Garofalo Health Care

Investor Presentation • Mar 20, 2024

GHC – STAR Conference March 2024

Agenda

The GHC Group: the only operator listed in Italy in the healthcare sector ¹

Garofalo Health Care Group (GHC)(1) Diversified geographical positioning in the most virtuous Regions

• (1) Figures refer to 31.12.2023 including the 12 months contribution of Sanatorio Triestino, acquired in May 2023, and of Aurelia Hospital Group, acquired in November 2023
• (2) Cash conversion defined as (Op. EBITDA Adjusted Mantainance Capex) / Op. EBITDA Adjusted
• 3 (3) Calculated as the ratio between NFP and Operating EBITDA Adj. Pro-Forma of the last 12 months, thus including the 12 months contribution of the acquisition of Sanatorio Triestino (realized in May 2023) and of Aurelia Hospital Group (realized in November 2023)

The healthcare sector: resilient, physiologically growing and subject to consolidation ²

(1) Report OASI 2023 (related to 2022 figures)

(2) Annuario Statistico del Servizio Sanitario Nazionale, 2020 (published in July 2022)

Results FY2023 (excluding Aurelia Hospital Group): growing performance driven by private ''out-of-pocket'' activity ³

(1) The data reported in this slide were communicated by the Company on the occasion of the approval of the economic-financial results relating to FY2023 (which took place on 14 March 2024). The detailed documentation can be consulted on the Company's website (www.garofalohealthcare.com ) in the "Investor Relations / Price Sensitive Press Releases" sections

12 months 2023 results of the Aurelia Hospital Group: first efficiency actions already visible ³

(1) EBITDA Normalized excludes some extraordinary items recorded during the year prior to the GHC acquisition

Strengths of the Equity Story : approx. 40€M of cash generation in the last 12 months ⁴

(1) Includes: acquisition of Sanatorio Triestino, of Aurelia Hospital Group and the price adjustment of GVDR. Figure relates to the recognized Enterprise Value (Price + Net Financial Position at 31.12.2023)

(2) Figure includes: extra-Covid costs (net of reimbursements), M&A costs, buy-back

Strengths of the Equity Story: multi-decade track record in M&A (Buy) and post-merger integration (Build) ⁴

Strengths of the Equity Story: substantial Real Estate assets owned ⁴

November 13th, 2023

''In the comparison between 2022 and previous years of the pandemic, it emerges an unequivocal barrier to access constituted by long waiting lists, which in 2022 becomes the most frequent reason for giving up healthcare services deemed necessary for 3.8% of the population, compared to a reduction in the share of those who give up for economic reasons (2.9% in 2022)''

GHC outlook: solid organic growth, strong M&A growth and Real Estate asset valorization ⁶

	DEVELOPMENT DRIVERS	HIGHLIGHTS
1.	SOLID ORGANIC GROWTH	▪ Significant growth of private 'out-of-pocket' activitity in light of growing healthcare needs and also of possible partnerships with insurance or social security institutions
2.	STRONG M&A GROWTH	▪ Continuation of the Buy&Build strategy
3.	REAL ESTATE ASSETS VALORIZATION	▪ Real Estate value to support potential ''M&A Transformational''

Organic growth: structurally growing business on a stand-alone basis ⁶

⁶ Strong M&A growth: continuation of the Buy & Build strategy

2. STRONG M&A GROWTH

M&A DISCIPLINE STRATEGY

Transaction of strategic relevance

Diagnostic centres: Revenues >5€M Acute care facilities: Revenues >10€M

Op. EBITDA Margin non dilutive in perspective High "cash conversion"

Flexibility to evaluate ''case by case'' opportunities

• ❑ Facility accredited with National Healthcare System
• ❑ Significant portion of revenues from private patients
• ❑ Relevant potential synergies
• ❑ Favorable ownership structure (e.g. generational transition, etc)
• ❑ Excellent reputation
• ❑ Localization in virtuous regions and with favorable regulatory framework

M&A STRATEGY 2022 and 2023 RECAP:

• December 2022: GVDR acquired (4 facilities) for an Enterprise Value of approx. 24€M
• May 2023: Sanatorio Triestino acquired (1 facility) for an Enterprise Value of approx. 17€M
• November 2023: acquired the asset perimeter of Aurelia 80 S.p.A., the operating holding company at the head of the Aurelia Group (4 facilities) for an Enterprise Value of approx. 71€M

M&A PERSPECTIVES:

• Continuation of the Buy&Build strategy
• Possibility of evaluating significant dimensional expansion through ''M&A Transformational'' (with internal resources)

⁶ Valorization of Real Estate assets: detailed roadmap defined