FPH provides first half guidance for FY26

* 31 July 2025 exchange rates of NZD:USD 0.59, NZD:EUR 0.52, NZD:MXN 11.15

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

Fisher & Paykel Healthcare provides first half guidance for FY26; director Pip Greenwood
to retire
Auckland, New Zealand, 21 August 2025 – Fisher & Paykel Healthcare Corporation Limited today
provided guidance for the first half of the 2026 financial year, which ends 30 September 2025.

At 31 July exchange rates*, guidance assumptions for the first half of the 2026 financial year
include a continuation of the current trading environment and result in revenue of approximately
$1.075 billion and net profit after tax of approximately $200 million. This would equate to
approximately 13% growth in reported operating revenue and approximately 31% growth in
reported net profit after tax, compared to the first half of the 2025 financial year.

“We had a very strong first half last year across both Homecare and Hospital product groups, with
17% revenue growth in constant currency. Against that backdrop, an ongoing change in clinical
practice to our Hospital therapies continues to contribute to our outlook for strong growth for the
first half of this year,” said Managing Director and CEO Lewis Gradon.

Outlook for the 2026 financial year
At 31 July exchange rates*, the company’s outlook for the full year remains unchanged, with
operating revenue in the range of approximately $2.15 billion to $2.25 billion and net profit after tax
in the range of approximately $390 million to $440 million.
This outlook now includes an estimated 75-basis point impact of US tariffs on hospital products
sourced from New Zealand. It also assumes current global tariff rates, policies and applications for
the duration of this financial year.

Board director Pip Greenwood to retire
Director Pip Greenwood has announced her intention to retire from the board of Fisher & Paykel
Healthcare with effect from 1 September 2025. Ms Greenwood has served as an independent
director of Fisher & Paykel Healthcare since June 2017 and was recently appointed to the
Australian board of Westpac Banking Corporation. She also chairs the boards of both The a2 Milk
Company and Westpac New Zealand.
“With my recent appointment to the Westpac Australia board and my workload across the other
three boards, I have reassessed my portfolio and have made the difficult decision to retire from the
board of Fisher & Paykel Healthcare after eight years. It has been incredible what Fisher & Paykel
Healthcare has achieved over the last decade, and I feel proud to have been involved with this
company at such a pivotal time in its growth.”
Board Chair Neville Mitchell said, “We acknowledge Pip’s significant contribution to our company.
She has provided wise counsel and has been a valued board colleague. With Pip stepping away,
we will shortly commence the process of appointing another director.”

Annual Shareholders’ Meeting 2025
Fisher & Paykel Healthcare has provided speeches and slide presentations for the 2025 Annual
Shareholders’ Meeting to the NZX and ASX today. The meeting will be held today at 2:00pm
NZST, 12:00pm AEST (10:00pm USEDT) and will be broadcast online.
To participate go to: http://www.virtualmeeting.co.nz/fph25.

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 more than 120 countries worldwide. For more
information about the company, visit our website www.fphcare.com

Contacts:
Media
Karen Knott
GM Corporate Communications
karen.knott@fphcare.co.nz
+64 21 713 911
Investors
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.

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FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED
ANNUAL SHAREHOLDERS’ MEETING
21 AUGUST 2025

ADDRESS BY NEVILLE MITCHELL
BOARD CHAIR

Good afternoon, everyone. It is a privilege to address you for the first time as Chair of the Fisher & Paykel
Healthcare Board. I will be talking about a number of high-level matters that your Board has spent time on
over the last year and will largely leave the company’s operational matters to Lewis to discuss in his CEO
address.

Long-term thinking
First, I wanted to reiterate the context in which your Board and management view this company and our
decisions. We have a long-term way of thinking. In some companies, the phrase “long-term” means one to
five years. In Fisher & Paykel Healthcare, we take a 15-year – and often, more – perspective.

Each year the management team produces a comprehensive long-term plan that outlines our business
objectives, market opportunities and strategies for the next several decades. One of your Board’s primary
responsibilities is to critique that plan and provide input. The plan does not alter substantially, but it is a
critical input to identifying long-term trends and risks.

