Slides
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H1 2026 Interim Results Innovation for Sustainable Healthcare
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Agenda GPI GROUP OVERVIEW Andrea Di Santo – Chief Executive Officer H1 2026 RESULTS Matteo Santoro – General Manager Q&A 1 2 3
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Agenda Q&A 1 2 3 GPI GROUP OVERVIEW Andrea Di Santo – Chief Executive Officer H1 2026 RESULTS Matteo Santoro – General Manager
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Investment highlights: 38 years of healthcare software & technology expertise 4 Software-led growth combining deep healthcare expertise with long-term customer relationships. Software already represents 63% of Group revenue and c.91% of EBITDA. A loyal customer base Mission-critical software, healthcare services and ecosystem solutions create multiple customer touchpoints and high switching costs. International growth Global expansion provides a significant runway beyond the Italian market. Margin expansion potential A rising Software mix and greater scalability of product-led revenues support the Group's 2025–2029 profitability targets. OVERSEAS REVENUES +11.5% 37% SW OVERSEAS €430m MARKET CAP €400m+ 2017-2025 M&A INVESTMENTS Revenue €256.4m Software €162.7m +3.3% H1 YoY EBITDA €50.9m +8.5% H1 YoY Software €45.9m +7.5% H1 YoY H1 2026 EBITDA Margin 19.9% +180 bps H1 YoY Software 28.2% +110 bps H1 YoY 6-month averageof Total RevenueH1 YoY
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A software-led healthcare technology company, powered by AI 5 SOLUTIONS Software PRODUCTS Software STRATEGIC DIVERSIFICATION HIS EMR - Electronic Medical Record, etc. TREATING & CARING Social Care, Telemedicine, AI solutions, etc. MANAGING Human Resources, Booking, ERP for Health, Data Analytics, etc. BLOOD & Substances Of Human Origin DIAGNOSTICS Laboratory Information System, Imaging, Pathology CRITICAL CARE Anesthesia, Intensive Care, Operating Theatres CARE & TELEMONITORING ICT & CYBERDEFENCE AUTOMATION Robots for Pharmacy Warehouse Automation (Hospitals, retailers, wholesalers) Build the customer relationship and cross-selling. International scalability, higher-margin potential. Extends customer reach, enables adoption and creates adjacencies around the software core. Global product-led software Ecosystem services and enabling technologies Bespoke project-oriented software ENABLING THE ECOSYSTEM THE SOFTWARE POWERHOUSE
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Gpi4AI Pioneering Ethical AI in Healthcare Empowering sustainable healthcare through governed, sovereign, and certified Artificial Intelligence. Clinical Empowerment Adding tangible value to our healthcare solutions. Enhancing patient care through ambient voice interfaces (Eleanor.NGH), unstructured data analytics (CaiLL), and predictive modeling for neurodegenerative diseases (DREAM). Healthcare Specialized Deploying fully governed AI systems trained and fine- tuned strictly for the clinical and socio-healthcare domain. We ensure medical accuracy and avoid the generic pitfalls of standard LLMs. Sovereign & Green Infrastructure Guaranteeing absolute data sovereignty and computational power through Intacture—Europe's first operational data center inside an active mine, delivering unmatched physical security and green energy efficiency. Certified Ethical AI Recognized pioneers in responsible innovation. We hold the stringent ISO/IEC 42001* certification, ensuring ethical, transparent, and secure AI Management Systems for healthcare.“ * Information Technology, Artificial Intelligence, Management System
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High-margin product scalability drives international sales 7 Navigating international data regulations & enabling interoperability Client Breakdown COUNTRIES REACHED 70+ 18 OFFICES IN COUNTRIES 50+ OFFICES IN ITALY 9,000+ CUSTOMERS Private 17% ◼ Nursing homes ◼ Private clinics ◼ Pharmacies Public 7% ◼ Regions ◼ Local entities ◼ Municipalities Private 4% ◼ Telco ◼ Other Public 72% ◼ Hospitals ◼ Healthcare Authorities ◼ Public providers ◼ Regions, Local entities NON- HEALTH HEALTH 11% Other Clients 89% Healthcare Clients
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Agenda Q&A 1 2 3 GPI GROUP OVERVIEW Andrea Di Santo – Chief Executive Officer H1 2026 RESULTS Matteo Santoro – General Manager
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H1 2026 | Performance highlights 9 1 2 3 4 SOFTWARE INTERNATIONAL PROFITABILITY EXECUTION Sustained international growth. Mix continues to improve. Overseas contracts and revenue demonstrate product scalability. EBITDA growth and margin progression validate operating model. M&A integration, cross-selling, and organizational alignment support the plan.
