Gpi

Investor Presentation • Apr 7, 2025

Innovation for Sustainable Healthcare

FY2024 RESULTS

HEALTHCARE: A PIVOTAL AND EVOLVING MARKET

Driven by factors such as:

• changes in demographics (chronic diseases)
• 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

Opportunity: Digital Health

organisational and technological renewal rethinking the organizational models and processes used by the health authorities

GPI'S VISION, MISSION & VALUES

REVENUE AND EBITDA: IMPRESSIVE DOUBLE DIGIT GROWTH

GLOBAL PRESENCE AT A GLANCE

MARKET LEADERSHIP

GPI is the Italian market leader in the healthcare software and healthcare BPO markets in the 2021 2024 period.

HEALTHCARE IT MARKET SIZE AND EXPECTED GROWTH RATE

	Market Size 2024 (€B)	Expected CAGR 2024-2030 (%)
Global Market	> 60	8-10%
Main Target Countries for Development France, DACH, USA, Italy	> 25	11-12%
Italy ca. 1.7		> 11%

FOCUS ON HEALTHCARE IT PRODUCT CATEGORIES IN MAIN TARGET COUNTRIES

		€m (size) % (CAGR 2024-2030)	Italy	France	DACH	USA	Total
Horizontal	Core Offering	• Chronic • EHR/EMR • Management Control • Scheduling	800 7%	742 6%	1.334 6%	7.234 8%	10.109 7%
Vertical	Blood	• Blood	27 5%	33 9%	48 6%	209 8%	317 7%
Vertical	Diagnostics	• Imaging • Pathology • Laboratory	179 7%	258 8%	788 10%	3.588 7%	4.812 8%
Vertical	Critical Care	• Critical Care	31 9%	88 15%	164 9%	751 7%	1.034 8%
	Total		c. 1.050	c. 1.100	c. 2.300	c. 11.800	c. 16.300

Sources: Statista – Digital Health; NetConsulting – ICT Research; GrandivewResearch – Single Digital Product; KPMG elaborations DACH = Germany, Austria and Switzerland

AUTOMATION AND BPO SERVICES (CARE) MARKET SIZE AND EXPECTED GROWTH

AUTOMATION	Market Size 2024 (€m)	Exp. CAGR 2024-2030 (%)
Main Target Countries for Development France, DACH, USA, Italy	3.500	9%
Italy	135	11%

BPO Services (Care)	Market Size 2024 (€m)	Exp. CAGR 2024-2030 (%)
Italy	c. 300	3%

4 PILLARS – STRATEGIC BUSINESS PLAN 2025 - 2029

• 1. SBA Software. Consolidation of the national leadership position.
• 2.
• Capture additional value from recent acquisitions while developing vertical global products (e.g. Blood, Diagnostics(1), Critical care) and expanding the international presence of Software.
• 3. Enhancement of the organizational model to align with the size and complexity of the Group.

Capture value from business diversification (Telemedicine, Virtual Care, Cyberdefence, Automation(2))

(1) Laboratory Information System, Imaging, Pathology.

(2) Robots for automatic efficient warehouse management of pharmacies.

MAIN TARGETS STRATEGIC BUSINESS PLAN 2025-2029

FY 2024: KEY MESSAGES

GPI, A LEADING PLAYER IN DIGITAL HEALTHCARE.

Strengthening our software leadership in Italy and expanding internationally,

INNOVATIVE, HIGH-QUALITY SOFTWARE SOLUTIONS.

Creating value for customers and patients through continuous innovation and security.

STRONG DOUBLE DIGIT GROWTH.

Driven both by organic and inorganic growth, especially by Software.

EXCELLENT WIN RATE.

In 2024, out of 111 bids, Gpi was awarded 44, achieving a win rate of 39.6% (43.7% for the SBA Software). 4

STRATEGIC FOCUS ON GLOBAL SOFTWARE GROWTH.

Industrial Plan set to guide medium to long-term expansion, emphasizing software and international markets. 5

FY2024 : STRONG DOUBLE DIGIT GROWTH

€ M	FY24	FY23 restated (1)
Revenue & other income	509.9	433.4
EBITDA	104.8	79.8
EBITDA margin %	20.6%	18.4%
EBIT	36.7	25.6
EBIT margin %	7.2%	5.9%
Net Income from continuing operations	14.6	0.6
Net Income	103.4	5.2

Note (1): FY23 The consolidated financial statements for the 2023 fiscal year have been revised to reflect the definitive application of the Purchase Price Allocation (PPA) for the Evolucare group.

