Innovation for Sustainable Healthcare

Interim Report H1 25

INFO

GPI: SINCE 1988, A FLAGSHIP ITALIAN DIGITAL HEALTH COMPANY WITH GLOBAL IMPACT

We mainly deliver software solutions, to hospitals, nursing homes, pharmacies, to enhance healthcare processes and promote sustainability through the digitization of healthcare systems.

We tackle healthcare complexity through Strategic Business Areas (SBAs: Software, Care, Automation, ICT), tailored to diverse challenges and evolving demands.

The Software SBA witnessed strong performance and market expansion between 2021 and 2024, delivering a 23.4% CAGR, through a balanced combination of organic and inorganic growth (each contributing 11.7%). In H1 25 Software reported a +13.4% organic growth.

The Care SBA (BPO Services) has been a key enabler for market access and customer engagement. Around 30 million Italians interact with Gpi for appointment booking and first contact with healthcare facilities.

Strong long term top-line and marginality growth.

Marginality outpaced industry peers, with stronger margins reflecting strategic focus on software, highlighting our competitive edge.

Surpassing Italian rivals, we are steadily growing our presence on the global stage

H1 25

€ 258 ^M Revenue + 21 M organic H1 25 o H1 24

€ 47 ^M EBITDA + 6 M organic H1 25 o H1 24

18.1% EBITDA margin + 90 bps organic H1 25 o H1 24

€ 400 ^M M&A 2017-2024

9,000 Customers 70 Countries

STRATEGIC OFFERING FRAMEWORK

SOFTWARE SOLUTIONS

HIS

EMR - Electronic Medical Record,…

TREATING & CARING

Social Care, Telemedicine, AI solutions,...

MANAGING

Human Resources, Booking, ERP for Health, Data Analytics...

CORE OFFERING VERTICAL OFFERING DIVERSIFICATION

SOFTWARE PRODUCTS

BLOOD & Substances Of Human Origin

DIAGNOSTICS

Laboratory Information System, Imaging, Pathology

CRITICAL CARE

Anesthesia, Intensive Care, Operating Theatres

PROFITABLE HEALTHCARE BUSINESS MODEL

CARE & TELEMONITORING

ICT & CYBERDEFENCE

AUTOMATION

Robots for Pharmacy Warehouse Automation (Hospitals, retailers, wholesalers)

GLOBAL PRESENCE AT A GLANCE

H1 25: A STRONG FIRST HALF WITH SUSTAINED ORGANIC GROWTH

Revenue: € 257.9 M +9.1% | o/w Software € 156.0 M

Organic growth was partly driven by the launch of new contracts under Consip framework agreements

EBITDA: € 46.7 M +14.8% | o/w Software € 42.6 M

Incidence of personnel costs decreased by 3.5%, offset by the increase in the incidence of consumables and G&A, increase by 0.5% and 1.7% respectively.
Software's EBITDA increased by € 5.7 M (+15.6%).

EBITDA margin 18.1% +90 bps

Margin growth driven primarily by higher-margin Software solutions (Blood, LIS, Pathology, Imaging, Critical Care).

EBIT: € 16.6 M +113.0%

D&A totalled €25.9 M, up €0.8 M from the first half of 2024, mainly reflecting investments made in the period.

Net Income: € 3.5 M +20.5%

Incidence of net financial management on total revenues amounts to 4.2%, mainly due to the reduction in financial income. Financial expenses decreased both in absolute terms and as a ratio of financial expenses to revenues.
Tax expenses € 2.2 M (+0.5 M).

€M	H1 25	H1 24
Revenue & Other Income	257.9	236.4
EBITDA	46.7	40.7
EBITDA margin%	18.1%	17.2%
EBIT	16.6	7.8
EBIT margin%	6.5%	3.3%
Net Income	3.5	2.9

SBA SOFTWARE: H1 25 vs H1 24

The Focus on Software enhanced the Group's profitability

Software

Recurring Revenues (H1 25) 52%
Retention 96%
Tender Win Ratio 44%
Avarage Contract term 1-3 years
Public customers 79%
Private customers 21%

