Gpi — Annual Report 2025

May 5, 2026

Gpi

Innovation for Sustainable Healthcare

INFO INSTITUT BION

FY2025 Results

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Group
Overview

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SINCE 1988 WE HAVE DRIVEN INNOVATION IN DIGITAL HEALTH

SOFTWARE

We deliver software solutions to hospitals, private clinics, nursing homes, to enhance healthcare processes.

GROWTH

Strong long term top-line and marginality growth.
We outpaced industry peers highlighting our competitive edge.

LEADERSHIP

From a local pioneer and an Italian leader to a leading global provider.
We are steadily growing on the global stage.

Revenue €546M

EBITDA €114M

EBITDA margin 20.8%

Customers 9,000

Countries 70

M&A €400+M 2017-2025

Market Cap ~ €475M

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MISSION, VISION, VALUES

VISION

Enhancing quality of life by leading healthcare's digital transformation.

MISSION

Developing innovative software and technologies to streamline healthcare interactions and optimize prevention, diagnosis, and treatment.

VALUES

ETHICS guides our choices

RESPONSIBILITY drives us to make a difference

CARE FOR PEOPLE at the heart of everything we do

PASSION fuels our pursuit of ever better results

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5

EMPOWERING HEALTHCARE: WE DELIVER SOLUTIONS THAT FIT EVERY SCALE

| ## CORE SOLUTIONS

Software

HIS

EMR - Electronic Medical Record, etc.

TREATING & CARING

Social Care, Telemedicine, AI solutions, etc.

MANAGING

Human Resources, Booking, ERP for Health, Data Analytics, etc. | ## VERTICAL PRODUCTS

Software

BLOOD

& Substances Of Human Origin

DIAGNOSTICS

Laboratory Information System, Imaging, Pathology

CRITICAL CARE

Anesthesia, Intensive Care, Operating Theatres | ## STRATEGIC DIVERSIFICATION

CARE & TELEMONITORING

ICT & CYBERDEFENCE

AUTOMATION

Robots for Pharmacy Warehouse Automation (Hospitals, retailers, wholesalers) |
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THE SOFTWARE POWERHOUSE

ENABLING
THE ECOSYSTEM

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SCALING HEALTHCARE ACROSS BORDERS

Navigating international data regulations & enabling interoperability

Countries reached 70+

Offices in 18 countries

Offices in Italy 50+

Customers 9,000+

Revenue Breakdown (FY25, %)

Health Public 69%

• Hospitals
• Healthcare Authorities
• Public providers
• Regions, Local entities

Health Private 19%

• Nursing homes
• Private clinics
• Pharmacies

88% Healthcare Clients

Non-Health Public 7%

• Regions
• Local entities
• Municipalities

Non-Health Private 5%

• Telco
• Other

12% Other Clients

RoW
+17.6%
YoY

Italy 76%
Italy 36%
of Software revenues from abroad

Gpi

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COMPETITIVE LANDSCAPE AND MARKET TRENDS

Main Markets	Market Size 2024	Expected CAGR 2024-2030 (%)
FRANCE	Software	> € 25 B
11 – 12%
DACH
USA
ITALY	Automation	> € 3.5 B
9 – 11%
ITALY	Care	~ € 300 M
3%

Italy

ENGINEERING

D Dedalus

Almaviva

REPLY SANTER

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FY2025 Results

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FY2025 HIGHLIGHTS

1. Double-digit international growth, while maintaining leadership in the Italian market.
2. On track to deliver the 2025-2029 Strategic Business Plan.
3. Increased focus on the software business, delivering positive EBITDA impact.
4. Completed bolt-on acquisitions aligned with the strategic vision.

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FY2025 ECONOMIC RESULTS

€ M	FY 25	FY 24 Restated
Revenue & Other Income	546.2	510.3
EBITDA	113.5	104.7
EBITDA margin %	20.8%	20.5%
EBIT	48.0	36.5
EBIT margin%	8.8%	7.1%
Net Income	15.2	14.4

The consolidated financial statements for the 2024 financial year have been revised to reflect the final application of the purchase price allocation (PPA) of Lab Technologies SA and its subsidiaries, acquired in October 2024.

