Gpi — Investor Presentation 2020

Dec 1, 2020

INVESTOR PRESENTATION DECEMBER 2020

The context Healthcare

HEALTHCARE: A PIVOTAL MARKET

A segment that can impact a country's economic development, the keeping of public accounts and its very social cohesion

• demographic ageing and increased life expectancy
• increased health costs (chronic)
• shortage of healthcare staff (doctors) and resources

INCREASED DEMAND FOR CARE

THE CHALLENGE: to make the health systems sustainable, limiting spending and improve the quality of service

OPPORTUNITIES: ORGANISATIONAL and TECHNOLOGICAL RENEWAL (digital health care)

Rethinking the organisational models and processes used by the health authorities

Your Global Partner for a Better Future

We develop software, technologies and services to help the health care providers to innovate the models of care, assistance and prevention, optimizing processes and containing costs

A partnership to make health systems sustainable and help improve people's health and well -being

History of Growth

International footprint

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

solutions used by more than 2,200 customers in more than 60 countries

1st player in Italy: services granting access to care

3rd player in Italy: software solutions for healthcare and social systems

Uniqueness

Leadership

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

Quality of life

our work helps improve the quality of life

GPI in figures

Net profit €M

EBITDA €M *

3,904 4,377 5,345

2017 2018 2019

A history of steady growth

• +18.3% Vs 2018 ²⁰¹³ Orizzonte fund providing equity financing - First minibond issued.
• ²⁰¹⁶ merger between GPI and the SPAC CFP1. Start of trading in the stock market AIM Italia.
• ²⁰¹⁸ graduated from AIM to MTA main market of Borsa Italiana.

• ^>75 mln M&A deals

Strategic Business Areas

TECHNOLOGIES 50.6%

Pay 2.8 Automation 4.8 ICT 4.9 Software 38.1

SERVICES 49.4% Care

Note: % revenues for SBA out of total revenues referring to FY 2019

Supply Lines

Software

main SBAs

87.5% of total revenue

• 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

• automated pharmacy warehouse
• automated hospital pharmacy supply chain

other SBAs

12.5 % of totalrevenue

Pay

Care

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

Highlights

1H2020

• Covid-19
• Slowdown in ordinary business, increase in extraordinary business and innovation activities
• Overall increase in volume and positive net balance
• New solutions and services to tackle the Covid-19
• Contract awarded Telemedicine Region Lombardia Telemonitoring of Covid-19 patients (40k patients)

2H2020

• Additional bond issue of 20M€ (oversubscribed) ("GPI S.p.A. - 3,50% 2019-2025" total nominal amount 50M€)
• Contract awarded Region Basilicata Sw e AtC svc + Regional Digital Agenda (14,7 M€ | duration 2+2 yrs | Gpi 60%)

main M&As

1H2020

• Oslo Italia (Business Intelligence Health Care SW, Big Data & Analytics) | 4.3 M€ Rev. | 30% EBITDA
• Umana Medical Technologies, Malta start up innovative solutions: nanomaterial tattoo sensors for remote monitoring of vital signals

2H2020

• Assets Haemonetics, USA company listed on the NYSE (SW Blood Bank) |11.3 M \$ Rev. |35% EBITDA | 100 clients in the USA (signing in May, closing in July 2020)
• Medinfo international Group: 3 companies France, Tunisia, Chile (SW Blood Bank) | 3.9 M€ Rev. | 33% EBITDA| 60 clients NHS UK, Army (France, Belgium) (signing in May, closing expected by the end of 2020)

Main Results 1H2020 Outlook FY2020

Resilience and Growth 1H 2020

Revenue +6.1%, EBITDA +8.7%

Revenue 117.2 M€, +6.1% thanks to the contribution of the SBAs:

• SW 41.5 M€, +2.1%
• Care 61.0 M€ +5.9%
• Other 14.7 M€ +20.1%

1H 2020 marked by

• Covid-19
• 3 acquisitions

EBITDA: 10.5 M€, 9.7% on adj. Revenue

Net Profit: 0.2 M€: Higher D&A for 1.8 M€ ( 1.1 M€ amortization of intangibles and 0.7 M€ depreciation of tangibles)

M€	1H2020	1H2019
Revenue & other income	117.2	110.5
Adjusted Revenue(1)	108.1	99.6
EBITDA	10.5	9.6
EBITDA % of adj. revenue	9.7%	9.7%
EBIT	0.9	1.8
Net profit	0.2	1.3

(1) Net of Temporary grouping of companies (RTI)

Financial Highlights 1H2020

A3.1 CERVED Rating confirmed

Net working capital

Shareholders' equity

Net Debt

• reflects the operating flows and the investment strategy of the Group in the 1H2020

Investments: Tot. 15.8 M€, M&A 9.1 M€ | R&D 4.8 M€

A3.1 CERVED Rating confirmed A- S&P A3 Moody's A-1 Fitch		M€	1H2020	FY2019
Net working capital		Net working capital	97.4	91.3
97.4 M€ (91.3 M€ FY2019):		Non-current assets	134.7	119.4
• higher inventory for 1.4 M €, higher trade receivables and contract assets and liabilities for 2.1 M € (net of provision for doubtful accounts), reduction in trade payables for 2.6 M €		Other operating assets/(liabilities)	(69.4)	(55.8)
		NET INVESTED CAPITAL	162.8	154.9
Shareholders' equity 71.9 M€ (72.1 M€ FY2019): • Fair value of financial assets		Shareholders' equity	71.9	72.1
		Net financial position	90.9	82.8
Net Debt 90.9 M€ (82,8 M€ FY2019)		TOTAL SOURCES	162.8	154.9

