I'd 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 & Paykel Healthcare's full-year results for the 2025 financial year. On the call today are Lewis Gradon, Managing Director and Chief Executive Officer; Lyndal York, Chief Financial Officer; Andy Niccol, our Chief Operating Officer; Justin Callahan, VP of Sales and Marketing; and Andrew Somerville, our VP of Products and Technology. Lewis and Lyndal will first provide an overview of the results, and then we'll move on to questions for the team. We will be discussing our results for the 12-month period ended 31 March 2025. Earlier today, we provided our 2025 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/investor. With that, I'd now like to turn the call over to Lewis. Okay, thanks, Marcus, and welcome, everyone. I'm going to be referring to the investor presentation pack that was released to the NZX and the ASX this morning. We will start on page three with a few of the highlights of the year. We continue to work closely with clinicians to promote the adoption of our therapies globally, and that has supported the treatment of approximately 22 million patients during this financial year. We released new products across the hospital and home care businesses during the year, with the Nova Nasal being added to our OSA mask portfolio, and this is now available in New Zealand and Australia. Our Airvo 3 and 950 were launched into the U.S., and they've been well received during the year also. On the infrastructure front, we continued with the expansion of our East Tamaki campus here in Auckland, and construction is underway on our fifth building, which will complete the site. Now I'll turn to page four. Operating revenue for the full year was NZD 2.02 billion, up 16% on FY 2024, and that's 14% in constant currency. Broad-based growth across the hospital consumables product portfolio, as well as double-digit growth in OSA mask, were key contributors to this result. Net profit after tax was NZD 377.2 million. That's up 43% on FY 2024, or 30% in constant currency. These growth rates are against the underlying net profit after tax figures for last year, which excludes those abnormal items. Turning now to page six. Hospital operating revenue was NZD 1.28 billion for the full year. That's up 18%, or 16% in constant currency. New applications consumables revenue was up 20% on FY 2024, or 18% in constant currency. If you look at our second half, new applications consumables growth was 13% in constant currency. Our hospital result was pleasing across the portfolio, including a non-invasive ventilation Optiflow for both respiratory and anesthesia patients and an invasive ventilation. Turn now to page eight. Home care operating revenue was NZD 739.9 million, up 13% on FY 2024, or 11% in constant currency. OSA mask revenue is 14% for the year, or 11% in constant currency. If you look at our second half, growth was 9% in constant currency terms after a strong 14% in the first half. We saw this good growth driven by the new masks that we launched during the year, with a number of competitor introductions during our second half. I'll pause there and hand over to our CFO, Lyndal York, for more details on financial performance, and I'll speak to our guidance following that. Over to you, Lyndal. Thanks, Lewis, and good morning, everyone. On page nine, our gross margin was 62.9% for the year. Excluding the product recall provision last year, that's an increase of 181 basis points, or 129 basis points in constant currency. The range of margin improvement efforts across our business, including manufacturing efficiency and overhead efficiency, continued making a positive impact. If the current global tariffs remain in effect as they currently are, our gross margin would be impacted by approximately 75 basis points on an annualized basis, and approximately 50 basis points impacting in the 2026 financial year. Our ongoing improvement efforts are anticipated to more than offset this, to provide an overall gross margin improvement of approximately 50 basis points in constant currency in FY 2026. At the end of April exchange rates, that would be approximately a 25 basis point improvement in reported currency. Moving on to page ten, total operating expenses grew 10% in both reported and constant currency compared to last year. This is as expected, given the impact of the people we added throughout the 2024 financial year. Operating margin was 25.2% for the year. Excluding the product recall provision last year, this is an increase of 379 basis points, or 260 basis points in constant currency. This reflects the improvement in gross margin as well as our Operating Expenses growing below revenue growth. R&D expenses grew 14% to NZD 227 million and were 11% of revenue for the year. We continue to estimate that about 60% of our R&D spend is eligible for the 15% R&D tax credit. SG&A expenses were NZD 534 million this year, an increase of 8% in both reported and constant currency. Moving now to page 11. Operating cash flow this year was NZD 549 million, up 28% from last year. This reflects the growth in our profit. Tax payments were lower than usual last year, as we prepaid tax during the 2023 financial