REVENUE: € 546.2 M +7.0% | o/w 5.8% Organic
Software-Led Growth Accelerates Scale
- International markets driving strong expansion
- Leadership position in Italy further strengthened

EBITDA: € 113.5 M +8.4% | o/w 6.2% Organic
Disciplined Cost Structure Maintained
- Overall cost base stable year-on-year
- Personnel: 51.6% (stable YoY)

EBITDA margin 20.8% +30 bps
Margin growth driven primarily by Software solutions

EBIT: € 48.0 M +31.5%
D&A Increase Reflects Investment Momentum
- Amortization remains consistent with the previous year
- Provisions decreased by € 5.1 M

NET INCOME: € 15.2 M +5.9%
Net Income Growth Sustained: Tax Reduced (Patent Box)

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SPOTLIGHT ON THE SBA SOFTWARE

Our software solutions streamline healthcare operations, enhance care quality, improve patient outcomes and reduce costs.

36% of Software's total revenues are generated abroad

• Recurring Revenues 52%
• Retention 96%
• Tender Win Ratio 47%
• Average Contract Term 1-3 years

FY25 vs FY24

+38.7 M

+12.7%
+10.9% organic

REVENUE € M

Software / Tot.

FY25 vs FY24

+11.9 M

+13.1%
+10.5% organic

EBITDA margin
29.8%
29.9%
EBITDA € M

90%
Software / Tot.

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12

SBA SOFTWARE: PRODUCT AREA BREAK DOWN

CORE SOLUTIONS

~69% of SW Revenues

VERTICAL PRODUCTS

~31% of SW Revenues

HIS	29.7%
Treating & Caring	13.4%
Managing	15.4%
Other	10.6%
Blood	12.8%
Diagnostics	16.8%
Critical Care	1.3%

Patient-centric Hospital Information System (HIS) providing real-time access to health data.

Social Care: central hub where healthcare providers, patients and caregivers can collaborate to manage complex medical conditions.

Telemedicine: software products for the provision and support of remote healthcare.

Healthcare management systems: including ERP, accounting, control systems and HR.

Other healthcare software and services.

Other non-healthcare software and services (i.e. public administration).

Systems for Blood (and SOHO) supply chain management.

Laboratory Information System (LIS).

Imaging: workflow support and management of clinical imaging (RIS-PACS).

Pathology: sw for safe and high-quality anatomical pathology processes management with embedded AI features.

Software designed to streamline and manage various aspects of surgical procedures (operating room, anesthesia, intensive care).

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OTHER SBAs FY2025

Automation

Robots for Pharmacy Warehouse Automation
- hospitals, retailers, wholesalers -

ICT

HW & SW maintenance & assistance
System services
Cyberdefence

Care

Optimizing workflows of the healthcare system
BPO healthcare administrative services | Access to Care

The Care SBA has been a key enabler for market access and customer engagement.
Around 30 million Italians, 50% of the pop., interact with Gpi for appointment booking and first contact with healthcare facilities.

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FY2025 FINANCIALS

€ M	FY 25	FY 24 Restated
Fixed Assets	493.0	457.3
Net Working Capital	287.4	263.2
Other operating assets/(liabilities)	(81.6)	(78.3)
NET INVESTED CAPITAL	698.8	642.3
Shareholders’ equity	302.4	305.8
Net Financial Indebtedness	396.4	336.5
TOTAL SOURCES	698.8	642.3

The consolidated financial statements for the 2024 financial year have been revised to reflect the final application of the purchase price allocation (PPA) of Lab Technologies SA and its subsidiaries, acquired in October 2024.

FIXED ASSETS

Strategic Investments increase:
- Goodwill: Logiprem-F SAS: €19.4 M; Mondo EDP S.r.l.: €3.6 M;
- New assets: Policura Hospital, Tylent.

NET WORKING CAPITAL

NWC increased by €24.2 M
- Trade receivables & contract assets/liabilities;
- Trade payables & accrued invoices;
- Inventory.

NET FINANCIAL INDEBTNESS

Increase due to:
- Inorganic growth;
- Capex (Tangible & Intangible);
- Dividends.

