Record full-year revenue result for FPH

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

Record full-year revenue result for Fisher & Paykel Healthcare
Auckland, New Zealand, 28 May 2025 – Fisher & Paykel Healthcare Corporation Limited today
announced its results for the full year ended 31 March 2025.
Managing Director and Chief Executive Officer Lewis Gradon said, “During the 2025 financial year,
we stayed focused on the fundamentals of our business and we achieved strong results, with annual
revenue of more than $2 billion for the first time in our history.”
Total operating revenue was a record $2.02 billion, an increase of 16% from the prior financial year,
or 14% in constant currency. This was driven by broad-based growth in hospital consumables and
double-digit growth in masks for treating obstructive sleep apnea.
Net profit after tax for the financial year was $377.2 million, a 43% increase over the 2024 financial
year, or 30% in constant currency. These growth rates are against underlying net profit after tax for
the 2024 financial year, which excluded three abnormal items.
For the Hospital product group, which includes products used in respiratory, acute and surgical care,
revenue for the full year was $1.28 billion, up 18% from the previous financial year, or 16% in
constant currency. Sales of new applications consumables were up 20% over the prior financial
year, or 18% in constant currency.
For the Homecare product group, which includes products used in the treatment of obstructive sleep
apnea (OSA) and respiratory support in the home, revenue for the full year was $739.9 million, up
13% over the previous financial year, or 11% in constant currency. OSA masks revenue was up
14% for the full year, or 11% in constant currency.
The company remains committed to returning to its long-term gross margin target of 65%. For the
2025 financial year, gross margin was 62.9%, an underlying performance increase of 181 basis
points, or 129 basis points in constant currency.
New products and market releases
During the 2025 financial year, Fisher & Paykel Healthcare invested $226.9 million into research and
development. The company expanded the roll-out of its F&P Airvo
TM
3 device and F&P 950
TM

System in the United States and increased the adoption of its products for use in anaesthesia, F&P
Optiflow Switch™ and F&P Optiflow Trace™. The business also launched two new masks for
treating OSA, the F&P Nova™ Micro mask in April 2024 and the F&P Nova Nasal mask in March
2025.
Dividend
For the second half of the year, the Board has approved a final dividend of 24.0 cents per share.
This takes the total dividend for the year to 42.5 cents per share, an increase of 2% over the
previous full year. The final dividend, carrying full New Zealand imputation credit, will be paid on
4 July 2025 with a record date of 24 June 2025.
Outlook for the 2026 financial year
At 30 April exchange rates*, the company expects full year operating revenue to be in the range of
approximately $2.15 billion to $2.25 billion, and net profit after tax to be in the range of
approximately $390 million to $440 million.
This outlook anticipates an overall improvement in gross margin for the year and includes an
estimated 50-basis point impact of US tariffs on hospital products sourced from New Zealand. It also
assumes current global tariff rates, policies and applications for the duration of this financial year.
“Our actions in response to any trade policy developments will be driven by our longstanding
approach, which is to mitigate cost increases from any source by identifying and implementing

continuous improvements and efficiency gains across all of our business processes,” said Mr
Gradon.

Capital expenditure for the 2026 financial year is expected to be approximately $225 million.

“Looking ahead, we will continue to apply the fundamental principles that have guided us for
decades. We have a strong new product pipeline and are confident that we will continue to introduce
innovative products and therapies that enhance patient care and improve health outcomes
worldwide,” concluded Mr Gradon.

* 30 April 2025 exchange rates of NZD:USD 0.59, NZD:EUR 0.52, NZD:MXN 11.61.

Overview of key results for the 2025 financial year
• 16% growth in operating revenue to $2.02 billion, 14% growth in constant currency.
• 43% growth in underlying net profit after tax to $377.2 million, 30% growth in constant currency.
• 18% growth in Hospital operating revenue to $1.28 billion, 16% growth in constant currency.
• 20% revenue growth for new applications consumables, 18% growth in constant currency.
• 13% growth in Homecare operating revenue to $739.9 million, 11% growth in constant currency.
• 14% growth in OSA masks revenue, or 11% growth in constant currency.
• Investment in R&D was 11% of revenue, or $226.9 million.
• 2% increase in final dividend to 24.0 cps (2024: 23.5 cps).
• 2% increase in total dividends for the financial year to 42.5 cps (2024: 41.5 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. The company’s products are sold in over 120 countries worldwide. For more information
about the company, visit our website www.fphcare.com.

Media & Investor Contacts:
Karen Knott
GM Corporate Communications
karen.knott@fphcare.co.nz
+64 21 713 911
Daniel Adolph
Head of Investor Relations
daniel.adolph@fphcare.co.nz
+64 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
• Annual Report 2025
• Investor Presentation 2025
• NZX Results Announcement
• NZX Distribution Notice

Full Year Results Conference Call
Fisher & Paykel Healthcare will host a conference call today to discuss the results for the 2025
financial year. The conference call is scheduled to begin at 10:00am NZST, 8:00am AEST
Wednesday, 28 May (6:00pm USEDT, Tuesday 27 May) and will be broadcast simultaneously
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.

Non-GAAP financial 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. The company’s constant currency framework can be found on the
company’s website at www.fphcare.com/ccf.

Underlying net profit after tax, referenced within this news release, is a non-GAAP performance
measure and is not defined or specified under the requirements of NZ IFRS. The company believes
that this non-GAAP measure, which is not considered to be a substitute for or superior to NZ IFRS
measures, provides stakeholders with additional helpful information on the performance of the
business.

A reconciliation between reported results and constant currency/underlying net profit after tax is
available in the company’s Annual Report 2025.

---

Results in Brief






Year ended 31 March


% Change
(Reported)

% Change
(Constant
Currency
1
)

% Change
Underlying
(Reported)



% Change
Underlying
(Constant
Currency
1
)

2024
2024
Underlying
2

2025
NZ$M NZ$M NZ$M
(except as
otherwise
stated)
(except as
otherwise stated)
(except as
otherwise stated)
FINANCIAL PERFORMANCE





Operating revenue 1,742.8 1,742.8 2,021.0 16% 14% 16% 14%
Cost of sales (698.4) (678.4) (750.1) 7% 7% 11% 10%
Gross profit 1,044.4 1,064.4 1,270.9 22% 18% 19% 16%
Gross margin 59.9% 61.1% 62.9% 296 bps 247 bps 181 bps 129 bps
Selling, general and administrative
expenses
(492.8) (492.8) (534.4) 8% 8% 8% 8%
Research and development expenses (198.2) (198.2) (226.9) 14% 14% 14% 14%
R&D percentage of operating revenue 11.4% 11.4% 11.2% -15 bps 8 bps -15 bps 8 bps
Total operating expenses (691.0) (691.0) (761.3) 10% 10% 10% 10%
Operating profit 353.4 373.4 509.6 44% 36% 36% 28%
Operating margin 20.3% 21.4% 25.2% 494 bps 377 bps 379 bps 260 bps
Revaluation of land (98.1) - -
Profit before financing and tax 255.3 373.4 509.6 100% 97% 36% 28%
Net financing (expense) / income (19.6) (19.6) (6.3) -68% -56% -68% -56%
Profit before tax 235.7 353.8 503.3 114% 107% 42% 32%
Tax expense (103.1) (89.4) (126.1) 22% 18% 41% 39%
Profit after tax 132.6 264.4 377.2 184% 180% 43% 30%
Effective tax rate 43.7% 25.3% 25.1%
Effective tax rate excluding R&D tax
credit, revaluation of land and removal
of building depreciation
30.5% 30.5% 29.1%

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 Annual Report.
2
Underlying financial performance has been presented excluding the impact of abnormal items during the 2024 financial year. For more information, please refer to page 127 of the Annual Report.

Results in Brief
(continued)

Year ended 31 March


2024

2025
% Change
(Reported)

NZ$M NZ$M

Revenue by Region:



North America 806.1 967.2
20%
Europe 477.3 541.5
13%
Asia Pacific 368.9 420.8
14%
Other 90.5 91.5
1%
Total 1,742.8 2,021.0
16%



Revenue by Product Group:

Hospital 1,087.9 1280.3
18%
Homecare 652.3 739.9
13%
Core products sub-total 1,740.2 2,020.2
16%
Distributed and other 2.6 0.8
-69%
Total 1,742.8 2,021.0
16%

As at 31 March
2024
NZ$M
(except as otherwise
stated)
2025
NZ$M
(except as
otherwise stated)
% Change
FINANCIAL POSITION
Tangible assets 2,100.8 2,313.6
10%
Intangible assets
3
180.9 237.2
31%
Total assets 2,281.7 2,550.8
12%
Total liabilities (522.6) (660.4)
26%
Shareholders’ equity 1,759.1 1,890.4
7%
Gearing 1.8% -11.6%
-732%
Net tangible asset backing (cents per
share)
271 284
5%

3
Includes Intangible and deferred tax assets.



Year ended 31 March


% Change
2024 2025
NZ$M NZ$M
(except as
otherwise stated)
(except as
otherwise stated)



CASH FLOWS

Net cash flow from operating activities 429.6 548.6
28%
Net cash flow (used in) investing activities (339.0) (103.0)
-70%
Net cash flow (used in) financing activities (128.7) (268.2)
108%



SHARES OUTSTANDING

Weighted average basic shares
outstanding
581,972,373 585,543,359

Weighted average diluted shares
outstanding
586,178,934 590,199,636

Basic shares outstanding at period end 583,963,682 586,139,423




DIVIDENDS AND EARNINGS PER
SHARE


Dividends per share (cents) – declared 41.5 42.5
2%
Basic earnings per share (cents) 22.8 64.4
182%

---

FUNDAMENTALS
Annual Report 2025

Our unique culture is built around guiding
principles that clarify our intent, shape our
thinking and underpin the way we work.
We call them
FUNDAMENTALS and we apply
them every day as we strengthen our
business for the future.

2Fisher & Paykel Healthcare|ANNUAL REPORT 2025
Constant currency information contained within this report is non-conforming financial information, as defined by the NZ FMA, 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 130 of this report. The company’s constant currency framework can be found on our website at www.fphcare.com/ccf.
NEVILLE MITCHELL
BOARD CHAIR
LEWIS GRADON
MANAGING DIRECTOR
AND CHIEF EXECUTIVE OFFICER
Welcome to our 2025 Annual Report – Fundamentals. In this report,
we feature the work we have done this year to improve patient care
and outcomes around the world and the financial results we achieved
while doing so.
About this report
Our people, investors and customers can
also learn about our track record in non-
financial matters, including environmental,
social and governance (ESG) topics. Our ESG
commitments and metrics are included in the
Operating Sustainably section of this report.
This report references the 2021 Global
Reporting Initiative (GRI) Standards. It also
contains a section on our Climate-related
Disclosures in compliance with the External
Reporting Board’s Aotearoa New Zealand
Climate Standards.
We welcome your feedback and suggestions
for improvement. Please send any questions
or comments to investor@fphcare.co.nz.
A digital version of this report, along with
all previous annual and interim reports are
available at www.fphcare.com/nz/corporate/
investor/reports.
This report covers the financial year ended
31 March 2025 and is dated 27 May 2025. The
report has been approved by the Board 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.

3Fisher & Paykel Healthcare|ANNUAL REPORT 2025
Contents
This PDF report has a clickable Contents
page and a navigation menu at the top of
all pages for ease of use and quick access
to information.
THE BUSINESS YEAR
THE COMPANY
OPERATING SUSTAINABLYFINANCIALS
APPENDICESCLIMATE-RELATED DISCLOSURES
Our company 16
Our culture, values and beliefs 17
How our business works 18
How we deliver value 19
What matters most 20
Sustainable development goals 22
Our Board 26
Our Executive Management Team 28
Five year summary 165
Independent assurance report168
GRI content index 171
Glossary 176
Directory 178
People 32
Suppliers 45
Community 52
Product quality 57
Risk management 60
Governance 64
Remuneration 80
Environment 89
Financial commentary 126
Financial statements 131
Notes to the financial statements 135
Independent auditor’s report 160
About our disclosures 95
Governance 96
Risk management 98
Strategy 99
Metrics and targets 120
Greenhouse gas emissions121
Financial highlights 6
Business highlights 7
Hospital and Homecare overview 8
Report from the Chair 10
Report from the Managing Director
& Chief Executive Officer 12

ContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE BUSINESS YEAR
4Fisher & Paykel Healthcare|ANNUAL REPORT 2025

ContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE BUSINESS YEAR
5Fisher & Paykel Healthcare|ANNUAL REPORT 2025
THE
BUSINESS
YEAR

ContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE BUSINESS YEAR
6Fisher & Paykel Healthcare|ANNUAL REPORT 2025
OPERATING REVENUE
$2.02b
▲

16% | 2024 $1.74B
GROSS MARGIN
62.9%
181* BASIS POINTS INCREASE
(UNDERLYING)
NEW APPLICATIONS
CONSUMABLES REVENUE GROWTH
18%
CONSTANT CURRENCY
HOSPITAL REVENUE
$1.28b
▲

18% | 2024 $1.1B
NET PROFIT AFTER TAX
$ 37 7. 2m
▲

43%* | 2024 $264.4M
(UNDERLYING)
TOTAL DIVIDEND FOR YEAR
FULLY IMPUTED
42.5cps
▲

2% | 2024 41.5CPS
HOMECARE REVENUE
$739.9m
▲

13% | 2024 $652.3M
Financial highlights
48%
27%
21%
4%
OPERATING REVENUE
NZ$ MILLIONS
NET PROFIT AFTER TAX*
NZ$ MILLIONS
REVENUE BY PRODUCT GROUP
12 MONTHS TO 31 MARCH 2025
REVENUE BY REGION
12 MONTHS TO 31 MARCH 2025
120+
COUNTRIES
Hospital
Homecare
Distributed & Other
North America
Europe
Asia Pacific
Other
<1%
63%
37%
25242322212019
1,681.7
1,581.1
1,742.8
2,021.0
1,971.2
1,263.7
1,072.1
0.000000
87.366667
174.733333
262.100000
349.466667
436.833333
524.200000
25242322212019
524.2
287.3
209.2
376.9
250.3
377.2
264.4
SPEND ON R&D
$226.9m
11% OF OPERATING REVENUE
* These growth figures are calculated against the respective underlying gross margin and net profit after tax figures
for the 2024 financial year, which excluded the abnormal impact of a product recall provision, the revaluation of
land and deferred tax on removal of building depreciation.

ContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE BUSINESS YEAR
7Fisher & Paykel Healthcare|ANNUAL REPORT 2025
Business highlights
IMPACTED
the lives of approximately
22 million patients globally
SUSTAINED
momentum in anesthesia with
adoption of F&P Optiflow Switch™
and F&P Optiflow Trace™
SURPASSED
$2 billion in annual revenue for
the first time in our company’s history
SIGNED
construction contract for fifth
building at our East Tāmaki campus
in Auckland, New Zealand
LAUNCHED
our F&P Nova™ Nasal mask for
treating obstructive sleep apnea
in New Zealand and Australia
CONTINUED
roll-out of F&P Airvo™ 3
and F&P 950™ System into
the United States

ContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE BUSINESS YEAR
8Fisher & Paykel Healthcare|ANNUAL REPORT 2025
63%
OF OPERATING REVENUE18%$1.28B
CONSTANT CURRENCY REVENUE FROM
NEW APPLICATIONS CONSUMABLES
OPERATING REVENUE
▲ 18%
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.
PRODUCT GROUP OVERVIEW
Our business is structured in
two parts: Hospital and Homecare.
FEATURED PRODUCT

ContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE BUSINESS YEAR
9Fisher & Paykel Healthcare|ANNUAL REPORT 2025
37%
OF OPERATING REVENUE11%$739.9M
CONSTANT CURRENCY REVENUE
FROM OSA MASKS
OPERATING REVENUE
▲ 13%
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

ContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE BUSINESS YEAR
10Fisher & Paykel Healthcare|ANNUAL REPORT 2025
The number of patients treated
each year is an important measure
of our progress, and last year, our
products were used to treat an
estimated 22 million patients.
The business also achieved a record revenue
result, and I am pleased to share with you some
of the highlights of the year in this report.
For the full 2025 financial year, operating
revenue surpassed $2 billion for the first time.
At $2.02 billion, revenue was up 16% over the
prior year, or 14% in constant currency.
Net profit after tax was $377.2 million, up 43%
or 30% in constant currency. These growth
rates are against the underlying net profit after
tax in the prior year, which excluded three
abnormal items.
During the year, the team released a number
of key hospital products into additional markets
and launched new masks for treating obstructive
sleep apnea.
Board update
Following Scott St John’s retirement last
August, I took up the role of Chair. It is truly
a privilege to lead the Board and contribute
to this company’s growth and success. To fill
the vacancy left by Scott St John, Mark Cross
joined the Board as an independent director,
and he was appointed to chair the Audit & Risk
Committee. With eight directors, our Board is
at full strength, and we have a strong mix of
skills among our members. We will continue
to prioritise identifying strong candidates for
the future.
One of the Board’s responsibilities is to oversee
the company’s long-term and annual plans
for delivering sustainable, profitable growth.
This includes regular reviews of strategy
documents and global policies that set out the
company’s intentions and ‘fundamentals’ – the
guiding principles and business practices that
enable those intentions.
During the 2025 financial year, we reviewed
policies related to our people, digital
technology, corporate governance, product
quality and regulatory compliance, and sales.
We conducted deep-dives into health and
safety and the company’s regional sales
strategies, hearing directly from senior leaders
responsible for these functions. The Board also
discussed the company’s use and governance
of artificial intelligence.
Report from
the Chair
NEVILLE MITCHELL
Board Chair

ContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE BUSINESS YEAR
11Fisher & Paykel Healthcare|ANNUAL REPORT 2025
Infrastructure
Another Board responsibility is to review the
company’s plans for growing infrastructure.
In March we approved the construction
contract for the fifth building on the East
Tāmaki campus in Auckland. This is a
purposeful investment to ensure the business
continues to have the capacity and resources
in New Zealand to progress its future product
pipeline. The total cost of the new building is
expected to be approximately $250 million,
and it is expected to be operational in 2027.
Plans are still in development for the second
New Zealand campus at Karaka, Auckland.
The company has submitted a plan change
application for the land and is continuing to
engage with the community, local government,
and mana whenua to align on goals for the site.
Ngāti Tamaoho, Ngāti Te Ata and Te Aakitai
Waiohua supported us with cultural values
assessments that formed part of the planning
submission to Auckland Council.
As we mentioned in November, the company’s
newest manufacturing facility in China is
now fully operational, and sales from this site
into the local market commenced this year.
Growing our capabilities in China is critical,
and the Board looks forward to visiting that
facility later this year.
Tariffs
In response to US tariffs, we are giving
careful thought to trade policy developments
in consultation with experts in this field.
We would particularly like to acknowledge
the valuable assistance from the New Zealand
Ministry for Foreign Affairs and Trade, and
New Zealand Trade and Enterprise.
Guided by one of our ‘fundamentals,’ we
are applying long-term thinking to the
challenges presented by tariffs. Our actions
will be measured and cautious, and we will
manage any changes without becoming
distracted from our core business. We will
be guided by our principles, which include
supporting our people, keeping the trust of
our customers and maintaining stability in
our operations.
Environmental and social
responsibility
It is our view that we have a responsibility
to operate this business efficiently and to
demonstrate care for the company’s people,
customers, suppliers, local communities and
the natural environment. This report includes
information about those initiatives, as well as
non-financial risks and opportunities. Each
year we strive to enhance this reporting.
This is the second year we have published
climate-related disclosures in accordance
with the Aotearoa New Zealand Climate
Standards. These disclosures are mandatory
for listed companies to help ensure
that the effects of climate change are
routinely considered in business and
investment decisions. Every year we aim
to refine and improve these disclosures,
and our environmental sustainability
and social responsibility performance is
a standing item on the agenda for the
Board’s Audit & Risk Committee.
We believe in supporting the local
communities where we have a large presence.
Our community activities focus on three key
areas – health, education and the environment
– and a summary of the past year’s
achievements are included in this report. In
New Zealand, our community support is largely
coordinated and funded by the Fisher & Paykel
Healthcare Foundation. Our global offices
organised additional activities in their local
communities during the 2025 financial year.
Dividend
For the second half of the year, the Board
has approved a final dividend of 24 cents per
share. This takes the total dividend for the
year to 42.5 cents per share, an increase of 2%
over the previous full year. The final dividend,
carrying full New Zealand imputation credit,
will be paid on 4 July 2025 with a record date
of 24 June 2025. Given the company’s strong
financial performance, the dividend reinvestment
plan remains suspended, and the dividend will
be paid in cash.
Thank you
Our company’s purpose – improving care and
outcomes – is brought to life by the people of
Fisher & Paykel Healthcare, who now number
over 7,500 around the world. To recognise their
contribution, the Board has approved a profit-
sharing payment totalling $15 million for the full
year, to be shared among everyone who has
worked for the company for a qualifying period.
On behalf of all our directors, I want to thank
the employees of Fisher & Paykel Healthcare
for their diligence and determination, and for
living out the F&P values – life, relationships,
internationalism, commitment and originality.
This is an extraordinary company positioned
well for the future. I want to acknowledge
everyone who supports our success – our clinical
partners, suppliers, customers, and you, our
shareholders. Your investment fuels a business
making a positive difference for patients in
more than 120 countries.
Neville Mitchell
Board Chair

ContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE BUSINESS YEAR
12Fisher & Paykel Healthcare|ANNUAL REPORT 2025
Report from the
Managing Director
& Chief Executive
Officer
LEWIS GRADON
Managing Director and Chief Executive Officer
Our strategy for sustainable,
profitable growth has been
consistent for years. Our
‘fundamentals’ guide the way
we execute it.
During the 2025 financial year, we stayed
focused on our strategy and fundamentals, and
we achieved an excellent result, with operating
revenue of more than $2 billion for the first
time in our history.
Compared to the 2024 financial year, revenue
was up 16%, or 14% in constant currency. Net
profit after tax for the 2025 financial year was
$377.2 million, up 43% or 30% in constant
currency, over underlying net profit for the
previous financial year.
Our Hospital product group result was
pleasing across the portfolio, including in
noninvasive ventilation, Optiflow for both
respiratory and anesthesia patients, and
invasive ventilation. Hospital revenue was
$1.28 billion, an 18% increase compared to
the previous year, or 16% in constant currency.
New applications consumables sales were
up 20%, or 18% in constant currency, driven
by changing clinical practice.
Our Homecare product group, which
includes devices for home use and masks for
obstructive sleep apnea (OSA), also delivered
solid growth. Revenue for this product group
was $739.9 million, up 13% from the previous
year, or 11% in constant currency. OSA masks
revenue was up 14% for the year, or 11% in
constant currency; we saw strong growth in
the nasal and pillows categories where we
launched new masks.
We remain committed to reaching our gross
margin target of 65%, and over the previous
two financial years, we achieved incremental
improvements. For the 2025 financial year,
gross margin increased to 62.9%, or an
improvement of 129 basis points, in constant
currency underlying performance.

ContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE BUSINESS YEAR
13Fisher & Paykel Healthcare|ANNUAL REPORT 2025
Fundamentals
Back in November, we opened our
report to shareholders by referring to
our ‘fundamentals’ – basic principles that
underpin the way we work, collaborate
and make decisions. It is fundamental, for
example, that we put the patient first in
everything we do.
Some of the ‘fundamentals’ of our business
relate to product development. The products
we deliver must have unique, customer-
valued benefits – products that not only
improve but transform clinical practice. This
starts with a deep understanding of patient
care and the problems that need solving.
Understanding problems and finding better
solutions requires a consistent commitment
to research and development (R&D), so we
cannot be complacent. During the 2025
financial year, we invested $226.9 million
into R&D.
Medical products must be approved in the
market in order to benefit patients, and
meeting the regulatory requirements in
individual regions happens over time. During
the 2025 financial year, we launched the F&P
Airvo™ 3 and the F&P 950™ System in the
United States, and we increased the adoption
of our anesthesia products, F&P Optiflow
Switch™ and F&P Optiflow Trace™. We also
expanded our portfolio of masks for treating
OSA, launching the F&P Nova Micro™ mask in
April 2024 and the F&P Nova™ Nasal mask in
March 2025. With the introduction of these
products, we are strengthening our position
as leaders in mask innovation.
Clinical evidence
Some of our ‘fundamentals’ apply to clinician
relationships – we seek to work with clinicians
who are the best in their field. Key opinion
leaders not only help us understand problems,
they also evaluate the effectiveness of our
therapies and contribute to the body of clinical
evidence supporting them.
In December 2024, the Journal of the American
Medical Association published the results of the
largest randomised clinical trial comparing the
use of nasal high flow therapy with noninvasive
ventilation. Led by Dr Israel Maia, a leading
critical care physician, the study’s findings
support the use of nasal high flow as a safe and
effective alternative to noninvasive ventilation
in most causes of acute respiratory failure. In
about a third of cases, nasal high flow therapy
was initiated in the emergency department,
showing its usefulness as a first-line or
bridge therapy while clinicians determine the
underlying cause of respiratory failure.
The products we deliver must
have unique, customer-valued
benefits – products that not
only improve but transform
clinical practice. This starts
with a deep understanding of
patient care and the problems
that need solving.
Looking ahead
While we cannot fully anticipate the short-
term challenges, we will continue to rely on the
fundamental principles that have guided this
business for decades. We know that healthcare
systems around the world need to treat more
patients with limited resources. We believe our
products and therapies help them solve that
problem. So, we will focus on doing what’s right
to support our customers and deliver world-
leading healthcare solutions.
I am pleased with our performance this
year, and I am grateful to our people, whose
constant efforts at continuous improvement
made it possible. To our clinical partners,
customers, suppliers, community members
and shareholders, I thank you for your support
and confidence.
Lewis Gradon
Managing Director and
Chief Executive Officer

ContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE BUSINESS YEAR
14Fisher & Paykel Healthcare|ANNUAL REPORT 2025

THE BUSINESS YEARContentsOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE COMPANY
15Fisher & Paykel Healthcare|ANNUAL REPORT 2025
THE
COMPANY

THE BUSINESS YEARContentsOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE COMPANY
16Fisher & Paykel Healthcare|ANNUAL 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.
Established in New Zealand in 1969, our
business was built on a vision to emulate the
body’s natural humidification processes. It all
started with Dr Matt Spence, an intensive care
specialist at Auckland Hospital, who noticed
his patients on mechanical breathing machines
were suffering from dry and infected tracheas.
Our company
For help solving the problem, he turned
to Alf Melville, a government electrical
engineer, and Dave O’Hare, a senior engineer
with appliances company Fisher & Paykel
Industries. The three collaborated to find
an innovative solution, and the result was a
prototype humidifier made from a humble
fruit preserving jar, which was then designed
and manufactured by a small team at
Fisher & Paykel Industries.
The first respiratory humidifier was sold in
1970 and was marketed internationally.
By 1990, the medical division of Fisher & Paykel
Industries had been renamed Fisher & Paykel
Healthcare, and its annual sales had grown to
$29 million.
OUR ANNUAL REVENUE MILESTONES (NZ$)
In 2001, the appliances business divested, and
Fisher & Paykel Healthcare became a separate
company listed on the New Zealand and
Australia stock exchanges.
Over time, the Fisher & Paykel Healthcare
portfolio has expanded to other clinical
applications, including products for noninvasive
ventilation, high flow therapy, surgery and the
treatment of obstructive sleep apnea.
Our medical devices and technologies help
clinicians deliver the best possible patient care
in over 120 countries worldwide. They enable
patients to transition into less-acute care
settings, recover more quickly and avoid more
serious conditions.
OUR GROWTH OVER THE YEARS
First
respiratory
humidifier
prototype
developed
Medical
division of
F&P Industries
established
New Zealand
headquarters
inaugurated
at East Tāmaki,
Auckland
F&P
Healthcare
separately
listed on NZX
and ASX
10 million
patients treated
with F&P
products this
year
Tijuana, Mexico
manufacturing
facility set up
F&P
products
help fight
COVID-19
pandemic
Land
acquired
for second
NZ campus
in Karaka,
Auckland
Guangzhou,
China
manufacturing
facility
established
22 million
patients treated
with F&P
products this
year
20252019201019981982
500 million+100 million+1 million+1 billion+2 billion+

THE BUSINESS YEARContentsOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE COMPANY
17Fisher & Paykel Healthcare|ANNUAL REPORT 2025
Our culture, values and beliefs
We have a culture of Care by
Design, which is a simple way
of expressing the care and
intentionality we put into
everything we do — our
relationships, our decisions
and our daily interactions with
customers. We believe that if
we focus on delivering what
is best for the patient, we will
be successful.
OUR VALUES
Life
We relentlessly focus on improving
patients’ lives and strive to provide
a high quality of life for our
employees.
Relationships
We care for our patients, customers,
suppliers, shareholders, the
environment and each other.
Internationalism
We are global in people, in
thinking and in behaviours.
Commitment
We value people who are
self-motivated and have a desire
to make a real contribution.
Originality
We encourage original thinking
which leads to the innovative
solutions required to create better
products, processes and practices.
OUR BELIEFS
We believe in doing what is best
for the patient.
We believe the commitment to
doing the right thing is what our
customers will find compelling.
We believe that empathy,
effectiveness and efficiency
are essential to our success.
We believe our people
are our strength.
We believe lessons learned are
the cornerstones of innovation.
We believe in the need to be
relentless in the pursuit of
healthcare innovation.

