FPH delivers strong growth for the first half

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

Fisher & Paykel Healthcare delivers strong growth for the first half; net profit up 39%

Auckland, New Zealand, 26 November 2025 – Fisher & Paykel Healthcare Corporation Limited
(NZX:FPH, ASX:FPH) has announced its results for the first half of the 2026 financial year, which
ended 30 September 2025.

Total operating revenue was $1.09 billion, an increase of 14% over the first half of the prior financial
year, or 12% in constant currency. Net profit after tax was $213.0 million, an increase of 39% over
the first half of the prior financial year, or 28% in constant currency.

“Our people have continued to work closely with clinicians, progress work on new products and
deliver a range of efficiency improvements across the business,” said Managing Director and Chief
Executive Officer Lewis Gradon.

“This is a strong result against the backdrop of robust growth in the first half of last year. We saw
broad-based strength across the Hospital consumables portfolio during a period of lower seasonal
respiratory hospitalisations, and in Homecare, our latest range of masks for treating obstructive
sleep apnea has performed well,” he said.

For the Hospital product group, which includes humidification products used in respiratory, acute
and surgical care, first-half revenue was $692.2 million, a 17% increase over the same period last
year, or 15% in constant currency. Sales of hardware grew 21% in constant currency, and Hospital
new applications consumables revenue increased 16% 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, first-half revenue was a $395.9 million, an
increase of 10% on the first half of last year, or 8% in constant currency.

Continuous improvement activities and other efficiency gains contributed to gross margin amidst the
recent impact of US tariffs on Hospital products sourced from New Zealand. During the first half,
gross margin increased by 110 basis points, or 60 basis points in constant currency, compared to
the same period in the previous financial year, resulting in gross margin of 63%.

The company’s directors have approved an interim dividend of 19.0 cents per ordinary share, up
from 18.5 cents per share in the first half of the prior year. The interim dividend, carrying full New
Zealand imputation credit, will be paid on 16 December 2025 with a record date of 4 December
2025.


Looking ahead

The full-year guidance previously provided in August was for 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.

At 31 October exchange rates*, the company now expects full-year operating revenue in the range
of approximately $2.17 billion to $2.27 billion and full-year net profit after tax in the range of
approximately $410 million to $460 million.

“Our second-half Hospital consumables growth can be influenced by year-on-year variations in the
Northern Hemisphere winter respiratory season, and we don’t have any additional insights into that
impact at present,” said Mr Gradon. “Available data indicates that last winter was a historically
strong season, and so a similar season this year would be pushing our result towards the top end of
guidance.”

This outlook continues to include an estimated 75-basis point impact to gross margin due to US
tariffs. It also assumes current global tariff rates, policies and applications for the remainder of this
financial year.

“We would like to thank our people, customers, clinical partners, suppliers and shareholders. Your
support makes it possible to keep doing what we do – creating innovative products and sharing the
clinical evidence that demonstrates their impact for patients,” concluded Mr Gradon.

*At 31 October 2025 exchange rates of NZD:USD 0.57, NZD:EUR 0.50, NZD:MXN 10.63.

Overview of key results for the first half of the 2026 financial year
• 14% increase in operating revenue to $1.09 billion, 12% increase in constant currency.
• 39% increase in net profit after tax to $213.0 million, 28% increase in constant currency.
• 17% increase in Hospital operating revenue to $692.2 million, 15% increase in constant
currency.
• 16% increase in constant currency for new applications consumables (products used in
noninvasive ventilation, Optiflow nasal high flow and surgical applications) accounting for
74% of Hospital consumables revenue.
• 10% increase in Homecare operating revenue to $395.9 million, 8% increase in constant
currency.
• 6% increase in constant currency for OSA masks and accessories revenue.
• Investment in R&D was 10% of revenue, or $114.1 million.
• Increase in interim dividend to 19.0 cps (1H FY25: 18.5 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. Our products are sold in more than 120 countries worldwide. For more information, visit our
website www.fphcare.com.

Contacts

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

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

Accompanying documents

Attached to this news release are the following additional documents:
• Results in Brief
• Interim Report 2026
• Investor Presentation
• NZX Results Announcement
• NZX Distribution Notice

Constant currency information
Constant currency information included within this news release is non-GAAP financial information,
as defined by the NZ Financial Markets Authority, and has been provided to assist users of financial
information to better understand and track the company’s comparative financial performance without
the impacts of spot foreign currency fluctuations and hedging results and has been prepared on a
consistent basis each year. A constant currency analysis is included on page 11 of the company’s
Interim Report 2026, and the company’s constant currency framework can be found on the
company’s website at www.fphcare.com/ccf.

Half year results conference call
Fisher & Paykel Healthcare will host a conference call on Wednesday, 26 November 2025 to
discuss the half year result. The conference call is scheduled to begin at 10:00am NZDT, 8:00am
AEDT (4:00pm USEST, Tuesday 25 November) and will be simultaneously broadcast online.

To listen to the webcast, access the company’s website at www.fphcare.com/investor. An online
archive of the event will be available approximately two hours after the webcast and will remain on
the site for two weeks.
To listen and participate in the conference call via phone, please register via ‘GlobalMeet’ by clicking
this link. Once registered, click ‘Call Me’ and you will receive a phone call connecting you through to
the conference line.

---

Results in Brief


Six Months
Ended
Six Months
Ended
% Change
(Reported)
% Change
(Constant
Currency
1
)
30 Sep 24 30 Sep 25
NZ$M NZ$M
(except as otherwise
stated)
(except as otherwise
stated)
FINANCIAL PERFORMANCE


Total operating revenue 951.2 1,088.5 +14 +12
Cost of sales (362.5) (402.8) +11 +10
Gross profit 588.7
685.7 +16 +13
Gross margin 61.9% 63.0% +110 bps +60 bps
Selling, general and administrative expenses (260.5) (285.5) +10 +7
Research and development expenses (110.1)
(114.1) +4 +4
R&D percentage of operating revenue 11.6% 10.5% -109 bps -90 bps
Total operating expenses (370.6) (399.6) +8 +6
Operating profit before financing costs 218.1 286.1 +31 +27
Operating margin 22.9% 26.3% +335 bps +286 bps
Net financing expense (11.7) (2.3) -80 -67
Profit before tax 206.4
283.8 +38 +29
Tax expense (53.2) (70.8) +33 +30
Profit after tax 153.2
213.0 +39 +28
Effective tax rate 25.8% 24.9%
Effective tax rate excluding R&D tax credit 30.1% 28.7%


Revenue by Region:




North America 444.9 522.7 +17
Europe 248.8 277.9 +12
Asia Pacific 205.1
231.1 +13
Other 52.4 56.8 +8
Total operating revenue 951.2 1,088.5 +14




Revenue by Product Group:


Hospital 591.4 692.2 +17
Homecare 359.4
395.9 +10
Core products sub-total 950.8
1,088.1 +14
Distributed and other 0.4 0.4 -
Total operating revenue 951.2
1,088.5 +14

FINANCIAL POSITION
As at 31 Mar 25
NZ$M
(except as otherwise
stated)
As at 30 Sep 25
NZ$M
(except as otherwise
stated)

Tangible assets 2,313.6 2,399.4 +4
Intangible assets
2
237.2 231.9 -2
Total assets 2,550.8
2,631.3 +3
Total liabilities (660.4) (645.1) -2
Shareholders’ equity 1,890.4 1,986.2 +5
Gearing -11.6% -13.5% -1 90 bps
Net tangible asset backing (cents per share) 284 300 +6
1
Constant currency (CC) removes the impact of exchange rate movements. This approach is used to assess the Group’s underlying
comparative financial performance without any impact from changes in foreign exchange rates. The company’s constant currency
framework can be found on the company’s website at www.fphcare.com/ccf. The reconciliation to reported results is included within
the Financial Commentary section of the Interim Report.
2
Includes Intangible and deferred tax assets.