The plan then determines which R&D activities to prioritise to deliver on our growth aspirations and whether
the right people and infrastructure are in place to achieve that. A good example of how we use the long-
term plan is our approval of future land expansion. Those joining us in person will have seen that
construction is well underway for the fifth building here at East Tāmaki, and you may also recall that we
have secured land for our second campus in Karaka. These important infrastructure investments will help
ensure the business continues to have the capacity and resources to deliver innovative products well into
the future, as identified in the long-term plan.

Global geopolitics
Global politics have been a subject of Board and management review this last year. One of the benefits of
long-term thinking is that when challenges arise, we can analyse them through a long term lens. This year,
tariffs have been imposed by the US administration. The Board has stayed close to this important topic,
and we have consulted with a range of trade policy experts. We have been meeting with senior New
Zealand government officials, and we have also taken advice from contacts on the ground in Washington.

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Your company’s finished goods manufactured in Mexico are currently compliant with a free trade
agreement called the USMCA. US tariffs do not apply to these products. Some of the company’s products
used in treating patients with obstructive sleep apnea are also exempt from tariffs because of an
international agreement called the Nairobi Protocol. The newly revised tariff rate of 15% imposed on
hospital products made in New Zealand will apply.

To respond to these tariffs, we continue to make decisions aligned with our long-term plan and thinking. We
are not looking to make substantive changes to our current arrangements. The team is focused on
mitigating cost increases – from any source – by making continuous improvements across every process
and function. We believe this is the right thing to do to support our people, keep the trust of our customers,
and maintain stability in our operations – all of which are essential for achieving sustainable, profitable
growth.

Financial results
Lewis will explain our financial results in more detail, but 2025 was a successful year for your company.
Operating revenue surpassed $2 billion. This was a record revenue result and was in line with our
expectations. Net profit after tax was $377 million, which on an underlying basis was a 43% increase over
the previous financial year, or 30% in constant currency – also a great result.

Dividend
As you know, it is our practice to pay a percentage of the company’s profit to our shareholders, and for the
full financial year, the Board approved dividends totalling 42.5 cents per share. This was an increase of 2%
over the previous full year and represented a dividend payout ratio of approximately 66% paid to
shareholders. We are committed to ongoing investments in R&D, global sales and support teams, and
infrastructure to support our long-term growth. Your Board also believes it is important to maintain a
prudent balance sheet. We believe a dividend payout ratio of approximately 65% is the right payout ratio
over the long term.

DLTVR recommendations
In addition to rewarding shareholders, the Board believes it is important to reward and retain selected high-
performing employees who contribute to our company’s success. One way to do this is by awarding
discretionary long-term variable remuneration instruments, or DLTVRs. This year, the Board conducted a
thorough review of these instruments and approved some modifications. The details are set out in
Explanatory Note 4 of the Notice of Meeting. We believe these changes will create better alignment in
outcomes for employees and shareholders.

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Board update
Before handing off to Lewis, I would like to update you on the composition of the Board. In October last
year, Mark Cross joined as a director, and he is up for election for the first time today. Mark is a strategic
thinker with extensive governance experience and strong financial acumen. We have been fortunate to
have his perspective.

I am sad to announce the retirement of Pip Greenwood with effect from the first of September. Pip was
recently appointed to the Australian board of Westpac Banking Corporation and has other commitments
chairing the boards of both The a2 Milk Company and Westpac New Zealand Limited. She has provided
wise counsel and has been a valued colleague to me. Our intention is to appoint another New Zealand-
based director, and we will shortly commence that process.

Recently we farewelled Charlotte Walshe, as she completed her tenure in the Future Directors
programme. We continue to support this initiative and will be announcing another talented emerging
director to join us in due course.

Before I close, I will remind you that I am standing for re-election as a director at this year’s ASM. I have
been with Fisher & Paykel Healthcare for almost seven years and remain as committed as ever to our
purpose of improving care and outcomes and to delivering value for our shareholders. I believe my
executive career and my directorships on a number of healthcare companies provide me with a depth of
experience in the medical device industry that adds value to F&P. With your support, I look forward to
continuing to work alongside my colleagues on the Board and the wider team.

Finally, I want to say thank you to everyone who supports our success and our long-term way of thinking.
That includes the people of Fisher & Paykel Healthcare, as well as our clinical partners, suppliers,
customers, and you, our shareholders. Your investment makes a positive difference.

Thank you.


ADDRESS BY LEWIS GRADON
MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER
Please refer to separate slide presentation.

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