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, as it marks 140 years of supporting New Zealand agriculture.
Pāmu has delivered a materially improved first-half financial performance, reflecting disciplined strategy execution and the commitment of its teams to sustained productivity gains across the business.
- Net Operating Profit for the half-year improved by $28 million from a $2 million loss in December 2024 to a $26 million profit in December 2025. NOP is the preferred measure of underlying performance for the farming business as it excludes the impact of large asset revaluations.
- 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 is forecasting full-year Net Operating Profit to land between $97 million and $107 million, an increase on the November 2025 forecast of $80 to $90 million. This is more than double the company’s previous FY25 record of $49 million Net Operating Profit.
Pāmu Chief Executive Mark Leslie said: “Strengthened capability and productivity across the business have positioned Pāmu to make the most of market conditions. As a business, Pāmu is hitting its stride. Our teams are disciplined, data-driven, and focused on what matters most.”
Improved performance and operating conditions are 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.
Mark Leslie said: “Our improved production outcomes reflect continued better pasture utilisation, animal performance, and optimisation of farming systems, enabled by more consistent, data-led decision making and the ongoing adoption of digital technologies, including automation and wearables.
“These system-wide improvements reflect the performance reset well underway across Pāmu and our commitment to long-term value creation.”
“Pāmu remains firmly focused on delivering strong commercial returns while continuing to build the capability, resilience, and sustainability needed for long-term success.
“We have focused on investments that support Pāmu and the Government’s aspirations and have spillover benefits for the broader sector and Aotearoa New Zealand.
“By creating value at scale, we’re committed to lifting the performance of New Zealand’s primary sector and delivering meaningful returns for our shareholders and the country.
“As we celebrate 140 years of contribution to New Zealand’s agricultural sector, we recognise the dedication of our people and their role in our business and that impact on our improved performance,” Mark Leslie concluded.
ends
Landcorp Farming Limited’s 2026 Half-Year Report is available on the Pāmu website:
https://www.pamunewzealand.com/about/financials.
Note: Financial measures
Net Operating Profit shows how the business is performing, while NPAT reflects market-driven valuation changes.
Pāmu prefers to use Net Operating Profit because it shows how farms are performing day to day, without the impact of large asset revaluations.
Net Profit After Tax (NPAT) includes revaluations of livestock and land, which can swing widely with market conditions and don’t reflect cash earnings or operational performance.
