#1GD: INVESTOR PRESENTATION DECEMBER 2020 Gpi#22 The context Healthcare HEALTHCARE: A PIVOTAL MARKET A segment that can impact a country's economic development, the keeping of public accounts and its very social cohesion INCREASED DEMAND FOR CARE AN EVOLVING MARKET ● demographic ageing and increased life expectancy increased health costs (chronic) shortage of healthcare staff (doctors) and resources THE CHALLENGE: to make the health systems sustainable, limiting spending and improve the quality of service € 2019 ITALY HEALTHCARE EXPENDITURE 115 B € 20% waste and inefficiency OPPORTUNITIES: ORGANISATIONAL and TECHNOLOGICAL RENEWAL (digital health care) Rethinking the organisational models and processes used by the health authorities Gpi#3Your Global Partner for a Better Future We develop software, technologies and services to help the health care providers to innovate the models of care, assistance and prevention, optimizing processes and containing costs. A partnership to make health systems sustainable and help improve people's health and well-being. |-→ N ด History of Growth International footprint Leadership Uniqueness Quality of life > 30 years of experience, management team with a track record of internal growth and M&As solutions used by more than 2,200 customers in more than 60 countries 1st player in Italy: services granting access to care 3rd player in Italy: software solutions for healthcare and social systems integrated software, technology and service solutions to optimise the clinical, care, administrative and social processes. our work helps improve the quality of life Gpi 3#4• GPI in figures Revenue €M 179.9 4 2017 Net profit €M 7.9 203.7 2017 2018 9.5 2018 +18.3% Vs 2018 240.9 2019 9.8 2019 EBITDA €M Staff 26.1 2017 3,904 2017 28.6 2018 4,377 2018 32.2 2019 5,345 2019 A history of steady growth 2013 Orizzonte fund providing equity financing - First minibond issued. 2016 merger between GPI and the SPAC CFP1. Start of trading in the stock market AIM Italia. 2018 graduated from AIM to MTA main market of Borsa Italiana. > 75 mln M&A deals *2017 and 2018 EBITDA, net of extraordinary costs; 2019 EBITDA includes the effects of IFRS 16 Gpi#5• Strategic Business Areas TECHNOLOGIES 50.6% Pay 2.8 CO Automation 4.8 ICT 4.9 >Software 38.1 5 SERVICES 49.4% Care Note: % revenues for SBA out of total revenues referring to FY 2019 Gpi#6● Supply Lines 6 main SBAs 87.5% of total revenue other SBAs 12.5% of total revenue i Software Care CO Automation U ICT ▼ Pay hospital information system health social care blood transfusion & tissue bank health administration . Business Intelligence, data analytics. other ● ● ● ● • automated pharmacy warehouse • automated hospital pharmacy supply chain ● ● BPO health care administrative svc. (AtC,..) telemedicine other ● HW & SW on-site/ on-line maintenance and aassistance on-site / on-line system services e-payment and e-mandate solutions electronic storage Gpi#7Highlights 1H2020 Covid-19 7 Slowdown in ordinary business, increase in extraordinary business and innovation activities Overall increase in volume and positive net balance New solutions and services to tackle the Covid-19 Contract awarded Telemedicine Region Lombardia Telemonitoring of Covid-19 patients (40k patients) 2H2020 Additional bond issue of 20M€ (oversubscribed) ("GPI S.p.A. - 3,50% 2019-2025” total nominal amount 50M€) Contract awarded Region Basilicata Sw e AtC svc + Regional Digital Agenda (14,7 M€ | duration 2+2 yrs | Gpi 60%) main M&As 1H2020 Oslo Italia (Business Intelligence Health Care SW, Big Data & Analytics) | 4.3 M€ Rev. | 30% EBITDA Umana Medical