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FY2025 NET DEBT BRIDGE

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Recalling the
2025 -2029
Strategic Business Plan

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STRATEGIC BUSINESS PLAN 2025 - 2029

Software SBA: Consolidating our Italian leadership.

Capture additional value from recent acquisitions(1) while scaling global vertical software products(2)(3) and expanding international presence.

Enhancement of the organizational model to improve the commercial penetration and cross-selling.

Capture value from business diversification (Telemedicine, Virtual Care, Cyberdefence, Automation(4)).

Gpi

(1) Evolucare, Tesi.

(2) Laboratory Information System (LIS), Imaging (RIS/PACS), Pathology.

(3) Critical Care: Intensive Care, Operating Theatres, Anesthesia.

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

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WE ARE IN LINE WITH OUR BP TARGETS

	2027E	2029E
Revenue
o/w overseas %	> € 600 M
25% - 27%	> € 700 M
27% - 30%
EBITDA
margin	> 22%	> 25%
CAPEX	ca. 7-9% of revenue
ROIC	> 11%	> 15%
DEBT
NFP/EBITDA	< 2.7x	< 2.5x

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NEXT STEPS

ORGANIZATION	PROCESSES	INTEGRATION
We are transforming our governance model globally to support a more scalable and performance-driven organization.	We are redesigning core processes to increase efficiency, standardization, and execution speed across the Group.	We are accelerating integration and actively capturing synergies across capabilities, platforms, and geographies.

Gpi

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Takeaways

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QUICKTAKE

Gpi

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Gpi

IN THE STOCK MARKET

Defensive Profile with Recurring Revenue

Growth and Visibility

Unique Combination of Technology and Service

a Strategic Growing Market

SHAREHOLDER STRUCTURE

FM (Manzana Family)
CDP Equity
ENPAIA
Treasury Shares
Market

VOTING RIGHTS

Note: based on information available to Gpi as at 29 April, 2026

Analyst	Date	Target Price	Recommendation
Banca Akros	21 April 2026	€ 16.00	Neutral
Intermonte SIM	13 April 2026	€ 16.50	Neutral
Midcap	Tp Icap	30 March 2026	€ 21.10

ISIN: IT0005221517

Ticker: GPI:IM

Price: 4 May 2026 € 15.76

Ordinary Shares: 28,906,881

Capitalisation: € M 456

Gpi

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Appendix

Financial Statements FY25

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION, in EUR thousands	31 December 2025	31 December 2024 Revised
Assets
Goodwill	209,070	187,564
Other intangible assets	199,208	199,847
Property, plant and equipment	69,030	57,783
Equity-accounted investments	405	459
Non-current financial assets	15,229	11,066
Deferred tax assets	16,637	14,699
Non-recurring customer contract costs	33	619
Other non-current assets	11,021	11,780
Non-current assets	520,634	483,817
Inventories	17,377	15,360
Customer contract assets	262,721	240,063
Trade receivables and other assets	123,833	130,016
Cash and cash equivalents	107,329	45,885
Current financial assets	48,796	38,252
Current income tax assets	7,916	5,334
Current assets	567,971	474,911
Assets held for sale	-	-
Total assets	1,088,605	958,728
Equity
Share capital	13,890	13,890
Share premium reserve	203,678	203,678
Other reserves and retained earnings/(losses carried forward), including profit/(loss) for the period	88,267	90,353
Capital and reserves attributable to owners of the parent	305,835	307,922
Capital and reserves attributable to non-controlling interests	(3,430)	(2,132)
Total equity	302,405	305,790
Liabilities
Non-current financial liabilities	380,735	248,357
Employee benefits	21,719	15,452
Non-current provisions for risks and charges	543	4,143
Deferred tax liabilities	29,233	28,677
Other non-current liabilities	7,466	8,579
Non-current liabilities	420,696	305,209
Customer contract liabilities	6,798	4,717
Trade payables and other liabilities	154,531	148,085
Employee benefits	3,634	2,879
Current provisions for risks and charges	1,462	2,261
Current financial liabilities	171,319	169,861
Current tax liabilities	8,760	19,926
Current liabilities	346,504	347,729
Liabilities related to assets held for sale	-	-
Total liabilities	786,200	652,938
Total equity and liabilities	1,088,605	958,728

Gpi

The comparative information of the consolidated statement of financial position, consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and statement of cash flows as of 31 December 2024 have been revised to retroactively reflect the carrying amounts and effects of the Purchase Price Allocation relating to the acquisition of Lab Technologies SA.

