Gpi

Investor Presentation • May 21, 2024

FY23 RESULTS

Investor Presentation May 2024

HEALTHCARE: THE CONTEXT

A PIVOTAL MARKET

it impacts a country's economic development, the management of public finances and its very social cohesion

• demographic ageing and increased life expectancy
• increased health costs (chronic)
• shortage of resources and healthcare professionals

20% waste and inefficiency

THE NEW DEMAND FOR CARE

Driven by factors such as:

• changes in demographics
• advancements in medical technology
• shifts in societal attitudes towards health
• specific events like pandemics or healthcare policy changes.

Challenge:

making the health systems sustainable, limiting spending while improving the quality of service

organisational and technological renewal (Digital Health) rethinking the organizational models and processes used by the Health Authorities

The Transformative Power of Digital Health Solutions

Shortage of healthcare professionals

Complex and intricate processes

Need for new forms of treatment (custom-made and remote clinical pathways)

Difficulties in capturing data in a structured and digital way

ARTIFICIAL INTELLIGENCE & DATA ANALYTICS

TELEMEDICINE

MANAGEMENT SOFTWARE

AUTOMATION

Current environment Digital health solution Effects of streamlining

Resources optimisation and impact on average hospitalisation

Process facilitation and consequent improvement of the patient journey

Greater integration and adoption of patient - centric operating model

Better and constant monitoring of the clinical pathway

OUR INNOVATION FOR A SUSTAINABLE BETTER FUTURE

17.5

167.1

The true potential of Gpi is to realise technological advances and convey a culture of innovation.

Gpi fosters awareness of the evolutionary potential of systems and processes, offering its customers increasingly customised and specific solutions that align with market trends.

Population Health Management

Augmented Telemedicine

CONSOLIDATING THE ITALIAN LEADERSHIP

• 17.5 Since 2021 the Italian market has experienced a trend of tendering procedures becoming increasingly concentrated within a national central procurement body (Consip).
• To date, Consip has launched four nationwide tenders with a total maximum value of €3.3 billion.
• 167.1 High technical requirements, standardisation, system interoperability.

AtC & Web Portals Price ceiling € 540 M Consortium ranked 1st Direct Orders 25% Gpi ~22%

HC Admin. & Big Data - AI Price ceiling € 900 M Consortium ranked 2nd Direct Orders 18% Gpi ~26%

Imaging & EMR Price ceiling € 960 M Consortium ranked 3rd Direct Orders 6% Gpi ~41% | 31%

COMPETITIVE POSITIONING IN ITALY INCREASING INTERNATIONAL FOOTPRINT

Addressable market

Software BPO CUP (AtC Business Process Outsourcing)

Source: Accenture Note 1: The remaining 65% includes in-house companies

INCREASING INTERNATIONAL FOOTPRINT

Organic growth: Gpi won several important contracts. Automation and Software (mainly Blood Management Systems)

Software and IT Services Markets and Trends

Source: Gartner, BCG, Netconsulting Cube and Company's elaboration

€ 477.8 ^Mpro forma

MILESTONES OF A STEADY GROWTH

EBITDA 2023

€ 96.9 ^Mpro forma

To allow comparison, all these figures include Argentea.

The pro forma 2022 values account for the 12-month contribution of Tesi, totalling €30M in revenue and €8.6M in EBITDA.

The 2023 pro forma values consider the Evolucare Group's revenue to be €51.9M and EBITDA to be €18.5M for the full 12 months. This includes €22.2M in revenue and approximately €8.0M in EBITDA for the 5 months of 2023.

~ € 173 M M&A investments in 2023

MILESTONES OF A STEADY GROWTH WITHOUT ARGENTEA

To ensure consistency for comparison with FY23, the FY22 financial statements have been revised, including the application of IFRS 5 'Non-current Assets Held for Sale and Discontinued Operations' due to the expected sale of the Italian subsidiary, Argentea s.r.l., to third parties.

