Gpi — Investor Presentation 2022

Jun 27, 2022

CAPITAL MARKETS DAY 27TH JUNE 2022

Agenda

Overall Strategy F. Manzana - President & CEO

v Group Overview M. Santoro - General Manager

2022 – 2024 Strategic Business Plan Guidelines F. Redavid - Marketing Director

M&A Guideline, Financials Targets & Capital Increase A. Mora - Vice President

Innovation for Sustainable Healthcare

Agenda

Overall Strategy F. Manzana - President & CEO

v Group Overview M. Santoro - General Manager

2022 – 2024 Strategic Business Plan Guidelines F. Redavid - Marketing Director

M&A Guideline, Financials Targets & Capital Increase A. Mora - Vice President

VISION

To be the protagonists in the path of technological and sustainable transformation of prevention and care processes for healthcare and well-being of people

MISSION

To offer knowledge and skills for the improvement of prevention and care processes through software, services and technologies for health professionals and patients

VALUES

ETHICS

PEOPLE-CENTERED CARE

History of Growth

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

International footprint

1st player in Italy: services

granting access to care

solutions used by 2,700 customers in more than

70 countries

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

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

our work helps improve the quality of life

Infoline

Engineering Sintac TBS IT

Erre Efie Informatica Groowe Tech Neocare Insiel Mercato Net Medica Nuova Sigma Paros

Edp

History of Steady Growth

40

16.0%

on adj. Revenue on tot. Revenue

14.8%

50

16.7%

15.2%

€ 100 mn M&A deals in the last 5 years

NFI 31.12.2021 € 155.4 mn

7

Revenue and EBITDA breakdown

The market has no boundaries, We have to build it

Agenda

Overall Strategy F. Manzana - President & CEO

v Group Overview M. Santoro - General Manager

2022 – 2024 Strategic Business Plan Guidelines F. Redavid - Marketing Director

M&A Guideline, Financials Targets & Capital Increase A. Mora - Vice President

Key drivers of the change in the Global Healthcare Market (1/2)

Demography and socio-economic factors

Ageing population requires even more sophisticated services

Healthcare costs grow faster than economic growth

Value-based treatments are going to gain value in US and Europe due to cost containment

Consumers expectations

Consumers wish for convenience, efficiency and personalized services

Millennials choose digital services

Consumers seek for transparency in order to compare different offers and services

Technological Environment

Accelerating technological innovations are changing people's lifestyle

Technological innovation will bring challenging changes in the healthcare industry

New technologies and platforms will see a rise in investments

Key drivers of the change in the Global Healthcare Market (2/2)

Laws and Regulations

New regulations on interoperability

Governments' focus on improvement of cost transparency and regulations for cost containment

New Market Participants

Big tech companies look at the healthcare industry as a new market to get in and diversify their business

New players will invest in the market

People increasingly choose private services due to cost increase and waiting times for public healthcare services

Operational transformation

The current shortage of human resources in the healthcare industry is lifting the level of competition to attract talents

New technologies will have an extensive impact on how healthcare is delivered

Better and constant monitoring of the clinical path

operating model

hospitalization

Process facilitation and consequent improvement of the patient journey

Current environment Digital health solution Effects and streamlining

Resources optimization and impact on average

Shortage of medical staff (doctors, nurses)

Complex and intricate processes

Need for new forms of treatment (custom-made and remote clinical pathways)

Difficulties in capturing data in a structured and digital way

ARTIFICIAL INTELLIGENCE & DATA ANALYTICS

TELEMEDICINE

AUTOMATION

MANAGEMENT SOFTWARE

Greater integration and adoption of patient - centric

Global and European market of IT softwares and services in Healthcare

Global sales (\$ bn) European Sales (\$ bn)

EU

Digital Healthcare & BPO in Italy

Potential effects of NRRP on the Italian digital healthcare market

€5.8 bn

2021-2026 Funds dedicated to the digitalization of healthcare of which:

• €3.6 bn for ICT
• €1.0 bn for telemedicine
• €1.2 bn for medical equipment
• €0.07 bn for cybersecurity

Sources: Accenture analysis on Global Market Insights, Statista, Netconsulting cube Notes: (1) Including IT Softwares and Services (excluding 5G connection); (2) Including activity monitoring, LTC monitoring, remote medication, video consultation 15

Competitive ranking – Italian Top Players

Software BPO AtC (Business Process Outsourcing)

Strategic pillars of Business Plan 2022 – 2024

Strategic pillars of Business Plan 2022 – 2024

Strategic Initiatives

Care & Virtual Care

Strategic Initiatives

Consolidate BPO's positioning

• Increasing private market share. Because of longer NHS waiting times due to the health emergency, services in private form are growing

Become national reference operator and enabler of projects in Virtual Care

• Become a national reference operator and enabler of projects in Virtual Care by capitalizing on the competitive advantage given by PNRR funds and the Consip framework agreement
• Become a partner in the "grounding" of proximity structures (District Organization through the activation of COTs, territorial operating centers), to coordinate home services with health service

Development of telemedicine platform • Consolidate a single TELEMEDICINE E2E platform that adapts to the application context, delivering different services of patient monitoring, Patient Portal, Televisita, multi-parameter IoT, Teleconsultation, Imaging incorporating operating and healthcare centers

