Gpi

Investor Presentation • Apr 9, 2024

2023 RESULTS Capital Markets Day

STRATEGY OVERVIEW | F. Manzana CEO

167.1 BUSINESS HIGHLIGHTS | M.Santoro GM

135.1 150.2 GROUP FINANCIALS | A. Mora VP

Q & A

17.5

Agenda

17.5

STRATEGY OVERVIEW | F. Manzana CEO

167.1 BUSINESS HIGHLIGHTS | M.Santoro GM

135.1 150.2 GROUP FINANCIALS | A. Mora VP

Q & A

FULLY ON TRACK TO BECOME A EUROPEAN MAJOR PLAYER

A key player driving the digitization of healthcare systems for enhanced sustainability.

Record Revenue and EBITDA, bolstered by SBA Software

167.1 Transformational acquisitions:

o Strong international impulse

17.5

• o +9000 customers +7600 employees
• 135.1 150.2 o Focus on SBA Software
• Divestment of Argentea s.r.l. (SBA Pay)
• Proposed Dividend per share of € 0.50
• Consolidation and organization

STRATEGY OVERVIEW | F. Manzana CEO

167.1 BUSINESS HIGHLIGHTS | M.Santoro GM

GROUP FINANCIALS | A. Mora VP

135.1 150.2

Q & A

17.5

Healthcare: The Context

A segment that can impact 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

PUBLIC EXPENDITURE on HEALTH in ITALY in 2022 > € 130 B

20% waste and inefficiency

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Challenge | Opportunity

THE NEW DEMAND FOR CARE

Challenge:

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

Opportunity:

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 medical staff (doctors, nurses)

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 and 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 path

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 3rd Direct Orders 6% Gpi ~41% | 31%

Imaging & EMR Price ceiling € 960 M Consortium ranked 2nd Direct Orders 26% Gpi ~37%

INCREASING INTERNATIONAL FOOTPRINT

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

Agenda

17.5

STRATEGY OVERVIEW | F. Manzana CEO

167.1 BUSINESS HIGHLIGHTS | M.Santoro GM

135.1 150.2 GROUP FINANCIALS | A. Mora VP

Q & A

€ 477.8 ^Mpro forma

EBITDA 2023

€ 96.9 ^Mpro forma

MILESTONES OF A STEADY GROWTH

To allow comparison, all 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.

14

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).

Proposed Dividend € 0.50 p.s.

15

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.

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 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

Agenda

STRATEGY OVERVIEW | F. Manzana CEO

167.1 BUSINESS HIGHLIGHTS | M.Santoro GM

135.1 150.2 GROUP FINANCIALS | A. Mora VP

Q & A

17.5

• SOLID GROWTH in both Revenue and EBITDA
• STRATEGIC for the Healthcare Systems
• SOUND and CLEAR STRATEGY
• NATIONAL and EUROPEAN REFERENCE POINT

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,

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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.