Gpi

Investor Presentation • Jul 4, 2023

Innovation for sustainable Healthcare

Acquisition of Evolucare Group - 4 th July 2023

1

VISION

to be at the forefront of the technological and sustainable transformation of preventive and care processes for healthcare, promoting the well-being of individuals.

MISSION

we strive to provide health professionals and patients with the knowledge, skills, and tools necessary to enhance preventive and care processes through the use of software, services, and cutting-edge technologies.

VALUES

ETHICS

PEOPLE-CENTERED CARE

PASSION

History of Growth

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

solutions used by 3,000 + customers in more than 70 + countries

Leader in Italy: software solutions for health and social care systems and BPO services granting access to care

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

our work helps improve the quality of life

M&A Guidelines

EBITDA margin ~37%

INTEGRATION with GPI's French subsidiaries OPTIMIZATION

creation of a HUB OF TECHNOLOGICAL EXCELLENCE

Potential SYNERGIES

To become one of the major players at the European level in the software for healthcare

Evolucare: a reference player in the French digital health sector

Company description

• Established in 1988 by the Le Guilcher family, Evolucare is a leading French software provider specialized in the healthcare sector
• Evolucare focuses on B2B solutions with a comprehensive and complementary set of applications along the patient journey
• Well-positioned to address the digitalization of healthcare sector and the increasing demand for greater convergence across healthcare and social care markets
• Main clients are hospitals both public and private, diagnostic centers and medico-social institutions for elderly and disabled patients
• Experienced and committed management team led by CEO Philippe Blanco since 2020

Key highlights

FY2022 revenues breakdown

Comprehensive products offering for the clinical and medico-social sectors

BU/Segment	Main products	Description
Hospital Information System / Electronic Patient Record		• Launched in 1996, multi-activity EPR used by all types of hospitals and nursing homes
		• New generation web-based solution designed with modular architecture, for a more efficient updating and interoperability prospects
Critical Care		• Manages the whole range of activities of anesthesia units: consultations, visits, ambulatory administration, before and after operation monitoring, prescription, connectivity, statistics
		• Manages the whole range of activities of operating rooms: consultation, pre-operation preparation, planning, reports, piloting
		• Manages the whole range of activities of intensive care units: prescription, surveillance and follow up, administrative planning and management, task automation
Medico – Social		• Imago software suite integrated with advanced resident/user record modules: • ImagoDU is designed for facilities for disabled people • ImagoSR is specialized for elderly facilities • Other software include ImagoRH (HR planning) & Gessi (support functions management)
Imaging		• Natively integrated RIS (Radiology Information System) / PACS (Picture Archiving & Communication System) solution designed to address private imaging centers, private hospitals and public hospitals
Ophtalmology		• AI-web based solution, designed to support ophthalmologists and orthoptists in analyzing patient retina, by being able to detect 35+ pathologies

International footprint & strong export potential

Strategic rationale of the acquisition of Evolucare

Higher contribution from the Software Strategic Business Area…

+

…leading to an increased EBITDA margin and international footprint

Breakdown per Strategic Business Area

Note: 1) GPI's FY2022 revenues per geographical area calculated considering TESI Group's contribution on a 12-month basis

Expected synergies from the complementarity of GPI and Evolucare solutions

a History of Steady Growth

Significant contribution from value-accretive M&A

Revenue '22PF € ~429 ^M EBITDA '22PF € ~77 ^M

Note: 1) pro forma revenues include both Tesi and Evolucare's results on a 12-month basis

11

Strategic Pillars of the Business Plan 2022 – 2024

Transaction structure and indicative timeline

Q&A - Acquisition of Evolucare

• Expansion of the Software Strategic Business Area (+26% of 2022PF revenues & +35% of 2022PF EBITDA)
• Strengthening of proprietary software portfolio
• Increased international reach of GPI
• Strong integration with GPI's French subsidiaries and creation of a relevant player in France

• Potential synergies thanks to complementary products offering

• ~35 years of presence in the French digital health sector

• Comprehensive suite of software for 5 main healthcare areas
• ~Eu 43mn revenues in 2022 with ~37% EBITDA margin
• ~14% of international revenues, esp. in Germany
• Strong cash flow generation
• ~50% of recurrent revenues
• ~370 FTE of which ~90 dedicated to R&D

• Purchase ~96.6% of Evolucare at closing for Euro ~108.8mn
• EV/EBITDA 2022 of ~11.0x
• Company to be led by current CEO & shareholder Mr. Philippe Blanco
• Evolucare's top managers to reach a combined ~6.2% stake in 2024 in the context of a MIP¹
• Put&call options on the minority stake exercisable in 2028
• Closing of transaction expected within 3Q 2023

IR Contacts

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

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