Gpi Spa · MIL:GPI
Gpi Spa — FY2024 Earnings Presentation
29 slides from Gpi Spa's earnings presentation, April 2025
Slide 1: FY2024 Results
Innovation for Sustainable Healthcare FY2024 RESULTS
Slide 2: Healthcare: A Pivotal and Evolving Market
2 HEALTHCARE: A PIVOTAL AND EVOLVING MARKET Driven by factors such as: changes in demographics (chronic diseases) advancements in medical technology shifts in societal attitudes towards health specific events like pandemics or healthcare policy changes. Vectorjuice Freepik Vectorjuice Freepik Challe
Slide 3: GPI's Vision, Mission & Values
3 GPI'S VISION, MISSION & VALUES VISION MISSION Developing innovative software and Enhancing quality of life by leading technologies to streamline healthcare healthcare’s digital transformation. interactions and optimize prevention, diagnosis, and treatment. VALUES ETHICS RESPONSIBILITY CARE FOR PEO
Slide 4: Offering Framework
4 OFFERING FRAMEWORK CORE OFFERING: VERTICAL OFFERING: DIVERSIFICATION: PROFITABLE BUSINESS AROUND SOFTWARE SOLUTIONS SOFTWARE PRODUCTS HEALTHCARE MODEL EHR/EMR (Electronic Health Record, Electronic BLOOD CARE & TELEMONITORING Medical Record) MANAGING DIAGNOSTICS (Human Resources, Booking, Electroni
Slide 5: Revenue and EBITDA: Impressive Double Digit Growth
5 REVENUE AND EBITDA: IMPRESSIVE DOUBLE DIGIT GROWTH Significant growth in 2024 mainly thanks to SBA Acceleration in 2022-2023 Software and the 100% inclusion of Evolucare thanks to NRPP kick-off and financials and strong growth of Tesi Group Tesi and Evolucare acquisitions 510 €M 433 20.6% Focus on
Slide 6: Global Presence at a Glance
6 GLOBAL PRESENCE AT A GLANCE Revenue Breakdown (FY24, %) Gpi global footprint and international reach By geography Main geographies Other countries 33% Software Offices international 22% Italy UK HQs revenues Germany Belgium Switzerland Poland RoW 78% France Austria Italy Spain By client type Malta
Slide 7: Market Leadership
7 MARKET LEADERSHIP GPI is the Italian market leader in the healthcare software and healthcare BPO markets in the 2021 2024 period. SBA HEALTHCARE SOFTWARE HEALTHCARE Business Process Outsourcing Year 2021 2024 2021 2024 Italian Healthcare €1.2B €1.7B €290M €304M IT Mkt Size1 1° 1° 1° 1° Market Shar
Slide 8: Healthcare IT Market Size and Expected Growth Rate
8 HEALTHCARE IT MARKET SIZE AND EXPECTED GROWTH RATE Market Size Expected CAGR 2024 (€B) 2024-2030 (%) Global Market > 60 8-10% Main Target Countries for Development > 25 11-12% France, DACH, USA, Italy Italy ca. 1.7 > 11% Sources: Statista – Digital Health; NetConsulting – ICT Research; GrandivewRe
Slide 9: Focus on Healthcare IT Product Categories in Main Target Countries
9 FOCUS ON HEALTHCARE IT PRODUCT CATEGORIES IN MAIN TARGET COUNTRIES €m (size) Italy France DACH USA Total % (CAGR 2024-2030) • Chronic Core • EHR/EMR 800 742 1.334 7.234 10.109 Horizontal Offering • Management Control 7% 6% 6% 8% 7% • Scheduling 27 33 48 209 317 Vertical Blood • Blood 5% 9% 6% 8% 7
Slide 10: Automation and BPO Services (Care) Market Size and Expected Growth
10 AUTOMATION AND BPO SERVICES (CARE) MARKET SIZE AND EXPECTED GROWTH Market Size Exp. CAGR AUTOMATION 2024 (€m) 2024-2030 (%) Main Target Countries for Development 3.500 9% France, DACH, USA, Italy Italy 135 11% Market Size Exp. CAGR BPO Services (Care) 2024 (€m) 2024-2030 (%) Italy c. 300 3% Sourc
Slide 11: 4 Pillars – Strategic Business Plan 2025-2029
11 4 PILLARS – STRATEGIC BUSINESS PLAN 2025 - 2029 1. SBA Software. Consolidation of the national leadership position. 2. Capture additional value from recent acquisitions while developing vertical global products (e.g. Blood, Diagnostics(1), Critical care) and expanding the international presence o
Slide 12: Main Targets Strategic Business Plan 2025-2029
12 MAIN TARGETS STRATEGIC BUSINESS PLAN 2025-2029 2027E 2029E REVENUE >€600m >€700m (o/w international) (25% - 27%) (27% - 30%) ECONOMICS EBITDA >22% >25% ca. 7-9% ca. 7-9% CAPEX of revenue of revenue ROIC > 11% > 15% DIVIDENDS Stable distribution DEBT NFP/EBITDA < 2.7x < 2.5x
Slide 13: FY 2024: Key Messages
13 FY 2024: KEY MESSAGES 1 GPI, A LEADING PLAYER IN DIGITAL HEALTHCARE. Strengthening our software leadership in Italy and expanding internationally, INNOVATIVE, HIGH-QUALITY SOFTWARE SOLUTIONS. 2 Creating value for customers and patients through continuous innovation and security. STRONG DOUBLE DIG
Slide 14: FY2024: Strong Double Digit Growth
14 FY2024 : STRONG DOUBLE DIGIT GROWTH Revenue € 509.9 M +17.7% €M FY24 FY23 o/w Software € 304.1 M restated (1) • Driven by organic (+10.0%) and inorganic growth (+7,7%); Revenue & other income 509.9 433.4 • Software increased by € 76.7 M (+33.7%). EBITDA 104.8 79.8 EBITDA: € 104.8 M +31.3% | margi
