Gpi — Investor Presentation 2023

Feb 23, 2023

INVESTOR PRESENTATION

FEBRUARY 2023

VISION

To be the protagonists in the path of technological and sustainable transformation of prevention and care processes for health care and the 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

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

solutions used by 2,700 customers in more than 70 countries

1st player in Italy: services granting access to care

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

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

our work helps improve the quality of life

Technology with a Human Approach

ca. 7k Employees

Results H1 22

> +15%

Software

Geographic Footprint Customer Base

Italy: the entire offering

DACH: Blood, HIS, Virtual Care (VC), Automation RoW: Blood, Automation, Virtual Care (mainly in Europe & the Americas)

% of worldwide revenue H122

% of worldwide revenue FY21 81.3% 6.2% 6.7% 5.8% H 87.5% nH 12.5% 2,700 + clients

Health Public 81.3%

• Healthcare Authorities
• Hospitals
• Public providers (in-house)
• Regions, Provinces

Health Private 6.2%

• Nursing homes
• Private clinics
• Pharmacies

Non Health Public 6.7%

• Municipalities
• Provinces
• Regions

Non Health Private 5.8%

• Large scale retail trade
• Banks
• Meal voucher operators
• Non-food chain stores

Modular and integrated information systems:

• Clinical – HIS
• Blood Management System
• Business Intelligence, Data analytics
• Health ERP
• HR PA
• Other - Health Social Care | Virtual Care (tech), etc.

Virtual Care

AUTOMATION

Automated Pharmacy Warehouse

• Retail
• Hospital
• Wholesaler and other industries

PAY

e-Payment and e -Mandate sw Electronic Storage POS rental and related software

• Large-scale Retail

• System Integrator

0.9 3.4 5.4 6.4 H1 20 H1 21 H1 22 25.5%

ICT Desktop management System services Cybersecurity

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

Revenue € m

Rating Agency Confirms A3.1 Public Rating | A- S&P |A3 Moody's | A-1 Fitch equivalent

Consip Framework Agreement "1" EMR & Telemed: the consortium led by Gpi equalled ~ € 104 M of direct orders to date Gpi added up to ~ € 82 M | ~ € 55 M new contracts + ~ € 27 M new direct orders

Centrepieces:

Electronic Medical Record Lombardy Region ~ € 12.4 M | Pathological Antomy software Veneto Region ~ € 5.9 M

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 health care utilization, thus increasing costs

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

70-80% of the Health budgets

Covid-19

• Burdened situation
• Fosters digitization
• National Plan for Recovery and Resilience
• Increasing health spending exerts 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

Digital Health: the Solution for the Health Care Market

Current environment Digital health solution Effects and streamlining

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

Resources optimization and impact on average hospitalization

Process facilitation and consequent improvement of the patient journey

Greater integration and adoption of patient - centric operating model

Better and constant monitoring of the clinical path

Fast Growing Global and European Markets of IT Softwares and Services in Health Care

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

EU

Source: Gartner Market Statistics

Digital Healthcare & BPO in Italy

Source: 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

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

Competitive Ranking – Italian Top Players

Software BPO AtC (Business Process Outsourcing)

14 Source: Accenture Note: (1) The remaining 65% of the market includes Inhouse companies of the Italian regions and therefore is not addressable

Strategic Pillars of the Business Plan 2022 – 2024

Strategic Initiatives

ICT,

Automation &

Pay

New End-to-End Partner approach for Cybersecurity Become the national reference operator and enabler of projects in Virtual Care

portfolio

Rationalisation and innovation of product

Increasing value proposition through Innovation of pharmacy & Hospital WareHouse

Broadening the presence in the Payment business

Positioning and brand

recognition

Sustainability, Impact, Brand and Reputation

Positioning of sustainability

Strengthening of the ESG structure

Structure, Processes and Governance

Agile organisation Scalability and efficiency

in Blood Management Systems

Development of a telemedicine distinctive platform

Strategic Pillars of the Business Plan 2022 – 2024

M&A Guidelines

Become a Major European Player

will keep on investing in software companies both abroad and in Italy to expand its product portfolio

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

Product Portfolio Evolution: Software Services Territories

Significant M&A Track Record

Acquisition of Tesi Group

Note: (1) FY2021 Tesi financial statement

Capital Increase Fueling M&A and Organic Growth

Financial Targets 2024

Including Capital Increase of € 140 mn

Note: (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

Appendix H1 22

Solid Growth H1 22

€ m	H1 22	H1 21
Revenue & other income	168.9	151.8
Adjusted Revenue1	158.1	138.1
EBITDA	17.3	14.1
EBITDA % on total revenue	10.3%	9.3%
EBITDA % on adj. revenue	11.0%	10.2%
EBIT	4.5	2.5
EBIT % on total revenue	2.7%	1.6%
EBIT % on adj. revenue	7.9%	1.8%
EBT	1.9	0.4
Net profit	0.3	0.2

thanks to the contribution of the SBAs:

