Fisher & Paykel Healthcare Corporation Limited/Announcement

FPH reports strong revenue and profit growth for FY26

Full Year Results25 May 2026FPHHealthcare

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

Fisher & Paykel Healthcare reports strong revenue and profit growth for the 2026
financial year
Auckland, New Zealand, 26 May 2026 – Fisher & Paykel Healthcare Corporation Limited today
announced its results for the full year ended 31 March 2026.
Total operating revenue was $2.31 billion, an increase of 14% from the prior financial year, or 12%
in constant currency. Net profit after tax for the financial year was $468.5 million, a 24% increase
over the 2025 financial year, or 28% in constant currency.
For the Hospital product group, which includes products used in respiratory, acute and surgical care,
revenue for the full year was $1.51 billion, up 18% from the previous financial year, or 15% in
constant currency. Sales of hospital consumables were up 16% over the prior financial year, or 14%
in constant currency.
“Our Hospital business performed strongly across the portfolio of therapies globally,” said Managing
Director and CEO Lewis Gradon.
“We were especially encouraged by consumables growth, given it occurred during a period in which
hospital admissions for seasonal respiratory illnesses in the United States and other major markets
appeared to be subdued compared to the previous year. This suggests that changing clinical
practice continues to be a strong growth driver.”
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 $802.7 million, an
increase of 8% from the previous financial year, or 7% in constant currency. OSA masks revenue
was up 7% for the full year, or 5% in constant currency.
“Our latest mask ranges, the F&P Solo and F&P Nova, continued to drive OSA mask growth,” said
Mr Gradon. “Our newest offering, the F&P Nova Nasal, was launched in the United States this past
January to a positive reception.”
The company’s gross margin improved to 63.7%, an increase of 80 basis points, or 122 basis points
in constant currency. This reflects the ongoing progress of the company’s continuous improvement
initiatives and incorporates the approximately 90-basis-point impact in constant currency of US
tariffs on hospital products sourced from New Zealand.

During the 2026 financial year, the company invested $235.5 million in research and development
and also progressed construction on its fifth building on its East Tāmaki campus, which will add
more space for product development, as well as additional manufacturing and warehousing areas.

Dividend
For the second half of the financial year, the Board has approved a final dividend of 33.0 cents per
share. This takes the total dividend for the year to 52.0 cents per share, an increase of 22% over the
previous full year. The final dividend, carrying full New Zealand imputation credit, will be paid on
3 July 2026 with a record date of 23 June 2026.

Outlook for the 2027 financial year
At 30 April exchange rates*, the company expects full year operating revenue to be in the range of
approximately $2.45 billion to $2.57 billion, and net profit after tax to be in the range of
approximately $500 million to $550 million.

* 30 April 2026 exchange rates of NZD:USD 0.58, NZD:EUR 0.50, NZD:MXN 10.25.

This outlook anticipates an overall improvement in gross margin for the year and includes an
estimated 50-basis point net impact to gross margin, in constant currency, due to US tariffs and the
Middle East conflict. Further assumptions incorporated within the outlook are outlined on page 13 of
the investor presentation which accompanies this news release.
“The growth we have achieved is uncommon, and we do not take it for granted,” said Mr Gradon.
“The key now is to sustain that momentum – continuing to innovate, improve and work closely with
our customers to create lasting value.”

“Our products and therapies supported the care of around 24 million patients last year. This impact
reflects the efforts of many thousands of people working toward a common purpose of improving
outcomes. We want to acknowledge the people of Fisher & Paykel Healthcare for their commitment,
and we also want to thank our clinical partners, customers, suppliers and shareholders,” concluded
Mr Gradon.

Overview of key results for the 2026 financial year
• 14% growth in operating revenue to $2.31 billion, 12 % growth in constant currency.
• 24% growth in net profit after tax to $468.5 million, 28% growth in constant currency.
• 18% growth in Hospital operating revenue to $1.51 billion, 15% growth in constant currency.
• 18% revenue growth for new applications consumables, 16% growth in constant currency.
• 16% revenue growth for hospital consumables, 14% growth in constant currency.
• 8% growth in Homecare operating revenue to $802.7 million, 7% growth in constant currency.
• 7% growth in OSA masks revenue, or 5% growth in constant currency.
• Investment in R&D was 10% of revenue, or $235.5 million.
• 38% increase in final dividend to 33.0 cps (2025: 24.0 cps).
• 22% increase in total dividend for the financial year to 52.0 cps (2025: 42.5 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 2026
• Investor Presentation 2026
• 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 2026
financial year. The conference call is scheduled to begin at 10:00am NZST, 8:00am AEST Tuesday,
26 May (6:00pm USEDT, Monday, 25 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. The company’s constant
currency framework can be found on the company’s website at www.fphcare.com/ccf.

A reconciliation between reported results and constant currency results is available in the company’s
Annual Report 2026.

---

Results in Brief

Year ended 31 March

% Change
(Reported)
% Change
(Constant
Currency
1
)
2025 2026
NZ$M NZ$M
(except as otherwise
stated
)
(except as otherwise
stated)
FINANCIAL PERFORMANCE

Total operating revenue 2,021.0 2,308.4 +14 +12
Cost of sales (750.1)
(838.3) +12 +9
Gross profit 1,270.9
1,470.1 +16 +14
Gross margin 62.9% 63.7% +80 bps +122 bps
Selling, general and administrative expenses (534.4)
(598.2) +12 +9
Research and development expenses (226.9)
(235.5) +4 +4
R&D percentage of operating revenue 11.2%
10.2% -103 bps -89 bps
Total operating expenses (761.3)
(833.7) +10 +8
Operating profit before financing costs 509.6 636.4 +25 +26
Operating margin 25.2% 27.6% +235 bps +277 bps
Net financing expense (6.3)
(4.9) -22 -77
Profit before tax 503.3
631.5 +25 +28
Tax expense (126.1) (163.0) +29 +26
Profit after tax 377.2
468.5 +24 +28
Effective tax rate 25.1% 25.8%
Effective tax rate excluding R&D tax credit 29.1% 29.2%

Revenue by Region:

North America 967.2
1,106.1 +14
Europe 541.5
620.1 +15
Asia Pacific 420.8
476.1 +13
Other 91.5
106.1 +16
Total operating revenue 2,021.0
2,308.4 +14

Revenue by Product Group:

Hospital 1,280.3
1,505.0 +18
Homecare 739.9
802.7 +8
Core products sub-total 2,020.2
2,307.7 +14
Distributed and other 0.8 0.7 -13
Total operating revenue 2,021.0
2,308.4 +14

FINANCIAL POSITION
As at 31 Mar 25
NZ$M
(except as otherwise
stated
)
As at 31 Mar 26
NZ$M
(except as otherwise
stated)

Tangible assets 2,313.6 2,607.8 +13
Intangible assets
2
237.2 245.8 +4
Total assets 2,550.8
2,853.6 +12
Total liabilities (660.4) (738.2) +12
Shareholders’ equity 1,890.4
2,115.4 +12
Gearing -11.6% -22.8% -1,117 bps
Net tangible asset backing (cents per share) 284 320 +13
1
Constant currency (CC) removes the impact of exchange rate movements. This approach is used to assess the Group’s underlying
comparative financial performance without any impact from changes in foreign exchange rates. The company’s constant currency
framework can be found on the company’s website at www.fphcare.com/ccf. The reconciliation to results prepared in accordance with
NZ IFRS is included within the Financial Commentary section of the Annual Report.
2
Includes Intangible and deferred tax assets.

Results in Brief (continued)

Year ended 31 March

% Change
2025 2026
NZ$M NZ$M
(except as otherwise
stated)
(except as otherwise
stated)

CASH FLOWS

Net cash flow from operating activities 548.6
663.2 +21
Net cash flow from investing activities (103.0)
(195.2) +90
Net cash flow from financing activities (268.2)
(276.7) +3

SHARES OUTSTANDING

Weighted average basic shares outstanding 585,543,359
586,929,183

Weighted average diluted shares
outstanding
590,199,636
590,996,952

Basic shares outstanding at period end 586,139,423
587,276,425

DIVIDENDS AND EARNINGS PER SHARE

Dividends per share (cents) – declared 42.5
52.0 +22
Basic earnings per share (cents) 64.4
79.8 +24

---

Annual Report 2026
MOMEN T U M

Fisher & Paykel Healthcare | ANNUAL REPORT 2026

1Fisher & Paykel Healthcare|ANNUAL REPORT 2026
MOMENTUM is created when scale,
capability and direction align. It is built
over time through a clear strategy, disciplined
execution and a series of good decisions.

2Fisher & Paykel Healthcare|ANNUAL REPORT 2026
This report covers the financial year ended
31 March 2026 and is dated 25 May 2026. 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.
Constant currency information in this report is non-conforming financial information, as defined by the New Zealand Financial Markets Authority, and has
been provided to assist users of financial information to better understand and assess the company’s financial performance without the impacts of spot
financial currency fluctuations and hedging results, and has been prepared on a consistent basis each financial year. A reconciliation between reported
results and constant currency results is available on page 123 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 2026 Annual Report – Momentum. 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/reports.

3Fisher & Paykel Healthcare|ANNUAL REPORT 2026
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 15
Our culture, values and beliefs 17
How our business works 18
How we deliver value 19
Product in focus 20
Our Board 22
Our Executive Management Team 24
Five year summary158
GRI content index 161
Glossary 166
Directory 168
What matters most 29
People 34
Product quality 46
Suppliers 48
Communities 54
Governance 57
Risk management 71
Remuneration 74
Environment 83
Financial commentary 120
Financial statements 124
Notes to the financial statements 128
Independent auditor’s report 153
About our disclosures 86
Governance 87
Risk management 89
Strategy 90
Targets and metrics 103
Greenhouse gas emissions108
Supplementary information109
Independent assurance report116
Financial highlights 6
Business highlights 7
Hospital and Homecare overview 8
Report from the Chair 10
Report from the Managing Director
and Chief Executive Officer 12

ContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE BUSINESS YEAR
4Fisher & Paykel Healthcare|ANNUAL REPORT 2026

ContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE BUSINESS YEAR
5Fisher & Paykel Healthcare|ANNUAL REPORT 2026
THE
BUSINESS
YEAR

ContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE BUSINESS YEAR
6Fisher & Paykel Healthcare|ANNUAL REPORT 2026
OPERATING REVENUE
$2.31b
▲

14% | 2025 $2.02B
GROSS MARGIN
63.7%
80 BASIS POINTS INCREASE
NEW APPLICATIONS
CONSUMABLES REVENUE GROWTH
16%
CONSTANT CURRENCY
HOSPITAL REVENUE
$1.51b
▲

18% | 2025 $1.28B
NET PROFIT AFTER TAX
$468.5m
▲

24% | 2025 $377.2M
TOTAL DIVIDEND FOR YEAR
FULLY IMPUTED
52.0cps
▲

22% | 2025 42.5CPS
HOMECARE REVENUE
$802.7m
▲

8% | 2025 $739.9M
Financial highlights
48%
27%
21%
4%
48%
27%
21%
4%
OPERATING REVENUE
NZ$ MILLIONS
NET PROFIT AFTER TAX
NZ$ MILLIONS
REVENUE BY PRODUCT GROUP
12 MONTHS TO 31 MARCH 2026
REVENUE BY REGION
12 MONTHS TO 31 MARCH 2026
120+
COUNTRIES
Hospital
Homecare
Distributed & Other
North America
Europe
Asia Pacific
Other
<1%
65%
35%
<1%
65%
35%
26252423222120
1,681.7
1,581.1
1,742.8
2,308.4
2,021.0
1,971.2
1,263.7
0.000000
87.366667
174.733333
262.100000
349.466667
436.833333
524.200000
26252423222120
524.2
287.3
376.9
250.3
468.5
377.2
264.4*
SPEND ON R&D
$235.5m
10% OF OPERATING REVENUE
* This growth figure is calculated against the underlying net profit after tax figure 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 2026
INTRODUCED
our new F&P Nova™ Nasal mask
for treating obstructive sleep apnea
in the United States
Business highlights
IMPACTED
the lives of approximately
24 million patients globally
PROGRESSED
construction of the fifth building
at our East Tāmaki campus
in Auckland, New Zealand
WELCOMED
the release of additional
nasal high flow clinical practice
guidelines
ACHIEVED
strong growth in hospital hardware sales,
supported by the F&P Airvo™ 3 and the
F&P 950™ System
APPOINTED
Anna Curzon to the Board of Directors
and Margie Apa as a ‘Future Director’

ContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE BUSINESS YEAR
8Fisher & Paykel Healthcare|ANNUAL REPORT 2026
65%
16%$1.51B
CONSTANT CURRENCY REVENUE FROM
NEW APPLICATIONS CONSUMABLES
OPERATING REVENUE
▲ 18%
OF OPERATING REVENUE
Hospital
Our Hospital product group
includes products used in invasive
ventilation, noninvasive ventilation,
high flow therapy, anesthesia
and 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 2026
35%
OF OPERATING REVENUE
5%$802.7M
CONSTANT CURRENCY REVENUE
FROM OSA MASKS
OPERATING REVENUE
▲ 8%
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 2026
Report from the Chair
NEVILLE MITCHELL
Board Chair
Momentum is created when scale,
capability and direction align. It is
built over time through a clear
strategy, disciplined execution and
a series of good decisions.
Fisher & Paykel Healthcare is guided by a unifying
purpose – improving care and outcomes – and
a consistent strategy: creating better products,
helping to change clinical practice and expanding
our global reach. A key role of your Board is to
support management in this, providing oversight
and input into the company’s direction and
major decisions.

Delivering on this strategy requires balancing
long-term investment with near-term
performance. Over the last year, we continued
to grow our product pipeline and build capacity
for the future while navigating emerging
world events.
During the 2026 financial year, we invested
$235.5 million in research and development
(R&D), bringing our cumulative R&D spend over
the past 10 years to more than $1.5 billion. This
demonstrates our commitment to innovating
for patients and bringing the next generation
of world-leading healthcare solutions to market.
As part of our strategy, a year ago we announced
plans to construct the fifth facility at our
existing campus in East Tāmaki, New Zealand.
Construction is now well underway, with the
building expected to open in 2027.
Our planning continues for a second New Zealand
campus at Karaka, where we purchased land
in 2023. The company’s rezoning application
is currently under review by Auckland Council,
with a decision expected later this calendar year.
In parallel, management is consulting with local
government, mana whenua and the community
on proposed development plans.
Expanding the company’s capabilities in China
was also a focus during the year. This will position
Fisher & Paykel Healthcare to better serve one of
the world’s largest and fastest growing markets.
Last September, the Board visited Guangzhou
to gain an on-the-ground perspective on this
key market. Importantly, our growth in China is
intended to complement, rather than replace, our
ongoing investment in New Zealand, Mexico and
other regions.
The Board is confident that this geographically
diversified approach positions us well to meet
future demand and support our growth.

ContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE BUSINESS YEAR
11Fisher & Paykel Healthcare|ANNUAL REPORT 2026
Over the past year, global events have taken
on heightened significance for businesses
everywhere. Ongoing trade tensions, tariffs
and conflict in the Middle East have reinforced
the importance of resilient supply chains and
secure access to markets. We have engaged
constructively with governments on these global
issues and continue to apply long-term thinking
as we make decisions.
While improving patient outcomes is our
primary goal, we also have a responsibility to
operate in a sustainable, ethical and efficient
manner. Our performance on environmental
and social responsibility (ESR) criteria remains
important both to management and employees,
as well as customers and shareholders.
Expectations around transparency on ESR
reporting are evolving globally. This report
includes information about key sustainability
initiatives related to people, communities, the
environment, suppliers and other topics. It
also contains the company’s climate-related
disclosures, which are now required under New
Zealand law. These disclosures highlight climate-
related risks and opportunities that may affect
the company’s long-term strategy, performance
and resilience.
The company continues to progress carbon-
reducing initiatives, such as adopting low-carbon
freight options, optimising transport routes
and methods, and using solar energy. At the
East Tāmaki campus, we have installed a rooftop
solar array that is one of the largest of its kind in
New Zealand. We continue to progress renewable
energy options at our Mexico facility as well.
Modern slavery, and business efforts to eradicate
it, is becoming increasingly topical. The Board’s
Audit and Risk Committee reviews performance
and actions to identify and mitigate risks
in this area. The business has established a
customised ESR engagement programme that
enables suppliers to align with the company’s
commitment to sustainable procurement.
Your Board
Anna Curzon joined the Board in February
to fill the vacancy following the retirement of
Pip Greenwood. Based in New Zealand, Anna
has had a strong international commercial
career. She brings a wealth of knowledge in the
technology and financial services industries.
We continue to support the Future Directors
programme, which is aimed at giving talented
executives exposure to a company board. In
February, Margie Apa was appointed our next
Future Director participant. Margie is well-known
in the health sector, as she is the former CEO
of New Zealand’s national healthcare authority,
Te Whatu Ora Health New Zealand.
We believe these talented individuals will add
to your Board’s strength.
Results and dividend
The 2026 financial year was another year of
strong growth for the business. Operating revenue
grew to $2.31 billion, up 14% over the prior year,
or 12% in constant currency. Net profit after tax
was $468.5 million, up 24%, or 28% in constant
currency – also a great result.
It is our practice to pay a percentage of the
company’s profit to our shareholders as dividends,
after investing in research and development,
global sales and infrastructure. For the second
half of the year, the Board approved a final
dividend of 33 cents per share. This takes the total
dividend for the year to 52 cents per share, an
increase of 22% over the previous financial year.
The dividend will be paid on 3 July 2026 with a
record date of 23 June 2026.
Acknowledgements
While strategy sets direction, it is people who
transform it into day-to-day actions that lead
to better care and outcomes for patients, and
a growing and sustainable company. On behalf
of the Board, I want to thank the people of
Fisher & Paykel Healthcare for their efforts and
contribution to these results. The Board has
approved a profit-sharing pool of $19 million for the
full year to be shared among qualifying employees.
Finally, we want to acknowledge the ongoing
support from the company’s customers, clinical
partners, suppliers and shareholders. Thank you.
Neville Mitchell
Board Chair

ContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE BUSINESS YEAR
12Fisher & Paykel Healthcare|ANNUAL REPORT 2026
Report from the
Managing Director and
Chief Executive Officer
LEWIS GRADON
Managing Director and Chief Executive Officer
In a business context, momentum is
not about achieving growth in a single
year; it is about making progress that
compounds and can be sustained over
the long term.
Building momentum takes persistence. In our
industry, there are no shortcuts to developing
innovative products or changing clinical practice.
With that in mind, we have remained focused
on our enduring strategy and the fundamentals
that guide our decisions. We have continued to
progress our product portfolio, support clinicians
to adopt new ways of delivering care, and
advance the infrastructure projects needed to
continue our trajectory of growth.
Performance
During the 2026 financial year, an estimated
24 million patients were treated with
Fisher & Paykel Healthcare products, including
more than eight million treated with F&P
Optiflow
TM
, which has become a frontline
treatment for patients in respiratory distress.
As this report highlights, we achieved strong
growth across our portfolio of therapies globally.
Total operating revenue for the year was
$2.31 billion, a 14% increase over the prior financial
year, or 12% in constant currency. Net profit after
tax was $468.5 million, a 24% increase over the
2025 financial year, or 28% in constant currency.
In our Hospital product group, which includes
products used in respiratory, acute and surgical
care, operating revenue was $1.51 billion, an 18%
increase over the previous year, or 15% in constant
currency. New applications consumables revenue
grew at a pleasing 16% in constant currency,
and hardware sales increased 27% in constant
currency. The continued roll-out of the F&P
Airvo
TM
3 and the F&P 950
TM
System and the
increased adoption of our anesthesia product
offering were key contributors during the period.
The healthy growth in demand for hospital
products was particularly encouraging, given
it occurred during a period of apparently
subdued hospital admissions for respiratory
illnesses in the United States and other major
markets, compared to the previous year.
This suggests that changing clinical practice
continues to be a strong growth driver.
Our Homecare product group includes our
range of masks for treating obstructive sleep
apnea and systems used for respiratory support
in homes and long-term care facilities. In our
Homecare product group, operating revenue was
$802.7 million, up 8% from the previous year, or
7% in constant currency. OSA masks revenue was
up 7%, or 5% in constant currency.

ContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICESTHE BUSINESS YEAR
13Fisher & Paykel Healthcare|ANNUAL REPORT 2026
In January, we expanded the release of our
newest mask for treating obstructive sleep
apnea – the F&P Nova
TM
Nasal – into the United
States, following its launch in other markets last
year. This mask has been performing well, as
have our other recent additions in the nasal and
pillows categories.
We recognise the importance of maintaining
progress toward our margin targets, particularly
when trade policy and world events are
affecting costs. During the financial year, gross
margin improved to 63.7%. This is a 122 basis-
point improvement on the 2025 financial year in
constant currency.
Changing clinical practice
During the 2026 financial year, we saw progress
in the adoption of new clinical applications for
Optiflow nasal high flow therapy, supported
by strong evidence, education and clinical
relationships. Three new clinical practice
guidelines were introduced recommending nasal
high flow therapy for use in various applications:
The American College of Emergency Physicians
published guidelines for treating patients in
the emergency department; the UK’s National
Institute for Health and Care Excellence updated
its guidelines for treating pneumonia; and the
Global Initiative for Chronic Obstructive Lung
Disease released a recommendation to use nasal
high flow as a first mode for treating COPD
patients with acute hypoxemic respiratory
failure. You can find more information on these
clinical practice guidelines in this report.
Innovation
Our business is built on original thinking that
results in world-leading healthcare solutions.
This requires a strong commitment to
research and development. During the year,
innovation continued at pace, and we invested
$235.5 million to advance products and
therapies in the pipeline.
To provide more space for research and
development, we began construction on our
fifth building at our East Tāmaki campus in
New Zealand. This time last year, the site was an
empty concrete foundation. Today, the building’s
exterior walls and windows are in place, and
the roof has been installed. The new facility will
provide an additional 28,000 square metres for
collaboration, including usability labs and model
shops, as well as additional manufacturing and
warehousing space.
Maintaining the momentum
If we look back at our history as a listed
company, Fisher & Paykel Healthcare has gone
from generating less than $200 million in revenue
in 2001 to generating $2.3 billion in the 2026
financial year. That’s momentum.
Our business began with a culture of innovation –
meeting the needs of clinicians to help them solve
difficult problems.
Once we had established a product offering
that would improve care and outcomes for
patients, the next step was doing the hard work
of changing clinical practice. We developed, and
now maintain, a disciplined approach to becoming
trusted clinical advisors, investing in our sales
presence around the world.
As demand increased, we committed to
maintaining product quality and reliability, and
across the business, we built robust quality
management systems. This was followed by the
roll-out of continuous improvement methodology
in all areas. This mindset is well established now,
and you can see the impact on our margins.
The growth we have achieved is uncommon,
and we do not take it for granted. It is a matter
of maintaining that momentum – continuing
to innovate, improve and work closely with our
customers to create lasting value.
The growth we have achieved
is uncommon, and we do not
take it for granted. It is a
matter of maintaining that
momentum – continuing to
innovate, improve and work
closely with our customers to
create lasting value.
Developing world-leading solutions that improve
care and outcomes takes the combined efforts of
many different people. I want to acknowledge our
people for their commitment to doing things better
and willingness to step up to meet the challenges.
I also want to thank our clinical partners, customers
and suppliers.
To our shareholders, I am grateful for your
continued belief in our purpose and trust in the
long-term success of this business.
Lewis Gradon
Managing Director and
Chief Executive Officer

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14Fisher & Paykel Healthcare|ANNUAL REPORT 2026
THE
COMPANY
ENTRANCE TO OUR CAMPUS IN TIJUANA, MEXICO.

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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 company
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.
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.
Our 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.
In 2001, 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, anesthesia, surgery, treatment
of obstructive sleep apnea and respiratory support
in the home.
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.

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Our annual revenue milestones (NZ$)
Our growth over the years
20252019201019981982
100M+
500M+
1B+
2B+
1M+
New Zealand
headquarters
inaugurated at

East Tāmaki, Auckland
Tijuana, Mexico
manufacturing

facility set up
F&P products help
fight COVID-19
pandemic
Guangzhou, China
manufacturing facility
established
F&P Healthcare
separately listed on
NZX and ASX
10 million patients
treated with F&P
products this year
Land acquired for
second NZ campus
in Karaka, Auckland
24 million patients
treated with F&P
products this year
2000200920202023
2001201620222026
NZMXCN
NZX
ASX

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17Fisher & Paykel Healthcare|ANNUAL REPORT 2026
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.

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How our business works
CUSTOMERS
Our sales teams work with healthcare
professionals, including doctors,
clinicians and nurses, providing them
the products and therapies to deliver
the best possible care.
PATIENTS
Each year more than 20 million
patients are treated with our
products in over 120 countries.
MANUFACTURING
We manufacture our products at
multiple facilities worldwide. The
co-location of engineering, quality,
manufacturing, marketing and
clinical teams enables collaboration
and innovation, right from concept
and design to how our products are
used by patients.
THERAPIES
Our hospital products and systems
are used in invasive ventilation,
noninvasive ventilation, high flow
therapy, anesthesia and surgery. Our
homecare products are used to treat
patients with obstructive sleep apnea
and those in need of respiratory
support.
SUPPLY CHAIN
We have distribution centres
around the world and a network
of distributors. We prioritise
sustainable and cost-effective
methods of transportation. We
source materials globally and seek
socially responsible partners to
support our growth.
The needs of our customers and their
patients drive everything we do.
We call this
Care by Design.
Our R&D teams work extensively
with clinicians and patients to
develop better technology that
enhances patient care.
RESEARCH & DEVELOPMENT

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How we deliver value
OUR INPUTS
Our people
Trusted
relationships
Excellence in R&D
Global supply
networks
Trusted brand
OUR OUTPUTS
Improved care and
outcomes for patients
A positive lasting
impact on society
and the environment
Increased
efficiency of care
Increased
shareholder value
Benefits to our people
Doubling our constant
currency revenue
every 5-6 years
SUSTAINABLE, PROFITABLE GROWTH
We aim to grow our business in a way that is
sustainable and profitable over the long term
Increase our
presence around
the world
Continuously
strive to improve
our products
Develop new therapies
and reduce costs to
healthcare systems
CHANGE
CLINICAL PRACTICE
OUR PURPOSE
Improving care and
outcomes through inspired
and world-leading
healthcare solutions.
BETTER
PRODUCTS
GLOBAL
REACH

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Product in focus
F&P Optiflow™ nasal high flow therapy (NHF)
provides respiratory support to patients by
delivering heated, humidified air and oxygen at
flow rates up to 70 L/min for patients in mild to
moderate respiratory distress.
Optiflow NHF reduces the work of breathing,
clears upper airway carbon dioxide, and increases
oxygenation.
Patients who may benefit include those with
acute respiratory failure, asthma, atelectasis,
bronchiectasis, bronchiolitis, bronchitis, burns,
carbon monoxide poisoning, chronic obstructive
pulmonary disease (COPD), chest trauma,
emphysema, infant respiratory distress, pneumonia,
pulmonary embolism, respiratory compromise, viral
pneumonia, and those in palliative care.
Optiflow NHF is also used in the anesthesia setting,
where it has been shown to optimise oxygenation
and extend safe apnea time.
Optiflow products support adult patients, children
and infants, including neonates. The therapy is
administered via an Optiflow nasal cannula and
a system such as the F&P Airvo™ 2, F&P Airvo 3,
F&P 850 or F&P 950™.
Clinical evidence for NHF
The clinical evidence for the use of NHF has been
accumulating for decades, and it accelerated
exponentially during the COVID-19 pandemic.
In parallel, awareness and utilisation also has
increased, and NHF has become a frontline
treatment for patients in respiratory distress.
Both research and real-life practice have shown
that NHF can reduce the need for patients to be
intubated and mechanically ventilated. This is
important, because mechanical ventilation carries
risks of ventilator-associated pneumonia, sedation-
related complications, diaphragmatic dysfunction,
and prolonged ICU stay.
At Fisher & Paykel Healthcare, we work closely with
key opinion leaders to support clinical research into
the efficacy of Optiflow NHF. Several recent studies
that involve Fisher & Paykel Healthcare products
are worth noting.
Avoiding intubation
The SOHO trial, published in the New England Journal
of Medicine (NEJM) in March 2026, was a multi-centre
randomised controlled trial led by Dr Jean-Pierre
Frat, investigating the effect of NHF compared with
conventional oxygen therapy on intubation and
mortality in patients with acute hypoxemic respiratory
failure. This major study focused on 1,116 patients
admitted into 42 intensive care units between
January 2021 and October 2024.
Although the SOHO study concluded that
the use of NHF did not result in lower 28-day
mortality, it did show that intubation within 28 days
appeared to occur less frequently in the NHF
group than the conventional oxygen therapy group
(42.4% vs 48.4%).
Secondary analyses also suggested that NHF
appeared to “reduce the incidence of intubation
and to rapidly improve dyspnea, respiratory rate,
and carbon dioxide values, as compared with
standard oxygen.”
1
This finding is important for both patients and
healthcare systems. In the accompanying editorial
in the NEJM, Dr Ary Serpa Neto comments: “The
avoidance of intubation is not a trivial goal ... Even
when mortality is unaffected, reducing exposure
to invasive ventilation may improve the patient’s
experiences, preserve functional outcomes, and
reduce healthcare costs.”
2
Beyond hypoxemic respiratory failure
Respiratory failure is associated with many
conditions, including exacerbation of COPD, acute
cardiogenic pulmonary edema and pneumonia.
Research supporting NHF has largely focused
on patients with hypoxemic respiratory failure.
The RENOVATE study, published by the Journal
of the American Medical Association (JAMA) in
December 2024, compared the use of NHF with
noninvasive ventilation across different causes of
respiratory failure.
Led by Dr Israel Maia, the RENOVATE study’s
findings support the use of NHF as a safe and
effective alternative to noninvasive ventilation in
most causes of acute respiratory failure. In about a
third of cases, NHF was initiated in the emergency
department, showing its usefulness as a first-line
or bridge therapy while clinicians diagnose the
underlying cause of respiratory failure in the patient.
3
8+ million patients
treated with F&P Optiflow
nasal high flow therapy in FY26

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From clinical evidence to practice guidelines
Clinical practice guidelines bridge the gap
between research and implementation of therapies.
They help translate the rapidly-evolving and
growing clinical evidence base into changes in
everyday practice.
As more studies are published, the evidence is
consolidated into clinical practice guidelines and
recommendations. This process often takes more
than a decade.
In 2020, the Intensive Care Medicine Journal
of the European Society of Intensive Care
Medicine published guidelines for using NHF
to treat patients with acute hypoxic respiratory
failure. The American College of Physicians, the
American Association for Respiratory Care and the
World Health Organization published guidelines
soon after.
Over the last 12 months, new guidelines have
been published recommending NHF. This reflects
increased confidence in the therapy and expansion
into new applications and clinical areas.
Fisher & Paykel Healthcare’s ongoing collaboration
with clinicians not only helps to evaluate the
effectiveness of our therapies – it contributes to
the body of evidence that leads to new clinical
practice guidelines.
Recently published NHF therapy clinical practice guidelines
American College of Emergency
Physicians Moderate Respiratory
Distress in the Emergency Department
Recommendations
4
The emergency department (ED) is an important
focus for the adoption of NHF therapy. The
American College of Emergency Physicians
(ACEP), representing more than 38,000
emergency department physicians, released
expert consensus recommendations for patients
presenting with moderate respiratory distress.
These recommendations supported NHF for
undifferentiated respiratory distress. This guidance
further strengthens the implementation of NHF
as a first-line respiratory support in the ED.
UK National Institute for Health and
Care Excellence guideline for treating
pneumonia
5
One of the most common causes of acute
hypoxemic respiratory failure in patients is
pneumonia. In September 2025, the UK’s National
Institute for Health and Care Excellence (NICE)
updated its guidelines that cover diagnosing,
assessing and treating pneumonia. The guideline
recommends NHF as the preferred form of
noninvasive respiratory support in the treatment of
respiratory failure. It advises clinicians to “consider a
trial of NHF, based on multi-disciplinary consensus,
clinical trajectory and the person’s preferences and
ability to tolerate it.”
1 Frat et al. 2026. High-Flow or Standard Oxygen in Acute Hypoxemia Respiratory Failure. NEJM. 2026 Mar 17. Fisher & Paykel Healthcare contributed funding for this clinical study.
2 Serpa Neto A. Rethinking High-Flow Oxygen in Acute Hypoxemic Respiratory Failure. NEJM. 2026 Mar 17.
3 RENOVATE Investigators and the BRICNet Authors. High-Flow Nasal Oxygen vs Noninvasive Ventilation in Patients With Acute Respiratory Failure: The RENOVATE Randomized Clinical Trial. JAMA. 2025 Mar 11.
Fisher & Paykel Healthcare contributed product for this clinical study.
4 Baugh et al. 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.
5 Pneumonia: diagnosis and management (NG250). London: NICE. 2025 Sep 2.
6 Global Strategy for Prevention, Diagnosis and Management of COPD: 2026 Report.
Global Initiative for Chronic Obstructive
Lung Disease recommendation for
treating COPD
6
Another common cause of respiratory failure is
COPD, which is one of the top three causes of
death worldwide. Each year the Global Initiative
for Chronic Obstructive Lung Disease (GOLD)
publishes an evidence-based strategy document for
COPD diagnosis, management and prevention, with
citations from the scientific literature. The 2026
GOLD Report now recommends NHF as the “first
mode of ventilation in COPD patients with acute
hypoxemic respiratory failure.” This is a meaningful
addition in places where there is hesitation about
using NHF to treat COPD or unfamiliarity with the
benefits of NHF.