Results in Brief
(continued)



Six Months
Ended
Six Months
Ended
% Change
30 Sep 24 30 Sep 25
NZ$M NZ$M
(except as otherwise
stated)
(except as otherwise
stated)



CASH FLOWS

Net cash flow from operating activities 233.0 245.8 +5
Net cash flow from investing activities (55.1) (61.8) +12
Net cash flow from financing activities (137.2) (152.9) +11



SHARES OUTSTANDING

Weighted average basic shares outstanding 584,954,554 586,588,725

Weighted average diluted shares
outstanding
589,385,621 591,229,348

Basic shares outstanding at period end 586,112,745
587,250,045




DIVIDENDS AND EARNINGS PER SHARE

Dividends per share (cents) – declared 18.5 19.0 +3
Basic earnings per share (cents) 26.2 36.3 +39

---

Interim Report 2026

LEWIS GRADON
MANAGING DIRECTOR AND
CHIEF EXECUTIVE OFFICER
NEVILLE MITCHELL
BOARD CHAIR
Contents
Welcome to our 2026 Interim Report.
In this, we highlight the performance
and financial results of Fisher & Paykel
Healthcare for the six months ended
30 September 2025.
This report is dated 25 November 2025
and is signed on behalf of Fisher & Paykel
Healthcare Corporation Limited by Neville
Mitchell, Board Chair and Lewis Gradon,
Managing Director and Chief Executive
Officer. A digital version of this report is
available at www.fphcare.com/reports.
This PDF report has a clickable Contents page
and a link to the Contents at the top of all pages
for ease of use and quick access to information.
Constant currency information contained within this report is non-conforming financial information, as
defined by the New Zealand Financial Markets Authority. This 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 11 of this
report. The company’s constant currency framework can be found on our website at www.fphcare.com/ccf.
Half year financial highlights2
Half year business highlights3
Half year review 4
Financial commentary7
Financial statements12
Notes to the financial statements16
Independent auditor’s review report19
Directory20
Contents
1Fisher & Paykel Healthcare | INTERIM REPORT 2026

REVENUE BY REGION
6 MONTHS TO 30 SEPTEMBER 2025
Hospital
Homecare
Distributed & Other
North America
Europe
Asia Pacific
Other
48%
26%
21%
5%
120+
COUNTRIES
64%
36%
<1%
REVENUE BY PRODUCT GROUP
6 MONTHS TO 30 SEPTEMBER 2025
Half year financial highlights
GROSS MARGIN
63.0%
▲

60 BPS (CONSTANT CURRENCY)
INTERIM DIVIDEND
FULLY IMPUTED
19.0cps
18.5 CPS (1H FY25)
OPERATING REVENUE
$1.09 BILLION
14%
NET PROFIT AFTER TAX
$213.0 MILLION
39%
HOSPITAL REVENUE
$692.2 MILLION
17%
HOMECARE REVENUE
$395.9 MILLION
10%
Contents
2Fisher & Paykel Healthcare|INTERIM REPORT 2026

SURPASSED
$1 billion in revenue for the
first half of the financial year
for the first time
Half year business highlights
HOSTED
over 100 clinical forums for respiratory,
sleep, anesthesia and surgical
specialists in our global markets
HONOURED
to be recognised with a 2025 Zenith
Award from the American Association
for Respiratory Care
SHOWCASED
our expertise in changing clinical
practice at our Investor Day held at the
Royal Melbourne Hospital in Australia
COMMENCED
sales of our F&P Nova
TM
Nasal
mask for treating obstructive
sleep apnea in Europe
STARTED
construction of fifth building at
our East Tāmaki campus in Auckland,
New Zealand
Contents
3Fisher & Paykel Healthcare|INTERIM REPORT 2026

NEVILLE MITCHELL
Board Chair
LEWIS GRADON
Managing Director and
Chief Executive Officer
This begins in hospitals and clinics, where
our people work extensively with healthcare
providers to deeply understand the complex
needs of their patients. The process takes time
and persistence. Building strong relationships
with key opinion leaders is critical, as some of
our investors and analysts heard first-hand
at an investor event we held at the Royal
Melbourne Hospital in July.
Collaboration with clinicians continues after
new products are released to the market,
when our global clinical affairs teams continue
to work closely with them to share the findings
of clinical research.
This year, our clinical affairs teams have
organised and facilitated numerous forums,
workshops and symposiums globally, where
experts have presented the growing body of
evidence for the use of our products and
therapies in different care settings. Some of the
more recent events have included presentations
at the American College for Emergency
Physicians Scientific Assembly and the Critical
Matters in Emergency Medicine Annual
Conference in the United States. Our teams have
also hosted a series of well-attended webinars
and in-person symposiums this year on the role
of high flow therapy across the care continuum,
including presentations on the RENOVATE study
– the largest randomised clinical trial on the
safety and effectiveness of high flow therapy.
One of the central pillars of our
strategy is applying our expertise
to build awareness about the
effectiveness of our products and
therapies, leading to changes in
clinical practice over the long term.
Over time, clinical studies contribute to the
publication of new clinical guidelines, which are
recommendations intended to optimise patient
care based on the best available evidence.
The number of published studies and
guidelines recommending high flow therapy
for acute and chronic respiratory care has
continued to increase. In September, for
example, the UK’s National Institute for Health
and Care Excellence published its latest clinical
guideline for pneumonia, which advised
clinicians to consider high flow therapy for
treating patients with respiratory failure.
Such recommendations add to the growing
body of clinical evidence that demonstrates
the benefits of our products and therapies.
Growth
Changing clinical practice continues to
drive demand for our products and has
resulted in another period of strong growth
for our business.
For the first half of the 2026 financial year,
which ended on 30 September 2025, total
operating revenue was $1.09 billion, an increase
of 14% over the first half of the prior financial
year, or 12% in constant currency. Net profit after
tax was $213.0 million, an increase of 39% above
the prior year, or 28% in constant currency.
For the Hospital product group, revenue was
$692.2 million, a 17% increase on the first half
of the previous financial year, or 15% in constant
currency. Sales of hardware grew 21% in
constant currency, driven by the continuing
change in clinical practice, and we saw
broad-based strength across the Hospital
consumables portfolio.
Half year review
Contents
4Fisher & Paykel Healthcare | INTERIM REPORT 2026

Homecare product group revenue was
$395.9 million, an increase of 10% on the
first half of the prior financial year, or 8%
in constant currency. Our Nova Micro™
pillows mask and Solo™ mask range are
now available in most of our major markets.
Our newest mask, the Nova™ Nasal, is
available in New Zealand, Australia and
several key European markets, with more
markets to follow.
Our people successfully delivered a
range of improvement initiatives across
the business. Their efforts, together with
other efficiency gains, helped to offset
the 32 basis-point impact of US tariffs
on our hospital products sourced from
New Zealand. This resulted in a gross
margin increase of 110 basis points, or
60 basis points in constant currency,
compared to the same period last year.
Gross margin for the first half was 63%.
Our people work extensively
with healthcare providers
to deeply understand the
complex needs of their
patients. The process takes
time and persistence,
and building strong
relationships with key
opinion leaders is critical.
Infrastructure
At our existing campus in East Tāmaki,
Auckland, construction is well underway on
the fifth building. This facility, which we expect
to open in 2027, will provide us with more
space for laboratories and model shops for
research and development, and additional
co-located manufacturing space for our new
product introductions.
Our application to re-zone the land at
Karaka for a second New Zealand campus is
progressing well. Some exciting development
plans are in progress in that area of South
Auckland, including a new hospital to serve
the region. Our decades-long relationship with
nearby Middlemore Hospital has been mutually
beneficial, and we look forward to hearing
more about those plans.
At our Tijuana, Mexico campus, we still have
space to increase our manufacturing capacity.
In Guangzhou, China, our manufacturing output
continues to grow, and in September the
Board visited the facility to better understand
operations and opportunities in that region.
Board update
As we announced at our August shareholders’
meeting, Pip Greenwood retired from the
Board effective 1 September, and we are
currently engaged in the process to appoint
another New Zealand-based director. We also
farewelled Charlotte Walshe earlier this year, as
she completed her tenure in the Future Directors
programme. In continued support of this
initiative, we will announce another talented
emerging director to join us in due course.
NEVILLE MITCHELL
Board Chair
LEWIS GRADON
Managing Director and
Chief Executive Officer
Dividend
We have had a consistent history of paying
dividends to our shareholders as the business
has continued to expand. For the six months
to 30 September 2025, the Board of Directors
has approved an interim dividend of 19.0 cents
per share, up from 18.5 cents in the first half
of the 2025 financial year. This will be paid
on 16 December 2025 with a record date of
4 December 2025.
Thank you
Putting patients first and growing a
sustainable business takes drive and dedication
from our people. Their commitment to working
with clinicians, progressing work on new
products, and improving efficiency has once
again yielded growth for the first half of the year.
To recognise their effort, the Board has
approved a discretionary profit-sharing payment
of $9 million to be shared among employees
who have worked for the company for a
qualifying period.
On behalf of the Board, we would like to thank
our customers, clinical partners, suppliers and
loyal shareholders. Your trust enables us to
keep doing what we do – improving care and
outcomes through inspired and world-leading
healthcare solutions.
Contents
5Fisher & Paykel Healthcare | INTERIM REPORT 2026