year, requiring less tax to be paid in the 2024 financial year. Capital Expenditure, which includes purchases of intangible assets, was NZD 103 million for the year, down from NZD 339 million last year, which included NZD 190 million paid for the Karaka Land acquisition. Capital Expenditure for the 2026 financial year is expected to be approximately NZD 225 million. Within this is around NZD 120 million on land and buildings, including the next payment on our Karaka Land purchase and progress on the construction of our fifth building at East Tamaki. Looking at the balance sheet, debtor days were in line with last year at 44 days. Net cash at the 31st of March was NZD 200.5 million, and our gearing ratio was -11.6%. Interest-bearing debt was NZD 60 million, all of it being current. Turning to page 12, we have declared a fully imputed final dividend of NZD 0.24 per share. This is a 2% increase on the final dividend declared last year, and it will be paid on the 4th of July. The full-year dividend totals NZD 0.425 per share, up 2% on last year. This represents a 66% payout of our full-year profit. Looking now at foreign currency on page 13, foreign currency movements positively impacted our net profit after tax, or NPAT, by NZD 39 million compared to last year. This primarily reflects the movements in spot rates and hedging results when compared to last year. In the 2025 financial year, hedging gains were NZD 7 million before tax, and foreign exchange gains on balance sheet translations were NZD 500,000 before tax. At the end of April exchange rates, we would have an overall positive impact on profit before tax of approximately NZD 10 million for FY 2026 when compared to FY 2025. That would be approximately NZD 2 million after tax. This includes hedging losses of NZD 8 million before tax and losses on balance sheet translations of NZD 3 million before tax in the 2026 financial year. Now, back over to you, Lewis. Okay, thanks, Lyndal. Turning now to Outlook on page 14, at 30th April exchange rates, we expect full-year operating revenue to be in the range of approximately NZD 2.15 billion-NZD 2.25 billion, and net profit after tax to be in the range of approximately NZD 390 million-NZD 440 million. One of the big movers in that revenue guidance is hospital consumables. They are sensitive to seasonal respiratory hospitalisations in the northern hemisphere, and these usually occur in our second half. To be clear, we are using the phrase seasonal respiratory hospitalisations to include all the contributors. That is at least influenza, RSV, COVID. We are also moving away from referencing seasons as low, moderate, and high. These terms are often used by other parties for influenza only. They include other metrics like test results. They do not always neatly align with hospitalisations or our financial year. Of course, now there is a COVID component as well. It is just becoming less relevant. This year, we are referencing our guidance against the year we have just completed. On that basis, we would expect that if a similar cumulative respiratory seasonal hospitalisation rate to FY 2025 occurred in FY 2026, it would be pushing the result towards the upper end of guidance, and conversely, a lower rate would push us towards the lower end of guidance. I would just like to put this flu season commentary into a context. We estimate that for most years, probably less than 5% of our hospital consumables business is due to the seasonality. It is a directional signal rather than a quantifiable number. However, of course, the larger years versus smaller years, or vice versa, can impact the apparent progress of our major growth driver, which is the change in clinical practice. The other major mover in guidance is OSA masks, and this guidance range accommodates similar conditions throughout this year, as we experienced in our second half of FY 2025. Moving on now to the NPAT portion of guidance. Assuming the current global tariff rates, the policies, and applications of them do not change for the remainder of this financial year, we are estimating about a 50 basis point impact to gross margin in constant currency terms for the 2026 financial year due to those tariff costs. Annualized, that is about 75 basis points, but it kicks in part-time through the financial year. A quick recap of those assumptions for the year is that practically all of our finished goods in Mexico are compliant with the USMCA. After applying the Nairobi Protocol, that leaves us with a 10% tariff on hospital products out of New Zealand. I think a really important point is that during the year, we're going to continue with a holistic approach to improving gross margin, just like we always have for all cost increases that come our way, whether it's driven by inflation, materials, exchange rate, freight, or tariffs, or whatever the source of the increase. That's our long-standing approach of continuous improvements across all of the business processes, improving efficiencies, and making better use of our overheads. We've assumed in guidance that if these activities, along with our routine pricing negotiations during the year, can generate a roughly 100 basis point improvement