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Lewis Gradon
Managing Director and
Chief Executive Officer
TERM OF OFFICE:
Appointed April 2016, last re-elected
21 August 2025.
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 43-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.
Bachelor of Science – Physics
Anna Curzon
Non-executive director
TERM OF OFFICE:
Appointed February 2026.
Anna has more than 25 years of
experience in the technology and
financial services industries. Over her
career, she has served as Managing
Director NZ, Chief Partner Officer
and Chief Product Officer at Xero,
and she has held management or
advisory roles with a number of
other technology companies. Anna
is a director of Gallagher Holdings,
Kiwibank and Jade Software
Corporation. She chairs the board
of Atomic.io as well as the Regional
Economic Integration Working Group
of the APEC Business Advisory
Council.
Bachelor of Commerce,
Diploma in Commerce
COMMITTEE RESPONSIBILITIES:
Member, People and Remuneration
Committee
Our Board
Neville Mitchell
Chair and non-executive director
TERM OF OFFICE:
Appointed November 2018, last
re-elected 21 August 2025.
Appointed Chair on 28 August 2024.
Neville was Chief Financial Officer
and Company Secretary of Cochlear
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 and Risk Committee
Member, People and Remuneration
Committee
Member, Quality, Safety and
Regulatory Committee
Mark Cross
Non-executive director
TERM OF OFFICE:
Appointed October 2024,
elected 21 August 2025.
Mark chairs the boards of Chorus
and Vocus and is a director of Xero.
He is a former chair of Milford Asset
Management and a former director of
Accident Compensation Corporation,
Z Energy, Genesis Energy and
Argosy Property. Mark previously
held investment banking positions
with Deutsche Bank in Sydney and
London and Lloyds Corporate Finance/
Southpac Corporation in New Zealand,
where he was an advisor to companies
across a range of sectors.
Bachelor of Business Studies –
Accounting and Finance
COMMITTEE RESPONSIBILITIES:
Chair, Audit and Risk Committee

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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, Tait International 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 and Regulatory
Committee
Member, People and Remuneration
Committee
Dr Cather Simpson
Non-executive director
TERM OF OFFICE:
Appointed June 2022, last re-elected
21 August 2025.
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 President-Elect 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 deep-tech start-ups,
including Engender Technologies,
where she served as Chief Science
Officer from 2011 to 2021. She serves
on the board of the New Zealand
Institute for Advanced Technology,
a public research organisation.
PhD Medical Sciences, Bachelor of
Arts – Interdisciplinary Studies
COMMITTEE RESPONSIBILITIES:
Member, Quality, Safety and
Regulatory Committee
Dr Lisa McIntyre
Non-executive director
TERM OF OFFICE:
Appointed October 2021, last
re-elected 21 August 2025.
Lisa is a director of Medibank, The
University of Sydney, Studiosity
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 health and life sciences
companies in North America, Asia and
Australia.
PhD Physical Chemistry, Bachelor
of Science – Biochemistry and Pure
Maths
COMMITTEE RESPONSIBILITIES:
Chair, People and Remuneration
Committee
Member, Audit and Risk Committee
Graham McLean
Non-executive director
TERM OF OFFICE:
Appointed October 2023, elected
28 August 2024.
Graham is chair of CleanSpace
Technology and a director of the
Additive Manufacturing Cooperative
Research Centre. 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 and Risk Committee

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Lewis Gradon
Managing Director and
Chief Executive Officer
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 43-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 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

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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 ICT
management, product and
software development, and
systems engineering roles at
Fisher & Paykel Healthcare
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. Since joining
Fisher & Paykel Healthcare in
1997, she has worked with our
International Sales team 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.

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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.
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.

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What matters most
Material topics reflect the key areas which
are essential for us to operate our business
sustainably. They also inform how we identify
and manage risks, focus our efforts where they
matter most, and improve our performance.
Materiality assessment
During the 2026 financial year, we reviewed
our materiality assessment to refine and validate
our understanding of the issues most relevant
to our stakeholders. Our process involved the
following steps:
1
Reviewing our existing
materiality topics
Material topics assessed during the 2024 financial
year were reviewed in the 2026 financial year, as
part of our biennial assessment cycle. The review
took into account insights from internal processes
and policies, enterprise risk management outputs,
relevant sustainability frameworks, industry analysis,
and feedback from customers and shareholders.
2
Understanding our
business impacts
Independent consultant thinkstep-anz facilitated
internal interviews with our global leaders to
identify key business impacts and their significance,
including the following aspects:
• What do you see as the greatest risk and
opportunity for Fisher & Paykel Healthcare?
• What do you see as the most important thing
we could do to support and care for our people?
• Alongside ensuring patients receive the best
treatment, what do you see as the most
important things we can do to leave a positive
lasting impact on society and the environment?
3
Identifying our material topics
Insights from the internal interviews with global
leaders were then evaluated against our reviewed
2024 material topics to identify a refreshed list of
material topics.
4
Listening to our stakeholders
A survey was then conducted to validate our
updated material topics list with internal and
external stakeholders, including our Board,
senior management, shareholders, suppliers,
customers and clinicians. Participants were asked
to assess and rank material topics based on their
importance to our company.
Our updated material topics are set out on the
next page.
The 2026 financial year materiality assessment
resulted in clearer prioritisation and a more
cohesive list of 14 material topics. Governance and
management of material sustainability topics are
set out in the Operating Sustainably and Climate-
related Disclosures sections of this annual report.
This materiality assessment is 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.
Our stakeholders
EMPLOYEES
CLINICIANS
SUPPLIERS
CUSTOMERS
SHAREHOLDERS
COMMUNITIES

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Our material topics
FISHER & PAYKEL
HEALTHCARE
PATIENTS
OUR PEOPLE
SOCIAL
ENVIRONMENT
GOVERNANCE
HEALTH, SAFETY AND WELLBEING
Creating healthy and safe ways of working that
enable our people to thrive, underpinned by
leadership accountability, employee engagement
and a risk-based approach.
EMPLOYEE ATTRACTION,
DEVELOPMENT AND RETENTION
Sourcing, developing and retaining
the right people to support our current
needs and future growth.
LABOUR PRACTICES
Upholding human rights and good
labour practices.
CYBER SECURITY AND DATA PROTECTION
Cyber security and data privacy,
particularly patient data.
CORPORATE GOVERNANCE
Maintaining a high standard of corporate governance
and ethical conduct through sound business processes
and practices, and compliance with intellectual property,
legal and regulatory requirements.
PRODUCT QUALITY AND PATIENT SAFETY
Products we design and manufacture are safe for patients, deliver
consistent care and meet quality expectations.
HEALTHCARE SYSTEMS
Reducing strain on healthcare systems through better products
that deliver efficiency of care and improve outcomes for patients.
RESILIENT AND ETHICAL SUPPLY CHAIN
Managing our global supply chain, mitigating risk
(e.g. conflict minerals, labour issues), improving adaptability
and building resilience to support growth.
COMMUNITY IMPACT
Building long-term trusted relationships in our
local communities to create better outcomes for all.
ENVIRONMENTAL STEWARDSHIP
Operating our business efficiently and responsibly
while caring for the environment.
ECODESIGN
Innovating to enable a more sustainable future.
NURTURING OUR CULTURE
Fostering our unique culture of care, collaboration,
coaching and continuous improvement.
INNOVATION AND DISRUPTIVE TECHNOLOGY
Driving process, product and organisational innovation and
changing clinical practice, ahead of competitors.
SUSTAINABLE FINANCIAL PERFORMANCE
Financial controls, management and
integrity that support business operations
and enable sustainable, profitable growth.

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Sustainable development goals
Fisher & Paykel Healthcare supports the United Nations Sustainable Development
Goals (UN SDG). We are most closely aligned with Goal 3, Goal 8 and Goal 12, where we
believe we can make a positive difference to achieve a more sustainable future for all.
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 eight 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.
(This ambition has been renewed to extend
the target to 2030.)
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.

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Performance feedback
– culture of coaching
Fundamental to our way of working and helping
our people be better at what they do is our culture
of coaching. We encourage leaders and their team
members to have regular coaching conversations,
throughout the year, to recognise recent successes
and provide feedback on opportunities for
improvement. Such interactive discussions, held
in the moment, help to unlock solutions, embed
our culture and enable 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.
Connection & Contribution
Our people strategy is guided by an intent to have
good people who contribute the most they can
over the long term. Over the last three years, we
have developed our Connection & Contribution
(C&C) model to help measure if we are achieving
our intent. This model focuses on four key drivers
– an employee’s connection to the company, our
people, the work they do, and their opportunities
for learning and career growth. We measure C&C
through regular employee feedback alongside
reviewing key people data to provide a balanced
view of our environment and how our people feel
about working here. Our employee feedback results
show a very strong connection to the company’s
purpose and commitment to contributing to our
business in the future.
Our continuous improvement culture has driven
our approach, as it empowers those closest to the
work to drive solutions. It treats employee feedback
as one of several tools for managers and teams to
identify improvement opportunities. By having the
right work environment, we help our people realise
their potential and contribute to our growth over
the long term.
Rewarding our people
Our intent is 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 2026 financial year, the
total profit share pool amounted to $19 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 2026 financial year, over
200 eligible employees in the US and Canada
participated in the share purchase scheme, and in
New Zealand and Australia, more than 2,400 eligible
employees participated in the 2025 scheme offer.
In certain countries, additional benefits may include
superannuation, paid parental leave, 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
74-82.
Collective bargaining agreements
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 2026 financial year,
89% of our New Zealand manufacturing and site
operations employees and 60% of our Mexico
manufacturing and site operations employees
were covered by collective bargaining agreements.
In December 2023, Fisher & Paykel Healthcare
negotiated 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 April 2026, and this remains
valid for a year.

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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. We integrate health and safety
into everyday decision-making, supported by
clear governance, defined responsibilities and
consistent systems across our operations.
We ask our people to carry out their work with
care, be responsible and keep others healthy and
safe. We improve outcomes for our people, their
families, communities and the patients we serve
by continuously improving the way we work.
We are focused on learning from the way we work.
We maintain a balance of leading and lagging metrics
and monitor critical risk controls and our ability to
work safely every day. Our data provides insights that
inform action, helping us identify root causes and
drive ongoing improvement in how work is done.
Framework for health and safety
Our global health and safety framework is aligned
to ISO 45001 Occupational Health and Safety
Management Systems. The Quality, Safety and
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.
supporting more effective identification of underlying
system and work design factors. These initiatives
were complemented by ongoing occupational
health and ergonomics-focused education and
recertification of the Mexico facility under the
Entornos Laborales Seguros y Saludables (Safe
and Healthy Workplace Environments) programme,
reinforcing preventive health and safety practices.
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 2026 financial year, the New Zealand
health centre continued to strengthen preventive
and corrective occupational health processes,
including evaluating the national Accredited
Employer Programme.
At our Mexico campus, we held multiple health
promotion campaigns for our people during the year.
These included clinical health checks, eye checks, oral
health checks, cervical and breast cancer screening,
and influenza and measles vaccinations. We also
offered access to affiliated external medical and
rehabilitation clinics for specialised physiotherapy and
extended recovery services.
IN MEXICO, WE WERE RECERTIFIED IN THE SAFE AND HEALTHY
WORKPLACE ENVIRONMENTS VOLUNTARY PROGRAMME.
EMPLOYEES IN MEXICO PARTICIPATING IN A HEALTH CHECK
CAMPAIGN AT OUR TIJUANA CAMPUS.
Health and safety initiatives
Key initiatives during the 2026 financial year
included:
• Safety of Work maturity assessments
completed across major operations, including
New Zealand manufacturing and distribution,
Mexico manufacturing, Australia and selected
global distribution centres.
• Critical risk assessments completed across
multiple manufacturing, distribution, and
research and development environments
globally, with remaining sites progressing
through the process.
• Health and safety employee voice surveys
across New Zealand, North America, Europe and
Australia, with results reviewed and local action
plans developed.
• Task-based electrical safety assessments
completed within research and development
environments to better understand and control
specialist electrical risks.
• New global health and safety induction video
developed to support consistent onboarding and
reinforce leadership, employee engagement and
risk-based safety principles across regions.
Training on health and safety
Over the 2026 financial year, we conducted
targeted training across Mexico, New Zealand and
the wider global business, aligned to our refreshed
Health & Safety strategy and operating model, with
a strong focus on improving the Safety of Work by
enabling our teams to act as trusted advisors to
frontline operations. This included roll-out of a new
health and safety professional guide reinforcing
leadership accountability, employee participation
and risk-based decision-making.
In Mexico, more than 1,800 employees participated
in Health, Safety, Sustainability and Wellbeing
Week. Health and safety teams also focused on
lifting the quality of learning from incidents by
strengthening capability in incident investigation
and causation analysis methodologies (ICAM),

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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 products meet specifications
through robust manufacturing technology,
processes and controls. Our global 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.
Governance
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 and Regulatory Committee has
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 controls are in place to identify
and manage areas of material risk and maintain
compliance with applicable regulations.
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.
Our products are used to treat
millions of people around the world
each year, so they need to meet high
quality standards. We continuously
strive to improve our products and
their production to achieve the quality
and reliability that patients and
caregivers expect.
Product quality
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
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, suitability and
effectiveness. This includes the review and audit by
notified bodies and regulatory agencies, to ensure
continued compliance.
ENGINEERS CONDUCT PRODUCT TESTING IN THE LABORATORY
AS PART OF RESEARCH AND DEVELOPMENT.

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AN R&D TEAM AT A CLINICAL SIMULATION SESSION AT OUR EAST
TĀMAKI CAMPUS IN NEW ZEALAND.
The information we gather throughout the product
life cycle is also used to identify improvements to
our current and future products.
During the 2026 financial year, we issued one field
safety notice. This was issued in September 2025
in relation to our Airvo 2 and myAirvo 2 devices,
and communicated an update of the disinfection
kit user manual.
Regulatory clearance
for products
Over the years, medical device regulations and
standards have continued to evolve and expand.
This comes in response to rapid technological
advancement, and changes in regulator and patient
expectations.
Prior to sales and distribution in any country, our
products are verified and validated to demonstrate
safety and efficacy. They also 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 also 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 continuously enhance our regulatory
processes to maintain compliance and sustain
sales in our 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
84 active studies. Such clinical research shows the
impact of industry and healthcare providers working
together to improve patient care and outcomes.
Hospital simulations
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, we run simulations in
collaboration with universities and hospitals. In a
typical simulation, hospital caregivers demonstrate
a relevant task using our products, while our teams
practise the task, record and question the caregiver
to clearly understand their process.
Human factors engineering
Human factors engineering is a core
capability that underpins regulatory success,
product quality, and speed of development
for our medical devices. It generates user-
based evidence to deliver products that are
safe and easy to use, and right for users.
We gather this evidence by engaging
with users to understand what they do
and to empathise with their use context.
For example, simulated-use testing involves
observing representative users interacting
with our products in a realistic manner.
We then interview them for their experiences
and perspectives. These insights enable
usability issues and opportunities to be
addressed early.
Quality and timely user-based data is
strategically important as it facilitates good
decisions up front to save time later. Over the
2026 financial year, we expanded the range
of countries in which human factors testing is
conducted, grew our expertise in early-stage
formative testing in the US and strengthened
alignment with FDA expectations.
When applied effectively, human factors
engineering reduces development risk,
limits late-stage rework, and helps deliver
safe products to customers. We continue
to build this key competency as regulatory
expectations evolve.
WE INTERVIEW USERS AS PART OF HUMAN FACTORS
TESTING.

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
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Sustainable procurement framework
Our sustainable procurement framework, aligned
in principle to ISO 20400 Sustainable Procurement,
enables us to identify, monitor and address risk
(including modern slavery risk), and helps build
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,
managed by a specialist team, that enables
our suppliers to align with our framework and
fundamentals, Supplier Code of Conduct and
ESR Policy.
Our framework is managed by our Supply Chain
team, with our executive management team
providing oversight. The Audit and 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 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
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 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 of the
sustainability impacts relating to the materials
we source, our supply chain and sourcing
countries. We also undertake a specific risk
assessment to determine where the biggest
risk of potential modern slavery lies within our
supply chain.
OUR SUPPLY CHAIN TEAMS RECEIVE ONGOING TRAINING ON OUR SUSTAINABLE PROCUREMENT APPROACH AND FRAMEWORK.
Through these assessments we identify potential
ESR 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 on:
• Direct suppliers that provide products or
services used in our medical devices or in their
manufacturing
• Geographical supplier locations 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.

Suppliers that have enlisted
third-party verification to assess
their modern slavery processes
and risk mitigations and have set
environmental targets
EMBARKING
Suppliers at an early stage with
few or no policies focused on
social responsibility and
environmental sustainability
INTERMEDIATE
Suppliers with 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 within their
organisation and their supply
chain, and proactively improving
environmental sustainability
ADVANCED
Supplier categories
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Managing environmental and
social responsibility impacts
We review our complex supply chain on an
ongoing basis to assess environmental and
social responsibility impacts, applying a
sustainable risk-based approach.
Supplier categorisation
Categorising suppliers enables us to prioritise
our activities with them, and ensure sustainable
and responsible procurement practices.
We classify our suppliers based on their social
responsibility and environmental practices,
using our sustainable procurement framework.
Our supplier categories are outlined in the
visual below.
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 that identify and address
modern slavery risks within our supply chain
and aid our procurement decisions. We
understand these processes do not eliminate
the risk of modern slavery and remain
focused on raising awareness, assessing our
suppliers, and supporting them to address
modern slavery risks.
To determine the biggest risk of potential
modern slavery within our supply chain,
we cross-reference geographical supplier
locations against their prevalence of modern
slavery based on the most recent Global
Slavery Index.
While we source globally for our operations,
a large portion 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.
Support for our suppliers
We proactively measure the effectiveness of
our framework, and thus verify and validate the
environmental, social and ethical performance of
our suppliers. To support and ensure transparency,
our local teams 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 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.

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Key sustainable procurement
activities in FY26
• HOSTED our Supplier collaboration and
expo event in New Zealand
• CONDUCTED one-to-one engagements
with 52 suppliers
• UPGRADED 37 suppliers (including 8
Tier 2 suppliers) based on our supplier
categorisation criteria
• IDENTIFIED two suppliers with potential
non-compliance with local labour laws
regarding payment of wages for overtime,
exceeding maximum working hours and
safe working conditions. Some issues were
remediated within FY26, with development
plans in place for the remainder to be
completed during FY27
• COMPLETED development plans with
2 suppliers carried over from FY25
• CONTINUED mapping multiple tiers of
our supply chain and assessment of our
Tier 2 suppliers
• ROLLED OUT enhanced supplier
performance scorecard with strategic
metrics, including environmental and
social responsibility
Future focus
• EMBED supplier performance ratings within our
approved supplier materials database, making
this information accessible across the business
to support more informed decision-making
• STRENGTHEN contractual requirements to
reinforce expectations related to modern slavery
risk management
• DEVELOP digital tools to facilitate easier
collaboration with suppliers
• COMMENCE roll-out of digital learning resources
to educate suppliers on topics in our Supplier
Code of Conduct
• PROGRESS 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
Collaboration with our supply chain
We remain committed to building strong, long-term
partnerships with our suppliers – because together,
we create better outcomes for patients around
the world.
As part of our ESR engagement programme, we
collaborate with, learn from, educate and support
our suppliers to continuously improve performance
and raise standards across our global network.
Using our supplier categorisation as a baseline, the
programme assesses and supports Embarking and
Intermediate suppliers to progress and achieve a
Proficient status.
In addition, our supplier performance scorecard
assesses suppliers across key metrics, including
environmental and social responsibility. It is
embedded into regular supplier business reviews
to support informed procurement decisions.
Supplier event
Partnering with our suppliers is crucial to verify
and validate our environmental, social and ethical
performance and theirs, so we can continuously
improve this.
This year’s Supplier event brought together
nearly 50 of our valued local and international
suppliers at our East Tāmaki campus in Auckland,
where they had the opportunity to connect face-to-
face with our teams – reinforcing the theme of the
event: Collaboration.
Our suppliers gained insights into our
strategic direction from senior leaders, and we
acknowledged their contributions and progress in
helping us achieve these goals.
We presented recognition awards to appreciate the
achievements of our suppliers, including two new
award categories for innovation and performance.
The supplier expo was once again a highlight,
showcasing a wide range of products, capabilities
and sustainable initiatives to the wider business,
and facilitating in-person discussions with our
suppliers.
AT OUR 2025 SUPPLIER EVENT, WE COMMENDED AND
RECOGNISED OUR SUPPLIERS’ PROGRESS AND ACHIEVEMENTS.

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Speak Up Procedure
We have a global Speak Up Procedure (or whistle
blowing/protected disclosures procedure) that
can be used by our suppliers to report potential
unethical or illegal behaviour. Reports can be
made confidentially to internal Speak Up Officers
or through an independent reporting system
managed by Deloitte. 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 we 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.
Policies and procedures to assist
sustainable procurement
We have a number of policies and procedures
that support our approach to sustainable
procurement. More information on some of these
procedures is provided in the Governance section
on pages 57-70.
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, including
when working with our suppliers.
Supplier Code of Conduct
Our Supplier Code of Conduct reflects our values
and expectations for 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 applicable 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.
WE CONNECT WITH OUR SUPPLIERS REGULARLY ON
ENVIRONMENTALLY AND SOCIALLY RESPONSIBLE
BUSINESS PRACTICES.

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As a company, we focus on building long-term
relationships that deliver shared value in the
communities where we have a large presence.
This includes building sustainable partnerships,
promoting STEM education and supporting
local communities.
Caring for our communities
Both in New Zealand and around the world,
our teams support a range of initiatives to build
connections and demonstrate care for their
local communities.
Mana whenua partnerships
In New Zealand, Fisher & Paykel Healthcare
supports mana whenua (recognised Māori tribal
groups in Auckland) 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. Our efforts are focused on protecting
land and waterways and honouring the history and
heritage of the sites where we operate.
During the 2026 financial year, Ngāi Tai ki Tāmaki
provided input into the design of our fifth building
under construction and a heritage walkway at our
East Tāmaki campus.
Ngāti Te Ata Waiohua, Ngāti Tamaoho and Te Ākitai
Waiohua engaged in planning for our future
campus at Karaka, and collaborated in planting,
pest control, baseline testing for local fauna and
improving waterways on site.
We are committed to supporting
our local communities and fostering
trusted, long-term relationships to
achieve better outcomes for all.
Communities
NGĀTI TE ATA WAIOHUA’S EXPERT PLANTING AND TRAPPING
TEAM WITH OUR SUSTAINABILITY TEAM ON SITE AT
KARAKA, AUCKLAND.
DESIGN INPUTS FROM NGĀI TAI KI TĀMAKI WILL ENHANCE THE
FIFTH BUILDING AND A HERITAGE WALKWAY AT OUR CAMPUS IN
EAST TĀMAKI, AUCKLAND.
EXECUTIVE WORKING GROUP AT PAPAKURA MARAE,
SOUTH AUCKLAND.
During the 2026 financial year, an executive
working group in New Zealand participated in
six wānanga – forums for learning and dialogue
– to deepen understanding of how we can meet
our obligations to local communities under
Te Tiriti o Waitangi.
STEM education
This year, we hosted campus tours in New Zealand
for students from Youth Without Borders,
Pukekohe High School, Tuakau College, Waiuku
College, Tipene College, Rotary Club and Auckland
University’s South Pacific Indigenous Engineering
Students Association. These tours help build an
awareness of employment pathways for students
interested in science, technology, engineering and
mathematics (STEM) subjects.

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Local community initiatives
Our people based outside New Zealand select and
sponsor local community initiatives that connect
to our purpose. Below are some highlights of their
activities during the 2026 financial year.
In Mexico, our teams donated clothes, personal
hygiene items and baby supplies to the Center for
Women’s Justice, which provides psychological
care, legal counselling, and long-term shelter for
women who are victims of violence. They also
provided a generous supply of backpacks, clothes,
shoes and toys to the Instituto Madre Asunta, which
shelters refugee, migrant and deported women and
their children.
In the United States, Fisher & Paykel Healthcare is
the exclusive sponsor of The PHIL Award by the
FACES Foundation. The Foundation is a nonprofit
organisation that promotes professional excellence
in pulmonary care by recognising outstanding
education and care of patients with life-threatening
respiratory illnesses. This year, the PHIL Award was
presented to 69 registered respiratory therapists
for their exceptional work in improving patient
IN MEXICO, OUR TEAMS DONATED ESSENTIAL CHILDREN’S ITEMS
TO THE INSTITUTO MADRE ASUNTA.
outcomes. Members of our US team volunteered
at a sports event for military veterans living with
disabilities and donated toys and books to the
Operation Santa Claus programme in Orange
County, California.
In Australia, our teams raised awareness and
funds for Movember, a charity that advocates for
men’s mental health, suicide prevention, prostate
and testicular cancer. The team also donated
canned goods and toiletries to The Salvation
Army’s Christmas appeal to support underserved
local communities.
In India, our teams made significant donations
to Kritagyata Trust and Sparsha Trust to support
education and child welfare. Team members also
volunteered at Kritagyata Trust organising art and
craft sessions.
OUR US TEAM MEMBERS VOLUNTEERED AT THE 2025 VETERANS
SUMMER SPORTS CLINIC HELD AT SAN DIEGO, CALIFORNIA.
DELIVERING DONATIONS OF CLOTHES AND PERSONAL CARE
ITEMS TO THE CENTER FOR WOMEN’S JUSTICE IN TIJUANA,
MEXICO.
OUR TEAM MEMBERS IN INDIA ENCOURAGING ART AND
CREATIVITY FOR CHILDREN AT KRITAGYATA TRUST IN BENGALURU.

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2025 SUMMER STUDENTSHIP RECIPIENTS AT THE WELCOME
CEREMONY AT KIDZ FIRST CHILDREN’S HOSPITAL IN SOUTH
AUCKLAND.
Fisher & Paykel Healthcare
Foundation
In New Zealand, community giving activities are
coordinated and funded by the Fisher & Paykel
Healthcare Foundation. Since its establishment
in 2021, the Foundation has provided grants and
donations of more than $5 million.
The Fisher & Paykel Healthcare Foundation aims to
support healthier communities through investing
in rangatahi (young people) and its focus is on
enabling pathways into STEM careers.
During the 2026 financial year, the Fisher & Paykel
Healthcare Foundation provided $1.5 million in
grants and donations through ongoing partnerships
with 11 organisations, local iwi (Māori tribes) and a
South Auckland high school.
Contributing to health research
The Foundation continued to support the Māori Child
Health Research Collaborative in its goal of enabling
equitable health outcomes for Māori children. In
the fifth year of this partnership, the Foundation
funded six Māori and Pacific medical students
to undertake equity-based research projects, as
part of the summer studentship programme at
Kidz First Children’s Hospital in South Auckland.
Research topics included use of artificial intelligence
for pregnancy and parenting support, antenatal
immunisation for pertussis, and the Lungs4Life
programme identification of bronchiectasis.
Partners of the Foundation
The Foundation partners with
community organisations that are
aligned with its purpose of supporting
healthier communities.
STUDENTS OF FERGUSSON INTERMEDIATE SCHOOL (RIGHT) AT
THEIR FIRST NATIONAL ROBOTICS COMPETITION.
Promoting education
Since 2021, the Foundation has partnered with
Kiwibots to foster a passion for robotics and STEM
education among young people. This year’s funding
enabled four South Auckland schools to receive
VEX educational robotics equipment.
The Fisher & Paykel Healthcare Foundation also
partners with First Foundation, an organisation
that provides scholarships to bright students
whose circumstances make it hard to attend
university. Since 2021, the Foundation’s funding
has supported nine scholars through their first
few years of university, alongside a paid internship
at Fisher & Paykel Healthcare over the summer.
Funding for mana whenua
The Foundation provided funding to select
mana whenua initiatives to strengthen partnerships
and support community health and wellbeing.
More information about the activities of the
Fisher & Paykel Healthcare Foundation can be
found on its website.
$1.5M
IN GRANTS AND DONATIONS
DURING FY26
14
COMMUNITY
ORGANISATIONS
SUPPORTED

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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 several
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 2026.
Speak Up Procedure
Our Global Speak Up Procedure (or whistleblowing/
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 or Supplier
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.
Anti-bribery and corruption
In the course of our business, we interact with a
wide range of government officials and private
sector individuals and businesses, including
government regulators, inspection authorities and
healthcare professionals.
We are committed to ensuring that
the company maintains a high standard
of corporate governance and ethical
conduct, through our framework,
processes and practices that guide
our business and operations.
Governance
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 March 2026. 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 referred to below can be found in the
corporate governance section of our website:
www.fphcare.com.

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We do not tolerate bribery, corruption, kickbacks
or other types of improper benefits, whether
committed by our own people or by anyone we
deal with.
Most of the countries in which we operate have
strict anti-bribery and corruption laws that apply
to our interactions with public officials. Failing
to comply with these laws could have serious
consequences for us, both as individuals and as an
organisation. In some cases, these consequences
could include criminal charges. We have processes
in place for assessing anti-bribery and corruption
risks and we implement measures to mitigate
these risks.
Our Code of Conduct sets out our expectations for
all employees in combating bribery and corruption.
We never offer or accept (or ask a third party to
offer or accept) bribes, illegal facilitation payments,
secret commissions or kickbacks to or from any
person. These rules apply to all our business
activities, including any interactions we may have
with government officials or with any private
person or business, either locally or overseas.
The Code requires that where we suspect bribery
or corruption, either by our own people or by
any of our suppliers, customers or other business
partners, we report it immediately.
During the year ended 31 March 2026, the company
is not aware of any instances of corruption or of
incidents in which employees were dismissed or
disciplined for corruption.
Policy influence
We are, from time to time, involved in discussions
with various governmental or regulatory agencies
in relation to existing or proposed legislation. While
we are members of various trade associations, as
set out on pages 163-164 of this report, we prefer
to engage directly with regulatory bodies on any
legislative matters that may relate to our business.
The company has a policy that it does not make
political donations.
Over the last year, we have continued to work with
New Zealand’s Ministry of Health – Manatū Hauora
and industry associations to provide expertise
in relation to New Zealand’s proposed Medical
Products Bill, as it relates to medical devices.
We have continued engagement on the proposed
Patents Amendment Bill, including participating in
the Select Committee hearings.
Interactions with
healthcare professionals
As we are a medical device business, we must
comply with laws and regulations on interacting
with healthcare professionals in various countries
around the world. It is critical that our activities
do not improperly influence the medical decisions
of healthcare professionals or the purchasing
decisions of entities that buy our products.
Our Interactions with Healthcare Professionals
Procedure ensures that we act ethically and legally
in our interactions with healthcare professionals,
comply with all applicable laws, and do not provide
improper benefits or inducements to healthcare
professionals. We provide training to employees
on this procedure.
Ethical research
and clinical trials
We have formal procedures in place to ensure
that we adhere to the International Council for
Harmonisation Good Clinical Practice (GCP)
standards during all clinical investigations we carry
out. GCP standards cover the design, conduct,
recruitment, recording and reporting of clinical
investigations that involve the participation of
human subjects.
Our procedures have also been compiled based
on the ISO 14155:2020 standard for Clinical
investigation of medical devices for human subjects
– Good clinical practice, the EU Medical Device
Regulation and the principles in the Declaration
of Helsinki.
These procedures are designed to ensure that
the data and reported results of all clinical trials
are credible and accurate and that the rights,
integrity and confidentiality of trial participants
are protected.
Animal research and testing
We are committed to animal welfare and believe
that animal research and testing should only
be undertaken when there is good reason to
believe the research or testing will enhance the
maintenance or protection of human health.
We apply the principles of Replacement, Reduction
and Refinement to evaluate whether there is
good reason to participate in or observe animal
testing and research. We sometimes participate in
or observe animal research and testing to assess
safety or biocompatibility and obtain worldwide
regulatory clearances. This includes animal testing
on rabbits, pigs, guinea pigs, mice and sheep.
Wherever possible, we look for alternatives such
as in vitro or analytical chemistry testing, which do
not require the use of laboratory animals. We take
great care to minimise the risk of duplicate testing
of our products.
In the limited occasions where animal research
and testing is observed or undertaken, we ensure
that any external third party engaged to carry out
animal research or testing has appropriate animal
welfare accreditations (such as the Association
for Assessment and Accreditation of Laboratory
Animal Care International (AAALAC) or the Ministry
for Primary Industries (NZ)) and that all applicable
portions of study protocols are conducted in
accordance with regulations and guidelines
regarding animal care and welfare.
Sustainable tax strategy
Collecting and paying tax is an important
contribution to the communities in which we
operate. In support of our overall business strategy
and objectives, we pursue a tax strategy that is
principled, transparent and sustainable.