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H1 2026 | Economic results 10 € M H1 26 H1 25 Restated Revenue & Other Income 256.4 259.4 EBITDA 50.9 47.0 EBITDA margin % 19.9% 18.1% EBIT 17.3 16.5 EBIT margin% 6.7% 6.4% Net Income 3.2 3.5 The consolidated P&L statement for the H1 2025 financial year have been revised to reflect the final application of the purchase price allocation (PPA) of Lab Technologies SA and Mondo EDP s.r.l. REVENUE €256.4 M -1.1% Solid underlying momentum: Growth in Software (+3.3%) and Automation & ICT (+8.5%) offset Care's temporary contract ramp-up gap (-12.4%). EBITDA €50.9 M +8.5% | 3.8% organic Disciplined cost structure maintained. Overall cost base stable YoY with a significant reduction in the share of overhead costs. EBITDA margin 19.9% +180 bps Margin growth driven primarily by Software & Technology solutions. EBIT €17.3 M +4.5% D&A remain consistent YoY and reflect the investments made during the period. NET INCOME € 2.1 M -5.5% Tax increased €0.8M YoY 26% 74% Italy RoW 37% of Software revenues from abroad +2% H1 YoY +11.5% RoW H1 YoY
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MIX by GEOGRAPHY H1 2026 | Software performance 11 REVENUE €162.7m H1 YoY +3.3% EBITDA MARGIN 28.2% H1 YoY + 110 bps INTERNATIONAL REVENUE 37% H1 YoY +2% Treating & Caring Managing HIS Other SOFTWARE SOLUTIONS 69% of SW Revenue (75% in H1 25) Blood Diagnostics Critical Care SOFTWARE PRODUCTS 31% of SW Revenue (25% in H1 25) 63% 28% 9% EU RoW Revenue H1 26 Italy Software mix, growth and margin demonstrate progress towards the 2025–2029 plan.
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H1 2026 | Strategic diversification: enabling the healthcare ecosystem 12 Care, Automation, ICT are ecosystem businesses that strengthen the customer relationship and create additional routes to software adoption and cross-selling. REVENUE €23.5m H1 YoY +8.5% EBITDA MARGIN 18.6% H1 YoY + 470 bps Automation & ICT Operational technology Care Access & Engagement REVENUE €70.3m H1 YoY -12.4% EBITDA MARGIN 0.9% H1 YoY - 50 bps Revenue Strong commercial performance, with volumes reaching €23.5m and contribution rising to 9% (8% in H1 2025). EBITDA Margin up to 18.7% (13.8% in H1 2025), with EBITDA at €4.4m (+46.7%), driven by improved operating efficiency and favourable mix. Revenue Volumes at €70.3m, representing 27% of total mix, reflecting the strategic shift towards Software while maintaining a strong position in the integrated offering. EBITDA €0.6m, with a 0.9% margin, in line with the area’s expected evolution.
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H1 2026 | Financials 13 € M H1 26 FY 25 Restated Fixes Assets 489.8 493.0 Net Working Capital 329.9 287.4 Other operating assets/(liabilities) (104.0) (81.6) NET INVESTED CAPITAL 715.7 698.8 Shareholders’ equity 290.0 302.4 Net Financial Indebtedness 425.8 396.4 TOTAL SOURCES 715.7 698.8 FIXED ASSETS Fixed assets down €3.2m vs 2025: Driven by €23.4m of capex, offset by €27.3m in amortisation. NET WORKING CAPITAL NWC +€42.5m vs 2025: Driven by strong output and higher contract assets, set to convert into cash in H2 2026. NET FINANCIAL INDEBTNESS Net debt at €425.8m (+€29.4m vs Dec-25), mainly reflecting seasonal cash-flow dynamics and growth capex in AI solutions. Improving EBITDA/Net Finance Costs supports sustainable deleveraging
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H1 2026 | Net Debt Bridge 14 396.4 425.8 (50.9) 27.5 1.7 17.5 5.9 17.3 11.0 0.5 NFD 31/12/2025 EBITDA NWC & other non financial Assets/Liab. Tax mgmt. Capex (intang.) Capex (tang.) Approved Dividends Net Interest Other NFD 30/06/2026 €27.5m NWC change, represents a normal working-capital dynamic supporting business growth. Change mainly driven by Contract assets/liab., expected to convert into cash in H2. Trade receivables made a positive contribution, confirming efficient and consistent cash generation from collections. Careful management of trade payables remained well balanced and disciplined. Approved dividends, paid in July 2026
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Agenda Q&A 1 2 3 GPI GROUP OVERVIEW Andrea Di Santo – Chief Executive Officer H1 2026 RESULTS Matteo Santoro – General Manager
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Mission-critical software Software embedded in healthcare workflows creates durable customer relationships and high switching costs. Why GPI can win 16 Visibility in a strategic market. Software-led Software already represents the majority of Group economics, its clear centre of gravity. Core Solutions provide the installed base; Vertical Products provide the most scalable route to international growth. Core engine, adjacent ecosystem, scalable. Know-how Healthcare know-how, reference cases and product breadth create barriers to entry that generalist software vendors cannot easily replicate. Deeper customer relationship and cross-selling. International Execution against the 2025–2029 plan can translate software mix improvement and internationalisation into sustained growth and margin expansion. Clear strategy, Faster growth, higher margins.
