New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

Fisher & Paykel Healthcare Corp / Equity Bottom-Up

<ul><li>F&amp;P Healthcare’s (FPH) FY26 guidance upgrade (effectively its third in six months) showcases continued strong momentum across its Hospital business (hardware and consumables).</li><li>While our earnings upgrades are modest, excluding unfavourable FX movements in 2H26, NPAT is tracking ~+10% ahead of prior expectations, reflecting strong clinical practice change/uptake of new products and better-than-expected gross margins.</li><li>FPH trades on ~43x 12-month forward PE versus its 10-year average of ~40x and is at a record premium to high-quality global peers.</li></ul>

F&amp;P Healthcare’s (FPH) FY26 guidance upgrade (effectively its third in six months) showcases continued strong momentum across its Hospital business (hardware and consumables).While our earnings upgrades are modest, excluding unfavourable FX movements in 2H26, NPAT is tracking ~+10% ahead of prior expectations, reflecting strong clinical practice change/uptake of new products and better-than-expected gross margins.FPH trades on ~43x 12-month forward PE versus its 10-year average of ~40x and is at a record premium to high-quality global peers.

F&P Healthcare - FY26 Upgrade—In Good Health

<ul><li>US respiratory hospitalisations (to the week ended 27 December 2025) for F&amp;P Healthcare’s (FPH) 2H26 period are currently down -26% vs 2H25, with flu up meaningfully year-on-year (~+61%), but being offset by COVID and RSV being down meaningfully.</li><li>The top-end of FPH’s 2H26 guidance (approximately consensus expectations) assumes a similar level of northern hemisphere winter hospitalisations as 2H25.</li><li>At face value, down -26% thus far would suggest some downside risk, but we think it is too early to be drawing conclusions.</li></ul>

US respiratory hospitalisations (to the week ended 27 December 2025) for F&amp;P Healthcare’s (FPH) 2H26 period are currently down -26% vs 2H25, with flu up meaningfully year-on-year (~+61%), but being offset by COVID and RSV being down meaningfully.The top-end of FPH’s 2H26 guidance (approximately consensus expectations) assumes a similar level of northern hemisphere winter hospitalisations as 2H25.At face value, down -26% thus far would suggest some downside risk, but we think it is too early to be drawing conclusions.

<ul><li>F&amp;P Healthcare’s (FPH) 1H26 result was strong across the board.</li><li>FPH lifted revenue and NPAT guidance (top end implies ~+5% consensus NPAT upgrades).</li><li>FPH trades on ~45x 12-month forward PE versus its 10-year average of ~40x, and is at a record premium to high-quality global peers.</li></ul>

F&amp;P Healthcare’s (FPH) 1H26 result was strong across the board.FPH lifted revenue and NPAT guidance (top end implies ~+5% consensus NPAT upgrades).FPH trades on ~45x 12-month forward PE versus its 10-year average of ~40x, and is at a record premium to high-quality global peers.

F&P Healthcare 1H26 Result—Hardware Heft

<ul><li>On 14 November 2025, Auckland Council released the proposed rezoning plan changes for F&amp;P Healthcare’s (FPH) Karaka site.</li><li>The indicative plans highlight FPH’s truly long-term mindset, spanning multiple decades—a mindset that is virtually unmatched in the context of the NZ and Australian equity markets.</li><li>Based on the development costings in the report, we estimate total capex of ~NZ$5bn (accounting for inflation and including land).</li></ul>

On 14 November 2025, Auckland Council released the proposed rezoning plan changes for F&amp;P Healthcare’s (FPH) Karaka site.The indicative plans highlight FPH’s truly long-term mindset, spanning multiple decades—a mindset that is virtually unmatched in the context of the NZ and Australian equity markets.Based on the development costings in the report, we estimate total capex of ~NZ$5bn (accounting for inflation and including land).

<ul><li>F&amp;P Healthcare (FPH) will report a strong 1H26 result on Wednesday, 26 November 2025.</li><li>Guidance for revenue of ~NZ$1,075m and NPAT of ~NZ$200m implies growth of ~+13% and ~+31% respectively, which we think is particularly impressive given: (1) the modest gross profit impact from tariffs (albeit this impact is more 2H26 weighted); and (2) the meaningfully lower respiratory hospitalisations (particularly COVID) in 1H26 vs 1H25.</li><li>We expect FPH will lift its guidance midpoint, but with an element of caution given still meaningful uncertainties around the shape of northern hemisphere respiratory hospitalisations in 2H26.</li></ul>

F&amp;P Healthcare (FPH) will report a strong 1H26 result on Wednesday, 26 November 2025.Guidance for revenue of ~NZ$1,075m and NPAT of ~NZ$200m implies growth of ~+13% and ~+31% respectively, which we think is particularly impressive given: (1) the modest gross profit impact from tariffs (albeit this impact is more 2H26 weighted); and (2) the meaningfully lower respiratory hospitalisations (particularly COVID) in 1H26 vs 1H25.We expect FPH will lift its guidance midpoint, but with an element of caution given still meaningful uncertainties around the shape of northern hemisphere respiratory hospitalisations in 2H26.

F&P Healthcare 1H26 Preview—Charging On

New Zealand

Fisher & Paykel Healthcare Corporation Limited designs, manufactures and markets heated humidification products and systems for use in respiratory care and the treatment of sleep apnea.  The Company also offers patient warming and neonatal care products, including warming products and infant resuscitators.

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Fisher & Paykel Healthcare Corp (FPH NZ)

F&P Healthcare - FY26 Upgrade—In Good Health

F&P Healthcare’s (FPH) FY26 guidance upgrade (effectively its third in six months) showcases continued strong momentum across its Hospital business...

Forsyth Barr

F&P Healthcare From The Wards

The top-end of FPH’s 2H26 guidance (approximately consensus expectations) assumes a similar level of northern hemisphere winter hospitalisations as...

Forsyth Barr

F&P Healthcare 1H26 Result—Hardware Heft

FPH trades on ~45x 12-month forward PE versus its 10-year average of ~40x, and is at a record premium to high-quality global peers.

Forsyth Barr

F&P Healthcare - The Masterplan

The indicative plans highlight FPH’s truly long-term mindset, spanning multiple decades—a mindset that is virtually unmatched in the context of the...

Forsyth Barr

F&P Healthcare 1H26 Preview—Charging On

Guidance for revenue of ~NZ$1,075m and NPAT of ~NZ$200m implies growth of ~+13% and ~+31% respectively, which we think is particularly impressive...

Forsyth Barr

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