THE BUSINESS YEARContentsOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE COMPANY
18Fisher & Paykel Healthcare|ANNUAL REPORT 2025
RESEARCH & DEVELOPMENT
Our R&D is based in New Zealand.
The team works extensively in
hospitals, and with patients and
clinicians, in order to develop better
technology that enhances patient care.
SUPPLY CHAIN
We have distribution centres located
around the world and a network of
distributors. We prioritise sustainable and
cost-effective methods of transportation.
We source materials from all over the
world and look for socially responsible
partners to support our growth.
THERAPIES
The majority of our operating revenue
is from products and systems used
in hospitals in invasive ventilation,
noninvasive ventilation, high flow therapy,
anesthesia and surgery. The remainder is
from products used in home environments
to treat patients suffering from obstructive
sleep apnea and those in need of
respiratory support.
CUSTOMERS
We work with thousands of healthcare
professionals, including doctors, clinicians
and nurses, providing them the products
and tools to deliver the best possible
care. Our products are sold either direct
to customers or through distributors. Our
largest markets by revenue are North
America, Europe and Asia Pacific.
MANUFACTURING
We manufacture our products in
New Zealand, North America and China.
The co-location of engineering, quality,
manufacturing, marketing and clinical
teams facilitates collaboration and an
awareness of the medical device process
from concept and design right through to
how our products are used by patients.
PATIENTS
Each year millions of patients
are treated with our products in
over 120 countries. Seeking to
understand our patients’ needs is
what drives our R&D programme.
The needs of our customers and their
patients drive everything we do.
We call this Care by Design.
How our business works

THE BUSINESS YEARContentsOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE COMPANY
19Fisher & Paykel Healthcare|ANNUAL REPORT 2025
How we deliver value
OUR INPUTSOUR OUTPUTS
Ageing population | Technology advancement | Healthcare costs increasing | Other external factors
MARKET CONTEXT
Our
people
50+ years
of trusted
relationships
Benefits to
our people
Global
supply
networks
Increased
shareholder
value
Excellence
in R&D
Doubling
our constant
currency
revenue every
5-6 years
A positive
lasting impact
on society
and the
environment
Trusted
brand
Improved
care and
outcomes for
patients
Increased
efficiency
of care
SUSTAINABLE, PROFITABLE GROWTH
We aim to grow our business in a way that is sustainable and profitable over the long term.
OUR PURPOSE
Improving care and
outcomes through inspired
and world-leading
healthcare solutions.
Utilise our expertise
to develop
new therapies
and reduce costs
to healthcare
systems
BETTER PRODUCTS
Continuously strive to
improve our products
GLOBAL REACH
Increase our presence
around the world
CHANGE
CLINICAL PRACTICE

THE BUSINESS YEARContentsOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE COMPANY
20Fisher & Paykel Healthcare|ANNUAL REPORT 2025
What matters most
Investors and other stakeholders
are increasingly using non-financial
information on other material
topics to make decisions. Those
include trends and risks that could
affect a company’s long-term
value, such as climate change, as
well as the economic and social
impacts of doing business.
OUR STAKEHOLDERS
EMPLOYEESCUSTOMERSINVESTORS
CLINICIANSSUPPLIERSCOMMUNITIES
During the 2024 financial year, we worked with
an independent consultant, thinkstep-anz, to
update and validate our assessment of material
topics. Thinkstep-anz obtained feedback by
conducting surveys with internal and external
stakeholders, including our Board, senior
managers, investors, suppliers, customers and
clinicians. Participants were asked to assess
a selection of material topics and rank their
importance to F&P. We also considered our
unique business risks, the United Nations
Sustainable Development Goals, and feedback
we receive through regular interactions with
customers, clinicians, suppliers and investors.
In this exercise, we added a new material topic:
‘climate-related business risk’, which is defined
as understanding and adapting to impacts that
Fisher & Paykel Healthcare might experience in a
changing climate and transition to a low-carbon
economy.
This resulted in an updated materiality
assessment informed by the principles of the
2021 GRI Sustainability Reporting Standards.
Within this framework, ‘materiality’ differs from
financial and audit interpretations and NZX/ASX
definitions of material information.
The five topics of highest interest were: patient
safety; product quality; employee health, safety
and wellbeing; innovation; and sustainable
financial performance. These are shown in the
upper right quadrant of our materiality matrix.

THE BUSINESS YEARContentsOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE COMPANY
21Fisher & Paykel Healthcare|ANNUAL REPORT 2025
Materiality matrix
6.06.57.07.58.08.59.09.510.0
6.0
0
6.5
7.0
7.5
8.0
8.5
9.0
9.5
10.0
Patient safety
Product quality
Health, safety & wellbeing
Innovation
Employee attraction,
development & retention
Sustainable financial performance
Nurturing our culture
Resilient & ethical supply chain
Intellectual property
Market access
Customer experience
Legal compliance
Labour practices
Corporate governance
Improving public health
Disruptive technologiesCyber security & data protection
Anti-bribery & corruptionEthical research
Diversity & inclusion
Carbon & energyLocal employment
Healthcare demographics
Business continuity planning
Resource eŒciency
Community
Healthcare waste management
STAKEHOLDER IMPORTANCE
(AS RANKED BY ALL STAKEHOLDERS)
BUSINESS IMPACT
(AS RANKED BY INTERNAL STAKEHOLDERS)

Climate-related business risk

THE BUSINESS YEARContentsOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE COMPANY
22Fisher & Paykel Healthcare|ANNUAL REPORT 2025
Sustainable
development goals
Fisher & Paykel Healthcare supports the
United Nations Sustainable Development
Goals. We have identified three goals
where we believe we can make a positive
difference in order to achieve a more
sustainable future for all. The goals we
are most closely aligned with are Goal 3,
Goal 8 and Goal 12, and our contributions
are outlined in this section.

THE BUSINESS YEARContentsOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE COMPANY
23Fisher & Paykel Healthcare|ANNUAL REPORT 2025
GOAL 3:
Ensure healthy lives and promote wellbeing
for all at all ages
UN SDG targetUN key indicators Our contribution
3.4
By 2030, reduce by one third premature
mortality from non-communicable diseases
through prevention and treatment and
promote mental health and wellbeing.
Mortality rate attributed to cardiovascular
disease, cancer, diabetes or chronic
respiratory disease.
Our Optiflow™ nasal high flow therapy is a first-line
treatment for patients suffering from respiratory
disease, including being used both pre-intubation
and post-extubation. More than seven million
patients were treated with our Optiflow therapy
over the past year.
3.6
By 2020, halve the number of global deaths
and injuries from road traffic accidents.
Death rate due to road traffic injuries.Hundreds of millions of people suffer from
obstructive sleep apnea (OSA) globally, and the
associated daytime fatigue creates significant risk
for drivers – there are clinically proven links between
these conditions and traffic accidents. Our range of
OSA masks are used by millions of patients around
the world for a better night’s sleep.
3.7
Achieve universal health coverage, including
financial risk protection, access to quality
essential healthcare services and access
to safe, effective, quality and affordable
essential medicines and vaccines for all.
Coverage of essential health services
(defined as the average coverage of
essential services based on tracer
interventions that include reproductive,
maternal, newborn and child health,
infectious diseases, non-communicable
diseases and service capacity and
access, among the general and the most
disadvantaged population).
The use of our Optiflow™ nasal high flow therapy
has often been shown to reduce the escalation of
patient care, resulting in not only better outcomes
for the patient but also reducing cost and capacity
constraints for healthcare providers.

THE BUSINESS YEARContentsOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE COMPANY
24Fisher & Paykel Healthcare|ANNUAL REPORT 2025
GOAL 8:
Promote sustained, inclusive and sustainable economic growth,
full and productive employment and decent work for all
UN SDG targetUN key indicators Our contribution
8.2
Achieve higher levels of economic
productivity through diversification,
technological upgrading and innovation,
including through a focus on high-value
added and labour-intensive sectors.
Annual growth rate of real GDP per
employed person.
We are a major proponent of research and
development and in the 2025 financial year invested
11% of annual revenue into R&D. We have more than
950 people engaged in clinical research and product
and process development – they are primarily
engineers, scientists and physiologists.
8.3
Promote development-oriented policies that
support productive activities, decent job
creation, entrepreneurship, creativity and
innovation, and encourage the formalization
and growth of micro-, small- and medium-
sized enterprises, including through access
to financial services.
Proportion of informal employment in total
employment, by sector and sex.
We are a significant employer, with a team of
7,440permanent and 95 temporary employees
(as at 31 March 2025). We are an equal opportunity
employer that values workplace diversity. Of our
full-time permanent employees, 55% are women
and 45% are men.

THE BUSINESS YEARContentsOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE COMPANY
25Fisher & Paykel Healthcare|ANNUAL REPORT 2025
GOAL 12:
Ensure sustainable consumption
and production patterns
UN SDG targetUN key indicators Our contribution
12.2
By 2030, achieve the sustainable
management and efficient use of natural
resources.
Material footprint, material footprint per
capita, and material footprint per GDP.
Domestic material consumption, domestic
material consumption per capita, and
domestic material consumption per GDP.
Aligned with the goals of the Paris Agreement to
limit global warming to 1.5 degrees Celsius, we have
set science-based targets for our Scope 1 and 2
emissions. We are also working with our suppliers
to set their own targets. We recognise the overall
importance of water and other natural ecosystems.
Across our New Zealand and Mexico sites, we
apply good water stewardship practices such as
rainwater harvesting and closed-loop water systems,
and have established a water re-use plant at our
Tijuana facility.
12.5
By 2030, substantially reduce waste
generation through prevention, reduction,
recycling and reuse.
National recycling rate, tons of material
recycled.
In the 2025 financial year, we diverted 1,694 tonnes
of waste from landfill globally. Our recycling
efficiency rate was 53%. Through our Ecodesign
initiatives, we intend to embed environmental
considerations into product development as a
means of minimising the environmental impacts of
a product throughout its full life cycle.

THE BUSINESS YEARContentsOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE COMPANY
26Fisher & Paykel Healthcare|ANNUAL REPORT 2025
Lewis Gradon
Managing Director and
Chief Executive Officer
TERM OF OFFICE:
Appointed 1 April 2016, last re-elected
24 August 2022.
Lewis became Managing Director
and Chief Executive Officer in April
2016. Prior to that, he spent 15 years
as Senior Vice President – Products &
Technology, and six years as General
Manager – Research & Development.
During his 42-year tenure with
Fisher & Paykel Healthcare, he has
held various engineering positions
overseeing the development of
our range of products as well the
development of our manufacturing,
quality, intellectual property, supply
chain and clinical research functions.
Bachelor of Science – Physics
Sir Michael Daniell
Non-executive director
TERM OF OFFICE:
Appointed November 2001, last
re-elected 28 August 2024.
Mike was Managing Director and Chief
Executive Officer of Fisher & Paykel
Healthcare from 2001 to 2016. He was
General Manager of Fisher & Paykel’s
medical division from 1990 to 2001
and previously held various technical
management and product design roles
within the company. Mike is a director
of Cochlear Limited, Tait International
Limited and the Medical Research
Commercialisation Fund. Sir Michael
was named a Knight Companion of
the New Zealand Order of Merit in
June 2021.
Bachelor of Engineering (Hons)
COMMITTEE RESPONSIBILITIES:
Chair, Quality, Safety & Regulatory
Committee
Member, People & Remuneration
Committee
Our Board
Neville Mitchell
Chair and non-executive director
TERM OF OFFICE:
Appointed November 2018,
last re-elected 24 August 2022.
Appointed Chair on 28 August 2024.
Neville was Chief Financial Officer
and Company Secretary of Cochlear
Limited between 1995 and 2017.
He is a director of Sonic Healthcare
and Sigma Healthcare, and a former
director of The Board of Tax, South
Eastern Sydney Local Health District,
Osprey Medical and Sirtex Medical.
Previously, he served on the New
South Wales Medical Devices Fund,
was Chairman of the Group of 100,
and Chairman, Standing Committee
(Accounting and Auditing) for the
Australian Securities and Investments
Commission.
Bachelor of Commerce
COMMITTEE RESPONSIBILITIES:
Member, Audit & Risk Committee
Member, People &
Remuneration Committee
Member, Quality, Safety &
Regulatory Committee
Mark Cross
Non-executive director
TERM OF OFFICE:
Appointed October 2024.
Mark chairs the board of Chorus and
is a director of Xero. He is a board
member of Accident Compensation
Corporation (ACC) and chair of the
ACC Investment Committee. He
is a former chair of Milford Asset
Management and a former director
of Z Energy, Genesis Energy and
Argosy Property. Mark previously
held executive investment banking
positions with Deutsche Bank
and Lloyds Corporate Finance/
Southpac Corporation, where he was
an advisor to companies across a
range of sectors. He is a member of
Chartered Accountants Australia and
New Zealand.
Bachelor of Business Studies –
Accounting and Finance
COMMITTEE RESPONSIBILITIES:
Chair, Audit & Risk Committee

THE BUSINESS YEARContentsOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE COMPANY
27Fisher & Paykel Healthcare|ANNUAL REPORT 2025
Pip Greenwood
Non-executive director
TERM OF OFFICE:
Appointed June 2017, last re-elected
29 August 2023.
Pip is chair of both Westpac
New Zealand Limited and The a2 Milk
Company Limited. She was previously
a director of Vulcan Steel and Spark
New Zealand and served as a member
of the New Zealand Takeovers Panel
from 2007 to 2011. Pip was a partner
at Russell McVeagh between 2001
and 2019 and served as the firm’s
board chair.
Bachelor of Laws
COMMITTEE RESPONSIBILITIES:
Member, Audit & Risk Committee
Member, People & Remuneration
Committee
Dr Cather Simpson
Non-executive director
TERM OF OFFICE:
Appointed June 2022, elected
24 August 2022.
Cather is a professor of physics and
chemical sciences at the University of
Auckland, CEO of Orbis Diagnostics
and a partner at Pacific Channel, with
expertise in lasers and photonics. She
is Vice President of the International
Society for Optics and Photonics
(SPIE) and a member of the Academy
Executive Committee of the Royal
Society Te Apārangi. Cather is a co-
founder of three hard-tech start-ups,
including Engender Technologies,
where she served as Chief Science
Officer from 2011 to 2021. She founded
and directed the Photon Factory at the
University of Auckland in 2010.
PhD Medical Sciences, Bachelor of
Arts – Interdisciplinary Studies
COMMITTEE RESPONSIBILITIES:
Member, Quality, Safety & Regulatory
Committee
Dr Lisa McIntyre
Non-executive director
TERM OF OFFICE:
Appointed October 2021, elected
24 August 2022.
Lisa is a director of The University
of Sydney, Studiosity, Nanosonics
and Baymatob. She has previously
been a director of a range of health
entities, including those in healthcare
insurance, clinical service delivery and
medical research and innovation. Lisa
spent 20 years as a senior strategy
partner with LEK Consulting providing
advice to companies in North America,
Asia and Australia.
PhD Physical Chemistry, Bachelor
of Science – Biochemistry and Pure
Maths
COMMITTEE RESPONSIBILITIES:
Chair, People & Remuneration
Committee
Member, Audit & Risk Committee
Graham McLean
Non-executive director
TERM OF OFFICE:
Appointed October 2023, elected
28 August 2024.
Graham is chair of both CleanSpace
Technology and Universal Biosensors.
He previously spent 16 years as an
executive at leading medical device
manufacturer Stryker Corporation,
most recently as President of the
Asia Pacific region situated in Hong
Kong and Singapore. Prior to joining
Stryker, Graham had finance, audit and
commercial positions at Lion Nathan,
McVitie’s and Unilever.
Bachelor of Science – Geography
COMMITTEE RESPONSIBILITIES:
Member, Audit & Risk Committee

THE BUSINESS YEARContentsOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE COMPANY
28Fisher & Paykel Healthcare|ANNUAL REPORT 2025
Lewis Gradon
Managing Director &
Chief Executive Officer
Lewis became Managing
Director & Chief Executive
Officer in April 2016. Prior
to that, he spent 15 years
as Senior Vice President
– Products & Technology,
and six years as General
Manager – Research &
Development. During his
42-year tenure with Fisher &
Paykel Healthcare, he has held
various engineering positions
overseeing the development
of our range of products as
well as the development of
our manufacturing, quality,
intellectual property, supply
chain and clinical research
functions. He received his
Bachelor of Science degree in
physics from the University of
Auckland, New Zealand.
Andy Niccol
Chief Operating Officer
Andy was appointed Chief
Operating Officer in April
2024. Prior to that, he
served as General Manager
– Respiratory Humidification
from October 2020 and
General Manager – Infant
Care from December 2015
to September 2020. Andy
has held a number of roles
spanning research and
development, sales and
global original equipment
manufacturer (OEM)
partnerships, since joining
Fisher & Paykel Healthcare
in 2001. Andy received his
Bachelor of Engineering
(Mechanical) degree with
honours from the University
of Auckland, New Zealand.
Justin Callahan
Vice President
– Sales & Marketing
Justin was appointed
Vice President – Sales &
Marketing in April 2024. He
has held several roles in sales
management after joining
Fisher & Paykel Healthcare in
Australia in 1988. Justin took
up the mantle as President
– North America in 1996,
delivering significant revenue
and earnings growth in our
largest market during his
tenure. Most recently, Justin
served as President – North
America & Europe.
Lyndal York
Chief Financial Officer
Lyndal was appointed Chief
Financial Officer in March
2019. Before joining Fisher
& Paykel Healthcare, Lyndal
was CFO at Asaleo Care and
prior to this held Head of
Group Finance and Group
Financial Controller roles at
Cochlear in Australia over
an 11-year period. She has
also spent time in the US, as
VP Corporate Accounting
and Reporting at Edwards
Lifesciences. Lyndal is
a member of Chartered
Accountants Australia and
New Zealand and a graduate
of the Australian Institute
of Company Directors. She
received her Bachelor of
Economics degree from
Macquarie University, Australia
and Master of Business
Administration degree from
Pepperdine University in the
United States.
Dr Andrew Somervell
Vice President
– Products & Technology
Andrew was appointed
Vice President – Products
& Technology in April 2016.
Since joining Fisher & Paykel
Healthcare in 2006, he
has held various product
development and operations
management roles, and most
recently was General Manager
– Product Groups. He has
overseen the development
of the OSA product range
and managed research and
development, marketing,
clinical, manufacturing, and
aspects of the supply chain.
Before joining Fisher &
Paykel Healthcare, Andrew
was a Research Fellow at
the University of Auckland,
New Zealand, and holds a
doctorate in physics from the
same university.
Our Executive Management Team