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Our Group’s tax contribution includes paying
corporate income taxes, employment-related taxes
and other taxes that we pay or collect on behalf of
governments. We support the OECD Business and
Industry Advisory Committee (BIAC) Statement
of Tax Principles for International Business and
have endorsed these principles in our published
Group Tax Strategy, which was last reviewed and
approved by our Board in November 2025.
Our tax strategy sets out our approach to tax
governance and tax management and is aligned
with our low appetite for tax risk. Its primary
purpose is to ensure that we comply with all our tax
obligations, undertake all transactions with a clear
business and commercial purpose considering all
our stakeholders, and have an open and transparent
relationship with tax authorities.
Our business model is centred in New Zealand, and
the majority of our taxes are paid in New Zealand.
Most of our manufacturing activities and tangible
assets are located in Auckland. All our R&D is
performed in New Zealand, and the associated
intellectual property is owned in New Zealand
as well.
External auditor independence
We are committed to ensuring the quality and
independence of the external audit process.
PricewaterhouseCoopers (PwC) has been the
company’s external auditor since our stock
exchange listings in 2001. We require the audit
partner to rotate every five years, with the most
recent rotation occurring in the 2024 financial year
to be Indumin Senaratne (Indy Sena).
A full, competitive audit firm request for proposal
(RFP) process was conducted in 2016, with all
major firms participating. This assessed respondents
on key criteria including audit approach and
methodology, internal governance processes, global
resources and capability, key personnel and cost.
PwC was the successful audit firm through that
process and was reappointed as the company’s
external auditor. Since that reappointment, PwC
has had three separate lead audit partners. On an
annual basis, the Board and senior management
also conduct an internal effectiveness review of
the external auditor. Our Audit and Risk Committee
continues to review auditor independence, and
more information about this process is available
on our website: www.fphcare.com.
The Board
The Board plays a vital role in overseeing our
strategic direction. Strong governance from a
diverse and experienced Board ensures we can
achieve our aims of improving patient care and
outcomes through inspired and world-leading
healthcare solutions, thereby sustainably increasing
shareholder value.
The biography of each Board member, including
each director’s skills, experience, expertise and term
of office, is set out in the section, Our Board.
Role of the Board
The Board is ultimately responsible for our strategic
direction. The specific roles and responsibilities
of the Board, and the Board’s procedures, are set
out in detail in our Board Charter, available on our
website: www.fphcare.com. In summary, the Board
is elected by our shareholders to:
• approve the company’s business strategies and
objectives
• oversee management in its implementation of
the company’s strategic objectives, instilling of
the company’s values and performance generally
• review and approve budgets and business plans
• approve our remuneration policy and other
policies and procedures governing the way we
operate our business
• provide governance of internal decision-making
and management.
The Board delegates management of the day-to-
day affairs and responsibilities of the company to
the CEO and executive management to deliver the
strategic direction and goals approved by the Board.
The specific responsibilities delegated to executive
management are recorded in the Board Charter.
The Board regularly reviews and assesses our
governance structures, policies and procedures
to ensure these meet all legal requirements and
ensure we maintain the trust of our customers,
suppliers and communities. The Board Charter was
last updated in September 2024.
Nomination and appointment of
directors
The number of directors is determined by
the Board, in accordance with the company’s
constitution. The constitution requires that there
are at least four directors, and no more than
nine directors, and governs the process for the
appointment and removal of directors.
A director is appointed by ordinary resolution of
the shareholders, although the Board may fill a
casual vacancy.
Under the NZX Listing Rules, a director must
not hold office (without re-election) past the
third annual meeting following the director’s
appointment or three years, whichever is longer.
A director appointed by the Board must not hold
office (without re-election) past the next annual
meeting following the director’s appointment.
When searching for and nominating candidates
to act as a director, the People and Remuneration
Committee takes into account such factors
as it deems appropriate, including diversity of
background (considering factors such as gender,
ethnicity, cultural background, sexual orientation
and age), experience and qualifications of the
candidate, independence and the Board skills
matrix. The Committee may use external search
firms to assist with locating possible candidates
and gathering relevant information.
When considering the re-election of an existing
director, the People and Remuneration Committee
will also consider the length of service of the
director, and the director’s performance on the
Board to date. It is the Board’s general expectation
that a non-executive director will hold office for
an aggregate period of approximately nine years

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60Fisher & Paykel Healthcare | ANNUAL REPORT 2026
(including re-elections), though there may be
circumstances when it will be appropriate for
directors to have tenures shorter or longer than this.
We undertake a number of checks before
appointing a director and putting forward to
shareholders a candidate for election as a director.
We ensure shareholders are provided with all
relevant information to inform their decision on
whether to elect or re-elect a director.
At the annual shareholders’ meeting (ASM) on
21 August 2025, Neville Mitchell, Lewis Gradon,
Lisa McIntyre and Cather Simpson retired by
rotation and being eligible, offered themselves
for re-election and were re-elected to the Board.
At the ASM, Mark Cross also offered himself for
election as a director and was elected to the Board.
In January 2026, the company announced the
appointment of Anna Curzon to the Board. Anna
joined the Board on 1 February 2026, to fill the
vacancy left by Pip Greenwood’s retirement.
More details relating to the nomination and
appointment of directors are outlined in the
Procedure for Selection and Appointment
of Directors available on our website:
www.fphcare.com.
Board diversity and skills
A diverse Board allows the company to benefit
from a range of different perspectives, which leads
to healthier debate and decision-making. As we
operate in specialised international markets, the
Board believes that it is important to have members
with diverse backgrounds, experience and skills.
The Board has set itself a gender diversity objective
to have not less than 30% of its directors being male
and not less than 30% of its directors being female.
As at 31 March 2026, 38% of the company’s directors
are female. The Board also believes that the tenure
of each of its members is important as it seeks to
balance independent, institutional knowledge gained
through length of service and the importance of
fresh perspectives in decision-making.
The table above summarises the current key skills,
experience and tenure of the Board.
Written agreements with directors
Upon appointment, non-executive directors are
issued a letter setting out the terms and conditions
of their appointment. This includes information
about their role and duties, time commitments,
term of appointment, remuneration and insurance,
access to information, and disclosure and
compliance obligations. A copy of the standard
form of this letter is available on our website:
www.fphcare.com. The Chief Executive Officer has
an employment agreement setting out his role and
conditions of employment. Further information
about the remuneration of directors is set out in
the Remuneration section of this report.
Directors’ and officers’ insurance and
indemnity
The Group has arranged, as provided for under the
company’s constitution, policies of directors’ and
officers’ liability insurance which, with a Deed of
Indemnity entered into with all directors, ensure
that generally directors will incur no monetary
loss as a result of actions undertaken by them as
directors. Certain actions are specifically excluded,
for example, the incurring of penalties and fines
which may be imposed in respect of breaches of
the law.
Independence of directors
We are committed to ensuring that a majority of
directors are independent of the company, and
do not have any interests, positions, associations
or relationships which might interfere, or might
be seen to interfere, with their ability to bring
independent judgement to the issues before
the Board.
Skills and experience
Neville
Mitchell
Lewis
Gradon
Mark
Cross
Anna
Curzon
Michael
Daniell*
Lisa
McIntyre
Graham
McLean
Cather
Simpson
Financial acumen
✓✓✓✓✓✓✓✓
Sales/Marketing
✓✓✓✓✓✓✓
Engineering/
Science/Technology/
Manufacturing
✓✓✓✓✓✓✓
Medicine/Medical
Device
✓✓✓✓✓✓
Legal/Regulatory
✓✓✓✓✓
Governance
✓✓✓✓✓✓✓✓
International
Business Experience
✓✓✓✓✓✓✓✓
Tenure (years)7.4101.50.224.44.52.53.8
* Michael Daniell was appointed as a non-executive director on 1 April 2016 following his retirement as Managing Director and Chief Executive Officer.

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The Board has regard to a number of factors,
including those described in the NZX Corporate
Governance Code, when assessing the
independence of directors. After consideration of
these factors, the company is of the view that:
1. Lewis Gradon is a director who is currently
employed in an executive role by the company.
2. Michael Daniell is a director who was employed
in an executive role by the company until 31
March 2016.
3. No non-executive director is currently deriving,
nor has derived within the last 12 months, a
substantial portion of their annual revenue from
the company.
4. No director currently holds, nor has held within
the last 12 months, a senior role in a provider of
material professional services to the company
or any of its subsidiaries.
5. No director is currently, nor was within the last
three years, employed by the external auditor to
the company or any of its subsidiaries.
6. No director currently has, nor has had within the
last three years, a material business relationship
(such as a supplier or customer) with the
company or any of its subsidiaries.
7. No director is a substantial shareholder of
the company, nor a senior manager of, nor
otherwise associated with, a substantial
shareholder of the company.
8. No director has, or has had within the last three
years, a material contractual relationship with
the company or another Group member other
than as a director of the company.
9. No director has close family ties or personal
relationships (including close social or business
connections) with anyone in the categories
listed in point 6.
10. Other than Michael Daniell, no director has held
the position of director of the company for a
period of 12 years or more. With his 24-year
tenure, Michael Daniell’s continued presence
on the Board as a non-independent director
is considered highly advantageous to the
company, given the unique depth of his medical
device expertise and governance experience.
Based on these assessments, the Board considers
that, as at 31 March 2026, a majority (six) of the
directors are independent, namely Neville Mitchell
(Board Chair), Mark Cross, Anna Curzon, Lisa
McIntyre, Graham McLean and Cather Simpson,
and that Michael Daniell and Lewis Gradon are not
independent.
Induction and continuing
development of directors
A formal induction programme is provided to
new directors to ensure that they have a working
knowledge of our business. The programme
includes one-on-one meetings with management
and a tour of our R&D and manufacturing facilities.
All directors are regularly updated on relevant
industry and company issues. From time to time,
the Board may also undertake educational trips
to receive briefings from customers and visit
operations of the company outside of New Zealand.
There is an ongoing programme of presentations to
the Board by all business units.
All directors attend training sessions to remain
current on their duties as directors. The
company also arranges training for directors and
management on specific issues as the need arises.
Board performance
We have a Performance Evaluation Procedure
which relates to the performance of the Board, the
Board Committees and individual directors. The
Performance Evaluation Procedure is available on
our website: www.fphcare.com. The Procedure,
in accordance with the Board Charter, requires
the Board to undertake a two-yearly performance
evaluation of itself that:
• compares the performance of the Board with
the requirements of the Board Charter
• reviews the performance of the Board
Committees and individual directors
• effects any improvements to the Board Charter
deemed necessary or appropriate.
An external consulting company facilitated the
Board’s performance evaluation between May
and August 2022, surveying Board and executive
management on a range of items including strategy
and planning, company oversight, engagement
with management, stakeholder engagement, board
culture, capability, and succession planning.
In 2024 it was agreed that given the Board had
appointed a new Chair, the performance evaluation
for 2024 would be conducted by the Chair of the
Board engaging in one-on-one discussions with
individual directors and implementing any required
changes. An external consulting company has
been engaged to facilitate a Board performance
evaluation in 2026.
Our executive management are also subject to
regular performance and contribution reviews,
which occurred during the 2026 financial year. The
performance and contribution of senior executives
is reviewed regularly through ongoing discussions
with the CEO.
Board committees
The Board has three permanent committees which
support the Board by working with management
on relevant issues at a suitably detailed level and
then report back to the Board. Committees and
their members as at 31 March 2026 are:
Audit and Risk Committee
Members: Mark Cross (Chair), Lisa McIntyre,
Graham McLean and Neville Mitchell.
All members are independent, non-executive
directors.

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People and Remuneration Committee
Members: Lisa McIntyre (Chair), Anna Curzon,
Michael Daniell and Neville Mitchell.
All members are non-executive directors, and
three of the four members (including the Chair)
are independent.
Quality, Safety and Regulatory Committee
Members: Michael Daniell (Chair), Cather Simpson
and Neville Mitchell.
All members are non-executive directors, and two
of the three members are independent.
Each Committee has a charter setting out
its objectives, procedures, composition and
responsibilities. A summary is set out on this page,
and copies of these charters are available on our
website: www.fphcare.com.
The Board may, from time to time, establish other
committees for specific purposes.
About the Audit and Risk Committee
The primary function of the Audit and Risk
Committee is to assist the Board in fulfilling its
responsibilities relating to the company’s risk
management and internal control framework,
the integrity of its financial reporting, and
the company’s internal and external auditing
processes and activities. The Committee also
assists the Board in monitoring and reporting the
company’s strategies, activities and performance
regarding sustainability, social responsibility
and the environment. The Committee has an
annual work plan and reports to the Board, which
enables it to properly and regularly inform the
Board on significant financial matters relating to
the company.
Employees and external auditors are invited to
attend meetings when it is considered appropriate
by the Committee. At least once per year, the
Committee meets with the auditors without
any representatives of management present
and is encouraged to seek advice from external
consultants or specialists where the Committee
considers that necessary or desirable.
The Audit and Risk Committee closely monitors
financial reporting risks in relation to the
preparation of the financial statements. The
Committee, with the assistance of management,
works to ensure that the financial statements are
founded on a sound system of risk management
and internal control and that the system is
operating effectively in all material respects in
relation to financial reporting risks. As part of this
process, before the company’s financial statements
are approved, the CEO and CFO are required to
state in writing to the Board that, to the best of
their knowledge, the company’s financial reports
present a true and fair view of the company’s
financial condition and operational results and
are in accordance with the relevant accounting
standards, and those reports are founded on a
sound system of risk management and internal
control which is operating effectively.
About the People and Remuneration
Committee
The People and Remuneration Committee’s role
is to oversee and regulate remuneration and
organisation matters of the company, including
reviewing and monitoring the company’s human
resources strategy, reviewing remuneration and
benefits policies, monitoring company performance
against the Diversity, Equity & Inclusion Procedure,
and reviewing performance objectives and
remuneration of the company’s CEO and senior
executives. It also seeks advice on and recommends
director remuneration structure and recommends
director appointments and director succession
planning to the Board, aiming to ensure there is a
range of skills, experience and diversity represented
on the Board.
About the Quality, Safety and Regulatory
Committee
The objective of the Quality, Safety and Regulatory
Committee is to assist the Board in fulfilling its
responsibilities relating to the oversight of the
company’s quality management system and health
and safety risk management system. As part of the
company’s internal audit function, regular quality
system-specific internal audit reports are received
by the Committee.
For more details on our internal audit processes
and our quality management system, refer to
page 46 of this report.
Board and committee meetings
Normally, the Board holds eight formal meetings
a year. One of those meetings is typically focused
on reviewing the company’s annual business plan
and budget, and at a separate meeting the long-
term strategic plan is considered. The Board also
meets with senior executives to consider matters of
strategic importance. At the company’s ASM held
on 21 August 2025, all the then-serving directors
were in attendance.
Committees generally meet three or four
times per year, or as required to carry out their
responsibilities, and report to the Board following
each meeting.
Details of attendance at Board and Committee
meetings during the year ended 31 March 2026 are
set out in the table on the next page.

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65Fisher & Paykel Healthcare | ANNUAL REPORT 2026
Reporting and disclosure
We are committed to the promotion of investor
confidence by ensuring that the trading of our
shares takes place in an efficient, competitive
and informed market. We believe that evenly
balanced disclosure is fundamental to building
shareholder value and earning the trust of
employees, customers, suppliers, communities
and shareholders.
Continuous disclosure
Our Market Disclosure Procedure establishes our
procedures for meeting our continuous disclosure
obligations and is available on our website:
www.fphcare.com. This Procedure explains
the respective roles of directors, officers and
employees in complying with continuous disclosure
obligations, confidentiality of information, external
communications with analysts and shareholders,
and responding to rumours and market speculation.
The Disclosure Committee, comprising the CEO,
CFO, VP – Corporate and General Counsel, and
the Disclosure Officer, being the VP – Corporate or
alternatively the General Counsel, are responsible
for administering compliance with our Market
Disclosure Procedure, including continuous
disclosure obligations. Market disclosure requires
the approval of either the Board or the Disclosure
Committee, depending on the circumstances.
The Market Disclosure Procedure was last updated
in March 2026.
Company policies
We have policies and procedures in place to ensure
we conduct our business with integrity, and in a
legally, ethically and socially responsible manner.
Key governance documents including our Board
and Committee Charters, Corporate Governance
Policy, Code of Conduct, Diversity, Equity &
Inclusion Procedure, Health & Safety Procedure,
Market Disclosure Procedure, Remuneration
Procedure (Summary) and Securities Trading
Procedure are all available on our website:
www.fphcare.com.
Financial reporting
We are committed to reporting our financial
information in an objective, balanced and clear
manner. Financial results are reported in this
annual report in accordance with the New Zealand
equivalent of International Financial Reporting
Standards. This annual report includes detailed
financial commentary and notes to the financial
statements which explain any changes to
financial reporting.
This annual report also includes comments
from the Chair and CEO on strategic progress,
performance during the year and progress towards
our strategic objectives. It explains how we deliver
value for shareholders and how key performance
indicators, such as revenue, profit, constant
currency information, dividend growth and gearing,
are used to link results to our strategy.
We ensure that financial information reported in
investor presentations, company overviews and
other documents is portrayed in an accurate, fair
and understandable format.
Other reporting
We are committed to transparent reporting of
non-financial objectives, such as environmental,
social and governance (ESG) factors, as well as risk,
health and safety, and business strategy. Our annual
report references the guidelines and principles set
out by the Global Reporting Initiative (GRI) and
includes a GRI-referenced content index which
can be found at the end of this report. This report
also contains our Climate-related Disclosures in
accordance with the External Reporting Board’s
Aotearoa New Zealand Climate Standards, which
can be found on pages 85-118.
Shareholder and company
information
The company has in place an investor relations
programme to facilitate effective two-way
communication with investors. We aim to build
strong relationships with our shareholders and
investors based on integrity, transparency and trust.
Our intention is to provide shareholders with all
relevant information about the company to enable
them to actively engage with us and exercise their
rights as shareholders in an informed manner.
Shareholder communications
Our Shareholder Communications Procedure
facilitates communication with shareholders
through written and electronic means, and by
facilitating shareholder access to directors,
executive management and our auditors.
This procedure is available on our website:
www.fphcare.com.
We communicate with shareholders through the
following channels:
• investor section of our website
• annual report
• interim report
• annual shareholders’ meeting (ASM)
• webcasts
• regular disclosures on company performance
and news
• disclosure of presentations provided to analysts
and investors during regular briefings, meetings
and roadshows.
Our website
Our website is a core component of our
shareholder communications. We include on
our website a range of information relevant to
shareholders and others concerning the operation
of the company.

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We provide a webcast of our ASM and
management presentations of financial results.
Webcast details are published on the NZX and ASX
before the event so that shareholders and other
interested parties may participate.
We encourage shareholders to receive their
shareholder communications electronically to help
reduce our environmental footprint and costs.
Direct communication
Shareholders may, at any time, direct questions
or requests for information to directors or
management through our website or by contacting
the relevant officer in charge of investor relations.
These contact details are available on our website:
www.fphcare.com.
We have a comprehensive communication
framework in place so shareholders can receive
communications in a manner that best suits them.
We provide shareholders with the option to receive
communications from, and send communications
to, us and our share registrar electronically.
We offer shareholders the ability to attend our
ASM in person or digitally, including the option
to ask questions through a virtual tool, and to
vote electronically.
ASM and shareholder voting
Our next ASM will be held online at
www.virtualmeeting.co.nz/FPH26 and in person at
our East Tāmaki campus in the Daniell Building, 15
Maurice Paykel Place, East Tāmaki, Auckland, New
Zealand on Tuesday, 25 August 2026 commencing
at 2.00pm (NZST).
Notice of the ASM will be released to the NZX
and ASX and posted on our website, along with a
meeting guide, at least 20 working days prior to
the meeting. We encourage active participation by
shareholders at the ASM, and shareholders may
present questions to engage with the Board and
executive management.
Shareholders have the right to vote on major
decisions which may change the nature of the
company. Each shareholder has one vote per
ordinary share they own in the company, equally
with other shareholders, and may vote at a meeting
in person, or by proxy, representative or attorney.
We offer an electronic voting facility to allow
shareholders to vote ahead of the meeting without
having to attend or appoint a proxy.
Share information
Stock exchange listing requirements
The company’s shares were listed on the NZX Main
Board on 14 November 2001 and on the ASX on
21 November 2001. On 20 June 2016 the company
changed its admission category to an ASX Foreign
Exempt Listing. As part of this change, the
company is still required to comply with the NZX
Listing Rules but is not required to comply with
many of the ASX Listing Rules. For the purposes of
ASX Listing Rule 1.15.3, the company confirms that
it continues to comply with the NZX Listing Rules.
For the purposes of NZX Listing Rule 3.7.1(h), the
company confirms that there has been no public
exercise of powers by the NZX under NZX Listing
Rule 9.9.3.
Current on-market share buy-back
There is no current on-market buy-back of the
company’s ordinary shares. During the year ended
31 March 2026, none of the company’s ordinary
shares were purchased on-market under or for
the purposes of an employee incentive scheme or
to satisfy the entitlements of holders of options
or other rights to acquire ordinary shares granted
under an employee incentive scheme. The company
does not have any restricted securities or securities
subject to voluntary escrow on issue.
Incorporation and limitations on the
acquisition of shares
The company is incorporated in New Zealand and
is not subject to Chapters 6, 6A, 6B and 6C of
the Australian Corporations Act 2001. In general,
securities in the company are freely transferable
and the only significant restrictions or limitations
in relation to the acquisition of securities are
those imposed by the New Zealand Takeovers
Code, the Overseas Investment Act 2005 (NZ),
the Commerce Act 1986 (NZ) and the Companies
Act 1993 (NZ). The company does not impose
additional ownership restrictions.
Credit rating
The company does not currently have an external
credit rating status.

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Data governance
Our global digital landscape is designed to support
uninterrupted operations and enable our people to
work effectively and safely. We achieve this through
established procedures for implementing, operating
and securing our digital technologies, and by
collaborating with external authorities to maintain
compliance with applicable regulations.
We promote a culture of shared responsibility and
exercise rigour in selecting digital technologies to
maximise our investments and complement our
culture. We proactively assess the performance and
security of our technology environment to identify
and address risks before they affect operations.
Our Information Security Management System,
encompassing the people, processes and
technology that support it, helps ensure our people
comply with our Digital Technology Policy. This
system is aligned with industry-leading security
frameworks and standards, and its effectiveness
is independently assessed annually 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
robust requirements.
New technologies
We encourage our people to experiment, learn
and innovate with new technologies, including
artificial intelligence (AI). The integration of new
technologies into our processes, systems and
products is governed by our ICT QMS.
Our approach to AI is guided by a formal
governance framework. The AI Steering Committee
is responsible for setting the company’s strategic
direction and approach to AI, while the AI Working
Group provides guidance, education and assesses
AI tools for use across the business. This framework
ensures new tools are assessed for risk, compliance
and alignment with our values prior to deployment.
We provide clear guidance so 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. A recently completed review
across our ICT systems identified more than 240
distinct AI tools or services in use by our people.
Cyber security
We believe our people are our greatest strength,
and fostering a strong culture of security awareness
is essential to protecting the information we
manage. We establish that security is everyone’s
responsibility and deliver data security and
awareness programmes to employees globally,
empowering them with the knowledge to make
sound decisions that keep data safe. Our cyber
awareness programme provides regular, targeted
training on current cyber security risks and
consistently achieves high levels of engagement
across our business.
A dedicated security team identifies and manages
cyber security risks, monitors for abnormal activity,
and responds to incidents. We also work closely
with specialist external partners who provide
independent expertise and threat intelligence,
strengthening our overall security posture.
We conduct regular incident response exercises
across multiple areas of the business, involving
a range of stakeholders to practise and build
our collective capability. These exercises form
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 the
principles that underpin how we collect and
process personal information, including respect and
care, data minimisation, transparency, choice and
control (Privacy by Default), and confidentiality,
integrity and accessibility.
Our Privacy team is responsible for the global
management of our privacy policies and
procedures. They provide risk management support
and deliver training and awareness initiatives to
educate our people about their privacy obligations,
associated risks, and how to appropriately handle
the 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
internationally recognised information security
management standards. This application enables
healthcare providers to manage and report on
patients’ device usage and therapy.
WE FOSTER A STRONG CULTURE OF SECURITY AWARENESS ACROSS OUR GLOBAL DIGITAL LANDSCAPE.

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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.
PeopleEmployee attraction, development and
retention
Our approach is to attract skilled people, enabling them to realise their full potential and contribute to
our success over the long term. With ongoing learning options, everyone can take ownership of their
development nurtured by a culture of coaching. Internal career mobility provides growth, leadership and
capability development opportunities. Fair and competitive rewards reflect individual performance and
contribution, role scope and market conditions, alongside a positive and inclusive workplace culture built on
trust and mutual respect, free from bias, discrimination, harassment and bullying.
Health and safetyWork-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, raw material supply 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 details on climate-related risks and transition planning, refer to our Climate-related Disclosures on pages 85-118.

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Remuneration governance
The People and Remuneration Committee is responsible for reviewing and
recommending the company’s approach to remuneration to the Board. This
includes overseeing and regulating remuneration matters related to directors,
and reviewing executive management in consultation with the Chief Executive
Officer. The majority of the Committee’s members are independent and
members of the executive management team only attend Committee meetings
upon invitation.
More details on the role and composition of the People and Remuneration
Committee are available on page 62 of this report and in the People and
Remuneration Committee charter, which is available on the company’s website.
A summary of the company’s Remuneration Procedure is also available on our
website: www.fphcare.com.
Executive remuneration
Executive management remuneration packages consist of a combination of
a fixed remuneration package, a discretionary annual variable remuneration
(DAVR) component, a discretionary long term variable remuneration (DLTVR)
component, and the company-wide profit-sharing payment scheme, as
described further below. Our approach to executive management team
remuneration ensures that a significant proportion of total remuneration
is variable to align the executives more closely to the performance of the
company. The total remuneration earned by executive management is set
out in Note 18 of the financial statements.
Fixed remuneration
All members of executive management receive a fixed remuneration
component based on the scale and complexity of the role, market relativities
and experience, and performance. This also includes any KiwiSaver or other
superannuation contribution.
Variable remuneration
Executive management receive variable remuneration linked to financial and
strategic performance.
Discretionary Annual Variable Remuneration (DAVR)
DAVR is designed to remunerate executive management relative to the
company’s financial performance and non-financial measures, which are the
annual implementation of our long-term plan for sustainable, profitable growth.
Details of our plan are shown on the right.
Performance
period
Paid annually and aligned with financial year
(1 April 2025 to 31 March 2026)
Measures
Financial (80%)
Weighting
Constant currency operating profit45%
Constant currency revenue25%
Constant currency pre-tax operating cash flow10%
Non-financial (20%)
Measures relating to the strategic direction of the company and
environmental and social responsibility initiatives. Non-financial
measures are shared across all members of the executive management
team as the measures involve collaboration and commitment.
Performance
hurdle
The trigger for considering whether to exercise discretion to make any
payment is 90% achievement of at least one of the financial measures.
Payment
calculation
method
Meeting 100% of each financial and non-financial measure results in
payment of 100% of the DAVR amount.
Each financial measure is assessed independently. If the achievement of
a financial measure is less than 90%, 0% achievement will be applied for
that measure.
If the achievement of a financial measure is greater than 120%, 120%
achievement will be applied for that measure.
The DAVR payment amount is adjusted pro-rata, with each 1% above or
below each financial measure resulting in a 2% increase or decrease in
payment.
Target payments
Up to 24% of total remuneration for the CEO/Managing Director.
Maximum
payment
The maximum achievable DAVR which may be awarded is 132% of
the target DAVR at 20% or more over achievement of the financial
measures and achievement of all non-financial measures.
Approval
process
The Board (administered through the People and Remuneration
Committee) has the discretion to alter, amend, replace or withdraw the
DAVR scheme at any time without notice (including during a financial
year).
The Board also retains the ultimate discretion in assessing and
determining any payments under the scheme. As part of that, the Board
has the right to exercise its discretion not to make any payments or to pay
a reduced amount, regardless of whether the measures have been met.
Termination of
employment
Participants will not be entitled to be considered for a DAVR payment
if they cease to be employed by the company prior to the end of
the DAVR year and/or in circumstances where they are under notice
of termination of employment when the DAVR award is under
consideration or paid.
Should a participant leave the company (e.g. due to death, permanent
disability, redundancy or on medical grounds) before they are due to
be considered for a DAVR award, the Board will have discretion as to
whether to pay any DAVR award.

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As part of our commitment to creating a positive lasting
impact on society and the environment, we recognise the
need to mitigate and adapt to a changing climate both
now and in the decades to come. Embedded into our
global Environmental & Social Responsibility Policy is our
commitment to innovate to enable a more sustainable
future, and the knowledge that our actions today impact
future generations.
These climate-related disclosures are representative of
a large body of work occurring across the business to
identify, consider and assess climate-related risks and
opportunities, and integrate them within our broader risk
management framework and strategic business planning.
We see the disclosure process as iterative, whereby
we commit to improving the depth and quality of our
disclosures over future reporting periods.
These climate-related disclosures, dated 25 May 2026, have been
approved by the Board and signed on behalf of Fisher & Paykel
Healthcare Corporation Limited by Neville Mitchell, Board Chair, and Mark
Cross, Chair of the Audit and Risk Committee.
About our disclosures
Fisher & Paykel Healthcare Corporation Limited is a climate-reporting entity
under the Financial Markets Conduct Act 2013. This is our third set of climate-
related disclosures under the External Reporting Board’s (XRB) Aotearoa
New Zealand Climate Standards (NZ CS). The disclosures cover the period
of 1 April 2025 to 31 March 2026 and include Fisher & Paykel Healthcare
Corporation Limited and its subsidiaries.
These climate-related disclosures comply with NZ CS, applying Adoption
Provision 2: Anticipated Financial Impacts (paragraphs 12-14 of NZ CS 2). This
provides an exemption in the first, second, third and fourth NZ CS reporting
periods from the requirements to disclose the anticipated financial impacts of
climate-related risks and opportunities, a description of the time horizons over
which the anticipated financial impacts could reasonably be expected to occur,
and (if relevant) an explanation as to why quantitative information cannot
be disclosed.
The principles outlined in climate-related disclosures should not be considered
a prediction of future financial or non-financial performance. These statements
are subject to a range of known and unknown risks, uncertainties and
assumptions, many of which lie outside of our control.
Our climate scenarios were developed based on current assumptions and
projections using information available at the time of development. There is
inherent uncertainty within each scenario – they are not intended to provide
a complete or accurate forecast of future events. The climate risks and
opportunities identified may not eventuate and, if they do, the actual impacts
and consequences are likely to be significantly different to what is set out in
this report.
Mark Cross
Chair, Audit and Risk
Committee
Neville Mitchell
Board Chair

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Governance
Governance and management of climate-related risks and opportunities
Sustainability Team
Responsible for the performance of our global Environmental Management
System, which includes climate-related risks, and educating and working with
the business on environmental sustainability initiatives.
Risk Advisory
Supports the business to make informed decisions using a range of risk
management techniques to identify, analyse and prioritise uncertainty.
Climate Working Group
Supports the business to identify, assess and manage climate-related risks and
opportunities through risk management techniques, including scenario analysis;
implements the transition planning framework; and is responsible for preparing
climate-related disclosures.
R&D Carbon Reduction Governance Group
Guides R&D carbon reduction framework development to support product
groups with embedding Ecodesign processes, identifying opportunities to
minimise the environmental impact of our products.
Fisher & Paykel Healthcare Board
The Board is responsible for the overall governance and oversight of our environmental and social responsibility practices, including ultimate responsibility
for strategic direction and consideration of the risks and opportunities presented by climate change.
Audit and Risk Committee
The Committee supports the Board’s governance of climate-related risks and opportunities. It oversees and monitors the environmental and
social risk management framework and record of performance, environmental management, assurance and carbon reduction programmes, transition plan,
climate-related targets and disclosures programme.
Executive Management Team
The Board assigns the management of climate-related risks and opportunities to the executive management team. Members of the executive team are responsible
for implementing the Environmental & Social Responsibility Policy and for identifying, assessing and managing climate-related risks and opportunities.
The team reports to the Audit and Risk Committee and the Board, covering climate-related issues as required.
Environmental Stewardship Committee
The Committee provides strategic oversight of climate and environmental sustainability matters, guiding the implementation of sustainability initiatives
aligned with business strategy and long-term planning, and monitoring progress against sustainability targets.
Business Units
Business units are responsible for day-to-day management of climate-related risk, identifying metrics and actions to monitor and mitigate risks and implementing
sustainability strategies aligned with the Board-approved annual business and long-term plans. They are supported by the following teams:

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Directors’ climate capabilities
and understanding
The Board draws upon expertise from the executive
management team, the Sustainability team, the
Climate Working Group and other subject matter
experts within the business, which informs their
understanding of climate change and its impacts
on our business and operations. The Board attends
our annual Ecodesign Expo, where teams from
around the business showcase how they are
embedding sustainability considerations into the
product design process.
The directors also obtain insight and education
from external experts and gain experience
through their involvement in other businesses
and industries, and in governance roles on other
boards. A number of directors are members of
Chapter Zero, a governance group hosted by the
Board and management
oversight
The Fisher & Paykel Healthcare Board receives
regular updates from executive management
on climate-related and group-wide risk
matters throughout the year and considers
recommendations from the Audit and Risk
Committee. Climate-related risks and opportunities,
and specific environmental objectives, are also
reviewed when the Board approves annual business
plans, and our long-term business plan, which
assesses our business model, global operations and
strategy across a 15-year period. Business plans
and the long-term plan are approved on an annual
basis. The Board meets eight times per year, with
additional reporting provided as required.
The Audit and Risk Committee receives regular
briefings from executive management and subject
matter experts on climate and environmental
sustainability matters. It meets at least four
times per year, with climate and environmental
sustainability as a standing agenda item, and
reports to the Board following each meeting.
The Environmental Stewardship Committee
comprises the Chief Executive Officer, Chief
Financial Officer, Chief Operating Officer, Vice
President – Corporate, Vice President – Network
Design, Facilities, Infrastructure & Sustainability,
and Vice President – Products & Technology. The
Committee met on three occasions during the
2026 financial year.
Institute of Directors. This is the New Zealand
chapter of the global Climate Governance Initiative
which was established to support World Economic
Forum’s Climate Governance Principles for boards
of directors. Chapter Zero provides directors with
climate awareness and skills, so they can bring
climate considerations to the fore of boards’
decision-making processes.
Further details relating to the Board and the
Audit and Risk Committee, including the Board’s
background, skills and experience can be found in
the Governance section of the annual report from
page 59.