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Appendix Financial Statements H1 2026
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION, in EUR thousands 30 June 2026 31 December 2025 Assets Goodwill 209,297 209,070 Other intangible assets 195,777 199,208 Property, plant and equipment 68,345 69,030 Equity-accounted investments 207 405 Non-current financial assets 16,158 15,229 Deferred tax assets 18,731 16,637 Non-recurring customer contract costs 27 33 Other non-current assets 8,371 11,021 Non-current assets 516,913 520,634 Inventories 17,721 17,377 Customer contract assets 300,537 262,721 Trade receivables and other assets 116,151 123,833 Cash and cash equivalents 129,494 107,329 Current financial assets 53,169 48,796 Current income tax assets 11,652 7,916 Current assets 628,724 567,971 Total assets 1,145,637 1,088,605 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 76,575 88,267 Capital and reserves attributable to owners of the parent 294,143 305,835 Capital and reserves attributable to non-controlling interests (4,184) (3,430) Total equity 289,959 302,405 Liabilities Non-current financial liabilities 418,134 380,735 Employee benefits 25,133 21,719 Non-current provisions for risks and charges 1,169 543 Deferred tax liabilities 28,141 29,233 Other non-current liabilities 7,475 7,466 Non-current liabilities 480,052 439,696 Customer contract liabilities 11,482 6,798 Trade payables and other liabilities 158,379 154,531 Employee benefits 3,654 3,634 Current provisions for risks and charges 2,105 1,462 Current financial liabilities 189,995 171,319 Current tax liabilities 10,011 8,760 Current liabilities 375,626 346,504 Total liabilities 855,678 786,200 Total equity and liabilities 1,145,637 1,088,605
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* The consolidated financial statements for the first half of 2025 have been restated to reflect the effects of the finalisation of the Purchase Price Allocation (PPA) for the Lab Technologies Group and its subsidiary Mondo EDP s.r.l. CONSOLIDATED INCOME STATEMENT in EUR thousands H1 2026 H1 2025 restated* Revenue 248,712 253,160 Other income 7,733 6,240 Total revenue and other income 256,445 259,400 Costs for materials (12,968) (11,465) Service costs (54,185) (64,140) Personnel costs (133,194) (131,983) Amortisation, depreciation and impairment losses (27,327) (26,298) Other provisions (6,343) (4,131) Other operating costs (5,152) (4,848) Operating profit/loss 17,276 16,535 Financial income 2,905 3,019 Financial expense (13,865) (13,982) Financial income and expense (10,960) (10,963) Share of profit/(loss) of equity-accounted investments, net of tax (143) - Profit (loss) before tax 6,173 5,572 Income tax (2,974) (2,188) Profit/Loss for the period 3,199 3,384 Profit/(loss) for the period attributable to: Owners of the parent 3,919 3,561 Non-controlling interests (720) (177)
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CONSOLIDATED STATEMENT OF CASH FLOWS, in EUR thousands H1 2026 H1 2025 restated* Cash flows from operating activities Profit/Loss for the period 3,199 3,384 Adjustments for: - Depreciation of property, plant and equipment 6,599 5,829 - Amortisation of intangible assets 20,723 20,174 - Amortisation of contract costs 5 295 - Other provisions 6,343 4,131 - Financial income and expense 10,960 10,963 - Share of profit/(loss) of equity-accounted investments, net of tax and the result of assets sold 143 - - Income tax 2,974 2,188 Changes in working capital and other changes (25,813) 5,062 Interest paid (11,373) (8,850) Income taxes paid (1,691) (9,410) Net cash flows generated by operating activities 12,069 33,766 Cash flows from investing activities Interest collected 365 70 Net investments in property, plant and equipment (5,914) (9,855) Net investments in intangible assets (17,519) (23,104) Net change in other current and non-current financial assets (4,955) (31,700) Disposal (Acquisition) of subsidiaries, net of cash acquired and disposals - (4,093) Net cash flows used in investing activities (28,022) (68,682) Cash flows from financing activities Dividends paid - (3,203) Proceeds from new bank loans 85,650 51,000 Repayment of bank loans (25,539) (23,039) Bond issues - 91,500 Bond redemptions (995) (8,334) New lease payables 2,381 4,628 Lease payments (4,210) (3,166) Net change in other current and non-current financial liabilities (15,940) 492 Change in liabilities for acquisition of equity investments (3,230) (15,901) Net cash flows generated by financing activities 38,118 93,977 Net increase (decrease) in cash and cash equivalents 22,165 59,062 of which from assets held for sale - - Opening cash and cash equivalents 107,329 45,885 Cash and cash equivalents 129,494 104,947
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Disclaimer 21 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.
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Fabrizio Redavid fabrizio.redavid@gpi.it Lorenzo Giollo lorenzo.giollo@gpi.it Via Ragazzi del '99, 13 - 38123 Trento t. +39 0461 381515 investor.relations@gpi.it IR Contacts details