Pāmu enters the second half of FY26 on a high, with a record full-year net operating profit forecast of between $97 million and $107 million.
Net operating profit for the half-year improved by $28 million from a $2million loss in December 2024 to a $26 million profit in December 2025.
Net profit after tax for the half-year, which reflects market-driven valuation changes, climbed to $95 million, up from $62 million for the comparable period.
Pāmu was forecasting full-year net operating profit to land between $97 million and $107 million, an increase on the November 2025 forecast of $80 million to $90 million. That was more than double the company’s previous FY25 record of $49 million net operating profit.
Chief executive Mark Leslie said strengthened capability and productivity across the business had positioned Pāmu to make the most of market conditions.
Improved performance and operating conditions were reflected in stronger full-year forecasts, including:
A 10.9% increase in kgMS compared with FY25 from a 1.2% increase in cows being milked this season, leading to a 13.1% uplift over the past three years, equivalent to an additional 1.8 million kgMS.
A 4.1% increase in livestock production from FY25, culminating in a 14.6% uplift over the past three years, equivalent to an additional 2.9 million kg. An increase in calves reared from the dairy herd from 66% in FY25 to 72%, strengthening the dairy-beef pipeline and improving whole-of-system returns.