Financial report
Contents
6Fisher & Paykel Healthcare | INTERIM REPORT 2026

Financial commentary
INCOME STATEMENTS
For the six months ended
30 September
2024
NZ$M
2025
NZ$M
Change
Reported
%
Change
CC
1

%
Operating revenue 951.2 1,088.5 +14+12
Gross profit 588.7 685.7 +16+13
Gross margin 61.9%63.0%+110 bps+60 bps
SG&A expenses (260.5) (285.5)+10+7
R&D expenses (110.1) (114.1)+4+4
Total operating expenses (370.6) (399.6)+8+6
Operating profit 218.1 286.1 +31+27
Operating margin 22.9%26.3%+335 bps+286 bps
Net financing expense (11.7) (2.3)-80-67
Profit before tax 206.4 283.8 +38+29
Tax expense(53.2) (70.8)+33+30
Profit after tax153.2213.0+39+28
1
Constant currency (CC) removes the impact of exchange rate movements. This approach is used to
assess the Group’s underlying comparative financial performance without any impact from changes
in foreign exchange rates. See further details on page 11.
Total profit after tax for the period was $213.0 million, a 39% increase from the same period
last year, or 28% in constant currency.
Revenue
Operating revenue was $1,088.5 million, a 14% increase from the prior comparable period
(PCP) or 12% in constant currency. Hospital revenue grew 15% in constant currency
reflecting continued clinical change with strong demand across the product portfolio.
Homecare revenue grew 8% in constant currency. OSA masks revenue grew 6% in constant
currency against a strong revenue in the first half last year.
Gross margin
Gross margin at 63.0% improved by 60 basis points in constant currency from the same
period last year. This reflects the continued progress of our improvement initiatives and
other efficiency gains. Gross margin for this period included a 32 basis-point impact of
US tariffs on hospital products sourced from New Zealand.
Operating expenses
Operating expenses increased 8% (6% in constant currency) to $399.6 million, reflecting
our ongoing investment in sales, marketing and R&D to support the development of our
product pipeline and our global sales growth.
Financing expenses
Net interest expense decreased to $1.4 million (Sep 2024: $3.2 million) reflecting the strong
cash generation over the past year. Net foreign exchange losses on translation of foreign
currency assets and liabilities were $0.9 million (Sep 2024: $8.5 million).
Ta x
Our effective tax rate for the period was 24.9%, down from 25.8% in the prior period.
The R&D tax credit of $10.6 million (Sep 2024: $9.0 million) represents the tax credit
available on the estimated eligible R&D expenditure incurred during the period. Excluding
the benefit of the R&D tax credit, the effective tax rate was 28.7% (Sep 2024: 30.1%).
Contents
7Fisher & Paykel Healthcare | INTERIM REPORT 2026

FOREIGN CURRENCY IMPACTS
The Group is exposed to movements in foreign exchange rates, with approximately
99% of operating revenue generated in currencies other than NZD as shown below.
US dollars 51%
Euros 18%
Mexican pesos 1%
New Zealand dollars 1%
Other 29%
Approximately 60% of COGS and 50% of operating expenses are in currencies other
than NZD.
Foreign currency impacts had a positive effect of $19.1 million on net profit after tax when
compared to the prior period. Net foreign exchange losses on balance sheet translations
reduced net profit after tax for the period by $1.0 million (Sep 2024: $6.8 million decrease).
The hedging programme contributed a pre-tax loss in the period of $8.6 million (Sep 2024:
$12.9 million pre-tax gain).
The average daily spot rate, the average conversion exchange rate (the accounting rate,
incorporating the impact of forward exchange contracts in respect of the relevant financial
year), and the closing spot rate of the main foreign currency exposures for the reported
periods are set out in the table to the right.
Average daily spot rate
Average conversion
exchange rateClosing spot rate
Six months
ended
30 September2024202520242025
31 March
2025
30
September
2025
USD0.6080.5930.6240.6050.5710.579
EUR 0.5590.5160.5410.5330.5270.494
MXN11.0011.3112.3212.0511.6710.63
Foreign exchange hedging position
In line with our hedging programme, additional hedges have been added for future years.
The hedging position for our main currency exposures as at 11 November 2025 is:
Year to 31 March20262027202820292030
2031 -
2036
+
USD % cover of expected exposure95%80%65%55%40%0%
USD average rate of cover0.6030.5980.5870.5760.5610.536
EUR % cover of expected exposure90%85%65%55%45%15%
EUR average rate of cover0.5320.5250.5240.5080.5010.461
MXN % cover of expected exposure85%55%25%10%0%0%
MXN average rate of cover12.1712.8713.3914.4115.06–
+
2031 – 2036 shows average % cover of expected exposure and rate of cover for the five-year period.
Hedging cover has been rounded to the nearest 5%.
Contents
8Fisher & Paykel Healthcare | INTERIM REPORT 2026

CASH FLOWS
The full statement of cash flows is provided on page 15.
For the six months ended 30 September
2024
NZ$M
2025
NZ$M
Change
NZ$M
Operating profit 218.1 286.1 68.0
Plus depreciation and amortisation 67.4 74.9 7.5
Change in working capital and other 6.9 6.3 (0.6)
Net interest paid (5.6) (1.9) 3.7
Net income tax paid (53.8) (119.6) (65.8)
Operating cash flows 233.0 245.8 12.8
Lease repayments (8.5) (10.8) (2.3)
Purchase of land and buildings (15.8) (31.1) (15.3)
Purchase of plant and equipment (23.8) (20.9) 2.9
Purchase of intangible assets (15.5) (9.8) 5.7
Free cash flows
+
169.4 173.2 3.8
Dividends paid (87.5) (140.7) (53.2)
+
Free cash flows include lease liability repayments following the adoption of NZ IFRS 16.
Operating cash flows
Cash flows from operations for the period increased to $245.8 million (Sep 2024: $233.0 million).
Operating cash flows benefited from the increase in profit and reduced net interest paid, more
than offsetting the increased tax payment. Tax payments have increased this year, due to a
larger final tax payment during the period for the 2025 financial year.
Capital expenditure
During the period, $61.8 million was spent on capital expenditure (excluding leased assets),
including construction for our fifth building in East Tāmaki, New Zealand.
Dividends
Dividends paid of $140.7 million increased from $87.5 million in the prior period. The Dividend
Reinvestment Plan (DRP) was not offered for the 2025 final dividend paid during this period.
Under the DRP last year, $49.7 million of dividends were reinvested as new shares reducing
the cash paid by the same amount.
Contents
9Fisher & Paykel Healthcare | INTERIM REPORT 2026