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Risk management
Our process for managing
climate-related risks
The purpose of our risk management process
is to identify, assess and prioritise uncertainty
to improve the quality of our decision-making.
Managing climate-related risks is part of our overall
sustainability strategy and risk management
framework, the output of which is reviewed by
the Board, the Audit and Risk Committee and the
executive management team annually.
Climate-related risks have been considered a
key area of risk for our business, and we have
prepared voluntary disclosures, aligned with the
recommendations of the Task Force on Climate-
related Financial Disclosures (TCFD), as part of the
annual report since 2020.
As part of our annual process:
• We perform scenario analysis, as appropriate.
Refer to ‘Scenario analysis process’ at page 91
for further details.
• We identify transitional and physical climate-
related risks, considering the timeframe over
which the risks may eventuate, and assess their
materiality and impact on our business.
• Our business units and executive management
assess and review identified climate-related risks.
We do not prioritise climate-related risks
independently from other material business risks.
• We document and manage climate-related risks
through integration with the wider business
units, feeding into key processes like our
Environmental Management System (ISO 14001)
and business continuity planning.
Each year we continue to improve our climate-
related risk management process and build our
capability in aligning our climate-related risk
management processes and scenario analyses with
strategic business planning cycles.
Integration within the
wider business
Business units are responsible for:
• day-to-day management of climate-related risks
• identifying metrics, where relevant, to monitor
the risks
• identifying actions to mitigate the risks
• implementing sustainability strategies which are
aligned with the Board-approved annual
business and long-term plans.
The climate-related identification and assessment
processes described above feed into and
inform how we work to mitigate and adapt to
climate change. For further information, refer to
‘Developing a climate-resilient business model’
section of these climate-related disclosures at
page 98.

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Continuous improvement
Key improvements identified for subsequent reporting periods include:
• Continue refining financial impact analysis to
support risk and opportunity analysis and
quantification of anticipated financial impacts.
• Improve the breadth and depth of the data,
expanding the risk modelling and categories
of physical risk, and understanding
vulnerabilities in our distribution (freight/
shipping) infrastructure.
• Integrate climate-related risk management
processes and the climate scenario analysis
with strategic business planning cycles.
• Continue engaging with a broader range of
people within the business, to build
awareness and visibility of the climate-related
scenario analysis and to enrich our
understanding of climate-related impacts.
• Improve our ability to understand the climate-
related risks of our suppliers and customers,
which is currently limited by the availability
of their own data and information.
• Strengthen insights into healthcare data
and the impacts of climate change on
demographics and healthcare system
responses.
Scenario analysis process
During the 2024 financial year, we established
our scenario analysis process, which was a stand-
alone process to identify climate-related risks and
opportunities and did not form part of our existing
risk management processes.
The core purpose of our scenario analysis was to
consider the key questions of “How could climate
change plausibly affect our business model and
strategy?” and “What should we do and when?”.
The answers to these questions currently inform the
incorporation of future, plausible climate risks and
opportunities into our strategic business planning.
For further details of our scenario analysis
process, refer to ‘Supplementary information’ on
pages 109-113.
During the 2026 financial year, we reviewed our
climate scenarios, narratives and scenario workshop
analyses to assess whether updates were required.
We determined that the analysis from 2024
remained relevant for the 2026 financial year.
Building on work undertaken in the 2025 financial
year, we have further refined our approach to
quantifying the financial impacts of climate-related
risks and opportunities. This analysis led to a
reassessment of our anticipated climate-related
risks and opportunities through a more detailed
evaluation of the interdependencies between
hazard, exposure and vulnerability. As a result of
this refined assessment and recognising limitations
in data availability and inherent uncertainty
in some areas, certain risks and opportunities
have been aggregated or excluded from our
current disclosures where they were assessed
as not materially distinct or not expected to
result in a stand-alone financial impact under the
scenarios assessed.

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Scenario 1: OutpatientScenario 2: Emergency DepartmentScenario 3: High-Dependency Unit
In the outpatient scenario, rapid climate action sees
the world achieve net zero by 2050 and reach the
stated Paris Agreement goal – a 1.5°C temperature
increase above pre-industrial levels. This has been
selected as a plausible scenario to test how we
would respond in a rapidly decarbonising and
transitioning landscape.
In the emergency department scenario, a
disorderly transition makes net zero unattainable
by 2050 as emissions rise above current levels,
resulting in temperature increase by 2.7°C from
pre-industrial temperature by 2100. This has been
selected as a plausible scenario to challenge our
business model, given the effects of variable
customer preferences and the impact on market
access.
In the high-dependency unit scenario, global
cooperation efforts falter and self-interest actions
prevail. This leads to emissions approximately
doubling, resulting in a 3.6°C increase in global
temperature and significant climate and weather
impacts. This has been selected as a plausible
scenario to test how we would respond in a highly
volatile and physically impacted world.
1.5°C
Global temperature increase peaks at 1.5°C by the
year 2050, before settling to 1.4°C in 2100.
2.7°C
Global temperature increase by the year 2100.
3.6°C
Global temperature increase in 2100.
SSP1* is described as ‘Sustainability – Taking the
Green Road’.
SSP2* is described as ‘Middle of the Road’.SSP3* is described as ‘Regional Rivalry – a Rocky
Road’.
6.9B
Global population in 2100.
9.0B
Global population in 2100.
12.6B
Global population in 2100.
2.2%
OECD GDP growth to 2100 (CAGR), compared
with a historical (prior 50 years) growth rate of
2.5%.
2.1%
OECD GDP growth to 2100 (CAGR), compared
with a historical (prior 50 years) growth rate of
2.5%.
1.3%
OECD GDP growth to 2100 (CAGR), compared
with a historical (prior 50 years) growth rate of
2.5%.
Climate-related risks and
opportunities
Fisher & Paykel Healthcare has built a global
business by identifying a difficult medical problem
and designing an innovative solution. A changing
climate will present challenging problems, and
we will respond by collaborating and innovating.
For that reason, we view some of the impacts of
climate change as risks and opportunities at the
same time.
Time horizons
Risks and opportunities are considered across
three defined time horizons: Short, Medium
and Long Term.
Short Term – within the next five years
Medium Term – between five and 15 years
Long Term – 15 years and beyond
Our climate scenarios
We have identified anticipated climate-related
risks and opportunities, including impacts, time
horizons and potential management responses and
strategies, across three climate scenarios described
below – Outpatient, Emergency Department and
High-Dependency Unit.
* SSP – Shared Socioeconomic Pathway. See page 109 for more information.

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Scenario 2: Emergency Department | 2.7ºC
Divergent customer requirements leading to additional complexity
in product design and production
TIME HORIZON: SHORT – MEDIUM – LONG TERM
DescriptionAnticipated ImpactPotential Response
We expect market requirements related to
decarbonisation to evolve unevenly in the short to
medium term, with some markets committing to carbon
reduction and environmentally sustainable goals,
while others remain less aligned. To maintain access to
markets that prioritise carbon reduction over this period,
we anticipate the need to ensure relevant products are
designed to have lower-carbon impacts, are energy
efficient, and incorporate sustainable materials, while
maintaining our existing product portfolio and pipeline.
Market access: In the short to medium term, failure to
adapt products to meet low-carbon requirements in
transition-leading markets could constrain our ability to
maintain market access in those jurisdictions.
Operational and cost: Over the short to medium term,
catering to differing customer and market requirements
may increase production and supply chain complexity,
including through the use of different materials and
manufacturing processes, leading to higher operational
costs and greater variability in the cost base.
Margin, market share and growth: Where customers are
unwilling to absorb the additional costs associated with
lower-carbon products, our ability to recover increased
costs may be constrained in the short to medium term,
placing pressure on gross and operating margins. If
we are unable to effectively manage this divergence in
market requirements and stabilise our cost base, this
could adversely affect our ability to maintain market
share and achieve our long-term aspirational growth
trajectory.
• Focus R&D to meet market requirements. Assess
adequacy of investment in low-carbon technology
and sustainable materials.
• Consider whether low-carbon and Ecodesign R&D will
be applied to existing and new products in markets
impacted, or whether priority would be given to new
product development only.
• Consider opportunities for all new products across all
markets to be designed for a low-carbon impact and
made from sustainable materials.
• Refine strategy to monitor customer and market
requirements.
• Evaluate any variance in cost base to execute
a product strategy to meet different market
requirements (including R&D implications).
• Assess and manage cost/pricing strategies to ensure
we can maintain sustainable, profitable growth.
• Evaluate network design strategy and the
geographical mix of manufacturing output to
optimise operational costs.
TRANSITIONAL OPPORTUNITY
If we can develop products that cater to this divergence ahead of our competitors, we could gain a competitive
advantage.
Our ability to realise this opportunity is dependent on external factors, including:
• Medical device regulators enabling frameworks to efficiently approve and validate the use of sustainable materials
in products
• Availability and cost of sustainable materials
• Acceptance of sustainable products by healthcare professionals and proving efficacy and clinical outcomes.
Time horizons:
Short to medium term for early competitive advantage in transition-leading markets, with potential longer-term
benefits if divergence in market requirements persists.

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Scenario 3: High-Dependency Unit | 3.6ºC
Protectionist policies and trade barriers impacting our product supply network
TIME HORIZON: MEDIUM – LONG TERM
DescriptionAnticipated ImpactPotential Response
In a more volatile and physically impacted global
environment, we expect increased competition
for critical natural resources. We anticipate that
governments may respond by adopting more
protectionist policies to safeguard domestic resources
and economic resilience, including through the
introduction of trade barriers. Due to the global nature
of our operations, these developments could affect both
our upstream raw material supply and downstream
distribution networks.
Raw material supply: Increased competition for
resources and protectionist trade measures may reduce
access to source resins and other critical raw materials
required for manufacturing.
Cost: Resource scarcity and heightened competition for
inputs are expected to contribute to higher raw material,
shipping and energy costs, placing sustained pressure on
our cost base.
Logistics and distribution: Policy and regulatory
restrictions may impact our ability to distribute finished
goods to customers in a timely and reliable manner.
Market access and supply chain resilience: Over
the long term, the combined effects of raw material
scarcity, trade restrictions and increased competition for
resources could affect the resilience of our end-to-end
product supply network, with potential implications for
continuity of production, customer service levels, and
our ability to maintain market access across key regions.
• Hold additional raw material inventory to mitigate
supply volatility due to anticipated material shortages
and delays.
• Assess planned R&D activities and determine an
appropriate level of investment in sourcing/testing/
developing alternative raw materials.
• Continual surveillance of our supplier network to
identify supplier vulnerabilities and implement
proactive mitigation to maintain continuity of
raw material supply (e.g. dual sourcing, capacity
planning).
• Increase surveillance to monitor protectionist trends/
developments as well as awareness around global
resource availability e.g. fossil fuels, energy, resins.
• Increase monitoring of material cost and availability
as a reduction in availability or increase in cost can
indicate potential trading shifts.
• Assess the resilience of our global product supply
network, considering a regionalised strategy to
improve proximity to supplier and market.
• Consider the viability of maintaining our current
product suite at its current size and complexity, when
operating across a highly diverse and distributed
network.

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Anticipated Physical Risks
Scenarios: Outpatient, Emergency Department and High-Dependency Unit
Key risk: Increase in adverse weather events impacting our ability to supply products
Across the three scenarios, the effects of climate change will result in an increase in acute and chronic weather events. Due to our global footprint, we anticipate
that a number of our locations may be impacted, our ability to manufacture at current locations will be impacted and our global supply chain disrupted.
The severity and frequency of these weather events and their associated impact is dependent on the climate scenario. Outpatient scenario presents the least
significant impact in comparison to the Emergency Department scenario and the High-Dependency Unit scenario presents the most significant impact.
Inability of our people to get to workTIME HORIZON: MEDIUM – LONG TERM
DescriptionAnticipated ImpactPotential Response
Climate change is expected to increase the frequency
and severity of acute weather events, alongside
the progressive impacts of chronic physical climate
hazards, across our global operations, creating an
anticipated impact on our people’s ability to safely
access workplaces, particularly at our manufacturing
sites in East Tāmaki, New Zealand and Tijuana, Mexico.
In New Zealand, storms, flooding and sea-level rise may
disrupt transport infrastructure and reduce workforce
accessibility over time. In Tijuana, rising temperatures
and more frequent heat extremes may affect workforce
health, commuting, and strain local infrastructure.
If acute or chronic climate-related hazards restrict
our people’s ability to attend work, this could directly
affect manufacturing operations and the distribution of
products to patients globally. While our current business
continuity and operational resilience arrangements
enable us to absorb short-term, unplanned periods
of disruption without materially impacting output, an
increase in the frequency, duration or cumulative impact
of such events could lead to extended or recurring
interruptions. Over time, this may challenge our ability to
consistently manufacture and distribute products from
these sites.
• Assess our global inventory cover levels to mitigate
potential disruptions.
• Assess production allocation across our network.
• Assess workforce and production impact with
increased employee absenteeism due to weather
disruption.
• Monitor and understand the impacts and flow-on
effects for our people due to weather disruption.
Damage to infrastructureTIME HORIZON: MEDIUM – LONG TERM
DescriptionAnticipated ImpactPotential Response
Due to our global footprint, some of our locations
and owned infrastructure may be exposed to acute
and chronic physical climate hazards, including more
frequent and severe weather events. These hazards
have the potential to damage buildings, inventory, fixed
assets, utilities and supporting infrastructure critical to
our operations. While current climate risk modelling
indicates strong resilience across our key assets under
current assumptions, climate science and hazard
projections continue to evolve.
Impacts would be most material if they affected our
manufacturing sites in New Zealand and Tijuana, Mexico,
given their role in our production and distribution
network. Physical damage from climate-related events
could disrupt operations, reduce manufacturing capacity,
and affect product distribution through downtime,
increased maintenance costs, or longer-term constraints
where impacts are recurring.
• Continue to refine site selection criteria based on
improved climate modelling.
• Broaden analysis on severe weather events across our
network.
While existing resilience and continuity measures
support short-term disruption management, more
severe or repeated events could challenge efficient and
sustainable operations over time.

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Resilience of our Tijuana operationsTIME HORIZON: MEDIUM – LONG TERM
DescriptionAnticipated ImpactPotential Response
Climate change is expected to drive chronic increases in
average temperatures and more frequent heat extremes
in Tijuana, Mexico, creating an anticipated impact on
the resilience of our manufacturing operations. Rising
temperatures are likely to place additional pressure on
local electricity and water infrastructure, particularly
given existing water scarcity in the region. Maintaining
safe and effective working and manufacturing conditions
may require increased use of cooling and climate control,
while higher temperatures may also increase the risk of
electricity disruption and constrain water availability.
Sustained heat and resource constraints could increase
operational costs and lead to temporary disruption,
reduced efficiency or unplanned downtime. While
current controls and contingency arrangements
support short-term disruption management, ongoing
temperature-related stress on regional infrastructure
may, over time, challenge the reliability and consistency
of manufacturing output if not appropriately managed.
• Decrease our reliance on external utilities required
to operate our Tijuana facilities.
• Continue to build resilience in our water-use
approach at our Tijuana facilities.
• Consider network design strategy.
Significant disruptions to our supply chain networkTIME HORIZON: MEDIUM – LONG TERM
DescriptionAnticipated ImpactPotential Response
We anticipate that an increase in the frequency and
severity of acute physical climate events, alongside
chronic climate hazards, will cause significant disruption
across our global supply chain network. Physical impacts
such as sea-level rise, coastal flooding and severe
storms are expected to disrupt key freight and logistics
corridors, including both maritime and road transport
networks.
These hazards may result in temporary or prolonged
freight lane closures, reduced or constrained port access,
and disruption to logistics and distribution infrastructure.
In addition, climate-related impacts on our suppliers may
affect their ability to reliably provide raw materials and
services, increasing the risk of delays or shortages across
the supply chain.
Disruption to transport routes, port operations and
supplier production capacity could adversely affect
our ability to source raw materials and ensure the
timely export and delivery of finished goods to global
customers. There is a heightened exposure for our
New Zealand manufacturing site, given its geographic
distance from key suppliers and end markets and its
reliance on long-distance international freight and port
infrastructure.
Supply chain disruption across our broader network
could reduce operational flexibility, increase lead times
and drive higher logistics and input costs as alternative
routes, suppliers or transport modes are required. If
disruptions become more frequent or prolonged, this
could challenge our ability to meet customer demand
reliably and may have broader cost and service impacts
across the business.
• As part of our current product supply processes, we
would increase inventory levels across our network
and within market to mitigate any unexpected sea
freight delays, ensuring timely delivery of product
to customers.
• Increase our air freight allocation to provide an
alternative mode of transport when delays/challenges
are experienced with sea freight. (We anticipate
increased cost associated with air freight which
may become increasingly challenging to recover
if economic conditions deteriorate).
• Broaden analysis on severe weather events across our
network, assess the impact on product/distribution
flow and improve business continuity planning
initiatives.
• Assess resilience of our supply chain and need for
a localised/regionalised strategy.

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Ecodesign in R&D
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. We want to reduce total global
carbon emissions and enable our customers to
do the same. We see carbon intensity as a design
challenge that requires a deep understanding of
the impact of our operations and therapies on
total carbon emissions. We aim to continuously
improve our knowledge and internal guidance on
low-carbon materials, life cycle assessments and
clinical impact and facilitate collaboration across
R&D teams.
We understand that embedding Ecodesign is
a medium to longer term objective given the
nature of product development and our product
life cycles. Monthly meetings on Ecodesign
enable our product teams to stay up to date with
sustainable design requirements and projects, share
learnings on customer sustainability requests, new
sustainable material options, carbon footprint, life
cycle assessment (LCA) and design for recyclability.
As we continuously improve our approach, we are
piloting internal processes which would enable
our R&D engineers to adopt Ecodesign thinking,
identify Ecodesign opportunities and make
informed decisions during the design phase for
all new product development projects.
Ecodesign Expo 2025
During the 2026 financial year, we hosted
our fifth annual Ecodesign Expo in New
Zealand with over 250 attendees, including
members of the Board and the executive
management team. This employee-led event
showcases how sustainable design thinking
is put into action across the business.
The focus is on improving care and
outcomes and minimising total global
carbon emissions from our operations,
products and their impact on patient care.
Some of the featured initiatives explored
sustainable packaging, low-carbon material
selection and design, and LCAs to drive
informed decision-making.
Ecodesign Trophy
The Ecodesign Trophy is awarded to
a sustainable product or packaging
development initiative, recognising a
meaningful employee-led contribution
toward minimising total carbon emissions
whilst improving patient care and outcomes.
Following the Expo, the trophy went to the
Infant Care team for integrating Ecodesign
thinking early in the design process and
identifying opportunities to reduce carbon
emissions. We continue to encourage our
R&D engineers on their sustainable design
journey.
CEO LEWIS GRADON DISCUSSING ECODESIGN
IMPROVEMENTS AT THE EXPO.
WINNERS OF THE 2025 ECODESIGN TROPHY
WITH OUR SENIOR LEADERS.
OUR TARGET FOR ECODESIGN
All new product development
projects to embed Ecodesign
processes by 2030.

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Decarbonisation
Over the years we have identified a number of
carbon reduction initiatives across the business.
These initiatives have informed the development
of our carbon reduction plans as we work towards
net zero CO
2
e by 2050, aligned with the goals of
the Paris Agreement to limit global warming to
1.5 degrees Celsius.
In addition to Ecodesign, we consider carbon
impacts and sustainability objectives when
assessing our infrastructure, operations and supply
chain.
Key initiatives include:
• Implementing renewable energy infrastructure
at our manufacturing sites, such as installation
of solar arrays to help reduce our emissions.
• In the near term, investing in renewable energy
certificates in New Zealand; and in the medium
to long term, exploring renewable energy
solutions for our manufacturing sites and
strategic sites overseas.
• Using electric and hybrid vehicles across our
sales operations. The transition to an electric
fleet is dependent on the availability of
supporting charging infrastructure and enabling
government policy settings, including incentives
and regulatory support at a local and regional
level.
• Focusing on the materials we source and the
supplier practices that have a significant impact
on our carbon footprint. Through our ESR
engagement programme, we collaborate with
suppliers to continuously improve performance,
raise standards across our global network, and
educate and support them to create better
outcomes, including the reduction of carbon
emissions.
• Adopting low-carbon freight options, routes and
transport types.
We continue to build our understanding of how
carbon impacts our business. We do not currently
use an internal emissions price to manage climate-
related risks and opportunities.
Carbon targets
We are committed to building a resilient business
and actively reducing our carbon emissions.
Our approach to climate action continues to
evolve as we strengthen our understanding of
how environmental impacts intersect with our
operations, products and therapies.
During the 2026 financial year, we undertook a
comprehensive review of our carbon footprint,
emissions reduction activities, and existing targets,
including an assessment of emissions reduction
opportunities that we can directly influence, as well
as those driven by external factors.
As a result of this review, we transitioned away
from setting targets aligned to the Science Based
Targets initiative (SBTi) and adopted an internally
developed target framework. This approach enables
a more tailored and practical focus on areas where
we can reasonably influence outcomes and drive
meaningful environmental progress, reflecting
the nature of our business activities and the life
cycle impacts of our products and therapies.
Consequently, our carbon targets are no longer
aligned with SBTi.
OUR CARBON REDUCTION TARGETS BY 2030
Deploy 10 megawatts solar capacity
across our New Zealand and Mexico
manufacturing sites.
80% of suppliers by emissions, covering
purchased goods and services, will have
carbon reduction initiatives in place.
80% of suppliers by emissions, covering
upstream transportation and distribution,
will have carbon reduction initiatives in
place.
Together with our Ecodesign programme, these
commitments support carbon reduction efforts that
align with how we operate, enabling us to prioritise
actions that deliver meaningful emissions reductions.

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Product supply network design
We also consider climate-related impacts when
assessing our network design, operations,
manufacturing and supply chain as we build
resilience.
Network design
Our approach is to develop a global network that
can respond to customer and market requirements,
enables innovation and builds resilience. Climate-
related impacts are considered during site selection
and when building new infrastructure.
Operations
We build resilience by implementing water
treatment and re-use systems in water-scarce areas
such as Tijuana, Mexico, and integrating solar arrays
into our infrastructure in New Zealand and Mexico,
to grow our solar-generated electricity capacity
over time.
Manufacturing
We seek to continually improve efficiency and
utilisation within our operations to reduce waste
in our manufacturing operations.
Supply chain
We develop our understanding of key supplier
vulnerabilities and collaborate with suppliers
through our ESR engagement programme, and
gain insights into weather events and how they
impact our supply chain.
Capital deployment
and investment
Alignment with capital deployment
and funding processes
Climate-related risks and opportunities are
considered when deploying capital and making
funding decisions in relation to projects that:
• support our decarbonisation efforts, including
renewable energy infrastructure and purchasing
renewable energy certificates
• build resilience in our manufacturing
infrastructure, including our water treatment
plant at Tijuana, Mexico.
We do not set specific long-term climate-related
targets for capital deployment and therefore do
not use a specific capital deployment metric to
manage climate-related risks and opportunities.
Instead, climate-related risks and opportunities
are considered as relevant within broader
capital deployment and investment decisions,
alongside other strategic, operational and financial
considerations across the business.
Investment in climate-related
initiatives
Investment in R&D is fundamental to how we
deliver value and ensure we can develop better
technology that enhances patient care. We
consistently invest in R&D, and through our
Ecodesign programme, our R&D investment aims
to minimise the environmental impacts of our
products.
During the 2026 financial year, we continued to
invest in activities that support our transition
planning and strengthen climate-related resilience
across the business. While these activities are
meaningful in advancing our sustainability
approach, they are not currently considered
financially material.
Key areas of progress include:
• Solar expansion at East Tāmaki, New Zealand:
Installation of approximately 5.5 megawatts (MW)
of rooftop solar capacity commenced during the
2026 financial year. The installation is being
delivered under a power purchase agreement,
with an option for us to purchase the arrays in
the future. This will be one of the largest rooftop
solar arrays in New Zealand.
• Renewable energy assessment for Tijuana,
Mexico: During the 2026 financial year, we
assessed renewable energy options for our
Mexico operations. This work confirmed the
feasibility of expanding our existing 0.5 MW
rooftop solar installation, with relevant
regulatory approvals expected to be progressed
in the next financial year.
• Investment in data capability: We continued to
strengthen our carbon and environmental data
capabilities to improve our understanding of
climate-related impacts and support informed
decision-making across the business.
ROOFTOP SOLAR PANELS BEING INSTALLED AT OUR EAST TĀMAKI,
NEW ZEALAND CAMPUS IN THE 2026 FINANCIAL YEAR.

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Physical and transitional risk and opportunity metrics
Our understanding of vulnerabilities and opportunities identified through climate scenario analyses continues to evolve. We view the assessment of business
exposure as closely linked to the financial modelling of anticipated financial impacts, for which we have applied NZ CS Adoption Provision 2. As we continue to
develop our approach to metrics, the information below provides insight into the extent to which our business activities are vulnerable to climate-related risks and
aligned to climate-related opportunities.
Metric MethodologyLimitationsRisks and opportunities
Manufacturing capacity
potentially exposed to physical
climate risk
The metric is calculated using manufacturing
volume (by revenue) as a proxy for manufacturing
capacity. Our New Zealand and Mexico sites
are prioritised due to their significance to our
production footprint and the greater level of
control we have over risk management. Exposure
is assessed on a forward-looking basis, informed
by the physical impacts disclosed under our
Outpatient, Emergency Department and High-
Dependency Unit climate scenarios, to identify
sites that may become exposed to heightened
physical climate risks over medium to long term
time horizons. The metric is intended to highlight
location-based vulnerability, rather than predict
specific impacts or losses.
For the 2026 financial year, we manufactured
approximately 55% of our volume (by revenue) in
New Zealand and 45% of our volume (by revenue)
in Mexico. This represents current manufacturing
split between New Zealand and Mexico and is not
indicative of future manufacturing capacity.
This metric is forward-looking and
scenario-based, reflecting potential future
exposure rather than current operational
vulnerability. Manufacturing volume (by
revenue) is used as a proxy for capacity
and does not capture differences in
site-level resilience, adaptive measures or
mitigation actions. Outcomes are subject
to uncertainty in climate projections,
the timing and severity of physical
hazards, and future adaptation and risk
management decisions at site level.
Physical risks:
• Inability of our people to get to work
• Damage to infrastructure
• Resilience of Tijuana operations
Proportion of revenue impacted
by climate- and trade-related
supply chain risks; market share
(Developing metric)
This developing metric is intended to measure
the proportion of revenue impacted by supply
chain risks, including raw material and component
sourcing, and logistics that are assessed as
exposed to climate-related physical impacts,
resource scarcity, or trade and protectionist risks.
It is intended to inform assessment of medium to
long term exposure to rising input, energy and
freight costs, and potential impacts on supply
chain resilience and cost stability.
The metric is expected to be informed by internal
costing, supplier location and logistics data, and
could incorporate credible assessments of climate,
resource and trade-related risks by sourcing
region.
The classification of raw materials,
suppliers and logistics flows as
climate- or trade-exposed is subject to
significant uncertainty due to evolving
physical climate impacts, geopolitical
developments and policy responses, as
well as limitations in the availability and
granularity of internal cost and supplier
data. As a result, this metric is disclosed
as developing and is intended to provide
directional insight rather than quantify
anticipated financial impacts.
Physical risk:
Significant disruptions to our supply
chain network
Transitional risk:
High-Dependency Unit scenario -
Protectionist policies and trade barriers
impacting our product supply network

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108Fisher & Paykel Healthcare | ANNUAL REPORT 2026
We have been measuring our greenhouse gas
(GHG) emissions since 2012. Over this time, we
have progressively improved our measurement
processes, including the use of more relevant
activity data and refined our approach to reporting
emissions to better reflect our business operations.
1 For the 2024 financial year, a verification engagement was performed by
Toitū Envirocare (acting through Enviro-mark Solutions Limited). A
verification report was issued in accordance with ISO 14064-3:2019 and the
requirements of the Toitū carbonreduce programme. For more information
on the assurance outcome of the verification engagement, refer to the Toitū
carbonreduce statement on our website: www.fphcare.com.
2 During the 2026 financial year, our methodology was refined to normalise
emissions data by the number of leased vehicles, rather than the number of
employees. This change would have resulted in ~280 tCO
2
e being allocated
in the 2025 financial year to countries where no vehicles were leased.
3 The increase in Scope 2 (location-based) emissions was driven by a
combination of increases in the New Zealand MfE grid and Mexico IEA
emission factors and a 5% increase in electricity consumption (kWh).
See page 114 for further details.
4 During the 2026 financial year, the construction work on the fifth building
on our East Tāmaki site has continued, resulting in an increase in emissions
relating to capital goods.
5 During the 2026 financial year, we revised our methodology to remove
optional indirect use-phase emissions associated with the manufacturing of
medical gases. This change would have resulted in the reduction of ~21,000
tCO
2
e from the number in the 2025 financial year. See page 115 for further
details.
6 GHG emission intensity is calculated using total GHG emissions
(market-based) divided by operating revenue (NZ$M). GHG emission
intensity metric has only been subject to PwC assurance procedures in the
2026 financial year. See pages 116-118 for further details.
7 GHG emission intensity has decreased when compared to the prior two financial
periods, with emissions increasing at a lower rate than revenue growth.
GHG emissions (tonnes CO
2
e)FY24
1
FY25FY26
Scope 1Total Scope 12,0132,2951,739
2
Scope 2Total Scope 2 (location-based)14,29313,23216,729
3
Scope 2 (market-based)12,25312,40614,247
Scope 3Total Scope 3241,420266,044266,077
Category 1: Purchased goods and services80,07188,22090,168
Category 2: Capital goods11,0646,89324,916
4
Category 3: Fuel and energy related activities1,5524,9096,698
Category 4: Upstream transportation and distribution21,82022,65126,334
Category 5: Waste generated in operations1,108858992
Category 6: Business travel7,76913,6909,812
Category 7: Employee commuting8,2257,5547,688
Category 9: Downstream transportation and distribution2,088590677
Category 11: Use of sold products102,013117,24995,516
5
Category 12: End of life treatment of sold products5,7103,4303,274
Total GHG emissions (location-based)257,726281,571284,545
Total GHG emissions (market-based)255,686280,745282,063
GHG emission intensity (tonnes CO
2
e/revenue NZ$M)
6
146.7138.9122.2
7
Assurance of GHG emissions
PricewaterhouseCoopers (PwC) has provided
independent, third-party limited assurance over
our 2026 financial year group-wide GHG emissions
(tonnes CO
2
e) footprint and GHG emission intensity
presented in the climate-related disclosures as
described in the assurance report on pages 116-118.
GHG emissions in FY26
Our total emissions (location-based) for the
year ended 31 March 2026 were 284,545 tCO
2
e,
representing a 1% increase compared to the
previous financial year, primarily driven by
Scope 3, category 2 emissions as a result of the
construction work on the fifth building on our East
Tāmaki site offset by the exclusion of medical gas
manufacturing in Scope 3, category 11 (see page 115
for further details).
The table below details our GHG emissions for
Scope 1, 2 and 3 emissions.
Greenhouse gas emissions