Technologies, Malta start up innovative solutions: nanomaterial tattoo sensors for remote monitoring of vital signals 2H2020 Assets Haemonetics, USA company listed on the NYSE (SW Blood Bank) | 11.3 M $ Rev. 135% EBITDA | 100 clients in the USA (signing in May, closing in July 2020) Medinfo international Group: 3 companies France, Tunisia, Chile (SW Blood Bank) | 3.9 M€ Rev. | 33% EBITDA 60 clients NHS UK, Army (France, Belgium) (signing in May, closing expected by the end of 2020) FY2019 Gpi#8Main Results 1H2020 Outlook FY2020#9• Resilience and Growth 1H 2020 Revenue +6.1%, EBITDA +8.7% Revenue 117.2 M€, +6.1% thanks to the contribution of the SBAs: SW 41.5 M€, +2.1% Care 61.0 M€ +5.9% Other 14.7 M€ +20.1% 1H 2020 marked by Covid-19 3 acquisitions EBITDA: 10.5 M€, 9.7% on adj. Revenue Net Profit: 0.2 M€: Higher D&A for 1.8 M€ (1.1 M€ amortization of intangibles and 0.7 M€ depreciation of tangibles) 9 M€ Revenue & other income Adjusted Revenue(¹) EBITDA EBITDA % of adj. revenue EBIT Net profit (1) Net of Temporary grouping of companies (RTI) FY2019 1H2020 1H2019 117.2 108.1 10.5 9.7% 0.9 0.2 110.5 99.6 9.6 9.7% 1.8 1.3 Gpi#10● Financial Highlights 1H2020 10 A3.1 CERVED Rating confirmed A- S&P | A3 Moody's | A-1 Fitch Net working capital 97.4 M€ (91.3 M€ FY2019): higher inventory for 1.4 M €, higher trade receivables and contract assets and liabilities for 2.1 M € (net of provision for doubtful accounts), reduction in trade payables for 2.6 M € Shareholders' equity 71.9 M€ (72.1 M€ FY2019): Fair value of financial assets Net Debt 90.9 M€ (82,8 M€ FY2019) reflects the operating flows and the investment strategy of the Group in the 1H2020 Investments: Tot. 15.8 M€, M&A 9.1 M€ | R&D 4.8 M€ M€ Net working capital Non-current assets Other operating assets/(liabilities) NET INVESTED CAPITAL Shareholders' equity Net financial position TOTAL SOURCES FY2019 1H2020 FY2019 97.4 134.7 (69.4) 162.8 71.9 90.9 162.8 91.3 119.4 (55.8) 154.9 72.1 82.8 154.9 Gpi#11• Segmentation 1H2020 11 Revenues 1H2020 by Strategic Business Area 12.5% 52,0% Software Care FY2019 35.5% Other EBITDA 1H2020 by Strategic Business Areal 15.8% OO 14.5% Software Care 69.7% Revenues 1H2020 by Geographic Area Other Italy 6.6% 93.4% International Gpi#12• Focus SBA Software 1H2020 Adj. Revenue M€ (1) EBITDA M€ A +2.0% 40.3 1H2019 12 41.1 1H2020 18.1% 7.3 1H2019 (1) Net of Temporary grouping of companies (RTI) 17.8% 7.3 1H2020 Supply Lines % on total SBA's revenue 25.8% 6.7% 10.9% ■Clinical 10.0% 33.4% 13.2% I Administrative Blood Transfusion HR BI software ■ Other Recurring fees 51% Contract duration 1-3 years Competitive position 3° player ITA FY2019 Gpi#13• Focus SBA Care 1H2020 Adj. Revenue M€ (1) EBITDA M€ A +11.1% 47.1 1H2019 13 52.4 1H2020 3.2% 1.5 1H2019 (1) Net of Temporary grouping of companies (RTI) 3.2% 1.7 1H2020 Supply Lines % on total SBA's revenue 2.9% 97.1% BPO (ATC) Telmed. / Other Recurring fees 97% Contract duration 4-6 anni Competitive position 1° player ITA FY2019 Gpi#14● • Focus Other SBAS 1H2020 Revenue M€ A +20.0% 14 12.2 1H2019 14.7 1H2020 EBITDA M€ 6.5% 0.8 1H2019 10.3% 1.5 1H2020 1H 2020 Revenue 23.5% 44.4% Automation ■ICT 32.1% 57.9% 1H 2020 EBITDA Automation 28.4% Pay 13.7% ICT Pay Automation Automated warehouse sales, maintenance and service fees Retail Pharmacies ● ● ICT Desktop management services fees other system services ● ● Hospital Pharmacies Wholesaler and other industries PAY ePayment services POS rental and related software ● ● Healthcare customers Non-healthcare PA Other private customers Large-scale Retail; Local PA Svc. providers based on POS System Integrator