Segmentation 1H2020

Focus SBA Software 1H2020

Adj. Revenue M€ (1) EBITDA M€

Δ +2.0%

(1) Net of Temporary grouping of companies (RTI)

Supply Lines % on total SBA's revenue

Recurring fees

• 51%

Contract duration

• 1-3 years

Competitive position

• 3° player ITA

Recurring fees

• 97%

Contract duration

• 4-6 anni

Competitive position

• 1° player ITA

(1) Net of Temporary grouping of companies (RTI)

Focus Other SBAs 1H2020

Automation

Automated warehouse sales, maintenance and service fees

• Retail Pharmacies
• Hospital Pharmacies
• Wholesaler and other industries

Desktop management services fees other system services

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

PAY

ICT

ePayment services POS rental and related software

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

Automation ICT Pay

Outlook FY 2020

REVENUE INCREASE: > 6.0%

EBITDA: INCREASE > 8.5%

M€	2019	Outlook 2020
Revenue & other income	240.9	>255.4
EBITDA	32.2	>34.9
EBITDA %	13.4%	>13.7%

The customers

+2,200 Public and private customers

GPI worldwide

ITALY > 40 branches

SOLUTIONS > 60 countries Target market and competitive environment

Market Analysis Software Market value

|| Source: Gartner (2020 Q2)

Forecast 2020 - World Market Healthcare software+IT services IT

45 % North America	CAGR 20 –	24: 11.4%
21 % Western Europe	CAGR 20 –	24 : 9.9%
3.4% Mature Asia/Pacific	CAGR 20 –	24 : 11.5%
2.3 % Latin America	CAGR 20 –	24 : 6.3%
5.1 % Greater China	CAGR 20 –	24: 15.4%

Forecast 2020 - Italian Market Healthcare software+IT services IT 0.9% of the world market CAGR 20 – 24: 4.9%

World market slowdown expected in 2020 -0.9% Fairly large national / European economic resources (Recovery Fund,..)

Company Brief description Focus on Market Analysis Top Players Software Care

Company	Brief description	Focus on HC	Ranking
	ICT solutions and related services for public and private healthcare providers.		1st
	ICT solutions for the segments: finance, industry, telco&utilities and PA.	Through dedicated healthcare division	2nd
	ICT solutions, administrative and social-healthcare services for public and private healthcare providers.		3rd
	Software for hospital processes, orders and risk management Group reply part.		4th
	Digital transformation & ICT services for industries, energy, aerospace, healthcare, PA, etc.	Through dedicated healthcare division	5th

> 28 M > 28 M cittadini serviti citizens reached

Company	Brief description	Ranking
	ICT solutions, administrative and social-healthcare services for public and private healthcare providers.	1st
	Maintenance services for medical devices, operative in 17 different countries.	N/A
	BPO services (e.g. cleaning, security, logistics and healthcare services).	N/A
	Local supplier of services for healthcare and the educational segment, operates in the Region of Veneto.	N/A
	Local supplier of services for healthcare , operates in the Region of Lazio.	N/A

Strategic intentions 2020 - 2024

Strategic guidelines 2020 - 2024

EVER MORE GLOBAL 01 GROWTH IN PRIVATE HEALTH CARE ITALY HEALTH CARE SW MARKET LEADERSHIP from PROVIDER to PARTNER from PRODUCTS/ SERVICES to INTEGRATED SOLUTIONS 02 03 04 05 Strong increase over the BP period Geographical doubling up of the segment % weight Major regional and national tenders M&As Multi-business nature with the contribution of all SBAs. Greater integration of services | SW | technologies to respond to the evolution of healthcare models and the healthcare demand.

Focus of R&D on

Learning and on

Machine

the digital transformation

areas of growth: DACH, Russia, China, Middle

East and America

2024 economic-financial targets

Equal scope of consolidation as of 31/12/2019

M&A Guidelines

M&A Guidelines

ITALY

1. Product portfolio evolution software/services/territories (€1-10 M revenues)

2. Big players

TARGET

EXPORT

• 1. Structured software companies (€20-30 M revenues)
• 1. Product portfolio evolution

RESOURCES

• BONDS
• TRADITIONAL FINANCING
• WARRANTS
• SHARES/SHARES
• Big players
• Abroad

Investment Attractiveness

Leadership and Uniqueness	GPI IN THE STOCK MARKET Bloomberg: GPI:IM 15,909,539 Ordinary Shares (ISIN: IT0005221517)
Growth and Visibility	Price: 7.16 € (27 November 2020) Capitalisation: 113.9 M€
Technology and Service	ANALYST COVERAGE – Target price Intermonte SIM (14/10/2020): 10.00 € Banca Akros (06/11/2020): 11.00 €
Evolution of market/client	SHAREHOLDING STRUCTURE
M&A Opportunities	Float 34.91% FM SRL 64.37% Treasury shares 0.72%

IR Contact details

Fabrizio Redavid

Mob. +39 335 1035499 fabrizio.redavid@gpi.it

Lorenzo Giollo

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

Maria Antonietta Pireddu

Via C. Cantù, 1 - 20123 Milan Tel. +39 02 45473883/4 m.pireddu@irtop.com

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