State Farmer Delivers Solid Half-Year Result

The forecast comes on the back of a solid half-year result for company as it celebrates 140 years of operations.

For half-year ending December 31, 2025, Pamu reported a $26 million net operating profit, compared to a $2m loss in 2024.

It says this 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.

Pamu says it 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.

Read More:

• Beefing up: could this be a blueprint for the sector?
• Pāmu launches equity partnership at Mahiwi Farm
• State farmer forecasts record results

Pamu chief executive Mark Leslie says strengthened capability and productivity across the business have positioned Pamu to make the most of market conditions.

“As a business, Pamu 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.

Leslie says their 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 Pamu and our commitment to long-term value creation.”

“Pamu 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 Pamu and the Government’s aspirations and have spillover benefits for the broader sector and Aotearoa New Zealand.”