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>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.

Fisher & Paykel Healthcare Corp

F&P Healthcare From The Wards