Gpi

Investor Presentation • Jun 28, 2022

INVESTOR PRESENTATION FY21 28 -29 June 2022

VALUES

ETHICS

PERSON-CENTERED

VISION CARE

To be the protagonists in the path of technological and sustainable transformation of prevention and care processes for healthcare and well-being of people

MISSION

To offer knowledge and skills for the improvement of prevention and care processes through software, services and technologies for health professionals and patients

History of Growth

Leadership

> 30 years of experience, management team with a track record of internal growth and M&As

solutions used by 2,700 customersin more than 70 countries

1st player in Italy: services granting access to care

2nd player in Italy: software solutions for healthcare and social systems

integrated software, technology and service solutions to optimise the clinical, care, administrative and social processes

our work helps improve the quality of life

Digital Trasformation for Sustainable Health Systems

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

AUTOMATION

MANAGEMENT SOFTWARE

Current environment Digital health solution Effects and streamlining

Resources optimization and impact on average hospitalization

Process facilitation and consequent improvement of the patient journey

Greater integration and adoption of patient - centric operating models

Better and constant monitoring of the clinical path

H

Integrate the value of Persons with the value of Technologies.

Supply Lines

main SBAs

86.8% of total revenue

Software

Care

• hospital information system
• health social care
• blood transfusion & tissue bank
• health administration
• Business Intelligence, data analytics
• other
• BPO health care administrative svc. (AtC,..)
• telemedicine
• other

Automation

ICT

Pay

other SBAs

13.2 % of total revenue

• automated hospital pharmacy supply chain

• automated pharmacy warehouse

• HW & SW on-site / on-line maintenance and assistance
• on-site / on-line system services
• e-payment and e-mandate solutions
• electronic storage

Software FY21

Care FY21

Other SBAs AUTOMATION

Automated warehouse sales, maintenance and service fees

• Retail Pharmacies
• Hospital Pharmacies
• Wholesaler and other industries

PAY ePayment services POS rental and related software

• Large-scale Retail;
• Local PA
• Svc. providers based on POS
• System Integrator

ICT

Desktop management services fees other system services

• Healthcare customers
• Non-healthcare PA
• Other private customers

Pay

Automation

Highlights FY21

• Proceeds from exercise of warrants € 22.3 M Funding M&As
• CERVED confirmes rating at A3.1 A- S&P |A3 Moody's | A-1 Fitch equivalent
• ¹⁴⁷Bids ^| Win-ratio 63% | Awarded € 246 M
• Telemedicine & Electronic Medical Record Framework Agreement CONSIP Gpi leads the number-one consortium Best technical ranking Gpi 37% | up to € 900 M (D.L. 146/2021) 48 months | whole Italy

M&As - Blood Bank

Haemonetics operation \$ 11.3 M Rev. |35% EBITDA 100 clients in the USA (2020)

Medinfo Group

€ 3.9 M Rev. | 36% EBITDA 60 clients NHS UK, Army (France, Belgium)

Hemasoft Software acquisition of the residual 40% of shares of Gpi's subsidiary

Solid Growth FY21

€M	FY21	FY20
Revenue & other income	326.9	271.0
Adjusted Revenue(1)	298.1	250.9
EBITDA	49.8	40.2
EBITDA % on total revenue	15.2%	14.8%
EBITDA % on adj. revenue	16.7%	16.0%
EBIT	23.5	19.0
EBIT % on total revenue	7.2%	7.0%
EBIT % on adj. revenue	7.9%	7.6%
EBT	16.7	13.2
Net profit	11.3	12.3

(1) Net of Temporary Consortia (RTI)

Revenue € 326.9 M +20.6% | 16.2% organic thanks to the contribution of the SBAs:

•	SW	€ 117.6M	+14.6%
•	Care	€166.2 M	+25.4%
•	Other	€ 43.1 M	+20.1%

EBITDA: € 49.8 M | 16.7% on adj. Revenue

thanks to the contribution of the SBAs:

•	SW	€ 33.0 M	28.3%	on adj. Revenue
•	Care	€ 8.8 M	6.4%	on adj. Revenue
•	Other	€ 8.0 M	18.7%	on total Revenue

EBIT: € 23.5 M

after depr. & amort. and provisions of € 26.3 M

Net Profit: € 11.3 M tax impact for € 5.4 M – (in FY20 patent box)

Cash Dividend approved: € 0.50 p.s.