to gross margin, then the year could net out at roughly a 50 basis point improvement to gross margin, all in constant currency terms, of course. I'll end my comments there, and we can move on to the questions. Thanks, Lewis. Justin, if I could ask you to please open up the lines for questions. Can I please ask everybody to limit your questions to two? This is to ensure that everybody has an opportunity to participate. You can rejoin the queue for any additional questions. Thank you. We will now begin the question and answer session. If you wish to register a question, please press star, followed by one on your phone. If you wish to cancel your registration, you may remove yourself from the queue by pressing the pound or hash key. Thanks, Justin. The first question comes from Devin Thelonithan at Goldman Sachs. Please go ahead, Devin. Thanks, Marcus. Good morning, Lewis and team. Can I just start with the revenue guidance for FY 2026? I hear your comments about the variability there in the hospital and the home care segments, but maybe if I can just focus on the hospital side. Clearly, you've got a few new products that are in the mix of launching or to come. Can we get an understanding within that guidance, just which products are materially contributing? And some of the products, from what we can see, would be the Optiflow Switch, Airvo 3 NIV, and also potentially the F&P 950 for anesthesiology. Could you give us a sense of whether that's contributing into your guidance, please? Yeah, thanks for the question. Look, they kind of all contribute, and they all contribute all base. If you look at maybe, say, a 950 system, we've been rolling that out globally. COVID got in the way there, but typically that might be, say, a five-year rollout. That is not unusual for us. Same for everything you talk about. We roll them out over a period of years. Across the whole product portfolio, you've got kind of the whole range and the whole mix shift. If you look at maybe Optiflow Cannula, Duet's the current run there. That is version five. We still sell version three and version four. A bit of a long-winded answer, but I think it is an important point. That shift, those new products, they contribute. Typically for us, that is a 1%-2% impact during the year. That would be quite normal. It is kind of always there, and it is kind of across everything. Yeah. Okay. Just to clarify that, because the sort of timing of when you launch this would be quite useful to understand your momentum in the hospital side of the business. As an example, is the Optiflow Switch launched yet in the U.S.? Is it to launch in that 26 number? Okay. When you go to Switch and Trace, that's a little bit different in that we're coming off a pretty low install base. We're leading with Switch and Trace, so they actually do make up the majority of our anaesthesia, per se, anaesthesia sales right now. You could think of that as a mix shift within, say, Optiflow in general, a mix shift with a n uance. The other component to that is we've led with Trace. We got going with a dedicated anaesthesia force in the U.S., and we kind of started that, I'm looking at Justin, two years ago, three years ago is when we first started. We led with Trace, and we're still working through the Trace leads there, mate. We haven't quite got to Switch in the U.S. yet. Okay. Just my next question then. Just in terms of this comment I think that you made in the annual report, short-term challenges that you're seeing, could I get you to comment on how that would impact or feature in your hospital revenue guidance again? Just trying to think about CapEx constraints, perhaps, in certain markets. Just how have you thought about that, please? CapEx constraints don't tend to have an impact on our business. I think it's fairly normal in the healthcare industry most years that there's pressure on healthcare costs. We might have been referring to tariffs with that comment as well. That could be a challenge going forward. Any other short-term challenges? I think that's it. Thanks for your questions, Devin. Really appreciate it. Next questions come from Lyanne Harrison at B of A. Please go ahead, Lyanne. Hi, good morning, Lewis, Lyndal, and all. I might start with hospital hardware. Obviously, very good growth this year driven by the Airvo 3. Can you comment on the rate of rollout and penetration, particularly in the United States for the Airvo 3? Should we expect a little bit more growth to come as well in fiscal 2026? Is that included in your assumptions? I think yes to all those comments. I kind of actually go back to the opening comment. It's a continuous process. In the case of Airvo 3, we think of that as facilitating the change in clinical practice. It makes it easier for customers to use the therapy in more parts of a hospital. It makes it easier with less training required. In terms of uptake for those new products, Airvo 3 in the U.S. right now would be maybe half our volume by now compared to similar to Airvo 2 volume right now. Yeah, we expect it to continue, but again, it's a dynamic that's always happening in the business in some product portfolio in some region. Okay. If I could move on to gross