest in café partnership activations in FY25, including its “MILKLAB Coffee Shop Sets” program with national cafés, baristas and DJs. In China and Indonesia, the company has also highlighted café and distribution partnerships, including work with MCR Roasters in Fuzhou and, in Indonesia, collaboration with distributor PT Kurniamitra Duta Sentosa Tbk. The company has not had a simple recent history, and the public record reflects that. Its FY25 annual report still carried litigation and transformation expenses, and the statutory result remained affected by fair-value and impairment items. At the same time, management emphasised that adjusted operating EBITDA had improved, the Dairy & Nutritionals segment had strengthened, and Plant-based Milks delivered another record year. That is the most balanced way to frame the challenge section. Noumi is not a clean turnaround fairy tale, but it is also not standing still. The more persuasive story is that the business has been rebuilding around sharper execution, better segment performance, stronger sourcing partnerships and clearer brand momentum — particularly through MILKLAB and the operational uplift in Dairy & Nutritionals. Culture and engagement are another part of the recovery story. Noumi reported 90% participation in its Gallup employee engagement survey in FY25 and said overall engagement scores improved year on year, while
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