Fisher & Paykel Healthcare Corporation Limited · NZX:FPH
Fisher & Paykel Healthcare — FY2026 Earnings Presentation
47 slides from Fisher & Paykel Healthcare's earnings presentation, May 26, 2026
Slide 1: Full Year Results Presentation FY26
Slide 2: Business highlights
Business highlights INTRODUCED our new F&P Nova™ Nasal mask for treating obstructive sleep apnea in the United States IMPACTED the lives of approximately 24 million patients globally ACHIEVED strong growth in hospital hardware sales, supported by the F&P. Airvo™ 3 and the F&P 950™ System WELCOMED th
Slide 3: Key full year financial results
Key full year financial results FY26 (12 months to 31 March 2026) % of Revenue NZ$M OPCP* Occ** Operating revenue 100% 2,308.4 14% 12% Hospital operating revenue 65% 1,505.0 18% 15% Hospital new applications consumables revenue 43% 997.2 18% 16% Homecare operating revenue 35% 802.7 8% 7% OSA masks r
Slide 4: Hospital product group
Hospital product group _» HARDWARE FY26 HOSPITAL REVENUE COMPOSITION “y Lemmas < | En _ t i) —- a 950 System 850 System Airvo 3 Airvo 2 HumiGard cess CONSUMABLES Invasive Noninvasive Optiflow™ Optiflow™ Surgical ventilation ventilation nasal high flow anesthesia 9 } ph les mHardware ™ Consumables FY
Slide 5: Hospital product group
Hospital product group zig Airvo 3 = = 3 ic) no a = nr ™ 8 S = ° = & 5 = 5 @ x1 % i x S % © a = N * ia wm & a a oO BS “New applications = Noninvasive ventilation (NIV), nasal high flow for general respiratory and anesthesia, surgical Fisher & Paykel HEALTHCARE
Slide 6: Homecare product group
Homecare product group FY26 HOMECARE REVENUE COMPOSITION _... HARDWARE = —_— aA = myAirvo 3 myAirvo2 [J 820System 810System SleepStyle CONSUMABLES Home Respiratory QO CPAP Therapy/OSA © Support ~AaSeaosa™ [ - B 4 Gi Evora Ful Solo Nasa Solo Pillows Nova Micro Nova Nasa mHardware ™ Consumables FY25 H
Slide 7: Homecare product group
Homecare product group Nova Nasal 7.3M 65.6M | 69.5M | 553.8M | $652.3M | _$739.9M | _$802.7M | 7 Fisher & Paykel HEALTHCARE
Slide 8: Gross margin
Gross margin GROSS MARGIN 70% * Gross margin improved to 63.7%. This is a 122 bps a cD Bcc eecccccesccccesseceeeeee increase in constant currency on FY25. * This result reflects the ongoing progress of our 50% + + y egs ge continuous improvement initiatives throughout the 40% business, and incorpora
Slide 9: Operating margin
Operating margin 9 OPERATING (EBIT) MARGIN 8L seeeeeee Long-term operating margin target “Underlying operating margin excludes the product recall provision ji a : i a : | a : ji es : Cj ON Cj : Cj : Ci Ci es : Operating expenses * $833.7M, +10% (+8% CC) * Operating margin improved to 27.6%. This is
Slide 10: Cash flow and balance sheet
Cash flow and balance sheet FY25 NZ$M FY26 Nz$m Operating cash flow 548.6 663.2 Capital expenditure (including purchases of intangible assets) (103.0) (195.2) Lease liability payments (18.5) (21.4) Free cash flow 427) 446.6 FY25 NZ$M FY26 Nz$m Net cash 200.5 401.3 Total assets 2,550.8 2,853.6 Total
Slide 11: Dividend
Dividend * Increased final dividend by 38% compared with FY25 - 33.0 cps + 12.83 cps imputation credit for NZ residents (gross dividend of NZ 45.83 cps) - Fully imputed - 5.82 cps non-resident supplementary dividend * Total dividend for the year increased by 22% to 52.0 cps * Total dividend for the
Slide 12: Foreign exchange effects
Foreign exchange effects FY25 FY26 Change Reconciliation of Constant Currency to Reported Revenue NZ$M NZ$M % 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 reve
Slide 13: Outlook FY27
Outlook FY27 At 30 April exchange rates*, the company estimates: + full-year operating revenue in the range of approximately $2.45 billion to $2.57 billion + full-year net profit after tax in the range of approximately $500 million to $550 million. This outlook anticipates an overall improvement in
Slide 14: 14
14
Slide 15: Key second half financial results
Key second half financial results H2 FY26 (Six months to 31 March 2026) % of Revenue NZ$M OPCP* Occ** Operating revenue 100% 1,219.8 14% 12% Hospital operating revenue 67% 812.8 18% 16% Hospital new applications consumables revenue 44% 541.0 18% 16% Homecare operating revenue 33% 406.8 7% 6% OSA mas
Slide 16: Hedging cover
Hedging cover ¢ 51% of operating revenue in US$ (FY25: 50%) and 18% in € (FY25: 19%). Year to 31 March Hedging position for our main exposures FY27 FY28 FY29 FY30 FY31 FY32- (as at 11 May 2026) FY36* USD % cover of estimated exposure 90% 70% 65% 45% 5% USD average rate of cover 0.596 0.587 0.577 0.5
Slide 17: Revenue and expenses by currency
Revenue and expenses by currency FY26 (for the year ended 31 March 2026) REVENUE BY CURRENCY COST OF SALES BY CURRENCY OPERATING EXPENSES BY CURRENCY =NZD #USD BEUR @MXN mOther = NZD USD BEUR MXN m Other =NZD #USD BEUR @MXN mOther 7 Fisheré.Paykel HEALTHCARE
Slide 18: Overview
Overview ykel HEALTHCARE Fisher&
Slide 19: Fisher & Paykel Healthcare at a glance
Fisher & Paykel Healthcare Global leader in respiratory humidification devices at a glance Global presence 19 Medical device manufacturer with leading positions in respiratory care and obstructive sleep apnea >50 years’ experience in changing clinical practice to solutions that provide better clinic