FY2019 CO Gpi#15• Outlook FY 2020 REVENUE INCREASE: > 6.0% EBITDA: INCREASE > 8.5% 15 M€ Revenue & other income EBITDA EBITDA % 2019 240.9 32.2 13.4% Outlook 2020 >255.4 >34.9 >13.7% col#16• The customers 16 ● Hpub ● 2019 2018 Healthcare Authorities Hospitals • Public providers ● (in-house) Regions, Provinces (health) 74.5% 74.0% +2,200 Public and private customers 2019 2018 ● Hpri • Cooperatives Nursing homes, private clinics, etc. Analytics, providers Trade associations, insurers Private users 9.0% 13.4% Pharmacies 2019 2018 ● ● NHpub ● 6.8% 6.3% Municipalities Provinces Regions Regional agencies Universities Consortia NHpri 2019 2018 8.8% 6.3% Large-scale retail channel Banks Meal voucher operators • Non-food chain stores Local organisations (ACI, etc.) Gpi#17Gpi HIS GPI worldwide Automation Blood Bank 17 ITALY > 40 branches SOLUTIONS > 60 countries Gpi#18Target market and competitive environment#19• Market Analysis Software Market value $70.0 bn || Source: Gartner (2020 Q2) $0.65 bn 19 || Source: Gartner (2020 Q2) Forecast 2020 - World Market Healthcare software+IT services IT 45% North America 21% Western Europe 3.4% Mature Asia/Pacific 2.3 % Latin America 5.1% Greater China CAGR 20-24: 11.4% CAGR 20-24: 9.9% CAGR 20-24: 11.5% CAGR 20 - 24: 6.3% CAGR 20-24: 15.4% Forecast 2020 - Italian Market Healthcare software+IT services IT 0.9% of the world market CAGR 20 - 24: 4.9% World market slowdown expected in 2020 -0.9% Fairly large national / European economic resources (Recovery Fund,..) Gpi#20• Market Analysis ● 20 Top Players Software Company Dedalus HEALTHCARE SYSTEMS GROUP ENGINEERING Gpi Reply santer exprilia Brief description ICT solutions and related services for public and private healthcare providers. ICT solutions for the segments: finance, industry, telco&utilities and PA. ICT solutions, administrative and social-healthcare services for public and private healthcare providers. Software for hospital processes, orders and risk management Group reply part. Digital transformation & ICT services for industries, energy, aerospace, healthcare, PA, etc. Focus on HC Through dedicated healthcare division Through dedicated healthcare division Ranking 1st 2nd 3rd 4th 5th Care Company Gpi ALTHEA Cropservice Cooperativa Sociale ANTHESYS SERVIZI Sedie Sa CAPO DAR CO > 28 M citizens reached Brief description ICT solutions, administrative and social-healthcare services for public and private healthcare providers. Maintenance services for medical devices, operative in 17 different countries. BPO services (e.g. cleaning, security, logistics and healthcare services). Local supplier of services for healthcare and the educational segment, operates in the Region of Veneto. Local supplier of services for healthcare, operates in the Region of Lazio. Ranking 1st N/A N/A N/A N/A Gpi#21Strategic intentions 2020-2024#2222 Strategic guidelines 01 EVER MORE GLOBAL Strong increase over the BP period Geographical areas of growth: DACH, Russia, China, Middle East and America 02 GROWTH IN PRIVATE HEALTH CARE doubling up of the segment % weight 2020-2024 04 03 ITALY HEALTH CARE SW MARKET LEADERSHIP Major regional and national tenders M&As Focus of R&D on Machine Learning and on the digital transformation from PRODUCTS/ SERVICES to INTEGRATED SOLUTIONS Greater integration of services | SW | technologies to respond to the evolution of healthcare models and the healthcare demand. 