BALANCE SHEET
As at
31 March
2025
NZ$M
30 September
2025
NZ$M
Change
NZ$M
Trade receivables 263.1 256.6 (6.5)
Inventories 342.9 336.9 (6.0)
Less trade and other payables
+
(150.3) (137.6) 12.7
Working capital 455.7 455.9 0.2
Property, plant and equipment
++
1,338.5 1,340.0 1.5
Intangible assets 82.1 77.2 (4.9)
Lease liabilities (89.3) (86.0) 3.3
Other net liabilities (97.1) (38.7) 58.4
Net cash 200.5 237.8 37.3
Net assets 1,890.4 1,986.2 95.8
+
Trade and other payables exclude all non-current payables and all employee entitlements and
provisions.
++
Property, plant and equipment includes lease assets recognised.
Trade receivables have decreased at 30 September 2025, primarily reflecting strong
cash collections. Our debtor days were within the normal range at 43 days (Mar 2025:
44 days). Inventories balances have decreased, mainly driven by a reduction in raw
materials balances.
Property, plant and equipment (including leased assets) increased by $1.5 million in the
period including a decrease of $1.9 million from foreign currency translation. Capital
additions were largely offset by depreciation expense.
Intangible assets decreased by $4.9 million, with amortisation more than offsetting total
expenditure during the period. Additions included $10.4 million for patents and trademarks
and $0.3 million for software.
Other net liabilities movements included the movements from derivative financial
instruments, provisions and net deferred tax assets.
The derivative financial instruments net liability decreased by $19.9 million from
$46.2 million at 31 March 2025 to $26.3 million at 30 September 2025. This is primarily
due to the change in exchange rates at 30 September 2025 compared to 31 March 2025,
with the corresponding offset in the cash flow hedge reserve. All currency derivatives
continued to be effective hedges.
1
Net interest-bearing debt (debt less cash and cash equivalents and short-term investments) to net interest-bearing
debt and equity (less hedging reserves). Net interest-bearing debt excludes lease liabilities.
Net cash and debt facilities
As at
31 March
2025
NZ$M
30 September
2025
NZ$M
Change
NZ$M
Loans and borrowings (current) (59.7) (55.3) 4.4
Bank overdrafts (4.3) (6.9) (2.6)
Total interest-bearing liabilities
+
(64.0) (62.2) 1.8
Total cash and investments 264.5 300.0 35.5
Net cash (debt) 200.5 237.8 37.3
Gearing-11.6%-13.5%-1.9%
Undrawn committed debt facilities 520.3 464.7 (55.6)
Undrawn uncommitted debt and
overdraft facilities 91.0 88.8 (2.2)
+
Excluding lease liabilities.

During the period, the Group’s borrowing has reduced by $1.8 million. As at 30 September
2025, the average maturity of loans and borrowings of $55.3 million was five months.
Loans and borrowings are in US dollars. During the period, $60.0 million of committed
borrowing facilities matured and were not renewed. Within the next 12 months, facilities
totalling $120.0 million will mature.
Cash and cash equivalents were $300.0 million at 30 September 2025, an increase of
$35.5 million during the period. This increase reflects the free cash flow generated during
the period.
Gearing
1
At 30 September 2025, the Group had gearing of -13.5%. This was below the target gearing
range of -5% to +5%. There will be capital expenditure required for construction of the fifth
building at our East Tāmaki campus and the final payments for the Karaka land acquisition
over the next two years.
Contents
10Fisher & Paykel Healthcare | INTERIM REPORT 2026

NOTES – CONSTANT CURRENCY
Constant currency analysis is non–Generally Accepted Accounting Practice (GAAP)
financial information, that is not prepared in accordance with New Zealand Equivalents
to International Financial Reporting Standards (NZ IFRS). Constant currency information
has been provided to assist users of financial information to better understand and assess
the Group’s financial performance without the impacts of foreign currency fluctuations,
including hedging results.
Constant currency financial information is prepared each month to enable the Board
and management to monitor and assess the Group’s underlying comparative financial
performance without any distortion from changes in foreign exchange rates. Constant
currency information is prepared on a consistent basis for reported periods restated into
NZD based on “constant” exchange rates, typically the budgeted exchange rates for the
current year. This information excludes the impact of movements in foreign exchange
rates, hedging results and balance sheet translations.
The Group’s constant currency framework can be found on the company’s website
at www.fphcare.com/ccf. PwC performs assurance procedures over the constant
currency information.
RECONCILIATION OF CONSTANT CURRENCY TO REPORTED PROFIT AFTER TAX
For the six months ended 30 September
2024
NZ$M
2025
NZ$M
Change
NZ$M
Profit after tax (constant currency) 144.7 185.4 40.7
Spot exchange rate effect 6.0 34.8 28.8
Foreign exchange hedging result 9.3 (6.2) (15.5)
Balance sheet revaluation (6.8) (1.0) 5.8
Total impact of foreign exchange 8.5 27.6 19.1
Profit after tax (reported) 153.2 213.0 59.8
RECONCILIATION OF CONSTANT CURRENCY TO REPORTED REVENUE
For the six months ended 30 September
2024
NZ$M
2025
NZ$M
Change
NZ$M
Operating revenue (constant currency) 919.5 1,030.5 111.0
Spot exchange rate effect 24.7 70.1 45.4
Foreign exchange hedging result 7.0 (12.1) (19.1)
Total impact of foreign exchange 31.7 58.0 26.3
Operating revenue (reported) 951.2 1,088.5 137.3
The significant exchange rates used in the constant currency analysis, being the budget
exchange rates for the year ended 31 March 2026, are USD 0.64, EUR 0.57, and MXN 11.0.
Contents
11Fisher & Paykel Healthcare | INTERIM REPORT 2026

CONSOLIDATED INCOME STATEMENT
For the six months ended 30 September 2025
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2025
Notes
Unaudited
2024
NZ$M
Unaudited
2025
NZ$M
Operating revenue 3 951.2 1,088.5
Cost of sales (362.5)(402.8)
Gross profit 588.7 685.7
Selling, general and administrative expenses (260.5)(285.5)
Research and development expenses (110.1)(114.1)
Total operating expenses (370.6)(399.6)
Operating profit 218.1 286.1
Financing income 1.7 4.1
Financing expense (4.9)(5.5)
Exchange (loss) on translation of foreign
currency assets and liabilities
(8.5)(0.9)
Net financing expense (11.7)(2.3)
Profit before tax 4 206.4 283.8
Tax expense (53.2)(70.8)
Profit after tax 153.2 213.0
Basic earnings per share 26.2 cps 36.3 cps
Diluted earnings per share 26.0 cps 36.0 cps
The accompanying notes form an integral part of the financial statements.

Unaudited
2024
NZ$M
Unaudited
2025
NZ$M
Profit after tax 153.2 213.0
Other comprehensive income
Items that may be reclassified to profit or loss
Foreign currency translation reserve
Exchange differences on translation
of foreign operations
(3.0)(1.5)
Hedging reserves
Changes in fair value in hedging reserves 147.210.2
Transfers to profit before tax from cash flow
hedge reserve
(12.9)8.6
Tax on above reserve movements (37.6)(5.3)
Other comprehensive income, net of tax 93.7 12.0
Total comprehensive income 246.9 225.0
Financial statements
Contents
12Fisher & Paykel Healthcare|INTERIM REPORT 2026

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2025
Notes
Share
capital
NZ$M
Retained
earnings
NZ$M
Reserves
NZ$M
Total
equity
NZ$M
Balance at 31 March 2024 (audited)404.01,095.0260.11,759.1
Total comprehensive income–153.293.7246.9
Dividends paid–(137.2)–(137.2)
Issue of share capital under dividend reinvestment plan49.7––49.7
Issue of share capital under employee share plans 10.5––10.5
Movement in share based payments reserve––0.80.8
Balance at 30 September 2024 (unaudited)464.21,111.0354.61,929.8
Balance at 31 March 2025 (audited)468.61,226.6195.21,890.4
Total comprehensive income–213.012.0225.0
Dividends paid9–(140.7)–(140.7)
Issue of share capital under employee share plans24.3––24.3
Movement in share based payments reserve––(10.3)(10.3)
Movement in treasury shares(2.5)––(2.5)
Balance at 30 September 2025 (unaudited)490.41,298.9196.91,986.2
The accompanying notes form an integral part of the financial statements.
Contents
13Fisher & Paykel Healthcare|INTERIM REPORT 2026

