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Gpi Investor Presentation 2026
4426_rns_2026-03-31_ec06881e-2efd-4949-a16c-9dfa3ffb7431.pdf
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Gpi
Innovation for Sustainable Healthcare
INFO INSTITUT SICH
FY 2025 Results
A. DI SANTO – CEO
M. SANTORO – GM
AGENDA
- GPI GROUP OVERVIEW
- FY25 RESULTS
- Q&A
Gpi
AGENDA
- GPI GROUP OVERVIEW
- FY25 RESULTS
- Q&A
Gpi
4
KEY MESSAGES
STRATEGY
Execution of the 2025–2029 Industrial Plan is on track, supported by a more scalable operating model aligned with our BP ambitions.
GROWTH
2025 marks another year of double-digit international growth with an increased profitability.
LEADERSHIP
Reinforced leadership in Italy, outperforming domestic competitors thanks to our ability to convert public funding programs into long-term, high-value contracts.
SOFTWARE
Strong position as a global healthcare software provider with growing adoption across hospitals and care networks.
FY 2025
| Revenue
€ 546.2 M
+ 36 M +7%
organic +5.8% YoY | EBITDA
€ 113.5 M
+ 9 M +8.4%
organic +6.3% YoY |
| --- | --- |
| EBITDA margin
20.8%
+ 30 BPS YoY | M&A
€ 400 M
2017-2025 |
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We deliver software excellence to empower digital health
| ## Software
CORE SOLUTIONS
- HIS EMR - Electronic Medical Record, etc.
- TREATING & CARING Social Care, Telemedicine, AI solutions, etc.
- MANAGING Human Resources, Booking, ERP for Health, Data Analytics, etc. | ## Software
VERTICAL PRODUCTS
- BLOOD & Substances Of Human Origin
- DIAGNOSTICS Laboratory Information System, Imaging, Pathology
- CRITICAL CARE Anesthesia, Intensive Care, Operating Theatres | ## STRATEGIC
DIVERSIFICATION
- CARE & TELEMONITORING
- ICT & CYBERDEFENCE
- AUTOMATION Robots for Pharmacy Warehouse Automation (Hospitals, retailers, wholesalers) |
| --- | --- | --- |
Gpi
ENABLING THE ECOSYSTEM
Strategic Business Plan 2025-2029
STRATEGIC PILLARS
Software SBA: Consolidating our Italian leadership.
Capture additional value from recent acquisitions(1) while scaling global vertical software products(2)(3) and expanding international presence.
Enhancement of the organizational model, to improve the commercial penetration and cross-selling.
Capture value from business diversification (Telemedicine, Virtual Care, Cyberdefence, Automation(4)).
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(1) Evolucare, Tesi.
(2) Laboratory Information System (LIS), Imaging (RIS/PACS), Pathology.
(3) Critical Care: Intensive Care, Operating Theatres, Anesthesia.
(4) Robots for automatic efficient warehouse management of pharmacies.
We are on track with our Business Plan targets
| 2027E | 2029E | |
|---|---|---|
| Revenue | > € 600 M | > € 700 M |
| o/w overseas % | 25% - 27% | 27% - 30% |
| EBITDA | > 22% | > 25% |
| margin | ||
| CAPEX | ca. 7-9% of revenue | |
| ROIC | > 11% | > 15% |
| DEBT | < 2.7x | < 2.5x |
| NFP/EBITDA |
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We scale healthcare innovation across borders
GPI global footprint: Navigating international data regulations & enabling interoperability
Revenue Breakdown (FY25, %)
Health Public 69%
- Hospitals
- Healthcare Authorities
- Public providers
- Regions, Local entities
Health Private 19%
- Nursing homes
- Private clinics
- Pharmacies
88% Healthcare Clients
Non-Health Public 7%
- Regions
- Local entities
- Municipalities
Non-Health Private 5%
- Telco
- Other
12% Other Clients
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Key business highlights
Addressable market
Our tender results and key contract wins confirm our ability to capture a growing addressable market, translating opportunities into tangible revenue and long-term partnerships.
Innovation pathway
We are focusing our investments on continuously enhancing our portfolio, with a targeted approach to AI-driven solutions.
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.
| Gpi3AI
FUNDAMENTAL | Gpi3AI
PROVINCIAL | Gpi3AI
PREDICTIVE | Gpi3AI
CONTRACTOR |
| --- | --- | --- | --- |
| Voice & computer vision
• AI agent able to perform Speech Emotion
e.g. Clinical trial successfully passed University of Cagliari | Probabilistic Digital Twin, what if scenario
• Digital twins & 'what-if' scenarios analysis to optimize waiting lists
e.g. Lazio Region, APSS Trento | Regressors & data streaming
• One Health approach to predict hospital admissions using climate and pollution data
e.g. South East Tuscany | LLM & RAG
• Employ generative AI to leverage the knowledge base for automated and optimized customer relations
e.g. Gpi Help Desk |
Data
Gpi
AGENDA
- GPI GROUP OVERVIEW
- FY25 RESULTS
- Q&A
Gpi
11
Key highlights of 2025 results
- Double-digit international growth, maintaining the leadership reference in the Italian market.