Slide 15: SBA Software: FY24 vs FY23
15 SBA SOFTWARE: FY24 vs FY23 REVENUE EBITDA +77 M +24M Focusing on Software enhanced the Group’s profitability +34% Organic +19% +35% Software 304 29.9% EBITDA margin 29.6% • Retention 96% 227 91 • Tender Win Ratio 44% 67 • Avarage Contract term 1-3 years • Public customers 79% FY 23 FY 24 FY 23 FY
Slide 16: SBA Software: Product Area Break Down
16 SBA SOFTWARE: PRODUCT AREA BREAK DOWN Segments % SW Rev. ’24E Key highlights ◼ Patient-centric Hospital Information System (HIS) providing real-time access to health data for professionals, ensuring 39.1% coordination of patient care throughout their hospital stay. It includes various integrated
Slide 17: Innovation: Artificial Intelligence to Evaluate, Plan, Predict, and Manage Critical Issues
17 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 s
Slide 18: Consolidating the Italian Leadership
18 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. 17.5 Major Health Digitization Tenders Consip has launched five nationwide tenders for health dig
Slide 19: Software Drives GPI's Increasing Geographical Presence
19 SOFTWARE DRIVES GPI’S INCREASING GEOGRAPHICAL PRESENCE +44% YoY 17.5 UE € 100 M € 71 M € 29 M 23% revenues generated EU revenues extra-EU revenues Software abroad: 167.1 FY 24 Extra UE 33% of Software’s mainly mainly Italy 67% 10% total revenues France, Spain, DACH Mexico, USA, (Germany, Austria,
Slide 20: Other SBAs FY24 vs FY23
20 OTHER SBAs FY24 vs FY23 Care Automation Robots for Pharmacy Warehouse Automation • Optimizing workflows of the healthcare system • Retention (BPO) 93% (hospital & retail) BPO healthcare administrative svc. Access to Care • Tender Win Ratio 30% ICT HW & SW maintenance & assistance 164 162 System s
Slide 21: Financial Highlights FY24
21 FINANCIAL HIGHLIGHTS FY24 Fixed Assets €M FY24 FY23 • Increase mainly due to investments in new products and restated (1) innovative solutions, particularly SBA Software. Fixed assets 453.2 449.4 Net Working Capital Net working capital 263.1 224.6 • (+) increase in trade receivables and contract
Slide 22: Net Debt Bridge (€M)
22 NET DEBT BRIDGE (€M) Strong compliance with covenants The impact €0.50 on total p.s. revenue Ordinary decreased, o/w + mainly due €30.4M €0.35 to a Intang. p.s. reduction in NWC Extra- net Increase Mainly ordinary financial mainly R&D Net expenses, driven by Proceeds driven by activities from the
Slide 23: Key Points
23 KEY POINTS Improve competitive position in Europe (Software) Software & European Market Integration of acquired companies Strengthening Group Corporate Financial Control Organization & Cash Generation Improve organization and operations for Accounts Receivable & NWC management Strengthen Software
Slide 24: FY24 Takeaways
24 FY24 TAKEWAYS GPI IN THE STOCK MARKET SHAREHOLDER STRUCTURE VOTING RIGHTS ISIN: IT0005221517 Ticker: GPI:IM FM (Manzana 18.4% Family) 22.3% Price 1 April 2025 € 8.91 CDP Equity Ordinary Shares 28,906,881 47.9% Capitalisation €M 258 57.3% 0.1% Treasury Shares 20.4% 33.5% Market Analyst Date Target
Slide 25: Appendix: Financial Statements FY24
Appendix Financial Statements FY 24
Slide 26: Consolidated Statement of Financial Position
31 December 2023 CONSOLIDATED STATEMENT OF FINANCIAL POSITION, in EUR thousands 31 December 2024 revised* Assets Goodwill 192,170 186,699 Other intangible assets 191,177 202,189 Property, plant and equipment 57,736 48,396 Equity-accounted investments 459 453 Non-current financial assets 11,066 10,37
Slide 27: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT, 2023 2024 in EUR thousands revised* Revenue 496,469 424,615 Other income 13,459 8,809 Total revenue and other income 509,929 433,424 Raw materials and consumables (25,878) (20,282) Service costs (121,586) (105,200) Personnel expense (249,829) (220,622) Amortisation, de
Slide 28: Consolidated Statement of Cash Flows
CONSOLIDATED STATEMENT OF CASH FLOWS, 2023 2024 in EUR thousands revised* Cash flows from operating activities Profit for the period 103,405 5,156 Adjustments for: - Depreciation of property, plant and equipment 11,688 9,786 - Amortisation of intangible assets 41,374 31,981 - Amortisation of contrac
Slide 29: Disclaimer
29 Disclaimer The material in this presentation was prepared by GPI S.p.A. ("GPI” or the “Company”) without any paragraph 2, letters a) to d) of the Order; and (C) other persons to whom this presentation can be form of independent verification; it is general, basic information about the current busi