CONSOLIDATED BALANCE SHEET
As at 30 September 2025
Notes
Audited
31 March
2025
NZ$M
Unaudited
30 September
2025
NZ$M
ASSETS
Current assets
Cash and cash equivalents264.5300.0
Trade and other receivables304.6309.7
Inventories342.9336.9
Derivative financial instruments59.915.4
Tax receivable13.521.7
Total current assets935.4983.7
Non-current assets
Derivative financial instruments538.671.4
Other receivables1.14.3
Property, plant and equipment1,338.51,340.0
Intangible assets82.177.2
Deferred tax assets155.1154.7
Total assets2,550.82,631.3
LIABILITIES
Current liabilities
Borrowings64.062.2
Lease liabilities22.423.4
Trade and other payables271.8267.8
Provisions25.836.9
Tax payable75.436.9
Derivative financial instruments541.044.1
Total current liabilities500.4471.3
Notes
Audited
31 March
2025
NZ$M
Unaudited
30 September
2025
NZ$M
LIABILITIES
Non-current liabilities
Lease liabilities66.9 62.6
Provisions 5.55.8
Other payables25.228.9
Derivative financial instruments 553.769.0
Deferred tax liabilities8.77.5
Total liabilities660.4645.1
EQUITY
Share capital468.6 490.4
Retained earnings1,226.61,298.9
Reserves195.2196.9
Total equity1,890.41,986.2
Total liabilities and equity2,550.82,631.3
The accompanying notes form an integral part of the financial statements.
On behalf of the Board
25 November 2025
Neville Mitchell Lewis Gradon
Board Chair Managing Director and Chief Executive Officer
Contents
14Fisher & Paykel Healthcare|INTERIM REPORT 2026

CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 September 2025
Unaudited
2024
NZ$M
Unaudited
2025
NZ$M
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers954.81,094.1
Interest received1.33.8
Payments to suppliers and employees(662.4)(726.8)
Tax paid(53.8)(119.6)
Interest paid(4.7)(3.5)
Lease interest paid(2.2)(2.2)
Net cash flows from operating activities233.0245.8
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment(39.6)(52.0)
Purchases of intangible assets(15.5)(9.8)
Net cash flows from investing activities(55.1)(61.8)
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of share capital under employee share plans 1.5 2.4
New borrowings40.0–
Repayment of borrowings(82.7)(3.8)
Lease liability payments (8.5)(10.8)
Dividends paid (87.5)(140.7)
Net cash flows from financing activities (137.2)(152.9)
Net increase in cash40.731.1
Opening cash 80.8 260.2
Effect of foreign exchange rates (5.1)1.8
Closing cash116.4293.1
RECONCILIATION OF CLOSING CASH
Cash and cash equivalents 116.6 300.0
Bank overdrafts (0.2)(6.9)
Closing cash 116.4293.1
Unaudited
2024
NZ$M
Unaudited
2025
NZ$M
CASH FLOW RECONCILIATION
Profit after tax 153.2 213.0
Add (deduct) non-cash items:
Depreciation – right-of-use assets 9.8 11.1
Depreciation and amortisation – other assets 57.6 63.8
Share based payments 5.3 7.1
Movement in provisions (2.9)11.4
Movement in deferred tax assets / liabilities (6.5)(9.1)
Movement in net tax payables 3.1 (42.1)
Foreign currency translation0.8(1.9)
Other non-cash items2.9(2.8)
70.137.5
Net working capital movements:
Trade and other receivables 4.6 (8.3)
Inventories (12.3)6.0
Trade and other payables 17.4 (2.4)
9.7 (4.7)
Net cash flows from operating activities233.0245.8
The accompanying notes form an integral part of the financial statements.

Contents
15Fisher & Paykel Healthcare|INTERIM REPORT 2026

1. GENERAL INFORMATION
Reporting entity
Fisher & Paykel Healthcare Corporation Limited (the “Company” or “Parent”) together
with its subsidiaries (the “Group”) is a leading designer, manufacturer and marketer of
medical device products and systems for use in both hospital and homecare settings.
Products are sold in over 120 countries worldwide. The Company is a limited liability
company incorporated and domiciled in New Zealand. The address of its registered office
is 15 Maurice Paykel Place, East Tāmaki, Auckland. These consolidated financial statements
were approved for issue by the Board of Directors on 25 November 2025.
Statement of compliance
The Company is registered under the Companies Act 1993 and is an FMC reporting entity
under Part 7 of the Financial Markets Conduct Act 2013. The Company is also listed on the
New Zealand Stock Exchange (NZX) and the Australian Securities Exchange (ASX).
Basis of preparation
These consolidated financial statements for the six months ended 30 September 2025
have been prepared in accordance with Generally Accepted Accounting Practice in
New Zealand (NZ GAAP). They comply with New Zealand Equivalents to International
Accounting Standard 34: Interim Financial Reporting (NZ IAS 34) and International
Accounting Standard 34: Interim Financial Reporting (IAS 34). The Company and Group
are designated as profit-oriented entities for financial reporting purposes.
These consolidated financial statements do not include all of the notes normally included
for full financial statements. Accordingly, this report should be read in conjunction with
the audited consolidated financial statements within the annual report for the year ended
31 March 2025.
Presentation currency
These consolidated financial statements are presented in New Zealand dollars (NZD) to
the nearest hundred thousand dollars unless otherwise stated.
Material accounting policies
All material accounting policies have been applied on a basis consistent with those
used and described in the audited consolidated financial statements for the year ended
31 March 2025.
2. SIGNIFICANT TRANSACTIONS AND EVENTS FOR THE CURRENT PERIOD
The following significant transactions and events affected the financial performance and
financial position of the Group for the period ended 30 September 2025:
Property, plant and equipment
During the period, construction work on the fifth building on our East Tāmaki site has
continued. Capital commitments as at 30 September 2025 include $145.8 million related
to this project. Spending on this project during the period was $32.3 million.
Share capital
During the six months ended 30 September 2025, the Group issued 1,110,622 shares under
employee share purchase schemes and employee share based payment plans.
Notes to the financial statements
For the six months ended 30 September 2025
Contents
16Fisher & Paykel Healthcare | INTERIM REPORT 2026

3. OPERATING REVENUE AND SEGMENTAL INFORMATION
For the six months ended 30 September
Unaudited
2024
NZ$M
Unaudited
2025
NZ$M
Sales revenue 944.2 1,100.6
Foreign exchange gain (loss) on hedged sales 7.0 (12.1)
Total operating revenue 951.2 1,088.5
Revenue by product group
Hospital products 591.4 692.2
Homecare products 359.4 395.9
950.8 1,088.1
Distributed and other products 0.4 0.4
Total operating revenue 951.2 1,088.5
Revenue after hedging by geographical location of customer:
North America 444.9 522.7
Europe 248.8 277.9
Asia Pacific 205.1 231.1
Other 52.4 56.8
Total operating revenue 951.21,088.5
4. OPERATING EXPENSES
For the six months ended 30 September
Unaudited
2024
NZ$M
Unaudited
2025
NZ$M
Profit before tax includes the following expenses:
Depreciation – right-of-use assets 9.8 11.1
Depreciation and amortisation – other assets 57.663.8
Employee benefits expense 384.4 408.1
5. DERIVATIVE FINANCIAL INSTRUMENTS
Financial instruments are either carried at amortised cost, less any provision for impairment,
or fair value. The carrying value of all financial assets and liabilities approximates fair value.
There have been no changes to the Group’s hedging policy during the period. The Group
enters into foreign currency option contracts or forward foreign currency contracts within
policy parameters to manage the net risk associated with anticipated sales or costs.
The Group generally applies hedge accounting to all derivative financial instruments.
All derivative financial instruments continue to be re-measured to their fair value.
Derivative financial instruments continue to be classified as being within Level 2 of the fair
value hierarchy and there were no changes in valuation techniques during the period.
Contractual amounts of derivative financial instruments were as follows:
Audited
31 March
2025
NZ$M
Unaudited
30 September
2025
NZ$M
Foreign currency forward contracts and options
Sale commitments forward exchange contracts 3,991.6 4,660.3
Purchase commitments forward exchange contracts 129.6 123.2
Foreign currency borrowing forward exchange contracts 68.3 95.6
Interest rate derivatives
Interest rate swaps 2.5 –
Undiscounted foreign currency contractual amounts for outstanding hedges were as follows:
Audited
31 March
2025
M
Unaudited
30 September
2025
M
Sale commitments
United States dollars US$1,174.5 US$1,254.0
European Union euros €690.0€836.0
Japanese yen ¥12,020.0¥12,410.0
Purchase commitments
Mexican pesos MXN1,680.0 MXN1,600.0
Contents
17Fisher & Paykel Healthcare | INTERIM REPORT 2026