Revenue / Tot 60.5% EBITDA / Tot 91.2%

SBA SOFTWARE: PRODUCT AREA BREAK DOWN - H1 25

Segments	% SW Rev. H1 25	Key highlights
HIS	37.2%	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 (France and DACH), with strong international expansion potential
Blood	12.0%	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
		Laboratory Information System (LIS): platform developed for streamlining and management of diagnostic laboratory workflows ◼
Diagnostics	11.3%	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 ◼
		Social Care: central hub where healthcare providers, patients and caregivers can collaborate to manage complex medical conditions over time ◼
Treating & Caring	11.8%	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	14.4%	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		Software platforms designed to streamline and manage various aspects of surgical procedures (operating room, anesthesia, intensive care) and ◼
	1.4%	operations within healthcare facilities, integrating functions such as scheduling surgeries and managing surgical workflows
		Other healthcare software and services ◼
Other	11.9%	Other non-healthcare software and services (i.e. public administration) ◼

SOFTWARE DRIVES GPI'S INCREASING GEOGRAPHICAL PRESENCE

SBA Software's revenues from abroad totaled € 55 M, boosted by former M&As (mainly Tesi & Evolucare)

This represents more than one third of Software's total revenue.

OTHER SBAs: H1 25 vs H1 24

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

Robots for Pharmacy Warehouse Automation (hospital, retailers, wholesalers)

ICT

HW & SW maintenance & assistance System services Cyberdefence

Revenue € M

EBITDA € M

Revenue / Tot 8,4% EBITDA / Tot 6,4 %

FINANCIAL HIGHLIGHTS H1 25

FIXED ASSETS

• €3 M increase mainly due to investments in new products and innovative solutions, particularly SBA Software.

NET WORKING CAPITAL

increase in trade receivables €1.4 M
increase in net contract assets €9.9 M
reduction in trade payables €2.2 M
inventories rose by €1 M

SHAREHOLDERS' EQUITY

• €14.4 M Dividends approved (€ 0,50 per share).

NET FINANCIAL INDEBTNESS

Increase of €7.7 M (refer to the bridge in the next slide)
The maturity profile gained greater balance and solidity, with a shift toward medium/long-term following the new bond issuances.

NET DEBT BRIDGE H1 25

Recalling The Strategic Business Plan 25-29

STRATEGIC BUSINESS PLAN 2025-2029: 4 PILLARS

Software SBA: Consolidation of the national leadership position.

2
Capture additional value from recent acquisitions (Evolucare & Tesi) while developing vertical global products (e.g. Blood, Diagnostics(1), Critical care(2) ) and expanding the international presence of Software.
3

Enhancement of the organizational model, to improve the commercial penetration and cross-selling.

Capture value from business diversification (Telemedicine, Virtual Care, Cyberdefence, Automation(3))

⁽¹⁾ Laboratory Information System, Imaging, Pathology.

⁽²⁾ Intensive Care, Operating Theatres, Anesthesia.

⁽³⁾ Robots for automatic efficient warehouse management of pharmacies.

STRATEGIC BUSINESS PLAN 2025-2029: MAIN TARGETS

€M Revenue EBITDA EBITDA Margin

Recent Facts and Closing Remarks

LATEST FACTS

1
M&A Logiprem-F: neonatalogy software, Critical Care suite improved.
2
5 th Consip Tender Awarded: software for a) Unified Booking Centres b) Data management.
3

European Investment Bank EIB: €50 million financing to support software evolution.

IN THE STOCK MARKET

Defensive Profile with Recurring Revenue

Growth and Visibility

Unique Combination of Technology and Service

a Strategic Growing Market

Analyst	Date	Target Price	Recommendation
Banca Akros	30 September 2025	€ 16.00	Neutral
Intermonte SIM	14 October 2025	€ 18.60	Neutral
Midcap Tp Icap	29 September 2025	€ 21.10	Buy

Note: based on information available to Gpi as at 24 November, 2025

ISIN: IT0005221517 Ticker: GPI:IM
Price 24 November 2025 €		16.80
Ordinary Shares		28,906,881
Capitalisation	€ M	486

