Fisher & Paykel Healthcare Corporation Limited · NZX:FPH
Fisher & Paykel Healthcare — H1 FY2026 Earnings Presentation
47 slides from Fisher & Paykel Healthcare's earnings presentation, November 2025
Slide 1: Half Year Results Presentation FY2026
Half Year Results Presentation FY2026 Fisher & Paykel For six months ended 30 September 2025 HEALTHCARE
Slide 2: Half year business highlights
Half year business highlights SURPASSED $1 billion in revenue for the SHOWCASED our expertise in changing first half of the financial year for the first clinical practice at our Investor Day held at time Royal Melbourne Hospital in Australia HONOURED to be recognised with a 2025 Zenith Award from th
Slide 3: Half year financial results summary
% of Revenue NZ$M PCP^ CC* Operating revenue 100% 1088.5 14% 12% Hospital operating revenue 64% 692.2 17% 15% Homecare operating revenue 36% 395.9 10% 8% Gross margin / Gross profit 63% 685.7 110 bps 60 bps SG&A 26% (285.5) 10% 7% R&D 10% (114.1) 4% 4% Total operating expenses 37% (399.6) 8% 6% Op
Slide 4: H1 FY26 Hospital revenue composition
HARDWARE H1 FY26 HOSPITAL REVENUE COMPOSITION 11% CONSUMABLES Invasive Noninvasive OptiflowTM OptiflowTM Surgical ventilation ventilation nasal high flow anesthesia 89% Hardware Consumables
Slide 5: Hospital product group
Hospital product group zg Optiflow Duet wEEEEEE 7 cal LLL. SLL me Fisher & Paykel HEALTHCARE
Slide 6: H1 FY26 Homecare revenue composition
H1 FY26 HOMECARE REVENUE COMPOSITION HARDWARE 13% CONSUMABLES Home Respiratory CPAP Therapy/OSA Support 87% Hardware Consumables
Slide 7: Homecare product group
Homecare product group Nova Nasal 7 Fisher & Paykel HEALTHCARE
Slide 8: Gross margin
GROSS MARGIN 70% • 60% − 50% − • 40% 30% • 20% 10% 0% 1H15 1H16 1H17 1H18 1H19 1H20 1H21 1H22 1H23 1H24 1H25 1H26 Long Term Gross Margin target
Slide 9: Operating (EBIT) margin
OPERATING (EBIT) MARGIN • 40% • 35% 30% 25% 20% • 15% • 10% • 5% 0% • 1H15 1H16 1H17 1H18 1H19 1H20 1H21 1H22 1H23 1H24 1H25 1H26 Long Term Operating Margin target
Slide 10: Cash flow and balance sheet
H1 FY25 NZ$M H1 FY26 NZ$M Operating cash flow 233.0 245.8 Capital expenditure (including purchases of intangible assets) (55.1) (61.8) Lease liability payments (8.5) (10.8) Free cash flow 169.4 173.2 31 Mar 2025 30 Sep 2025 NZ$M NZ$M Net cash / (debt) 200.5 237.8 Total assets 2,550.8 2,631.3 Total e
Slide 11: Dividend history
Dividend * Increased interim dividend to 19.0 cps + DIVIDEND HISTORY 7.39 cps imputation credit for NZ residents (gross dividend of NZ 26.39 cps) ° * Fully imputed 2 * 3.35 cps non-resident supplementary 2 oe a2 dividend 20 . 15 od 2 ° 10 ‘ged I Il I Oo 2013 2014 2015 2016 2017 2018 2019 2020 2021 2
Slide 12: Reconciliation of constant currency to reported results
H1 FY25 H1 FY26 Change Reconciliation of Constant Currency to Reported Revenue NZ$M NZ$M NZ$M Revenue (constant currency) 919.5 1,030.5 111.0 Spot exchange rate effect 24.7 70.1 45.4 Foreign exchange hedging result 7.0 (12.1) (19.1) Total impact of foreign exchange 31.7 58.0 26.3 Revenue (as reporte
Slide 13: Outlook
• • *At 31 Oct 2025 exchange rates of NZD:USD 0.57, NZD:EUR 0.50, NZD:MXN 10.63.