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Strategy: Scenario analysis
process
Scenario development
As a medical device and technology company
with an extensive global footprint (deriving 99%
of revenue outside of New Zealand), we did not
consider that there was a suitable sector-wide
scenario analysis to draw upon. We developed our
own climate scenarios for the analysis, taking the
following steps.
Scenario selection. We chose three Shared
Socioeconomic Pathways (SSPs) scenarios as a
means of testing and challenging the resilience
of our business model across a range of plausible
climate futures:
• Outpatient scenario reflects emissions reduction
and decarbonisation occurring at a manageable,
non-critical state and relates to SSP1. This
assumes the world achieves net zero by 2050
and reaches the stated goal of the Paris
Agreement: a 1.5°C temperature rise above
pre-industrial levels. The global response is
coordinated, orderly and focused on mitigating
the impact of climate change. The Outpatient
scenario aligns with the mandated NZ CS
scenarios and tests how we would respond
in a rapidly decarbonising and transitioning
landscape.
• Emergency Department scenario reflects
emissions reduction and decarbonisation
needing critical attention and relates to SSP2.
This assumes net zero is unattainable by 2050 as
emissions persist past current levels. The world
follows a path in which social, economic and
technological trends do not shift markedly from
historical patterns, resulting in a 2.7°C warming
scenario by 2100. The Emergency Department
scenario was selected as we consider this
scenario suitably challenges our business model,
given the effects of variable customer
preferences and the impact on market access.
• High-Dependency Unit scenario reflects a
deteriorating state of the environment and
climate and relates to SSP3. Emissions
approximately double from current levels by the
end of the century, resulting in a 3.6°C rise in
global temperature. Global cooperation efforts
falter and self-interested actions prevail. Climate
change cannot be mitigated globally and there is
limited ability to adapt. The High-Dependency
Unit scenario was selected due to the significant
increase in physical impacts of climate change,
and the significant challenges to a global
business given protectionist behaviours and a
shift towards deglobalisation.
Scenario definitions. Using the three SSPs
outlined in ‘Scenario selection’, the time horizons,
key temperature outcomes and socio-economic
features of each scenario were identified.
Physical risk mapping. Using mapping tools, the
possible physical climate impacts on all our owned
infrastructure, key leased sites and certain strategic
supplier sites out to 2100 were analysed for each
scenario. The following types of climate impacts
were assessed: sea level rise, coastal flooding,
extreme precipitation, total precipitation, surface
temperature and wind speed.
Healthcare and population modelling. Using
insights from our proprietary healthcare modelling
and insights from global population data, we
estimated patient cohort size and associated
medical capacity required for a range of respiratory
conditions in each scenario. Population models
helped gauge the drivers of population growth
(i.e. developed world vs. developing world), while
forecasts for healthcare expenditure were also used
to offer a view of the healthcare system’s capacity
in these scenarios.
Identification of driving forces. Key factors within
our value chain which influence climate-related risks
and opportunities were identified. This included
a high-level understanding of features such as
demographics, economic conditions, energy supply,
technological advancements, regulatory landscape,
customer/market dynamics, and population health
and wellbeing. These driving forces were then
assessed against R&D, supply chain, manufacturing
and sales operations, market access and ability to
operate, in order to identify where their impact and
influence would most meaningfully occur.
Scenario narratives. We prepared scenario
narratives to provide a compelling illustration of
how different temperature outcomes and pathways
would affect our strategy and business model
in plausible future states. We used a number of
quantitative and qualitative sources to guide the
drafting of each scenario. Excerpts from each
narrative are included on the following pages.
Data sources to construct scenarios. A number
of quantitative and qualitative sources were
used, including: the International Institute for
Applied Systems Analysis (IIASA) SSP Database,
Organisation for Economic Co-operation and
Development (OECD) GDP projections, OECD
forecasts for healthcare expenditure, IPCC Working
Group 1 (WG1) Interactive Atlas, Climate Central’s
Surging Seas sea-level analysis tool, the IPCC’s
Sixth Assessment Report (AR6), Brian O’Neill’s
article ‘The roads ahead: Narratives for shared
socioeconomic pathways describing world futures
in the 21st century’ published in Global Environment
Change, February 2015, the International Energy
Agency (IEA) transition scenarios: the Stated
Policies Scenario and Net Zero Emissions by 2050,
carbon price modelling from external consultants
and the IEA, and proprietary healthcare market
demand modelling. There was no specific reliance
on carbon sequestration from afforestation, nature-
based solutions and negative emissions technology.
Supplementary information

Strategy: Climate scenarios and narratives
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Scenario 1: Outpatient
In the Outpatient scenario, rapid climate action sees the world achieve net zero by 2050 and reach the stated Paris Agreement goal – a 1.5°C temperature increase
above pre-industrial levels. Shared Socioeconomic Pathway 1 (SSP1) is known as ‘Sustainability – Taking the Green Road’, due to low challenges of mitigation and
adaption. This has been selected as a plausible scenario to test how we would respond in a rapidly decarbonising and transitioning landscape.
OverviewKey featuresNarrative (excerpt)
1.5°C
Global temperature
increase peaks at 1.5°C
by the year 2050, before
settling to 1.4°C in 2100.
6.9B
Global population in
2100.
2.2%
OECD GDP growth to
2100 (CAGR), compared
with a historical (prior
50 years) growth rate of
2.5%.
Climate & Weather
There is a continuation of acute weather events globally, with sea level rise and
coastal flooding presenting the most impactful challenges in certain regions.
Demographics & Economy
Global population climbs 6.4% by 2040, before marking an overall decline of
12% by 2100. The aged population cohort rises from a baseline of ~10% to ~45%
in 2100. Low- and medium-income countries experience high GDP growth, while
high income countries see moderate growth. GDP growth (CAGR) for OECD
nations is 3.9% in 2040 (from a 2020 baseline), slowing to 2.2% on a 2100
timescale.
Energy
The majority of electricity is generated from renewable sources, with fossil fuels
becoming expensive to use.
Technology
There is a concerted global effort to implement ‘green’ technology into the
value chain, with a significant focus placed on energy efficiency, reusability,
and bio-based raw materials.
Regulation & Policy
There is effective international cooperation. High levels of regulation are imposed,
such as carbon pricing and taxes, carbon reduction disclosure mandates, and
climate-resilient infrastructure requirements.
Market Conditions
There is elevated and sustained pressure from customers and investors upon
businesses to mitigate the impacts of climate change.
Health & Wellbeing
There are high levels of investment in healthcare relative to 2024 levels.
• The political momentum for a course correction builds,
aided by effective international cooperation and a
heightened sense of urgency.
• Participation in New Zealand’s Emissions Trading Scheme
(ETS) becomes mandatory over time, encompassing fuel
used, purchased electricity and landfill/waste disposal
costs at the East Tāmaki and Karaka sites.
• OECD countries adopt similar emissions trading schemes,
and the price of carbon units rises steadily in these
markets.
• A carbon credit scheme for all global shipping lanes is
introduced, which forwarders and shipping lines pass
through to their customers.
• The European Union proceeds with the introduction of its
Carbon Border Adjustment Mechanism (CBAM).
• To compete in tenders, there is an increased need for
energy-efficient hardware, reusables, bio-based raw
materials, recycled packaging, take-back/recycling
programmes and life cycle assessments across our product
range.
• All of our future infrastructure projects are subject to
stringent climate-resilience requirements.
• There is continued growth in global population out to
2040, before declining out to 2100. There is a significant
increase in the aged population cohort.
• A 1.5°C warming scenario, and the associated worsening
in environmental and atmospheric conditions, leads to an
increase in the incidence and prevalence of respiratory
conditions from a 2020 baseline.

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Scenario 3: High-Dependency Unit
In the High-Dependency Unit scenario, global cooperation efforts falter and self-interest actions prevail. This leads to emissions approximately doubling, resulting
in a 3.6°C increase in global temperature and significant climate and weather impacts. Shared Socioeconomic Pathway 3 (SSP3) is described as ‘Regional Rivalry –
a Rocky Road’, due to high challenges of mitigation and adaption. This has been selected as a plausible scenario to test how we would respond in a highly volatile
and physically impacted world.
OverviewKey featuresNarrative (excerpt)
3.6°C
Global temperature
increase in 2100.
12.6B
Global population in
2100.
1.3%
OECD GDP growth to
2100 (CAGR), compared
with a historical (prior
50 years) growth rate of
2.5%.
Climate & Weather
There is a significant increase in acute and chronic weather events globally, with
sea level rise, coastal flooding, increases in surface temperature and wind speed
presenting significant challenges in most regions.
Demographics & Economy
Global population surges 61% by 2100, with rapid growth in developing countries.
There is slow GDP growth across the board.
Energy
Fossil fuels become difficult to source due to protectionist actions from
governments. Electricity grids are disrupted amid a lack of suitable alternatives.
Technology
There is slow technological progress and innovation and constrained budgets
fuel demand for commodity goods. Protectionism results in nations competing to
secure access to technology.
Regulation & Policy
There is weak, uneven international cooperation as traditional institutions falter.
Nation states adopt protectionist policies to preserve domestic resources.
Market Conditions
There are different levels of demand and funding by region and country, though
on the whole there is limited focus on carbon reduction. Economic development is
slow, and consumption is material-intensive.
Health & Wellbeing
There is a low level of investment in healthcare (relative to 2024 levels) amid
constrained budgets and competing priorities for expenditure.
• Global efforts to address climate change are derailed by
protectionist actions. Competition intensifies as resources
are depleted and climate impacts worsen – nations turn
inward and prioritise regional issues.
• Climate regulatory frameworks falter and there is a lack of
consensus on how to proceed. Alliances and trade blocs
deepen.
• This tension impacts the cost of goods and services. There
are significant increases in fossil fuel costs amid a lack of
alternatives and as oil reserves are depleted. This drives up
the cost of shipping, energy, and the sourcing of resins and
other raw materials critical to our production.
• We see significant disruption at our global sites. Average
wind speed increases across much of our network,
including at our East Tāmaki campus in New Zealand and
our distribution sites in Western Europe. Coastal flooding
and sea level rise present challenges for certain leased
sites in Asia, as does an increase in surface temperature
in Mexico. Global shipping routes are congested as the
Panama Canal experiences drought conditions every year,
significantly reducing the number of passages each year.
• Nations and regions compete to secure access to medical
devices and technology. Patent enforcement becomes
increasingly difficult in this environment.
• There is significant population growth on both a 2040
and 2100 timescale, with a particular growth surge in
developing nations.
• A 3.6°C warming scenario, and the associated worsening
in environmental and atmospheric conditions, leads to
a significant increase in the incidence and prevalence of
respiratory conditions from a 2020 baseline.

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Greenhouse gas emissions
Methods, assumptions and
uncertainties in estimating GHG
emissions
GHG emissions have been measured in accordance
with NZ CS and the Greenhouse Gas Protocol – a
Corporate Accounting and Reporting Standard
(GHG Protocol), the GHG Protocol Corporate
Value Chain (Scope 3) Accounting and Reporting
Standard and the GHG Protocol Scope 2 Guidance.
1

GHG emissions have been consolidated using the
operational control approach. The scope of our
emissions inventory covers all activities within
the operational boundaries of Fisher & Paykel
Healthcare Corporation Limited globally, including
head offices, sales offices and manufacturing sites.
This includes any facilities under construction. No
material facilities, operations or assets have been
excluded from our organisational boundary.
Emissions categories
Scope 1 includes direct GHG emissions from
sources that we own or control. This includes the
fuel used in vehicles we own or lease, natural gas
and fugitive emissions generated through the use
of refrigerants. Estimates are used where volume
data is not available or impractical to collect.
2

Estimated activity data accounts for approximately
59% of Scope 1 emissions (tCO
2
e).
3
Scope 2 (location and market-based) includes
indirect GHG emissions from the generation of
electricity we purchase, calculated using supplier-
based activity data and country-specific emission
factors (EFs). Using a location-based methodology,
electricity use generated 16,729 tCO
2
e.
Our Scope 2 (location-based) emissions
increased in the 2026 financial year. This was
largely a result of increases in the Ministry for
the Environment (MfE) New Zealand and Mexico
International Energy Agency (IEA) emission factors
for purchased electricity and a 5% increase in
electricity consumption (kWh).
Our Scope 2 (market-based) emissions generated
14,247 tCO
2
e. This reflects the purchase of
Renewable Energy Certificates (RECs) in the
2026 financial year in respect of energy use in
our New Zealand and UK operations. For all other
Scope 2 (market-based) emissions, we calculate
energy consumption using the residual mix
factor of the country of emission consumption.
Residual mix factors are sourced from Carbon Data
Intelligence (CaDI) 2024.
RECs certify that the electricity purchased by
our New Zealand and UK operations is from
renewable sources. Where RECs show that energy
consumption is from renewable sources, we
recognise emissions as zero.
Scope 3 includes indirect GHG emissions generated
by our suppliers, customers and employees
(included within category 7, employee commuting).
The most significant sources of Scope 3 emissions
are discussed in further detail below:
Category 1: Purchased goods and services
This category includes any upstream emissions
generated by the consumption of raw materials,
components, packaging and services that are
acquired to create and distribute our products.
This includes both production-related goods and
services as well as emissions from non-production
related goods and services.
20% of emissions associated with purchased
goods are determined by an activity-based
method using volume data (including resin). Other
purchased goods use a spend-based method.
Emissions from purchased services (including ICT
services, marketing, consultancy, etc.) are also
calculated using spend data sourced from our
internal financial systems multiplied by the relevant
emission factors.
We have applied several 2025 Comprehensive
Environmental Data Archive (CEDA) EFs to spend-
based data in Scope 3 category 1. Where we have
used supplier-provided volume data (including
resin), we have used EFs sourced from recognised
life cycle assessment datasets.
Category 4: Upstream transportation and
distribution
Core freight services include inbound and
outbound transportation from manufacturing sites
to sales offices or global customers, local freight,
port to office/warehouse, and office/warehouse to
customer.
Our largest freight forwarder suppliers across
New Zealand, Mexico, the UK and the US provide
us with tonne/km data, which we use to derive full-
year consumption and convert to tCO
2
e using EFs
from Department of Environment, Food and Rural
Affairs (DEFRA).
Category 11: Use of sold products
Energy consumption during the use phase of
sold products is the largest contributor to our
Scope 3 footprint. The total energy consumption
for the lifetime of a product is reflected in the
emission calculation in the year of sale and are
included within the Scope 3, category 11 emissions.
Annual category 11 emission levels are based on
total estimated future energy consumption of
our products, as at the point of sale, and current
location-based grid emission factors. Emission
outcomes are influenced not only by sales volumes
and grid factors, but also by the mix of products
sold which have a range of energy requirements.
Grid emission factors, where available, are sourced
from the IEA 2025 database (2023) and applied
based on the location where the product was sold.
1 GHG quantification is subject to inherent uncertainty because of incomplete scientific knowledge
used to determine emission factors and the values needed to combine emissions of different gases.
2 We estimate our vehicle fleet travel based on available financial spend data.
3 For further information on emission factors used, refer to page 115.

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115Fisher & Paykel Healthcare | ANNUAL REPORT 2026
We assume that devices remain, and are operated,
in the country they are sold into.
Emissions are estimated using actual sales volume
data by country as well as assumptions on use
of sold products by our engineers who design
our products. There is a higher level of estimation
uncertainty around the average number of hours
our products are in use for as they are subject to
clinician decisions outside of our control.
Emission factors
GHG Protocol provides guidance around data
hierarchies where activity data will provide the
greatest level of precision and, in the absence of
activity data and defined methodology, spend-
based data is used based on defined emission
factor categories.
We follow an internally generated emission factor
(EF) rule hierarchy which is used to determine the
most appropriate EF to use for each of the GHG
categories. Our hierarchy is as follows:
1) Country-specific EF
2) Neighbouring country EF (with a similar ‘profile’
e.g. 50% hydro-electric)
3) Regional EF
4) Default EF (provided by a global organisation
such as IEA).
Emission factors have been sourced from several
databases. We use the latest available EF sources
available at 31 March 2026, this includes a mix of
2025 and prior year emission factors
1
. Due to the
time lag on publication of sources of EFs, this
means some EFs are dated prior to 2026. Our
GHG emissions are calculated using a number
of methods, including activity data multiplied by
relevant EFs. We use primary data directly from our
suppliers, where this is available and practical to
collect. Where primary data is not easily obtainable,
without undue cost or effort, emissions have been
estimated using spend data and an appropriate
conversion factor to estimate the emissions.
The majority of our 2026 financial year emissions
have been calculated using CEDA 2025 spend-
based EFs.
CEDA Emission Factors
We consider the application of 2025 CEDA EFs to
spend-based data provide us with a more accurate
input to determine our Scope 3, categories 1, 2, 4,
6 and 9 emissions when compared to alternatives
(including New Zealand spend-based EFs). CEDA
EFs are used to calculate 35% of our GHG footprint.
Use of CEDA EFs require conversion of spend
from local currency to USD. Movement in the US
dollar will have an associated impact on our carbon
emissions. By using CEDA EFs, as the US dollar
strengthens (for example, moves from USD:NZD
0.64 to USD:NZD 0.57), tCO
2
e emissions will reduce
and vice versa.
Changes in estimates
In the 2026 financial year, the calculation
methodology has been revised to:
• remove optional indirect-use phase emissions
associated with the manufacturing of medical
gases from our Scope 3, category 11 emissions.
These emissions occur outside of our operations
and decision-making, and reflect our customers’
downstream emissions. We continue to include
the direct use-phase emissions associated with
use of medical gases in our therapies.
• normalise emissions data by the most relevant
activity data. In Scope 1 emissions, data was
normalised by the number of leased vehicles,
rather than the number of employees, resulting in
~280 tCO
2
e being allocated in the 2025 financial
year to countries where no vehicles were leased.
These changes did not result in a restatement of
the emissions in the comparative periods.
1 Emission factors used apply a mix of IPCC Assessment Report AR5 and AR6
global warming potentials (GWPs) that have been assigned to the emission
factor by relevant reporting authorities.
Excluded emissions sources
In our GHG inventory, certain emissions sources
have been excluded as they account for less than
1% of the total emissions within their respective
categories, and their total emissions and removals
do not exceed 10% of either Scope 1 or Scope
2 or Scope 3. As such, they are not considered
significant for our inventory, its intended use, or
for users relying on this data.
The following emissions sources have been
excluded from the GHG emissions inventory:
Technology acquisition programme assets
Hardware devices (manufactured by Fisher & Paykel
Healthcare) that we hold as property, plant and
equipment. This hardware is available to customers
to use but remain owned by us.
We do not have a way of tracking devices which
are used by multiple customers over their lifetime.
Inclusion would lead to double counting of
emissions on each issue to customer(s). These units
represent a very small percentage of total sales
volume.
Karaka, Auckland site – downstream
Emissions from our Karaka site are currently
immaterial for inclusion.

THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
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117Fisher & Paykel Healthcare | ANNUAL REPORT 2026
Other matter – comparative information
Certain comparative GHG Disclosures (that is, GHG Disclosures and the Scope 2
market-based Disclosures) for the year ended 31 March 2024 have not been subject
to assurance. The comparative GHG Emissions Intensity disclosures for the years ended
31 March 2024 and 31 March 2025 have not been subject to assurance.
Directors’ responsibilities
The Directors of the Company are responsible on behalf of the Company for the
preparation and fair presentation of the GHG Disclosures and the Other Metrics in
accordance with NZ CSs. This responsibility includes the design, implementation and
maintenance of internal controls relevant to the preparation of GHG Disclosures and the
Other Metrics that are free from material misstatement whether due to fraud or error.
Inherent Uncertainty in preparing GHG Disclosures and the Other Metrics
As discussed on page 114 of the Climate-related Disclosures report, the GHG
quantification is subject to inherent uncertainty because of incomplete scientific
knowledge used to determine emissions factors and the values needed to combine
emissions of different gases.
Our independence and quality management
The assurance engagement on the GHG Disclosures was undertaken in accordance with
NZ SAE 1 Assurance Engagements over Greenhouse Gas Emissions Disclosures, issued by
the External Reporting Board (XRB) (NZ SAE 1) and the assurance engagement on the
Other Metrics was undertaken in accordance with ISAE (NZ) 3410 Assurance Engagements
on Greenhouse Gas Statements, issued by the XRB (ISAE (NZ) 3410). These standards are
founded on the fundamental principles of independence, integrity, objectivity, professional
competence and due care, confidentiality and professional behaviour.
We have also complied with the following professional and ethical standards and
accreditation body requirements:
• Professional and Ethical Standard 1: International Code of Ethics for Assurance
Practitioners (including International Independence Standards) (New Zealand);
• Professional and Ethical Standard 3: Quality Management for Firms that Perform
Audits or Reviews of Financial Statements, or Other Assurance or Related Services
Engagements; and
• Professional and Ethical Standard 4: Engagement Quality Reviews.
In our capacity as auditor and assurance practitioner, our firm also provides audit, 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.
Description of the key matterHow our assurance engagement addressed the key matter
Scope 3 Category 11: Use of sold products
Emissions from the use of sold products comprise approximately 36% of Total Scope 3
emissions for the year ended 31 March 2026.
In determining GHG emissions from use of sold products the Group used design
engineers to estimate future energy consumption, which can vary widely depending
on the decisions of clinicians using the medical devices.
Detailed in Category 11: Use of sold products on pages 114 and 115 of the Climate-related
Disclosures report, are assumptions with a higher level of estimation uncertainty
which can materially impact the accuracy of estimated future energy consumption.
This includes:
• Average number of hours products are in use for.
We considered the use of sold products a key matter due to the higher degree of
estimation uncertainty and significant management judgement in estimating these
GHG emissions.
We designed our limited assurance procedures to respond to the key matter as follows:
• Made inquiries of management to obtain an understanding of the Group’s overall
governance and internal control environment and procedures relevant to assumptions
and estimates in the calculation and disclosure of the use of sold products;
• Evaluated the methodology applied in calculating the estimates and whether it was
consistently applied across a sample of products;
• Made inquiries of management if any changes were made to the underlying
assumptions of future energy consumption applied during the year;
• Through further inquiry and inspection of supporting documentation, we understood
the process that management followed, including how they considered input from the
Group’s design engineers, to conclude that the assumptions were appropriate and the
basis for that conclusion;
• For a sample of products sold, we recalculated the emissions using the assumptions
provided by management; and
• Evaluated the adequacy of the disclosure of category 11 use of sold products against
the requirements of NZ CSs.

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118Fisher & Paykel Healthcare | ANNUAL REPORT 2026
Assurance practitioner’s responsibilities
Our responsibility is to express a conclusion on the GHG Disclosures and the Other Metrics
based on the procedures we have performed and the evidence we have obtained. NZ
SAE 1 and ISAE (NZ) 3410 requires us to plan and perform the engagement to obtain the
intended level of assurance about whether anything has come to our attention that causes
us to believe that the GHG Disclosures and the Other Metrics are not fairly presented and
are not prepared, in all material respects, in accordance NZ CSs, whether due to fraud or
error, and to report our conclusion to the Directors of the Company.
As we are engaged to form an independent conclusion on the GHG Disclosures and the
Other Metrics prepared by management, we are not permitted to be involved in the
preparation of the GHG information as doing so may compromise our independence.
Summary of work performed
Our limited assurance engagement was performed in accordance with NZ SAE 1, and
ISAE (NZ) 3410. This involves assessing the suitability in the circumstances of the Group’s
use of NZ CSs as the basis for the preparation of the GHG Disclosures and the Other
Metrics, assessing the risk of material misstatement of the GHG Disclosures and the Other
Metrics whether due to fraud or error, responding to the assessed risks as necessary in
the circumstances, and evaluating the overall presentation of the GHG Disclosures and the
Other Metrics.
A limited assurance engagement is substantially less in scope than a reasonable
assurance engagement in relation to both the risk assessment procedures, including
an understanding of internal control, and the procedures performed in response to the
assessed risks.
The procedures we performed were based on our professional judgement and included
enquiries, observation of processes performed, inspection of documents, analytical
procedures, evaluating the appropriateness of quantification methods and reporting
policies, and agreeing or reconciling with underlying records. In undertaking our limited
assurance engagement on the GHG Disclosures and the Other Metrics, we:
• Obtained, through enquiries, an understanding of the Group’s control environment,
processes and information systems relevant to the preparation of the GHG Disclosures
and the Other Metrics. We did not evaluate the design of particular control activities,
or obtain evidence about their implementation;
• Gained an understanding of and evaluated whether the Group’s methodology
for developing estimates are appropriate and had been consistently applied. Our
procedures did not include testing the data on which the estimates are based or
separately developing our own estimates against which to evaluate the Group’s
estimates;
• Tested a limited number of items to, or from, supporting records, as appropriate;
• Assessed a limited number of emission factor sources and reperformed a limited
number of emissions calculations for mathematical accuracy;
• Performed analytical procedures on particular emission categories by comparing the
expected GHGs emitted to actual GHGs emitted and made enquiries of management
to obtain explanations for any significant differences we identified;
• Agreed the Operating Revenue and total GHG emissions (market-based) used in the
GHG Emissions Intensity to the audited financial statements and the assured GHG
Disclosures respectively;
• Recalculated the GHG Emissions Intensity metric; and
• Considered the presentation and disclosure of the GHG Disclosures and the Other
Metrics.
The procedures performed in a limited assurance engagement vary in nature and timing
from, and are less in extent than for, a reasonable assurance engagement. Consequently,
the level of assurance obtained in a limited assurance engagement is substantially lower
than the assurance that would have been obtained had we performed a reasonable
assurance engagement and does not enable us to obtain assurance that we would become
aware of all significant matters that we otherwise might identify. Accordingly, we do not
express a reasonable assurance opinion on the GHG Disclosures and the Other Metrics.
Inherent limitations
Because of the inherent limitations of an assurance engagement, together with the internal
control structure, it is possible that fraud, error or non-compliance may occur and not be
detected.
Who we report to
This report is made solely to the Company’s Directors, as a body. Our work has been
undertaken so that we might state those matters which we are required to state to them
in our assurance 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 Directors, as a body, for our procedures, for this report, or for the conclusions
we have formed.
The engagement partner on the engagement resulting in this independent assurance
report is Victoria Ashplant.
For and on behalf of
PricewaterhouseCoopers
25 May 2026 Auckland

119Fisher & Paykel Healthcare|ANNUAL REPORT 2026
FINANCIALS
Financial commentaryFinancial statementsNotes to the financial statementsIndependent auditor’s report
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120Fisher & Paykel Healthcare|ANNUAL REPORT 2026
The financial commentary below provides an overview of the financial results for the year
ended 31 March 2026. Readers should refer to the following financial statements and notes
for an understanding of the basis on which the financial results are determined.
INCOME STATEMENTS
Year ended 31 March

2025
NZ$M
2026
NZ$M
Change
Reported
%
Change
CC
1
%
Operating revenue 2,021.02,308.4+14+12
Gross profit 1,270.91,470.1+16+14
Gross margin 62.9%63.7%80 bps122 bps
SG&A expenses (534.4)(598.2)+12+9
R&D expenses (226.9)(235.5)+4+4
Total operating expenses (761.3)(833.7)+10+8
Operating profit 509.6636.4 +25+26
Operating margin 25.2%27.6%235 bps277 bps
Net financing expense (6.3)(4.9)-22-77
Profit before tax 503.3631.5+25+28
Tax expense(126.1)(163.0)+29+26
Profit after tax377.2468.5+24+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 123.
Total profit after tax for the year was $468.5 million, a 24% increase from last year, or 28%
in constant currency.
Revenue
Operating revenue was $2,308.4 million, a 14% increase from the prior year or 12% in
constant currency. Hospital revenue grew 18%, or 15% in constant currency, reflecting
continued clinical change with strong demand across the product portfolio including
hardware. Homecare revenue grew 8%, or 7% in constant currency with OSA masks
revenue growth of 7%, or 5% in constant currency against strong growth last year.
Gross margin
Gross margin at 63.7% increased by 122 basis points in constant currency from last year.
This reflects the continued progress of our improvement initiatives and other efficiency
gains. Gross margin for this year included approximately 90 basis points of impact in
constant currency of US tariffs on hospital products sourced from New Zealand.
Operating expenses
Operating expenses increased 10%, or 8% in constant currency, to $833.7 million reflecting
our ongoing investment in sales, marketing and R&D to support the development of our
product pipeline and our global sales growth. The operating margin at 27.6% improved by
277 basis points in constant currency.
Financing expenses
Net interest expense decreased to $2.1 million (2025: $6.8 million) reflecting the strong
cash generation over the past year. Net foreign exchange losses on translation of foreign
currency assets and liabilities this year were $2.8 million (2025: $0.5 million gain).
Ta x
The effective tax rate was 25.8% (2025: 25.1%). The R&D tax credit of $21.2 million for this
year (2025: $20.4 million) represents the estimated eligible R&D expenditure incurred
during the year. Excluding the R&D tax credit, the effective tax rate was 29.2% (2025:
29.1%).
Financial commentary
Financial statementsNotes to the financial statementsIndependent auditor’s report
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
Financial commentary

121Fisher & Paykel Healthcare|ANNUAL 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.
Over 60% of COGS and over 50% of operating expenses are in currencies other than NZD.
Foreign currency impacts had an unfavourable net profit after tax effect of
$14.6 million on the current year when compared to the prior year. This includes an
unfavourable movement in pre-tax net foreign exchange losses on balance sheet
translations of $3.3 million (2026: $2.8 million loss; 2025: $0.5 million gain). This also
included an unfavourable movement in hedging programme results of $27.7 million
(2026: $20.7 million loss; 2025: $7.0 million gain).
The average daily spot rate, the average conversion exchange rate (the accounting
rate, incorporating the settlement of forward exchange contracts in 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 below.
Average daily
spot rate
Average conversion
exchange rateClosing spot rate
Year ended 31 March202520262025202620252026
USD0.5950.5880.6170.6010.5710.572
EUR 0.5530.5070.5370.5290.5270.498
MXN11.3710.8912.4211.8811.6710.36
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 May 2026 is:
Year to 31 March20272028202920302031
2032
-2036
+
USD % cover of expected exposure90%70%65%45%5%
USD average rate of cover0.5960.5870.5770.5620.541
EUR % cover of expected exposure90%75%60%50%40%15%
EUR average rate of cover0.5210.5190.5050.4990.4780.452
MXN % cover of expected exposure 55%35%10%
MXN average rate of cover 12.8712.4913.11
+ 2032 – 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%.
US dollars 50%
Mexican pesos 1%
Other currencies 29%
Euros 19%
New Zealand dollars 1%
Financial statementsNotes to the financial statementsIndependent auditor’s report
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Financial commentary