6. COMMITMENTS
Audited
31 March
2025
NZ$M
Unaudited
30 September
2025
NZ$M
Capital expenditure commitments contracted for but not
recognised as at the reporting date:
Within one year 126.8167.4
Between one and two years 128.247.7
Between two and five years 16.0–
271.0215.1
The commitments above include $145.8 million for the construction of the fifth building at
East Tāmaki (March 2025: $200.2 million) and $58.0 million for the Karaka land purchase
(March 2025: $58.0 million).
7. CONTINGENT LIABILITIES
Periodically, the Group is party to litigation including product liability and patent claims.
The Directors are unaware of the existence of any claim or contingencies that would have a
material impact on the consolidated financial statements.
8. RELATED PARTY TRANSACTIONS
During the period, the Group has not entered into any material contracts involving related
parties or Directors’ interests. No amounts owed by related parties have been written off
or forgiven during the period. Apart from Directors’ fees, key executive remuneration and
dividends paid by the Group to its Directors and key executives as shareholders of the
Company, there have been no related party transactions.
9. DIVIDENDS
On 27 May 2025, the Directors approved the payment of a fully imputed 2025 final dividend
of $140.7 million (24.0 cents per share) which was paid on 4 July 2025. A supplementary
dividend of 4.2353 cents per share was also paid to eligible non-resident shareholders.
Subsequent event – dividend declared
On 25 November 2025, the Directors approved the payment of a fully imputed 2026
interim dividend of $111.6 million (19.0 cents per share) to be paid on 16 December 2025.
A supplementary dividend of 3.3529 cents per share was also approved for eligible
non-resident shareholders.
10. SIGNIFICANT EVENTS AFTER BALANCE DATE
Other than the dividend disclosed in Note 9, there are no other significant events after
balance date.
Contents
18Fisher & Paykel Healthcare | INTERIM REPORT 2026

To the shareholders of Fisher & Paykel Healthcare Corporation Limited
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
OUR CONCLUSION
We have reviewed the consolidated financial statements of Fisher & Paykel Healthcare
Corporation Limited (the Company) and its subsidiaries (the Group), which comprise the
consolidated balance sheet as at 30 September 2025, and consolidated income statement,
the consolidated statement of comprehensive income, the consolidated statement of
changes in equity and the consolidated statement of cash flows for the six months ended
on that date, and notes to the consolidated financial statements, comprising material
accounting policy information and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying consolidated financial statements of the Group do not present fairly, in all
material respects, the financial position of the Group as at 30 September 2025, and its
financial performance and cash flows for the six months then ended, in accordance with
International Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand
Equivalent to International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34).
BASIS FOR CONCLUSION
We conducted our review in accordance with the New Zealand Standard on Review
Engagements 2410 (Revised) Review of Financial Statements Performed by the
Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further
described in the Auditor’s responsibilities for the review of the consolidated financial
statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in
New Zealand relating to the audit of the annual financial statements, and we have fulfilled
our other ethical responsibilities in accordance with these ethical requirements. In our
capacity as auditor and assurance practitioner, our firm provides review and other
assurance services. Our firm carried out other assignments in the area of other training
services. The firm has no other relationship with, or interests in, the Group.
RESPONSIBILITIES OF DIRECTORS FOR THE CONSOLIDATED FINANCIAL STATEMENTS
The Directors of the Company are responsible on behalf of the Company for the
preparation and fair presentation of these consolidated financial statements in accordance
with IAS 34 and NZ IAS 34 and for such internal control as the Directors determine is
necessary to enable the preparation and fair presentation of the consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
AUDITOR’S RESPONSIBILITIES FOR THE REVIEW OF THE CONSOLIDATED
FINANCIAL STATEMENTS
Our responsibility is to express a conclusion on the consolidated financial statements based
on our review. NZ SRE 2410 (Revised) requires us to conclude whether anything has come to
our attention that causes us to believe that the consolidated financial statements, taken as a
whole, are not prepared in all material respects, in accordance with IAS 34 and NZ IAS 34.
A review of consolidated financial statements in accordance with NZ SRE 2410 (Revised) is
a limited assurance engagement. We perform procedures, primarily consisting of making
enquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. The procedures performed in a review are
substantially less than those performed in an audit conducted in accordance with
International Standards on Auditing and International Standards on Auditing (New
Zealand) and consequently does not enable us to obtain assurance that we might identify
in an audit. Accordingly, we do not express an audit opinion on these consolidated financial
statements.
WHO WE REPORT TO
This report is made solely to the Company’s shareholders, as a body. Our review work has
been undertaken so that we might state those matters which we are required to state to
them in our review report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the Company and the
Company’s shareholders, as a body, for our review procedures, for this report, or for the
conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review
report is Indumin Senaratne (Indy Sena).
For and on behalf of:

PricewaterhouseCoopers Auckland
25 November 2025
Independent auditor’s review report
PwC New Zealand, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000 W: pwc.co.nz
Contents
19Fisher & Paykel Healthcare | INTERIM REPORT 2026

DIRECTORS
Neville Mitchell Board Chair, Non-Executive, Independent
Lewis Gradon Managing Director and
Chief Executive Officer
Mark Cross Non-Executive, Independent
Michael Daniell Non-Executive
Lisa McIntyre Non-Executive, Independent
Graham McLean Non-Executive, Independent
Cather Simpson Non-Executive, Independent
EXECUTIVE MANAGEMENT TEAM
Lewis Gradon Managing Director and
Chief Executive Officer
Lyndal York Chief Financial Officer
Andrew Somervell Vice President – Products & Technology
Justin Callahan Vice President – Sales & Marketing
Andy Niccol Chief Operating Officer
Winston Fong Vice President – Surgical Technologies
Brian Schultz Vice President – Quality, Safety
& Regulatory Affairs
Nicholas Fourie Vice President – Information
& Communication Technology
Marcus Driller Vice President – Corporate
Nicola Talbot Vice President – Human Resources
Jonti Rhodes Vice President – Network Design,
Facilities, Infrastructure & Sustainability
Raelene Leonard General Counsel & Company Secretary
Desh Edirisuriya General Manager – New Zealand
Operations
Directory
REGISTERED OFFICES
New Zealand
Fisher & Paykel Healthcare Limited
15 Maurice Paykel Place, East Tāmaki,
Auckland 2013, New Zealand
Postal: PO Box 14348, Panmure,
Auckland 1741, New Zealand
Phone: +64 9 574 0100
Fax: +64 9 574 0158
Website: www.fphcare.com
Email: investor@fphcare.co.nz
Australia
Fisher & Paykel Healthcare Pty. Limited
19-31 King Street, Nunawading, Melbourne,
Victoria 3131, Australia
Postal: PO Box 159, Mitcham,
Victoria 3132, Australia
Phone: +61 3 9871 4900
SHARE REGISTRAR
New Zealand
MUFG Pension & Market Services (NZ) Limited
Level 30, PwC Tower, 15 Customs Street West,
Auckland 1010, New Zealand
Postal: PO Box 91976, Auckland 1142,
New Zealand
Investor enquiries: +64 9 375 5998
Fax: +64 9 375 5990
Website: www.mpms.mufg.com
Email: enquiries.nz@cm.mpms.mufg.com
Australia
MUFG Pension & Market Services (AU) Limited
Level 12, 680 George Street, Sydney,
NSW 2000, Australia
Postal: Locked Bag A14, Sydney South,
NSW 1235, Australia
Investor enquiries: +61 2 8280 7111
Fax: +61 2 9287 0303
Website: www.mpms.mufg.com
Email: enquiries.nz@cm.mpms.mufg.com
STOCK EXCHANGES
The company’s ordinary shares are listed on the
NZX Main Board and the ASX.
Contents
20Fisher & Paykel Healthcare | INTERIM REPORT 2026

Fisher & Paykel Healthcare | INTERIM REPORT 2026

© 2025 Fisher & Paykel
Healthcare Corporation Limited
fphcare.com
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.