Slide 14: Key Financials
- , d = Key Financials
Slide 15: Hedging position for our main exposures
• Year to 31 March Hedging position for our main exposures FY31- FY26 FY27 FY28 FY29 FY30 FY36* USD % cover of estimated exposure 95% 80% 65% 55% 40% 0% USD average rate of cover 0.603 0.598 0.587 0.576 0.561 0.536 EUR % cover of estimated exposure 90% 85% 65% 55% 45% 15% EUR average rate of cover 0
Slide 16: Revenue, cost of sales and operating expenses by currency
H1 FY26 (for the six months ended 30 September 2025) REVENUE BY CURRENCY COST OF SALES BY CURRENCY OPERATING EXPENSES BY CURRENCY 1% 5% 18% 16% 29% 1% 40% 2% 9% 47% 51% 1% 18% 25% 37% NZD USD EUR MXN Other NZD USD EUR MXN Other NZD USD EUR MXN Other
Slide 17: Overview Fisher & Paykel
r i Overview 7 Fisher & Paykel HEALTHCARE
Slide 18: Company overview
• • • • • • • • • • Note: people numbers are represented as full-time equivalents and are current as at 31 March 2025
Slide 19: Applications and product areas
Invasive Noninvasive Hospital Home Respiratory Obstructive Sleep Respiratory Support Anesthesia Support Apnea Ventilation Ventilation Infant Care Surgical Applications outside of invasive ventilation
Slide 20: Long-term growth aspirations
The image above is an illustration of the company’s long-term growth aspirations. It is not a graph and should not be interpreted as being indicative of levels of revenue or profitability in the short term.
Slide 21: Consistent growth strategy
Consistent growth strategy 21 OUR INPUTS Our people | 50+ years of trusted relationships Excellence in R&D Global supply networks Trusted brand Ti SUSTAINABLE, PROFITABLE GROWTH We aim to grow our business in a way that is sustainable and profitable over the long term GLOBAL REACH CHANGE CLINICAL In
Slide 22: F&P product fundamentals
F&P product fundamentals What are we here to do? A drive to not only improve, but transform, clinical practice. Provide products with protected value differentiation. Get our products, including the evidence, knowledge and supporting tools, into the hands of the customer. A deep understanding of the
Slide 23: Key facts
• • − − − − − • * For the six months ended 30 September 2025 † As at 30 September 2025
Slide 24: US patent portfolio (2008 – 2025)
FISHER & PAYKEL HEALTHCARE US PATENT PORTFOLIO (2008 – 2025) 800 700 600 500 400 300 200 100 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 US Patents US Patent Applications * As at 30 September 2025
Slide 25: Changing clinical practice
Changing clinical practice » « Using clinical evidence to drive change *« Multi-layered with multiple stakeholders * Building confidence with usage inline with the evidence, demonstrating value *« Products in each care area builds familiarity and confidence * Customer experience builds trust and con
Slide 26: Revenue by Region
• Revenue by Region Six months to 30 September 2025 − − 5% 21% 48% − − • 26% − • − North America Asia Pacific Europe Other •
Slide 27: Fifth building at East Tamaki campus
• • • • • An artist’s render of our fifth building at our East Tamaki campus in Auckland, New Zealand •
Slide 28: Hospital
Slide 29: Invasive ventilation
Invasive ventilation @ Invasive ventilation refers to respiratory support delivered directly to a patient’s lower airways via an endotracheal (ET) or tracheostomy tube. * Normal airway pxcsuna egcrctera humidification is bypassed Giesicy | Gee or compromised during Prvpiece ventilation ¢« Mucociliar
Slide 30: Constant currency revenue growth rate in new applications consumables
Noninvasive OptiflowTM OptiflowTM Surgical ventilation nasal high flow anesthesia CONSTANT CURRENCY REVENUE GROWTH RATE 60% IN NEW APPLICATIONS CONSUMABLES* 50% 40% 30% 20% 10% 0% -10% FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 * Adjusted to exclude impact of US distr
Slide 31: Noninvasive ventilation
Noninvasive ventilation ) Noninvasive ventilation involves the delivery of oxygen (ventilation support) via a face mask and without the need for endotracheal intubation. Why would somebody require noninvasive ventilation: e Acute and chronic respiratory failure, chronic obstructive pulmonary disease
Slide 32: Our NIV masks and their unique features
Our NIV masks and their unique features ) Nivairo RollFit™ auto- Patented TubeFit™ Bridge-free™ NIV adjusting seal technology 2 Fisher & Paykel HEALTHCARE
Slide 33: Optiflow nasal high flow therapy
Optiflow nasal high flow therapy © Optiflow nasal high flow therapy provides respiratory support to patients by delivering heated, humidified air and oxygen at flow rates up to 70 L/min via an Optiflow nasal cannula and a system such as the Airvo 2, Airvo 3, F&P 850 or 950. Patient groups who may be
Slide 34: Conventional oxygen therapy to non-invasive ventilation
CONVENTIONAL NON-INVASIVE OXYGEN THERAPY VENTILATION
Slide 35: Clinical practice guidelines support
Primary support ESICM, ERS, SSC, AARC, ACP, TSANZ, WHO, MEDICAL JARDS, SFMU, ACEP, NICE Primary support ESICM, ERS POST-OPERATIVE Pre-escalation support/Peri- ESICM intubation Post-extubation/ ESICM, ERS, AARC, ACP De-escalation support Complementary support ERS (NIV-rested/proning) Prophylactic sup
Slide 36: Nasal high flow clinical papers published annually
NASAL HIGH FLOW CLINICAL PAPERS PUBLISHED ANNUALLY 800 700 • 600 500 400 300 200 100 0 Annual total of studies (calendar year) Source: PubMed. Includes adult and paediatric/neonatal studies.