Argentea reported €16.3M in revenue and €6.9M in EBITDA

The pro forma 2022 values account for the 12-month contribution of Tesi, totalling €30M in revenue and €8.6M in EBITDA.

The 2023 pro forma values consider the Evolucare Group's revenue to be €51.9M and EBITDA to be €18.5M for the full 12 months. This includes €22.2M in revenue and approximately €8.0M in EBITDA for the 5 months of 2023.

11

DOUBLE DIGIT FY23 GROWTH (IFRS 5)

€ M	FY23	FY22(1)
Revenue & other income	433.4	347.0
(2) Adjusted Revenue	408.6	316.6
EBITDA	79.8	48.6
EBITDA % on total revenue	18.4%	14.0%
EBITDA % on adj. revenue(2)	19.5%	15.3%
EBIT	27.8	20.4
EBIT % on total revenue	6.4%	5.9%
EBT	8.5	11.1
Net profit	6.8	9.5

Note (1): To ensure consistency for comparison with FY23, the FY22 financial statements have been revised. This revision includes the final application of the PPA to the Tesi Group and the application of IFRS 5 'Non-current Assets Held for Sale and Discontinued Operations' due to the expected sale of the Italian subsidiary, Argentea s.r.l., to third parties. Note: (2) Adjusted. Revenue, net of temporary consortia.

Revenue € 433.4 M +24.9% | 11.4% organic

SBAs Breakdown

• SW	€ 227.4 M	+61.8%
• Care	€ 163.8 M	-3.0%
• Other	€ 42.2 M	+12.1%

EBITDA: € 79.8 M +64.3% | margin 19.5% on adj. Revenue SBAs Breakdown

• SW	€ 67.2 M	29.6%	on SBA's adj. Revenue
• Care	€ 6.0 M	4.3%	on SBA's adj. Revenue
• Other	€ 6.6 M	15.6%	on SBAs' Revenue

EBIT: € 27.8 M

D&A and provisions € 52 M (+23.8M).

Net Profit: € 6.8 M

tax impact € 6.3 M (+1.0 M ), net interest expenses € 19.3 M (+10.0 M).

Dividend € 0.50 p.s.

REVENUE BREAKDOWN BY Strategic Business Area with IFRS 5 without Argentea

SBA Software reported a revenue increase of 61.8% (+€86.9M), mainly attributable to the impacts of acquisitions (Evolucare +€22.2M and Tesi +€23.1M), as well as organic growth linked to the initiation of new CONSIP contracts.

SBA Care performed as forecasted with a slight contraction in revenues compared to the previous fiscal year, due to the closure of a series of extraordinary activities resulting from the Covid emergency and the termination of some contracts.

SBA Automation recorded a positive change (+20.5%), thanks to the retail component of Italian pharmacies; also, SBA ICT grew by 5.2% due to the development of existing contracts.

The pro forma contribution from Evolucare for the entire FY23 is €51.9M, fully attributable to SBA Software, which accounts for €257M and brings the total revenues to €463.1M.

Tot Other Care Software

EBITDA BREAKDOWN BY Strategic Business Area with IFRS 5 without Argentea

SBA Software brings in an EBITDA growth of €30.4M year-over-year, with additional €10M when adding the remaining 7/12 of Evolucare's pro forma contribution. The SBA sets a remarkable 29.6% EBITDA margin (30.2% p.f.).

SBA Care's absolute value remains constant compared to FY22, thus showing a slight increase in profitability.

Other SBAs report a good performance both in absolute terms and in percentage terms.

The pro forma contribution of Evolucare brings in a p.f. consolidated EBITDA margin of 19.5%.

