Fisher & Paykel Healthcare Corporation Limited

Welcome to Fisher and Paykel Healthcare's results conference call. My name is Lisa and I'll be your operator for today's call. At this time, everyone except the guest speakers will be in listen only mode. Later, we'll conduct a question and answer session. We ask for your assistance in keeping the call to a maximum of one hour. If assistance is required at any time, please press the star button followed by the zero on your phone and wait for a coordinator. If you require further assistance, you should redial into the call. Please note this conference call is being recorded. I would now like to turn the call over to Marcus Driller, VP Corporate.

Thank you, Lisa. Well, good morning, everyone, and welcome to the conference call for Fisher & Paykel Healthcare's first half results for the 2026 financial year. On the call today are Lewis Graydon, Managing Director and Chief Executive Officer, Lyndall York, Chief Financial Officer, Andy Nicol, Chief Operating Officer, Justin Callaghan, VP Sales and Marketing and Andrew Somerville, VP of Products and Technology. Lewis and Lyndall will first provide an overview of the results and then we'll move on to questions. We'll be discussing our results for the six months ended 30 September 2025. Earlier today we provided our 2026 interim report including financial statements and commentary on our results to the NZX and ASX. These disclosures can be accessed on our website.

With that I'd now like to turn the call over to Lewis. Okay and thank you Marcus. Good morning everyone and thanks for joining us here this morning. I'm going to be referring to the investor presentation pack that we released to the NZX and the ASX earlier today. So we'll start on page two with a recap of some of the recent highlights. I'm pleased to note that the company has achieved a billion dollars in first half revenue for the first time and we really appreciate the contributions of our people right around the world during this half. Thank you everyone. We continue to roll out our latest Nova Nasal OSA mask during the period and this is now available in New Zealand, Australia and major markets in Europe. At our investor event in Royal Melbourne Hospital in Australia this year, we showcased the complexity involved in how clinical practice changes. And one way we contribute to that journey is hosting clinical forums. And that's where interested healthcare professionals can get together, compare their clinical practice, compare their results with clinical data and the clinical practice guidelines. And over the last half, we hosted over 100 of these forums globally. Our US team was honoured to be recognised with a Zenith Award from the American Association for Respiratory Care and we got the construction of our fifth building at our East Tamaki campus here in Auckland, New Zealand underway and they're making good progress as we speak. So turn now to page three. Operating revenue for the first half was $1.089 billion, up 14% on the prior period, well that's 12% in constant currency terms. Net profit after tax was $213 million and that's up 39% on the prior period or 28% in constant currency. Lyndal's going to unpack the financial results in more detail shortly. So we'll move on to the hospital product group on page five. Operating revenue was $692 million. That's up 17% on the first half last year or 15% in constant currency. and that's come from a broad-based strength right across the hospital consumables business. New applications consumables revenue was up 18% or 16% in constant currency and when we consider the robust growth that we're lapping from the first half last year, we think this result probably does reflect a consistent ongoing change in clinical practice. Hospital hardware revenue grew 21% in constant currency. And as you will know, hardware revenue can be quite variable on a month-to-month basis, and so we do anticipate that the full year hardware result will probably moderate down from this first half of year result. So turning now to page 7, home care. Home care operating revenue was $396 million, up 10% on our first half last year, or 8% in constant currency. OSA mask growth was 8% or 6% in constant currency. Our latest range of OSA masks has performed well, and the Solo range and the Nova micro range are available in most major markets. And as I mentioned earlier, our Nova nasal is in the early stages of its rollout with a US launch plan for later in our second half. Our home care result also has a strong contribution from OSA hardware growth, which we're not expecting to repeat in the second half. And if anything, we feel it might be a pull forward of demand from the second half. I'll pause there for now and hand over to Lyndal.