Revenue € 509.9 M +17.7%

o/w Software € 304.1 M

• Driven by organic (+10.0%) and inorganic growth (+7,7%);
• Software increased by € 76.7 M (+33.7%).

EBITDA: € 104.8 M +31.3% | margin 20.6% +220bps (vsFY23)

• Driven by both organic (+14.6%) and inorganic growth (16.8%);
• As a percentage of revenues, the incidence of material costs increased only by 0.4%, while general and labor expenses decreased by 0.6% and 1.9%, respectively;
• Software's EBITDA increased by € 23.6 M (+35.1%).

EBIT: € 36.7 M +43.4% | margin 7.2%

• D&A € 53.7 M (+9.6M) mainly due to Evolucare, contributing € 13.6 M.

Net Income from continuing operations € 14.6 M (€ 0.6 M FY23) Net Income: € 103.4 M

• Net interest expenses € 14.4 M (-4,8M),
• Tax impact € 7.7 M (+2.0 M ).

Proposed Ordinary Dividend € 0.50 per share

(FY23 ordinary dividend € 0.50 p.s.).

SBA SOFTWARE: FY24 vs FY23

Focusing on Software enhanced the Group's profitability

Software

• Retention 96%
• Tender Win Ratio 44%
• Avarage Contract term 1-3 years
• Public customers 79%
• Private customers 21%

SBA SOFTWARE: PRODUCT AREA BREAK DOWN

Segments	% SW Rev. '24E	Key highlights
HIS	39.1%	Patient-centric Hospital Information System (HIS) providing real-time access to health data for professionals, ensuring ◼ coordination of patient care throughout their hospital stay. It includes various integrated modules such as emergency care, admission/discharge/transfer, EMR, Booking System, As of today, the group offers a dedicated solution for the Italian market and two European products (French and DACH), with strong international expansion potential
Blood	12.5%	Systems for blood (and SOHO) supply chain management, from the initial donators evaluation through the laboratory, storage, ◼ distribution, transfusion, transplantation and bedside traceability etc. As of today the group has developed a comprehensive blood management suite with strong global growth potential
Diagnostics	12.5%	Laboratory Information System (LIS): platform developed for streamlining and management of diagnostic laboratory workflows ◼ Imaging: workflow support and management of clinical imaging (RIS-PACS), video, endoscopy and patient data reporting ◼ Pathology: platform for safe and high-quality anatomical pathology processes management with embedded AI features ◼
Treating & Caring	11.5%	Social Care: central hub where healthcare providers, patients and caregivers can collaborate to manage complex medical conditions ◼ over time Telemedicine: software products for the provision and support of remote healthcare (i.e. tele-monitoring, remote monitoring of health ◼ data, tele-consultation and tele-visiting)
Managing	14.0%	Healthcare management systems: integrated platforms with tools and processes for operations, financials and business ◼ performance streamlining (including ERP, accounting, control systems and HR)
Critical Care	3,0%	Software platforms designed to streamline and manage various aspects of surgical procedures (operating room, anesthesia, ◼ intensive care) and operations within healthcare facilities, integrating functions such as scheduling surgeries and managing surgical workflows
Other	7.4%	Other healthcare software and services ◼ Other non-healthcare software and services (i.e. public administration) ◼

INNOVATION: ARTIFICIAL INTELLIGENCE TO EVALUATE, PLAN, PREDICT, AND MANAGE CRITICAL ISSUES

Gpi4AI uses emerging Artificial Intelligence technologies to create cutting-edge, versatile and highly effective solutions that help healthcare organizations improve processes and services, benefiting the sustainability of the entire system.

Tuscany

CONSOLIDATING THE ITALIAN LEADERSHIP

Centralization of Tendering Procedures in Italy

Since 2021, Italy's public tendering has become concentrated within the national central procurement body, Consip.

Major Health Digitization Tenders

Consip has launched five nationwide tenders for health digitization through framework agreements, with a total value of € 4 billion.

Lombardy's National Framework Agreement

Region Lombardy has also introduced a nationwide framework agreement for Telemedicine with a total value of approximately € 300 M.