Financial Highlights FY23

CERVED Rating A3.1 equivalent to A- S&P, A3 Moody's, A-1 Fitch

€ mn	FY23	FY22(1)
Fixed assets	431.2	268.9
Net working capital	224.6	177.6
Other operating assets/(liabilities)	(63.1)	(55.5)
Other assets/(liabilities) held for sale	3.5	-
NET INVESTED CAPITAL	596.2	391.1
Shareholders' equity	231.4	248.6
Net Financial Indebtedness	364.9	142.6
TOTAL SOURCES	596.2	391.1

Note (1): To ensure consistency for comparison with FY23, the FY22 financial statements have been revised, including the final application of the PPA to the Tesi Group and the application of IFRS 5 'Non-current Assets Held for Sale and Discontinued Operations' due to the expected sale of the Italian subsidiary, Argentea s.r.l., to third parties.

Fixed Assets

Increase mainly due to investments in equity stakes (Evolucare)

Net Working Capital

(+) increase in trade receivables and contracts assets € 63.7 M; (+) inventory increase € 2.0 M; (-) increase in trade payables and account receivables € 18.7 M.

Shareholders' equity

(-) Dividends (€ 14.4 M); Argentea's minorities.

Net Financial Indebtness

Reflects the operating flows, the investments of the Group and dividends (see Net Debt bridge)

Argentea €99M cash in (2024)

ON THE PATH TO BECOME A MAJOR PLAYER

ARGENTEA: divestment finalised €99M cashed in + €6M earn out ~ €83M Capital Gain

TARGETS CONFIRMED Strategic Business Plan 2022-2024

• Revenue > €500M
• EBITDA margin > 17%
• Financial Covenants Respected

17

FULLY ON TRACK TO BECOME A EUROPEAN MAJOR PLAYER

• SOLID GROWTH in both REVENUE and EBITDA
• STRONG INTERNATIONAL IMPULSE
• STRATEGIC for the Healthcare Systems
• SOUND and CLEAR STRATEGY focus on SOFTWARE
• NATIONAL and EUROPEAN REFERENCE POINT

				Shareholder structure based on information available to Gpi	as at 12 April 2024
Leadership and Uniqueness	ISIN: IT0005221517 Ticker: GPI:IM	GPI IN THE STOCK MARKET		FM (Manzana Family)	34.0%
Growth and Visibility	Price 17 May Ordinary Capitalisation	2024 € Shares € M	13 14 28 906 881 , , 380	CDP Equity Treasury Shares 0.3% Market	47.2% 18.4%
Technology and Service
a Strategic Growing Market				Voting rights
				FM (Manzana Family)	25.3%
Analyst	Target Price	Recomendation		CDP Equity
Banca Akros	2 April 2024 € 15.80	Buy		Market	61.2% 13.5%

Investment Quick Take

Intermonte SIM 17 April 2024 € 14.60 Outperform

Midcap | Tp Icap 2 April 2024 € 18.50 Buy

A KEY PLAYER DRIVING THE DIGITIZATION OF HEALTHCARE SYSTEMS FOR ENHANCED SUSTAINABILITY.

IR Contact details

Via Ragazzi del '99, 13 - 38123 Trento t. +39 0461 381515 investor.relations@gpi.it

Fabrizio Redavid m. +39 335 1035499

fabrizio.redavid@gpi.it

Lorenzo Giollo

m. +39 340 8223333 lorenzo.giollo@gpi.it

CONSOLIDATED INCOME STATEMENT	2023	2022
in € thousands		restated*
Revenue	424,615	343,795
Other income	8,809	3,211
Total revenue and other income	433,424	347,006
Raw materials and consumables	(20,282)	(13,932)
Service costs	(105,200)	(90,837)
Personnel expense	(220,622)	(188,284)
Amortisation, depreciation and impairment losses	(41,947)	(27,163)
Other provisions	(10,069)	(984)
Other operating costs	(7,518)	(5,382)
Operating profit	27,787	20,423
Financial income	2,690	2,273
Financial expense	(21,977)	(11,588)
Net financial income and expenses	(19,287)	(9,314)
Share of profit/(loss) of equity-accounted investees, net of tax	5	(4)
Profit (loss) before tax	8,506	11,104
Income tax	(6,319)	(5,359)
Net income from continuing operations	2,187	5,746
Net profit (loss) from discontinued operations	4,590	3,783
Profit (loss) for the year	6,776	9,528
Profit/(loss) for the period attributable to:
Owners of the parent	7,189	9,722
Non-controlling interests	(413)	(194)