- On track with respect to the Strategic Business Plan 2025-2029.
- Increased focus on software business with positive results on EBITDA.
- Completed M&A operations aligned with strategic vision.
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Economic Results
| | FY 25 | FY 24
Restated |
| --- | --- | --- |
| MAIN FIGURES - €Mln | | |
| Revenue & Other Income | 546.2 | 510.3 |
| EBITDA | 113.5 | 104.7 |
| EBITDA margin % | 20.8% | 20.5% |
| EBIT | 48.0 | 36.5 |
| EBIT margin% | 8.8% | 7.1% |
| Net Income | 15.2 | 14.4 |
The consolidated financial statements for the 2024 financial year have been revised to reflect the final application of the purchase price allocation (PPA) of Lab Technologies SA and its subsidiaries, acquired in October 2024.
REVENUE: € 546.2 M +7.0% | o/w 5.8% Organic
Software-Led Growth Accelerates Scale
International markets driving strong expansion.
Leadership position in Italy further strengthened.
EBITDA: € 113.5 M +8.4% | o/w 6.2% Organic
Disciplined Cost Structure Maintained
Overall cost base stable year-on-year.
Personnel: 51.6% (stable YoY).
EBITDA margin 20.8% +30 bps
Margin growth driven primarily by Software solutions.
EBIT: € 48.0 M +31.5%
D&A Increase Reflects Investment Momentum
Amortization remains consistent with the previous year.
Provisions decreased by € 5.1 M.
NET INCOME: € 15.2 M +5.9%
Net Income Growth Sustained: Tax Reduced (Patent Box)
Gpi
Outstanding International Expansion
| 2025 | % | 2024 Revised | % | |
|---|---|---|---|---|
| REVENUE BY GEOGRAPHICAL AREA - €M | ||||
| Italy | 415.8 | 76.1% | 399.4 | 78.3% |
| Overseas | 130.4 | 23.9% | 110.9 | 21.7% |
| Total revenue and other consolidated income | 546.2 | 100% | 510.3 | 100% |
+4.1% Italy
+17.1% RoW
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SBA Software leads the results
| 2025 | % of total Revenues | 2024 Revised | % of Total Revenues | Change % FY25 / FY24 | |
|---|---|---|---|---|---|
| REVENUE BY SBA - €M | |||||
| Software | 343.2 | 62.8% | 304.6 | 59.7% | 12.7% |
| Care | 158.0 | 28.9% | 162.2 | 31.8% | -2.6% |
| Others (Automation and ICT) | 45.0 | 8.3% | 43.6 | 8.5% | 3.2% |
| Total revenue and other consolidated income | 546.2 | 100.0% | 510.3 | 100.0% | 7.0% |
| 2025 | Margin | % of total | 2024 Revised | Margin | |
| --- | --- | --- | --- | --- | --- |
| EBITDA BY SBA - €M | |||||
| Software | 102.6 | 29.9% | 90.4% | 90.7 | 29.8% |
| Care | 4.7 | 3.0% | 4.1% | 6.1 | 3.8% |
| Others (Automation and ICT) | 6.2 | 13.6% | 5.5% | 7.9 | 18.0% |
| Total consolidated EBITDA | 113.5 | 20.8% | 100.0% | 104.7 | 20.5% |
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SBA Software deep dive
Our software solutions streamline healthcare operations, enhance care quality, improve patient outcomes and reduce costs.
- Recurring Revenues 52%
- Retention 96%
- Tender Win Ratio 47%
- Average Contract term 1-3 years
REVENUE € M
EBITDA € M
FY25 vs FY24
FY25 vs FY24
+38.7 M
+12.7%
+10.9% organic
+11.9 M
+13.1%
+10.5% organic
36% of Software's total revenues are generated abroad
Epi
SBA Software: Product Area Break Down
Patient-centric Hospital Information System (HIS) providing real-time access to health data.
Social Care: central hub where healthcare providers, patients and caregivers can collaborate to manage complex medical conditions.
Telemedicine: software products for the provision and support of remote healthcare.
Healthcare management systems: including ERP, accounting, control systems and HR.
Other healthcare software and services.
Other non-healthcare software and services (i.e. public administration).
Systems for Blood (and SOHO) supply chain management.
Laboratory Information System (LIS).
Imaging: workflow support and management of clinical imaging (RIS-PACS).
