Gpi

Investor Presentation • Apr 1, 2025

FY2024 RESULTS

C a p i ta l M a r ke t s D ay

Tr e n t o , 1 A p r i l 2 0 2 5 V i d e o C o n f e r e n c e

Agenda

GPI OVERVIEW F. Manzana CEO

1

2

FY 2024 MAIN RESULTS M. Santoro GM

3 Q&A SESSION

Agenda

GPI OVERVIEW F. Manzana CEO

FY 2024 MAIN RESULTS M. Santoro GM

1

2

3 Q&A SESSION

GPI OVERVIEW: KEY MESSAGES

Leader in Healthcare Software in Italy (successful Consip/NRRP tenders acquisitions). Source: Netconsulting Cube 2024

Sustained growth (CAGR 2020-2024): Revenue 17%, EBITDA 27%. M&A 2017-2024 €400M

Improvement of marginality (EBITDA/Revenue) from 18.4% to 20.6% thanks to M&A, market expansion and focus on SBA(1) Software.

International expansion: 22% of total revenue (from 18% in 2023). Software accounts for one-third of revenues from abroad. ⁴

Industrial Plan 2025-2029: Revenue > €700M 2029E, (overseas 27%-30%) EBITDA > 25% Focusing on Software offering and positive support from other SBAs.

6 Two non convertible 6-year unsecured bonds to support investment and innovation.

GPI'S VISION, MISSION & VALUES

REVENUE AND EBITDA: IMPRESSIVE DOUBLE DIGIT GROWTH

GLOBAL PRESENCE AT A GLANCE

MARKET LEADERSHIP

GPI is the Italian market leader in the healthcare software and healthcare BPO markets in the 2021 2024 period.

HEALTHCARE IT MARKET SIZE AND EXPECTED GROWTH RATE

	Market Size 2024 (€B)	Expected CAGR 2024-2030 (%)
Global Market	> 60	8-10%
Main Target Countries for Development France, DACH, USA, Italy	> 25	11-12%
Italy	ca. 1.7	> 11%

CORE OFFERING: SOLUTIONS	VERTICAL OFFERING: PRODUCTS	DIVERSIFICATION: PROFITABLE BUSINESS AROUND HEALTHCARE MODEL
EHR/EMR (Electronic Health Record, Electronic Medical Record)	BLOOD	CARE & TELEMONITORING
MANAGING (Human Resources, Booking, Electronic Resource Planning for Health)	DIAGNOSTICS (Laboratory information System, Imaging, Pathology)	ICT & CYBERDEFENCE
TREATING & CARING (Telemedicine, AI solutions, Social Care)	CRITICAL CARE	AUTOMATION

4 PILLARS – STRATEGIC BUSINESS PLAN 2025 - 2029

1. SBA Software. Consolidation of the national leadership position.

• Capture additional value from recent acquisitions whilst developing vertical global products (e.g. Blood, Diagnostics(1), Critical care) and expanding the international presence of Software.
• 3. Enhancement of the organizational model to align with the size and complexity of the Group.

Capture value from business diversification (Telemedicine, Virtual Care, Cyberdefence, Automation(2))

(1) Laboratory Information System, Imaging, Pathology.

(2) Robots for automatic efficient warehouse management of pharmacies.

Agenda

2

FY 2024 MAIN RESULTS M. Santoro GM

3 Q&A SESSION

FY 2024: KEY MESSAGES

GPI, A LEADING PLAYER IN DIGITAL HEALTHCARE.

Strengthening our software leadership in Italy and expanding internationally,

INNOVATIVE, HIGH-QUALITY SOFTWARE SOLUTIONS.

Creating value for customers and patients through continuous innovation and security.

STRONG DOUBLE DIGIT GROWTH.

Driven both by organic and inorganic growth, especially by Software.

EXCELLENT WIN RATE.

In 2024, out of 111 bids, Gpi was awarded 44, achieving a win rate of 39.6% (43.7% for the SBA Software). 4

STRATEGIC FOCUS ON GLOBAL SOFTWARE GROWTH.