margin. Obviously, very good gross margin expansion this year. Can perhaps you, Lewis, or maybe even Lyndal, comment on which factors contributed most towards the gross margin expansion, and how should we think about that for fiscal 2026? Yeah, that'll be Lyndal. Hi, Leanne. Yeah, look, basically everything that we do around the business and the margin improvement made a positive impact this year. We're sort of back to BAU. What we've always been doing is thousands of continuous improvement projects done throughout the organization, getting more efficient with our overheads and growing into the overhead structure there. I guess the color I'd give you there is about half of that 130 basis point improvement in constant currency came from overhead efficiency and freight. That's where they'll come back a little bit in FY 2026, which is why we're sort of going to roughly about 100 basis point constant currency improvement. Freight gave us a little bit of a tailwind in 2025. We expect that to be pretty flat in 2026. Overhead efficiency will sort of reduce in terms of quantum as we've grown into the overhead structure. Okay. Are you planning on taking any price increases in 2026 that'll support gross margins? Yeah. Again, just like we always do, I mean, across the business, on average, it averages out a percent or so year after year after year. Okay. Thank you very much. I'll leave it there. Thanks, Lyanne. Next questions come from Daniel Hurren at MST Marquee. Please go ahead, Dan. Good morning, everyone. Thanks very much. Just actually following from Lyanne's there. I mean, I remember when you kind of let us have a look through your factory, that there appeared to be a bit of frustration trying to get the factory back to sort of historic levels of efficiency. I know we no longer talk about COVID too much, but could you just talk about where's the factory today versus sort of the pre-COVID sort of baseline? I understand there's always continuous improvement. Just wondering if you're back to sort of where you wanted to be. We're not back where we want to be. We think we still have for existing products a little bit of spare capacity. We think we've got a bit of room to go there. Financially, that translates into we should have a bit of a lower CapEx rate for plant and equipment going forward over the next few years. We're still expecting that. Thank you. Just on workforce, I understand you have been through a couple of phases of expansion there, and you have previously given some sort of total OpEx guidance. Are you through the bulk of that expansion? Is the workforce where you need it to be now? In terms of manufacturing, yeah, it's where we need it to be. In terms of OpEx, SG&A, and R&D, we feel that we can take some leverage. You've seen that in FY 2025, and we think we've got a few more years to go of taking some leverage in the operating expense space. Okay. Thanks. It's helpful. Thank you. Thanks. Next questions come from Matt Montgomerie at Forsyth Barr. Hi, Matt. We can't hear anything. Yep. Have we got you there, Matt? Matt has actually left the question-answer queue. Okay. Thank you. Next questions come from Craig Wong- Pan at RBC. Please go ahead, Craig. Great. Thank you. Just noticed in your OSA mask revenue constant currency growth, that did slow a little bit from the first half to the second half. Could you just explain from your perspective what you think has driven that? Yeah. In our first half, we had the Solo range hit the United States. We think of it as a new product introduction boost. You have that as the primary driver of that first half, 14% constant currency. In our second half, we have multiple introductions of new masks from multiple competitors. That kind of takes the boost off the new product introduction cycle. Okay. Is that for the second half growth kind of your expectations for where you think kind of looking forward, where you think that might go in FY 2026? Yeah. That probably is our best guess for FY 2026 because you've got two things going on there. We're lapping that 14%. That's always challenging. Offsetting that, we've got the Nova Nasal currently out in New Zealand, Australia. We'll be getting that to the U.S. over this financial year as well. Maybe offsetting that, maybe land around a similar 9%-ish would be our thinking. Okay. That makes sense. I mean, given the current tariff environment, can you provide an update on the timeframe for when you might be able to get back to that sort of 65% target gross margin range? Yeah. Look, on an annualised basis, if everything stays as it is in place today, we think there is about a 75 basis point impact annually from tariffs. We think that probably adds another year to getting back to our target. Okay. Thank you. Thanks, Craig. Next questions come from Adrian Allbon at Jarden. Please go ahead, Adrian. Good morning, team. Just one of the earlier questions. You made the point around the Salesforce cost base, I suppose, taking leverage now and for the next couple of years. Can you kind of just provide a bit more colour as to what's sort of making that decision? Do you feel like the efforts you've put in, I guess, post-COVID and protocolising hospitals