Fisher & Paykel Healthcare Corporation Limited

Welcome to the Fisher and Paykel Healthcare FY26 results announcement. My name is Justin, 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, fall by 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, Justin. Good morning, everyone, and welcome to the conference call for Fisher & Paypal Healthcare's full year results for the 2026 financial year. On the call today with me and Dan are Lewis Graydon, our Managing Director and CEO, Lyndall York, our Chief Financial Officer, Andy Nicol, our Chief Operating Officer, Justin Callaghan, our VP of Sales and Marketing, and Andrew Somerville, our 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 12 months ended 31 March 2026. Earlier today we provided our 2026 annual report including financial statements and commentary on our results to the NZX and ASX. These disclosures can be accessed on our website at fphcare.com forward slash investor. 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 on the call today. I'm going to be referring to the investor presentation pack that was released to the NZX and ASX earlier this morning. So we'll start on page two with some of the key features from FY26 and I'd like to just call out a few of these items. We'll start where it matters most, the efforts of our people, our clinical partners, customers and suppliers for approximately 24 million patients treated by Fisher & Paykel products over the past year. So thank you to everyone who's contributed to improving care and outcomes for all these people over this period. We achieved a strong result in hospital hardware sales. It's been strong across all the regions, but especially so in the United States where both the Evo III flow generator and the 950 humidification system were released just two years ago. And the body of clinical evidence for OptiFlow nasal high flow therapy has continued to grow. with some additional clinical practice guidelines released during this year. We now count 12 guidelines with those recent additions from the American College of Emergency Physicians, the National Institute for Health and Care Excellence in the UK and the Global Initiative for Chronic Obstructive Lung Disease. So now let's turn to page 3. Operating revenue for the year was $2.3 billion, up 14% on the prior period or 12% in constant currency. Net profit after tax was $468.5 million, up 24% on the prior period, or 28% in constant currency. Linda was going to take you through our financial performance in more detail shortly, but before that I have a few comments on hospital and home care revenue drivers. So start with hospital on page 5. Operating revenue was $1.5 billion. 18% on the prior period. That's 15% in constant currency. And once again, this is broad-based strength. It's across the product portfolio and it's across the geographies. New applications, consumables revenue grew 18% year-on-year, and that's 16% in constant currency. And hospital consumables as a whole grew 14% in constant currency. And that is becoming the more relevant number for us these days. That growth in consumables is during a period where we think we've had a reduced year-on-year hospital admissions for respiratory illnesses during the northern hemisphere winter, and that's in the United States and in the other major markets. So it does suggest that changing clinical practice was once again a strong growth driver for us. Hardware revenue was up 27% in constant currency on last year, and this exceptional result is probably another pointer to progress in changing clinical practice. So let's turn now to home care on page 7. Home care operating revenue was $802.7 million. That's up 8% on last year, a 7% constant currency. And I would say mask growth is 7% or 5% constant currency, with that growth generated by our latest Solo and Nova ranges of nasal and pillow masks. Hardware growth is also a feature of our home care result for this year. I'm going to pause there for now and hand over to Linda.