05 from PROVIDER to PARTNER Multi-business nature with the contribution of all SBAS. Gpi#23• 2024 economic-financial targets Equal scope of consolidation as of 31/12/2019 23 REVENUE EBITDA NFP Million Euros 2019 241.0 13.4% 82.8 2024 > 295.0 >15.0% < 1xEBITDA CAGR 2019-2024 > 4% 13 Gpi#24M&A Guidelines#25● • Historic M&A process 1988-2010 GPI established in October 25 ACQUIRED Sysline (65%) ACQUIRED Spid (16%) Selfin (health) INCREASED HOLDING IN Sysline (70%) ESTABLISHED Selfin.it ESTABLISHED CRG MADO 2011 ACQUIRED & CONSOLIDATED Logicast (100%) Larca (100%) Argentea (100%) 2012 ACQUIRED GCS (health) ACQUIRED Sintac (23%) CONSOLIDATED Selfin.it (100%) S.O.I.V.E. (100%) Hit (100%) Skyline (100%) ESTABLISHED Consorzio SST (8%) Argentea (80%) Neocogita (24%) ESTABLISHED GCS (51%) Ziti Tecnologia Ltda GPI Africa Austral Sa 2013 INCREASED HOLDING IN Spid (78%) Sysline (90%) Hit (90%) 2014 ACQUIRED Riedl (51%) Sferacarta GPI (51%) ACQUIRED Evolvo GPI (80%) Lombardia Contact (100%) Sintac (51%) Spid (80,8%) GPI Technology (80%) GPI Chile (51%) Saluris (19%) 2015 INCREASED HOLDING IN GSI (51%) GCS (75%) ESTABLISHED GPI Middle East (Abu Dhabi) 2016 ACQUIRED Saluris (60%) DO.MI.NO (70%) Nuova Sigma (100%) EDP Sistemi (100%) Net Medica (100%) Info Line (100%) Xidera (60%) Hemasoft (60%) Hemasoft America (60%) BIM Italia (70%) CONSOLIDATED CRG (100%) SPID (100%) GSI (100%) Evolvo GPI (100%) GPI do Brasil (100%) ESTABLISHED Groowe Tech JOINTLY HELD Safeaty (19,9%) UpSens (5,4%) 2017 ACQUIRED GPI Technology (100%) Sferacarta GPI (100%) GCS (100%) Gbim (70%) Innovazione e Tecnologie (health) Insiel Mercato (55%) PCS (100%) 2018 ACQUIRED Paros (100%) Unit IT (100%) Erre Effe (100%) INCREASED HOLDING IN Insiel Mercato (100%) Neocare (100%) Groowe Tech (100%) CONSOLIDATED 2019 ESTABLISHED Argentea (Poland) (65,60%) Informatica Group (Russia) (100%) Cliniche della Basilicata (67%) Edp Erre Effe Informatica Groowe Tech Neocare ACQUIRED Accura (80%) Business Process Enginering (71,6%) Guyot Walser Informatique (60%) CONSOLIDATED Uni IT Insiel Mercato Infoline ESTABLISHED Healthech PeopleNav Net Medica Nuova Sigma Paros 2020 ACQUIRED Consis (assets) Oslo Italia (65%) Umana Medical Technologies (58%) Haemonetics (assets) INCREASED HOLDING IN Business Process Engineering (100%) TBS IT (100%) BIM Italia (100%) CONSOLIDATED Business Process Engineering Sintac TBS IT Gpi#26• M&A Guidelines 26 ITALY 1. Product portfolio evolution software/services/territories (€1-10 M revenues) 2. Big players TARGET EXPORT 1. Structured software companies (€20-30 M revenues) 2. Product portfolio evolution Gpi#27• M&A Guidelines ● 27 RESOURCES ● ● BONDS TRADITIONAL FINANCING WARRANTS SHARES/SHARES Big players Abroad ● Gpi#28Investment Attractiveness Leadership and Uniqueness Growth and Visibility Technology and Service Evolution of market/client M&A Opportunities GPI IN THE STOCK MARKET Bloomberg: GPI:IM 15,909,539 Ordinary Shares (ISIN: IT0005221517) Price: 7.16 € (27 November 2020) Capitalisation: 113.9 M€ ANALYST COVERAGE - Target price Intermonte SIM (14/10/2020): Banca Akros (06/11/2020): SHAREHOLDING STRUCTURE Float 34.91% 10.00 € 11.00 € O Treasury shares 0.72% FM SRL 64.37%#29● IR Contact details Gpi Fabrizio Redavid Mob. +39 335 1035499 [email protected] Lorenzo Giollo Mob. +39 340 8223333 [email protected] Via Ragazzi del '99, 13 -38123 Trento T +39 0461 381515 investor. [email protected] 29 May 2018 IRTOPCONSULTING Maria Antonietta Pireddu Via C. Cantù, 1 - 20123 Milan Tel. +39 02 45473883/4 [email protected] Gpi#30• 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. 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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, 30 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. 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