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CONSOLIDATED INCOME STATEMENT, in EUR thousands	2025	2024 Revised
Revenue	530,247	496,883
Other income	15,933	13,459
Total revenue and other income	546,180	510,342
Costs for materials	(27,877)	(25,878)
Service costs	(126,370)	(121,632)
Personnel costs	(268,093)	(250,155)
Amortisation, depreciation and impairment losses	(56,266)	(53,815)
Other provisions	(9,251)	(14,378)
Other operating costs	(10,334)	(7,997)
Operating profit/loss	47,988	36,489
Financial income	5,195	14,267
Financial expense	(33,033)	(28,722)
Financial income and expense	(27,838)	(14,455)
Share of profit/(loss) of equity-accounted investments, net of tax	-	27
Profit (loss) before tax	20,150	22,062
Income tax	(4,941)	(7,697)
Net profit (loss) from continuing operations	15,210	14,364
Net profit (loss) from discontinued operations	-	88,826
Profit/Loss for the period	15,210	103,191
Profit/(loss) for the period attributable to:
Owners of the parent	16,191	103,827
Non-controlling interests	(981)	(636)

Gpi

The comparative information of the consolidated statement of financial position, consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and statement of cash flows as of 31 December 2024 have been revised to retroactively reflect the carrying amounts and effects of the Purchase Price Allocation relating to the acquisition of Lab Technologies SA.

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STATEMENT OF CASH FLOWS, in EUR thousands	2025	2024 Revised
Cash flows from operating activities
Profit/Loss for the period	15,210	103,191
Adjustments for:
- Depreciation of property, plant and equipment	11,994	11,688
- Amortisation of intangible assets	43,681	41,493
- Amortisation of contract costs	591	634
- Other provisions	9,251	14,378
- Financial income and expense	27,838	14,427
- Share of profit/(loss) of equity-accounted investments, net of tax and the result of assets sold	-	(88,826)
- Income tax	4,941	7,697
Changes in working capital and other changes	(44,646)	(38,307)
Interest paid	(20,102)	(20,436)
Income taxes paid	(9,907)	(10,026)
Net cash flows generated by operating activities	38,851	35,913
Cash flows from investing activities
Interest collected	246	431
Net investments in property, plant and equipment	(21,869)	(21,077)
Net investments in intangible assets	(22,632)	(33,539)
Net change in other current and non-current financial assets	(14,571)	(6,719)
Disposal (Acquisition) of subsidiaries, net of cash acquired and disposals	(42,474)	73,890
Acquisitions of equity interests from third parties, net of advances	-	-
Net cash flows used in investing activities	(101,300)	12,986
of which from assets held for sale	-	87,924
Cash flows from financing activities
Capital increases and related costs	-	-
Dividends paid	(17,706)	(24,516)
Proceeds from new bank loans	105,100	20,900
Repayment of bank loans	(54,131)	(33,439)
Bond issues	91,500	-
Bond redemptions	(14,696)	(16,667)
New lease payables	6,305	9,055
Lease payments	(1,263)	(9,611)
Net change in other current and non-current financial liabilities	5,510	10,579
Change in liabilities for acquisition of equity investments	3,274	(99)
Net cash flows generated by financing activities	123,893	(43,798)
Net increase (decrease) in cash and cash equivalents	61,444	5,100
of which from assets held for sale		87,924
Opening cash and cash equivalents	45,885	40,785
Cash and cash equivalents	107,329	45,885

Gpi

The comparative information of the consolidated statement of financial position, consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and statement of cash flows as of 31 December 2024 have been revised to retroactively reflect the carrying amounts and effects of the Purchase Price Allocation relating to the acquisition of Lab Technologies SA.

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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.

GPI

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Gpi

Innovation for Sustainable Healthcare

IR Contacts details

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

Fabrizio Redavid
fabrizio.redavid@gpi.it

Lorenzo Giollo
lorenzo.giollo@gpi.it