Pathology: sw for safe and high-quality anatomical pathology processes management with embedded AI features.
Software designed to streamline and manage various aspects of surgical procedures (operating room, anesthesia, intensive care).
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Financial Highlights FY25
| | FY 25 | FY 24
Restated |
| --- | --- | --- |
| REVENUE BY GEOGRAPHICAL AREA - €MLN | | |
| Fixed Assets | 493.0 | 457.3 |
| Net Working Capital | 287.4 | 263.2 |
| Other operating assets/(liabilities) | (81.6) | (78.3) |
| NET INVESTED CAPITAL | 698.8 | 642.3 |
| Shareholders' equity | 302.4 | 305.8 |
| Net Financial Indebtedness | 396.4 | 336.5 |
| TOTAL SOURCES | 698.8 | 642.3 |
The consolidated financial statements for the 2024 financial year have been revised to reflect the final application of the purchase price allocation (PPA) of Lab Technologies SA and its subsidiaries, acquired in October 2024.
FIXED ASSETS
Strategic Investments increase:
- Goodwill: Logiprem-F SAS: €19.4 M; Mondo EDP S.r.l.: €3.6 M
- New assets: Policura Hospital, Tylent
NET WORKING CAPITAL
NWC increased by €24.2 M
- Trade receivables & contract assets/liabilities
- Trade payables & accrued invoices
- Inventory
NET FINANCIAL INDEBTNESS
Increase due to:
- Inorganic growth > €40 M
- Capex (Tangible & Intangible) €43 M
- Dividends €15.9 M
- Operating Vs financial cashflow
Gpi
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18
Net Debt Bridge FY25
Net Debt Bridge - €M
Gpi
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Business Plan - Next Steps
Organization
We are transforming our governance model globally to support a more scalable and performance-driven organization.
Processes
We are redesigning core processes to increase efficiency, standardization and execution speed across the Group.
Integration & synergies
We are accelerating integration and actively capturing synergies across capabilities, platforms and geographies.
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20
Take aways
Solid 2025 performance
2026 outlook in line with Business Plan milestones towards 2027
Accelerating global expansion
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AGENDA
- GPI GROUP OVERVIEW
- FY25 RESULTS
- Q&A
Gpi
22
Question & Answers
epi
Appendix
Financial Statements FY25
Gpi
www.gpi.com
24
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION, in EUR thousands | 31 December 2025 | 31 December 2024 Revised |
|---|---|---|
| Assets | ||
| Goodwill | 209,070 | 187,564 |
| Other intangible assets | 199,208 | 199,847 |
| Property, plant and equipment | 69,030 | 57,783 |
| Equity-accounted investments | 405 | 459 |
| Non-current financial assets | 15,229 | 11,066 |
| Deferred tax assets | 16,637 | 14,699 |
| Non-recurring customer contract costs | 33 | 619 |
| Other non-current assets | 11,021 | 11,780 |
| Non-current assets | 520,634 | 483,817 |
| Inventories | 17,377 | 15,360 |
| Customer contract assets | 262,721 | 240,063 |
| Trade receivables and other assets | 123,833 | 130,016 |
| Cash and cash equivalents | 107,329 | 45,885 |
| Current financial assets | 48,796 | 38,252 |
| Current income tax assets | 7,916 | 5,334 |
| Current assets | 567,971 | 474,911 |
| Assets held for sale | - | - |
| Total assets | 1,088,605 | 958,728 |
| 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 | 88,267 | 90,353 |
| Capital and reserves attributable to owners of the parent | 305,835 | 307,922 |
| Capital and reserves attributable to non-controlling interests | (3,430) | (2,132) |
| Total equity | 302,405 | 305,790 |
| Liabilities | ||
| Non-current financial liabilities | 380,735 | 248,357 |
| Employee benefits | 21,719 | 15,452 |
| Non-current provisions for risks and charges | 543 | 4,143 |
| Deferred tax liabilities | 29,233 | 28,677 |
| Other non-current liabilities | 7,466 | 8,579 |
| Non-current liabilities | 439,696 | 305,209 |
| Customer contract liabilities | 6,798 | 4,717 |
| Trade payables and other liabilities | 154,531 | 148,085 |
| Employee benefits | 3,634 | 2,879 |
| Current provisions for risks and charges | 1,462 | 2,261 |
| Current financial liabilities | 171,319 | 169,861 |
| Current tax liabilities | 8,760 | 19,926 |
| Current liabilities | 346,504 | 347,729 |
| Liabilities related to assets held for sale | - | - |
| Total liabilities | 786,200 | 652,938 |
| Total equity and liabilities | 1,088,605 | 958,728 |
Gpi
The comparative information of the consolidated statement of financial position, consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and statement of cash flows as of 31 December 2024 have been revised to retroactively reflect the carrying amounts and effects of the Purchase Price Allocation relating to the acquisition of Lab Technologies SA.
