• Total revenue down 27% to $13.6M
• Net loss after tax of $5.2M, compared to $12.1M profit in prior period
• Normalised EBITDA of $3.2M, down from $6.2M in prior period

Atlas Pearls Ltd reported a 27% decline in total revenue to $13.6M and a net loss after tax of $5.2M for the half-year ended 31 December 2025, compared to a $12.1M profit in the prior period. The result was impacted by softer trading conditions in some key markets, leading to a shift in product mix towards a higher proportion of lower-grade pearls. The company harvested 264k pearls during the period, in line with expectations, and seeding targets were consistently met. However, the average selling price declined from $63/pearl to $33/pearl, reflecting the higher proportion of low-grade pearls sold. The company continues to focus on disciplined inventory management, channel alignment, and positioning the business to respond to evolving market conditions. Safety remains a core operational priority, and the company has made progress on various business initiatives, including genetics projects, vessel upgrades, capacity expansion, and sustainability reporting. The company remains focused on executing its FY30 strategy to deliver sustainable growth and long-term value creation.

In 2026, the Group will continue to focus on enhancing health, safety and environmental capability and capacity across the business, with ongoing investment in systems, capability, and continuous improvement. Strategic initiatives and projects aligned with the FY30 strategy, including business improvement, growth, and innovation, will continue to be executed. The Group will also continue its sustainability and CSR projects in collaboration with stakeholders as operations expand. Innovation and R&D remain a key focus, aligned with the Group's objective of delivering the finest South Sea pearls at the lowest sustainably achievable production cost.