* The comparative information has been revised to retroactively reflect the effects of the PPA of Tesi group and the application of IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations" in view of the sale of Argentea s.r.l. finalised on 20 March 2024.

thousands Assets Goodwill 232,558 Other intangible assets 138,145 Property, plant and equipment 48,396 Equity-accounted investments 453 Non-current financial assets 10,378 Deferred tax assets 11,885 Non-recurring contract costs 1,253 Other non-current assets 8,937 Non-current assets 452,006 Inventories 14,943 Contract assets 198,040 Trade receivables and other assets 112,922 Cash and cash equivalents 40,785 Current financial assets 24,635 Current tax assets 4,211 Current assets 395,536 Assets held for sale 7,587 Total assets 855,129 Equity Share capital 13,890 Share premium reserve 209,562 Other reserves and retained earnings/(losses carried forward), including profit/(loss) for 9,141 the period Capital and reserves attributable to owners of the parent 232,593 Capital and reserves attributable to non-controlling interests (1,243) Total equity 231,350 Liabilities Non-current financial liabilities 297,059 Employee benefits 9,740 Non-current provisions for risks and charges 2,106 Deferred tax liabilities 14,929 Other non-current liabilities 7,226 Non-current liabilities 331,060 Contract liabilities 7,619 Trade payables and other liabilities 129,301 Employee benefits 2,596 Current provisions for risks and charges 1,421 Current financial liabilities 130,441 Current tax liabilities 17,241	31 December 2022 restated*
	99,883
	121,385
	34,484
	111
	11,580
	9,140
	1,740
	415
	278,737
	12,954
	151,309
	83,668
	177,054
	17,104
	1,676
	443,764
	-
	722,501
	13,890
	209,562
	25,058
	248,511
	39
	248,550
	251,940
	5,837
	509
	20,134
	663
	279,083
	6,514
	99,215
	2,421
	805
	84,757
	1,156
Current liabilities 288,619	194,869
Liabilities related to assets held for sale 4,100	-
Total liabilities 623,779	473,951
Total equity and liabilities 855,129	722,501

STATEMENT OF CASH FLOWS CONSOLIDATED in € thousands	2023	2022 restated*
Cash flows from operating activities
Profit for the period	6,776	9,528
Adjustments for:
- Depreciation of property, plant and equipment	9,786	6,636
- Amortisation of intangible assets	29,797	19,371
- Amortisation of contract costs	2,363	1,701
- Other provisions	10,069	1,065
- Net financial income	19,287	9,207
- Share of profit/(loss) of equity-accounted investments, net of tax	(5)	-
- Income tax	6,704	6,727
Changes in working capital and other changes	(46,099)	(29,405)
Interest paid	(14,411)	(8,487)
Income taxes paid	(4,886)	(10,766)
Net cash flows generated by operating activities	19,381	5,578
of which from assets held for sale	6,084	2,344
Cash flows from investing activities
Interest collected	1,229	640
Net investments in property, plant and equipment	(18,762)	(9,799)
Net investments in intangible assets	(32,002)	(15,463)
Net change in other current and non -current financial assets	(7,682)	(9,696)
Acquisition of subsidiaries, net of cash acquired and disposals	(150,113)	(30,229)
Purchase of third -party equity investments, net of advances	(22,621)	(360)
Net cash flows used in investing activities	(229,950)	(64,906)
of which from assets held for sale	(6,646)	(2,954)
Cash flows from financing activities
Capital increases and related charges	-	137,489
Dividends paid	(14,405)	(9,239)
Proceeds from new bank loans	80,495	155,817
Repayment of bank loans	(15,106)	(89,832)
Proceeds from bond issues	-	-
Bond redemptions	(52,977)	(13,000)
New lease payables	6,256	6,433
Lease payments	(7,158)	(4,369)
Net change in other current and non -current financial liabilities	61,309	21,153
Change in liabilities for acquisition of equity investments	15,886	(9,439)
Net cash flows generated by (used in) financing activities	74,300	195,012
of which from assets held for sale	(200)	(100)
Net increase (decrease) in cash and cash equivalents	(136,269)	135,683
of which from Assets held for sale	(762)