Gpi's Success in Tenders

Gpi has secured awards in all tenders awarded, often ranking first.

High Quality Standards and Interoperability All of Italy served by Gpi.

SOFTWARE DRIVES GPI'S INCREASING GEOGRAPHICAL PRESENCE

SBA Software's revenues from abroad totaled € 100 M, boosted by M&A (mainly Tesi & Evolucare)

This represents one third of SBA Software's total revenue.

OTHER SBAs FY24 vs FY23

Care

• Optimizing workflows of the healthcare system BPO healthcare administrative svc. Access to Care

• Avarage Contract term 3-6 years

Automation

Robots for Pharmacy Warehouse Automation (hospital & retail)

ICT HW & SW maintenance & assistance System services Cyberdefence

€ M	FY24	FY23 restated (1)
Fixed assets	453.2	449.4
Net working capital	263.1	224.6
Other operating assets/(liabilities)	(77.4)	(82.8)
Other assets/(liabilities) held for sale	-	3.5
NET INVESTED CAPITAL	638.9	594.7
Shareholders' equity	306.2	229.8
Net Financial Indebtedness	332.7	364.9
TOTAL SOURCES	638.9	594.7

Note (1): FY23 The consolidated financial statements for the 2023 fiscal year have been revised to reflect the definitive application of the Purchase Price Allocation (PPA) for the Evolucare group.

Fixed Assets

• Increase mainly due to investments in new products and innovative solutions, particularly SBA Software.

Net Working Capital

• (+) increase in trade receivables and contract assets €58.0 M
• (-) increase trade payables and account receivables €20.0 M.
• (+) Inventories increase €0.4 M.

Shareholders' equity

• €76.4 million higher than revised FY23 largely driven by 2024 net income, net of dividends.

Net Financial Indebtness

• €32.2 M decrease (see bridge into next page).

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

KEY POINTS

Software & European Market	Improve competitive position in Europe (Software)
	Integration of acquired companies
Organization & Cash Generation	Strengthening Group Corporate Financial Control
	Improve organization and operations for Accounts Receivable & NWC management
	Strengthen Software national and international competitive position

Capture full value creation and synergies from recent acquisitions Driven by the New Industrial Plan Optimize organizational model and efficiency

GPI IN THE STOCK MARKET

ISIN: IT0005221517 Ticker: GPI:IM

April Price 1 2025	€	8 91
Shares Ordinary		28 906 881 , ,
Capitalisation	€ M	258

Analyst	Date	Target Price	Recommendation
Banca Akros	2 April 2025	€ 16.00	Buy
Intermonte SIM	21 January 2025	€ 14.60	Outperform
Midcap Tp Icap	31 March 2024	€ 20.00	Buy

57.3% 22.3% 20.4% 47.9% 18.4% 0.1% 33.5% FM (Manzana Family) CDP Equity Treasury Shares Market SHAREHOLDER STRUCTURE VOTING RIGHTS

Note: based on information available to Gpi as at 4 April 2025

510 € M	105 € M	20.6%	400 € M
Revenue	EBITDA	EBITDA margin	M&A
+ 77 M	+ 24 M	+ 220 bps	2017-2024
YoY	YoY	YoY

