For me, the main element is probably the profitability/pearl...

For me, the main element is probably the profitability/pearl (EBITDA/pearl).
A bit disappointed that there was a 5 % decrease for H1 25 (25.10 $) vs H2 24 (26.50 $).

2 good news regarding prices :
- average price at auction increased by 9 % hoh (based on their disclosures for auctions for H2 24 and H1 25)
- and the company was able to sell at a much higher price in other channels (149 $ vs an average price of 67 $ during H1 25 for the pearls sold).
This is driven in particular by the retail business (reopening of 3 farm stores + online retail sales).

So, I struggle to understand why their average selling price increase by only 1 % for H1 25 vs H2 24.
Only logical explanation for me : they sold more low grade pearls (low prices) during H1 25 vs H2 24.

Going forward, I would expect an increase of average pearl price (if market prices remain stable) as the number of low grade pearls sold should normalise, while the company will benefit from sales through retail channels (large price difference between wholesale and retail prices). The challenge for them may be to limit the cost of selling their pearls, while they extend the retail channels.

Too bad that they do not do any conference call.
It would be useful to better understand some elements of their results and strategy.