Slide 20: ~NZ$25+ billion and growing market opportunity
~NZ$25+ billion and growing market opportunity Total addressable market estimates HOSPITAL HOMECARE ~150+ million patients ~100+ million patients va 20 Invasive Ventilation ~ Ventilation Noninvasive Hospital Respiratory Support NEW APPLICATIONS Applications outside of invasive ventilation Anesthesia
Slide 21: Our aspiration
Our aspiration © ® @ @ @ OUR ASPIRATION: RESPIRATORY CPAP HOSPITAL ANESTHESIA HOME SURGICAL HUMIDIFICATION THERAPY/OSA RESPIRATORY RESPIRATORY TECHNOLOGIES . ‘SUPPORT ‘SUPPORT Sustainably DOUBLING our constant currency revenue every 5-6 years. SHORT-TERM MEDIUM-TERM LONGER-TERM The image above is an
Slide 22: Consistent growth strategy
Consistent growth strategy Our people Trusted relationships Excellence in R&D Global supply networks Trusted brand 22 OUR PURPOSE @) Improving care ana NN outcomes through ir GLOBAL and world-leadin: REACH healthcar Increase our presence around the world BETTER PRODUCTS Continuously strive to improv
Slide 23: 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 24: High level of innovation and investment in R&D
High level of innovation and investment in R&D * R&D represents 10% of operating revenue*: NZ$235.5M in FY26 *« Product pipeline includes: - Humidifier controllers - Masks - Respiratory consumables - Flow generators - Compliance monitoring solutions * 768 US patents, 532 US pending, 3,839 Rest of Wo
Slide 25: Growing patent portfolio
Growing patent portfolio — FISHER & PAYKEL HEALTHCARE US PATENT PORTFOLIO (2008 - 2026*) Average remaining life of FPH patent portfolio (all countries): 400 10.1 years* 300 : | | | | 100 TT 2008 2009 2010 201 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 mUS Patents US P
Slide 26: Changing clinical practice
Changing clinical practice 26 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 confidence Onl
Slide 27: Strong global presence
Strong global presence * Direct/offices Revenue by Region 12 months to 31 March 2026 - Hospitals, home care dealers - Sales/support offices in North America, Europe, Asia, South America, Middle East and Australasia, 22 distribution centres - ~1,500 employees in 55 countries - Ongoing international e
Slide 28: Manufacturing and operations
Manufacturing and operations New Zealand * Four buildings: 110,000 m? / 1,180,000 ft? * Co-location of R&D and manufacturing * Continued development of existing East Tamaki campus, with construction of fifth building progressing well * Plan change application for our second New Zealand campus at Kar
Slide 29: Hospital
Slide 30: 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 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: Optiflow - displacing conventional oxygen therapy
Optiflow - displacing conventional oxygen therapy @ CONVENTIONAL NON-INVASIVE OXYGEN THERAPY VENTILATION 7 be by i 2 Low flow nasal prongs Simple face mask Rebreather mask XX / a 8 ~8+million Estimated patients were treated with our Optiflow high flow therapy during the 2026 financial year Optiflow
Slide 35: Clinical practice guidelines: NHF therapy
Clinical practice guidelines: NHF therap Clinical practice guidelines: ESICM!2, ERS3, SSC4, AARCS, ACP®, TSANZ?, WHO8, JARDS? 35 SUPPORTING CLINICAL PRACTICE GUIDELINES Primary support ESICM, ERS, SSC, AARC, ACP, TSANZ, WHO, JARDS, MEDICAL SFMU, ACEP, NICE, GOLD Primary support POST-OPERATIVE SSICML
Slide 36: A growing body of clinical evidence
A growing body of clinical evidence ® NASAL HIGH FLOW CLINICAL PAPERS PUBLISHED ANNUALLY 800 700 * The publication of 490 clinical papers on NHF 600 during the 2025 500 calendar year (and more than 4,500 400 studies cumulatively) 200 signifies ongoing clinical interest in the 200 therapy 100 0 ~ “I
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 the surgical setting. 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'*"> and improves co
Slide 39: Homecare
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, the United States, and key European markets. Solo Nasal S
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: 43
43 Fisher & Paykel HEALTHCARE
Slide 44: Environmental and social responsibility
Environmental and social responsibility Our People Community and Volunteer Sustainable Procurement FY26 7 _ 7 Groups Highlights Sustainability disclosures ; and indices The Board approved a discretionary We are proud of the community + Hosted our Supplier collaboration and Welparticinateranntalqinte
Slide 45: Ownership structure and listings
Ownership structure and listings * Listed on NZX and ASX (NZX.FPH, ASX.FPH) Shareholding structure as at Geographical ownership as at 31 March 2026 31 March 2026 <1% 3% m Australia m@ New Zealand m@ North America mUK mlnstitutions Brokers & Retail m= Other m Europe (ex UK) Asia mRest of World 45 Fis
Slide 46: Disclaimer
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) Annual Report 2026 and accompanying market releases. Nothing in this presentation should be construed as an invitation for subscr
Slide 47: References
References 47 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:l0.1007/s00154-020-06312-y Grasselliet al: European Society of Intensive Care Medicine Task
Fisher & Paykel Healthcare — FY2026 Earnings Presentation on 6ix