Gpi

Investor Presentation • Mar 30, 2022

CONFERENCE CALL FY21 30 March 2022

Sustainability and the Health Care Market DIGITAL

Increasing Health Spending

• Demographic factors (population ageing)
• Citizens and patient expectations
• New technologies and treatments

Chronic diseases befall the world at large

• Increasing healthcare utilization, thus increasing costs

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

70-80% of Health budget

Covid-19

• Burdened situation
• Fosters digitization
• National Plan for Recovery and Resilience
• Increasing health spending exert pressure on the budget and fosters cost reduction

TRANSFORMATION

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

SUSTAINABLE HEALTH SYSTEMS

Revenue EBITDA

Integrate the value of Persons with the value of Technologies.

Highlights F21

• Proceeds from exercise of warrants € 22.3 M Funding M&As
• CERVED confirmes rating at A3.1 A- S&P |A3 Moody's | A-1 Fitch equivalent
• 147 Bids ^| Win-ratio 63% | Awarded € 246 M
• Telemedicine & Electronic Medical Record Framework Agreement CONSIP Gpi leads the number-one consortium Best technical ranking Gpi 37% | up to € 600 M | 48 months | whole Italy

M&As - Blood Bank

Haemonetics operation \$ 11.3 M Rev. |35% EBITDA 100 clients in the USA (2020)

Medinfo Group

€ 3.9 M Rev. | 36% EBITDA 60 clients NHS UK, Army (France, Belgium)

Hemasoft Software acquisition of the residual 40% of shares of Gpi's subsidiary

Solid Growth FY21

€M	FY21	FY20
Revenue & other income	326.9	271.0
Adjusted Revenue(1)	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

(1) Net of Temporary Consortia (RTI)

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

•	SW	€ 117.6M	+14.6%
•	Care	€166.2 M	+25.4%
•	Other	€ 43.1 M	+20.1%

EBITDA: € 40.8 M | 16.7% on adj. Revenue thanks to the contribution of the SBAs:

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

EBIT: € 23.5 M

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

Net Profit: € 11.3 M

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

BoD proposed dividend: € 0.50 p.s. payout ratio ≈81%

Financial Highlights FY21

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

€M	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 Debt	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

Net Working Capital

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

Shareholders' equity

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

Net Debt(1)

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

(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.

Net Debt

Net Debt

According to New ESMA Guideline No. 39, issued on March 4th 2021

• € 10.9 M YoY

Investments Tot. € 55.3 M M&A € 34.5 M(1) Capex € 20.7 M (incl. R&D 11 M)

(1) Of which € 30.5 cash-out and € 4.0 M impact on Net Debt arising according to the new ESMA Guideline

Software FY21

Care FY21

Other SBAs

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
• System Integrator

ICT

Desktop management and other system services fees

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

M&A Guidelines

M&A Guidelines Become a Major European Player

3 Jan 2022 - LOI acquisition of TESI Group LIS | RIS/PACS | Blood Italy, Mexico, Brazil FY20 Revenue ~ € 25 M | EBITDA € 9 M | EV € 90 M

Investment Attractiveness

Leadership and Uniqueness Growth and Visibility	GPI IN THE STOCK MARKET ISIN: IT0005221517 Ticker: GPI:IM Price 28 March 2022 € Ordinary Shares	13.65 18,260,496		Treasury shares 0.56%	FM srl 57.31%
	Capitalisation € M ANALYSTS' COVERAGE –	249 Target price
Technology and Service	Banca Akros	15 February 2022	€ 17.50
	Intermonte SIM	15 February 2022	€ 17.00
Evolution of market/NRRP	Midcap Tp Icap	15 February 2022	€ 20.70	Float

42.13%

SHAREHOLDING STRUCTURE

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.