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&amp;P Healthcare's FY25 result was strong, with gross margins, operating cash flow, and Hospital new apps revenue all ahead of forecasts.</li><li>The company faces increased competitive pressures in the Homecare sector, which impacted revenue growth.</li><li>The top end of FY26 guidance is considered achievable, potentially leading to minor consensus upgrades.</li></ul>

F&amp;P Healthcare's FY25 result was strong, with gross margins, operating cash flow, and Hospital new apps revenue all ahead of forecasts.The company faces increased competitive pressures in the Homecare sector, which impacted revenue growth.The top end of FY26 guidance is considered achievable, potentially leading to minor consensus upgrades.

F&P Healthcare FY25 Result—Solid Foundations