and stuff are starting to get more traction, or is there something else going on there that we should consider? No, it's really driven by when we look at our long-term revenue growth. We look at long-term OpEx growth. If you aggregate that over the last six or seven years, OpEx growth has been a wee bit ahead of revenue growth, and we think we can bring that back a wee bit. The other comment, probably the exception to that actually is in the Salesforce. That's not a place we'd be planning on taking leverage. It looks pretty much in line with revenue growth over the last five, six years. Okay. So the leverage is more on the management and administration kind of growth? Yes. It's in the S, the G, and the R&D. Sorry, the G, the A, and the R&D. G, A, and R&D. Okay. Thank you. Just with the new app consumables, would you be able to give us a sense of the contributions by each of the three products? I think anesthesia, last year, was kind of a touch under 10%. Are you able to give us an update on that? Yeah. Anesthesia, closer to 10%. And then, roughly speaking, Optiflow, roughly speaking, I would say Optiflow around about 2/3 of the new apps. Non-invasive would be about 1/4. And then anesthesia. Okay. So Anesthesia has sort of grown more in line with the overall new apps, like maybe a touch higher? Oh, no, touch higher. Touch higher. I mean, that's still in the 40s. Okay. Sorry, just one more question. In hospital hardware, over the last couple of years, can you sort of give us a guide, mainly for our modelling purposes, how much of the sort of volumes are sort of replacement volumes versus sort of new volumes? Yeah. That's a tough one. There is a wee bit of a difference, but we tend to think of it as mostly new volume. We tend to think of it as the growth driver rather than replacement. I think it goes to the idea that at these kind of growth rates, whatever you are replacing from 10 years ago is a relatively small component. Typically, again, it is driven by changing clinical practice. It is driven by, "I need more." Maybe it is driven by, "I had 50, I want 10 more," as opposed to definitely not, "I want the latest model cycle." That is not how it works. Okay. So we should think of it as mostly net growth of the strong increase that you experienced from COVID? Yeah. Look, if I had to put a number on it for a model, I'd be going 5% or 10% or something like that as replacement. In terms of replacement of an. I can't even go—yeah, it kind of doesn't work like that. I've got 50. They're all 850s. I want 10 more. I'm going to go to all 950s. So I don't know what you want to call that, replacement or growth? Both. All right. Thank you. Thanks, Adrian. Next questions come from Sacha Krien at EVANS & PARTNERS. Good morning. First question is just on seasonal hospitalisations. I think you said that it's 5% in most years. Just wondering if you can clarify what you think it was this year. I mean, is it basically reasonable to assume that the difference between the top end and the bottom end of the range is largely the seasonal component? Okay. That was really hard to hear, Sacha. If I'm going to kind of read between the lines, the 5% comes from looking at. I'm just trying to repeat the question if that helps on following up. Yeah. That would be helpful, Sacha. I'm going to crank the volume up and get closer to the speaker. Yep. Okay. So the question was, just in terms of seasonal hospitalisations, I think you said it was 5% in most years. Just wondering if you can provide some guidance on what you think it was this year. Is the difference between the top end and the bottom end of the revenue range really just the seasonal hospitalisations? Is that the way to think about it? I'll answer the second question, the last question first. Yes, that's what we're thinking top end, bottom end is. Top end, we're thinking is similar seasonal to FY 2025. Bottom end, we're thinking is a heck of a lot less. That's that part. We put a lot of attention on this, and we talk about it a lot. I just wanted to make the point that when we look at our history and we look at the seasonal impact, second half versus first half, over the long term, looking at that seasonality, we conclude it's less than 5% of the consumables business most years. That's the proportion of our business that it typically makes up. The trouble is it can swing from nothing to 10% and back the other way and obscure the change in clinical practice growth. Okay. No, that's great. Thank you. I kind of just want to make the point we're putting a lot of—sorry. Go ahead. You go on. I just kind of want to make the point. We're putting a lot of time and effort on it because it does throw the numbers around a bit. We're talking about what's fundamentally probably about 5% of the hospital consumable business. Okay. Thank you. The second question was just on hospital hardware. You provided a little bit of guidance before on the mix of where new apps consumables are being used. I'm just wondering, in terms of placing devices, do you have visibility on whether they're going to ICUs or EDs or anaesthesiology departments? Can you provide a little bit of guidance on where you think they're going so we can