ICT, Automation & Pay

Strategic Initiatives

Agenda

Overall Strategy F. Manzana - President & CEO

v Group Overview M. Santoro – General Manager

2022 – 2024 Strategic Business Plan Guidelines F. Redavid - Marketing Director

M&A Guideline, Financials Targets & Capital Increase A. Mora - Vice President

M&A Guidelines

Become a Major European Player

expects to keep on investing in software companies both abroad and in Italy to expand the product portfolio

Focus on international software companies mainly operating in: Blood Management LIS HR /PA with an EBITDA margin > 16%

Product Portfolio Evolution:

Software Services Territories

Acquisition of Tesi Group

Including Capital Increase of € 140 mn

Notes: (1) NFI includes liabilities for acquisition of equity investments (relating to earn-out mechanisms and put/call options on the percentage still held by third parties); (2) EBITDA pro forma to take into consideration a Full-Year contribution of M&A targets; Existing loan agreements and bonds could provide for a different mechanism for determining the Net Debt amount for the covenants calculation 26

Capital Increase for M&A and Organic Growth

27 Notes: (1) BoD called for final terms of the Offer; (2) Banca Finint, Mediocredito Trentino-Alto Adige and Seac Fin will underwrite the respective residual amount of the institutional tranche, equal to € 35 mn, in the case it will not be entirely alloted

Shareholder structure and voting rights

57.3% 0.6% 42.1% FM Srl (Manzana Family) Treasury Shares

Post - Capital increase Shareholder structure¹

Current voting rights

Market

Current Shareholder structure

Post - Capital increase voting rights¹

Italy: +39 02 802 09 11 France: +33 170918704 Germany: +49 6917415712 United Kingdom: +44 1 212818004 USA: +1 718 7058796

Appendix

Solid Growth FY21

€ mn	FY21	FY20
Revenue & other income	326.9	271.0
Adjusted Revenue1	298.1	250.9
EBITDA	49.8	40.2
EBITDA % on total revenue	15.2%	14.8%
EBITDA % on adj. revenue	16.7%	16.0%
EBIT	23.5	19.0
EBIT % on total revenue	7.2%	7.0%
EBIT % on adj. revenue	7.9%	7.6%
EBT	16.7	13.2
Net profit	11.3	12.3

Revenue € 326.9 mn +20.6% | 16.2% organic thanks to the contribution of the SBAs:

•	SW		€ 117.6 mn	+14.6%
•	Care		€166.2 mn	+25.4%
•	Other		€ 43.1 mn	+20.1%
EBITDA: € 49.8 mn 16.7% on adj. Revenue
thanks to the contribution of the SBAs:

•	SW	€ 33.0 mn	28.3%	on adj. Revenue
•	Care	€ 8.8 mn	6.4%	on adj. Revenue
•	Other	€ 8.0 mn	18.7%	on total Revenue

EBIT: € 23.5 mn

after depr. & amort. and provisions of € 26.3 mn

Net Profit: € 11.3 mn

tax impact for € 5.4 mn – (in FY20 patent box)

Cash Dividend approved: € 0.50 p.s. payout ratio ≈81% | Date of Record 17 May 2022

Financial Highlights FY21

€ mn	FY21	FY20 Restated
Non-current assets	166.8	158.4
Net working capital	140.2	109.1
Other operating assets/(liabilities)	(45.3)	(39.5)
NET INVESTED CAPITAL	261.7	227.9
Shareholders' equity	106.2	83.4
Net Debt1	155.4	144.5
TOTAL SOURCES	261.7	227.9

Non-current assets

The increase in Non-current is linked to the investments, including the acquisition of Medinfo and R&D

Net Working Capital

The increase is due to the rising amount of receivables, mainly linked to the revenues growth

Shareholders' equity

• (-) Dividends (€ 7.9 mn)
• (+) Proceedings from warrants (€ 22.3 mn)
• (-) Related parties (€ 3.3 mn minorities Riedl and Argentea)

Net Debt¹

Reflects the operating flows, the investments of the Group and the equity movements

Notes: (1) Net Debt is determined in accordance with the provisions of Guideline No. 39 issued by ESMA on 4/3/2021, and in line with the related Warning Notice No. 5/21 issued by Consob on 29/4/2021. For consistency of presentation, the corresponding value as at 31/12/2020 has also been restated. 32

Software FY21

Modular and integrated information systems:

• Hospital Information System (HIS)
• Health Social Care
• Blood transfusion & tissue bank
• Business Intelligence, Data analytics

2° player ITA

• 1-3 years Average contract length
• 50% tenders win-ratio
• 89% Retention

% on total SBA's revenue

Net of Temporary Consortia (RTI)

101.1

Care FY21

Broad offer of services such as:

• Healthcare administration services
• Healthcare services (reception and diagnostic facilities)
• Telemedicine and home telecare services
• Other

1° player ITA

• 4-6 years Average contract length
• 45% tenders win-ratio
• 97% Retention

Net of Temporary Consortia (RTI)

21,9

8.8

35

Other SBAs FY21

Revenue € mn

EBITDA € mn

AUTOMATION

Automated warehouse sales, maintenance and service fees

• Retail Pharmacies
• Hospital Pharmacies
• Wholesaler and other industries

PAY

ePayment services POS rental and related software

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

ICT

Desktop management services fees

other system services

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

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.

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