Proposed Dividend € 0.50 per share

Appendix Financial Statements FY 24

CONSOLIDATED STATEMENT OF FINANCIAL POSITION, in EUR thousands	31 December 2024	31 December 2023 revised*
Assets
Goodwill	192,170	186,699
Other intangible assets	191,177	202,189
Property, plant and equipment	57,736	48,396
Equity-accounted investments	459	453
Non-current financial assets	11,066	10,378
Deferred tax assets	14,699	11,885
Non-recurring contract costs	619	1,253
Other non-current assets	11,767	8,937
Non-current assets	479,693	470,191
Inventories	15,360	14,943
Contract assets	240,063	198,040
Trade receivables and other assets	129,319	112,922
Cash and cash equivalents	45,885	40,785
Current financial assets	38,253	24,635
Current tax assets	5,334	4,211
Current assets	474,215	395,536
Assets held for sale	-	7,587
Total assets	953,908	873,314
Equity
Share capital	13,890	13,890
Share premium reserve	203,678	209,562
Other reserves and retained earnings/(losses carried forward), including profit/(loss) for the period	90,766	7,578
Capital and reserves attributable to owners of the parent	308,335	231,030
Capital and reserves attributable to non-controlling interests	(2,132)	(1,243)
Total equity	306,203	229,787
Liabilities
Non-current financial liabilities	245,086	297,059
Employee benefits	15,452	10,392
Non-current provisions for risks and charges	4,143	4,920
Deferred tax liabilities	27,744	31,468
Other non-current liabilities	8,579	7,226
Non-current liabilities	301,005	351,065
Contract liabilities	4,717	7,619
Trade payables and other liabilities	147,537	129,044
Employee benefits	2,879	2,596
Current provisions for risks and charges	2,261	1,421
Current financial liabilities	169,381	130,441
Current tax liabilities	19,926	17,241
Current liabilities	346,700	288,362
Liabilities related to assets held for sale	-	4,100
Total liabilities	647,705	643,527
Total equity and liabilities	953,908	873,314

CONSOLIDATED INCOME STATEMENT, in EUR thousands	2024	2023 revised*
Revenue	496,469	424,615
Other income	13,459	8,809
Total revenue and other income	509,929	433,424
Raw materials and consumables	(25,878)	(20,282)
Service costs	(121,586)	(105,200)
Personnel expense	(249,829)	(220,622)
Amortisation, depreciation and impairment losses	(53,696)	(44,131)
Other provisions	(14,378)	(10,069)
Other operating costs	(7,844)	(7,518)
Operating profit	36,718	25,603
Financial income	14,262	2,690
Financial expense	(28,700)	(21,977)
Net financial income and expenses	(14,438)	(19,287)
Share of profit/(loss) of equity-accounted investees, net of tax	27	5
Profit (loss) before tax	22,307	6,322
Income tax	(7,729)	(5,755)
Net income from continuing operations	14,579	567
Net profit (loss) from discontinued operations	88,826	4,590
Profit for the period	103,405	5,156
Profit/(loss) for the period attributable to:		-
Owners of the parent	104,041	5,569
Non-controlling interests	(636)	(413)

CONSOLIDATED STATEMENT OF CASH FLOWS, in EUR thousands	2024	2023 revised*
Cash flows from operating activities
Profit for the period	103,405	5,156
Adjustments for:
- Depreciation of property, plant and equipment	11,688	9,786
- Amortisation of intangible assets	41,374	31,981
- Amortisation of contract costs	634	2,363
- Other provisions	14,378	10,069
- Net financial income	14,410	19,287
- Share of profit/(loss) of equity-accounted investments, net of tax and the result of assets sold	(88,826)	(5)
- Income tax	7,729	6,140
Changes in working capital and other changes	(38,417)	(25,730)
Interest paid	(20,436)	(14,411)
Income taxes paid	(10,026)	(4,886)
Net cash flows generated by operating activities	35,913	39,750
of which from assets held for sale	-	6,084
Cash flows from investing activities
Interest collected	431	1,229
Net investments in property, plant and equipment	(21,029)	(18,762)
Net investments in intangible assets	(30,362)	(52,371)
Net change in other current and non-current financial assets	(6,719)	(7,682)
Disposal (Acquisition) of subsidiaries, net of cash acquired and disposals	71,641	(150,113)
Purchase of third-party equity investments, net of advances	-	(22,620)
Net cash flows used in investing activities	13,962	(250,319)
of which from assets held for sale	87,924	(6,646)
Cash flows from financing activities
Capital increases and related charges	-	-
Dividends paid	(24,516)	(14,405)
Proceeds from new bank loans	20,900	80,495
Repayment of bank loans	(33,439)	(15,106)
Bond redemptions	(16,667)	(52,977)
New lease payables	9,055	6,256
Lease payments	(9,611)	(7,158)
Net change in other current and non-current financial liabilities	10,579	61,309
Change in liabilities for acquisition of equity investments	(1,075)	15,886
Net cash flows generated by (used in) financing activities	(44,774)	74,300
of which from assets held for sale	-	(200)
Net increase (decrease) in cash and cash equivalents	5,100	(136,269)
of which from Assets held for sale	87,924	(762)
Opening cash and cash equivalents	40,785	177,054
Cash and cash equivalents	45,885	40,785

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.