F&P Healthcare posts strong half-year profit as major Karaka campus plan moves forward

Fisher & Paykel Healthcare has unveiled a surge in half-year profit as it advances plans for its massive new Karaka innovation and manufacturing campus, a 30 to 40-year development that would become one of the country’s most significant health-technology precincts.

The company announced a 39 percent increase in net profit to $213 million for the first half of the 2026 financial year, with operating revenue rising to $1.09 billion. Managing director and chief executive Lewis Gradon said the result reflected strong demand for hospital consumables and continued growth in the Homecare product portfolio.

“This is a strong result against the backdrop of robust growth in the first half of last year,” Gradon said.

Fisher & Paykel Healthcare now expects full-year operating revenue to reach between $2.17 billion and $2.27 billion, with full-year profit forecast at $410 million to $460 million.

The company confirmed investment in research and development remains a priority, with $114.1 million – 10 percent of revenue directed to R&D in the half-year. An interim dividend of 19 cents per share will be paid on December 16.

Karaka campus: 30 to 40-year development to support long-term growth

As the company’s East Tāmaki site approaches capacity, the proposed Karaka Campus Masterplan outlines a large-scale new base for research and development, pilot manufacturing, and long-term expansion.

A spokesperson for Fisher & Paykel Healthcare said the campus is expected to be developed over the next 30 to 40 years.

The masterplan serves as a “blueprint” for staged development of buildings, roads, open spaces, green and blue infrastructure, and high-value employment facilities. It emphasises environmental sustainability, long-term resilience, and designing a campus “that puts people and community at its heart”.

The site is forecast to accommodate more than 15,000 staff, around 10,650 research and development employees and 4,720 manufacturing employees.

Private plan change lodged: 86.5ha rezoning sought

The project has taken a major step forward with Auckland Council accepting a private plan change from F&P Healthcare to rezone 86.5 hectares of land in Karaka from Future Urban Zone to Business – Light Industrial Zone.

The proposal, known as Plan Change 121 (Private), covers properties at 300, 328, 350, 370 and part of 458 Karaka Road, between SH22/Karaka Road and the North Island Main Trunk rail line. It would also create a new Karaka Road Precinct in the Auckland Unitary Plan to manage development of the entire campus.

Public submissions on the plan change close 5pm, 12 December 2025, and the plan change documents can be viewed at aucklandcouncil.govt.nz/planchanges.

A spokesperson for Fisher and Paykel Healthcare said the company is still working through the rezoning process and cannot yet provide a date for earthworks but hopes its first building will open in the 2030s.

Working with mana whenua

The company says mana whenua have been central to the development process.

“We have been working with Ngāti Tamaoho, Ngāti Te Ata Waiohua and Te Ākitai Waiohua and are committed to partnering with mana whenua throughout the development and beyond,” a F&P spokesperson said.

The masterplan outlines a framework designed to reflect mana whenua values, protect environmental features, and enable an ongoing, mutually beneficial relationship.

The campus sits just 300 metres from the new Ngākōroa railway station, part of Auckland’s upgraded southern rail corridor. F&P Healthcare expects a significant share of future employees to use public transport or active modes.

While the campus will connect directly to the SH1 interchange, the company says traffic generated by the site is expected to flow opposite to current peak commuter congestion.

Southern Corridor upgrades, including improved road safety, public transport links, and cycling and walking infrastructure, will also support the development.

Community engagement underway

The company has already held two community engagement events at Drury Town Hall -one in February 2024 introducing the proposal, and a second in July 2025 outlining the plan change process.

Auckland Council publicly notified the private plan change on 14 November 2025.