Slide 37: Optiflow in anesthesia
Optiflow in anesthesia The F&P Optiflow THRIVE™ system enables users to deliver THRIVE™ transnasal humidified rapid-insufflation ventilatory exchange and nasal high flow (NHF) therapy, which has been shown to optimize oxygenation during general anesthesia and procedural sedation. 37 Optiflow TRACE I
Slide 38: Surgical humidification
Surgical humidification Surgical humidification is the delivery of warm, humidified CO, in laparoscopic and open surgery. Current standard of care is dry CO, gas to the surgical site Causes evaporation and cooling Surgical humidification reduces the incidence of peri-operative hypothermia'2" and imp
Slide 39: Homecare
r Homecare Fisher& Paykel HEALTHCARE
Slide 40: Obstructive sleep apnea
Obstructive sleep apnea @ Obstructive sleep apnea (OSA) is characterised by episodes of a complete (apnea) or partial collapse (hypopnea) of the upper airway with an associated decrease in oxygen saturation or arousal from sleep. * OSA is an underdiagnosed medical condition, with multiple negative o
Slide 41: Mask matters most
Mask matters most @ 41 Masks are key to compliance Unique, patented designs Our F&P Solo™ range and the Nova™ Micro are now available for sale in most major markets. Our latest mask, the Nova Nasal, is now available in New Zealand, Australia and key European markets. Solo Nasal Solo Pillows Nova Mic
Slide 42: Home respiratory support
Home respiratory support es) The F&P myAirvo™ system delivers humidified high flow therapy to chronic respiratory patients at home and in long-term care facilities. ¢ Chronic obstructive pulmonary disease (COPD) is a lung disease which is commonly associated with smoking ¢ Chronic respiratory diseas
Slide 43: Fisher&Paykel
43 Fisher&Paykel HEALTHCARE
Slide 44: Emissions, water and waste data
• • • Scope 1 emissions (tonnes CO2e) 2,329 2,013 2,295 Scope 2 emissions (tonnes CO2e) – location-based 14,529 14,293 13,232 Scope 2 emissions (tonnes CO2e) – market-based 11,105 12,253 12,406 Scope 1 & 2 emissions subtotal (tonnes CO2e) – using location-based Scope 2 16,858 16,281 15,527 Scope 1 &
Slide 45: Shareholding structure and geographical ownership
• Shareholding structure as at Geographical ownership as at 30 September 2025 30 September 2025 <1% 2% 4% 3% 18% 7% 36% 16% 80% 34% Australia New Zealand North America UK Institutions Brokers & Retail Other Europe (ex UK) Asia Rest of World
Slide 46: Disclaimer
The information in this presentation is for general purposes only and should be read in conjunction with Fisher & Paykel Healthcare Corporation Limited’s (FPH) Interim Report 2026 and accompanying market releases. Nothing in this presentation should be construed as an invitation for subscription, pu
Slide 47: References
1. Rochwerg, Bram et al. “The role for high flow nasal cannula as a respiratory support strategy in adults: a clinical practice guideline.” Intensive care medicine vol. 46,12 (2020): 2226-2237. doi:10.1007/s00134-020-06312-y 2. Oczkowski, Simon, et al. “ERS Clinical Practice Guidelines: High-flow Na
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