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>We expect a strong result when F&amp;P Healthcare (FPH) reports on Wednesday, 28 May, with NPAT at the top end of its guidance and modestly ahead of consensus.</li><li>Our key focus areas at the result are tariff clarification and gross-margin outlook, Homecare revenue performance and outlook, and Hospital new apps (including anaesthesia performance).</li><li>We forecast revenue of NZ$2.02bn and NPAT of NZ$368m, which are moderately ahead of consensus, supported by ongoing share gains and a robust respiratory season.</li></ul>

We expect a strong result when F&amp;P Healthcare (FPH) reports on Wednesday, 28 May, with NPAT at the top end of its guidance and modestly ahead of consensus.Our key focus areas at the result are tariff clarification and gross-margin outlook, Homecare revenue performance and outlook, and Hospital new apps (including anaesthesia performance).We forecast revenue of NZ$2.02bn and NPAT of NZ$368m, which are moderately ahead of consensus, supported by ongoing share gains and a robust respiratory season.

F&P Healthcare FY25 Preview—Breathing Easy