Record first-half revenue for FPH; net profit up 43%

News Release
STOCK EXCHANGE LISTINGS: NEW ZEALAND (FPH), AUSTRALIA (FPH)

Record first-half revenue for Fisher & Paykel Healthcare; net profit up 43%

Auckland, New Zealand, 28 November 2024 – Fisher & Paykel Healthcare Corporation Limited
(NZX:FPH, ASX:FPH) today announced its results for the first half of the 2025 financial year, which
ended 30 September 2024.

Total operating revenue was a record $951.2 million, an increase of 18% from the prior
corresponding period or 17% in constant currency. Net profit after tax for the first half was $153.2
million, up 43% over the same period in the previous financial year, or 51% in constant currency.

“This result was driven primarily by new product introductions and changing clinical practice. Early
indications are that a relatively high hospital census during the period may have contributed as well,
as hospitals returned to more normalised staffing and capacity, and seasonal hospitalisations in the
Northern Hemisphere from FY24 persisted into the beginning of our current financial year,” said
Managing Director and Chief Executive Officer Lewis Gradon.

For the Hospital product group, which includes humidification products used in respiratory, acute
and surgical care, first-half revenue was $591.4 million, an increase of 21% over the same period
last year in both reported and constant currency. Hospital new applications consumables revenue
increased 24% in constant currency.

For the Homecare product group, first-half revenue was a record $359.4 million, an increase of 14%
on the first half of last year, or 13% in constant currency. Sales of masks and accessories for
treating obstructive sleep apnea (OSA) were up 14% in constant currency.

“Growth has been broad-based across our entire portfolio of hospital products, including in invasive
and noninvasive ventilation and Optiflow for respiratory and anesthesia patients, all suggesting that
we are making headway with changing clinical practice.

“We are also pleased with the continued strong performance of our range of masks for patients with
obstructive sleep apnea. With the introduction of the F&P Nova Micro mask, alongside our recently
launched F&P Solo AutoFit mask and F&P Evora Full, we address a diverse array of patient needs
and preferences with our latest technology,” said Mr Gradon.

Gross margin was 61.9% for the first half of the 2025 financial year, which was a 141 basis-point
increase in reported currency over the prior comparable period, or a 198 basis-point increase in
constant currency.

The company’s directors have approved an interim dividend of 18.5 cents per ordinary share, up
from 18 cents per share in the first half of the prior year. The interim dividend, carrying full New
Zealand imputation credit, will be paid on 18 December 2024 with a record date of 6 December
2024.

Given the company’s strong financial performance and reduction of debt, the Board has determined
to suspend the dividend reinvestment plan (DRP). As a result, shareholders who have previously
elected to participate in the DRP will receive their dividends for this period in cash.

Looking ahead

The full-year guidance previously provided in August was for operating revenue to be in the range of
approximately $1.9 billion to $2.0 billion and net profit after tax to be in the range of approximately
$320 million to $370 million.

At 31 October exchange rates*, the company continues to guide to full-year operating revenue in the
range of approximately $1.9 billion to $2.0 billion and full-year net profit after tax in the range of
approximately $320 million to $370 million.

“In our Homecare product group, we have introduced three new mask models into major markets
over the last ten months. They are performing well, and we think they will continue to drive similar
results for the remainder of the financial year,” said Mr Gradon.

“For our Hospital product group, we expect similar contributions from change in clinical practice and
new product introductions. Our revenue guidance range also accommodates a broad range of
Northern Hemisphere seasonal hospitalisation scenarios, ranging from relatively low to
approximately moderate. This variable impact typically occurs later in our second half.

“We are pleased with our performance for the first half of the year. We want to thank our customers,
suppliers, clinical partners, employees and shareholders. Their support makes a difference in the
quality of life for millions of patients every year,” concluded Mr Gradon.

*At 31 October 2024 exchange rates of NZD:USD 0.59, NZD:EUR 0.55, NZD:MXN 12.05.

Overview of key results for the first half of the 2025 financial year
• 18% increase in operating revenue to $951.2 million, 17% increase in constant currency.
• 43% increase in net profit after tax to $153.2 million, 51% increase in constant currency.
• 21% increase in Hospital operating revenue to $591.4 million, 21% increase in constant
currency.
• 24% increase in constant currency for new applications consumables (products used in
noninvasive ventilation, Optiflow nasal high flow and surgical applications) accounting for
73% of Hospital consumables revenue.
• 14% increase in Homecare operating revenue to $359.4 million, 13% increase in constant
currency.
• 14% increase in constant currency for OSA masks and accessories revenue.
• Investment in R&D was 12% of revenue, or $110.1 million.
• 3% increase in interim dividend to 18.5 cps (H1 FY24: 18 cps).
About Fisher & Paykel Healthcare
Fisher & Paykel Healthcare is a leading designer, manufacturer and marketer of products and
systems for use in acute and chronic respiratory care, surgery and the treatment of obstructive sleep
apnea. Our products are sold in more than 120 countries worldwide. For more information, visit our
website www.fphcare.com.

Contacts

Media
Karen Knott
GM Corporate Communications
karen.knott@fphcare.co.nz
+64 (0) 21 713 911
Investors
Dan Adolph
Head of Investor Relations
daniel.adolph@fphcare.co.nz
+64 (0) 22 511 4050

Authorised by Fisher & Paykel Healthcare Corporation Limited’s Board of Directors.


Accompanying documents

Attached to this news release are the following additional documents:
• Results in Brief
• Interim Report 2025
• Investor Presentation
• NZX Results Announcement
• NZX Distribution Notice

Constant currency information
Constant currency information included within this news release is non-GAAP financial information,
as defined by the NZ Financial Markets Authority, and has been provided to assist users of financial
information to better understand and track the company’s comparative financial performance without
the impacts of spot foreign currency fluctuations and hedging results and has been prepared on a
consistent basis each year. A constant currency analysis is included on page 12 of the company’s

Interim Report 2025, and the company’s constant currency framework can be found on the
company’s website at www.fphcare.com/ccf.

Half year results conference call
Fisher & Paykel Healthcare will host a conference call on Thursday, 28 November 2024 to discuss
the half year result. The conference call is scheduled to begin at 10:00am NZDT, 8:00am AEDT
(4:00pm USEST, Wednesday 27 November) and will be simultaneously broadcast online.
To listen to the webcast, access the company’s website at www.fphcare.com/investor. An online
archive of the event will be available approximately two hours after the webcast and will remain on
the site for two weeks.
To listen and participate in the conference call via phone, please register via ‘GlobalMeet’ by clicking
this link. Once registered, click ‘Call Me’ and you will receive a phone call connecting you through to
the conference line.