Takeaways

Appendix Financial Statements H1 25

CONSOLIDATED STATEMENT OF FINANCIAL POSITION, in EUR thousands	30 June 2025	31 December 2024
Assets
Goodwill	190,366	192,170
Other intangible assets	192,490	191,177
Property, plant and equipment	61,670	57,736
Equity-accounted investments	458	459
Non-current financial assets	10,917	11,066
Deferred tax assets	16,138	14,699
Non-recurring customer contract costs	325	619
Other non-current assets	10,566	11,767
Non-current assets	482,931	479,693
Inventories	16,401	15,360
Customer contract assets	252,280	240,063
Trade receivables and other assets	128,721	129,319
Cash and cash equivalents	104,947	45,885
Current financial assets	70,047	38,253
Current income tax assets	8,071	5,334
Current assets	580,467	474,215
Assets held for sale	-	-
Total assets	1,063,398	953,908
Equity
Share capital	13,890	13,890
Share premium reserve	203,678	203,678
Other reserves and retained earnings/(losses carried forward), including profit/(loss) for the period	75,699	90,766
Capital and reserves attributable to owners of the parent	293,268	308,335
Capital and reserves attributable to non-controlling interests	(1,976)	(2,132)
Total equity	291,291	306,203
Liabilities
Non-current financial liabilities	360,553	245,086
Employee benefits	18,494	15,452
Non-current provisions for risks and charges	2,165	4,143
Deferred tax liabilities	27,171	27,744
Other non-current liabilities	7,738	8,579
Non-current liabilities	416,121	301,005
Customer contract liabilities	7,062	4,717
Trade payables and other liabilities	173,782	147,537
Employee benefits	3,193	2,879
Current provisions for risks and charges	2,013	2,261
Current financial liabilities	152,466	169,381
Current tax liabilities	17,471	19,926
Current liabilities	355,986	346,700
Liabilities related to assets held for sale	-	-
Total liabilities	772,107	647,705
Total equity and liabilities	1,063,398	953,908

CONSOLIDATED INCOME STATEMENT In EUR thousands	1H 2025	1H 2024
Revenue	251,680	230,500
Other income	6,240	5,927
Total revenue and other income	257,920	236,427
Costs for materials	(11,452)	(9,239)
Service costs	(63,874)	(55,383)
Personnel costs	(131,101)	(127,475)
Amortisation, depreciation and impairment losses	(25,931)	(25,150)
Other provisions	(4,131)	(7,708)
Other operating costs	(4,792)	(3,660)
Operating profit/loss	16,640	7,813
Financial income	2,998	11,013
Financial expense	(13,885)	(14,157)
Financial income and expense	(10,887)	(3,144)
Share of profit/(loss) of equity-accounted investments, net of tax	-	27
Profit (loss) before tax	5,753	4,697
Income tax	(2,207)	(1,755)
Net profit (loss) from continuing operations	3,546	2,942
Net profit (loss) from discontinued operations	-	82,826
Profit/Loss for the period	3,546	85,768
Profit/(loss) for the period attributable to:
Owners of the parent	3,722	85,902
Non-controlling interests	(177)	(134)

CONSOLIDATED STATEMENT OF CASH FLOWS, In EUR thousands	1H 2025	1H 2024
Cash flows from operating activities
Profit/Loss for the period	3,546	85,768
Adjustments for :
- Depreciation of property, plant and equipment	5,829	5,517
- Amortisation of intangible assets	19,807	19,316
- Amortisation of contract costs	295	317
- Other provisions	4,131	7,708
- Financial income and expense	10,887	3,144
- Share of profit/(loss) of equity-accounted investments, net of tax and the result of assets sold	-	(82,826)
- Income tax	2,207	1,755
Changes in working capital and other changes	5,935	(16,137)
Interest paid	(8,850)	(10,678)
Income taxes paid	(9,410)	(911)
Net cash flows generated by operating activities	34,377	12,973
of which from assets held for sale	-	-
Cash flows from investing activities
Interest collected	70	307
Net investments in property, plant and equipment	(9,764)	(9,790)
Net investments in intangible assets	(19,317)	(14,032)
Net change in other current and non -current financial assets	(31,644)	(12,607)
Disposal (Acquisition) of subsidiaries, net of cash acquired and disposals	(4,093)	74,516
Net cash flows used in investing activities	(64,748)	38,394
of which from assets held for sale	-	81,924
Cash flows from financing activities
Dividends paid	(3,203)	(14,405)
Proceeds from new bank loans	51,000	22,982
Repayment of bank loans	(23,039)	(21,875)
Bond issues	91,500	-
Bond redemptions	(8,334)	(8,334)
New lease payables	4,628	7,025
Lease payments	(3,166)	(4,834)
Net change in other current and non -current financial liabilities	(4,052)	3,749
Change in liabilities for acquisition of equity investments	(15,901)	(2,880)
Net cash flows generated by financing activities	89,433	(18,572)
of which from assets held for sale	-	-
Net increase (decrease) in cash and cash equivalents	59,062	32,795
of which from assets held for sale	-	81,924
Opening cash and cash equivalents	45,885	40,785
Cash and cash equivalents	104,947	73,580

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.

<-- PDF CHUNK SEPARATOR -->