payout ratio ≈81% | Date of Record 17 May 2022

Financial Highlights FY21

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

€M	FY21	FY20 Restated
Non-current assets	166.8	158.4
Net working capital	140.2	109.1
Other operating assets/(liabilities)	(45.3)	(39.5)
NET INVESTED CAPITAL	261.7	227.9
Shareholders' equity	106.2	83.4
Net Debt	155.4	144.5
TOTAL SOURCES	261.7	227.9

Non-current assets

The increase in Non-current is linked to the investments, including the acquisition of Medinfo

Net Working Capital

The increase is due to the rising amount of receivables, mainly linked to the revenues growth

Shareholders' equity

• (-) Dividends (€ 7.9 M)
• (+) Proceedings from warrants (€ 22.3 M)
• (-) Related parties (€ 3.3 M minorities Riedl and Argentea)

Net Debt(1)

Reflects the operating flows, the investments of the Group and the equity movements

(1) Net Debt is determined in accordance with the provisions of Guideline No. 39 issued by ESMA on 4/3/2021, and in line with the related Warning Notice No. 5/21 issued by Consob on 29/4/2021. For consistency of presentation, the corresponding value as at 31/12/2020 has also been restated.

Net Debt

Net Debt

According to New ESMA Guideline No. 39, issued on March 4th 2021

• € 10.9 M YoY

Investments Tot. € 55.3 M M&A € 34.5 M(1) Capex € 20.7 M (incl. R&D 11 M)

(1) Of which € 30.5 cash-out and € 4.0 M impact on Net Debt arising according to the new ESMA Guideline

Competitive environment and strategic guidelines

Global and European market of IT softwares and services in Healthcare

Global sales (\$ bn) European Sales (\$ bn)

EU

Digital Healthcare & BPO in Italy

Sources: Accenture analysis on Global Market Insights, Statista, Netconsulting cube Notes: (1) Including IT Softwares and Services (excluding 5G connection); (2) Including activity monitoring, LTC monitoring, remote medication, video consultation

Potential effects of NRRP on the Italian digital healthcare market

€5.8 bn

2021-2026 Funds dedicated to the digitalization of healthcare of which:

• €3.6 bn for ICT

• €1.0 bn for telemedicine

• €1.2 bn for medical equipment

• €0.07 bn for cybersecurity

Competitive ranking – Italian Top Players

Software BPO AtC (Business Process Outsourcing)

Including Capital Increase of € 140 mn

Notes: (1) NFI includes liabilities for acquisition of equity investments (relating to earn-out mechanisms and put/call options on the percentage still held by third parties); (2) EBITDA pro forma to take into consideration a Full-Year contribution of M&A targets; Existing loan agreements and bonds could provide for a different mechanism for determining the Net Debt amount for the covenants calculation

Strategic pillars of the SBP 2022 – 2024

M&A Guidelines

M&A Guidelines

Become a Major European Player Gpi expects to keep on investing in

Focus on international software companies mainly operating in: Blood Management LIS HR /PA with an EBITDA margin > 16%

Product Portfolio Evolution: Software Services

Territories

software companies both abroad and in Italy to expand its product portfolio

Acquisition of Tesi Group

Capital Increase

Notes: (1) BoD called for final terms of the Offer; (2) Banca Finint, Mediocredito Trentino-Alto Adige and Seac Fin will underwrite the respective residual amount of the institutional tranche, equal to € 35 mn, in the case it will not be entirely alloted

Shareholder structure and voting rights

57.3% 0.6% 42.1% FM Srl (Manzana Family) Treasury Shares Market

Post - Capital increase Shareholder structure¹

Current voting rights

Current Shareholder structure

Post - Capital increase voting rights¹

Investment Attractiveness

Leadership and Uniqueness Growth and Visibility	GPI IN THE STOCK MARKET ISIN: IT0005221517 Ticker: GPI:IM Price 15 June 2022 € Ordinary Shares	14.00 18,260,496		Treasury shares 0.56%	FM srl 57.31%
	Capitalisation € M	256
Technology and Service	ANALYSTS' COVERAGE – Banca Akros	Target price 6 June 2022	€ 17.50
	Intermonte SIM	1 April 2022	€ 17.00
Evolution of market/NRRP	Midcap Tp Icap	1 June 2022	€ 20.80	Float

SHAREHOLDING STRUCTURE

42.13%

A New Architecture of Integrated Solutions

Patients

Technologies

Management

POHEMA

Micro-Services Architecture

Blood Donor Centers Hospitals

«VEIN-TO-VEIN» PROCESS

ranks 5th on the global market of Blood transfusion sw

GLOBAL COMPETITORS

IR Contact details

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

Fabrizio Redavid C. +39 335 1035499 fabrizio.redavid@gpi.it

Lorenzo Giollo

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

Disclaimer

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.