THE BUSINESS YEARContentsOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE COMPANY
29Fisher & Paykel Healthcare|ANNUAL REPORT 2025
Winston Fong
Vice President
– Surgical Technologies
Winston was appointed
Vice President – Surgical
Technologies in February
2017. Winston previously
served as Vice President –
Information & Communication
Technology from 2010
and has held various IT
management, product and
software development, and
systems engineering roles
in the business since 1999.
Winston received his Bachelor
of Engineering degree with
honours in Electronics &
Computer Engineering
from Manukau Institute of
Technology and Master of
Business Administration
degree from the University of
Auckland, New Zealand.
Nicola Talbot
Vice President
– Human Resources
Nicola was appointed
Vice President – Human
Resources in October 2020.
She has more than 20 years
of experience with Fisher
& Paykel Healthcare. She
worked with our International
Sales team for 14 years and
was appointed to the role of
General Manager – Human
Resources (International
Sales) in 2017. She holds a
Bachelor of Management
Studies with honours in
Human Resources and
Marketing from the University
of Waikato, New Zealand.
Brian Schultz
Vice President – Quality,
Safety & Regulatory Affairs
Brian was appointed Vice
President – Quality, Safety
& Regulatory Affairs in 2015.
Brian previously served as
Quality Manager for New
Zealand Manufacturing
since joining the company in
2011. Prior to joining Fisher
& Paykel Healthcare, Brian
held quality management
positions within the medical
device and pharmaceutical
industries in Australia,
Switzerland, United Kingdom
and the United States. He
received his Bachelor of
Science degree from Grand
Valley State University in the
United States.
Nicholas Fourie
Vice President – Information &
Communication Technology
Nicholas was appointed Vice
President – Information &
Communication Technology
in February 2017. Nicholas
has been with Fisher & Paykel
Healthcare since 2007, and
in that time has held various
systems engineering and ICT
management roles, including
his most recent position as
ICT Manager – Development
& Engineering. Prior to joining
Fisher & Paykel Healthcare, he
worked for the South African
division of BHP Billiton.
Nicholas holds a Diploma in
Computer Engineering from
Damelin School of Information
Technology in South Africa.
Marcus Driller
Vice President – Corporate
Marcus was appointed Vice
President – Corporate in
February 2019. Marcus joined
Fisher & Paykel Healthcare in
2009 as an in-house lawyer
and since that time has held
several roles in legal, investor
relations and communications
and most recently as General
Manager – Corporate. Prior
to joining the company, he
worked for New Zealand law
firm Russell McVeagh where
he specialised in corporate
and commercial law. Marcus
received his Bachelor of
Commerce and Bachelor
of Laws degrees from the
University of Auckland,
New Zealand.

THE BUSINESS YEARContentsOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE COMPANY
30Fisher & Paykel Healthcare|ANNUAL REPORT 2025
Raelene Leonard
General Counsel & Company
Secretary
Raelene was appointed
General Counsel in March
2019, assumed Company
Secretary responsibilities in
October 2021 and joined the
Executive Management team
in April 2024. She joined
Fisher & Paykel Healthcare
in 2016, bringing with her a
wealth of legal experience
gained across Asia Pacific
and Europe. Raelene received
her Bachelor of Laws and
Bachelor of Commerce
degrees from Victoria
University of Wellington,
New Zealand.
Desh Edirisuriya
General Manager – New Zealand
Operations
Desh was appointed General
Manager – New Zealand
Operations and joined the
Executive Management
team in April 2024. He has
been with Fisher & Paykel
Healthcare since 2000. Over
that time, Desh has held
various roles in business
excellence, manufacturing
operations and product
development, including
leading the company’s
response to COVID-19 and
embedding our culture of
continuous improvement.
Most recently, he served
as General Manager – NZ
Manufacturing Operations
& Business Excellence.
Desh holds a Bachelor of
Engineering (Mechanical)
from the University of
Auckland, New Zealand.
Jonti Rhodes
Vice President – Network Design,
Facilities, Infrastructure &
Sustainability
Jonti was appointed Vice
President – Network Design,
Facilities, Infrastructure &
Sustainability in April 2025.
Prior to that, he served as
Vice President – Supply Chain,
Facilities & Sustainability from
April 2022, having joined
the Executive Management
team in 2015. Jonti joined
Fisher & Paykel Healthcare
in 2007 as a product design
engineer, and since that time
has held several roles, both in
New Zealand and the United
States. He holds a Bachelor
of Engineering (Mechanical)
from Auckland University of
Technology and a Master of
Business Administration from
the University of Auckland,
New Zealand.