think about the future growth of the consumables? Yeah. No, we don't have that visibility. Our customers typically don't have that visibility either. I mean, hospitals may well organize where there's a pool, and they're using it across the hospital. We don't have that visibility. Very strong anecdotals and some hospitals when we can visit and some hospitals here and there we can get the insight into gives us the confidence that we've got usage outside ICU. Okay. Thank you. Thanks, Sacha. Next questions come from Stephen Ridgewell at Craigs Investment Partners. Yeah. Good morning. And first of all, congratulations to the team on another great result. My first question is on anaesthesia. Lewis, you mentioned earlier almost 10% of new apps in FY 2025 were from anaesthesia, and it was growing at 40%. I mean, at a high level, what are the expectations for anaesthesia consumables growth in the FY 2026 guidance, please? Are you still kind of expecting growth in that 30%-40% range? And is that being supported by similar growth in the Salesforce for that product, or are you still taking a little bit of leverage there? I'll turn to Justin for the Salesforce comment. Yeah, off that still really low base, we are expecting to see 30-40% in FY 2026. Yep. Thanks, Lewis. Yes, Stephen, I think from a Salesforce perspective, we tended to invest with the growth. As that business grows, we're still investing in the team. We should expect to see that as we move forward in line with those growth rates. Sure. That's very clear. Thank you. My second question is on hospital devices. F&P has been in a very strong innovation cycle the last few years with a number of new device launches. Can you talk a little bit to the revenue and revenue growth you're expecting in the FY 2026 year and perhaps some flavor on the extent to which you expect the contribution from the Airvo 3, Airvo 3 NIV, and the 950? Any comments you can provide on the commercialization timeline of the Airvo 3, I think it would be useful. Thanks. Is there an expectation for material revenue from the Airvo 3, sorry, Airvo 3 NIV, and 950 in the FY 2026 year? Thank you. No, we don't. We have an expectation that's currently in a controlled market release. I kind of just want to point one thing out. We're calling it Airvo 3 N IV. We're not thinking of it as an NIV machine. We're thinking of it as a way to efficiently move patients around the hospital to different acuities within the hospital and facilitate the use of nasal high flow throughout the hospital. That's how we're thinking of it. So it's not a straightforward NIV machine. Just going back, sorry, to the earlier part of the question about revenue expected from hospital devices in FY 2026 and stuff like that, it'll mainly be coming from Airvo 3 and the 950? Oh, sorry, mate. The way we—well, as you've seen, that can be lumpy year to year. I mean, we'd probably just reference FY 2025, plus or minus 10%, wouldn't surprise us or give us any indication of anything. Okay. No, that's fair enough. From those, just one quick one for Lyndal. Does the guidance for 2026 assume a benefit from accelerated depreciation on New Zealand CapEx that was announced in the budget last week, or is that still to come? No, that's just a cash flow benefit, so it won't flow through to P&L. Okay. Thank you. That's all from me. Thanks, Stephen. Next questions come from Andrew Paine at CLSA. Please go ahead, Andrew. Good morning, Arthur. Thanks for taking my question. Just wanted to know if there's any concerns around budget pressures from purchases just resulting from the trade policies. Just thinking if there's any communication or any conversations you're having given the current environment around purchasing, especially in the hospital segment. I didn't catch all of that either, actually. Sorry, Andrew. So you're talking about concerns around hospital budgets? Yeah. Yeah. I guess concerns around budget pressures from purchases just under the current trade environment. Is that happening? I think some of the costs of that. Right. Gotcha. Look, I think in this hospital business, there's always cost pressure. Every year, there's some kind of cost pressure on the hospital business. At the end of the day, for all of our therapies and all of our product range, we're going to point to an improvement in outcomes, and we're going to point to an economic benefit. That's how we navigate it. I'd have to say I can't remember a time when, one, these cost pressures didn't exist, or two, we felt like it had any material impact on us. Yeah. Okay. No, that's great. Just seriously, sorry, my line's been a bit all over the shop, but what stage do you think you're at in terms of the U.S. tariff discussions? Are you able to give a timeline there or kind of indication of where you are at that process? For the current situation, we think we're pretty well done. Mexican manufacturing is covered by the USMCA, and anything else has been suspended indefinitely. In New Zealand, you've got the 10% on the hospital products. There's no indication at present that that's changing. I'm just not thinking about any exclusions that you could fall under. Oh, okay. Yeah. Sure. OSA products covered