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 think F&amp;P Healthcare's (FPH) momentum in its Obstructive Sleep Apnoea (OSA) masks will continue, driving mid-teens Homecare revenue growth over the next few years.</li><li>This revised view reflects: (1) constructive channel checks in the US on its new Solo mask (combination of feedback from sleep specialists and CPAP.com data showing it is the number-one ranked selling mask, the latter is a first for FPH); (2) strong new mask product offering against the backdrop of a relatively benign, new product competitive environment; and (3) our analysis of FPH's Homecare performance following previous mask launches. Our Homecare revenue revisions drive material upgrades to our earnings forecasts.</li><li>Refer to our report F&amp;P Healthcare: In a Purple Patch, published concurrently to this one. Our EPS forecasts now sit +7% to 8% ahead of consensus in FY26 and FY27.</li></ul>

We think F&amp;P Healthcare's (FPH) momentum in its Obstructive Sleep Apnoea (OSA) masks will continue, driving mid-teens Homecare revenue growth over the next few years.This revised view reflects: (1) constructive channel checks in the US on its new Solo mask (combination of feedback from sleep specialists and CPAP.com data showing it is the number-one ranked selling mask, the latter is a first for FPH); (2) strong new mask product offering against the backdrop of a relatively benign, new product competitive environment; and (3) our analysis of FPH's Homecare performance following previous mask launches. Our Homecare revenue revisions drive material upgrades to our earnings forecasts.Refer to our report F&amp;P Healthcare: In a Purple Patch, published concurrently to this one. Our EPS forecasts now sit +7% to 8% ahead of consensus in FY26 and FY27.

Fisher & Paykel Healthcare Corp

F&P Healthcare - Masks Matter Most