Gpi

Investor Presentation • Feb 7, 2024

European Midcap Frankfurt

8 2 2024

Innovation for a Sustainable Healthcare

to be at the forefront of the technological and sustainable transformation of processes for healthcare, promoting the wellbeing of individuals.

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 cuttingedge technologies.

ETHICS RESPONSIBILITY PEOPLE-CENTERED CARE PASSION

2

MISSION VISION VALUES

The Transformative Power of Digital Health Solutions

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

MANAGEMENT SOFTWARE

AUTOMATION

Current environment Digital health solution Effects and streamlining

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

History of Steady Growth

1988 - 35 years of experience, management team with an excellent track record of internal growth and effective M&As

footprint

solutions and products used by 6,000 + clients in more than 70 + countries International

1st player in Italy - software solutions for health & Leadership

social care systems - services granting access to care

Uniqueness

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

our work helps improve the quality of life of people Quality of life

€ 360.2 ^M

EBITDA € 54.2 ^M

14.8% 15.2% 15.1% 16.0% 16.7% 16.4% % on adj. Revenue (1) 40 ^{50 54} 2020A 2021A 2022A

H1 23 showed a double-digit increase in revenue (+14 %) coupled with a strong EBITDA growth (+50%) stemming from the favorable SBAs' mix

In August, Gpi successfully completed its most important and transformational acquisition of the French Group Evolucare, with an EV of ca. € 170 M. This strategic move confirms the strategy to expand the SBA Software diversifying the sw portfolio and reaching out for the European market .

Next strategic steps include:

• a strong focus on high-margin Software Area through accelerated integration of business operations, including Evolucare;
• the Company is firmly committed to enhancing its organizational processes and tools to improve cash generation;
• divestiture of Argentea (i.e., SBA Pay) is increasing the focus on core business and will have a positive impact on the Group's net debt position.

Half-year Economic Results H1 23

STRONG IMPROVEMENT IN REVENUE AND PROFITABILITY

as an effect of the shift to Technologically-driven SBAs.

Boosting on EBITDA Outstanding Results of the Technological Business Areas

10.1 10.8

0.7 1.3

H1 22 H1 23

ICT

11.9%

Automation

on tot. Revenue

on adj. Revenue

% EBITDA

Revenue

EBITDA

Revenue The shift to technologically-driven SBAs resulted in an improvement in profitability for the entire Group.

Software Automation ICT Pay Care

Software:

Revenue up by an impressive + 42%, driven by organic (19.3%) and inorganic (22.5%) growth. EBITDA Boost: achieved an outstanding +73% increase.

Care: Operations stabilized after the impact of COVID-19; higher revenues expected in H2.

Other SBAs delivered outstanding performance:

Automation: Achieved exceptional Revenue growth of + 39%.

Pay: Demonstrated strong sales growth commitment with a Revenue increase of + 14% and EBITDA growth of + 33%.

ICT: Reported a solid + 7% Revenue growth.

EBITDA

Software Automation ICT Pay Care

RoW

Italy: the entire offering Europe & RoW: Blood, HIS, LIS, Automation

New International Contracts in Q4:

France: all software lines, strong impetus from Continuum of Care for frail and disabled people and QCare Intensive Care € 9.8 M

Automation: Hungary, Poland, Austria, and Japan > € 1.3 M

New contracts in USA, Canada, Austria, France ~ € 0.8 M

HIS

2 more hospitals in Austria > € 0.6 M

Framework Agreements, an update:

CONSIP "1" Electronic Medical Record & Telemed:

since its start in September 2022, Gpi reports > € 120 M of new orders including the following prestigious contracts: Electronic Medical Record Lombardy Region ~ € 12.5 M Pathological Anatomy software Veneto Region ~ € 5.9 M Telemedicine Platform Friuli Venezia Giulia Region ~ € 1 M

CONSIP "2" SW for Access to Care Booking & Healthcare Apps: starting in May, to date Gpi added up to ~ € 30 M of new orders.

CONSIP "3" SW for Mgmt Administrative Accounting & Data Governance: awarded in October 2023, starting-up.

CONSIP "4" EMR & Imaging: awarded in December 2023, starting-up.

Guidance 2023

Significant contribution from value-accretive M&As

Revenue 2023 PF € ~460 ^M EBITDA 2023 PF € ~88 ^M

Net Financial Debt in compliance with the financial covenants.

Note: (1) pro forma includes Group Evolucare's results on a 12-month basis

Investment Quick Take

Shareholder structure

based on information available to Gpi as at 30 January 2024

Voting rights

CDP Equity

Market

	Leadership and Uniqueness	GPI IN THE STOCK MARKET ISIN: IT0005221517 Ticker: GPI:IM
	Growth and Visibility	February Price 5 2024 € Ordinary Shares Capitalisation € M
	Technology and Service
Evolution	of market/NRRP
Analyst		Target Price	Reccomendation
Banca Akros	2 October 2023	€ 15.80	Buy
Intermonte SIM	2 October 2023	€ 17.20	Outperform

GPI IN THE STOCK MARKET
ISIN: IT0005221517
Ticker: GPI:IM
February Price 5 2024	€	9 60
Ordinary Shares		28 906 881 , ,
Capitalisation € M		278

Banca Akros	2 October 2023	€ 15.80	Buy
Intermonte SIM	2 October 2023	€ 17.20	Outperform
Midcap Tp Icap	2 October 2023	€ 17.50	Buy