25
| CONSOLIDATED INCOME STATEMENT, in EUR thousands | 2025 | 2024 Revised |
|---|---|---|
| Revenue | 530,247 | 496,883 |
| Other income | 15,933 | 13,459 |
| Total revenue and other income | 546,180 | 510,342 |
| Costs for materials | (27,877) | (25,878) |
| Service costs | (126,370) | (121,632) |
| Personnel costs | (268,093) | (250,155) |
| Amortisation, depreciation and impairment losses | (56,266) | (53,815) |
| Other provisions | (9,251) | (14,378) |
| Other operating costs | (10,334) | (7,997) |
| Operating profit/loss | 47,988 | 36,489 |
| Financial income | 5,195 | 14,267 |
| Financial expense | (33,033) | (28,722) |
| Financial income and expense | (27,838) | (14,455) |
| Share of profit/(loss) of equity-accounted investments, net of tax | - | 27 |
| Profit (loss) before tax | 20,150 | 22,062 |
| Income tax | (4,941) | (7,697) |
| Net profit (loss) from continuing operations | 15,210 | 14,364 |
| Net profit (loss) from discontinued operations | - | 88,826 |
| Profit/Loss for the period | 15,210 | 103,191 |
| Profit/(loss) for the period attributable to: | ||
| Owners of the parent | 16,191 | 103,827 |
| Non-controlling interests | (981) | (636) |
Epi
The comparative information of the consolidated statement of financial position, consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and statement of cash flows as of 31 December 2024 have been revised to retroactively reflect the carrying amounts and effects of the Purchase Price Allocation relating to the acquisition of Lab Technologies SA.
26
| STATEMENT OF CASH FLOWS
in EUR thousands | 2025 | 2024
Revised |
| --- | --- | --- |
| Cash flows from operating activities | | |
| Profit/Loss for the period | 15,210 | 103,191 |
| Adjustments for: | | |
| - Depreciation of property, plant and equipment | 11,994 | 11,688 |
| - Amortisation of intangible assets | 43,681 | 41,493 |
| - Amortisation of contract costs | 591 | 634 |
| - Other provisions | 9,251 | 14,378 |
| - Financial income and expense | 27,838 | 14,427 |
| - Share of profit/(loss) of equity-accounted investments, net of tax and the result of assets sold | - | (88,826) |
| - Income tax | 4,941 | 7,697 |
| Changes in working capital and other changes | (44,027) | (38,307) |
| Interest paid | (20,102) | (20,436) |
| Income taxes paid | (9,907) | (10,026) |
| Net cash flows generated by operating activities | 39,470 | 35,913 |
| Cash flows from investing activities | | |
| Interest collected | 246 | 431 |
| Net investments in property, plant and equipment | (21,869) | (21,077) |
| Net investments in intangible assets | (22,632) | (33,539) |
| Net change in other current and non-current financial assets | (14,571) | (6,719) |
| Disposal (Acquisition) of subsidiaries, net of cash acquired and disposals | (42,474) | 73,890 |
| Acquisitions of equity interests from third parties, net of advances | | |
| Net cash flows used in investing activities | (101,300) | 12,986 |
| of which from assets held for sale | - | 87,924 |
| Cash flows from financing activities | | |
| Dividends paid | - | - |
| Proceeds from new bank loans | (17,706) | (24,516) |
| Repayment of bank loans | 105,100 | 20,900 |
| Bond issues | (54,131) | (33,439) |
| Bond redemptions | 91,500 | - |
| New lease payables | (108,166) | (16,667) |
| Lease payments | 6,305 | 9,055 |
| Net change in other current and non-current financial liabilities | (1,263) | (9,611) |
| Change in liabilities for acquisition of equity investments | 118,715 | 10,579 |
| Cash flows from financing activities | (17,080) | (99) |
| Net cash flows generated by financing activities | 123,274 | (43,798) |
| Net increase (decrease) in cash and cash equivalents | 61,444 | 5,100 |
| of which from assets held for sale | | 87,924 |
| Opening cash and cash equivalents | 45,885 | 40,785 |
| Cash and cash equivalents | 107,329 | 45,885 |
Gpi
The comparative information of the consolidated statement of financial position, consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and statement of cash flows as of 31 December 2024 have been revised to retroactively reflect the carrying amounts and effects of the Purchase Price Allocation relating to the acquisition of Lab Technologies SA.
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.
GPI
Gpi
Innovation for Sustainable Healthcare
IR Contacts details
Via Ragazzi del '99, 13 - 38123 Trento
t. +39 0461 381515
[email protected]
Fabrizio Redavid
[email protected]
Lorenzo Giollo
[email protected]