---

Results in Brief


Six Months
Ended
Six Months
Ended
% Change
(Reported)
% Change
(Constant
Currency
1
)
30 Sep 23 30 Sep 24
NZ$M NZ$M
(except as otherwise
stated)
(except as otherwise
stated)
FINANCIAL PERFORMANCE


Total operating revenue 803.7 951.2 +18% +17%
Cost of sales (317.6) (362.5) +14% +12%
Gross profit 486.1 588.7 +21% +21%
Gross margin 60.5% 61.9% +141 bps +198 bps
Selling, general and administrative expenses (236.6) (260.5) +10% +10%
Research and development expenses (96.9) (110.1) +14% +14%
R&D percentage of operating revenue 12.1% 11.6% -48 bps -39 bps
Total operating expenses (333.5) (370.6) +11% +11%
Operating profit before financing costs 152.6 218.1 +43% +46%
Operating margin 19.0% 22.9% +394 bps +420 bps
Net financing expense (12.0) (11.7) -3% -58%
Profit before tax 140.6 206.4 +47% +52%
Tax expense (33.3) (53.2) +60% +58%
Profit after tax 107.3 153.2 +43% +51%
Effective tax rate 23.7% 25.8%
Effective tax rate excluding R&D tax credit 29.9% 30.1%


Revenue by Region:




North America 366.2 444.9 +21%
Europe 207.5 248.8 +20%
Asia Pacific 179.8 205.1 +14%
Other 50.2 52.4 +4%
Total 803.7 951.2 +18%




Revenue by Product Group:


Hospital 487.5 591.4 +21%
Homecare 314.4 359.4 +14%
Core products sub-total 801.9 950.8 +19%
Distributed and other 1.8 0.4 -78%
Total 803.7 951.2 +18%

FINANCIAL POSITION
As at 31 Mar 24
NZ$M
(except as otherwise
stated)
As at 30 Sep 24
NZ$M
(except as otherwise
stated)

Tangible assets 2,100.8 2,259.4 +8%
Intangible assets
2
180.9 176.0 -3%
Total assets 2,281.7 2,435.4 +7%
Total liabilities (522.6) (505.6) -3%
Shareholders’ equity 1,759.1 1,929.8 +10%
Gearing 1.8% -2.9% -256%
Net tangible asset backing (cents per share) 271 305 +13%
1
Constant currency (CC) removes the impact of exchange rate movements. This approach is used to assess the Group’s underlying
comparative financial performance without any impact from changes in foreign exchange rates. The company’s constant currency
framework can be found on the company’s website at www.fphcare.com/ccf. The reconciliation to reported results is included within
the Financial Commentary section of the Interim Report.
2
Includes Intangible and deferred tax assets.

Results in Brief
(continued)



Six Months
Ended
Six Months
Ended
% Change
30 Sep 23 30 Sep 24
NZ$M NZ$M
(except as otherwise
stated)
(except as otherwise
stated)



CASH FLOWS

Net cash flow from operating activities 156.5 233.0 +49%
Net cash flow from investing activities (275.5) (55.1) -80%
Net cash flow from financing activities 66.0 (137.2) -308%



SHARES OUTSTANDING

Weighted average basic shares outstanding 580,581,693 584,954,554

Weighted average diluted shares
outstanding
584,542,333 589,385,621

Basic shares outstanding at period end 582,012,620 586,112,745




DIVIDENDS AND EARNINGS PER SHARE

Dividends per share (cents) – declared 18.0 18.5 +3%
Basic earnings per share (cents) 18.5 26.2 +42%

---

Interim Report 2025

Fisher & Paykel Healthcare | INTERIM REPORT 2025

Constant currency information contained within this report is non-conforming
financial information, as defined by the New Zealand Financial Markets Authority
and has been provided to assist users of financial information to better understand
and assess the company’s financial performance without the impacts of spot financial
currency fluctuations and hedging results, and has been prepared on a consistent
basis each financial year. A reconciliation between reported results and constant
currency results is available on page 12 of this report. The company’s constant
currency framework can be found on our website at www.fphcare.com/ccf.
This report is dated 27 November 2024 and is signed on behalf of Fisher & Paykel
Healthcare Corporation Limited by Neville Mitchell, Board Chair and Lewis Gradon,
Managing Director and Chief Executive Officer. A digital version of this report is
available at www.fphcare.com/nz/corporate/investor/reports/.
LEWIS GRADON
MANAGING DIRECTOR AND
CHIEF EXECUTIVE OFFICER
NEVILLE MITCHELL
BOARD CHAIR
Half year financial highlights 2
Business highlights3
Product group overview
4
Half year review 6
Financial commentary
9
Financial statements
13
Notes to the financial statements
17
Independent auditor’s review report
20
Directory
21
Contents
Welcome to our 2025
Interim Report. In this, we
highlight the performance and
financial results of Fisher & Paykel
Healthcare for the six months
ended 30 September 2024.
1Fisher & Paykel Healthcare | INTERIM REPORT 2025

GROSS MARGIN
61.9%
▲

198 BPS (CONSTANT CURRENCY)
INTERIM DIVIDEND
FULLY IMPUTED
18.5cps
▲

3% | 18.0CPS (1H FY24)
REVENUE BY REGION
6 MONTHS TO 30 SEPTEMBER 2024
Hospital
Homecare
Distributed & Other
North America
Europe
Asia Pacific
Other
47%
26%
22%
5%
120+
COUNTRIES
62%
38%
<1%
REVENUE BY PRODUCT GROUP
6 MONTHS TO 30 SEPTEMBER 2024
Half year financial highlights
OPERATING REVENUE
$951.2 MILLION
18%
NET PROFIT AFTER TAX
$153.2 MILLION
43%
HOSPITAL REVENUE
$591.4 MILLION
21%
HOMECARE REVENUE
$359.4 MILLION
14%
Fisher & Paykel Healthcare|INTERIM REPORT 20252

RELEASED
two new hardware platforms into the
United States: the F&P 950
TM

System and Airvo
TM
3
Half year business highlights
LAUNCHED
our F&P Nova Micro
TM
nasal pillows mask
for treating obstructive sleep apnea in
New Zealand and Canada
BEGAN
manufacturing at our new facility
in Guangzhou, China
COMMENCED
sales of our F&P Solo™ nasal and
pillows mask in the United States
INITIATED
sales of our new F&P Optiflow Duet
TM

in the United States
APPOINTED
Mark Cross to the Board of Directors,
and welcomed Neville Mitchell to
the role of Board Chair
3Fisher & Paykel Healthcare|INTERIM REPORT 2025

Hospital
Our Hospital product group
includes products used in invasive
ventilation, noninvasive ventilation,
high flow therapy, anesthesia, and
laparoscopic and open surgery.
Not only do these products help
healthcare providers improve
patient outcomes, they often
deliver economic benefits as well,
by reducing the need to escalate
care and shortening patient stays
in hospital.
FEATURED PRODUCT
PRODUCT GROUP OVERVIEW
Our business is structured in
two parts: Hospital and Homecare.
62%
OF OPERATING REVENUE24%
21%
CONSTANT CURRENCY REVENUE FROM
NEW APPLICATIONS CONSUMABLES
OPERATING REVENUE
$591.4 MILLION
4Fisher & Paykel Healthcare | INTERIM REPORT 2025