by the Nairobi Protocol. We've applied that to our thinking and to our guidance. I think for now, we've kind of left it there. Yeah. Okay. No problem. Thanks for that. Okay. Thanks, Andrew. Next questions come from Marcus Curley at UBS. Good morning, guys. First one, could you talk a little bit about your OSA mask sales by category in the second half? Obviously, you're referring to competitor launches. I assume you're talking full face, or have you seen a slowdown in the categories that you've actually got new products in? I think the only comment I can make to that, Marcus, is the growth that we've seen is in the new masks that we've launched in those categories. Is it fair enough to assume that full face is an area of focus at the moment, given you sort of probably overdue a new product in that category? I think that's absolutely fair, Marcus. Great. I look forward to it. Secondly, just a little bit of maths around your guidance would suggest constant currency revenue growth at the top end at 11% for the year. If you take what you said about home care being similar to the second half, it then suggests that you're looking at hospital growth around about 12% for the year at the top end, which obviously includes a similar level of hospitalisations in the peak. 12%, probably a little lower than your long-term sort of target of 13% sort of stall number for that. Is there anything that you'd call out other than your normal conservatism around that level of growth in hospital? I think the best answer I can give you there, Marcus, is if you look at our second half, we've delivered 12% growth in hospital consumables, right? And that's with a flu season or a cumulative seasonal respiratory hospitalisations. Can we just call that a flu season for now? That's with a flu season that's a little less than FY 2024 by all indications. We think maybe at the top end, if you had the same, you might be a little bit above 12% or everything else being equal. Okay. If I was extending that answer, I'd say your underlying business is growing better than 12% if you flu season adjusted for FY or for the second half, yet the guidance looks like it's a little slower in FY 2026. It doesn't sound like you're necessarily calling out anything that's a specific headwind for the hospital business as you stand here today. I'll just point out one other thing. We are lapping 14% for the total business. And then for the hospital business, in our first half, FY 2025, you've got some seasonal stuff in there, which has flowed through from FY 2024. So you're potentially lapping that as well. Okay. Sorry, I think I might have missed this, but Lyndal, did you give OpEx guidance growth for 2026? We did not. Look, probably similar growth to 2025 would not be unreasonable. Okay. Thank you. Thanks, Marcus. Next questions come from Matt Montgomerie at Forsyth Barr. Hi, guys. Good morning. Hopefully, you can hear me now. Just Lyndal, one for you on CapEx sort of beyond FY 2026, cognizant of the balance sheet being in quite good shape. You've got the new New Zealand building coming online, but presumably not much else. I'd just be interested if you could talk to CapEx maybe over a slightly longer-term view, three to five years. I think previously, you had a five-year target out there around land and buildings. It'd just be interesting to roll that forward a few years now, particularly with Karaka coming maybe at the end of the decade. Yeah. Sure. So look, I guess building five here at East Tamaki will be building for 2026, 2027, and 2028. It will complete. We're estimating the end of calendar 2027. We also still will have one more payment for Karaka land acquisition in FY 2027. So for those two sites, we'd be looking at probably another NZD 130 million spend through 2027-2028, weighted more to 2027. That completes East Tamaki campus. It also completes the land acquisition. Wouldn't anticipate material building costs at Karaka in that timeframe. Great. That's useful. Then one just on sort of R&D of sales. It's been sort of over 11% for the last couple of years now. Essentially, is what you're saying in terms of leverage that we'll see a trend back to sort of 9%-9.5% over the next few years? Yeah. Maybe back towards 10%-ish. Yeah. Okay. I might squeeze one more in. Just within the anaesthesia business, cognizant of comments around Switch first Trace timelines, are you able to give us a, or rollouts more so? Are you able to give us a sense of within the anaesthesia business today, what percentage is in Trace? We don't want to go there. Sorry. That's all right. I'll try. Yeah. No, look, it's okay. It's just not all of our listeners are as benevolent as you might be. Thanks for your questions, Matt. Appreciate it. Move on to Saul Hadassin from Barrenjoey. Please go ahead, Saul. Yeah. Good morning. Can you guys hear me? Loud and clear. Perfectly. Excellent. Yeah, first question, Lewis, and apologies if you may have mentioned this, but regarding the outlook for revenue into FY 2026, just wanted to get a sense of your expectations for new app sales growth within that. The reason I ask is because for the last few halves, there's obviously been a very disparate rate of growth in terms