FY26 in-line, NPAT +24% YoY; FY27 in-line vs MRE

Research evidence excerpt

FY26 in-line, NPAT +24% YoY; FY27 in-line vs MRE

t fully paid ordinary weighted average number of

in 12 months Note: expected return is reflective of a Medium Volatility shares

Valuation – The company's estimated stock and should be assumed to adjust proportionately

All Reported numbers for Australian/NZ listed stocks are fair value share price based on the disclosed with volatility risk

modelled under IFRS (International Financial Reporting valuation methodology

Standards). Note: Quant recommendations may differ

from Fundamental Analyst recommendations

Recommendation proportions for quarter ending 31 Mar 2026

AU/NZ Asia USA

Outperform 66.90% 69.32% 67.14% (for global coverage by Macquarie, 1.93% of stocks followed are investment banking clients)

Neutral 27.18% 17.21% 32.86% (for global coverage by Macquarie, 0.40% of stocks followed are investment banking clients)

Underperform 5.92% 13.47% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients)

Company-Specific Disclosures

Company Name Disclosure

Fisher & Paykel (FPH NZ) A Macquarie analyst(s) involved with the preparation of this research has, in the past 12 months, visited material operations of

Outperform Fisher & Paykel Healthcare Corporation Ltd. In connection with such a visit, the company may have furnished local transportation

12-month target: NZD45.80 - DCF and/or accommodation, which requires authorisation in adherence with Macquarie policy requirements.

Valuation: NZD 45.83 - DCF (WACC 7.4%,

beta 1.0, ERP 5.0%, RFR 4.0%, TGR 4.0%)

Price: NZD33.66

Target Price Risk Disclosures

Company Name Risk Disclosure

The key downside risks to our target price and rating primarily relate to weaker-than-expected global hospitalisation trends Fisher & Paykel (FPH NZ) •