Homecare
Our Homecare product group
includes devices and systems
used to treat obstructive sleep
apnea (OSA) and provide
respiratory support in the
home. These include our CPAP
therapy masks as well as flow
generators, interfaces and data
management technologies.
FEATURED PRODUCT
38%
OF OPERATING REVENUE14%
CONSTANT CURRENCY REVENUE
FROM OSA MASKS AND ACCESSORIES
OPERATING REVENUE
$359.4 MILLION
14%
5Fisher & Paykel Healthcare | INTERIM REPORT 2025

NEVILLE MITCHELL
Board Chair
LEWIS GRADON
Managing Director and
Chief Executive Officer
Our strategy for achieving sustainable, profitable
growth comes down to three fundamentals –
creating world-leading products, increasing our
global presence, and working with healthcare
providers to transform clinical practice. Those
fundamentals have proven successful, and they
drove another strong result for the first half of
the 2025 financial year.
For the six months ended 30 September 2024,
total operating revenue was a record $951.2
million, an increase of 18% above the first half
of the 2024 financial year, or 17% in constant
currency. Net profit after tax was $153.2 million,
43% above the same period last year, or 51% in
constant currency. These results were driven
primarily by changing clinical practice and
launching new products in our largest markets.
Early indications are that a relatively high
hospital census may have contributed as well,
as elevated seasonal hospitalisations in the
United States persisted into the beginning of our
current financial year.
For the Hospital product group, first-half
revenue was $591.4 million, an increase of
21% over the same period last year and 21%
in constant currency. For the Homecare
product group, first-half revenue was a record
Within our business we often
talk about ‘fundamentals’.
These are the guiding principles
that underpin the way we work,
collaborate and make decisions,
and ultimately, help us fulfil
our purpose of improving care
and outcomes.
$359.4 million, an increase of 14% on the first
half of last year, or 13% in constant currency.
Sales of masks and accessories were up 14%
in constant currency.
As we have said before, our goal is to return
to our gross margin target of 65% while
maintaining our growth aspirations. During
the first half of 2025, gross margin was 61.9%,
which was a 198 basis-point increase in constant
currency from the first half of the prior financial
year. Improving gross margin remains a priority
for the business, and we will be aiming to grow
expenses over the next few years at a level
below revenue growth.
PRODUCT UPDATE
Our investment in research and development
continues to yield positive results, and we
reached a number of milestones across both
product groups during the first half of the year.
In our Hospital business, we launched the F&P
950
TM
humidification system in the United
States, as well as the F&P Optiflow Duet
TM

interface, a consumable nasal cannula for
respiratory support. We also received clearance
from the US Food and Drug Administration
for F&P Optiflow Switch
TM
, a product used
in anesthesia.
In Homecare, our portfolio of products
for treating obstructive sleep apnea was
strengthened recently with the addition of two
new masks. In April, the F&P Solo
TM
was released
in the United States, and it has received great
reviews from patients. A few weeks ago, F&P
Nova Micro
TM
was launched in the United States,
and we look forward to seeing how the mask
performs in that market.
Half year review
6Fisher & Paykel Healthcare | INTERIM REPORT 2025

INFRASTRUCTURE
Establishing a third manufacturing location has
been a priority for the past several years. In July
we received final regulatory clearance for our
facility in Guangzhou, China. The site is now
fully operational, and we have now begun selling
products manufactured at this facility.
We have previously announced the purchase
of land in Karaka, Auckland, for a second
New Zealand campus, and we recently
submitted the formal rezoning application.
Although construction is still years away, plans
are in development, and we are working with
mana whenua to enhance the site. Recently,
more than 60 of our employees and their
families volunteered to plant 1,000 trees to
protect the site’s waterways.
YOUR BOARD
Our previous Board Chair, Scott St John, retired
following the 2024 Annual Shareholders’
Meeting after nine years as a director. Scott led
the Board during the challenging years of the
pandemic and an exciting time of growth for the
business. On behalf of the entire Board, we want
to acknowledge Scott’s tenure and thank him for
his guidance and deep commitment.
In early October we filled the vacancy left
by Scott and welcomed Mark Cross as an
independent director. Mark is a strategic
thinker with strong financial acumen, and the
Board will benefit from his breadth of skills and
extensive governance experience. Mark has
been appointed to chair the Audit and Risk
Committee.
Our strategy for achieving
sustainable, profitable growth
comes down to three
fundamentals – creating
world-leading products,
increasing our global
presence, and working with
healthcare providers to
transform clinical practice.
DIVIDEND
The Board of Directors has approved an interim
dividend of 18.5 cents per share for the six
months to 30 September 2024, an increase of
3% from the first half of the prior year. This will
be paid on 18 December 2024 with a record date
of 6 December 2024.
Given the company’s strong performance over
the last few years and reduction of debt so
that net cash is now within the target gearing
range, the Board has determined to suspend
the dividend reinvestment plan (DRP). As a
result, shareholders who have previously elected
to participate in the DRP will receive their
dividends for this period in cash.
ACKNOWLEDGEMENTS
We are pleased with our performance in the first
half of the year, and it is our practice to reward
our people for their contribution to our success.
With that in mind, the Board has approved a
profit-sharing payment totalling $6 million to be
shared among employees who have worked for
the company for a qualifying period.
Once again, we want to thank our customers,
suppliers, clinical partners and shareholders
for your support. Your trust in Fisher & Paykel
Healthcare – and our ‘fundamentals’ – makes
a difference in the quality of life for millions of
patients every year.
NEVILLE MITCHELL
Board Chair
LEWIS GRADON
Managing Director and
Chief Executive Officer
7Fisher & Paykel Healthcare|INTERIM REPORT 2025

Financial report
8Fisher & Paykel Healthcare | INTERIM REPORT 2025

Financial commentary
INCOME STATEMENTS
For the six months ended
30 September
2023
NZ$M
2024
NZ$M
Change
Reported
%
Change
CC
1