Revenue € 168.9 m +11.2%

•	Other	€ 23.6 m	+20.6%
•	Care	€ 87.6 m	+9.1%
•	SW	€ 57.7 m	+11.1%	10.5% organic

EBITDA: € 17.3 m | 11.0% on adj. Revenue thanks to the contribution of the SBAs:

•	SW	€ 11.3 m	19.7%	on adj. Revenue
•	Care	€ 2.3 m	2.9%	on adj. Revenue
•	Other	€ 3.8 m	16.1.%	on Revenue

EBIT: € 4.5 m

depreciation & amortisation and provisions (€ 1.2 m)

Net Profit: € 0.3 m

net interest expenses (€ 0.5 m) > tax impact (€ 1.5 m)

Financial Highlights H1 22

€ m	30 Jun. 2022	31 Dec. 2021
Non-current assets	174.4	166.8
Net working capital	148.5	140.2
Other operating assets/(liabilities)	(54.7)	(45.3)
NET INVESTED CAPITAL	268.1	261.7
Shareholders' equity	97.6	106.2
Net Debt	170.5	155.4
TOTAL SOURCES	268.1	261.7

Non-current assets

• investments in new innovative products and solutions (developed in-house), mainly related to SBA Software
• € 5 m investment in venture capital "service tech sub-fund" of CDP venture capital sgr dedicated to investments in start-ups

Net Working Capital

inventories (€ 2,5 m), > trade receivables and contract assets (€ 7,7 m) and < trade payables (€ 1,9 m)

Shareholders' equity

(-) Dividends (€ 9.2 m)

Net Debt

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

Net Debt

VC € 5.0 m

Appendix FY21

Solid Growth FY21

€ m	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 m +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 m		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 m

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

Net Profit: € 11.3 m

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

€ 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 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 m) (+) Proceedings from warrants (€ 22.3 m) (-) Related parties (€ 3.3 m minorities Riedl and Argentea)

Net Debt¹

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

Note: (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.

Software FY21

Modular and integrated information systems:

• Clinical – HIS
• Blood Management System
• Business Intelligence, Data analytics
• Health ERP
• HR PA
• Other - Health Social Care | Virtual Care (tech), etc.

Flexible and broad offer of services such as:

• Access to Care - health care administrative services
• Virtual Care (services & devices)

6.5% 6.4%

22.3*

FY20 FY21

8.8

22,3*

7.4

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

Automation

Pay

ICT

Desktop management services fees

other system services

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

Appendix Featured Products

A New Architecture of Integrated Solutions

Patients

Technologies

Disease Management

conference system

Imaging (access, sharing and diagnostic assistance)

Telemonitoring (24h/7) with advanced Multiparametric medical devices

Remote diagnosis

ranks 5th on the global market of Blood transfusion sw

Blood Donor Centers Hospitals

«VEIN-TO-VEIN» PROCESS

A New Concept in Pharmacy Automation

RIEDL PHASYS

• ⚫ The fastest system on the market: 5 m/sec
• ⚫ Wireless: no cable
• ⚫ Manages products of various shapes
• ⚫ Multi Picking
• ⚫ Fully integrated and tailored
• ⚫ Positive air pressure ' No more dust '

Forward Thinking: Two Main Strategic Trajectories

	Population Health Management
Models and technologies 1 for the continuity of care	Detect the demand for care, Regression models & clustering (AI)		Virtual Care • Telemedicine	Build and keep
	Patient Pathway (PDTA)		• IoT and Augmented Telemed • Audio Video Communication	connections with patients
	Diagnostic Imaging		• Telerehabilitation • Patient Portal
	Big Data	Deep Learning	NLP & Semantics
	Big Data, Regression	Recognition Algorithms	Natural Language	Increase the

2

Artificial

Intelligence

Algorithms, Pattern Recognition, Prediction Models

Recognition Algorithms for images and voice

Natural Language Processing and Semantic Inference with ontological foundations

Group's offering in a functional and distinctive sense

Investment Quick Take

Shareholder structure ¹

Market

Note: (1) based on available information to Gpi on February 21st, 2023

60.6% 13.6%

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

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