Garofalo Health Care

Investor Presentation • Mar 25, 2025

GHC – STAR Conference March 2025

The GHC Group: one of the leading healthcare operators in Italy and the only one publicly listed ¹

(1) Figures referred to 31.12.2024

(3) Calculated as the ratio between NFP and Operating EBITDA Adj.

GHC operating in a regulated market growing organically and undergoing consolidation ²

(1) OASI Report 2024 (figures related to 2023 data)

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

Italian healthcare spending growing but not sufficiently to address increasing healthcare needs

(1) Elaborations on OASI Report 2024 (related to 2023 figures

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FY2024 Results: performance growth driven by private out-of-pocket and out-of-region activity

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(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 FY2024 (which took place on March 14, 2025). The detailed documentation can be consulted on the Company's website (www.garofalohealthcare.com) in the sections "Investor Relations / Price Sensitive Press Releases".

³ FY2024 Results: delivery of the Buy & Build strategy

FY2024 results confirm the Group's ability to develop and increase the efficiency of the acquired Targets

(1) For OPR: values communicated by GHC at the time of acquisition in May 2019, for Centro Medico S. Biagio and Centro Medico Uni. Castrense: values communicated by GHC at the time of acquisition in July and September 2019

³ FY2024 Results: delivery of the Buy & Build strategy

FY2024 results confirm the Group's ability to develop and increase the efficiency of the acquired Targets

	CASE STUDY: DOMUS NOVA (hospital)
Enterprise Value (EV)	41.9€M
EV / EBITDA @ acquisition (FY2021)	10.5x
EV / EBITDA @ FY2024	6.5x

CASE STUDY: DALLA ROSA PRATI (outpatient)

Enterprise Value	27.8€M
EV / EBITDA @ acquisition (FY2019)	9.0x
EV / EBITDA @ FY2024	5.3x

(€M)

(€M)

(1) For Domus Nova: values communicated by GHC at the time of acquisition in June 2021, for Poliambulatorio Dalla Rosa Prati: values communicated by GHC at the time of acquisition in February 2019

Focus Aurelia Hospital Group: normalized 2024 performance in clear growth thanks to the development of healthcare activities and cost efficiency measures

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Data referring to the 12 months of 2024 of the Aurelia Hospital Group (acquired in November 2023)

(1) Normalized EBITDA includes the benefit associated with the new emergency room financing mechanism defined by the Lazio Region, equal to 3€M

What's next: organic growth, Aurelia Hospital Group performance alignment, M&A ⁴

DRIVERS OF VALUE CREATION
1.		2.		3.
ORGANIC GROWTH		AURELIA GROUP PERFORMANCE ALIGNMENT		M&A
Driven by the exponential growth of healthcare needs		Supported by the development project for the Heart Center		Continuation of the Buy & Build strategy thanks to a firepower of approx. 100-120€M and a rich pipeline of targets

Organic growth: structurally growing business on a stand-alone basis ⁴

(1) Like-for-like growth obtained by not considering the contribution of Sanatorio Triestino and the Aurelia Hospital Group for 2024

Aurelia Hospital Group performance alignment: at regime, margins are expected to be in line with the Group's complex hospital facilities

• Recognition of additional extra-budget (Outpatient Specialty, General Medicine, Rehabilitation)
• Increase in private activity for acute care
• Efficiencies in operating costs

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▪ ''Heart Centre'' project (Capex plan equal to 28€M in the 2Y 2025-2026)

(1) Normalized EBITDA includes the benefit associated with the new emergency room financing mechanism defined by the Lazio Region, equal to 3€M

⁴ M&A: continuation of the Buy & Build strategy

3 M&A . Diagnostic centres: Revenues >5€M Acute care facilities: Revenues >10€M ❑ 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 Op. EBITDA Margin non dilutive in perspective High "cash conversion" Flexibility to evaluate ''case by case'' opportunities Transaction of strategic relevance M&A DISCIPLINE

DRIVERS OF VALUE CREATION

Bolt-on M&A

▪ Continuation of the Buy&Build strategy, favoured by the availability of a Capex Line of up to 70€M (firepower of 100-120€M in the short term)

Trasformational M&A

▪ Possibility of evaluating significant dimensional expansion through "Transformational M&A" (with internal resources), also with the possibility of enhancing the Real Estate assets (BV: 218€M @FY'24)