OPERATING
SUSTAINABLY
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
PeopleSuppliersCommunityProduct qualityRisk managementGovernanceRemunerationEnvironment
31Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Our purpose is brought to life by our people
every day. We invest in good people who
want to make a positive lasting impact –
people who value long-term relationships,
innovation and human connections.
In this section we highlight some of the ways
we enable a positive and inclusive culture,
empower our people to keep growing their
knowledge and skills, and provide a safe,
healthy and enjoyable work environment.
This year our commentary focuses mainly
on our largest manufacturing operations
which are in New Zealand and Mexico.
People
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
SuppliersCommunityProduct qualityRisk managementGovernanceRemunerationEnvironmentPeople
32Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Talent attraction
Our goal is to be an employer of choice, attracting good people who care
to make a difference and grow with us over the long term. We believe in
giving employees every opportunity to learn, grow and advance toward
their full potential. We seek to build a team of good people doing good
work with intent.
As a global employer in the medical device industry, our talent strategy is
aimed at attracting and retaining good people across a range of business
areas including engineering, technical, clinical, quality, manufacturing,
supply chain, sales and shared services.
Early careers programme
Building our talent pipeline starts with growing our early careers
programme to support our long-term people needs. This involves
recruiting interns and recent university graduates alongside increasing
awareness of science, technology, engineering and mathematics (STEM)
in schools. During the 2025 financial year, we intentionally increased
STEM advocacy by hosting site tours for key high school groups and
participating in specific STEM-based high school careers expos.
Our efforts to recruit interns and graduates this year included participating
in careers events at educational institutions around New Zealand and a
social media campaign across diverse channels to increase awareness of
our brand.
During the 2025 financial year, we took part in 17 careers events,
sponsored three university clubs, and hosted key groups and university
representatives for tours to further strengthen our partnerships.
We welcomed over 170 summer interns and recent graduates across many
areas of our business in New Zealand, and 70% of our graduate roles this
year were filled by previous interns. Eight of our interns joined us through
our partnerships with First Foundation and Pūhoro STEMM Academy.
We continued to make our recruitment process more inclusive, working
closely with our rainbow and neurodiversity employee-led networks
and offering candidates choices of video, audio or text to submit their
applications.
Growing our talent
Our people are well-versed in our ways of working and aligned with our
culture and values, so we encourage internal applications for our vacancies
across the business. This approach provides valuable growth opportunities
for our people and enables them to contribute over the long term.
We also advertise vacancies externally to recruit new employees to the
business. Some roles do require a broader reach to attract specialised
skillsets from overseas markets, particularly at the mid-senior level, with
a background in medical devices. In such cases, we also engage with
top talent overseas and continue to attract highly qualified candidates.
With a strong employer brand and accreditation under the New Zealand
Accredited Employer Work Visa scheme, we successfully source global
talent and support migrants to settle in New Zealand.
In manufacturing, our selection process for assemblers includes
candidates completing a series of technical tasks at our assessment
centres in New Zealand and Mexico.
Sales and distribution is another strategic focus for recruitment, and
we have talent sourcing teams in our regional sales offices focused on
finding the right people to fulfil a variety of local sales, distribution and
operational roles.
Our people engaging with students during the careers expo by
the Engineering Society at the University of Canterbury.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
SuppliersCommunityProduct qualityRisk managementGovernanceRemunerationEnvironmentPeople
33Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Retaining our people
Our commitment is to provide our people with ways to learn, develop
and progress their careers, and reward them for their contribution over the
long term. We understand that people’s needs and goals can be different,
and we consider retention activities specific to the needs of our people
and in line with our culture.
In the 2025 financial year, 28% of open roles at our New Zealand
campus were filled by existing employees. Globally, employee turnover
was down compared with the previous financial year, as shown in the
tables on page 44.
Learning and development
Our approach to learning and development is underpinned by a culture
of coaching that enables and supports our people to continuously grow
their knowledge and skills to realise their full potential. Incorporating a
blend of experiential learning, online learning, workshops and self-paced
development activities, we encourage learning for everyone.
This year, our focus was on developing learning experiences for our
people when and where they need to build their capabilities – learning
in the moment. Examples include self-paced learning for coaching,
explainer videos for manufacturing procedures and technical induction
modules for quicker retention and competency. We believe this
contributed to better employee retention and reduced time spent
in traditional classroom environments.
Over the 2025 financial year, our investment in digital technologies
and collaboration with subject matter experts helped us deliver tailored
learning programmes to fulfil technical and business needs. In addition,
we improved efficiency and saved time and resources by digitising
formerly paper-based learning assessments in New Zealand and
bringing them into one platform.
Employee development
We believe in empowering each individual to take ownership of
their learning. Throughout their careers, we provide our people
with opportunities to continue learning and earning qualifications.
Learning options include general workplace skills, digital skills,
technical qualifications, clinical education and formal diplomas and
degrees. One of the initial learning opportunities is our welcome
induction, where new hires gain essential knowledge about our
purpose, values, policies, and requirements
for working in a medical device company.
Below are some highlights from the 2025
financial year.
• We inducted 1,191 new employees and
contractors across our New Zealand
and Mexico campuses.
• Salaried employees in New Zealand,
Mexico and international sales completed
a total of 51,000 hours of formal learning.
• 63 recent graduates in New Zealand
completed our graduate experience
programme, with sessions on our
products and business, networking,
design thinking, teamwork, and diversity,
equity and inclusion.
• 214 Mexico employees completed
cross-skills training across different
manufacturing processes.
LEARNING &
DEVELOPMENT
51K
HOURS OF FORMAL
LEARNING by salaried NZ,
Mexico & global sales people
214
CROSS-SKILLS trained
in Mexico
1,191
NEW STARTERS inducted
in NZ & Mexico
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
SuppliersCommunityProduct qualityRisk managementGovernanceRemunerationEnvironmentPeople
34Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Partnerships with
universities
We work with local universities to enable
our people to gain valuable qualifications
relevant to their roles, while continuing
to work.
In New Zealand, we have a long-standing
partnership of over 14 years with the
University of Auckland for their Master
of Medical Engineering degree. The
programme comprises taught papers
and a research project exploring medical
issues and therapies. This year, we
sponsored 11 employees to complete this
degree, and seven of our engineers also
provided teaching services.
In Mexico, we partnered with Tecmilenio
University, CESUN University and CETYS
University, supporting 18 employees
to complete their degrees in industrial
engineering, customs and logistics,
business administration, organisational
psychology and public accounting.
Graduates celebrating their
achievements at our Mexico campus.
Participants learn about our Digital Technology Policy as
part of the digital skills learning programme.
Building digital literacy
As part of our commitment to enabling
our people to contribute over the long
term, we offer a digital skills learning
programme for our manufacturing and
site operations teams in New Zealand.
This customised programme includes
courses on essential office and
collaboration software, data privacy
and security, and our approach to
digital technology.
This programme is an important
element in building cross-functional
capability and our people’s readiness
for a broad range of career pathways.
Participants gain digital competence and
confidence to complement their business
knowledge, and this often encourages
them to progress their careers. Among
the employees who completed the
programme this year, 94% reported
growth in their digital skillset.
Employees in specialised technical areas,
including process engineers, machine operators
and maintenance technicians, received training
to boost their capability in engineering,
maintaining and operating injection moulding
machines in both New Zealand and Mexico.
Some of our people in New Zealand gained
external qualifications in management, electrical
inspection and project management.
Some of our Mexico team members gained
qualifications including the ISO 13485 Lead
Audit certification, and the ECO217 training
certification awarded by the National Council
for the Standardisation and Certification of
Labour Competencies. Several employees also
graduated with high school diplomas completed
through the Open High School programme in
Mexico, which empowers our people to continue
and complete their school education.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
SuppliersCommunityProduct qualityRisk managementGovernanceRemunerationEnvironmentPeople
35Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Leadership development
Our leaders play an important role in helping to embed our culture and
our ways of working. To enable this, we invest in developing new and
experienced leaders with coaching, resources and tools delivered through
conversations, classroom-based learning, workshops and online platforms.
Below are some highlights of our efforts in leadership development for
the 2025 financial year:
• In New Zealand more than 600 people accessed customised, formal
leadership learning on topics such as strategy, resilience, courageous
conversations, emotional intelligence and continuous improvement.
• 110 managers and team leaders accessed training developed in-house
on having meaningful conversations to build trusted relationships.
• Leaders in Mexico completed an Executive Coaching certification
course focused on developing leadership competencies and achieving
measurable results.
• We hosted our second annual conference for senior manufacturing
managers, bringing 40 leaders together to discuss coaching, diversity,
equity and inclusion, and continuous improvement.
• We hosted global forums that help senior leaders across our offices
understand and execute our business strategy, embed our culture
and learn from the experiences of their peers.
Performance feedback
Our coaching culture is fundamental to our way of working and helping our
people be better at what they do. Our focus is on leaders and their team
members having regular coaching conversations, in the moment and
throughout the year, to recognise recent successes and provide feedback
on opportunities for improvement. These moments help to unlock solutions,
embed our culture and help our people reach their full potential and
contribute over the long term. These conversations guide decisions on
contribution ratings and assessments, which happen formally once a year.
Rewarding our people
We aim to reward our people fairly based on individual performance and
contribution, the size of their role and the market context. Employee
remuneration is reviewed annually.
In addition to base remuneration, we offer a discretionary profit share scheme
payable every six months. During the 2025 financial year, the total profit share
pool amounted to $15 million and was divided among employees who met the
qualifying criteria.
In New Zealand, Australia, the United States and Canada, we offer an
employee share purchase scheme whereby our people may purchase shares
at a discount. During the 2025 financial year, over 2,600 eligible employees
participated.
In certain countries, additional benefits may include superannuation, health and
life insurance, and the opportunity to receive long-term variable remuneration
in the form of share options, performance share rights or employee share
rights. Read more in the Remuneration section on pages 80-88.
Collective bargaining agreements
Our people have the freedom of association to negotiate work relations
effectively. We support sound collective bargaining practices to help ensure
employees have an equal voice in negotiations and that the outcome is
fair and equitable for everyone. In the 2025 financial year, over 90% of our
New Zealand manufacturing and site operations employees and 61% of
our Mexico manufacturing and site operations employees were covered by
collective bargaining agreements.
In December 2023, Fisher & Paykel Healthcare agreed on a collective
employment agreement with the representative unions in New Zealand. The
agreement is effective for three years. Our Mexico team completed general
collective agreement negotiations with their representative unions in January
2024, and their agreement is also valid for three years. Their pay-related
collective employment agreement was finalised with the unions in January
2025 and this remains valid for a year.
Managers in New Zealand attend a session
on leadership resilience.
600+
LEADERS accessed
formal leadership
learning
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
SuppliersCommunityProduct qualityRisk managementGovernanceRemunerationEnvironmentPeople
36Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Diversity, equity and inclusion
To achieve our purpose, we nurture a culture that is collaborative, open,
diverse, honest and inclusive – a place where everyone can find belonging.
Our approach is to embed diversity, equity and inclusion (DEI) into
everything we do by implementing the following fundamentals:
• A global approach encompassing all demographics, identities,
backgrounds and experiences
• High performing teams built with the best possible people, free of bias,
unconscious or otherwise
• An environment where people are empowered to take an active role
in DEI
• A positive and inclusive culture based on trust and respect
• Supporting brighter and healthier communities through care and
collaboration.
We review the effectiveness of our DEI Procedure annually and monitor
our performance against it, reporting to the Board any recommended
changes to our measurable objectives, strategies or the way in which they
are implemented.
In New Zealand, more than 400 of our people participated in DEI-related
events, including 80 who actively supported DEI activities across the
business in the 2025 financial year. We also collected feedback from our
employees, including topics related to inclusion and equity to help inform
our DEI initiatives.
During the 2025 financial year, we made considerable progress toward
our DEI objectives and our key areas of focus are highlighted below.
Elevating role models and career paths for
women in engineering
Our representation of women in engineering manager roles has increased
from 4% to 15% over the last five years. We are pleased with this progress
and are continuing our programmes of work to understand and address
why women are under-represented in senior engineering roles.
During the 2025 financial year, a working group hosted lunch-and-learn
sessions where women in engineering manager roles could connect with
potential role models and learn about their career paths. Attendees said
the sessions were inspiring for their career goals and gave them a stronger
sense of support.
Developing manufacturing leaders in DEI
This year, DEI was a key focus at our annual conference for
senior manufacturing managers in New Zealand operations. Participants
discussed workforce demographics with regard to gender, age and
ethnicity to achieve a better understanding of the diversity of their teams.
The conference included a workshop on leading with inclusion. Leaders
rated the session highly and left with a framework they could use to
develop their skills in inclusive leadership and collaboration.
Developing recruitment practices and
career paths in sales regions
In our sales regions, we enhanced our recruitment practices and developed
more transparent career paths in sales using DEI strategies along with
turnover analysis. In Europe and Australia, we updated our interview
guides to mitigate bias and improve the experience for candidates. In
North America, we identified that women are less likely to apply for senior
sales roles and have started identifying initiatives to remove barriers and
close that gap. In other regions, we have developed career pathways for
sales management roles to help our people understand their options to
progress their careers.
Senior manufacturing managers participated in a workshop on leading with
inclusion at their annual conference in Auckland.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
SuppliersCommunityProduct qualityRisk managementGovernanceRemunerationEnvironmentPeople
37Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Strengthening employee-led networks in
New Zealand
At our largest campus in New Zealand, we have several employee-led
networks. Formed around shared identities and experiences, these
communities include Spectra focused on rainbow inclusion, Manaaki
focused on Māori language and culture, WISE focused on women in
science and engineering and ReThink focused on neurodiversity.
This year’s highlights for our employee-led networks included:
• Spectra and the marketing operations team worked together to update
New Zealand email signature templates to enable and encourage the
use of pronouns.
• Marae-based wānanga (learning, discussions and reflection) for
Manaaki and our mana whenua partnerships working group to
learn about Te Tiriti o Waitangi and create a shared vision for Māori
employees. Mana whenua are recognised tribal groups in Auckland.
• WISE hosted workshops on financial empowerment, impostor
phenomenon and breaking barriers.
Menopause Matters was launched this year – another people-led initiative
that shared information and resources about menopause, which were
accessed by over 600 employees. We also held information sessions
on hormones and menopause with our Hei Oranga Hinengaro Mental
Wellbeing Champion Network.
Gender pay equity
Fisher & Paykel Healthcare has been reporting on gender pay equity
since 2017. Gender pay equity is about making sure people are paid fairly
regardless of their gender. We continue to monitor this on a regular basis
across our global locations.
Like-for-like gender pay gap
The like-for-like gender pay gap is the difference between the mean pay
of men and women in like-for-like roles, therefore measuring whether men
and women receive equal pay for equal work. ‘Like-for-like’ comparisons
consider the type and size of roles and experience. We include only
salaried roles in our like-for-like gender pay gap as pay rates for our people
covered by a collective agreement are fixed, based on skills and position,
so there is no difference in pay within like-for-like roles.
SALARIED EMPLOYEES
LIKE-FOR-LIKE GENDER PAY GAPFY2024FY2025
New Zealand0.7%0.9%
International regions4.6%4.7%
The data in the table above reflects the like-for-like gender pay gap at a
single point in time. We regularly monitor this metric and take action as
needed to ensure all employees are paid fairly regardless of gender.
Overall gender pay gap – New Zealand
The overall gender pay gap for employees in New Zealand measures the
difference in median pay between men and women. It does not take into
account the nature of the role or the type of work done.
OVERALL GENDER PAY GAPFY2024FY2025
New Zealand36%33%
Our overall gender pay gap is shaped by the composition of our
workforce, and it is influenced by the distribution of men and women
across the business. At Fisher & Paykel Healthcare, a higher proportion
of men occupy engineering roles while a higher proportion of women are
employed in manufacturing roles.
The Women in Science and Engineering (WISE) network hosted a learning
workshop on impostor phenomenon at our New Zealand campus.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
SuppliersCommunityProduct qualityRisk managementGovernanceRemunerationEnvironmentPeople
38Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Health and safety
Creating healthy and safe ways of working that allow our people to thrive
is at the heart of how we improve the safety of work at F&P. Our approach
to improving the safety of work is to grow leadership, promote employee
engagement and participation, and focus on the risks that matter.
Fundamentals to achieve healthy
and safe ways of working
Our goal is to work safely, effectively and reliably, empowering the people
who do the work to make the right decisions and take action. People
make the safety of work happen. We believe that to influence safety, we
must first influence the work. We have six fundamentals that enable us to
achieve this:
People are the solution: We trust our people to share ideas and come
up with solutions that continuously improve the way their work is done.
Leaders make it possible for work to be done in a healthy and safe way by
empowering their teams.
Health & Safety is more than compliance, it is about care for our
people: The focus shifts from solely meeting compliance requirements to
considerations of what is required to better set people up for successful
work.
Safety is the presence of positives, not the absence of negatives: We aim
to learn from things that go well as much as we learn from when things
don’t. By celebrating success, learning from previous experience, and
sharing what we do across teams and around the world, we can improve
the way work is done, as well as overall work performance.
Simple, effective and efficient tools: We focus on simple, effective and
efficient tools and processes that build capability and guide healthy and
safe work.
Open and enabling work environments: We ensure our people are
encouraged to speak up when they see opportunities for improvement.
Our goal is to provide work environments that allow our people to thrive.
A fit for purpose approach: We create and continuously improve a unique
approach to Health & Safety that aligns with international standards and
fits our needs.
Framework for health and safety
Our global health and safety framework is aligned to ISO 45001
Occupational health and safety. The Quality, Safety & Regulatory
Committee has oversight of our health and safety performance, and we
regularly engage with and report to the full Board on health and safety.
Health and safety initiatives
A Safety of Work (SOW) maturity assessment tool was piloted across our
global operations. This tool focuses on understanding, at an operational
level, leadership capability, operational safety resilience, and the ability
for frontline leaders and employees to adapt and respond to new and
emerging risks experienced daily within their operations.
Six SOW maturity assessments were completed in the 2025 financial year
across our operations in Australia, United States, France and New Zealand.
We intend to refine our approach and embed this tool into our global
operations in a sustainable manner.
In Mexico, we were recertified in the Entornos Laborales Seguros y
Saludables (Safe and Healthy Workplace Environments) programme.
This voluntary programme provides us with preventative strategies and
actions designed to improve the health, safety and wellbeing of our
people. We were also recognised by the government of Mexico for our
participation in the 2024 National Day of Preparedness and Response
to Chemical Emergencies (DINAPREQ).
In Mexico, our teams were recognised for participating in the 2024 National Day of Preparedness
and Response to Chemical Emergencies (DINAPREQ).
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
SuppliersCommunityProduct qualityRisk managementGovernanceRemunerationEnvironmentPeople
39Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Health and safety training
In the 2025 financial year, the global Health & Safety team participated
in an Enabling Operational Safety Performance course. This course
increased our team’s capability to support and enable the business
to create healthy and safe ways of working.
We also implemented training for our manufacturing team leaders
and managers on rehabilitation management for employees in
New Zealand. This is designed to empower our leaders to support
their people recovering from illnesses and injuries safely and enable
their return to sustainable work. Our goal is to embed rehabilitation
processes in daily practice and to deliver this training in other
business areas.
Occupational health
The Occupational Health Centres (OHCs) at our New Zealand
and Mexico campuses offer a variety of services, including pre-
and post-employment health checks, preventative physiotherapy
treatments, rehabilitation support, travel and vaccination services,
and health monitoring.
Over the 2025 financial year, the OHCs continued to empower our
leaders to provide support and advice to their people, support with
identifying, preventing and managing work-related injuries and illnesses,
and enable our people to return to work in a timely and cost-effective
manner. In Mexico, we completed medical assessments for 91% of
manufacturing and distribution employees who perform manual
material handling, as part of our ergonomic assessment programme.
At our Tijuana campus, we held multiple health promotion campaigns
during the 2025 financial year for our people. These included clinical
health checks, eye checks, cervical and breast cancer screening and
influenza vaccinations. We organised a Health and Wellness Day for our
employees and their families, which included a sports rally and a two-
kilometre run, as part of our efforts to promote physical activity and
encourage healthy habits.
Health and safety data
INJURY RATES BY YEAR (per million hours worked)
Injury Rates20242025
TRIFR
1
3.373.42
LTIFR
2
2.652.76
1 Total recordable injury frequency rate
2 Lost time injury frequency rate
INJURY RATES (per million hours worked) AND SEVERITY
New Zealand MexicoRest of World
202420252024202520242025
TRIFR6.715.950.000.971.513.30
LTIFR5.474.990.000.970.751.83
Fatality000000
Serious injury000000
Lost time injury32310625
Medical treatment injury330024
Restricted work injury530000
First aid injury163193261591111
Pain and discomfort195241346812
Aligned with our strategy of learning from incidents to improve the safety
of work, we have continued to improve the reporting and classification of
health and safety incidents. This has contributed to an increase in reported
incidents in Mexico.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
SuppliersCommunityProduct qualityRisk managementGovernanceRemunerationEnvironmentPeople
40Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Mental health and wellbeing
Our approach to mental health and wellbeing has a deep connection
to our Care by Design culture. We apply a holistic method to promote
positive health and wellbeing outcomes for our people, fostering a work
environment where our people can thrive over the long term. When our
people have good health and wellbeing, they become more resilient to
change and conflict and can contribute more at work.
Mental Health Champion Networks
In the 2025 financial year, we completed the pilot for the Hei Oranga
Hinengaro Mental Health Champion Network in New Zealand
manufacturing. This involved training and supporting selected
employees to become champions in mental health and wellbeing.
These champions are local advocates for facilitating wellbeing
conversations and encouraging our people to use the Employee
Assistance Programme (EAP) and other wellbeing support services.
The network is designed to be informal, authentic and accessible. It is
from our people to our people and serves as another layer of wellbeing
support at work.
The pilot was a success and led to the introduction of two new champion
networks across other business functions. We now have:
• 1:30 ratio of champions trained in mental health first aid to employees
in New Zealand manufacturing
• 256 new employee referrals to EAP from our champions
• 46 wellbeing learning sessions completed by our champions to upskill
on topics such as managing stress, coping with grief, financial literacy
and wellness action plans.
The Mental Health Champion Network’s successful blueprint has paved
the way for future wellbeing initiatives.
Wellbeing support for employees
The Employee Assistance Programme offers counselling and other support
services to all our global employees and their immediate family members.
This is a free and confidential service, providing support through everything
from trauma, grief, managing addiction, financial stress and more.
In New Zealand, we provide Safer Homes leave for employees affected
by family violence and run the InStep programme to help achieve an
alcohol and drug free workplace. We also have trained employees around
the business that our people can contact to discuss any concerns of
harassment and bullying.
During the 2025 financial year in Mexico, we launched ‘Orange Days’
aligned with the United Nations Women’s campaign to eliminate violence
against women. On ‘Orange Day’ each month, we organised information
sessions to promote safe, violence-free lives for women and girls, held
wellness programmes for women and encouraged our people to show
their support by wearing orange, the signature colour of the UN campaign.
Members of our Mental Health Champions Network in New Zealand.
256
NEW EMPLOYEE REFERRALS
to EAP from our champions
1:30
RATIO of champions to
employees in New Zealand
manufacturing
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
SuppliersCommunityProduct qualityRisk managementGovernanceRemunerationEnvironmentPeople
41Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Counselling services for mental health needs
At our New Zealand and Mexico campuses, we have psychologists
available at our Occupational Health Centre to provide counselling
for employees.
In Mexico this year, we provided psychological counselling consultations
on site for 250 employees. In addition, we provided off-site assistance to
75 family members with mental health needs through our collaboration
with the Tijuana Mental Health Hospital.
In addition, we signed agreements with local government agencies in
Mexico to provide specialised services in psychological counselling,
gender violence support and addiction treatment for our people. Several
employees were able to receive support through our collaboration with the
Municipal Institute for Women (IMMUJER), which offers care for victims of
violence, the Women’s Justice Center (CEJUM), which offers legal counsel
and complaints services and the Municipal Institute Against Addictions
(IMCAD), which provides psychological and addiction counselling, and the
Human Rights Commission of the State of Baja California (CEDHBC).
Human rights
Fisher & Paykel Healthcare fully supports the principles in the United
Nations Universal Declaration of Human Rights and the International
Labour Organisation Declaration on Fundamental Principles and
Rights at Work, including non-discrimination, freedom of association
and collective bargaining, and freedom from forced and child labour.
We seek to uphold human rights in all business activities.
During the 2025 financial year in Mexico, we received the Human Rights
Committed Company Distinction from the Comisión Estatal de los
Derechos Humanos de Baja California (Human Rights Commission of the
State of Baja California or CEDHBC). This was the second time we were
recognised for this voluntary initiative to promote sustainable development
and corporate citizenship through a commitment to human rights and a
platform for learning and exchange of experiences. We were also invited to
participate in the CEDHBC’s first state meeting on best practices in human
rights, where we shared our work and progress in sustaining human rights
with several government organisations and private companies.
Our Mexico facility also received the Verificación Laboral Voluntaria
certification, a voluntary programme that allows workplaces to declare
compliance with local labour regulations.
Workforce composition
The tables below provide insight into the composition of our workforce by
headcount as at 31 March 2025, and into hire rates and retention rates.
People numbers
BY REGION
FY2024FY2025
RegionPermanentTemporaryPermanentTemporary
New Zealand3,474913,77254
Mexico2,265272,34414
Rest of World1,292191,32427
Total7,0311377,44095
BY GENDER
FY2024FY2025
GenderPermanentTemporaryPermanentTemporary
Women3,789814,06750
Men3,205543,32545
Gender diverse8060
Not specified/Prefer not to say292420
Total7,0311377,44095
BY NATURE OF ROLE (full-time and part-time*)
FY2024FY2025
GenderFull-timePart-timeFull-timePart-time
Women3,757324,03235
Men3,185203,30520
Gender diverse8060
Not specified/Prefer not to say281411
Total6,978537,38456
* Does not include temporary employees (casual, fixed-term, temporary, temporary part-time and contract temporary)
due to the changing nature of their hours.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
SuppliersCommunityProduct qualityRisk managementGovernanceRemunerationEnvironmentPeople
42Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Leadership by gender
The tables below show gender diversity among our Board members, senior
executives, senior management and all employees as at 31 March 2025.
FY2024FY2025
WomenMenGender
diverse
WomenMenGender
diverse
Board350350
Senior executives
1
3803100
Management
(CEO-2)
2, 4
1646019450
All employees
3, 4
3,7893,20584,0673,3256
FY2024FY2025
Women %Men %Gender
diverse %
Women %Men %Gender
diverse %
Board37.5%62.5%–37.5%62.5%–
Senior executives
1
27.3%72.7%–23.1%76.9%–
Management
(CEO-2)
2, 4
25.4%73.0%–29.2%69.2%–
All employees
3, 4
53.9%45.6%0.1%54.7%44.7%0.1%
1 Senior executives: This refers to all members of the Executive Management team.
2 Management (CEO-2): This includes senior managers who report into the direct reports of the Chief Executive Officer.
3 Temporary employees are not included in the above numbers.
4 Employees who have not specified their gender are not included in the above numbers.
Leadership by age
The tables below show the age ranges among our Board members, senior
executives, management and all employees as at 31 March 2025.
FY2024FY2025
Under 30
years old
30 – 50
years old
Over 50
years old
Under 30
years old
30 – 50
years old
Over 50
years old
Board008008
Senior executives
1
074085
Management
(CEO-2)
2