Industrial Plan set to guide medium to long-term expansion, emphasizing software and international markets. 5

FY2024 : STRONG DOUBLE DIGIT GROWTH

€ M	FY24	FY23 restated (1)
Revenue & other income	509.9	433.4
EBITDA	104.8	79.8
EBITDA margin %	20.6%	18.4%
EBIT	36.7	25.6
EBIT margin %	7.2%	5.9%
Net Income from continuing operations	14.6	0.6
Net Income	103.4	5.2

Note (1): FY23 The consolidated financial statements for the 2023 fiscal year have been revised to reflect the definitive application of the Purchase Price Allocation (PPA) for the Evolucare group.

Revenue € 509.9 M +17.7%

o/w Software € 304.1 M

• Driven by organic (+10.0%) and inorganic growth (+7,7%);
• Software increased by € 76.7 M (+33.7%).

EBITDA: € 104.8 M +31.3% | margin 20.6% +220bps (vsFY23)

• Driven by both organic (+14.6%) and inorganic growth (16.8%);
• As a percentage of revenues, the incidence of material costs increased only by 0.4%, while general and labor expenses decreased by 0.6% and 1.9%, respectively;
• Software's EBITDA increased by € 23.6 M (+35.1%).

EBIT: € 36.7 M +43.4% | margin 7.2%

• D&A € 53.7 M (+9.6M) mainly due to Evolucare, contributing € 13.6 M.

Net Income from continuing operations € 14.6 M (€ 0.6 M FY23) Net Income: € 103.4 M

• Net interest expenses € 14.4 M (-4,8M),
• Tax impact € 7.7 M (+2.0 M ).

Proposed Ordinary Dividend € 0.50 per share

(FY23 ordinary dividend € 0.50 p.s.).

SBA SOFTWARE: FY24 vs FY23

Focusing on Software enhanced the Group's profitability

Software

• Retention 96%
• Tender Win Ratio 44%
• Avarage Contract term 1-3 years
• Public customers 79%
• Private customers 21%

SBA SOFTWARE: PRODUCT AREA BREAK DOWN

Segments	% SW Rev. '24E	Key highlights
HIS	39.1%	Patient-centric Hospital Information System (HIS) providing real-time access to health data for professionals, ensuring ◼ coordination of patient care throughout their hospital stay. It includes various integrated modules such as emergency care, admission/discharge/transfer, EMR, Booking System, As of today, the group offers a dedicated solution for the Italian market and two European products (French and DACH), with strong international expansion potential
Blood	12.5%	Systems for blood (and SOHO) supply chain management, from the initial donators evaluation through the laboratory, storage, ◼ distribution, transfusion, transplantation and bedside traceability etc. As of today the group has developed a comprehensive blood management suite with strong global growth potential
Diagnostics	12.5%	Laboratory Information System (LIS): platform developed for streamlining and management of diagnostic laboratory workflows ◼ Imaging: workflow support and management of clinical imaging (RIS-PACS), video, endoscopy and patient data reporting ◼ Pathology: platform for safe and high-quality anatomical pathology processes management with embedded AI features ◼
Treating & Caring	11.5%	Social Care: central hub where healthcare providers, patients and caregivers can collaborate to manage complex medical conditions ◼ over time Telemedicine: software products for the provision and support of remote healthcare (i.e. tele-monitoring, remote monitoring of health ◼ data, tele-consultation and tele-visiting)
Managing	14.0%	Healthcare management systems: integrated platforms with tools and processes for operations, financials and business ◼ performance streamlining (including ERP, accounting, control systems and HR)
Critical Care	3,0%	Software platforms designed to streamline and manage various aspects of surgical procedures (operating room, anesthesia, ◼ intensive care) and operations within healthcare facilities, integrating functions such as scheduling surgeries and managing surgical workflows
Other	7.4%	Other healthcare software and services ◼ Other non-healthcare software and services (i.e. public administration) ◼

OTHER SBAs FY24 vs FY23

Care

• Optimizing workflows of the healthcare system BPO healthcare administrative svc. Access to Care

• Retention (BPO) 93%
• Tender Win Ratio 30%
• Avarage Contract term 3-6 years

Automation

Robots for Pharmacy Warehouse Automation (hospital & retail)

ICT HW & SW maintenance & assistance System services Cyberdefence

CONSOLIDATING THE ITALIAN LEADERSHIP

Centralization of Tendering Procedures in Italy

Since 2021, Italy's public tendering has become concentrated within the national central procurement body, Consip.

