Gpi — Investor Presentation 2021

Jun 30, 2021

INVESTOR PRESENTATION JULY 2021

Sustainability and the Health Care Market DIGITAL

Population ageing

• around 1/3 over 60 yo (Italy)
• general trend

Chronic diseases (NCDs¹ ) befall the world at large

• increasing prevalence of (multiple) chronic conditions
• increasing healthcare utilization
• increasing costs

40-50% has at least one NCD (well off countries)

• 70-80% of Health budget

From 2020 situation burdened with Covid-19

TRANSFORMATION

• Redesign processes
• Prevention and control of NCDs
• Integrate people, processes and structures
• Lessening costs, improving quality of life

SUSTAINABLE HEALTH SYSTEMS

Your Global Partner for a Better Future

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

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

History of Growth

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

International footprint

solutions used by 2,400 customers in more than 60 countries

Leadership

1st player in Italy: services granting access to care

2nd player in Italy: software solutions for healthcare and social systems

Uniqueness

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€ Staff

A History of Steady Growth

• 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.
• ^>€100 M M&A deals

Strategic Business Areas

TECHNOLOGIES 51.1%

Pay 3.3% Automation 4.4% ICT 5.5% Software 37.9%

SERVICES 48.9% Care

Notice: % revenue by SBA out of total revenue in FY 2020

Supply Lines

Software

main SBAs

86.8% 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

13.2 % of totalrevenue

Pay

Care

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

Projects during Covid-19

Real experiences concretely implementing the Group's vision

Virtual Care Region Lombardia

Telemedicine Software, wearables, technological and medical operational centre, services to monitor more than 55 thousand covid- or chronic-ill patients

Vaccination programme Region Valle d'Aosta

Artificial Intelligence, consultancy, methodological innovation for the risk stratification and to prioritize the vaccine jabs based on demographic and clinical factors

Drive-in Swabs Region Lazio

Software solutions and devices for the queue management, ICT services and Contact Center services to improve the access to Covid diagnostic tests, reducing the waiting time from hours to minutes

The central point is the TAKING CARE of patients. Integrate the value of Persons with the value of Technologies.

Highlights

FY2020

• Additional bond issue of € 20 M (oversubscribed) ("GPI S.p.A. - 3,50% 2019-2025" total nominal amount € 50 M)
• Contract awarded Region Basilicata Sw e AtC svc + Regional Digital Agenda (€ 14,7 M | duration 2+2 yrs | Gpi 60%)
• Contract awarded Region Liguria Multi-channel mgmt patient intake svc + Help desk for digital health care solutions (€ 14,9 M | duration 5 yrs | Gpi 60%)

1H2021

• Contract awarded Region Lazio Multichannel mgmt svc Servizio ReCUP (AtC) € 64.8 M | 2+2 years | Gpi 70%
• Contract awarded Region Tuscany Assistance, maintenance and lease svc for workstations in health organisations € 10.2 M | 4 years | Gpi 70% (framework of up to € 34 M)

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

2H2020

• Assets Haemonetics, USA (SW Blood Bank) \$ 11.3 M Rev. |35% EBITDA | 100 clients in the USA

1H2021

• Medinfo Group (SW Blood Bank) € 3.9 M Rev. | 36% EBITDA| 60 clients NHS UK, Army (France, Belgium)

Double-digit Growth in 2020

REVENUE: € 271.0 M +12.5% Organic growth +6.6%, inorganic growth +5.9%

EXPORT: € 23.9 M +20.0%

Blood Management Systems (Software)

EBITDA: € 40.2 M +24.6% Main contribution by SBA Software

EBIT: € 18.9 M +25.6%

€ 20.6 M amortisation (+ € 4,5 M vs 2019 mainly for M&A and R&D)

NET PROFIT: € 12.3 M +25.6%

Tax management positive variation (realignment of non-fiscal recognised values on certain assets | patent box)

M€	2020	2019
Revenue & other income	271.0	240.9
Adjusted Revenue(1)	250.9	223.3
EBITDA	40.2	32.2
EBITDA % of adj. revenue	16.0%	14.4%
EBIT	18.9	15.1
Net profit	12.3	9.8

DIVIDEND 0.50 € per share Pay out ≈64% of Gpi Group's Net Profit

Financial Highlights 2020

NET WORKING CAPITAL

€ 109.0 M (€ 91.3 M in 2019):

• increase of revenue and impact on total receivables for € 18.7 M, reduction in trade payables for € 2.2 M
• Higher Inventory (Automation | Telemedicine devices + € 1.3 M).