---

Change

% of RevenueNZ$M
PCP^CC*
Operating revenue100%1088.514%12%
Hospital operating revenue64%692.217%15%
Homecare operating revenue36%395.910%8%
Gross margin / Gross profit63%685.7110 bps60 bps
SG&A26%(285.5)10%7%
R&D10%(114.1)4%4%
Total operating expenses37%(399.6)8%6%
Operating profit26%286.131%27%
Profit after tax20%213.039%28%
^ PCP = prior comparable period * CC = constant currency
rk

11%
89%
HardwareConsumables
H1 FY26 HOSPITAL REVENUE COMPOSITION
HARDWARE
CONSUMABLES
Invasive
ventilation
Noninvasive
ventilation
Optiflow
TM

nasal high flow
Surgical
Optiflow
TM

anesthesia

•
•
•

13%
87%
HardwareConsumables
H1 FY26 HOMECARE REVENUE COMPOSITION
HARDWARE
CONSUMABLES
CPAP Therapy/OSA
Home Respiratory
Support

•
•

0%
10%
20%
30%
40%
50%
60%
70%
1H151H161H171H181H191H201H211H221H231H241H251H26
Long Term Gross Margin target
GROSS MARGIN
•
−
−
•
•

0%
5%
10%
15%
20%
25%
30%
35%
40%
1H151H161H171H181H191H201H211H221H231H241H251H26
OPERATING (EBIT) MARGIN
Long Term Operating Margin target
•
•
•
•
•
•

H1 FY25 NZ$MH1 FY26 NZ$M
Operating cash flow233.0245.8
Capital expenditure (including purchases of intangible assets)(55.1)(61.8)
Lease liability payments(8.5)(10.8)
Free cash flow169.4173.2
31 Mar 2025
NZ$M
30 Sep 2025
NZ$M
Net cash / (debt)200.5237.8
Total assets2,550.82,631.3
Total equity1,890.41,986.2
Gearing (net debt / net debt + equity)*-11.6%-13.5%
Undrawn committed debt facilities520.3464.7
* Calculated using net interest-bearing debt (debt less cash and cash equivalents) to net interest-bearing debt and equity (less hedge reserve).

DIVIDEND HISTORY
•
•
•

Reconciliation of Constant Currency to Reported Profit After Tax
H1 FY25
NZ$M
H1 FY26
NZ$M
Change
NZ$M
Profit after tax (constant currency)144.7185.440.7
Spot exchange rate effect6.034.828.8
Foreign exchange hedging result9.3(6.2)(15.5)
Balance sheet revaluation(6.8)(1.0)5.8
Total impact of foreign exchange8.527.619.1
Profit after tax (as reported)153.2213.059.8
Reconciliation of Constant Currency to Reported Revenue
H1 FY25
NZ$M
H1 FY26
NZ$M
Change
NZ$M
Revenue (constant currency)919.51,030.5111.0
Spot exchange rate effect24.770.145.4
Foreign exchange hedging result7.0(12.1)(19.1)
Total impact of foreign exchange31.758.026.3
Revenue (as reported)951.21,088.5137.3
The significant exchange rates used in the constant currency analysis, being the budget exchange rates for the year ended 31 March 2026, are USD 0.64, EUR 0.57 and MXN 11.0.

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*At 31 Oct 2025 exchange rates of NZD:USD 0.57, NZD:EUR 0.50, NZD:MXN 10.63.

Year to 31 March
Hedging position for our main exposures
FY26FY27FY28FY29FY30
FY31-
FY36*
USD % cover of estimated exposure95%80%65%55%40%0%
USD average rate of cover0.6030.5980.5870.5760.5610.536
EUR % cover of estimated exposure90%85%65%55%45%15%
EUR average rate of cover0.5320.5250.5240.5080.5010.461
MXN % cover of estimated exposure85%55%25%10%0%0%
MXN average rate of cover12.1712.8713.3914.4115.06-
Hedging cover has beenrounded to the nearest 5%
•
* 2031 – 2036 shows average % cover of expected exposure and rate of cover for the five-year period.

1%
51%
18%
1%
29%
NZDUSDEURMXNOther
REVENUE BY CURRENCY
40%
37%
2%
16%
5%
NZDUSDEURMXNOther
COST OF SALES BY CURRENCY
47%
25%
9%
1%
18%
NZDUSDEURMXNOther
OPERATING EXPENSES BY CURRENCY
H1 FY26 (for the six months ended 30 September 2025)

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Note: people numbers are represented as full-time equivalents and are current as at 31 March 2025

Applications outside of invasive ventilation
Surgical
Home Respiratory
Support
Obstructive Sleep
Apnea
Noninvasive
Ventilation
Invasive
Ventilation
Hospital
Respiratory Support
Infant Care
Anesthesia

The image above is an illustration of the company’s long-term growth aspirations. It is not a graph and should not be interpreted as being
indicative of levels of revenue or profitability in the short term.

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* For the six months ended 30 September 2025
† As at 30 September 2025

FISHER & PAYKEL HEALTHCARE US PATENT PORTFOLIO (2008 – 2025)
* As at 30 September 2025
0
100
200
300
400
500
600
700
800
200820092010201120122013201420152016201720182019202020212022202320242025
US PatentsUS Patent Applications

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Revenue by Region
Six months to 30 September 2025
48%
26%
21%
5%
North America
Europe
Asia Pacific
Other

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An artist’s render of our fifth building at our East Tamaki campus in Auckland, New Zealand

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−°
−

CONSTANT CURRENCY REVENUE GROWTH RATE
IN NEW APPLICATIONS CONSUMABLES*
* Adjusted to exclude impact of US distribution transition in FY16 and FY17
Noninvasive
ventilation
Optiflow
TM

nasal high flow
Surgical
Optiflow
TM

anesthesia
-10%
0%
10%
20%
30%
40%
50%
60%
FY11FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25

•

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CONVENTIONAL
OXYGEN THERAPY
NON-INVASIVE
VENTILATION

Primary support
MEDICAL
Primary support
POST-OPERATIVE
Pre-escalation support/Peri-
intubation
Post-extubation/
De-escalation support
Complementary support
(NIV-rested/proning)
Prophylactic support
(Require oxygen/avoid escalation)
ESICM, ERS, SSC, AARC,
ACP, TSANZ, WHO,
JARDS, SFMU, ACEP, NICE
ESICM, ERS
ESICM
ESICM, ERS,
AARC, ACP
ERS
AARC
Clinical practice guidelines: ESICM
1
, ERS
2
, SSC
3
, AARC
4
, ACP
5
, TSANZ
6
, WHO
7
, JARDS
8
, SFMU
9
, ACEP
10
, NICE
11

0
100
200
300
400
500
600
700
800
Annual total of studies (calendar year)
NASAL HIGH FLOW CLINICAL PAPERS PUBLISHED ANNUALLY
Source: PubMed. Includes adult and paediatric/neonatal studies.
•

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Scope 1 emissions (tonnes CO
2
e)2,3292,0132,295
Scope 2 emissions (tonnes CO
2
e) – location-based14,52914,29313,232
Scope 2 emissions (tonnes CO
2
e) – market-based11,10512,25312,406
Scope 1 & 2 emissions subtotal (tonnes CO
2
e) – using location-based Scope 2 16,85816,28115,527
Scope 1 & 2 emissions subtotal (tonnes CO
2
e) – using market-based Scope 2 13,43414,37614,701
Scope 3 emissions (tonnes CO
2
e)310,697241,420266,044
Total emissions (tonnes CO
2
e) - using location-based Scope 2327,555257,726281,571
Total emissions (tonnes CO
2
e) - using market-based Scope 2324,131255,686280,745
Water usage (cubic metres)133,517136,923129,586
Landfill waste diverted (cubic metres)1,7271,3481,694
NZ recycling efficiency (percentage of waste diverted from landfill)62%59%53%
Global recycling efficiency (percentage of waste diverted from landfill)54%53%53%
Total operating revenue (NZ$M)$1,581.1$1,742.8$2,021.0

•
80%
18%
2%
InstitutionsBrokers & RetailOther
36%
34%
16%
7%
4%
3%
<1%
AustraliaNew Zealand
North AmericaUK
Europe (ex UK)Asia
Rest of World
Geographical ownership as at
30 September 2025
Shareholding structure as at
30 September 2025

The information in this presentation is for general purposes only and should be read in conjunction with Fisher & Paykel Healthcare Corporation
Limited’s (FPH) Interim Report 2026 and accompanying market releases.Nothing in this presentation should be construed as an invitation for
subscription, purchase or recommendation of securities in FPH.
This presentation includes forward-looking statements about the financial condition, operations and performance of FPH and its
subsidiaries.These statements are based on current expectations and assumptions regarding FPH’s business and performance, the economy and
other circumstances.As with any projection or forecast, the forward-looking statements in this presentation are inherently uncertain and
susceptible to changes in circumstances.FPH’s actual results may differ materially from those expressed or implied by those forward-looking
statements.
Constant currency information included within this presentation is non-GAAP financial information, as defined by the NZ Financial Markets
Authority, and has been provided to assist users of financial information to better understand and track the company’s comparative financial
performance without the impacts of spot foreign currency fluctuations and hedging results and has been prepared on a consistent basis each
year. A reconciliation between reported results and constant currency results is available in the company’s Interim Report 2026. The company’s
constant currency framework can be found on the company’s website at www.fphcare.com/ccf.