%
Operating revenue 803.7951.2+18+17
Gross profit 486.1 588.7+21+21
Gross margin 60.5%61.9%+141 bps+198 bps
SG&A expenses (236.6)(260.5)+10+10
R&D expenses (96.9)(110.1)+14+14
Total operating expenses (333.5)(370.6)+11+11
Operating profit 152.6218.1+43+46
Operating margin 19.0%22.9%+394 bps+420 bps
Net financing (expense) (12.0)(11.7)-3-58
Profit before tax 140.6206.4+47+52
Tax expense(33.3)(53.2)+60+58
Profit after tax107.3153.2+43+51
1
Constant currency (CC) removes the impact of exchange rate movements. This approach is used to
assess the Group’s underlying comparative financial performance without any impact from changes
in foreign exchange rates. See further details on page 12.
Total profit after tax for the period was $153.2 million, a 43% increase from the same period
last year, or 51% in constant currency.
Revenue
Operating revenue was $951.2 million, an 18% increase from the prior comparable period
(PCP) or 17% in constant currency. Revenue was strong across all products and regions.
Hospital revenue grew 21% in constant currency, reflecting continued clinical change and a
good response to new product introductions and high hospital census. Homecare revenue
grew 13% in constant currency with strong growth in masks and accessories of 14% in
constant currency.
Gross margin
Gross margin at 61.9% improved by 198 basis points in constant currency from the same
period last year. This reflects the continued progress of our improvement initiatives and
overhead efficiency.
Operating expenses
Operating expenses increased 11% (11% in constant currency) to $370.6 million, reflecting
our ongoing investment in sales, marketing and R&D to support the development of our
product pipeline and our global sales growth.
Financing expenses
During the period, interest expense decreased to $4.9 million (Sep 2023: $8.7 million) with
lower borrowings, reflecting the strong cash generation over the past year. The net financing
expense of $11.7 million remains largely unchanged from the prior period, with higher net
foreign exchange losses of $8.5 million (Sep 2023: $4.7 million), offsetting the decreased
interest expense.
Ta x
Our effective tax rate for the period was 25.8%, up from 23.7% in the prior period. The R&D
tax credit for this period of $9.0 million (Sep 2023: $8.8 million) represents the tax credit
available on the estimated eligible R&D expenditure incurred during the period. Excluding
the benefit of the R&D tax credit, the effective tax rate was 30.1% (Sep 2023: 29.9%).
9Fisher & Paykel Healthcare | INTERIM REPORT 2025

FOREIGN CURRENCY IMPACTS
The Group is exposed to movements in foreign exchange rates, with approximately
99% of operating revenue generated in currencies other than NZD as shown below.
US dollars 49%
Euros 19%
Mexican pesos 2%
New Zealand dollars 1%
Other 29%
Over 60% of COGS and 50% of operating expenses are in currencies other than NZD.
Foreign currency impacts had a negative effect of $2.7 million on net profit after tax when
compared to the prior period. Net foreign exchange losses on balance sheet translations
reduced profit after tax for the period by $6.8 million (Sep 2023: $1.6 million decrease).
The hedging programme contributed a pre-tax gain in the period of $12.9 million (Sep
2023: $2.8 million loss).
The average daily spot rate, the average conversion exchange rate (the accounting rate,
incorporating the benefit of forward exchange contracts in respect of the relevant financial
year), and the closing spot rate of the main foreign currency exposures for the reported
periods are set out in the table to the right.
Average daily spot rate
Average conversion
exchange rateClosing spot rate
Six months
ended
30 September2023202420232024
31 March
2024
30
September
2024
USD0.6120.6080.6660.6240.5990.637
EUR 0.5620.5590.544 0.541 0.554 0.571
MXN10.6311.0013.7312.329.9112.54
Foreign exchange hedging position
In line with our hedging programme, additional hedges have been added for future years.
The hedging position for our main currency exposures as at 13 November 2024 is:
Year to 31 MarchFY25FY26FY27FY28FY29
FY30 -
FY35
+
USD % cover of expected exposure95%80%70%50%20%0%
USD average rate of cover0.6190.6080.5990.5880.5660.523
EUR % cover of expected exposure95%80%70%55%45%10%
EUR average rate of cover0.5360.5350.5290.5270.5100.474
MXN % cover of expected exposure85%60%40%15%5%0%
MXN average rate of cover12.6712.4912.9214.0714.6415.06
+
FY30 – FY35 shows average % cover of expected exposure and rate of cover for the five-year period.
Hedging cover has been rounded to the nearest 5%.
10Fisher & Paykel Healthcare | INTERIM REPORT 2025

CASH FLOWS
The full statement of cash flows is provided on page 16.
For the six months ended 30 September
2023
NZ$M
2024
NZ$M
Change
NZ$M
Operating profit before financing costs152.6218.1 65.5
Plus depreciation and amortisation 54.4 67.4 13.0
Change in working capital and other (14.4) 6.9 21.3
Net interest paid (7.8) (5.6) 2.2
Net income tax paid (28.3) (53.8) (25.5)
Operating cash flows 156.5 233.0 76.5
Lease repayments (8.5) (8.5) -
Purchase of land and buildings (224.5) (15.8) 208.7
Purchase of plant and equipment (39.4) (23.8) 15.6
Purchase of intangible assets (11.6) (15.5) (3.9)
Free cash flows
+
(127.5) 169.4 296.9
Dividends paid (81.7) (87.5) (5.8)
+
Free cash flows include lease liability repayments following the adoption of NZ IFRS 16.
Operating cash flows
Cash flows from operations for the period increased to $233.0 million (Sep 2023: $156.5
million). Operating cash flows benefited from the increased net profit and favourable net
working capital movements. Tax payments have normalised this year after being lower in the
prior period from prepayments in the 2023 financial year.
Capital expenditure
During the period, $55.1 million was spent on capital expenditure (excluding leased assets),
including our East Tāmaki campus development for the car park and earthworks and
design for our fifth building.
Dividends
Dividends paid of $87.5 million increased 7% from the prior period. The Dividend
Reinvestment Plan (DRP) continued to be in place for the 2024 final dividend paid during
this period. Under the DRP, $49.7 million of dividends were reinvested as new shares this
period, reducing the cash paid by the same amount (2023: $51.6 million).
BALANCE SHEET
As at
31 March
2024
NZ$M
30 September
2024
NZ$M
Change
NZ$M
Trade receivables 219.5 212.5 (7.0)
Inventories 320.4 332.7 12.3
Less trade and other payables
+
(111.3) (111.2) 0.1
Working capital 428.6 434.0 5.4
Property, plant and equipment
++
1,340.0 1,335.7 (4.3)
Intangible assets88.4 82.9 (5.5)
Lease liabilities (74.9) (84.3) (9.4)
Other net assets (liabilities) 9.2111.5 102.3
Net cash (debt) (32.2) 50.0 82.2
Net assets 1,759.1 1,929.8 170.7
+
Trade and other payables exclude all non-current payables and all employee entitlements and
provisions.
++
Property, plant and equipment includes lease assets recognised.
Trade receivables have decreased at 30 September 2024, primarily reflecting unfavourable
exchange rates. Our debtor days were within the normal range at 44 days (Mar 2024: 45
days). Inventories balances have increased, reflecting our usual build as we approach the
Northern Hemisphere winter.
Property, plant and equipment (including leased assets) decreased by $4.3 million in the
period including a decrease of $8.3 million on foreign currency translation and depreciation
expense. These have been largely offset by capital additions.
Intangible assets decreased by $5.5 million, with amortisation more than offsetting total
expenditure during the period. The additions include patent and trademarks and ERP
system spending with our global SAP rollout continuing over the next year.
Other net assets movements included the movements from derivative financial
instruments, provisions and net deferred tax assets.
The derivative financial instruments increased by $136.2 million from net assets of $59.0
million at 31 March 2024 to $195.2 million at 30 September 2024. This is primarily due to
the change in exchange rates at 30 September 2024 compared to 31 March 2024, with the
corresponding offset in the cash flow hedge reserve. All currency derivatives continued to
be effective hedges.
11Fisher & Paykel Healthcare | INTERIM REPORT 2025