of your first half rate of growth for that sales line versus second half. I just wanted to get a sense into FY 2026 for the full year. Are you still expecting a circa high teens percentage growth rate for new app sales? Yeah. Look, it seems pretty, it's quite dependent on what the seasonal respiratory hospitalisations do. Bearing in mind, there's a bit of variation in there in that it's all very well going with the seasonal numbers, but the level of respiratory intensity can vary. You saw a classic of that with Omicron versus Delta in COVID. Omicron had about half the respiratory intensity. That can kind of impact the relative ratios. I would expect that if you were looking at low teens for hospital and you had kind of a more normal distribution, you'd be looking at mid-teens for new apps, and you'd be looking at high single digits for invasive would be kind of a more common, more normal distribution of the growth rates. Thank you for that. Just another comment or question on OSA and again, just looking at the rate of mask growth, particularly in the second half. I'm assuming the bulk of your growth in masks is from your installed base of mask users rather than new products. Have you seen any indications of OSA users ceasing usage of their devices due to introduction of GLP-1 products and weight loss? Is there any anecdotal evidence that you can see or that you've noted that might be reducing your census of the installed base of mask users? Nothing I'd seen or heard and Justin's shaking his head as well. We haven't seen anything that would pin on GLP-1 at all. Thank you. That's all I had. Thanks, Saul. Next questions come from Vanessa Thomson at Jefferies. Good morning. Thank you for taking my questions, Lewis and team. I just asked about the effects and the hedging cover, and wondered if you've made any or intend to make any further changes to the hedge duration, etc., given the current situation. Thank you. Hi, Vanessa. I sort of caught, I think, most of your question. We've got quite a robust hedging procedure around here, and we're not looking to change that at all. What we do do is build out further cover when rates are favorable and then less so when they're not. When we've seen the dips, we have actually taken some more out, which I think you can sort of see reflected in the coverage that we've got there in the accounts. That will happen dynamically throughout the year, I suppose. It happens every day. Yeah. We're always looking at it. Yeah. Okay. Thank you. Then my second question, we're seeing a lot of commentary about ambulatory surgical center growth, and I wondered how this affects your sales strategies, approach to clinical care, education, and so on, given it's perhaps selling into a different business. Thank you. Yeah. Hi, Vanessa. This is Justin. I think probably from an ambulatory surgical center, that's probably more in the anesthesia space than any of our other traditional products. That is just a part of our growing market. Where those surgical centers are important to us, we are calling on them. It just fits into our call cycle, really. With more procedural work is getting done through the ASC, how does that affect what happens in the traditional hospitals for your products? I do not think it really changes. It is just the location of care, really. Our products are in both places, so it is just the location of care. We're selling and calling on the anesthesiologist. Typically, they do travel from hospital to hospital and center to center. It's the anesthesiologist or the anesthetist, depending where you grew up, that's our target. Okay. Thank you. Thanks, Vanessa. Looks like we have time for one more question. We've got Adrian Allbon from Jarden. Please go ahead, Adrian. Oh, thanks again, team. Just a question for you, Lewis, just around the tariff situation on the New Zealand hospital products. Are you anticipating a pricing response to cover some of that, or are you kind of more looking at your sort of GM improvement as sort of your cover for that over time? Very much the latter. I mean, I think it's kind of a really important point. We're approaching this as a cost in, and we're mitigating it the way we mitigate all cost ins. We're not doing a heck of a lot different or special just for tariffs. We get some mitigation in our costs against tariffs just by what we normally do and normal growth. Then we're thinking of the pricing cycle is exactly the same. We're doing what we normally do. Okay. All right. That's clear. Thank you. Okay. Thanks. Thanks, Adrian. Look, that concludes the time we have for questions. I'll now turn over to Lewis for some final comments. Okay. Thanks, Marcus. Thank you, everybody, for your questions. We really do appreciate your interest and your support in Fisher & Paykel Healthcare. To wrap up, I really would like to acknowledge the more than 7,000 people working day in, day out at Fisher & Paykel Healthcare globally. Thank you once again for your commitment to patient care, to outcomes, and to our business. My thanks also go to our customers, suppliers, clinical partners, and shareholders for your ongoing support. Thank you, everyone, and please enjoy the rest of your day.