1451604420
All employees
3
1,8433,9481,2401,7904,3281,322
FY2024FY2025
% Under 30
years old
% 30 – 50
years old
% Over 50
years old
% Under 30
years old
% 30 – 50
years old
% Over 50
years old
Board––100%––100%
Senior executives
1
–63.6%36.4%–61.5%38.5%
Management
(CEO-2)
2

1.6%72.6%25.8%–68.8%31.2%
All employees
3
26.2%56.2%17.6%24.1%58.2%17.7%
1 Senior executives: This refers to all members of the Executive Management team.
2 Management (CEO-2): This includes senior managers who report into the direct reports of the Chief Executive Officer.
3 Temporary employees are not included in the above numbers.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
SuppliersCommunityProduct qualityRisk managementGovernanceRemunerationEnvironmentPeople
43Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Hire rates*
BY REGION
FY2024FY2025
RegionNew employeesHire rateNew employeesHire rate
New Zealand33110%63518%
Mexico76334%38917%
Rest of World21317%21316%
Total1,30719%1,23717%
BY GENDER
FY2024FY2025
GenderNew employeesHire rateNew employeesHire rate
Women83922%73219%
Men45814%48615%
Gender diverse0–113%
Not specified/
Prefer not to say
1031%1856%
Total1,30719%1,23717%
BY AGE GROUP
FY2024FY2025
Age groupNew employeesHire rateNew employeesHire rate
Under 30 years old67035%50829%
30 – 50 years old58215%65216%
Over 50 years old555%776%
Total1,30719%1,23717%
* Hire rate is the number of permanent employees hired divided by total headcount for that region or category.
Employee turnover rates
BY REGION
FY2024FY2025
RegionNumber of leaversTurnover rateNumber of leaversTurnover rate
New Zealand39011%35510%
Mexico47221%46320%
Rest of World17114%16212%
Total1,03315%98014%
BY GENDER
FY2024FY2025
GenderNumber of leaversTurnover rateNumber of leaversTurnover rate
Women54114%54114%
Men48615%43313%
Gender diverse114%113%
Not specified/
Prefer not to say
517%516%
Total1,03315%98014%
BY AGE GROUP
FY2024FY2025
Age groupNumber of leaversTurnover rateNumber of leaversTurnover rate
Under 30 years old41922%38522%
30 – 50 years old52413%46111%
Over 50 years old907%13410%
Total1,03315%98014%
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
SuppliersCommunityProduct qualityRisk managementGovernanceRemunerationEnvironmentPeople
44Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Suppliers
Our approach is to build trusted long-term
relationships with suppliers whose values
align with ours – who share our commitment
to sustainable, ethical and socially
responsible business practices.
In this section we provide an overview of
our sustainable procurement processes within
our product supply value chain.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
PeopleCommunityProduct qualityRisk managementGovernanceRemunerationEnvironmentSuppliers
45Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Our approach to
sustainable procurement
Suppliers are a vital link in our product supply
value chain, which begins at the source of raw
materials and ends with a customer providing
patient care. We are committed to building
a supply chain aligned with our approach
to social responsibility and environmental
sustainability. We seek to maximise
opportunities for companies and communities
to thrive, all while promoting safe working
environments and sustainable outcomes.
Operating in a sustainable way depends not
only on what we do, but on the activities of
our supply chain. For that reason, we seek to
purchase goods and services from suppliers
that minimise negative impacts and increase
positive outcomes through sustainable and
ethical business practices.
Our responsible sourcing process includes
selecting and collaborating with suppliers who
align with our values, providing education and
support on relevant standards, and enabling
our people and our suppliers to speak up in
cases of non-compliance.
The raw materials and components we use
to manufacture our products come from
a network of suppliers around the globe.
We manufacture in New Zealand, North
America and China, while raw materials
and components used in manufacturing
come from a network of global suppliers.
A large portion originates from suppliers
in Asia and North America.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
PeopleCommunityProduct qualityRisk managementGovernanceRemunerationEnvironmentSuppliers
46Fisher & Paykel Healthcare | ANNUAL REPORT 2025
2,000+
20+
4
TIER 1 SUPPLIERS to New Zealand, Mexico
and China manufacturing sites
Countries
Continents
BASED IN
ACROSS
TIER 1 :
A direct supplier to
Fisher & Paykel Healthcare
TIER 2 :
A supplier to one of
our suppliers (sub-supplier)
TIER 3 : A sub-sub supplier
1
2
3
Responsible sourcing

Overview of our supply chain
Canada
United Kingdom
Switzerland
IndiaHong Kong
Malaysia
New Zealand
USA
Mexico
Dominican Republic
Germany
Sweden
Austria
Italy
Turkey
Thailand
Singapore
Taiwan
Japan
Australia
China
Costa Rica
Direct supplier locations
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
PeopleCommunityProduct qualityRisk managementGovernanceRemunerationEnvironmentSuppliers
47Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Modern slavery risks in our
operations and supply chains
As part of our commitment to do the right
thing, we recognise that we have a role to
play in guarding against and eradicating
modern slavery. We have processes in
place that identify and address modern
slavery risks within our supply chain
and aid our procurement decisions. We
recognise these processes do not eliminate
the risk of modern slavery and continue
to remain focused on raising awareness,
assessing our suppliers, and supporting our
suppliers to address modern slavery risks.
To determine where the biggest risk of
potential modern slavery lies within our
supply chain, we identify the geographical
regions where our suppliers are located
and cross-reference the prevalence of
modern slavery in those regions with the
most recent Global Slavery Index.
While we source globally, a large portion
of the externally procured products and
services for our operations originates from
suppliers in Asia and North America, with
highest-risk categories being electronics
and textiles. We acknowledge that the
highest-risk factors which could potentially
link to modern slavery violations within our
supply chain and operations relate to the
use of forced labour, with particular risks
for migrant workers.
For further details on how we manage
modern slavery risks in our supply
chain as  well as our assessment of the
effectiveness of our approach, refer to our
Modern Slavery Statement on our website:
www.fphcare.com.
Sustainable procurement
framework
We are committed to building a supply
chain aligned with our approach to social
responsibility and sustainability. Our approach is
holistic and considers economic, environmental
and social factors.
We have developed a sustainable procurement
framework which is aligned in principle to
ISO 20400 Sustainable Procurement. This
enables us to identify, monitor and address risk
(including modern slavery risk), and provides
the foundation to build a culture of awareness
and knowledge on social and environmental
topics relevant to our supply chain. We use an
integrated enterprise resource planning system
and a strong quality management system to
ensure that our supply chain is transparent and
coordinated across our global network.
We offer a customised Environmental & Social
Responsibility (ESR) engagement programme
for our suppliers. Managed by a specialist
team within our procurement function, this
programme enables our suppliers to align with
our sustainable procurement framework and
fundamentals, Supplier Code of Conduct and
ESR Policy.
Our sustainable procurement framework is
managed by our Supply Chain team, with
our executive management team providing
oversight. The Audit & Risk Committee of the
Board reviews our company’s environmental and
social risk management framework and record
of performance and proposed actions relating
to our sustainable procurement framework.
Fundamentals of our sustainable
procurement framework
The following fundamentals underpin our
sustainable procurement approach, support
management of risk and drive our purchasing
decisions:
• Collaborate with suppliers who align with
our values
• Proactively measure the effectiveness of
our sustainable procurement framework
and continuously improve outcomes
• Use a risk and materiality approach
to prioritise activities
• Learn, educate and support others
to raise standards
• Enable our people and our suppliers
to speak up when they have concerns.
Training
We provide regular training opportunities to
our Supply Chain teams to understand and
apply the fundamentals of our sustainable
procurement approach and framework.
Employees working in Quality, Procurement
and Sourcing receive additional training on
the principles and processes we follow to
manage our supply chain, including our due
diligence and risk assessment and management
processes and procedures.
Understanding ESR impacts in
our supply chain
We complete a supply chain risk assessment
annually based on our knowledge and
understanding of the sustainability impacts
relating to the materials we source, our supply
chain and sourcing countries. We also undertake
specific risk assessment to determine where
the biggest risk of potential modern slavery
lies within our supply chain.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
PeopleCommunityProduct qualityRisk managementGovernanceRemunerationEnvironmentSuppliers
48Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Through these assessments we identify
potential environmental and social responsibility
risks in our supply chain based on factors
such as geographical location, prevalence of
human rights and modern slavery risk, and
environmental (carbon) impact of materials
sourced. We then apply a sustainable risk-based
approach focusing primarily on:
• Direct suppliers that provide products
or services used in our medical devices or
in the manufacturing of those devices
• Geographical regions where our suppliers
are located where there is a high risk or
prevalence of modern slavery
• Materials or supplier practices that have a
significant impact on our carbon footprint.
Our supplier assessments cover governance,
ethical and legal employment practices, the
eradication of child, forced or compulsory
labour in their supply chain and operations,
and environmental practices.
We use multiple tools including third-party
provided sustainability platforms, desktop
analysis, in-house ESR questionnaires and
surveys and in-person visits. We also contract
with third parties to assist with deep-dive
assessments on the environmental and social
responsibility impacts of our supply chain.
Managing environmental and
social responsibility impacts
We are committed to reviewing our supply chain
on an ongoing basis to assess environmental
and social responsibility impacts. As a large
organisation with a complex supply chain,
we acknowledge that we need to continue
to treat this as a priority.
We apply a sustainable risk-based approach
when managing environmental and social
responsibility impacts.
Using our sustainable procurement framework,
we categorise suppliers based on the level of
their social responsibility and environmental
practices. The categories are:
• Embarking: Suppliers at an early stage
with few – or no – policies focused on
social responsibility and environmental
sustainability.
• Intermediate: Suppliers that have policies
and some internal controls in place covering
social responsibility and environmental
sustainability.
• Proficient: Suppliers that are identifying and
actively working to mitigate modern slavery
risks both within their organisation and also
their supply chain, and proactively improving
environmental sustainability.
• Advanced: Suppliers that have enlisted third-
party verification to assess their modern
slavery processes and risk mitigations and
have set environmental targets.
Incorporating supplier categorisation within
our sustainable risk-based approach enables
us to prioritise our activities with suppliers,
and ensure sustainable and responsible
procurement practices.
We work to proactively measure the
effectiveness of our framework, and thus verify
and validate the environmental, social and
ethical performance of our suppliers. To support
our suppliers and to ensure transparency, our
local teams personally interact with and visit
our suppliers, where possible, to understand
and evaluate their operations. We have on-the-
ground support for suppliers in New Zealand,
Mexico and China, where we have a larger
presence. We have a sustainable procurement
manager based in Hong Kong to support all
suppliers within the Asia region, which we
have identified as having a high potential for
modern slavery.
Where any potential environment or social
responsibility issue has been identified in our
supply chain, our approach is to engage and
collaborate with suppliers to create awareness,
educate and implement remedial measures,
where required. This includes corrective actions
to address the underlying causes of violations
to prevent reoccurrence.
In the event that a supplier does not engage
with us or fails to remediate a material issue, we
would consider appropriate next steps, including
suspending sourcing or supply of services
and/or terminating the relationship.
Collaboration with our
supply chain
A fundamental tenet of our ESR engagement
programme is to collaborate with our supply
chain to continuously improve performance
and raise standards across our global network.
We want to learn from, educate and support
our suppliers to create better environmental
and social responsibility outcomes.
Using the sustainable procurement
categorisation as a baseline for development,
our ESR engagement programme assesses and
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
PeopleCommunityProduct qualityRisk managementGovernanceRemunerationEnvironmentSuppliers
49Fisher & Paykel Healthcare | ANNUAL REPORT 2025

supports Embarking and Intermediate suppliers
to progress and achieve a Proficient status.
In addition, our supplier performance scorecard
assesses our suppliers across a range of key
metrics. Over the 2025 financial year, we
included more strategic metrics aligned with
our Environmental & Social Responsibility
Policy into this scorecard. This enables a more
comprehensive rating of suppliers beyond
operational metrics. We plan to roll out the
updated scorecard to suppliers during the
2026 financial year.
Policies and procedures to assist
sustainable procurement
We have a number of policies and procedures
that support our approach to sustainable
procurement. These include our Code
of Conduct, Supplier Code of Conduct,
Speak Up Procedure, Environmental &
Social Responsibility Policy and Responsible
Minerals Sourcing Procedure.
Code of Conduct
We expect our employees and directors to
maintain high ethical standards. Our Code of
Conduct sets out these standards and covers
a range of areas relevant to legal and ethical
behaviour. These include competing fairly,
health and safety, data protection and privacy,
working with customers and suppliers, sanctions
compliance and combating bribery and
corruption. The Code has been translated into a
number of languages for ease of understanding
and it is included in the induction process for
new employees and directors.
Supplier Code of Conduct
Our Supplier Code of Conduct reflects our
values and expectations for all suppliers,
contractors and consultants who provide goods
or services to us. We seek relationships with
suppliers who share a common commitment to:
• incorporate quality business processes
within their day-to-day operation
• conduct their business ethically and
with integrity
• comply with all laws and regulations
• respect human and employee rights
• promote and maintain a health and safety
culture within their organisation
• design for sustainability
• monitor and minimise any negative impacts
on the environment
• have systems in place to ensure business
continuity, continuous improvement and
protection of intellectual property.
Speak Up Procedure
We have a global Speak Up Procedure
(or whistle-blowing/protected disclosures
procedure) that sets out how employees and
contractors can report potentially unethical
or illegal behaviour or breaches of our Code
of Conduct, without fear of retaliation or
harassment. We have expanded this service so
that it can be used by our suppliers and third-
party contractors to report potential unethical or
illegal behaviour. This process provides greater
clarity across our supply chain and ensures there
can be disclosure by suppliers without reprisals.
Environmental & Social
Responsibility Policy
The intention of our Environmental & Social
Responsibility Policy is to create a positive
lasting impact on society and the environment.
One of the fundamental ways in which we
want to achieve this is through verifying and
validating our environmental, social and ethical
performance, and that of our suppliers. It sets
out that we will collaborate with others to
continuously improve this performance. This
includes building trusted long-term relationships
to create better outcomes for all, as well as
striving to provide a high quality of life for our
employees and support our suppliers to do the
same for their people.
Responsible Minerals Sourcing
Procedure
Our Responsible Minerals Sourcing Procedure
sets out the way Fisher & Paykel Healthcare will
source and use minerals. We understand the
importance of actively mitigating human rights
abuses and other risks related to the extraction
of specific minerals from areas where armed
conflict and human rights abuses may occur.
We work with existing suppliers and monitor
supply chain risks related to conflict minerals
to ensure responsible minerals sourcing.
As part of the ongoing process of due diligence,
we steer our suppliers (and their supply chains)
to source minerals from smelters validated
through the Responsible Minerals Assurance
Process or an alternative equivalent. Our process
for responsible minerals sourcing is consistent
with the OECD Due Diligence Guidance for
Responsible Supply Chains of Minerals from
Conflict-Affected and High-Risk Areas.
Commitment to human rights
We fully support the principles in the United
Nations Universal Declaration of Human Rights
and the International Labour Organisation
Declaration on Fundamental Principles and
Rights at Work, including non-discrimination,
freedom of association and collective
bargaining, and freedom from forced and
child labour.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
PeopleCommunityProduct qualityRisk managementGovernanceRemunerationEnvironmentSuppliers
50Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Supplier Sustainability
events
Partnering with our suppliers is crucial
to verify and validate our environmental,
social and ethical performance and
theirs, so we can continuously improve
this. Over the 2025 financial year, we
hosted two Supplier Sustainability events
following the success of our inaugural
conference last year.
At our New Zealand event, we welcomed
over 50 local and overseas suppliers who
gained insights from our senior leaders
on F&P’s approach to sustainability and
environmental and social governance.
We also held our first-ever supplier
expo, with suppliers showcasing their
sustainable products and initiatives to
the wider business.
This year we also held our first Supplier
Sustainability event in Mexico with 13 of
our local suppliers. They learned more
about our ESR objectives and shared
ideas and opportunities relevant to
their business and the Mexico region.
We also awarded our suppliers for their
valuable contributions to our sustainable
procurement goals.
We hosted our first Supplier Sustainability event at our
Mexico campus in February 2025.
• HOSTED our first Supplier Sustainability
event in Mexico with local suppliers
• INCLUDED a supplier expo
on sustainable products at
our New Zealand Supplier
Sustainability event
• CONDUCTED one-to-one
engagements with 66 suppliers
• UPGRADED 41 suppliers (including
four Tier 2 suppliers) based on our
supplier categorisation criteria
• IDENTIFIED four suppliers with
potential non-compliance with local
labour laws. One supplier remediated
all issues within FY25, working with
three suppliers on development plans
to be completed during FY26
• CONTINUED assessment of
Tier 2 suppliers
• ADDED strategic metrics,
including environmental and social
responsibility, within our supplier
performance scorecard
• ROLL OUT improved supplier
performance scorecard to suppliers
• EMBED visibility of supplier ratings
into supplier material database
• REVIEW and update supplier
agreements with modern slavery
clauses
• COMMENCE roll-out of digital learning
resources to educate suppliers
on topics in our Supplier Code of
Conduct
• CONTINUE mapping multiple tiers of
our supply chain to obtain greater
visibility of key commodities
• CONTINUE developing and measuring
key performance indicators to monitor
effectiveness of our initiatives
Key sustainable procurement
activities in FY25
Future focus
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
PeopleCommunityProduct qualityRisk managementGovernanceRemunerationEnvironmentSuppliers
51Fisher & Paykel Healthcare | ANNUAL REPORT 2025

THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
PeopleSuppliersProduct qualityRisk managementGovernanceRemunerationEnvironmentCommunity
52Fisher & Paykel Healthcare|ANNUAL REPORT 2025
Community
We believe in providing support to our local
communities and building trusted, long-term
relationships to create better outcomes for
all. This will help us create a positive lasting
impact on society and the environment.
The medical devices and therapies we provide
have a direct impact on improving millions of
people’s lives around the world. Our community
work prioritises funding clinical research,
improving access to healthcare, promoting
science education, and supporting social and
environmental initiatives. We also foster
sustainable partnerships with tāngata
whenua (Māori).
Many of our philanthropic activities in
New Zealand are coordinated and funded by
the Fisher & Paykel Healthcare Foundation.
In other countries, our people select and
sponsor local community initiatives that
connect to our purpose.
This section features some of the ways we
seek to build brighter and healthier communities
through care and collaboration.
Students harvesting kai (food) at East Tāmaki School in Auckland.

Fisher & Paykel
Healthcare Foundation
Since its establishment in March 2021, the
purpose of the Fisher & Paykel Healthcare
Foundation has been to support healthier
communities. It aims to achieve this by
focusing on three key areas – health, education
and environment – supporting people and
organisations that help those who are
underserved and underrepresented.
Foundation initiatives and
highlights
This year, the Foundation made progress on
strengthening its relationships with its partners,
as well as developing a deeper understanding of
how the Foundation can make the most impact
in its focus communities.
In FY25, the Foundation provided $1.4 million
in grants and donations, continued its
partnerships with 11 community-focused
organisations, and leveraged the enthusiasm
of Fisher & Paykel Healthcare employees to
provide volunteer support.
Garden to Table
Garden to Table aims to empower tamariki
(children) to grow, harvest, prepare and share
food while building awareness of individual and
collective responsibility to manaaki te taiao
(care for the environment). It supports schools
throughout the country to take the learning
out of the classroom and into the garden and
the kitchen.
The Foundation has partnered with Garden to
Table since 2022, currently supporting its South
Auckland facilitator and the development of its
Māori cultural resources. In FY25, the Foundation
increased its financial commitment, providing
$224,148 during the course of the financial year.
This ongoing support has enabled Garden to
Table to extend its reach to more schools across
South Auckland and enhance the understanding
of Māori culture and te reo Māori in the context
of growing, harvesting, preparing and sharing
food. In addition, graduates from Fisher & Paykel
Healthcare volunteered to help build garden
beds for a local school in collaboration with
Garden to Table this year.
Pūhoro STEMM Academy
Pūhoro STEMM Academy is an educational
initiative that supports pathways for rangatahi
(young) Māori into high value careers, by
integrating science, technology, engineering,
mathematics (STEM) with mātauranga Māori
(traditional knowledge).
The Foundation has supported Pūhoro since
2022. In FY25, the Foundation renewed its
partnership commitment, committing a total
of $450,000 over a three-year period. The
Foundation’s support funds research to better
understand barriers to rangatahi Māori entering
STEMM education and careers. It also supports
the salary of Pūhoro’s tertiary kaihautū – a
mentor who provides pastoral care to rangatahi
Māori transitioning to tertiary education.
Partners of the Foundation
We partner with community organisations
that are aligned with our purpose of
supporting healthier communities.
Celebrating Pūhoro STEMM Academy’s 2025 summer interns and
their achievements.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
PeopleSuppliersProduct qualityRisk managementGovernanceRemunerationEnvironmentCommunity
53Fisher & Paykel Healthcare | ANNUAL REPORT 2025

University of Auckland Faculty of Engineering
The Foundation partners with the University of Auckland Faculty of
Engineering to support Māori, Pasifika and female rangatahi (youth) into
engineering pathways, through its Apollo programme and Women in
Engineering programme.
Apollo – Māori and Pasifika in Engineering
The Apollo programme is designed to help Māori and Pacific high school
students to enhance their advanced mathematics skills, regardless of their
current proficiency level. This initiative aims to create pathways for Māori
and Pacific students to enter the field of engineering. The programme
offers dedicated, free school holiday maths workshops hosted at the
University of Auckland. Māori and Pacific Year 11 to Year 13 students from
schools across Auckland are invited to attend. In 2022, the Foundation
committed to supporting the Apollo programme for a five-year period
with $50,000 funding per year.
Women in Engineering
The Women in Engineering outreach programme is dedicated to providing
support, advice, encouragement and opportunities to female high school
students who have an interest in engineering.
The Foundation has committed to support the Women in Engineering
programme since 2023, providing funding of $25,000 per year. The
programme includes a variety of outreach activities such as school visits,
STEM expos and recruitment events, all with the goal of increasing the
representation of women pursuing careers in engineering.

Students attend a holiday workshop by the Apollo programme at the University of Auckland
Faculty of Engineering.
High school students at the Women in Engineering programme’s holiday camp.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
PeopleSuppliersProduct qualityRisk managementGovernanceRemunerationEnvironmentCommunity
54Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Mana whenua partnerships
Fisher & Paykel Healthcare supports local Māori communities in line with
Te Tiriti o Waitangi (the Treaty of Waitangi) and our intention to create a
positive lasting impact on society and the environment.
During the 2025 financial year, we continued to develop our relationships
with mana whenua partners (recognised Māori tribal groups in Auckland)
for the East Tāmaki and Karaka campuses in Auckland, New Zealand, while
improving our own understanding of how we can work together better.
A deeper understanding
We believe lessons learned are the cornerstones of innovation and lead to
better empathy and care. This includes understanding the complex history
of Aotearoa New Zealand, the ongoing impact of historical actions and
how that manifests in society today. We held two wānanga (learning and
discussion conferences) to gain a deeper understanding of this history and
how it impacts the relationships we want to build with indigenous people.
The first wānanga, with Manaaki (Māori employee-led network), reset the
direction and structure for the group with the aim of developing people
through simple community hui (meetings). The second wānanga, with a
working group of senior leaders and Manaaki representatives, initiated
the work to articulate what we are trying to achieve in our partnerships
with Māori and create the conditions for shared aspirations and
reciprocal benefits.
Following these wānanga, we implemented an online learning programme
on Te Tiriti o Waitangi, available to employees in New Zealand. Feedback
has been very positive, with most attendees wanting to learn more. We will
identify opportunities to provide further learning on this topic to support
our people’s understanding and connection to where they live and work.
Quotes from learners:
Cultural inductions and Karaka campus masterplan
Cultural Values Assessments (CVAs) were completed by three mana
whenua – Ngāti Tamaoho, Ngāti Te Ata and Te Aakitai Waiohua – for the
Karaka campus development during the 2025 financial year. The CVAs
formed part of our planning submission to Auckland Council. Discussions
were also held to align recommendations in each CVA with the Karaka
campus masterplan.
Cultural inductions were also provided to help our teams and contractors
understand the history of the land, environmental issues and how to
ensure the correct protocols to manage archaeological finds made over
the course of the development. We appreciate the time taken by mana
whenua to work with us and provide their knowledge and experience to
help inform this development.
Opening Te Ahunga at East Tāmaki
A formal dawn ceremony was held in January 2025 to bless and name
our new multi-storey car park, marking a key milestone for infrastructure
development at our East Tāmaki campus in New Zealand.
Senior leaders, contractors and our people joined mana whenua Ngāi Tai ki
Tāmaki and Ngāti Tamaoho to perform karakia (prayers) and name the car
park Te Ahunga, which means direction, bearing or orientation and aligns
with traditional Māori orientation through landmarks.
Ngāi Tai ki Tāmaki and Ngāti Tamaoho led karakia (prayers) to bless and open the Te Ahunga car park at
our East Tāmaki campus in New Zealand.
“ I really appreciate
the perspective that
was taken, the
fact-based
approach.”
“ Now I am encouraged
to find out more and
be brave to engage in
conversations relating
to the Treaty.”
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
PeopleSuppliersProduct qualityRisk managementGovernanceRemunerationEnvironmentCommunity
55Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Contributing to Mexico’s communities
In Mexico, we were recognised as a ‘Company of the Future’ by the
Tijuana Economic and Industrial Development Centre for promoting local
investment, development, sustainability and social responsibility.
During the 2025 financial year, our teams in Mexico supported two
orphanages in the community by donating a range of essential items.
Casa Hogar La Gloria, which shelters 42 children, and Casa Paloma, which
looks after 15 children, received a generous supply of canned goods, dairy
products, wholegrains, toys, and items for personal hygiene and cleaning.
Promoting science education is another aspect of how we support
local communities. In March 2025, we donated a decommissioned
compact electrical substation to CENYCA University in Tijuana, providing
engineering students with a practical tool to learn and practise their skills.
Toward the end of 2024, extremely hot, dry weather and strong winds
caused unprecedented wildfires in several areas in the state of Baja
California, including Tijuana where our campus is located. Three of our
employees sadly lost their homes in these fires. Our people rallied to help
these employees and their families by collecting and donating clothing,
furniture, crockery, electronics and construction material.
Global initiatives
Our offices around the world supported several initiatives aimed at helping
their local communities over the course of the 2025 financial year.
F&P Australia ran collection drives for personal health and hygiene items
and donated them to Share the Dignity, an organisation that supports
women affected by homelessness, domestic violence or poverty. The team
also held fundraising events during FY25 in support of local charities such
as Cancer Council Australia and Lort Smith Animal Hospital.
F&P Mexico team collecting donations for the Casa Hogar La Gloria orphanage.
F&P India team helped the children at Kritagyata Trust in Bengaluru decorate special lamps to celebrate
the festival of Diwali.
F&P India made significant donations to Kritagyata Trust and Sparsha
Trust. These not-for-profit organisations provide education, opportunities
and safe environments for underprivileged children, helping them
overcome challenges and build a better future. The team also spent a day
volunteering at children’s charities nationwide, organising art, craft, yoga
and singing sessions and donating school stationery and essential supplies.
F&P United Kingdom and Ireland organised fundraising to support
charities in their communities such as Macmillan Cancer Support
and The Link Foundation which supports vulnerable children.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
PeopleSuppliersProduct qualityRisk managementGovernanceRemunerationEnvironmentCommunity
56Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Product quality
Our products are used to treat millions
of people around the world each year,
so it is essential that our products meet high
quality standards. We continuously strive to
improve our products and the way in which
they are manufactured so that we achieve
the levels of quality and reliability that
patients and caregivers expect.
This section provides an overview of our
framework and processes that help ensure
product quality and patient safety.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
PeopleSuppliersCommunityRisk managementGovernanceRemunerationEnvironmentProduct quality
57Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Single Audit Program with our QMS audited against the requirements of
several global regulatory authorities.
Our QMS and related processes are continuously reviewed for ongoing
improvement. We have processes in place for the regular auditing and
review of the system for ongoing suitability and effectiveness. This
includes the review and audit by notified bodies and regulatory agencies,
to ensure continued compliance.
All of these processes help to ensure that our customers and patients
receive high-quality products that are safe and effective.
Quality and safety throughout the
product life cycle
We develop high-quality products that meet the needs of patients,
clinicians and caregivers. Product requirements are driven by detailed
understanding of user needs. As part of the design process, products
are thoroughly tested and validated to ensure they deliver on those
requirements and meet applicable standards for intended use.
Our quality teams operate as a service to our product and process
development and manufacturing operations teams, which means that
quality controls are built into the design process through collaboration.
We ensure our manufacturing activities produce products that meet
specifications through robust manufacturing technology, processes and
controls. Our global product supply chain is set up to deliver products
that meet customer expectations, through great relationships with
our suppliers, effective inventory and distribution management, and
distribution partners worldwide.
We review real-world customer experience through an extensive post-
market surveillance process to ensure our products continue to deliver
on customer needs and take steps to proactively address potential risks.
The information we gather throughout the product life cycle is also used
to identify improvements to our current and future products.
During the 2025 financial year, we continued our activities in relation to
the voluntary limited recall of Airvo 2 and myAirvo 2 devices, which was
initiated in March 2024.
We also initiated a field action to update the software of a select number of
Airvo 3 devices with specific versions of software. The software update was
in response to certain use cases and ensured the target therapy continues.
We worked with our customers and distributors to update the software.
Our approach to product quality and
patient safety
Our intention is that the quality of our products and processes and our
good relationships with regulators provide a competitive advantage and
enable better outcomes for patients.
The medical device industry is highly regulated worldwide. We strive
to ensure that the quality of the products we distribute meets the
expectations of patients, caregivers and regulatory authorities and
facilitates market acceptance of our products.
We manage product quality with processes that drive continuous
improvement throughout the life cycle of our products. These include:
• verification and validation of product requirements to meet user needs
• proactive quality control mechanisms within our manufacturing
operations
• data collection and statistical analysis to make improvements
• risk mitigation intervention to correct a process before product quality
is compromised
• market surveillance and response processes to ensure continued
product safety and quality for our customers and patients.
The Vice President – Quality, Safety & Regulatory Affairs has executive
accountability for quality and regulatory affairs, and along with the
executive management team, oversees the performance of the Quality
Management System (QMS) to ensure it remains effective and efficient
and continues to improve.
The Quality, Safety & Regulatory Committee exercises oversight of the
QMS and receives regular quality management reports. The Committee
also reviews our quality, health and safety and regulatory risk management
approach and ensures effective mechanisms and internal controls are
in place to identify and manage areas of material risk and maintain
compliance with applicable regulations.
Quality management for products
Our QMS incorporates processes that have an impact on product quality
and regulatory compliance aligned to ISO 14971:2019 Application of
Risk Management to Medical Devices, specific to medical device design
and manufacturing. Our QMS is compliant with ISO 13485:2016 Quality
Management Systems for Medical Devices and meets the requirements
of various international regulations. We participate in the Medical Device
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
PeopleSuppliersCommunityRisk managementGovernanceRemunerationEnvironmentProduct quality
58Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Regulatory clearance for
products
Prior to sales and distribution in any country, our
products are verified and validated to demonstrate
safety and efficacy. Our products and systems comply
with relevant international standards and regulations
and are reviewed and approved by various regulatory
bodies. We work closely and collaboratively with
regulatory authorities to ensure our products and
operations meet their expectations and can enter
and remain in their market.
We proactively engage with regulators in their efforts
to further improve the timely delivery and access
to quality medical devices, such as the Voluntary
Improvement Program and Experiential Learning
Program, organised by the US Food and Drug
Administration (FDA).
We have procedures in place for processes and
activities that have an impact on product quality
and regulatory compliance. These are continuously
improved to ensure our products remain compliant
with applicable regulations, enabling us to sustain
sales in these markets.
Clinical collaboration for
better outcomes
Clinical studies are an essential element in building
confidence in the safety and efficacy of our
products. We support clinical research that validates
improvements in patient outcomes that our products
can deliver. In this context, we work closely with
clinicians and healthcare organisations to support
their studies and identify ways in which our products
can help them provide better healthcare solutions.
Fisher & Paykel Healthcare currently supports over
74 active studies. Such clinical research shows the
impact of industry and healthcare providers working
together to improve patient care and outcomes.
Hospital simulations for better patient care
Understanding the hospital environment is
essential to the way we develop products
and ensure product quality and patient
care. Our research and development
(R&D) teams do this in various ways to
grow their insights into product use.
Our Hospital Simulation Centre in
New Zealand underwent a significant
refurbishment this year, transforming it
into a state-of-the-art facility. Teams can
configure this versatile space to replicate
hospital environments, including neonatal,
pediatric and adult intensive care units,
emergency departments, respiratory
wards and operating theatres. This
supports R&D testing, clinical simulations,
usability and human factors testing,
clinical trials and education across a
range of our products. The Centre also
hosted sessions across the year for new
employees and specific business teams
to learn first-hand how our products are
used in hospital settings.
Our R&D teams visit hospitals regularly
to engage with experienced doctors,
nurses and respiratory care specialists
around the world to understand their
needs and challenges, and to grow their
understanding of care environments
across neonatal, pediatric and adult
specialities. The knowledge gained
contributes to enhancing both product
quality and patient safety.
Some of our products are used to support
patients in the critical and intensive
care units, where it can be challenging
for observers to be present. To help
our people gain practical insights into
these environments, simulations are run
in collaboration with universities and
hospitals. This year, we worked with
critical care specialists to develop training
videos on respiratory care practices to
help our R&D teams better understand the
challenges of product use in the context
of other therapies provided to patients.
Our clinical research teams actively
engage in simulation workshops facilitated
by clinicians at hospitals. They also
conduct product testing at local hospitals
to obtain valuable feedback on usability
and human factors based on their clinical
context and use. These initiatives provide
crucial inputs into product development
with a focus on patient safety and care.
An R&D team attending a clinical
simulation at our Hospital Simulation
Centre in New Zealand.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
PeopleSuppliersCommunityRisk managementGovernanceRemunerationEnvironmentProduct quality
59Fisher & Paykel Healthcare | ANNUAL REPORT 2025

THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
PeopleSuppliersCommunityProduct qualityGovernanceRemunerationEnvironmentRisk management
60Fisher & Paykel Healthcare|ANNUAL REPORT 2025
Risk management
Our approach is to identify and manage
risks within acceptable levels in pursuit
of our long-term strategy. We seek to
improve the quality of our business
decisions by applying a bespoke framework
and aligning with international standards.
In this section we summarise our strategies
to govern and manage business risks that
enable us to continue delivering value to
our stakeholders.

Governance of risk
Our Board is committed to its role of ensuring quality, safety, compliance
and effective risk management. The Board provides oversight of senior
leadership’s management of risk. The Board meets regularly with key risk
management functional leaders and receives regular reports from senior
representatives on material risk and mitigation strategies.
The Audit & Risk Committee reports to and assists the Board by reviewing
and ensuring our business risk management processes (excluding any risks
related to quality, safety and regulatory functions) can provide reliable
information to the Board on the status of major risks that could impact
our business.
Business risk management framework
The objective of our risk management process is to identify, assess,
prioritise and inform decisions to manage uncertainty, both positive and
negative. This is achieved with processes and tools that support high
quality decision-making in complex and uncertain situations.
Our business risk management framework is focused on deriving
competitive advantage through making better judgements and supporting
decision-making in unpredictable environments. The framework is guided
by ISO 31000 Risk Management Principles and Guidelines.
The framework helps to ensure we:
• resolve internally identified risks in compliance with laws and
regulations
• plan, make decisions and prioritise opportunities and threats to
strategic objectives and new product introductions
• respond in a prompt, efficient and effective manner to future events
that create uncertainty or pose a significant risk.
The risk management processes that support this framework are designed
to reflect the dynamics of our business. They begin broadly with an
analysis of the operating environment and then narrow to focus on
strategy, followed by project execution, and lastly specific decisions.
Risk analysis
We carry out risk analyses to support material business decisions.
We involve the relevant stakeholders in these evaluations and
communicate the findings to key decision-makers and management.
When making a decision, carrying out a business activity or approving
an initiative, we apply a range of quantitative risk management techniques
to measure and effectively manage uncertainty.
Business continuity planning
We continue our focus on business continuity planning. Our goal is to
anticipate and plan for potential crises that may cause a significant
disruption to our business and subsequently impact patients, customers,
products and shareholders.
We conduct simulations regularly to provide confidence that our
framework is tested, embedded and continuously improved. During
the 2025 financial year, we conducted a business continuity planning
simulation, which involved a range of teams across our New Zealand,
Mexico and UK businesses focused on maintaining supply of product
following a disruptive event.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
PeopleSuppliersCommunityProduct qualityGovernanceRemunerationEnvironmentRisk management
61Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Data governance
Our intention is to ensure our global digital landscape supports
uninterrupted operations and enables our people to work effectively
and safely. We achieve this by following established procedures to
implement, operate, and secure our digital technologies, collaborating
with external authorities to ensure compliance with regulations, and
maintaining effective safeguards against cyber security and privacy risks.
We promote a culture of shared responsibility, exercising rigour in
selecting digital technologies to maximise investments and complement
our culture. In addition, we proactively assess the performance and
security of our technologies to avoid any adverse effects on our
operations.
Our Information Security Management system, as well as the team,
processes, and technology that support it, helps ensure our people
comply with our Digital Technology Policy. This system aligns with
industry-leading security guidelines and is supported and verified by
expert third parties.
We leverage internal controls and risk management processes within
our enterprise Quality Management System (QMS) to support our
technology systems. This includes an ICT QMS to ensure our data
governance meets strong robust requirements.
New technologies
We enable our people to experiment, learn and innovate by using new
technologies, including artificial intelligence (AI). The integration of new
technologies into our processes, systems and/or products is governed by
our ICT QMS.
When enabling the use of AI, we ensure that our people understand how
to protect our intellectual property, institutional knowledge and data
privacy while respecting the intellectual property rights and data privacy
of others.
Cyber security
We believe that our people are our greatest strength and having a strong
culture of security awareness is essential to ensure the information
we manage is protected. We do this by establishing that security is
everyone’s responsibility and providing data security and awareness
programmes to our global employees, empowering our people with the
knowledge to make the right decisions to keep data safe. Our cyber
awareness programme provides regular training on cyber security risks
and has high levels of engagement across our business.
A dedicated security team identifies and manages cyber security risks,
monitors for abnormal activity, responds to incidents and collaborates
with expert partners. We also conduct regular incident response drills
across multiple areas of the business involving a range of stakeholders
to practise and build our capability. These drills are part of our broader
disaster recovery, business continuity and crisis management processes.
Privacy protection
We are committed to acting ethically and doing the right thing, and care
drives our commitment to privacy. We incorporate privacy principles
into the design of our processes, systems and products that involve the
collection or processing of personal information.
Our Global Privacy Procedure sets out principles that underpin how we
collect or process personal information, including respect and care, data
minimisation, transparency, choice and control (Privacy by Default) and
confidentiality, integrity and accessibility.
Our Privacy team are responsible for the global management of our
privacy policies and procedures. They also provide risk management
support and training and awareness initiatives to educate our people
about their privacy obligations, risks and how to interact with personal
information we collect or process.
Our web-based software application that collects and stores data from
patients’ use of specific Fisher & Paykel Healthcare devices is certified to
ISO 27001 Information Security Management Systems. This application
enables healthcare providers to manage and report on patients’ device
usage and therapy.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
PeopleSuppliersCommunityProduct qualityGovernanceRemunerationEnvironmentRisk management
62Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Material business risks and strategies to mitigate
After completing our annual risk management processes, we have identified key areas of risk for our business and strategies to mitigate them.
AreaDescriptionStrategies to mitigate
Product quality and
patient safety
Patients are harmed as a result of using our
products. This may result in product recalls and
potentially product liability litigation.
We operate a worldwide quality management system related to the design, testing and
manufacture of our products aligned to ISO 13485:2016 Quality Management Systems for Medical
Devices and ISO 14971:2019 Application of Risk Management to Medical Devices. In addition, we
monitor customer experience through post-market surveillance. We are committed to fostering
an organisational attitude of product safety and continuous improvement.
Health and safety Work-related injuries or illnessesOur global health, safety and wellbeing standards are aligned with ISO 45001 Occupational
Health and Safety, with greater emphasis on managing critical risks.
We design and implement preventative and recovery risk controls for critical health and safety
risks across our global business.
Market accessMaintaining regulatory compliance is required to
market and sell our products in certain countries
We have regulatory affairs processes, supported by dedicated teams, that enable us to obtain
and maintain product licenses, as well as a quality management system that ensures compliance
with applicable regulatory requirements. We have monitoring steps in place to evaluate the
effectiveness of our programmes, and our executive management team conducts regular
management reviews.
Intellectual propertyThird parties asserting IP rights against usWe have a comprehensive patent portfolio across our technologies, and we actively and robustly
manage IP litigation risk. As part of our product development phase, we conduct freedom-to-
operate searches during product design. We monitor competitor patent filings and take action as
required.
Sustainable profitable
growth
Financial performance and management, and
governance
Our financial management policy enables the business to continue uninterrupted operations
through financial controls, financial management and financial integrity.
This includes appropriate hedging of currency risk, maintenance of an adequate supply of capital
and financial resources to satisfy the present and future requirements of the business, and
collaboration with applicable regulatory authorities to ensure their expectations are met.
Business continuityContinuity and quality of product supplyWe actively monitor our end-to-end processes and systems through an internal risk management
process and implement actions to prevent disruption. We use business impact analyses to
identify, understand and quantify the impact of a material disruption across the different aspects
of our product supply network, including to a key facility, location, supplier or business process.
This approach enables us to prioritise the most significant potential exposures to the business.
It is also aligned with our crisis planning framework.
Cyber security and data
protection
Cyber security attack resulting in disruption to
operations and data breach
To manage our risk and protect the data entrusted to us, we are constantly reviewing and honing
our risk analysis and control mechanisms to ensure our protections can proactively respond to
developing cyber threats. We continue to use independent reviews to test and identify potential
risks to ensure we focus on the right cyber risks.
For more information on climate-related risks, please refer to our Climate-related Disclosures on pages 94-124.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
PeopleSuppliersCommunityProduct qualityGovernanceRemunerationEnvironmentRisk management
63Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Governance
We are committed to ensuring that the
company maintains a high standard of
corporate governance and ethical conduct.
In this section we provide a summary
of our corporate governance framework,
processes and practices that guide our
business and operations.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
PeopleSuppliersCommunityProduct qualityRisk managementRemunerationEnvironmentGovernance
64Fisher & Paykel Healthcare | ANNUAL REPORT 2025

Corporate governance
overview
The Board and management of Fisher & Paykel
Healthcare are committed to ensuring that
the company maintains a high standard of
corporate governance and ethical conduct.
The Board regularly reviews and assesses the
company’s governance policies and procedures
to ensure that they provide the direction
and controls which enable us to achieve
sustainable, profitable growth and the trust
of our customers, shareholders, regulators,
suppliers and communities.
The company is listed on both the NZX
and the ASX (Foreign Exempt Listing
category). Corporate governance principles
and guidelines apply in both countries. As
at the date of this report, the company
complies with all of the recommendations
of the NZX Corporate Governance Code
dated 31 January 2025. While the company
has Foreign Exempt Listing on the ASX
and is not required to comply with the ASX
Corporate Governance Council’s Corporate
Governance Principles and Recommendations
4th Edition (ASX Principles), the company
considers its corporate governance practices
and procedures substantially reflect the ASX
Principles. The full content of the company’s
corporate governance policies, practices and
procedures can be found in the corporate
governance section of the company’s website:
www.fphcare.com.
Ethical standards
As a business we are committed to doing
the right thing. It is important to us from a
social responsibility standpoint and is what
our customers, employees and shareholders
find compelling. We ensure we comply with
our legal and ethical obligations throughout
our business operations, from the way we
source materials, design and manufacture
our products, through to selling our products
across the world.
We have policies and procedures in place to
ensure we conduct our business in a legally,
ethically and socially responsible manner.
These policies and procedures are available
on our website, and summary information
with respect to a number of our policies and
procedures can also be found throughout
this section.
Code of Conduct
We expect our employees and directors to
maintain high ethical standards. A Code of
Conduct for the company sets out these
standards.
The Code covers a range of areas relevant
to legal and ethical behaviour, including
competing fairly, health and safety, data
protection and privacy, working with
customers and suppliers, sanctions compliance,
responsible marketing, financial records and
reporting, continuous disclosure and insider
trading, combating bribery and corruption,
and interactions with healthcare professionals.
It also covers matters such as confidentiality,
conflicts of interest and receipt of gifts.
The Code explains how an employee or
director can report an actual or suspected
breach of the Code. Globally, employees
undertake training on our Code of Conduct
as part of our induction process, including
refresher training at least once every three
years. It has been translated into a number of
different languages for our local offices and
we rolled out refresher training on the Code
globally for our employees during the 2024
financial year. The Code of Conduct is available
on our internal intranet and our external
website. New directors are trained on the
Code of Conduct during their induction.
We have an in-house legal team that provides
advice and assistance to the business globally
on how to comply with our various legal
obligations and engage external legal counsel
to assist us as and when required.
We maintain a schedule for regularly reviewing
and updating corporate governance policies
and charters. The Code of Conduct was last
reviewed and updated in March 2024.
Speak Up Procedure
Our global Speak Up Procedure (or whistle-
blowing/protected disclosures procedure)
ensures that employees, contractors and
suppliers know how to report potentially
unethical or illegal behaviour or breaches
of our Code of Conduct, without fear of
retaliation or harassment.
Speak Up reports can be made confidentially
to Speak Up Officers within the company or to
an independent reporting service managed by
Deloitte. Our Speak Up Procedure, including
translations where required, helps ensure that
all employees can be confident that concerns
will be taken seriously and investigated and will
not result in retaliation or other harassment.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
PeopleSuppliersCommunityProduct qualityRisk managementRemunerationEnvironmentGovernance
65Fisher & Paykel Healthcare | ANNUAL REPORT 2025