Target Price	Reccomendation
€ 15.80	Buy
€ 17.20	Outperform
€ 17.50	Buy

Takeaways

• STRATEGIC for the Healthcare Systems
• SOLID GROWTH in both Revenue and EBITDA
• SOUND and CLEAR STRATEGY
• NATIONAL and EUROPEAN REFERENCE POINT

Innovation for a Sustainable Healthcare

Appendix Financial Statements

'000 CONSOLIDATED INCOME STATEMENT Euros	H1 2023	H1 2022
Revenue	189 833 ,	167 470 ,
Other income	3 062 ,	1 445 ,
Total revenue and other income	192,895	168,914
materials and consumables Raw	(9 058) ,	(5 445) ,
Service costs	(48 045) ,	(45 962) ,
Personnel expense	(107 955) ,	(98 510) ,
depreciation and losses Amortisation impairment ,	(14 945) ,	(12 132) ,
Other provisions	(2 187) ,	(681)
Other operating costs	(1 815) ,	(1 650) ,
Operating profit	8,890	4,534
Financial income	2 109 ,	1 857 ,
Financial expense	(9 460) ,	(4 507) ,
financial Net expense	(7 ,351)	(2 ,650)
profit/(loss) Share of of equity-accounted of investees , net tax	5	(1)
Profit (loss) before tax	1,544	1,884
Income taxes	(1 037) ,	(1 634) ,
Profit for the period	506	250

'000 CONSOLIDATED BALANCE SHEET Euros	30 June 2023	December 31 2022
Assets
Goodwill	124 947 ,	125 235 ,
Other intangible assets	89 825 ,	86 767 ,
, plant and equipment Property	40 704 ,	34 484 ,
Equity-accounted investments	308	111
financial Non-current assets	11 401 ,	11 580 ,
Deferred tax assets	11 134 ,	9 140 ,
Contract costs	450 1 ,	740 1 ,
Other non-current assets	375	415
Non-current assets	280 144 ,	269 471 ,
Inventories	15 156 ,	12 954 ,
Contract assets	162 645 ,	151 309 ,
Trade receivables and other receivables current	94 220 ,	83 668 ,
Cash and cash equivalents	132 788 ,	177 054 ,
financial Current assets	21 515 ,	104 17 ,
Current tax assets	1 745 ,	1 676 ,
Current assets	428 069 ,	443 764 ,
Total assets	708 213 ,	713 235 ,

Shareholders' equity
Share capital	13 890 ,	13 890 ,
Share premium reserve	209 562 ,	209 562 ,
earnings/(losses Other and retained carried forward) including reserves ,	11 824 ,	25 451 ,
profit/(loss) for the period
Capital and attributable of the to parent reserves owners	235 276 ,	248 903 ,
Capital and attributable non-controlling interests to reserves	(236)	39
Shareholders' Total Equity	235 040 ,	248 942 ,
financial liabilities Non-current	253 115 ,	251 940 ,
for employee benefits Non-current provisions	6 115 ,	5 837 ,
for risks and charges Non-current provisions	796	509
Deferred liabilities tax	9 794 ,	10 476 ,
Trade payables and other liabilities current	631	663
liabilities Non-current	270 453 ,	269 424 ,
liabilities Contract	6 251 ,	6 514 ,
Trade payables and other liabilities	113 997 ,	99 215 ,
for employee benefits Current provisions	2 476 ,	2 421 ,
for risks and charges Current provisions	823	805
financial liabilities Current	75 260 ,	84 757 ,
liabilities Current tax	3 913 ,	1 156 ,
liabilities Current	202 720 ,	194 869 ,
Total liabilities	473 173 ,	464 293 ,
Total equity and liabilities	708 213 ,	713 235 ,

'000 CONSOLIDATED CASH FLOW STATEMENT Euros	H1 2023	H1 2022
Cash flows from operating activities
Profit for the period	506	250
Adjustments for:
Depreciation of plant and equipment property, –	4,424	3,232
Amortisation of intangible assets –	10,231	7,654
Amortisation of contract costs –	290	1,247
Other provisions –	2,187	681
financial Net income –	7,346	2,650
Income tax –	1,037	1,634
Changes in working capital and other changes	(10 ,770)	(3 ,831)
paid Interest	(7 ,337)	(2 ,739)
paid Income taxes	(799)	(1 ,634)
cash flows generated by Net operating activities	7,115	9,144
Cash flows from investing activities
collected Interest	659	29
investments in plant and equipment Net property,	(10 ,644)	(2 ,782)
intangible Net investments in assets	(12 ,190)	(7 ,483)
change other and financial Net in current non-current assets	(4 ,139)	(28 ,630)
of subsidiaries of cash acquired and disposals Acquisition , net	(748)	(1 ,020)
Change liabilities for of in acquisition equity investments	-	(360)
cash flows used in investing activities Net	(27 ,062)	(40 ,246)
Cash flows from financing activities
Capital and related charges increases	-	(1 ,049)
Dividends paid	(14 ,480)	(9 ,239)
Proceeds from bank borrowings	30,000	155,817
of bank loans Repayments	(2 ,963)	(87 ,680)
of bonds Repayments	(9 ,833)	(11 ,500)
of lease obligations Issuance	2,329	963
of lease payables Payment	(3 ,300)	(2 ,120)
change other and financial liabilities Net in current non-current	(3 ,872)	2,949
Change in payables for the purchase of equity investments	(22 ,200)	(721)
cash flows generated by financing activities Net	(24 ,319)	47,420
(decrease) cash and cash equivalents Net increase in	(44 ,266)	16,318
Opening cash and cash equivalents	177,054	41,371
Cash and cash equivalents	132,788	57,689

18

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.