In March 2024, the Group initiated a voluntary limited recall of Airvo 2 and myAirvo 2
devices manufactured before 14 August 2017. During this period, the Group has utilised
$8.0 million of the total provision related to recall costs incurred to date, reducing the
recall provision to $12.0 million (31 March 2024: $20.0 million).
Net deferred tax assets decreased by $27.7 million to $59.2 million in September 2024,
mainly due to the increase in derivative instrument valuations.
Net cash and debt facilities
As at
31 March
2024
NZ$M
30 September
2024
NZ$M
Change
NZ$M
Loans and borrowings
– Current(77.4)(66.4) 11.0
– Non-current (35.7) - 35.7
Bank overdrafts (1.1) (0.2)0.9
Total interest-bearing liabilities
+
(114.2) (66.6)47.6
Total cash and investments 82.0116.6 34.6
Net cash (debt)(32.2) 50.082.2
Gearing1.8%-2.9%-4.7%
Undrawn committed debt facilities544.3576.432.1
Undrawn uncommitted debt and
overdraft facilities82.093.211.2
+
Excluding lease liabilities.

During the period, the Group’s borrowing has reduced by $47.6 million. As at 30
September 2024, the average maturity of loans and borrowings of $66.4 million was
two months. The currency split for loans and borrowings was 95% USD and 5% Australian
dollars. Within the next 12 months, facilities of $123.0 million will expire, of which $60.0
million expires on 30 September 2025.
Cash and cash equivalents were $116.6 million at 30 September 2024, an increase of $34.6
million during the period. This balance, as well as operating cash generated in the second
half of the 2025 financial year, is expected to substantially fund the payment of the interim
dividend and ongoing capital expenditure.
Gearing
1
At 30 September 2024, the Group had gearing of -2.9%. This was within the target gearing
range of -5% to +5%.
1
Net interest-bearing debt (debt less cash and cash equivalents and short-term investments) to net interest-bearing
debt and equity (less hedging reserves). Net interest-bearing debt excludes lease liabilities.
2
From 1 April 2024, all foreign exchange gains and losses from the translation of monetary assets and liabilities are
presented within Net financing income / (expense).
NOTES – CONSTANT CURRENCY
Constant currency analysis is non–Generally Accepted Accounting Practice (GAAP)
financial information, that is not prepared in accordance with New Zealand Equivalents
to International Financial Reporting Standards (NZ IFRS). Constant currency information
has been provided to assist users of financial information to better understand and assess
the Group’s financial performance without the impacts of foreign currency fluctuations,
including hedging results.
Constant currency financial information is prepared each month to enable the Board
and management to monitor and assess the Group’s underlying comparative financial
performance without any distortion from changes in foreign exchange rates. Constant
currency information is prepared on a consistent basis for reported periods restated into
NZD based on “constant” exchange rates, typically the budgeted exchange rates for the
current year. This information excludes the impact of movements in foreign exchange rates,
hedging results and balance sheet translations.
The Group’s constant currency framework can be found on the company’s website at
www.fphcare.com/ccf. PwC performs certain assurance procedures over the constant
currency information.
RECONCILIATION OF CONSTANT CURRENCY TO REPORTED PROFIT AFTER TAX
For the six months ended 30 September
2023
NZ$M
2024
NZ$M
Change
NZ$M
Profit after tax (constant currency) 96.1 144.7 48.6
Spot exchange rate effect 14.8 6.0 (8.8)
Foreign exchange hedging result (2.0)9.3 11.3
Balance sheet revaluation (1.6)(6.8) (5.2)
Total impact of foreign exchange11.28.5(2.7)
Profit after tax (reported) 107.3153.245.9
RECONCILIATION OF CONSTANT CURRENCY TO REPORTED REVENUE
For the six months ended 30 September
2023
NZ$M
2024
NZ$M
Change
NZ$M
Operating revenue (constant currency) 783.8 919.5 135.7
Spot exchange rate effect 28.1 24.7 (3.4)
Foreign exchange hedging result (12.1)7.0 19.1
Balance sheet revaluation
2
3.9-(3.9)
Total impact of foreign exchange19.931.711.8
Operating revenue (reported) 803.7951.2147.5
The significant exchange rates used in the constant currency analysis, being the budget
exchange rates for the year ended 31 March 2025, are USD 0.64, EUR 0.57, and MXN 11.0.
12Fisher & Paykel Healthcare | INTERIM REPORT 2025

CONSOLIDATED INCOME STATEMENT
For the six months ended 30 September 2024
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2024
Notes
Unaudited
2023
NZ$M
Unaudited
2024
NZ$M
Operating revenue 3 803.7 951.2
Cost of sales (317.6) (362.5)
Gross profit 486.1 588.7
Selling, general and administrative expenses (236.6) (260.5)
Research and development expenses (96.9) (110.1)
Total operating expenses (333.5) (370.6)
Operating profit 152.6 218.1
Financing income 1.4 1.7
Financing expense (8.7) (4.9)
Exchange (loss) on translation of foreign
currency assets and liabilities
(4.7) (8.5)
Net financing income / (expense) (12.0) (11.7)
Profit before tax 4 140.6 206.4
Tax expense (33.3) (53.2)
Profit after tax 107.3 153.2
Basic earnings per share 18.5 cps 26.2 cps
Diluted earnings per share 18.4 cps 26.0 cps
The accompanying notes form an integral part of the financial statements.

Unaudited
2023
NZ$M
Unaudited
2024
NZ$M
Profit after tax 107.3 153.2
Other comprehensive income
Items that may be reclassified to profit or loss
Foreign currency translation reserve
Exchange differences on translation
of foreign operations
1.8 (3.0)
Hedging reserves
Changes in fair value in hedging reserves (46.9)147.2
Transfers to profit before tax from cash flow
hedge reserve
1.7 (12.9)
Tax on above reserve movements 12.7 (37.6)
Other comprehensive income, net of tax (30.7) 93.7
Total comprehensive income 76.6 246.9
Financial statements
FROM HERE
13Fisher & Paykel Healthcare|INTERIM REPORT 2025