122Fisher & Paykel Healthcare|ANNUAL REPORT 2026
CASH FLOWS
The full statement of cash flows is provided on page 127.
Year ended 31 March
2025
NZ$M
2026
NZ$M
Change
NZ$M
Operating profit 509.6636.4126.8
Plus depreciation and amortisation139.9158.618.7
Change in working capital and other(1.0)33.034.0
Net interest paid(9.5)(3.4)6.1
Net income tax paid(90.4)(161.4)(71.0)
Operating cash flows548.6 663.2 114.6
Lease repayments(18.5)(21.4)(2.9)
Purchase of land and buildings(21.6)(128.7)(107.1)
Purchase of plant and equipment(52.0)(44.1)7.9
Purchase of intangible assets(29.4)(22.4)7.0
Free cash flows
+
427.1446.6 19.5
Dividends paid(195.9)(252.3)(56.4)
+ Free cash flows include lease liability repayments following the adoption of NZ IFRS 16.
Operating cash flows
Cash flows from operations for the year increased by $114.6 million to $663.2 million (2025:
$548.6 million). The strong operating cash flows benefited from the increase in profit
and reduced net working capital, 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 year, $43 million was paid as scheduled to acquire the second parcel of land in
Karaka. A further $152.2 million was spent on capital expenditure (excluding leased assets),
including construction for our fifth building in East Tāmaki, New Zealand. We continue to
invest in manufacturing production equipment and patents.
Dividends
Dividends paid of $252.3 million increased by 29% from the prior year. The Dividend
Reinvestment Plan (DRP) was not offered for the 2025 final dividend or 2026 interim
dividend paid during this year. Under the DRP last year, $49.7 million of dividends were
reinvested as new shares reducing the cash paid by the same amount.
BALANCE SHEET
As at 31 March
2025
NZ$M
2026
NZ$M
Change
NZ$M
Trade receivables263.1 286.7 23.6
Inventories342.9 327.3(15.6)
Less trade and other payables
+
(150.3)(166.8)(16.5)
Working capital455.7 447.2(8.5)
Property, plant and equipment
++
1,338.51,407.268.7
Intangible assets82.1 72.7(9.4)
Lease liabilities (89.3) (86.3)3.0
Other net assets (liabilities)(97.1) (126.7) (29.6)
Net cash200.5 401.3 200.8
Net assets1,890.42,115.4225.0
+ 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 increased by $23.6 million at 31 March 2026 reflecting strong revenue
growth. Our debtor days were within the normal range at 43 days (March 2025: 44 days).
Inventories balances decreased by $15.6 million from March 2025, driven by a reduction
in both raw materials and finished goods balances. Trade and other payables increase
includes timing associated with inventory purchases and payments to suppliers.
Property, plant and equipment (including leased assets) increased by $68.7 million in the
year. Additions of $197.5 million more than offset depreciation of $125.0 million. Additions
included progress on the construction of our fifth building in East Tāmaki and the purchase
of the second parcel of land in Karaka.
Net intangible assets decreased $9.4 million. Additions included $22.9 million for patents
and trademarks (2025: $22.3 million).
Other net assets (liabilities) movements of $29.6 million included the movements from
derivative financial instruments, provisions and net deferred tax assets.
The derivative financial instruments net liabilities increased to $63.2 million
(2025: $46.2 million net liabilities). This is primarily due to the change in exchange rates at
31 March 2026 compared to 31 March 2025 – with the corresponding offset in the cash flow
hedge reserve. All currency derivatives continued to be effective hedges.
Net deferred tax assets increased by $17.5 million to $163.9 million at 31 March 2026, mainly
due to movements in derivative instrument valuations and property, plant and equipment.
Financial statementsNotes to the financial statementsIndependent auditor’s report
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Financial commentary

123Fisher & Paykel Healthcare|ANNUAL REPORT 2026
Net cash and debt facilities
As at 31 March
2025
NZ$M
2026
NZ$M
Change
NZ$M
Loans and borrowings
– Current(59.7)–59.7
– Non-current–(52.5)(52.5)
Bank overdrafts(4.3)(7.3)(3.0)
Total interest-bearing liabilities
+
(64.0)(59.8)4.2
Total cash and investments 264.5461.1196.6
Net cash200.5401.3200.8
Gearing-11.6%-22.8%
Undrawn committed debt facilities520.3 417.5(102.8)
Undrawn uncommitted debt and overdraft
facilities
91.0137.846.8
+ Excluding lease liabilities.
During the year, the Group’s borrowing has reduced by $4.2 million. As at 31 March
2026, the average maturity of loans and borrowings of $52.5 million was 3.3 years, all
denominated in USD. During the year, $180 million of committed borrowing facilities
matured, $70 million of which were renewed. Additionally, the maturity date of $60 million
of existing facilities were extended. Within the next 12 months, three facilities totalling
$160 million will mature, none of which were drawn at 31 March 2026.
Cash and cash equivalents were $461.1 million at 31 March 2026, an increase of $196.6
million. This increase reflects the free cash flow generated during the year.
Gearing
1

At 31 March 2026, the Group had net cash of $401.3 million and net gearing ratio of -22.8%.
There will be capital expenditure required for the remaining construction of the fifth
building at our East Tāmaki campus over the next two years and the final payment for the
Karaka land acquisition in December 2026.
NOTES - CONSTANT CURRENCY
Constant currency analysis is non–Generally Accepted Accounting Practice (GAAP)
financial information, that is not prepared in accordance with New Zealand Equivalents
to International Financial Reporting Standards (NZ IFRS). Constant currency information
has been provided to assist users of financial information to better understand and assess
the Group’s financial performance without the impacts of foreign currency fluctuations,
including hedging results.
Constant currency financial information is prepared each month to enable the Board
and management to monitor and assess the Group’s underlying comparative financial
performance without any distortion from changes in foreign exchange rates. Constant
currency information is prepared based on constant exchange rates to derive a year-
on-year growth rate, which is presented against last year’s reported results to exclude
the impact of movements in foreign exchange rates, hedging results and balance sheet
translations.
The Group’s constant currency framework can be found on the company’s website at
www.fphcare.com/ccf. PwC perform assurance procedures over the constant currency
information.
RECONCILIATION OF CONSTANT CURRENCY TO REPORTED REVENUE
For the year ended 31 March
2025
NZ$M
2026
NZ$M
Change
%
Operating revenue (constant currency) 2,021.0 2,268.2 +12
Foreign exchange hedging result movement (28.1)
Spot exchange rate effect* 68.3
Total impact of foreign exchange 40.2
Operating revenue (reported) 2,021.0 2,308.4 +14
RECONCILIATION OF CONSTANT CURRENCY TO REPORTED PROFIT AFTER TAX
For the year ended 31 March
2025
NZ$M
2026
NZ$M
Change
%
Profit after tax (constant currency) 377.2 483.1 +28
Foreign exchange hedging result movement (pre-tax)(27.7)
Balance sheet revaluation movement (pre-tax)(3.3)
Spot exchange rate effect* 16.4
Total impact of foreign exchange (14.6)
Profit after tax (reported) 377.2 468.5 +24
* Spot exchange rate effect represents the difference between 2026 at 2025 actual rates and 2026 at actual rates. For net
profit after tax, this includes the tax effect of the movement in hedging result and balance sheet revaluation adjustment.
1 Net interest-bearing debt (debt less cash and cash equivalents and short-term investments) to net interest-bearing
debt and equity (less hedging reserves). Net interest-bearing debt excludes lease liabilities.
Financial statementsNotes to the financial statementsIndependent auditor’s report
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124Fisher & Paykel Healthcare|ANNUAL REPORT 2026
CONSOLIDATED INCOME STATEMENT
For the year ended 31 March 2026
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2026
Notes
2025
NZ$M
2026
NZ$M
Operating revenue 4 2,021.0 2,308.4
Cost of sales (750.1) (838.3)
Gross profit 1,270.9 1,470.1
Selling, general and administrative expenses (534.4) (598.2)
Research and development expenses (226.9) (235.5)
Total operating expenses (761.3) (833.7)
Operating profit 509.6 636.4
Financing income 4.3 8.2
Financing expense (11.1) (10.3)
Exchange gain/(loss) on translation of foreign
currency assets and liabilities
0.5 (2.8)
Net financing expense (6.3) (4.9)
Profit before tax 5 503.3 631.5
Tax expense 11 (126.1) (163.0)
Profit after tax 377.2 468.5
Basic earnings per share 16 64.4 cps 79.8 cps
Diluted earnings per share 16 63.9 cps 79.3 cps
The accompanying notes form an integral part of the financial statements.
Notes
2025
NZ$M
2026
NZ$M
Profit after tax 377.2 468.5
Other comprehensive income
Items that may be reclassified to profit or loss
Foreign currency translation reserve
Exchange differences on translation
of foreign operations
4.0 0.2
Hedging reserves
Changes in fair value in hedging reserves (98.0) (38.3)
Transfers to profit before tax from cash flow
hedge reserve
(7.0) 20.6
Tax on above reserve movements11 29.4 5.0
Other comprehensive income, net of tax (71.6) (12.5)
Total comprehensive income 305.6 456.0
Financial statements
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125Fisher & Paykel Healthcare|ANNUAL REPORT 2026
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2026
Notes
Share
capital
NZ$M
Retained
earnings
NZ$M
Reserves
NZ$M
Total
equity
NZ$M
Balance at 31 March 2024 404.0 1,095.0 260.1 1,759.1
Total comprehensive income – 377.2 (71.6) 305.6
Dividends paid 17 – (245.6) – (245.6)
Issue of share capital under the dividend reinvestment plan 15 49.7 – – 49.7
Issue of share capital under employee share plans 15 12.5 – – 12.5
Movement in share based payments reserve 17 – – 6.7 6.7
Movement in treasury shares 15 2.4 – – 2.4
Balance at 31 March 2025 468.6 1,226.6 195.2 1,890.4
Total comprehensive income – 468.5 (12.5) 456.0
Dividends paid 17 – (252.3) – (252.3)
Issue of share capital under employee share plans 15 26.6 – – 26.6
Movement in share based payments reserve 17 – – (2.8) (2.8)
Movement in treasury shares 15 (2.5) – – (2.5)
Balance at 31 March 2026 492.7 1,442.8 179.9 2,115.4
The accompanying notes form an integral part of the financial statements.
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Financial statements

126Fisher & Paykel Healthcare|ANNUAL REPORT 2026
CONSOLIDATED BALANCE SHEET
As at 31 March 2026
Notes
2025
NZ$M
2026
NZ$M
ASSETS
Current assets
Cash and cash equivalents 264.5 461.1
Trade and other receivables 7 304.6 329.4
Inventories 8 342.9 327.3
Derivative financial instruments 6 9.9 21.0
Tax receivable 13.5 13.4
Total current assets 935.4 1,152.2
Non-current assets
Derivative financial instruments 6 38.6 43.7
Other receivables 1.1 4.7
Property, plant and equipment 9 1,338.5 1,407.2
Intangible assets 10 82.1 72.7
Deferred tax assets 11 155.1 173.1
Total assets 2,550.8 2,853.6
LIABILITIES
Current liabilities
Borrowings 12 64.0 7.3
Lease liabilities 12 22.4 25.5
Trade and other payables 13 271.8 300.1
Provisions 14 25.8 35.5
Tax payable 75.4 80.1
Derivative financial instruments 6 41.0 49.3
Total current liabilities 500.4 497.8
Notes
2025
NZ$M
2026
NZ$M
LIABILITIES
Non-current liabilities
Borrowings 12 – 52.5
Lease liabilities 12 66.9 60.8
Provisions 14 5.5 6.0
Other payables 13 25.2 33.3
Derivative financial instruments 6 53.7 78.6
Deferred tax liabilities 11 8.7 9.2
Total liabilities 660.4 738.2
EQUITY
Share capital 15 468.6 492.7
Retained earnings 1,226.6 1,442.8
Reserves 17 195.2 179.9
Total equity 1,890.4 2,115.4
Total liabilities and equity 2,550.8 2,853.6
The accompanying notes form an integral part of the financial statements.
On behalf of the Board
25 May 2026
Neville Mitchell Lewis Gradon
Board Chair Managing Director and
Chief Executive Officer
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127Fisher & Paykel Healthcare|ANNUAL REPORT 2026
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 March 2026
2025
NZ$M
2026
NZ$M
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 1,990.0 2,288.6
Interest received 3.9 7.3
Payments to suppliers and employees (1,341.5) (1,460.6)
Tax paid (90.4) (161.4)
Interest paid (8.9) (6.2)
Lease interest paid (4.5) (4.5)
Net cash flows from operating activities 548.6 663.2
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment (73.6) (172.8)
Purchases of intangible assets (29.4) (22.4)
Net cash flows from investing activities (103.0) (195.2)
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of share capital under employee share plans 3.1 4.2
New borrowings 106.8 52.5
Repayment of borrowings (163.7) (59.7)
Lease liability payments (18.5) (21.4)
Dividends paid (195.9) (252.3)
Net cash flows from financing activities (268.2)(276.7)
Net increase in cash 177.4 191.3
Opening cash 80.9 260.2
Effect of foreign exchange rates 1.9 2.3
Closing cash 260.2 453.8
RECONCILIATION OF CLOSING CASH
Cash and cash equivalents 264.5 461.1
Bank overdrafts (4.3) (7.3)
Closing cash 260.2 453.8
2025
NZ$M
2026
NZ$M
CASH FLOW RECONCILIATION
Profit after tax 377.2 468.5
Add (deduct) non-cash items:
Depreciation - right-of-use assets 20.9 26.4
Depreciation and amortisation - other assets 119.0 132.2
Share based payments 11.2 13.9
Movement in provisions (6.0) 10.1
Movement in deferred tax assets / liabilities (26.0) (14.1)
Movement in net tax payables 54.6 10.3
Foreign currency translation 3.3 (1.1)
Other non-cash items 1.3 1.0
178.3 178.7
Net working capital movements:
Trade and other receivables (45.1) (28.4)
Inventories (22.5) 15.5
Trade and other payables 60.7 28.9
(6.9) 16.0
Net cash flows from operating activities 548.6 663.2
The accompanying notes form an integral part of the financial statements.
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128Fisher & Paykel Healthcare|ANNUAL REPORT 2026
1. 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 May 2026.
2. BASIS OF PREPARATION AND PRINCIPLES OF CONSOLIDATION
Statement of compliance
The Company is registered under the Companies Act 1993 and is a FMC reporting entity
under Part 7 of the Financial Markets Conduct Act 2013. The Company is also listed on the
NZX and the ASX. The consolidated financial statements have been prepared in accordance
with the requirements of Part 7 of the Financial Markets Conduct Act 2013.
These consolidated financial statements for the year ended 31 March 2026 have been
prepared in accordance with New Zealand Generally Accepted Accounting Principles (NZ
GAAP). They comply with New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS), other New Zealand accounting standards and authoritative notices
that are applicable to entities that apply NZ IFRS. The consolidated financial statements
comply with International Financial Reporting Standards Accounting Standards (IFRS
Accounting Standards). The Group is a for-profit entity for the purposes of complying with
NZ GAAP.
Basis of measurement
These consolidated financial statements have been prepared under the historical cost
convention, as modified by the revaluation of financial assets and liabilities (including
derivative instruments) at fair value through profit or loss and/or other comprehensive
income, and the revaluation of land.
Functional and presentation currency
The consolidated financial statements are presented in New Zealand dollars (NZD), which
is the Company’s functional currency, to the nearest hundred thousand dollars unless
otherwise stated. Items included in the financial statements of each of the subsidiaries are
measured using the currency of the primary economic environment in which the entity
operates (the “functional currency”).
The Group operates as one integrated business, and the functional currency of all material
global operations is NZD, with the exception of Fisher & Paykel Healthcare Mexico
Properties S.A. de C.V. (“Mexico Properties”). Mexico Properties was established for the
purpose of holding the Group’s property in Mexico, and its functional currency is United
States dollars (USD).
The results and financial position of entities that have a different functional currency are
translated to NZD as follows: assets and liabilities are translated at the exchange rate at
balance date and income statement items are translated at rates approximating the foreign
exchange rates ruling at the dates of transactions. Exchange differences are recognised in
other comprehensive income as a currency translation reserve movement.
Foreign currency transactions and balances
Foreign currency transactions are translated into the relevant functional currency at
the exchange rates at the dates of the transactions. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the translation at period end
exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in the income statement, except when deferred in other comprehensive income
as qualifying cash flow hedges.
Critical accounting estimates and judgements
The preparation of financial statements in conformity with NZ IFRS requires the use of
certain critical accounting estimates. It also requires management to exercise its judgement
in the process of applying the Group’s accounting policies. The Directors regularly review
all accounting policies and areas of judgement in presenting the financial statements.
Significant estimates and judgements are disclosed in each of the applicable notes to the
financial statements and are designated with an
symbol.
Material accounting policy information
Material accounting policy information is disclosed in each of the applicable notes to the
financial statements and are designated with an
symbol.
Basis of consolidation
The consolidated financial statements incorporate the assets and liabilities of all
subsidiaries of the Group as at balance date and the results of all subsidiaries for the year
then ended. All subsidiaries are 100% owned within the Group.
Intercompany transactions, balances and unrealised gains on transactions between Group
companies are eliminated. Unrealised losses are also eliminated unless the transaction
provides evidence of the impairment of the asset transferred.
Notes to the financial statements
For the year ended 31 March 2026
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129Fisher & Paykel Healthcare|ANNUAL REPORT 2026
4. OPERATING REVENUE AND SEGMENTAL INFORMATION
2025
NZ$M
2026
NZ$M
Sales revenue 2,023.5 2,339.0
Foreign exchange loss on hedged sales (2.5) (30.6)
Total operating revenue 2,021.0 2,308.4
Revenue by product group
Hospital products 1,280.3 1,505.0
Homecare products 739.9 802.7
2,020.2 2,307.7
Distributed and other products 0.8 0.7
Total operating revenue 2,021.0 2,308.4
Revenue after hedging by geographical location of customer:
North America 967.2 1,106.1
Europe 541.5 620.1
Asia Pacific 420.8 476.1
Other¹ 91.5 106.1
Total operating revenue 2,021.0 2,308.4
1 Other includes Latin America (including Mexico), Africa and the Middle East.
3. SIGNIFICANT TRANSACTIONS AND EVENTS IN THE FINANCIAL YEAR
The following significant transactions and events affected the financial performance and
financial position of the Group for the period ended 31 March 2026:
Property, plant and equipment
During the year, construction work on the fifth building at our East Tāmaki site progressed
well. Capital commitments as at 31 March 2026 include $111 million related to this project.
Spending on this project during the period was $89 million.
In January 2026, $43 million was paid for the second scheduled settlement of an additional
20 hectare parcel of land in Karaka. Capital commitments as at 31 March 2026 include a
final payment of $15 million for the remaining 5 hectares, due in December 2026. Planning
for the second New Zealand campus at Karaka continues to support longer-term growth.
The Company’s rezoning application is under review by Auckland Council, with a decision
expected in the 2026 calendar year.
Share capital
During the year, the Group issued 1,137,002 shares under employee share purchase
schemes and employee share based payment plans.
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130Fisher & Paykel Healthcare|ANNUAL REPORT 2026
4. OPERATING REVENUE AND SEGMENTAL INFORMATION (CONTINUED)
Segmental reporting
The Group operates in one segment – being the design, manufacture, marketing and
sale of medical devices and systems globally. These products and systems are for use in
respiratory care, acute care, surgery and the treatment of OSA in the home and hospital.
Resource allocation decisions are made to optimise the Group’s financial operating profit.
This is consistent with the internal management reports the chief operating decision-maker
(CODM)
1
reviews.

Revenue is recognised at the point in time performance obligations are satisfied
by transferring control of goods to the customer at the transaction price specified
in the contract. Control typically transfers to the customer at the same time as the
legal title passes to the customer, typically on delivery. The transaction price includes
all amounts which the Group expects to be entitled to net of sales taxes and other
indirect taxes, expected rebates and discounts. Where applicable, rebates and/or
discounts are included within the consideration using an estimation typically based
on the most likely method, and are only recognised to the extent that it is highly
probable that a significant reversal will not occur.
There are no significant financing components in the Group’s revenue arrangements.
1 CODM comprised the Board of Directors (which includes the Chief Executive Officer), the Chief Financial Officer, the
Chief Operating Officer, the Vice President – Sales & Marketing, and the Vice President - Products & Technology during
the 2026 financial year.
5. EXPENSES
2025
NZ$M
2026
NZ$M
Profit before tax is after charging the following specific expenses:
Donations 0.1 1.2
Net inventories written down (0.5) (5.6)
Fees paid to auditors
2025
NZ$000
2026
NZ$000
Audit and review of the financial statements (i) 1,809 1,943
Audit or review related services (ii) 44 42
Other assurance services (iii) 262 201
Total fee for audit, other audit related and other
assurance services 2,115 2,186
Other services (iv)– 1
Total fee for audit, other audit related, other assurance
and non-audit services 2,115 2,187
(i) Audit and review of the financial statements includes $747,600 (2025: $660,630) paid
to other PwC network firms.
(ii) Audit or review related services include limited assurance engagement in the area of
constant currency disclosures $41,600 (2025: $43,900).
(iii) Other assurance services include the limited assurance engagement in the area of
greenhouse gas emissions disclosures $170,000 (2025: $234,000) and regulatory
compliance procedures in Mexico $30,600 (2025: $28,500).
(iv) Other services include other assignments in the area of other training services $1,100
(2025: nil).
The fee paid to PwC for the audit and review of the Group’s financial statements is split
across the jurisdictions where there are subsidiary entities that require an audit or are a
significant component of the Group.
2025
NZ$000
2026
NZ$000
PwC New Zealand 1,426 1,409
Other PwC network firms 689 778
Total fees paid to auditors 2,115 2,187
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131Fisher & Paykel Healthcare|ANNUAL REPORT 2026
6. DERIVATIVE FINANCIAL INSTRUMENTS
20252026
Assets
NZ$M
Liabilities
NZ$M
Assets
NZ$M
Liabilities
NZ$M
CURRENT
Foreign currency forward exchange contracts – cash flow hedges 9.9 40.2 21.0 49.1
Foreign currency forward exchange contracts – not hedge accounted – 0.8 – 0.2
9.9 41.0 21.0 49.3
NON-CURRENT
Foreign currency forward exchange contracts – cash flow hedges 38.6 53.7 43.7 78.6
38.6 53.7 43.7 78.6
Derivatives are initially recognised at fair value on the date a derivative contract is
entered into, and are subsequently re-measured to their fair value. The method of
recognising the resulting gain or loss depends on whether the derivative is designated
as a hedging instrument and, if so, the nature of the item being hedged. The Group
generally applies hedge accounting to all derivative financial instruments.
The Group designates certain derivatives as hedges of highly probable forecast
transactions (cash flow hedges). At the inception of the transaction, the Group
documents the relationship between hedging instruments and hedged items, as well as
the risk management objective and strategy for undertaking various hedge transactions.
The Group also documents their assessment, both at hedge inception and on an ongoing
basis, of whether the derivatives that are used in hedging transactions have been and
will continue to be highly effective in offsetting changes in cash flows of hedged items.
Any ineffective portion is recognised immediately in the income statement. Derivatives
that are designated as hedges will be classified as non-current if they have maturities
greater than 12 months after the balance date.
Some components of hedge accounted derivatives are excluded from the designated
risk. Cash flow hedges include only the intrinsic value of options. Time value on
options is excluded from the hedge designation and is marked to market through
other comprehensive income and accumulated within a separate component of equity
(‘the costs of hedging reserve’ within ‘hedging reserves’) until such time as the related
hedge accounted cash flows affect profit or loss. At this stage the cumulative amount is
reclassified to profit or loss.
Master netting arrangements
The Group enters into derivative transactions under the International Swaps and Derivatives Association (ISDA) master agreements. The ISDA agreements do not meet the criteria
for offsetting derivatives in the balance sheet. Netting arrangements are only enforceable upon early termination, for example, on occurrence of a credit default. Refer to Note 21 for
information on the calculation of fair values and maturity of undiscounted cash flows for these financial instruments.
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132Fisher & Paykel Healthcare|ANNUAL REPORT 2026
6. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
Contractual amounts of derivative financial instruments were as follows:
2025
NZ$M
2026
NZ$M
Foreign currency forward contracts and options
Sale commitments forward exchange contracts 3,991.6 5,008.0
Purchase commitments forward exchange contracts 129.6 101.7
Foreign currency borrowing forward exchange contracts 68.3 138.6
Interest rate derivatives
Interest rate swaps 2.5–
Undiscounted foreign currency contractual amounts for outstanding hedges of the main
foreign currency exposures were as follows:
Foreign currency
2025
M
2026
M
Sale commitments
United States dollars US$1,174.5US$1,264.0
European Union euros €690.0€887.5
Japanese yen ¥12,020.0¥11,410.0
Purchase commitments
Mexican pesos MXN1,680.0MXN1,320.0

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133Fisher & Paykel Healthcare|ANNUAL REPORT 2026
7. TRADE AND OTHER RECEIVABLES
2025
NZ$M
2026
NZ$M
CURRENT
Trade receivables 267.3 291.5
Loss allowance for doubtful trade receivables (4.2) (4.8)
263.1 286.7
Other receivables 41.5 42.7
304.6 329.4
Trade receivables are recognised initially at fair value and subsequently measured at
amortised cost using the effective interest method, less loss allowance for doubtful
trade receivables. Estimates are used in determining the level of receivables that
may not be collected. The Group has applied the simplified approach to calculating
expected credit losses on trade receivables and recognises a doubtful debt provision
based on the lifetime expected credit loss at each reporting date.
Bad debts are written off when they are considered to have become uncollectable.
Trade receivables credit risk
As at balance date, 87% of trade receivables were current (2025: 91%) with 1% (2025: 1%)
more than 90 days past due. The total loss allowance for doubtful trade receivables
represents an estimate of the expected credit losses in respect of trade receivables and
covers the majority of these more than 90 days past due balances. The expected credit
losses are assessed by reference to historical collection trends and are adjusted to reflect
current and forward-looking information on macroeconomic factors affecting the ability of
the customers to settle the receivables.
Customer and receivable concentration
2025 2026
Five largest customers’ proportion of the Group’s:
Operating revenue 24%22%
Trade receivables 15%22%
There is no history of default in relation to these customers. Further information about the
credit quality and the Group’s exposure to credit risk can be found in Note 21.
8. INVENTORIES
2025
NZ$M
2026
NZ$M
Materials 156.8 145.4
Finished products 257.5 244.9
Provision for inventory write downs (71.4) (63.0)
342.9 327.3
Inventories are stated at the lower of cost or net realisable value. Cost is determined
using the first-in, first-out (FIFO) method and includes expenditure incurred in
acquiring the inventories and bringing them to their existing location and condition.
The cost of finished products comprises materials, direct labour, other direct costs and
related production overheads (based on normal operating capacity). Net realisable
value is the estimated selling price in the ordinary course of business, less applicable
variable selling expenses.
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134Fisher & Paykel Healthcare|ANNUAL REPORT 2026
9. PROPERTY, PLANT AND EQUIPMENT
Reconciliation of carrying amounts at the beginning and end of the year
LandBuildingsPlant & equipmentCapital projects in progressTotal
Fair value
NZ$M
Structure (i)
NZ$M
Fit-out
and other
NZ$M
Leased
assets
NZ$M
Purchased
NZ$M
Leased
assets
NZ$M
Buildings (i)
NZ$M
Other
NZ$MNZ$M
Cost and revaluation
Balance at 31 March 2024 423.6 241.7 269.1 96.8 594.5 14.6 87.7 171.7 1,899.7
Additions – 9.1 2.6 22.7 22.4 8.5 11.2 28.5 105.0
Transfers – 59.5 13.5 – 64.9 – (72.6) (65.3) –
Disposals – (1.0) (0.9) (7.5) (10.8) (3.9) (0.5) – (24.6)
Foreign exchange differences 1.9 4.4 0.2 0.1 0.3 – – – 6.9
Balance at 31 March 2025 425.5 313.7 284.5 112.1 671.3 19.2 25.8 134.9 1,987.0
Additions 43.0 –1.2 10.8 22.6 8.2 92.8 18.9197.5
Transfers – –1.1 – 55.8 – (1.0) (55.9) –
Disposals – (0.7) (5.0) (5.2) (11.7) (6.0)– – (28.6)
Foreign exchange differences (0.1) (0.1)–– 0.3 – – 0.10.2
Balance at 31 March 2026 468.4 312.9 281.8 117.7 738.3 21.4 117.6 98.0 2,156.1
Depreciation and impairment
Balance at 31 March 2024 – 43.9 116.6 39.0 351.8 8.4 – – 559.7
Depreciation charge for the year – 7.3 12.4 15.1 66.7 5.8 – – 107.3
Disposals – (0.1) (0.9) (6.8) (9.1) (2.7) – – (19.6)
Foreign exchange differences – 0.8 0.2 – 0.1 – – – 1.1
Balance at 31 March 2025 – 51.9 128.3 47.3 409.5 11.5 – – 648.5
Depreciation charge for the year – 8.1 12.2 19.8 78.3 6.6 –– 125.0
Disposals – (0.2)(4.8) (4.4) (10.0) (5.4)–– (24.8)
Foreign exchange differences – –– 0.1 0.1 - –– 0.2
Balance at 31 March 2026 – 59.8 135.7 62.8 477.9 12.7 –– 748.9
Carrying amounts
At 31 March 2024 423.6 197.8 152.5 57.8 242.7 6.2 87.7 171.7 1,340.0
At 31 March 2025 425.5 261.8 156.2 64.8 261.8 7.7 25.8 134.9 1,338.5
At 31 March 2026 468.4 253.1 146.1 54.9 260.4 8.7 117.6 98.0 1,407.2
(i) No finance costs were capitalised during the year in relation to building additions (2025: $2.0 million).
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135Fisher & Paykel Healthcare|ANNUAL REPORT 2026

Land revaluation
As described in Note 21, land in Mexico and New Zealand is considered to be a level
3 asset within the fair value hierarchy for valuation purposes. Valuation of land
is performed in accordance with the provisions of NZ IAS 16 ‘Property, Plant and
Equipment’ and NZ IFRS 13 ‘Fair Value Measurement’. There are certain estimates
associated with determining fair value, with the significant input being comparable
land sales information per square metre (psm) for similar properties adjusted to
reflect relevant physical and locational characteristics, including usability of land
(likely yield). In the case of development land, adjustments also include envisaged
future zoning and relevant timing of development.
East Tāmaki – New Zealand
The East Tāmaki, New Zealand land holding was valued by Jones Lang LaSalle (JLL
NZ), with an effective date of 31 March 2024. The land was valued at $263.9 million,
ranging from $600 psm for development land to $643 psm for land with
improvements.
Karaka – New Zealand
The Karaka, New Zealand land holding of 79 hectares was valued by Savills NZ
Limited (Savills), with an effective date of 31 March 2024. The land was purchased
for the development of a second New Zealand campus in Karaka and includes a
mix of rural and future urban zoned land. The land was valued at $122.0 million.
The valuation was conducted in accordance with accepted market approaches, the
principle approach being the Direct (Sales) Comparison Approach. Reference was
also made to the Residual Feasibility Analysis (Discounted Cashflow) and Chance of
Change (Plussage). In January 2026, we settled the deferred acquisition of a further
20 hectares, and the final parcel of 15 hectares will be acquired in December 2026.
The land acquired during the year has been recognised at cost of $43 million.
Tijuana – Mexico
The Mexico land holding was valued by Jones Lang LaSalle (JLL Mexico), with
an effective date of 31 March 2024. The land was valued at US$22.5 million
(NZ$37.7 million).
The Directors consider the carrying value of land at 31 March 2026 remains an
appropriate fair value.
9. PROPERTY, PLANT AND EQUIPMENT
(CONTINUED)

Land is measured at fair value, based on periodic but at least triennial valuations by
external independent valuers less any impairment losses recognised after the date of
the revaluation. Valuations are performed with sufficient regularity to ensure that the
fair value does not differ materially from its carrying amount.
All other property, plant and equipment is stated at historical cost less depreciation
and impairment. Historical cost includes expenditure that is directly attributable to the
acquisition of the items. This cost includes labour attributable to bringing the assets
to the location and working condition for its intended use.
Depreciation is generally calculated using the straight-line method and is expensed
over the estimated useful lives. Depreciation methods, residual values and useful lives
are reassessed at each reporting date. Estimated useful lives are as follows:
Buildings – structure 25 - 50 years
Buildings – fit-out and other 3 - 50 years
Plant and equipment 3 - 15 years
An asset’s carrying amount is written down immediately to its estimated recoverable
amount if the asset’s carrying amount is greater than its estimated recoverable
amount.
Leased assets
The Group’s leases predominantly relate to property or equipment outside New
Zealand. All leases are included within property, plant and equipment. Lease contracts
are typically made for fixed periods between 3-12 years but may have extension
options. Lease terms are negotiated on an individual basis and contain a wide range
of different terms and conditions. The right-of-use (leased) asset is depreciated over
the shorter of the asset’s useful life and the expected lease term on a straight-line
basis.
Revaluations of land
Revaluation increases are recognised in other comprehensive income and
accumulated as a separate component of equity in the asset revaluation reserve,
except to the extent that they reverse a revaluation decrease of the same asset
previously recognised in the income statement, in which case the increase is
recognised in the income statement.
Revaluation decreases are recognised in the income statement, except to the extent
that they offset a previous revaluation increase for the same asset, in which case the
decrease is recognised in other comprehensive income and accumulated as a separate
component of equity in the asset revaluation reserve.
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136Fisher & Paykel Healthcare|ANNUAL REPORT 2026
Property, plant and equipment (including leased assets) and intangible assets by
geographical location:
2026
NZ$M
2025
NZ$M
1,154.71,089.7
260.6263.0
64.667. 9
New Zealand
Mexico
Other

The table below summarises the valuation approach to land and the principal
assumptions used in establishing the fair values as at 31 March 2024.
Predominant land
valuation approach
Inputs used to
measure fair value
Range of
significant
inputs
Weighted
average
Auckland East Tāmaki
Direct sales comparisonRate per sqm$600-$643$628
Auckland Karaka
Direct sales comparison
with adjustments made to
reflect usability and timing
of zoning and developmentRate per sqm$50-$183$154
Mexico Tijuana
Direct sales comparisonRate per sqm – US$US$139-$146US$143
Rate per sqm – NZ$$232-$244$238
The significant unobservable input used in the fair value measurement of the Group’s
land is the value per square metre. Increases or decreases in the value per square
metre would result in corresponding increases or decreases in the total valuation.

