New Zealand Professional Investment Services Firm

Forsyth Barr

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.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

Fisher & Paykel Healthcare Corp / Equity Bottom-Up

<ul><li>F&P Healthcare (FPH) reported a solid FY26 result.</li><li>EBIT growth of +25% was in line with our expectations on the back of (1) a solid improvement in gross margins, and (2) opex growth below revenue growth.</li><li>FY27 NPAT guidance is an expected wide range of NZ$500m to NZ$550m, at the mid-point this is slightly below consensus (NZ$538m) and ~+12% growth.</li></ul>

F&P Healthcare (FPH) reported a solid FY26 result.EBIT growth of +25% was in line with our expectations on the back of (1) a solid improvement in gross margins, and (2) opex growth below revenue growth.FY27 NPAT guidance is an expected wide range of NZ$500m to NZ$550m, at the mid-point this is slightly below consensus (NZ$538m) and ~+12% growth.

F&P Healthcare (FPH): FY26 Result - Initial Impressions