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2024
Notes
Share
capital
NZ$M
Retained
earnings
NZ$M
Reserves
NZ$M
Total
equity
NZ$M
Balance at 31 March 2023 (audited) 303.7 1,200.5 249.2 1,753.4
Total comprehensive income – 107.3 (30.7) 76.6
Dividends paid – (133.3)– (133.3)
Issue of share capital under dividend reinvestment plan 51.6 – – 51.6
Issue of share capital under employee share plans 4.8 – – 4.8
Movement in share based payments reserve– – (1.4) (1.4)
Movement in treasury shares 0.1 – – 0.1
Balance at 30 September 2023 (unaudited) 360.2 1,174.5 217.1 1,751.8
Balance at 31 March 2024 (audited) 404.0 1,095.0 260.1 1,759.1
Total comprehensive income– 153.2 93.7 246.9
Dividends paid9 – (137.2) – (137.2)
Issue of share capital under dividend reinvestment plan 49.7 – – 49.7
Issue of share capital under employee share plans 10.5 – – 10.5
Movement in share based payments reserve – – 0.8 0.8
Balance at 30 September 2024 (unaudited) 464.2 1,111.0 354.6 1,929.8
The accompanying notes form an integral part of the financial statements.
14Fisher & Paykel Healthcare|INTERIM REPORT 2025

CONSOLIDATED BALANCE SHEET
As at 30 September 2024
Notes
Audited
31 March
2024
NZ$M
Unaudited
30 September
2024
NZ$M
ASSETS
Current assets
Cash and cash equivalents 82.0 116.6
Trade and other receivables 257.2 253.6
Inventories 320.4 332.7
Derivative financial instruments5 36.3 50.5
Tax receivable 9.0 14.5
Total current assets 704.9 767.9
Non-current assets
Derivative financial instruments5 53.5 154.3
Other receivables 2.4 1.5
Property, plant and equipment 1,340.0 1,335.7
Intangible assets 88.4 82.9
Deferred tax assets 92.5 93.1
Total assets 2,281.7 2,435.4
LIABILITIES
Current liabilities
Borrowings 78.5 66.6
Lease liabilities 17.7 20.6
Trade and other payables 219.9 228.7
Provisions 31.0 26.7
Tax payable 18.5 25.7
Derivative financial instruments5 19.4 4.6
Total current liabilities 385.0 372.9
Notes
Audited
31 March
2024
NZ$M
Unaudited
30 September
2024
NZ$M
LIABILITIES
Non-current liabilities
Borrowings 35.7 –
Lease liabilities 57.2 63.7
Provisions 6.3 7.7
Other payables 21.4 22.4
Derivative financial instruments 5 11.4 5.0
Deferred tax liabilities 5.6 33.9
Total liabilities 522.6 505.6
EQUITY
Share capital 404.0 464.2
Retained earnings 1,095.0 1,111.0
Reserves 260.1 354.6
Total equity 1,759.1 1,929.8
Total liabilities and equity 2,281.7 2,435.4
The accompanying notes form an integral part of the financial statements.
On behalf of the Board
27 November 2024
Neville Mitchell Lewis Gradon
Board Chair Managing Director and Chief Executive Officer
15Fisher & Paykel Healthcare|INTERIM REPORT 2025

CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 September 2024
Unaudited
2023
NZ$M
Unaudited
2024
NZ$M
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 797.2 954.8
Interest received 2.3 1.3
Payments to suppliers and employees (604.6)(662.4)
Tax paid (28.3) (53.8)
Interest paid (8.7) (4.7)
Lease interest paid (1.4) (2.2)
Net cash flows from operating activities 156.5 233.0
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment (263.9)(39.6)
Purchases of intangible assets (11.6) (15.5)
Net cash flows from investing activities (275.5)(55.1)
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of share capital under employee share plans 1.2 1.5
New borrowings 210.0 40.0
Repayment of borrowings (55.0)(82.7)
Lease liability payments (8.5) (8.5)
Dividends paid (81.7) (87.5)
Net cash flows from financing activities 66.0 (137.2)
Net increase/(decrease) in cash (53.0)40.7
Opening cash 116.8 80.8
Effect of foreign exchange rates 0.8 (5.1)
Closing cash 64.6 116.4
RECONCILIATION OF CLOSING CASH
Cash and cash equivalents 70.5 116.6
Bank overdrafts (5.9) (0.2)
Closing cash 64.6 116.4
Unaudited
2023
NZ$M
Unaudited
2024
NZ$M
CASH FLOW RECONCILIATION
Profit after tax 107.3 153.2
Add (deduct) non-cash items:
Depreciation – right-of-use assets 8.6 9.8
Depreciation and amortisation – other assets 45.8 57.6
Share based payments 4.5 5.3
Movement in provisions (4.0) (2.9)
Movement in deferred tax assets / liabilities (2.2) (6.5)
Movement in net tax payables 6.3 3.1
Foreign currency translation (1.0)0.8
Other non-cash items (2.0)2.9
56.0 70.1
Net working capital movements:
Trade and other receivables (12.7) 4.6
Inventories 5.7 (12.3)
Trade and other payables 0.2 17.4
(6.8) 9.7
Net cash flows from operating activities 156.5 233.0
The accompanying notes form an integral part of the financial statements.

16Fisher & Paykel Healthcare|INTERIM REPORT 2025

1. GENERAL INFORMATION
Reporting entity
Fisher & Paykel Healthcare Corporation Limited (the “Company” or “Parent”) together with
its subsidiaries (the “Group”) is a leading designer, manufacturer and marketer of medical
device products and systems for use in both hospital and homecare settings. Products
are sold in over 120 countries worldwide. The Company is a limited liability company
incorporated and domiciled in New Zealand. The address of its registered office is 15
Maurice Paykel Place, East Tāmaki, Auckland. These consolidated financial statements were
approved for issue by the Board of Directors on 27 November 2024.
Statement of compliance
The Company is registered under the Companies Act 1993 and is an FMC reporting entity
under Part 7 of the Financial Markets Conduct Act 2013. The Company is also listed on the
New Zealand Stock Exchange (NZX) and the Australian Securities Exchange (ASX).
Basis of preparation
These consolidated financial statements for the six months ended 30 September 2024
have been prepared in accordance with Generally Accepted Accounting Practice in
New Zealand (NZ GAAP). They comply with New Zealand Equivalents to International
Accounting Standard 34: Interim Financial Reporting (NZ IAS 34) and International
Accounting Standard 34: Interim Financial Reporting (IAS 34). The Company and Group
are designated as profit-oriented entities for financial reporting purposes.
These consolidated financial statements do not include all of the notes normally included
in an annual financial report. Accordingly, this report should be read in conjunction with the
audited consolidated financial statements for the year ended 31 March 2024.
Presentation currency
These consolidated financial statements are presented in New Zealand dollars (NZD) to the
nearest hundred thousand dollars unless otherwise stated.
Material accounting policies
From 1 April 2024, the Group has changed the accounting presentation of foreign exchange
gains and losses from monetary assets and liabilities. These are all now presented within
Net financing income / (expense). Other than this presentation change, all material
accounting policies have been applied on a basis consistent with those used and described
in the audited consolidated financial statements for the year ended 31 March 2024.
2. SIGNIFICANT TRANSACTIONS AND EVENTS FOR THE CURRENT PERIOD
The following significant transactions and events affected the financial performance and
financial position of the Group for the period ended 30 September 2024:
Property, plant and equipment
During the period, the multi-storey car park building at our East Tāmaki, New Zealand
campus has been substantially completed. Earthworks continue for the construction of
a fifth building on our East Tāmaki site. Capital commitments at 30 September 2024
include $4.1 million related to these projects. To date, spending on these projects
totals $103.1 million.
Borrowing facilities
The Group had total available committed external financing facilities of $642.8 million
as at 30 September 2024, of which approximately $576.4 million was undrawn. As at
30 September 2024, the weighted average maturity of committed borrowing facilities was
2.2 years.
Share capital
During the period, the Group issued a total of 1,715,075 shares under the Dividend
Reinvestment Plan (DRP) relating to the FY24 final dividend at an average price of
$28.9705 per share, totaling $49.7 million. 433,988 shares were issued under employee
share based payment arrangements.
Notes to the financial statements
For the six months ended 30 September 2024
17Fisher & Paykel Healthcare | INTERIM REPORT 2025