Carrying amounts of land if measured at historical cost
Historical costFair value
Unit 2025 2026 2025 2026
East TāmakiNZ$M 86.4 86.4 263.9 263.9
KarakaNZ$M 220.1 263.1 122.0 165.0
Total New Zealand NZ$M 306.5 349.5 385.9 428.9
MexicoUS$M 16.3 16.3 22.5 22.5
MexicoNZ$M 27.4 27.4 39.6 39.3
Total LandNZ$M 333.9 376.9 425.5 468.2
9. PROPERTY, PLANT AND EQUIPMENT
(CONTINUED)
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137Fisher & Paykel Healthcare|ANNUAL REPORT 2026

Software: Software development
costs that are directly attributable to
the design and testing of identifiable
and unique software products and
acquired computer software licences
controlled by the Group are recognised
as intangible assets and are initially
capitalised at cost. Directly attributable
costs that are capitalised as part of
the software include employee costs.
The project costs are transferred
from Capital projects in progress to
Software, as each stage is completed.
These software costs are amortised
over their useful economic life of 3 to
15 years.
The costs of configuring or customising,
and the ongoing fees to obtain access
to an application software in a cloud
computing Software-as-a-Service
agreement are recognised as expenses
when the services are received.
Patents and trademarks: Patents and
trademarks have a finite useful life and
are carried at cost less accumulated
amortisation and impairment.
Amortisation is calculated using the
straight-line method to allocate the
cost of patents and trademarks over
their anticipated useful lives of 5
to 15 years. In the event of a patent
being superseded or a trademark
registration not continued or renewed,
the unamortised costs are expensed
immediately.
10. INTANGIBLE ASSETS
Software
NZ$M
Patents,
trademarks &
applications
NZ$M
Other
NZ$M
Capital
projects
in progress
NZ$M
Total
NZ$M
Cost
Balance at 31 March 2024 67.7 144.5 9.7 0.4 222.3
Additions 4.0 22.3 – – 26.3
Transfers 0.4 – – (0.4) –
Disposals (0.1) (2.7) – – (2.8)
Foreign exchange differences – – 0.3 – 0.3
Balance at 31 March 2025 72.0 164.1 10.0 – 246.1
Additions 0.8 22.9 – 1.0 24.7
Transfers – – – – –
Disposals (1.1) (7.7) – – (8.8)
Foreign exchange differences – – – – –
Balance at 31 March 2026 71.7 179.3 10.0 1.0 262.0
Amortisation and impairment
Balance at 31 March 2024 36.4 94.0 3.5 – 133.9
Amortisation for the year 6.1 26.1 0.4 – 32.6
Disposals (0.1) (2.4) – – (2.5)
Balance at 31 March 2025 42.4 117.7 3.9 – 164.0
Amortisation for the year 9.2 24.1 0.3 – 33.6
Disposals (0.9) (7.4) – – (8.3)
Foreign exchange differences – – – – –
Balance at 31 March 2026 50.7 134.4 4.2 – 189.3
Carrying amounts
At 31 March 2024 31.3 50.5 6.2 0.4 88.4
At 31 March 2025 29.6 46.4 6.1 – 82.1
At 31 March 2026 21.0 44.9 5.8 1.0 72.7
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138Fisher & Paykel Healthcare|ANNUAL REPORT 2026
11. INCOME TAX
Income tax expense
2025
NZ$M
2026
NZ$M
Profit before tax 503.3 631.5
Tax expense at the New Zealand rate of 28% 140.9 176.8
Adjustments to tax:
Non-deductible expenses / additional assessable income 6.6 5.6
Foreign rates other than 28% 3.3 (1.7)
Effect of foreign currency translations (2.7) 0.6
R&D tax credit (20.4) (21.2)
Prior period under/(over) provision (1.6) 2.9
Tax expense 126.1 163.0
This is represented by:
Current tax 152.6 176.2
Deferred tax (26.5) (13.2)
Tax expense 126.1 163.0
Effective tax rate 25.1%25.8%
Effective tax rate excluding R&D tax credit29.1%29.2%
The Group is subject to the global minimum top-up tax under Pillar Two rules. The Group
does not have significant operations in low-tax jurisdictions. For the year ended 31 March
2026, the Group has not recognised any current tax expense related to Pillar Two income
taxes (2025: nil).
The Group has applied the exception to recognising and disclosing information about
deferred tax assets and liabilities related to Pillar Two income taxes.

Tax expense comprises current and deferred tax. Tax expense is recognised in the
income statement except to the extent that it relates to items recognised outside of
the income statement, in which case it is recognised in Other comprehensive income
or directly in Equity.
Current tax is the expected tax payable on the taxable income for the year, using
tax rates enacted or substantively enacted at the balance date. It also includes any
adjustment to tax payable for previous financial years and reflects the Group’s best
estimate of income taxes payable, where the application of income tax law is subject
to uncertainty.
Deferred tax arises due to temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and those for tax purposes.
Deferred tax is determined using tax rates (and laws) that have been enacted or
substantively enacted by balance date and are expected to apply when the related
deferred tax asset is realised or the deferred tax liability is settled.
Deferred tax assets are recognised only to the extent that it is probable that future
taxable profits will be available against which the temporary differences can be utilised.
The R&D tax credit is estimated based on the eligible R&D expenditure incurred
during the period and is recognised as a deduction to current tax expense and offset
in current tax payable. The R&D tax credit is only recognised when there is reasonable
certainty the Group will comply with the conditions of the tax incentive.
IMPUTATION CREDITS
2025
M
2026
M
New Zealand imputation credits available for use in
subsequent reporting periods NZ$301.1 NZ$352.1
Australian franking credits available for use in subsequent
reporting periods A$21.6 A$23.0
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11. INCOME TAX (CONTINUED)
Deferred tax assets / (liabilities)
Provisions
and accruals
NZ$M
Inventories
NZ$M
Leases
NZ$M
Property,
plant and
equipment and
intangibles
NZ$M
Financial
instruments
NZ$M
Employee
share based
payments
NZ$M
Other
NZ$M
Total
NZ$M
Balance at 31 March 2024 36.3 91.1 1.9 (29.4) (16.8) 3.2 0.6 86.9
Amounts recognised in:
Other comprehensive income – – – – 29.4 – – 29.4
Directly in equity – – – – – 3.6 – 3.6
In the income statement 0.5 14.2 1.0 7.8 – 2.3 0.7 26.5
Balance at 31 March 2025 36.8 105.3 2.9 (21.6) 12.6 9.1 1.3 146.4
Amounts recognised in:
Other comprehensive income – – – – 5.0 – – 5.0
Directly in equity – – – – – (0.7) – (0.7)
In the income statement 2.5 1.8 1.2 8.0 – (0.7) 0.4 13.2
Balance at 31 March 2026 39.3 107.1 4.1 (13.6) 17.6 7.7 1.7 163.9
Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and they relate to income taxes levied by the same taxation
authority.
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140Fisher & Paykel Healthcare|ANNUAL REPORT 2026
12. INTEREST-BEARING LIABILITIES
20252026
Borrowings
NZ$M
Leases
NZ$M
Borrowings
NZ$M
Leases
NZ$M
CURRENT
Bank overdrafts 4.3 – 7.3 –
Borrowings 59.7 – – –
Lease liabilities – 22.4 – 25.5
64.0 22.4 7.3 25.5
NON-CURRENT
Borrowings expiring
Between one and two years – – 17.5 –
Between two and three years – – – –
Between three and four years – – 35.0 –
Between four and five years – – – –
Lease liabilities – 66.9 – 60.8
– 66.9 52.5 60.8

Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred.
Subsequent to initial recognition, borrowings are measured at amortised cost,
applying the effective interest rate method. Financing expenses directly attributable
to the acquisition, construction or production of a qualifying asset are capitalised as
part of the cost of that asset.
Borrowings are classified as current liabilities unless the Group has an unconditional
right to defer settlement of the liability for at least 12 months after the reporting date.
Lease liabilities
The lease agreements do not impose any covenants, and leased assets may not be
used as security for borrowing purposes.
Lease liabilities have been measured at the present value of the total lease payments
and discounted at the incremental borrowing rate for each relevant territory. The
incremental borrowing rates applied to lease liabilities range between 2% - 38%, with
a weighted average rate of 5.4% (2025: 5.3%).
Extension and termination options
Some property leases contain an extension option exercisable by the Group. At the
commencement of a lease, the Group assesses whether it is reasonably certain an
extension option will be exercised. The assessment is reviewed if a significant event
or a significant change in circumstances occurs which affects this assessment and
that is within the control of the Group. The extension options are only exercisable
by the Group and not by the lessor. Where it is reasonably certain the extension will
be exercised, that extension period and related costs are recognised on the balance
sheet.
Short-term and low-value leases
Payments associated with short-term leases and leases of low-value assets are
recognised on a straight-line basis as an expense in the income statement. Short-
term leases are leases with a lease term of 12 months or less. Low-value leases
predominantly relate to computer equipment.
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141Fisher & Paykel Healthcare|ANNUAL REPORT 2026
13. TRADE AND OTHER PAYABLES
2025
NZ$M
2026
NZ$M
CURRENT
Trade payables 52.9 56.7
Employee entitlements 121.5 133.3
Other payables and accruals 97.4 110.1
271.8 300.1
NON-CURRENT
Employee entitlements 21.7 28.0
Other payables and accruals 3.5 5.3
25.2 33.3

Trade and other payables represent liabilities for goods and services provided to the
Group prior to the end of the financial period which are unpaid. The amounts are
unsecured and are usually paid within 60 days of recognition. Trade payables are
recognised initially at fair value and subsequently measured at amortised cost using
the effective interest method.
Refer to Note 18 for further details of employee entitlements and benefits.
12. INTEREST-BEARING LIABILITIES
(CONTINUED)
Borrowing facilities
Borrowings have been aged in accordance with the expiry dates of the facilities as there
are no required principal payments before the expiry of each facility. At year end the
weighted average interest rate for borrowings is 4.4% (2025: 5.0%).
Key lenders to the Group are Debt Certificate Holders under the Negative Pledge Deed.
The negative pledge includes the covenant that security can be given only in limited
circumstances.
The companies in the Group providing the undertakings under the Negative Pledge Deed
are:
Fisher & Paykel Healthcare Corporation Limited
Fisher & Paykel Healthcare Limited
Fisher & Paykel Healthcare Treasury Limited
Fisher & Paykel Healthcare Properties Limited
The principal covenants of the negative pledge are that:
(i) the interest cover ratio for the Group shall not be less than 3 times earnings before
interest, tax, depreciation and amortisation (EBITDA);
(ii) the net tangible assets of the Group shall not be less than $200 million; and
(iii) the total tangible assets of the Guaranteeing Group shall constitute at least 80% of the
total tangible assets of the Group.
There have been no breaches of debt covenants for the current or prior year.
The Company had total available committed debt funding of $470 million as at 31 March
2026, of which $417.5 million was undrawn. As at 31 March 2026, the weighted average
maturity of committed borrowing facilities was 2.2 years.
2025
NZ$M
2026
NZ$M
Unused lines of credit
Uncommitted borrowing and bank overdraft facilities 91.0 137.8
Committed borrowing facilities 520.3 417.5
611.3 555.3
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142Fisher & Paykel Healthcare|ANNUAL REPORT 2026
14. PROVISIONS
2025 2026
Warranty
NZ$M
Recall
NZ$M
Total
NZ$M
Warranty
NZ$M
Recall
NZ$M
Total
NZ$M
Warranty and recall provision
CURRENT
Balance at beginning of the year 11.0 20.0 31.0 18.0 7.8 25.8
Current year provision 10.9 – 10.9 15.7 – 15.7
Warranty and recall expenses incurred (3.9) (12.2) (16.1) (5.7) (0.3) (6.0)
Balance at end of the year 18.0 7.8 25.8 28.0 7.5 35.5
NON-CURRENT
Balance at beginning of the year 6.3 – 6.3 5.5 – 5.5
Current year provision (0.8) – (0.8) 0.5 – 0.5
Balance at end of the year 5.5 – 5.5 6.0 – 6.0

Provisions are recognised where the Group has a present legal or constructive obligation as a result of past events
and it is more likely than not that an outflow of resources will be required to settle the obligation, and the amount can
be reliably estimated.
Warranty and Product Recall
Provision for warranty covers the obligations for the unexpired warranty periods for products, based on recent
historical costs incurred on warranty exposure. Typical warranty terms are 1 to 2 years for parts and/or labour.
The actual future warranty claims experienced by the Group may be different to that of the past. Factors that could
impact future warranty claims include the success of the Group’s quality system, as well as future parts and labour
costs. Where the Group is aware of specific product warranty issues, including associated recall costs, these are
included in the provision.
Management has made judgements, estimates and assumptions related to probable costs arising from the recall,
which affect the provision and total expenses. Actual outcomes may differ from these estimates as information is
identified.
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15. SHARE CAPITAL
2025
NZ$M
2026
NZ$M
Share capital at beginning of the year 409.1 471.3
Issue of share capital under dividend reinvestment plan 49.7 –
Issue of share capital under employee share plans 12.5 26.6
Share capital at end of the year 471.3 497.9
Less treasury shares (i) (2.7) (5.2)
468.6 492.7
Number of issued shares
Number of shares on issue at beginning of the year 583,963,682 586,139,423
Shares issued:
Dividend reinvestment plan 1,715,075 –
Employee share purchase schemes 60,666 158,128
Employee share based payments plans 400,000 978,874
Number of shares on issue at end of the year 586,139,423 587,276,425
Less treasury shares (i) (238,180) (339,597)
585,901,243 586,936,828

Incremental costs directly attributable to the issue of new shares, rights or options are
shown in equity as a deduction, net of taxation, from the proceeds.
When shares are acquired by a member of the Group, the amount of consideration
paid is recognised directly in equity. These shares are classified as treasury shares
and presented as a deduction from share capital until the ownership transfers to a
holder outside the Group. When treasury shares are subsequently reissued under
employee share plans, the cost of treasury shares is reversed and the realised gain or
loss on sale or reissue, net of any directly attributable incremental transaction costs, is
recognised within share capital.
All shares are fully paid. All ordinary shares rank equally with one vote attached to each
fully paid ordinary share.
(i) Treasury shares are shares held and controlled by Fisher & Paykel Healthcare Employee
Share Purchase Trustee Limited under the Employee Share Purchase Scheme and
shares held by the Fisher & Paykel Healthcare Employee Share Trust.
16. EARNINGS PER SHARE
2025
NZ$M
2026
NZ$M
Profit after tax 377.2 468.5
Weighted average number of ordinary shares 585,543,359 586,929,183
Adjustment for share options, PSRs and ESRs 4,656,277 4,067,769
Weighted average number of ordinary shares for
diluted earnings per share 590,199,636 590,996,952
Basic earnings per share (cents per share) 64.4 cps79.8 cps
Diluted earnings per share (cents per share) 63.9 cps79.3 cps

Basic earnings per share is calculated by dividing the profit after tax by the weighted
average number of ordinary shares outstanding during the year.
Diluted earnings per share is calculated by adjusting the weighted average number
of ordinary shares outstanding to assume conversion of all dilutive potential ordinary
shares. Options, Performance Share Rights (PSRs) and Employee Share Rights (ESRs)
are convertible into the Company’s shares, and are therefore considered dilutive
securities for diluted earnings per share.
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144Fisher & Paykel Healthcare|ANNUAL REPORT 2026
17. RESERVES AND DIVIDENDS
2025
NZ$M
2026
NZ$M
Hedging reserve (32.7) (45.4)
Asset revaluation reserve 187.0 187.0
Employee share based payment reserve 33.5 30.7
Foreign currency translation reserve 7.4 7.6
Total reserves 195.2 179.9
Nature and purpose of reserves
Hedging reserve
This reserve is used to record unrealised gains or losses on hedging instruments that are
recognised directly in equity and the cumulative net change in the time value on currency
options which are excluded from hedge designations of foreign currency risk.
Amounts are recycled to the income statement when the associated hedged transactions
affect the income statement.
Asset revaluation reserve
The asset revaluation reserve relates to the revaluation of land. For further information,
refer to Note 9.
Share based payment reserve
This reserve is used to recognise the fair value of shares, options, PSRs and ESRs granted
but not exercised or lapsed. Tax deductions in excess of the cumulative share based
payment expense are recognised in equity.
Amounts are transferred to share capital (including income tax benefits) when the vested
shares, options, PSRs or ESRs are exercised or lapse.
Foreign currency translation reserve
The foreign currency translation reserve contains foreign exchange differences arising on
consolidation of assets and liabilities of overseas entities with a functional currency other
than NZD.
Dividends
All dividends are recognised as distributions to shareholders.
During the year, supplementary dividends of $28.4 million were paid to non-resident
shareholders (2025: $27.7 million), for which the Group received an equivalent foreign
investor tax credit entitlement. The foreign investor tax credit entitlement is included in
income taxes paid within the statement of cash flows.
Cents
per share NZ$M
Dividends
2024 final 23.50 137.2
2025 interim 18.50 108.4
31 March 2025 42.00 245.6
2025 final 24.00 140.7
2026 interim 19.00 111.6
31 March 2026 43.00 252.3
Subsequent event – dividend declared
On 25 May 2026, the Directors approved the payment of a fully imputed 2026 final dividend
of $193.8 million (33.0 cents per share) to be paid on 3 July 2026. A supplementary
dividend of 5.8 cents per share was also approved for eligible non-resident shareholders.
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18. EMPLOYEE EXPENSES
Employee expenses total $833.3 million (2025: $772.9 million).

Wages and salaries
Wages and salaries includes non-monetary benefits, annual leave, long service leave
and contributions to superannuation plans.
Liabilities for wages and salaries, including non-monetary benefits, annual leave,
long service leave and accumulating sick leave, are recognised within employee
entitlements in trade and other payables. These are measured at the amounts
expected to be paid when the liabilities are settled in respect of employees’ services
up to the reporting date.
For the liabilities for long service leave, consideration is given to expected future wage
and salary levels, experience of employee departures and periods of service. Expected
future payments are discounted using market yields at the reporting date on national
government bonds with terms to maturity and currency that match, as closely as
possible, the estimated future cash outflows.
Liabilities for non-accumulating sick leave are recognised when the leave is taken and
measured at the rates paid or payable.
Equity settled share based payments
The fair value (at grant date) of shares, options, PSRs and ESRs granted to employees
is recognised as an employee expense in the income statement over the vesting
period with a corresponding increase in the employee share based payment reserve.
When shares, options, PSRs or ESRs are exercised, the amount in the share based
payment reserve relating to those instruments, together with the option exercise
price paid by the employee, is transferred to share capital. When any shares, options,
PSRs or ESRs lapse, the amount in the share based payment reserve relating to those
shares, options, PSRs or ESRs is also transferred to share capital.
a) Key management and director compensation
2025
NZ$000
2026
NZ$000
Salary and other short-term benefits 11,522 12,498
Share based benefits 3,275 3,715
Directors fees 1,516 1,517
16,313 17,730
Key management personnel includes the Chief Executive Officer and senior executives
reporting directly to the Chief Executive Officer.
The table excludes any dividends received on the Company’s shares held by the Directors
or key management personnel.
2026
2026
NZ$M
819.4
13.9
2025
2025
NZ$M
761.7
11.2
Wages and
salaries
Share based
benefits
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146Fisher & Paykel Healthcare|ANNUAL REPORT 2026
18. EMPLOYEE EXPENSES (CONTINUED)
b) Employee share based compensation
The Company grants options and share rights to certain employees under a number of
Discretionary Long Term Variable Remuneration (DLTVR) plans.
Plans in operation
The DLTVR plans in operation during the year were as follows:
• 2025 Share Option Plan and 2025 Performance Share Rights Plan (from 1 April 2025)
• 2022 Share Option Plan and 2022 Performance Share Rights Plan (from 1 April 2022 to
31 March 2025)
• 2019 Share Option Plan and 2019 Performance Share Rights Plan (from 1 April 2019 to
31 March 2022)
• Fisher & Paykel Healthcare Employee Share Rights Plan
Vesting of all schemes is subject to the employee still being in service at date of vesting.
No amounts are payable for the grant of any options or share rights and they have no
voting rights until they have been exercised and ordinary shares issued.
(i) Share option plans
Under the 2019 and 2022 Share Option Plans, one option gives the employee the right to
acquire one ordinary share in the Company. Options vest on the anniversary date of the
grant as long as the FPH share price on the NZX on that date has exceeded the “escalated
price”. The escalated price is determined at the anniversary of the grant date and is
calculated by:
• increasing the last calculated escalated price (which, as at the grant date, will be the
exercise price of the option) by a percentage amount determined by the Board to
represent the Company’s cost of capital; and
• reducing the resulting figure by the amount of any dividend paid by the Company in
respect of a share in the 12 month period immediately preceding that anniversary.
Under the 2025 Share Options plan, one option gives the employee the right to acquire
one ordinary share in the Company. On the third anniversary, each Option will be notionally
divided into two equal parts, the “DJSMDQT Tranche” and the “ASX 200 Tranche”. Vesting
of each tranche is linked to relative Company’s gross total shareholder return (TSR)
performance against the Dow Jones US Select Medical Equipment Total Return Index
(DJSMDQT) and the S&P/ASX 200 Gross Total Return Index, respectively. Each tranche
vests subject to relative TSR performance against the relevant index, with full vesting
where TSR exceeds the index by 10% or more, partial vesting where TSR exceeds the index
by less than 10%.
Options under the 2022 and 2025 plans vest on the third anniversary date if the vesting
condition is met. Options under the 2019 plan vest on the third, fourth or fifth anniversary
date if the vesting condition is met.
(ii) Performance share rights plans
Under the Performance Share Rights Plans (PSR), one share right gives the employee the
potential to exercise a share right for an ordinary share in the Company at no cost.
Under the 2022 plan, PSRs will fully vest if the Company’s gross total shareholder return
(TSR) performance exceeds the performance of the DJSMDQT in NZD by 10% or more over
the same period. PSRs partially vest if the company’s TSR exceeds the DJSMDQT by less
than 10%.
Under the 2025 plan, on the third anniversary, each PSR will be notionally divided into two
equal parts, the “DJSMDQT Tranche” and the “ASX 200 Tranche”. Vesting of each tranche
is linked to relative Company’s gross total shareholder return (TSR) performance against
the DJSMDQT and the S&P/ASX 200 Gross Total Return Index, respectively. Each tranche
vests subject to relative TSR performance against the relevant index, with full vesting
where TSR exceeds the index by 10% or more, partial vesting where TSR exceeds the index
by less than 10%.
The 2022 and 2025 plans are 3 year schemes and the Company’s TSR will be calculated
and compared against the index return of the third anniversary of the grant.
(iii) Employee share rights plan
The Employee Share Rights (ESR) Plan entitles employees to be issued ordinary shares in
the Company. ESRs automatically vest on the third anniversary of their grant date at no
cost to the employee. For each ESR that vests, one ordinary share will be issued.
(iv) Other Employee share and stock purchase plans
Employee Share Purchase Plan: New Zealand and Australian full-time employees are
eligible, after a qualifying period, to participate in this plan. Shares are issued up to the
value of $2,000, with a discount of up to $500 per employee. Loans are provided to
employees for the purchase and repaid over the vesting period. No interest is charged on
the loans. The qualifying period between grant and vesting date is 3 years. At 31 March
2026 the total receivable owing from employees was $2.3 million (2025: $1.2 million).
Employee Stock Purchase Plan: North American employees working more than 20 hours
per week, in accordance with section 423 of the US Internal Revenue Code as amended,
are eligible to participate in this plan. Shares under this plan are issued at a discount of
15%, are allocated to employees at the time of issue and vest immediately. Shares issued
under this plan in 2026 totalled 54,121 shares (2025: 60,666).
Measurement
The fair value of share options and PSRs is independently determined using a Monte Carlo
simulation valuation methodology. The fair value of ESRs is independently determined
using a discounted dividend approach. The key inputs and assumptions are included on the
following page.
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147Fisher & Paykel Healthcare|ANNUAL REPORT 2026
18. EMPLOYEE EXPENSES (CONTINUED)
Movements in the number of options, PSRs and ESRs outstanding and their exercise prices are as follows:
20252026
Options
Performance
share rights
Employee
share rightsOptions
Performance
share rights
Employee
share rights
Number outstanding
As at beginning of the year 2,638,517 1,312,329 390,477 3,276,744 1,152,042 433,934
Granted during the year 691,423 255,256 126,802 10,997 227,411 322,439
Exercised during the year – (393,084) (69,785) (871,447) (384,292) (145,052)
Lapsed during the year (53,196) (22,459) (13,560) (400,727) (127,893) (15,254)
As at end of the year 3,276,744 1,152,042 433,934 2,015,567 867,268 596,067
Exercisable at year end – – – – – –
Number of employees holding employee share options, PSRs and ESRs 249 248 501 226 223 738
Weighted average exercise price $27.72 – – $29.58 – –
Weighted average remaining contractual life (months) 19 15 17 14 16 21
Fair value of share options or rights granted during the year (NZ$M) 4.9 4.9 4.4 0.1 4.5 11.4
Fair value of share options or rights granted during the year ($ per share) $7.09 $19.21 $34.67 $6.50 $19.82 $35.36
Key inputs and assumptions used in fair value of grants during the year
Share price at grant date $37.55 $37.55 $37.55 $37.13 $37.13 $37.13
Contractual life (years) 3 3 3 3 3 3
Exercise price $37.39 – – $36.73 ––
Expected volatility (i) 29.6%29.6%n/a26.0%26.0%n/a
Expected dividend yield 1.2%1.2%1.2%1.3%1.3%1.3%
Cost of equity 10.2% n/a 10.2%n/an/a10.2%
3 year NZD, AUD and USD risk free rates 3.8%3.6–3.8%n/a3.2–3.6%3.2–3.6%n/a
Expected NZD/AUD and NZD/USD volatility n/a12.0%n/a4.2–11.7%4.2–11.7%n/a
Expected DJSMDQT index volatility n/a19.0%n/a17.8%17.8%n/a
Expected ASX200 index volatility n/an/an/a12.3%12.3%n/a
(i) The expected share price volatility is derived by analysing the historical volatility over the most recent historical period corresponding to the term of the option or PSR.
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148Fisher & Paykel Healthcare|ANNUAL REPORT 2026
19. CONTINGENT LIABILITIES