SHAREHOLDERS' EQUITY

€ 83.3 M (€ 72.1 M in 2019 ):

• net profit 2020
• 41% of NIC is equity financing

NET DEBT

€ 117.6 M (€ 82.8 M in 2019)

• M&A of ca € 30 M
• Technical investment (tangible and intangible) € 13.4 M, of which R&D € 8.1 M

M€	2020	2019
Net working capital	109.0	91.3
Non-current assets	159.7	119.4
Other operating assets/(liabilities)	(67.9)	(55.8)
NET INVESTED CAPITAL	200.9	154.9
Shareholders' equity	83.3	72.1
Net financial position	117.6	82.8
TOTAL SOURCES	200.9	154.9

A3.1 CERVED Rating confirmed A- S&P |A3 Moody's | A-1 Fitch

* H-pub: public healthcare clients; H-Pri: private healthcare clients, NH-Pub: public non-healthcare clients; NH-Pri: private non-healthcare clients

Focus SBA Software

*From fiscal year 2020, the business of the subsidiary Xidera, that was included in the SBA Software, is included in the SBA Care. Fiscal year 2019 figures were restated to reflect this change.

• Clinical
• Administrative
• Blood Transfusion
• Human Resources
• Business Intelligence
• Other

Tenders win-ratio **

• 30%

Recurring fees

• 42%

Average contract length

• 1-3 years

Average value of awards ('17-'20)

• € 20 M / year

Competitive position

• 2° player ITA

** Win ratio intended as % no. tenders won out of total bids.

Focus SBA Care

Adj. Revenue M€ EBITDA M€ Supply lines

*From fiscal year 2020, the business of the subsidiary Xidera, that was included in the SBA Software, is included in the SBA Care. Fiscal year 2019 figures were restated to reflect this change.

Tenders win-ratio **

• 37%

Recurring fees

• 81%

Average contract length

• 4-6 years

Average value of awards ('17-'20) • € 24 M / year

Competitive position

• 1° player ITA

** Win ratio intended as % no. tenders won out of total bids.

Automation

Automated warehouse sales, maintenance and service fees

• Retail Pharmacies
• Hospital Pharmacies
• Wholesaler and other industries

ICT

Desktop management services fees other system services

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

PAY

ePayment services POS rental and related software

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

Competitive environment and strategic guidelines

Software
Company	Brief description	Focus on HC	Ranking
	ICT solutions and related services for public and private healthcare providers.		1st
	ICT solutions, administrative and social-healthcare services for public and private healthcare providers.		2nd
	ICT solutions for the segments: finance, industry, telco&utilities and PA.	Through dedicated healthcare division	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

Market Analysis

> 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

Market Trends Software and IT Services Market value

\$ 68.8 B

value of the Global market for health care software + IT services in 2020 +8% 2021/2020

CAGR 20 – 25: 10.8% (Gartner Q1 2021) CAGR 20 – 24: 9.7% (Gartner Q4 2020) CAGR 19 – 23: 7.5% (Gartner pre Covid Q4 2019)

value of the Italian market for health care software + IT services in 2020

CAGR 20 – 25: 5.7% (Gartner Q1 2021) CAGR 20 – 24: 3.9% (Gartner Q4 2020) CAGR 19 – 23: 6.6% (Gartner pre Covid Q4 2019)

National Recovery and Resilience Plan

€ 4B for digitizing health care of which €1B for Telemedicine

International Growth

• Health care market in Italy is still slow
• Going international is an opportunity and a necessity
• Despite the Covid-19 period, M&As completed to grow abroad
• Asset Haemonetics/Gpi USA
• Medinfo France

Software for the Blood Management System, a strategic area for the Health Systems of all Countries

• Pro-forma earnings > € 20 M
• Footprint in 50 Countries
• Gpi is globally ranking among Top 5

Worldwide Presence and Solutions ITALY

50 offices

INTERNATIONAL OFFICES IN Austria, France, Germany, Malta, Poland, Russia, Spain, USA

WORLDWIDE SOLUTIONS > 60 Countries

Strategic intentions 2020-2024: the 5 pillars confirmed

Economic–Financial Targets Update for 2024

New targets estimated by equal scope of consolidation as of 31/12/2020

M&A Guidelines

M&A Guidelines Become a Major European Player

• Product Portfolio Evolution software|services| territories

• Structured software companies
• Product Portfolio Evolution Blood Management System Software

FUNDING SOURCES

• WARRANT
• BOND
• DEBT FINANCING

Investment Attractiveness

GPI IN THE STOCK MARKET SHAREHOLDING STRUCTURE

Growth and Visibility

Leadership and Uniqueness

ISIN: IT0005221517 Ticker: GPI:IM 15,909,539 Ordinary Shares Price: € 14.05 (29 June 2021) Capitalisation: € 224 M

Technology and Service

Evolution of market/NRRP

M&A Opportunities

ANALYSTS' COVERAGE – Target price Midcap | Tp Icap (22/06/2021): € 16.00 Banca Akros (08/06/2021): € 15.20 Intermonte SIM (20/04/2021): € 13.70

2.368.380 WARRANTS

ISIN: IT0005221475 Ticker: WGPI Conversion ratio: 1:1 Strike price: € 9.50 p.s. Redemption trigger price: € 13,30 monthly average price

Float 34.61% Treasury shares 0.65% FM srl 64.74%

IR Contact details

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

Fabrizio Redavid C. +39 335 1035499 fabrizio.redavid@gpi.it

Lorenzo Giollo

C. +39 340 8223333 lorenzo.giollo@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.