Cash and cash equivalents	40,785	177,054

The material in this presentation was prepared by GPI S.p.A. ("GPI" or the "Company") without any form of independent verification; it is general, basic information about the current business of GPI as at the date of this presentation. This information is supplied in summary form and is not complete. This presentation is provided for information only and is not an offer or solicitation of an offer of purchase or sale of securities, nor shall there be any sale or purchase of securities in any jurisdiction in which such an offer, solicitation or sale should be illegal before the registration or qualification in accordance with the laws on securities of that jurisdiction. It is intended exclusively by way of a presentation to investors and is provided for information only. This presentation does not contain all information that may be relevant to an investor.

The information contained in this presentation, including the forecast financial information, must not be considered as advice or recommendations to investors or potential investors in connection with the holding, purchase or sale of securities or other products or financial instruments and does not take into account any specific investment targets nor the financial position. Before acting, it is important to consider the adequacy of information in relation to such subjects and, in particular, independent financial advice should be taken. All securities and product transactions or financial instruments entail risks, which include, amongst others, the risk of adverse or unforeseen market, financial or political developments and, in international transactions, the foreign exchange risk. The information contained in this presentation is confidential and is supplied to the user for information only and cannot be reproduced, re-sent or further distributed to anyone else, nor published, entirely or partly, for any purpose. This presentation is only distributed to and intended for: (A) persons in the European Economic Area Member States (excluding the United Kingdom), who are classed as "qualified investors" under Article 2, paragraph 1, letter e) of Directive 2003/71/EC (as amended and complete with any implementing measures applicable in each Member State); (B) in the United Kingdom, professional investment qualified investors coming under Article 19 (5) of the 2005 Order (financial promotion), the Order of Financial Services and markets and/or companies with high shareholders' equity and other persons to whom it can be lawfully disclosed, pursuant to Article 49,

paragraph 2, letters a) to d) of the Order; and (C) other persons to whom this presentation can be legally distributed and disclosed in accordance with applicable laws (all those pursuant to points (A) to (C) above, indicated as "relevant persons").

The information contained in this presentation may include forecasts. Although the Company believes it has a reasonable basis on which to make the forecasts given in this presentation, GPI warns that forecasts are no guarantee of future performance and that the effective operating results, financial conditions and conditions of liquidity and development of the segment in which GPI operates may differ considerably from those effectively achieved or suggested by the declarations given in this presentation or made by the GPI management team. Past performance is also not a reliable indication of future performance.

GPI makes no promise to update or publicly review the forecasts, even if new information is revealed or for any other reason. The information and opinions given in this presentation or in the declarations made by the GPI management team are given as at the date of this presentation or any other date, if indicated, and are subject to change without notice. Do not rely on the information given in this presentation for any purpose. No express or implicit declaration or guarantee is given by GPI, its subsidiaries or the respective consultants, functionaries, employees and agents, as regards the accuracy of information or opinions or for any loss as may derive directly or indirectly from any use of this presentation or its contents. This presentation is not intended for distribution or use by any person or entity that is a citizen or resident of a place, country or other jurisdiction in which such distribution, publication, availability or use may be in conflict with laws or regulations or which would require any registration or licence within such jurisdiction.