Contingent liabilities are subject to uncertainty or cannot be reliably measured and
are not provided for. Disclosures as to the nature of any contingent liabilities are set
out below. Judgements and estimates are applied to determine the probability that an
outflow of resources will be required to settle an obligation. These are made based on
a review of the facts and circumstances surrounding the event and advice from both
internal and external parties.
Periodically the Group is party to litigation including product liability and patent claims.
The Directors are unaware of the existence of any claim or contingencies that would have a
material impact on the financial statements.
20. COMMITMENTS
2025
NZ$M
2026
NZ$M
Capital expenditure commitments contracted for but not
recognised as at the reporting date:
Within one year 126.8 116.7
Between one and two years 128.2 24.6
Between two and five years 16.0 –
271.0 141.3
The commitments above as at 31 March 2026 includes $111.0 million for the construction
of the fifth building (2025: $200.2 million) and $15.0 million for the Karaka land purchase
(2025: $58.0 million).
21. FINANCIAL RISK MANAGEMENT
The Group’s activities expose it to a variety of financial risks: market risk (including
currency risk and interest rate risk), credit risk and liquidity risk.
The Board has approved procedures and guidelines that identify and evaluate risks and
authorise various financial instruments to manage financial risks. These procedures and
guidelines are reviewed regularly.
a. Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates,
interest rates and prices will affect profit or the value of financial instruments.
The objective of market risk management is to manage and control market risk exposures
through the use of various financial instruments in accordance with the Group’s treasury
procedures.
(i) Foreign exchange risk
Foreign exchange risk arises when future transactions and recognised assets and liabilities
are denominated in a currency that is not the entity’s functional currency.
The Group operates internationally and is exposed to foreign exchange risk arising from
various currency exposures, primarily US dollar (USD), Euro (EUR), Japanese yen (JPY) and
Mexican peso (MXN).
Foreign exchange risk is hedged in accordance with the Group’s treasury procedures.
The Group enters into foreign currency option contracts and forward foreign currency
contracts within procedure parameters to hedge the foreign exchange risk associated
with anticipated sales or costs. The terms of the foreign currency option contracts and the
forward foreign currency contracts generally do not exceed 5 years, but may have terms of
up to 10 years with Board approval.
Foreign exchange contracts and options in relation to sales are designated at the Group
level as hedges of foreign exchange risk on specific forecast foreign currency denominated
sales.
Balance sheet foreign exchange risk arising from net assets held by the Group may be
hedged by debt in the relevant currency, foreign currency swaps, options and forward
foreign currency contracts.
(ii) Interest rate risk
The Group’s main interest rate risk arises from floating rate borrowings drawn under bank
debt facilities. When deemed appropriate, the Group manages floating interest rate risk
by using floating-to-fixed interest rate swaps and interest rate options within procedure
parameters. Interest rate swaps and options are accounted for as cash flow hedges.
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21. FINANCIAL RISK MANAGEMENT (CONTINUED)
The carrying amounts of significant non-derivative financial assets and liabilities are denominated in the following currencies:
NZD
NZ$M
USD
NZ$M
EUR
NZ$M
JPY
NZ$M
AUD
NZ$M
CAD
NZ$M
GBP
NZ$M
MXN
NZ$M
Other
NZ$M
Total
NZ$M
2025
Cash 192.0 13.3 9.2 – 2.1 2.1 2.2 7.6 36.0 264.5
Trade receivables 1.3 138.9 57.4 24.6 8.1 8.2 8.4 3.9 16.5 267.3
Trade and other payables (75.4) (36.8) (15.5) (2.0) (3.4) (1.2) (5.5) (7.8) (6.2) (153.8)
Bank overdraft – – – (4.3) – – – – – (4.3)
Lease liabilities (5.5) (55.4) (7.9) (3.9) (2.4) (1.3) (3.5) (0.8) (8.6) (89.3)
Borrowings – (56.1) – – (3.6) – – – – (59.7)
112.4 3.9 43.2 14.4 0.8 7.8 1.6 2.9 37.7 224.7
2026
Cash 372.3 16.3 19.9 – 7.5 0.8 4.0 10.0 30.3 461.1
Trade receivables 2.7 140.2 69.8 24.2 8.7 10.4 10.0 3.1 22.4 291.5
Trade and other payables (90.2) (34.2) (17.3) (1.1) (1.8) (0.9) (4.9) (10.9) (7.6) (168.9)
Bank overdraft – – – (7.3) – – – – – (7.3)
Lease liabilities (4.9) (50.4) (6.9) (6.4) (4.1) (0.9) (5.0) (1.1) (6.6) (86.3)
Borrowings – (52.5) – – – – – – – (52.5)
279.9 19.4 65.5 9.4 10.3 9.4 4.1 1.1 38.5 437.6
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21. FINANCIAL RISK MANAGEMENT (CONTINUED)
a. Market risk (continued)
Summarised sensitivity analysis
The following table summarises the sensitivity of the Group’s financial assets and financial
liabilities to interest rate risk and foreign exchange risk.
A sensitivity of +/-10% for foreign exchange risk has been selected. The Group believes
that an overall sensitivity of +/-10% is reasonably possible given the exchange rate volatility
observed on a historical basis. A sensitivity of +/-1% has been selected for interest rate risk.
This sensitivity is based on reasonably possible changes over a financial year using the
observed range of historical data.
All variables other than the applicable interest rates and exchange rates are held constant.
20252026
NZ$M NZ$M NZ$M NZ$M
Interest rate change -1%+ 1%-1%+ 1%
Impact on profit after tax (1.1) 1.1 (2.8) 2.8
Impact on hedging reserves
(within equity) – – – –
(1.1) 1.1 (2.8) 2.8
Foreign exchange rate change-10%+ 10%-10%+ 10%
Impact on profit after tax 10.8 (10.1) 10.7 (10.4)
Impact on hedging reserves
(within equity) (284.3) 232.9 (358.1) 292.9
(273.5) 222.8 (347.4) 282.5
Fair value estimation
NZ IFRS 13 for financial assets and liabilities measured at fair value requires disclosure of
the fair value measurements by level from the following fair value hierarchy:
• Level 1 – Quoted price (unadjusted) in active markets for identical assets and liabilities;
• Level 2 – Inputs, other than quoted price included within level 1, that are observable for
the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from
prices);
• Level 3 – Inputs for assets and liabilities that are not based on observable market data
(that is, unobservable inputs).
Financial instruments
All the Group’s financial instruments held at fair value have been measured at the fair value
measurement hierarchy of level 2 (2025: level 2).
The fair value of derivative instruments designated in a hedging relationship is determined
using the following valuation techniques:
• Foreign currency forward exchange contracts have been fair valued using quoted
forward exchange rates and discounted using yield curves from quoted interest rates
that match the maturity dates of the contracts.
• Foreign currency option contracts have been fair valued using observable option
volatilities, and quoted forward exchange and interest rates that match the maturity
dates of the contracts.
• Interest rate swaps are fair valued by discounting the future interest and principal cash
flows using current market interest rates that match the maturity dates of the contracts.
These valuation techniques maximise the use of observable market data where it is
available and rely as little as possible on entity-specific estimates.
Land
Refer to Note 9 for further information about land that is measured at fair value, including
a summary of the valuation techniques used.
Other
All financial assets other than derivatives are measured at amortised cost, including short-
term investments. All financial liabilities other than derivatives are classified as measured
at amortised cost. Financial liabilities measured at amortised cost are fair valued using the
contractual cash flows. The carrying value of financial assets and liabilities approximates
their fair value. In considering the fair value of interest-bearing assets and liabilities,
the estimated future interest rates approximate the discount rates used in a fair value
assessment.
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21. FINANCIAL RISK MANAGEMENT (CONTINUED)
b. Liquidity risk
Management monitors rolling forecasts of the Group’s liquidity position on the basis of expected cash flows. The table below sets out the contractual, undiscounted cash flows for non-
derivative financial liabilities and derivative financial instruments.
< 1 year
NZ$M
1–2 years
NZ$M
2–5 years
NZ$M
5+ years
NZ$M
Contractual
cash flows
NZ$M
Consolidated
balance sheet
NZ$M
2025
Bank overdrafts 4.3 – – – 4.3 4.3
Trade and other payables 150.3 3.5 – – 153.8 153.8
Borrowings 62.3 – – – 62.3 59.7
Lease liabilities (i) 22.8 20.3 38.7 23.2 105.0 89.3
Total non-derivative financial liabilities 239.7 23.8 38.7 23.2 325.4 307.1
Foreign currency forward exchange contracts (31.7) (20.0) (8.3) 15.5 (44.5) (46.2)
Total derivative financial instruments – assets (31.7) (20.0) (8.3) 15.5 (44.5) (46.2)
2026
Bank overdrafts 7.3 – – – 7.3 7.3
Trade and other payables 163.6 5.3 – – 168.9 172.1
Borrowings 2.3 19.8 37.9 – 60.0 52.5
Lease liabilities (i) 26.0 21.5 34.5 17.4 99.4 86.3
Total non-derivative financial liabilities 199.2 46.6 72.4 17.4 335.6 318.2
Foreign currency forward exchange contracts (28.8) (20.3) (18.7) 1.5 66.3 (63.2)
Total derivative financial instruments – assets (28.8) (20.3) (18.7) 1.5 66.3 (63.2)
(i) Contractual cash flows on leases exclude extension options.
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21. FINANCIAL RISK MANAGEMENT (CONTINUED)
c. Credit risk
The Group is exposed to credit risk in respect of trade receivables, financial instruments,
cash and cash equivalents and short-term investments in the normal course of business. The
maximum exposure to credit risk is represented by the carrying value of these financial assets.
Credit risk is managed on a Group basis with no significant concentration of credit risk.
The Group has policies in place to ensure that sales of products and services are made
to customers with an appropriate credit history. There are no significant trade receivable
balances relating to customers who have previously defaulted on amounts due to the Group.
Derivative counterparties, cash transactions, cash at banks, and short-term investments
are limited to high credit quality financial institutions. Over 96% of cash and short-term
investments (2025: 94%) is held with counterparties with a credit rating of Standard and
Poors’ A- and above.
The Group’s exposure to credit risk from derivative financial instruments is limited because
it does not expect non-performance of the obligation contained therein due to the credit
rating of the financial institutions concerned.
22. SIGNIFICANT EVENTS AFTER BALANCE DATE
Other than the dividends disclosed in Note 17, there are no other significant events after
balance date.
23. OTHER MATERIAL ACCOUNTING POLICY INFORMATION
a. Changes to accounting policies
There have been no changes in accounting policies.
b. Standards, interpretations and amendments to published standards
One amended accounting standard became effective during the year. This did not have a
material impact on the Group’s financial statements.
The following accounting standard and amendments to existing standards are not yet
effective and have not been adopted early by the Group:
• NZ IFRS 18, ‘Presentation of financial statements’ will replace NZ IAS 1 ‘Presentation of
financial statements’. The standard is expected to result in changes to the presentation
of the Group’s primary financial statements. The Group is continuing to assess the
impact of the standard and will disclose more information in the future.
There are no other new accounting standards, amended standards or interpretations that
become effective after balance date that would have a material impact on the Group’s
financial statements or likely to affect recognition or measurement principles.

c. Impairment of non-financial assets
Assets that have an indefinite useful life or are under development are not subject
to amortisation and are tested annually for impairment. Assets that are subject
to depreciation or amortisation are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable.
The recoverable amount is the higher of an asset’s fair value less costs of disposal,
and value in use. For the purposes of assessing impairment, assets are grouped at the
lowest levels for which there are separately identifiable cash flows (cash generating
units).
d. Goods and Services Tax (GST)
The income statement has been prepared so that all components are stated exclusive
of GST. All items in the balance sheet are stated net of GST, with the exception of
trade receivables and payables, which include GST invoiced.
e. Cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with financial
institutions, other short-term highly liquid investments with maturities of three
months or less that are readily convertible to known amounts of cash and which are
subject to an insignificant risk of changes in value, and bank overdrafts.
f. Research and development
Research expenditure is expensed as incurred.
Development costs that are directly attributable to the design and testing of
identifiable and unique products controlled by the Group are recognised as intangible
assets only when all the following criteria are met:
• it is technically feasible to complete the product so that it will be available for use
or sale;
• management intends to complete the product and use or sell it;
• there is an ability to use or sell the product;
• it can be demonstrated that the product will generate future economic benefits;
• adequate technical, financial and other resources to complete the development
and to use or sell the product are available and;
• the expenditure attributable to the product during its development can be reliably
measured and is material.
Directly attributable costs capitalised as part of the product would include employee
costs and an appropriate portion of relevant overheads. Other development
expenditures that do not meet these criteria are recognised as an expense as
incurred. Development costs previously recognised as an expense are not recognised
as an asset in a subsequent period. Development costs recognised as an asset are
amortised over their estimated useful lives.
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153Fisher & Paykel Healthcare|ANNUAL REPORT 2026
To the shareholders of Fisher & Paykel Healthcare Corporation Limited
OUR OPINION
In our opinion, the accompanying consolidated financial statements (the financial
statements) of Fisher & Paykel Healthcare Corporation Limited (the Company), including
its subsidiaries (the Group), present fairly, in all material respects, the financial position
of the Group as at 31 March 2026, its financial performance, and its cash flows for the
year then ended in accordance with New Zealand Equivalents to International Financial
Reporting Standards (NZ IFRS) and International Financial Reporting Standards
Accounting Standards (IFRS Accounting Standards).
What we have audited
The Group’s financial statements comprise:
• the consolidated balance sheet as at 31 March 2026;
• the consolidated income statement for the year then ended;
• the consolidated statement of comprehensive income for the year then ended;
• the consolidated statement of changes in equity for the year then ended;
• the consolidated statement of cash flows for the year then ended; and
• the notes to the financial statements, comprising material accounting policy
information and other explanatory information.
Independent auditor’s report
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing
(New Zealand) (ISAs (NZ)) and International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor’s
responsibilities for the audit of the financial statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard
1 International Code of Ethics for Assurance Practitioners (including International
Independence Standards) (New Zealand) issued by the New Zealand Auditing and
Assurance Standards Board (PES 1) and the International Code of Ethics for Professional
Accountants (including International Independence Standards) issued by the
International Ethics Standards Board for Accountants (IESBA Code), as applicable to
audits of financial statements of public interest entities. We have also fulfilled our other
ethical responsibilities in accordance with PES 1 and the IESBA Code.
In our capacity as auditor and assurance practitioner, our firm also 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.
PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, www.pwc.co.nz
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KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current year.
These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
Description of the key audit matterHow our audit addressed the key audit matter
Revenue recognition
The Group’s revenue primarily consists of the sale of products. Operating revenue
totalled $2,308.4 million for the year ended 31 March 2026 as outlined in Note 4.
In determining the appropriate recognition of revenue, management has considered
the following characteristics of the sale of products:
• products are sold to customers in multiple territories with varying sales contract
terms and conditions; and
• in certain territories, some sales include rebate arrangements.
Management has concluded that:
• revenue is primarily derived from the satisfaction of a single performance
obligation for each contract which is the sale of products; and
• control of products typically transfers on delivery, at the same time legal title
passes to the customer/distributor.
Given the varying contracts, the number of territories and the volume of revenue
recognised, we have given significant audit focus and attention to the recognition of
revenue.
Our audit procedures included:
• obtaining an understanding of, and evaluating the design of key processes and controls
over revenue recognition; and testing the operating effectiveness of selected controls;
• on a sample basis, examining customer contracts and rebate arrangements where
relevant, to evaluate management’s assessment of identified performance obligations,
whether control of products transfers at the same time as legal title passes to the
customer/distributor, and to assess whether revenue is appropriately recognised;
• for certain major operating components, utilising data assurance techniques to match
selected invoices issued to cash received, rebates or amounts receivable at balance
date;
• for a sample of revenue transactions in other major operating components, examining
invoices issued to customers, delivery documentation or cash remittances, where paid;
and
• for a sample of transactions within accounts receivable at balance date, obtaining
either confirmation of the amount owing from the customer, or performing alternative
procedures including testing of subsequent receipts or agreeing to delivery
documentation.
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OUR AUDIT APPROACH
Overview
Overall group materiality: $31.5 million, which represents approximately
5% of profit before tax.
We chose this measure as the benchmark because, in our view, it is the
benchmark against which the performance of the Group is measured
by users.
• Our Group audit scoping focused on those components that are
financially significant to the Group’s revenue or profit before tax.
• Specified audit procedures and/or analytical review procedures were
performed on certain remaining components.
As reported above, we have two key audit matters, being:
• Revenue recognition
• Inventory valuation
As part of designing our audit, we determined materiality and assessed the risks of
material misstatement in the financial statements. In particular, we considered where
management made subjective judgements; for example, in respect of significant
accounting estimates that involved making assumptions and considering future events that
are inherently uncertain. As in all of our audits, we also addressed the risk of management
override of internal controls, including among other matters, consideration of whether
there was evidence of bias that represented a risk of material misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is
designed to obtain reasonable assurance about whether the financial statements are
free from material misstatement. Misstatements may arise due to fraud or error. They are
considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds
for materiality, including the overall group materiality for the financial statements as a
whole as set out above. These, together with qualitative considerations, helped us to
determine the scope of our audit, the nature, timing and extent of our audit procedures,
and to evaluate the effect of misstatements, both individually and in the aggregate, on the
financial statements as a whole.
Description of the key audit matterHow our audit addressed the key audit matter
Inventory valuation
At 31 March 2026, the Group held inventories of $327.3 million, net of provision for
inventory write downs of $63.0 million.
As outlined in Note 8, inventories are stated at the lower of cost or net realisable
value. The Group holds inventory in a number of locations globally. Global inventory is
adjusted to cost at year end by eliminating intra-group margin.
Management applies judgement in determining inventory valuation, including the level
of provision for inventory write downs.
Given the value and quantum of inventory and the estimates and judgements
described above, the valuation of inventory required significant audit attention.
Our audit procedures included:
• obtaining an understanding of, and evaluating the design of key processes and
controls over the costing and provisioning of inventories;
• on a sample basis, testing materials and finished products costing to supporting
documentation;
• understanding and assessing the reasonableness of the allocation of costs to
production, including the costs capitalised into inventory at balance date;
• testing the appropriateness of the elimination of intra-group margin included in the
costing of the Group’s global inventory; and
• evaluating the reasonableness of management’s provision methodology for selected
provisions for inventory write downs.
Materiality
Group
Scoping
Key Audit
Matters
Financial commentaryFinancial statementsNotes to the financial statements
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Independent auditor’s report

156Fisher & Paykel Healthcare|ANNUAL REPORT 2026
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide
an opinion on the financial statements as a whole, taking into account the structure of the
Group, the accounting processes and controls, and the industry in which the Group operates.
OTHER INFORMATION
The Directors are responsible for the other information. The other information comprises
the information included in the Annual Report, but does not include the financial
statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do
not express any form of audit opinion or assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the audit, or
otherwise appears to be materially misstated. If, based on the work we have performed
on the other information that we obtained prior to the date of this auditor’s report, we
conclude that there is a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.
RESPONSIBILITIES OF THE DIRECTORS FOR THE FINANCIAL STATEMENTS
The Directors are responsible, on behalf of the Company, for the preparation and fair
presentation of the financial statements in accordance with NZ IFRS and IFRS Accounting
Standards, and for such internal control as the Directors determine is necessary to enable
the preparation of financial statements that are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related
to going concern, and using the going concern basis of accounting unless the Directors
either intend to liquidate the Group or to cease operations, or have no realistic alternative
but to do so.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial
statements, as a whole, are free from material misstatement, whether due to fraud or
error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is
a high level of assurance, but is not a guarantee that an audit conducted in accordance
with ISAs (NZ) and ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is
located at the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-
report-1-1/
This description forms part of our auditor’s report.
WHO WE REPORT TO
This report is made solely to the Company’s shareholders, as a body. Our audit work has
been undertaken so that we might state those matters which we are required to state
to them in an auditor’s 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 audit work, for this report, or for
the opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is
Indumin Senaratne (Indy Sena).
For and on behalf of
PricewaterhouseCoopers
25 May 2026 Auckland
Financial commentaryFinancial statementsNotes to the financial statements
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
Independent auditor’s report

157Fisher & Paykel Healthcare|ANNUAL REPORT 2026
APPENDICES
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
Five year summaryGRI content indexGlossaryDirectory

158Fisher & Paykel Healthcare|ANNUAL REPORT 2026
20222023202420252026
FINANCIAL
PERFORMANCE
Sales revenue 1,642.4 1,588.6 1,758.1 2,023.5 2,339.0
Foreign exchange gain (loss) on hedged sales 39.3 (7.5) (15.3) (2.5) (30.6)
Total operating revenue 1,681.7 1,581.1 1,742.8 2,021.0 2,308.4
Gross profit 1,052.7 938.4 1,044.4 1,270.9 1,470.1
Gross margin 62.6%59.4%59.9%62.9%63.7%
SG&A expenses (393.1)(431.9)(492.8) (534.4) (598.2)
R&D expenses (154.0)(174.3)(198.2) (226.9) (235.5)
Total operating expenses (547.1)(606.2)(691.0) (761.3) (833.7)
Operating profit 505.6 332.2 353.4 509.6 636.4
Operating margin 30.1%21.0%20.3%25.2%27.6%
Revaluation of land – – (98.1)––
Profit before financing and tax 505.6 332.2 255.3 509.6636.4
Net financing expense (1.4)(4.2)(19.6) (6.3)(4.9)
Tax expense (127.3)(77.7)(103.1) (126.1)(163.0)
Profit after tax 376.9 250.3 132.6 377.2 468.5
Underlying profit after tax
1
376.9 250.3 264.4 377.2 468.5
Growth Rates
Reported
Revenue -14.7%-6.0%10.2%16.0%14.2%
Gross profit -15.5%-10.9%11.3%21.7%15.7%
R&D expenses 12.7%13.2%13.7%14.5%3.8%
Profit before tax -29.8%-34.9%-28.1%113.5%25.5%
Profit after tax -28.1%-33.6%-47.0%184.5%24.2%
Underlying profit after tax
1
-28.1%-33.6%5.6%42.7%24.2%
Growth Rates in
Constant Currency
2
Revenue -13.7%-9.0%8.4%13.7%12.2%
Gross profit -15.8%-14.4%10.2%18.5%14.5%
R&D expenses 12.7%13.2%13.7%14.5%3.8%
Profit before tax -31.4%-39.9%-35.1%107.3%27.6%
Underlying profit before tax
1
-31.4%-39.9%6.9%32.2%27.6%
1 Underlying profit after tax for the 2024 financial year excluded the abnormal items relating to the voluntary product recall, land revaluation, and the tax expense impact of the removal of building depreciation in New Zealand.
2 Constant Currency (CC) removes the impact of exchange rate movements. This approach is used to assess the company’s underlying comparative financial performance without any distortion from changes in foreign exchange rates.
A reconciliation for the current year from CC to reported and basis of preparation are set out on page 123. The 2022 to 2025 growth rates in constant currency have been sourced from the 2025 annual report.
Five year summary
For the years ended 31 March
All figures in NZ$M (except as otherwise stated)
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
GRI content indexGlossaryDirectoryFive year summary

159Fisher & Paykel Healthcare|ANNUAL REPORT 2026
20222023202420252026
REVENUE
By region and
product group
North America 665.1 683.8 806.1 967.2 1,106.1
Europe 468.1 427.6 477.3 541.5 620.1
Asia Pacific 438.8 399.0 368.9 420.8 476.1
Other 109.7 70.7 90.5 91.5 106.1
Hospital products 1,207.1 1,023.5 1,087.9 1,280.3 1,505.0
Homecare products 469.5 553.8 652.3 739.9 802.7
Core products subtotal 1,676.6 1,577.3 1,740.2 2,020.2 2,307.7
Distributed and other products 5.1 3.8 2.6 0.8 0.7
Total operating revenue 1,681.7 1,581.1 1,742.8 2,021.0 2,308.4
FINANCIAL
POSITION
Property, plant and equipment 957.8 1,148.2 1,340.0 1,338.5 1,407.2
Total assets 2,107.0 2,204.5 2,281.7 2,550.8 2,853.6
Total liabilities (427.3) (451.1) (522.6) (660.4) (738.2)
Shareholders’ equity 1,679.7 1,753.4 1,759.1 1,890.4 2,115.4

Return on assets (%) 24.1%15.2%10.5%20.8%23.4%
Return on equity (%) 31.5%19.1%13.4%27.6%31.5%
Net debt / (cash) (including short-term investments) (221.6) (37.7) 32.2 (200.5) (401.3)
Gearing ratio
1
-16.3%-2.3%1.8%-11.6%-22.8%
DIVIDENDS AND
EARNINGS PER
SHARE (CENTS
PER SHARE)
Basic shares outstanding at 31 March 577,405,878 579,356,576 583,963,682 586,139,423 587,276,425
Interim 17.017.518.018.519.0
Final
2
22.523.023.524.033.0
Total ordinary dividends 39.540.541.542.552.0
Basic earnings per share 65.343.322.864.479.8
Diluted earnings per share 65.043.022.663.979.3
CASH FLOWS Net cash flow from operating activities 324.3 238.2 429.6 548.6 663.2
Free cash flow
3
140.5 12.5 73.8 427.1 446.6
Dividends paid (224.9) (195.7) (145.5) (195.9) (252.3)
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 recognised on the adoption of IFRS
16 – Leases.
2 Final dividend is paid in the following financial year.
3 Free cash flow represents net cash flows from operating activities less capital expenditure - including lease liability repayments following the adoption of IFRS 16 – Leases.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
GRI content indexGlossaryDirectoryFive year summary

160Fisher & Paykel Healthcare|ANNUAL REPORT 2026
20222023202420252026
CAPITAL
EXPENDITURE
Plant and equipment 97.4 98.8 65.5 52.0 44.1
Land and buildings 41.0 89.0 251.3 21.6 128.7
Intangible assets 31.4 23.5 22.2 29.4 22.4
Total 169.8 211.3 339.0 103.0 195.2
Plant and equipment capex: depreciation ratio
1
2.32.31.30.80.6
PATENT
PORTFOLIO
NUMBERS
US patents 454 522 601 685 768
US patent applications (includes PCTs)
2
504 534 557 581 532
Non-US patents 1,947 2,329 2,815 3,443 3,839
Non-US patent applications (excludes PCTs)
2
1,491 1,708 1,862 1,823 1,788
PEOPLE NUMBERS People numbers
3
7,375 6,564 7,141 7,506 7,629
By function:Research and development 765 846 928 960 969
Manufacturing and operations 4,989 3,975 4,421 4,690 4,726
Sales, marketing and distribution 1,311 1,408 1,455 1,494 1,568
Management and administration 310 335 337 362 366
By region:New Zealand 3,927 3,538 3,544 3,802 3,897
North America 2,608 2,147 2,675 2,744 2,724
Europe 380 379 389 392 408
Rest of World 460 500 533 568 600
EXCHANGE RATES AVERAGE DAILY SPOT RATES USD0.69690.62410.60970.59480.5875
AVERAGE CONVERSION RATES
4
USD 0.67340.66660.65820.61680.6008
EUR 0.55710.54520.54350.53660.5287
JPY 71.8070.2473.1076.3784.02
MXN 14.9714.4813.0212.4211.88
CLOSING SPOT RATES USD 0.69570.62900.59890.57080.5716
EUR 0.62310.57660.55350.52690.4984
JPY 85.1183.4890.6385.0091.30
MXN 13.8411.389.9111.6710.36
1 Depreciation excludes leased asset depreciation.
2 PCTs (Patent Cooperation Treaty) are unified patent applications across a number of jurisdictions.
3 People numbers are represented as full-time equivalents.
4 Actual exchange rates achieved in delivering or purchasing net foreign currency in relation to the Group’s exposures. The average rate includes hedged, spot and closed-out transactions in each year.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
GRI content indexGlossaryDirectoryFive year summary

161Fisher & Paykel Healthcare|ANNUAL REPORT 2026
StandardDisclosureLocation/Response
The organisation and its reporting practices
2-1Organisational
details
Name of the organisation:
Annual Report: Front cover. Fisher & Paykel Healthcare
Corporation Limited.
Location of headquarters:
Annual Report: p. 168.
Location of operations:
Annual Report: pp. 69-70.
Ownership and legal form:
Annual Report: pp. 65-70, p. 128.
Scale of the organisation:
Annual Report: pp. 15-19, pp. 158-160.
2-2Entities included in
the organisation’s
sustainability
reporting
List of entities:
Our sustainability and financial reporting relates to all
subsidiary companies in the Group structure. For the list of
entities, see pages 69-70.
2-3Reporting period,
frequency and
contact point
Reporting period:
Annual Report: p. 2.
Reporting period is 1 April 2025 to 31 March 2026.
Date of most recent report:
25 May 2026 for the period 1 April 2025 to 31 March 2026.
Reporting cycle:
Annual reporting cycle.
Contact point for questions regarding the report:
investor@fphcare.co.nz
2-4Restatements of
information
There were no restatements of information during the
2026 financial year.
StandardDisclosureLocation/Response
2-5External assurance External assurance for non-financial disclosures:
PricewaterhouseCoopers (PwC) has provided independent,
third-party limited assurance over our 2026 financial
year group-wide GHG emissions (tonnes CO
2
e) footprint
presented in the climate-related disclosures.
Annual Report: p. 108, pp. 116-118.
External assurance for financial statements:
External assurance provided by PwC.
Annual Report: pp. 153-156.
Activities and workers
2-6Activities, value
chain, and
other business
relationships
Value chain, activities, brands, products and services,
markets served:
Annual Report: pp. 8-9, pp. 15-21.
Supply chain:
Annual Report: pp. 48-53.
Significant changes to the organisation and its supply
chain:
Detail on our infrastructure planning is provided in
the Report from the Chair on pages 10-11. We also
acknowledge the impact of geopolitical uncertainty, trade
tensions, tariffs and conflict in the Middle East in the
Report from the Chair on page 11.
2-7EmployeesScale of the organisation (total number of employees):
Annual Report: pp. 40-42.
Information on employees and other workers:
Annual Report: pp. 34-45.
2-8Workers who are
not employees
Information on employees and other workers (information
on workers who are not employees):
The most common type of worker in the organisation
can be described as full-time and permanent. On page
40, we disclose that we had 227 temporary workers as at
31 March 2026.
GRI content index
Fisher & Paykel Healthcare has reported the information cited in the GRI content index for
the period 1 April 2025 to 31 March 2026 with reference to the 2021 GRI Standards.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
Five year summaryGlossaryDirectoryGRI content index

162Fisher & Paykel Healthcare|ANNUAL REPORT 2026
StandardDisclosureLocation/Response
Governance
2-9Governance
structure and
composition
Governance structure:
Annual Report: pp. 57-70.
Composition of the highest governance body and its
committees:
Annual Report: pp. 59-63.
2-10Nomination
and selection
of the highest
governance body
Nominating and selecting the highest governance body:
Annual Report: pp. 59-60.
2-11Chair of
the highest
governance body
Chair of the highest governance body:
The Chair of the Board is a non-executive director.
Annual Report: p. 22.
Board Charter available online at https://www.fphcare.
com/nz/corporate/sustainability/governance/corporate-
governance-policies/
2-12Role of the highest
governance body
in overseeing the
management of
impacts
Role of highest governance body in setting purpose,
values and strategy:
Annual Report: p. 59.
Role of highest governance body in overseeing process to
identify and manage economic, environmental and social
impacts:
Annual Report: pp. 29-30, p. 59, pp. 61-63.
Reviewing effectiveness of processes:
Annual Report: pp. 61-63.
2-13Delegation of
responsibility for
managing impacts
Delegating authority:
Annual Report: p. 59.
Executive-level responsibility for economic,
environmental and social topics:
Annual Report: p. 38 (Diversity, equity and inclusion), p. 43
(Health and safety), p. 50 (Sustainable procurement), p. 46
(Product quality), p. 71 (Business risk), p. 83 (Environment),
pp. 87-88 (Climate change).
StandardDisclosureLocation/Response
2-14Role of highest
governance body
in sustainability
reporting
Highest governance body’s role in sustainability reporting:
The Board reviews and approves the Annual Report, refer
to page 2. Refer to Board committee responsibilities for
reviewing and approving reported information on pages
61-63 and page 86 (Climate-related Disclosures).
2-15Conflicts of
interest
Conflicts of interest:
Annual Report: p. 57, pp. 63-64.
2-16Communication of
critical concerns
Communicating critical concerns:
Annual Report: p. 57 (Speak Up Procedure).
2-17Collective
knowledge of
the highest
governance body
Collective knowledge of highest governance body:
Annual Report: pp. 60-61, p. 88.
Board Charter available online at https://www.fphcare.
com/nz/corporate/sustainability/governance/corporate-
governance-policies/
2-18Evaluation of
the performance
of the highest
governance body
Evaluation of the performance of the highest governance
body:
Annual Report: p. 61.
2-19Remuneration
policies
Remuneration policies:
Annual Report: pp. 74-82.
2-20Process to
determine
remuneration
Process for determining remuneration:
Annual Report: pp. 75-81 (Executive management).
Stakeholders’ involvement in remuneration:
Annual Report: p. 82 (Directors).
2-21Annual total
compensation
ratio
Annual total compensation ratio:
Annual Report: p. 81.
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
Five year summaryGlossaryDirectoryGRI content index

163Fisher & Paykel Healthcare|ANNUAL REPORT 2026
StandardDisclosureLocation/Response
Strategy, policies and practices
2-22Statement on
sustainable
development
strategy
Statement from senior decision-maker:
Annual Report: pp. 10-13.
2-23Policy
commitments
Approach:
As set out in our Environmental & Social Responsibility
Policy, our intention is to create a positive lasting impact
on society and the environment. To understand how our
business is aligned with UN Sustainable Development
Goals, see pages 31-33.
Values, principles, standards and norms of behaviour:
Annual Report: pp. 17, 40, 57.
Code of Conduct, Supplier Code of Conduct, Environmental &
Social Responsibility Policy and Corporate Governance Policy
available online at https://www.fphcare.com/nz/corporate/
sustainability/governance/corporate-governance-policies/
Modern Slavery Statement available online at https://www.
fphcare.com/nz/corporate/sustainability/suppliers/
2-24Embedding policy
commitments
The company has established global policies that apply
to our people, operations and locations. All policies are
approved by the Board and embedded across our business
by relevant executive management. Each policy has a
dedicated platform for learning and awareness.
2-25Processes to
remediate
negative impacts
The management approach and its components
(grievance mechanisms):
Annual Report: p. 37 (Collective bargaining agreements).
2-26Mechanisms for
seeking advice
and raising
concerns
Mechanisms for advice and concerns about ethics:
Annual Report: p. 57.
2-27Compliance
with laws and
regulations
Non-compliance with environmental laws and regulations:
There have been no significant instances of non-
compliance with environmental laws and regulations
during the 2026 financial year.
Non-compliance with laws and regulations in the social
and economic area:
There have been no significant instances of non-
compliance with social and economic laws and regulations
during the 2026 financial year.
StandardDisclosureLocation/Response
2-28

Membership
associations
Membership of associations:
• American Association for Respiratory Care
• American Association of Homecare
• American Association of Nurse Anesthetists
• American Association of Physicians of Indian Origin for Sleep
• American Association of Sleep Technologists
• American Chamber of Commerce
• American Chamber of Commerce in South China
• American College of Emergency Physicians
• American Thoracic Society
• Association for Respiratory Technology & Physiology
• Association of Human Resources Industry in Tijuana
(ARHITAC)
• Association of Respiratory Care & Sleep Professionals in
Pakistan
• Association of the Metal and Electrical Industry Baden-
Württemberg (Südwestmetall)
• Auckland Regional Chamber of Commerce
• Australasian Investor Relations Association
• Australasian Sleep Association
• Australia New Zealand Chamber of Commerce in Japan
• Australian Standard/New Zealand Standard Joint
Technical Committee HE-003
• Austrian Chamber of Commerce
• Baja California Medical Device Cluster
• Board of Registered Polysomnographic Technologists
• Brazilian Association of Medical Products Importers/
Distributors
• British Anaesthetic & Respiratory Equipment
Manufacturers Association
• British Thoracic Society
• Business New Zealand
• Canadian Sleep Society
• Canadian Society of Respiratory Therapists
• China Standards Online Service Network
• COPD Foundation
• Council for International Development
• Diversity Agenda
• Employers and Manufacturers Association
• German Chamber of Commerce
• German Industry Association for Optics, Photonics,
Analytical and Medical Technologies (Spectaris)
• Government Strategic Reserves Agency
• Guangdong Investment Promotion Association (China)
• Guangdong Medical Devices Management Academy
• Guangzhou Greater Bay Area Alliance of Pharmaceutical
Innovation
THE BUSINESS YEARContentsTHE COMPANYOPERATING SUSTAINABLYCLIMATE-RELATED DISCLOSURESFINANCIALSAPPENDICES
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164Fisher & Paykel Healthcare|ANNUAL REPORT 2026
StandardDisclosureLocation/Response
2-28Membership
associations
• Hong Kong Medical and Healthcare Device Industries
Association
• International Electrotechnical Commission/Technical
Committee 62
• International Medical Device Manufacturers Association
• International Organisation for Standardisation/Technical
Committee 121
• International Organisation for Standardisation/Technical
Committee 194
• International Organisation for Standardisation/Technical
Committee 210
• International Organisation for Standardisation/Technical
Committee 215
• Japan Association of Medical Devices Industries
• Japan Fair Trade Council of the Medical Devices Industry
• Japan New Zealand Business Council
• Karachi Chamber of Commerce & Industry
• Korea Medical Devices Industry Association
• Latin America New Zealand Business Council
• Life Cycle Association of New Zealand
• Lung Foundation Australia
• Medical Technology Association of India
• Medical Technology Association of New Zealand
• National Council of the Maquiladora and Export
Manufacturin
[TRUNCATED]

SPH Notice - The Vanguard Group, Inc.Ongoing Disclosure Notice - Ordinary Shares

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