Major Health Digitization Tenders

Consip has launched five nationwide tenders for health digitization through framework agreements, with a total value of € 4 billion.

Lombardy's National Framework Agreement

Region Lombardy has also introduced a nationwide framework agreement for Telemedicine with a total value of approximately € 300 M.

Gpi's Success in Tenders

Gpi has secured awards in all tenders awarded, often ranking first.

High Quality Standards and Interoperability All of Italy served by Gpi.

INNOVATION: ARTIFICIAL INTELLIGENCE TO EVALUATE, PLAN, PREDICT, AND MANAGE CRITICAL ISSUES

Gpi4AI uses emerging Artificial Intelligence technologies to create cutting-edge, versatile and highly effective solutions that help healthcare organizations improve processes and services, benefiting the sustainability of the entire system.

Tuscany

SOFTWARE DRIVES GPI'S INCREASING GEOGRAPHICAL PRESENCE

SBA Software's revenues from abroad totaled € 100 M, boosted by M&A (mainly Tesi & Evolucare)

This represents one third of SBA Software's total revenue.

€ M	FY24	FY23 restated (1)
Fixed assets	453.2	449.4
Net working capital	263.1	224.6
Other operating assets/(liabilities)	(77.4)	(82.8)
Other assets/(liabilities) held for sale	-	3.5
NET INVESTED CAPITAL	638.9	594.7
Shareholders' equity	306.2	229.8
Net Financial Indebtedness	332.7	364.9
TOTAL SOURCES	638.9	594.7

Note (1): FY23 The consolidated financial statements for the 2023 fiscal year have been revised to reflect the definitive application of the Purchase Price Allocation (PPA) for the Evolucare group.

Fixed Assets

• Increase mainly due to investments in new products and innovative solutions, particularly SBA Software.

Net Working Capital

• (+) increase in trade receivables and contract assets €58.0 M
• (-) increase trade payables and account receivables €20.0 M.
• (+) Inventories increase €0.4 M.

Shareholders' equity

• €76.4 million higher than revised FY23 largely driven by 2024 net income, net of dividends.

Net Financial Indebtness

• €32.2 M decrease (see bridge into next page).

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

KEY POINTS

Software & European Market	Improve competitive position in Europe (Software)
	Integration of acquired companies
Organization & Cash Generation	Strengthening Group Corporate Financial Control
	Improve organization and operations for Accounts Receivable & NWC management
	Strengthen Software national and international competitive position

Capture full value creation and synergies from recent acquisitions Driven by the New Industrial Plan Optimize organizational model and efficiency

MAIN TARGETS STRATEGIC BUSINESS PLAN 2025-2029

		2027E	2029E
ECONOMICS	REVENUE (o/w international)	>€600m (25% - 27%)	>€700m (27% - 30%)
	EBITDA	>22%	>25%
CAPEX		ca. 7-9% of revenue	ca. 7-9% of revenue
ROIC		> 11%	> 15%
DIVIDENDS		Stable distribution
DEBT	NFP/EBITDA	< 2.7x	< 2.5x

Agenda

GPI OVERVIEW F. Manzana CEO

1

2

FY 2024 MAIN RESULTS M. Santoro GM

3 Q&A SESSION

2024 SUMMARY

510 € M	105 € M	20.6%	400 € M
Revenue	EBITDA	EBITDA margin	M&A
+ 77 M	+ 24 M	+ 220 bps	2017-2024
YoY	YoY	YoY

Proposed Dividend € 0.50 per share

• SUSTAINED GROWTH
• LEADER IN HEALTHCARE SOFTWARE
• STRONG INTERNATIONAL IMPULSE

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.