1.Rochwerg, Bram et al. “The role for high flow nasal cannula as a respiratory support strategy in adults: a clinical practice guideline.” Intensive care medicine vol. 46,12 (2020): 2226-2237. doi:10.1007/s00134-020-06312-y
2.Oczkowski, Simon, et al. “ERS Clinical Practice Guidelines: High-flow Nasal Cannula in Acute Respiratory Failure.” European Respiratory Journal, vol. 59, no. 4, European Respiratory Society (ERS), Oct. 2021, p. 2101574. Crossref,
https://doi.org/10.1183/13993003.01574-2021.
3.Evans, Laura, et al. “Surviving Sepsis Campaign: International Guidelines for Management of Sepsis and Septic Shock 2021.” Critical Care Medicine, vol. 49, no. 11, Ovid Technologies (Wolters Kluwer Health), Oct. 2021, pp. e1063–143.
Crossref, https://doi.org/10.1097/ccm.0000000000005337.
4.Piraino, Thomas, et al. “AARC Clinical Practice Guideline: Management of Adult Patients With Oxygen in the Acute Care Setting.” Respiratory Care, vol. 67, no. 1, Daedalus Enterprises, Nov. 2021, pp. 115–28. Crossref,
https://doi.org/10.4187/respcare.09294.
5.Qaseem, Amir, et al. “Appropriate Use of High-Flow Nasal Oxygen in Hospitalized Patients for Initial or Postextubation Management of Acute Respiratory Failure: A Clinical Guideline From the American College of Physicians.” Annals of
Internal Medicine, vol. 174, no. 7, American College of Physicians, July 2021, pp. 977–84. Crossref, https://doi.org/10.7326/m20-7533.
6.Barnett, Adrian, et al. “Thoracic Society of Australia and New Zealand Position Statement on Acute Oxygen Use in Adults: ‘Swimming Between the Flags.’” Respirology, vol. 27, no. 4, Wiley, Feb. 2022, pp. 262–76. Crossref,
https://doi.org/10.1111/resp.14218.
7.Clinical management of COVID-19: Living guideline, 23 June 2022. Geneva: World Health Organization; 2022 (WHO/2019-nCoV/Clinical/2022.1). Licence: CC BY-NC-SA 3.0 IGO.
8.Tasaka S., Ohshimo S., Takeuchi M., Yasuda H., Ichikado K., Tsushima K., et al. ARDS clinical practice guideline 2021. J Intensive Care. 2022;10(1):32. doi: 10.1186/s40560-022-00615-6, https://pubmed.ncbi.nlm.nih.gov/35799288/
9.Helms, J., Catoire, P., Abensur Vuillaume, L.et al.Oxygen therapy in acute hypoxemic respiratory failure: guidelines from the SRLF-SFMU consensus conference.Ann. Intensive Care14, 140 (2024). https://doi.org/10.1186/s13613-024-
01367-2
10.Baugh CW, Neuenschwander JF, Lenox J, Hoh J, Ward K, Muramoto S, Casey J, Anzueto A, Ishaq H, Mount J, DeBlieux PM. Acute Care of Patients with Moderate Respiratory Distress: Recommendations from an American College of
Emergency Physicians Expert Panel. West J Emerg Med. 2025 Sep 27;26(5):1485-1494. doi: 10.5811/westjem.43539. PMID: 41193010; PMCID: PMC12591642.
11.National Institute for Health and Care Excellence. (2025). Pneumonia: diagnosis and management (NICE guideline NG250). https://www.nice.org.uk/guidance/ng250/
12.Mason, S. E., Kinross, J. M., Reynecke, D., Hendricks, J. & Arulampalam, T. H. (2015). Cost-effectiveness of warm humidified CO2 to reduce surgical site infections in laparoscopic colorectal surgery: a cohort study. Gut, 64,
A556.http://dx.doi.org/10.1136/gutjnl-2015-309861.1220.
13.Frey, J. M., Janson, M., Svanfeldt, M., Svenarud, P. & van der Linden, J. A. (2012). Local insufflation of warm, humidified CO2 increases open wound and core temperature during open colon surgery: a randomized clinical trial. Anesthesia
Analgesia, 115(5), 1204–1211.https://doi:10.1213/ANE.0b013e31826ac49f.
14.Matsuzaki, S., Vernis, L., Bonnin, M., Houlle, C., Fournet-Fayard, A., Rosano. G., Lafaye. A. L., Chartier, C., Barriere, A., Storme, B., Bazin. J-E., Canis, M., Botchorishvilli, R. (2017). Effects of low intraperitoneal pressure and a warmed,
humidified carbon dioxide gas in laparoscopic surgery: a randomized clinical trial. Scientific Reports, 7(1), 11287.https://doi.org/10.1038/s41598-017-10769-1.
15.World Health Organization (2018) The top 10 causes of death, Available at: https://www.who.int/news-room/fact-sheets/detail/the-top-10-causes-of-death (Accessed: 24 May 2018)
16.Nicole M Kosacz, Antonello Punturieri et al. Chronic Obstructive Pulmonary Disease Among Adults -United States 2011. US Centers for Disease Control and Prevention, 2012.
17.Storgaard LH, et al. Long-term effects of oxygen-enriched high-flow nasal cannula treatment in COPD patients with chronic hypoxemic respiratory failure. Int J Chron Obstruct Pulmon Dis 2018;13:1195-1205.

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26 November 2025
Results Announcement
Results for announcement to the market
Name of issuer Fisher & Paykel Healthcare Corporation Limited
Reporting Period 6 months to 30 September 2025
Previous Reporting Period 6 months to 30 September 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$1,088,500 14%
Total Revenue $1,088,500 14%
Net profit/(loss) from
continuing operations
$213,000 39%
Total net profit/(loss) $213,000 39%
Interim Dividend
Amount per Quoted Equity
Security
0.19000000 $/share
Imputed amount per Quoted
Equity Security
0.07388889 $/share
Record Date 04 December 2025
Dividend Payment Date 16 December 2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
As at 30 September 2025:
3.00008491 $/share
As at 30 September 2024:
3.05009576 $/share
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Not applicable
Authority for this announcement
Name of person

authorised
to make this announcement
Marcus Driller
Contact person for this
announcement
Marcus Driller
Contact phone number +64 9 574 0100
Contact email address companysecretary@fphcare.co.nz
Date of release through MAP

26 November 2025

Reviewed financial statements accompany this announcement.

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26 November 2025
Distribution Notice

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

Full Year Quarterly
Half Year X Special
DRP applies
Record date 04 December 2025
Ex-Date 03 December 2025
Payment date 16 December 2025
Total monies associated with the distribution $111,579,943 based on shares on issue at 25
November 2025 for cash distribution
Source of distribution Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution 0.26388889 $/share
Gross taxable amount 0.26388889 $/share
Total cash distribution 0.19000000 $/share
Excluded amount N/A
Supplementary distribution amount
0.03352941 $/share
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed
If fully or partially imputed, please state
imputation rate as % applied
100%
Imputation tax credits per financial product
0.07388889 $/share
Resident Withholding Tax per financial product
0.01319444 $/share
Section 4: Distribution re-investment plan (if applicable)
N/A

Section 5: Authority for this announcement
Name of person authorised to make this
announcement
Marcus Driller
Contact person for this announcement Marcus Driller
Contact phone number +64 9 574 0100
Contact email address companysecretary@fphcare.co.nz
Date of release through MAP 26 November 2025