Fisher & Paykel Healthcare (FPH) H2 2025 earnings summary

Executive summary

• Supported treatment of 22 million patients globally in FY25, with new product launches in both hospital and home care segments, and surpassed NZ$2 billion in annual revenue for the first time.

• Expanded infrastructure with ongoing construction of a fifth building at the East Tamaki campus and new manufacturing facilities globally.

• Maintained strong innovation with significant R&D investment, growing patent portfolio, and expanded product portfolio with new launches.

Financial highlights

• Operating revenue reached NZD 2.02 billion, up 16% year-over-year (14% in constant currency).

• Net profit after tax was NZD 377.2 million, up 43% year-over-year.

• Gross margin improved to 62.9%, up 181 basis points year-over-year.

• Operating margin was 25.2%, up 379 basis points year-over-year.

• Operating cash flow was NZD 549 million, up 28% from last year.

Outlook and guidance

• FY2026 operating revenue expected between NZD 2.15–2.25 billion; NPAT between NZD 390–440 million.

• Guidance sensitivity tied to seasonal respiratory hospitalisations and OSA mask market conditions.

• Gross margin expected to improve by approximately 50 basis points in constant currency, despite a 50 basis point tariff impact.

• Capital expenditure for FY2026 projected at NZD 225 million.