Fisher & Paykel Healthcare (FPH) H1 2026 earnings summary

Executive summary

• Achieved record first half revenue of NZD 1.089 billion, up 14% year-over-year, surpassing NZD 1 billion for the first time, with net profit after tax rising 39% to NZD 213 million, driven by strong demand and changes in clinical practice.

• Launched new products, including the F&P Nova Nasal mask in Europe, and hosted over 100 clinical forums globally to drive clinical practice change.

• Construction of the fifth building at the East Tamaki campus in Auckland is progressing, supporting future growth.

• Recognized with the 2025 Zenith Award from the American Association for Respiratory Care.

• Interim dividend increased to 19.0 cents per share, fully imputed, up from 18.5 cents in the prior year.

Financial highlights

• Operating revenue reached NZD 1,088.5 million, up 14% year-over-year (12% in constant currency); net profit after tax rose 39% to NZD 213 million.

• Gross margin improved to 63.0%, up 110 basis points (60 bps in constant currency), with a 32 bps impact from US tariffs.

• Operating margin increased by 335 bps to 26.3%, reflecting margin improvement and operating leverage.

• Operating profit grew 31% to NZD 286.1 million.

• Free cash flow for the half year was NZD 173.2 million, with net cash position improving to NZD 237.8 million; gearing ratio at -13.5%.

Outlook and guidance

• Full-year operating revenue expected between NZD 2.17–2.27 billion; net profit after tax between NZD 410–460 million, assuming current global tariff rates.

• Gross margin for FY 2026 expected to improve by 50 basis points despite a 75 bps tariff impact.

• Guidance revision driven by FX movements; hospital consumables growth in H2 dependent on respiratory season severity.

• Operating expense growth to remain below long-term revenue growth aspirations.

• Continued investment in R&D and sales to support product pipeline and global growth.