3. OPERATING REVENUE AND SEGMENTAL INFORMATION
For the six months ended 30 September
Unaudited
2023
NZ$M
Unaudited
2024
NZ$M
Sales revenue 815.8 944.2
Foreign exchange gain (loss) on hedged sales (12.1) 7.0
Total operating revenue 803.7 951.2
Revenue by product group
Hospital products 487.5 591.4
Homecare products 314.4 359.4
801.9 950.8
Distributed and other products 1.8 0.4
Total operating revenue 803.7 951.2
Revenue after hedging by geographical location of customer:
North America 366.2 444.9
Europe 207.5 248.8
Asia Pacific 179.8 205.1
Other 50.2 52.4
Total operating revenue 803.7 951.2
4. OPERATING EXPENSES
For the six months ended 30 September
Unaudited
2023
NZ$M
Unaudited
2024
NZ$M
Profit before tax includes the following expenses:
Depreciation – right-of-use assets 8.6 9.8
Depreciation and amortisation – other assets 45.8 57.6
Employee benefits expense 339.5 384.4
5. DERIVATIVE FINANCIAL INSTRUMENTS
Financial instruments are either carried at amortised cost, less any provision for impairment,
or fair value. The carrying value of all financial assets and liabilities approximates fair value.
There have been no changes to the Group’s hedging policy during the period. The Group
enters into foreign currency option contracts or forward foreign currency contracts within
policy parameters to manage the net risk associated with anticipated sales or costs. The
Group generally applies hedge accounting to all derivative financial instruments.
All derivative financial instruments continue to be re-measured to their fair value. Derivative
financial instruments continue to be classified as being within Level 2 of the fair value
hierarchy and there were no changes in valuation techniques during the period.
Contractual amounts of derivative financial instruments were as follows:
Audited
31 March
2024
NZ$M
Unaudited
30 September
2024
NZ$M
Foreign currency forward contracts and options
Sale commitments forward exchange contracts 3,109.5 3,279.9
Purchase commitments forward exchange contracts 52.1 129.6
Foreign currency borrowing forward exchange contracts 64.2 67.1
Interest rate derivatives
Interest rate swaps 2.5 2.5
Undiscounted foreign currency contractual amounts for outstanding hedges were as follows:
Audited
31 March
2024
M
Unaudited
30 September
2024
M
Sale commitments
United States dollars US$962.5 US$948.0
European Union euros €526.5€599.0
Japanese yen ¥9,260.0¥10,880.0
Purchase commitments
Mexican pesos MXN743.5 MXN1,710.0
18Fisher & Paykel Healthcare | INTERIM REPORT 2025

6. COMMITMENTS
Audited
31 March
2024
NZ$M
Unaudited
30 September
2024
NZ$M
Capital expenditure commitments contracted for but not
recognised as at the reporting date:
Within one year 21.6 18.1
Between one and two years 43.4 43.4
Between two and five years 15.0 15.0
80.0 76.5
The commitments above include the commitment of $58.0 million payable for the second
New Zealand campus in Karaka (March 2024: $58.0 million).
7. CONTINGENT LIABILITIES
Periodically, the Group is party to litigation including product liability and patent claims.
The Directors are unaware of the existence of any claim or contingencies that would have a
material impact on the financial statements.
8. RELATED PARTY TRANSACTIONS
During the period, the Group has not entered into any material contracts involving related
parties or Directors’ interests. No amounts owed by related parties have been written off
or forgiven during the period. Apart from Directors’ fees, key executive remuneration and
dividends paid by the Group to its Directors and key executives as shareholders of the
company, there have been no related party transactions.
9. DIVIDENDS
On 28 May 2024, the Directors approved the payment of a fully imputed 2024 final
dividend of $137.2 million (23.5 cents per share) which was paid on 10 July 2024, gross of
DRP. A supplementary dividend of 4.1471 cents per share was also paid to eligible non-
resident shareholders.
Subsequent event – dividend declared
On 27 November 2024, the Directors approved the payment of a fully imputed 2025
interim dividend of $108.4 million (18.5 cents per share) to be paid on 18 December 2024.
A supplementary dividend of 3.2647 cents per share was also approved for eligible non-
resident shareholders.
10. SIGNIFICANT EVENTS AFTER BALANCE DATE
Other than the dividend disclosed in Note 9, there are no other significant events after
balance date.
19Fisher & Paykel Healthcare | INTERIM REPORT 2025

To the shareholders of Fisher & Paykel Healthcare Corporation Limited
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
OUR CONCLUSION
We have reviewed the consolidated financial statements of Fisher & Paykel Healthcare
Corporation Limited (the Company) and its subsidiaries (the Group), which comprise the
consolidated balance sheet as at 30 September 2024, and the consolidated income
statement, the consolidated statement of comprehensive income, the consolidated
statement of changes in equity and the consolidated statement of cash flows for the six
months ended on that date, and notes to the consolidated financial statements,
comprising material accounting policy information and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying consolidated financial statements of the Group do not present fairly, in all
material respects, the financial position of the Group as at 30 September 2024, and its
financial performance and cash flows for the six months then ended, in accordance with
International Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand
Equivalent to International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34).
BASIS FOR CONCLUSION
We conducted our review in accordance with the New Zealand Standard on Review
Engagements 2410 (Revised) Review of Financial Statements Performed by the
Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further
described in the Auditor’s responsibilities for the review of the consolidated financial
statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in
New Zealand relating to the audit of the annual financial statements, and we have fulfilled
our other ethical responsibilities in accordance with these ethical requirements. In addition
to our role as auditor, our firm carries out other services for the Group in the areas of
providing market survey data relating to executive remuneration levels, regulatory tax
compliance procedures in Mexico, and other assurance services in relation to constant
currency disclosures and greenhouse gas emissions. The provision of these other services
has not impaired our independence.
RESPONSIBILITIES OF DIRECTORS FOR THE CONSOLIDATED FINANCIAL STATEMENTS
The Directors of the Company are responsible on behalf of the Company for the
preparation and fair presentation of these consolidated financial statements in accordance
with IAS 34 and NZ IAS 34 and for such internal control as the Directors determine is
necessary to enable the preparation and fair presentation of the consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
AUDITOR’S RESPONSIBILITIES FOR THE REVIEW OF THE CONSOLIDATED
FINANCIAL STATEMENTS
Our responsibility is to express a conclusion on the consolidated financial statements
based on our review. NZ SRE 2410 (Revised) requires us to conclude whether anything has
come to our attention that causes us to believe that the consolidated financial statements,
taken as a whole, are not prepared in all material respects, in accordance with IAS 34 and
NZ IAS 34.
A review of consolidated financial statements in accordance with NZ SRE 2410 (Revised)
is a limited assurance engagement. We perform procedures, primarily consisting of
making enquiries, primarily of persons responsible for financial and accounting matters,
and applying analytical and other review procedures. The procedures performed in a
review are substantially less than those performed in an audit conducted in accordance
with International Standards on Auditing and International Standards on Auditing
(New Zealand) and consequently does not enable us to obtain assurance that we might
identify in an audit. Accordingly, we do not express an audit opinion on these consolidated
financial statements.
WHO WE REPORT TO
This report is made solely to the Company’s shareholders, as a body. Our review work has
been undertaken so that we might state those matters which we are required to state to
them in our review report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the shareholders, as a
body, for our review procedures, for this report, or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review
report is Indumin Senaratne (Indy Sena).
For and on behalf of:

PricewaterhouseCoopers
Auckland
27 November 2024
Independent auditor’s review report
20Fisher & Paykel Healthcare | INTERIM REPORT 2025

DIRECTORS
Neville Mitchell Board Chair, Non-Executive, Independent
Lewis Gradon Managing Director and
Chief Executive Officer
Mark Cross Non-Executive, Independent
Michael Daniell Non-Executive
Pip Greenwood Non-Executive, Independent
Lisa McIntyre Non-Executive, Independent
Graham McLean Non-Executive, Independent
Cather Simpson Non-Executive, Independent
EXECUTIVE MANAGEMENT TEAM
Lewis Gradon Managing Director and
Chief Executive Officer
Lyndal York Chief Financial Officer
Andrew Somervell Vice President – Products & Technology
Justin Callahan Vice President – Sales & Marketing
Andy Niccol Chief Operating Officer
Winston Fong Vice President – Surgical Technologies
Brian Schultz Vice President – Quality, Safety
& Regulatory Affairs
Nicholas Fourie Vice President – Information &
Communication Technology
Marcus Driller Vice President – Corporate
Nicola Talbot Vice President – Human Resources
Jonti Rhodes Vice President – Supply Chain,
Facilities & Sustainability
Raelene Leonard General Counsel & Company Secretary
Desh Edirisuriya General Manager – New Zealand
Operations
REGISTERED OFFICES
New Zealand:
Physical address: 15 Maurice Paykel Place,
East Tāmaki, Auckland 2013,
New Zealand
Telephone: +64 9 574 0100
Postal address: PO Box 14348, Panmure,
Auckland 1741, New Zealand
Website: www.fphcare.com
Email: investor@fphcare.co.nz
Australia:
Physical address: 19-31 King Street, Nunawading,
Melbourne, Victoria 3131, Australia
Telephone: +61 3 9871 4900
Postal address: PO Box 159, Mitcham,
Victoria 3132, Australia
STOCK EXCHANGES
The company’s ordinary shares are listed on the
NZX Main Board and the ASX.
SHARE REGISTRAR
In New Zealand:
MUFG Pension & Market Services Limited
Physical address: Level 30, PwC Commercial Bay,
15 Customs Street West,
Auckland 1010, New Zealand
Postal address: PO Box 91976,
Auckland 1142, New Zealand
Facsimile: +64 9 375 5990
Investor enquiries: +64 9 375 5998
Website: www.linkmarketservices.co.nz
Email: enquiries@linkmarketservices.co.nz
In Australia:
MUFG Pension & Market Services Limited
Physical address: Level 12, 680 George Street,
Sydney, NSW 2000, Australia
Postal address: Locked Bag A14, Sydney South,
NSW 1235, Australia
Facsimile: +61 2 9287 0303
Investor enquiries: +61 2 8280 7111
Website: www.linkmarketservices.com.au
Email: registrars@linkmarketservices.com.au
Directory
21Fisher & Paykel Healthcare | INTERIM REPORT 2025

Fisher & Paykel Healthcare is a leading designer,
manufacturer and marketer of products and systems
for use in acute and chronic respiratory care, surgery
and the treatment of obstructive sleep apnea.
www.fphcare.com
© 2024 Fisher & Paykel
Healthcare Corporation Limited

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28 November 2024
Results Announcement
Results for announcement to the market
Name of issuer Fisher & Paykel Healthcare Corporation Limited
Reporting Period 6 months to 30 September 2024
Previous Reporting Period 6 months to 30 September 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$951,200 +18%
Total Revenue $951,200 +18%
Net profit/(loss) from
continuing operations
$153,200 +43%
Total net profit/(loss) $153,200 +43%
Interim Dividend
Amount per Quoted Equity
Security
0.18500000 $/share
Imputed amount per Quoted
Equity Security
0.07194444 $/share
Record Date 06 December 2024
Dividend Payment Date 18 December 2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
As at 30 September 2024:
3.05009576 $/share
As at 30 September 2023:
2.68258788 $/share
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Not applicable
Authority for this announcement
Name of person

authorised
to make this announcement
Raelene Leonard
Contact person for this
announcement
Raelene Leonard
Contact phone number +64 9 610 4803
Contact email address companysecretary@fphcare.co.nz
Date of release through MAP

28 November 2024

Reviewed financial statements accompany this announcement.

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28 November 2024
Distribution Notice
Section 1: Issuer information
Name of issuer Fisher & Paykel Healthcare Corporation Limited
Financial product name/description Interim Dividend
NZX ticker code FPH
ISIN NZFAPE0001S2
Type of distribution

Full Year Quarterly
Half Year X Special
DRP applies
Record date 06 December 2024
Ex-Date 05 December 2024
Payment date 18 December 2024
Total monies associated with the
distribution
$108,433,108 based on shares on issue at 27
November 2024 for cash distribution
Source of distribution Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution 0.25694444 $/share
Gross taxable amount 0.25694444 $/share
Total cash distribution 0.18500000 $/share
Excluded amount N/A
Supplementary distribution amount
0.03264706 $/share

Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed
If fully or partially imputed, please
state imputation rate as % applied
100%
Imputation tax credits per financial
product
0.07194444 $/share
Resident Withholding Tax per
financial product
0.01284722 $/share
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)

Start date and end date for
determining market price for DRP

Date strike price to be announced (if
not available at this time)

Specify source of financial products
to be issued under DRP programme
(new issue or to be bought on
market)

DRP strike price per financial product
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Raelene Leonard
Contact person for this
announcement
Raelene Leonard
Contact phone number +64 9 610 4803
Contact email address companysecretary@fphcare.co.nz
Date of release through MAP 28 November 2024