Gpi Spa · MIL:GPI
Gpi Spa — H1 2025 Earnings Presentation
26 slides from Gpi Spa's earnings presentation, November 2025
Slide 1: Interim Report H1 25
Innovation for Sustainable Healthcare Interim Report H1 25
Slide 2: Gpi Overview; H1 2025 Main Results
1 GPI OVERVIEW 2 H1 2025 MAIN RESULTS
Slide 3: Gpi: Since 1988, a Flagship Italian Digital Health Company with Global Impact
3 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 th
Slide 4: Strategic Offering Framework
4 STRATEGIC OFFERING FRAMEWORK CORE OFFERING VERTICAL OFFERING DIVERSIFICATION SOFTWARE SOFTWARE PROFITABLE PRODUCTS HEALTHCARE SOLUTIONS BUSINESS MODEL HIS BLOOD & Substances Of CARE & EMR - Electronic Medical Human Origin TELEMONITORING Record,… DIAGNOSTICS ICT & CYBERDEFENCE Laboratory Informatio
Slide 5: Global Presence at a Glance
5 GLOBAL PRESENCE AT A GLANCE Revenue Breakdown (H125, %) Gpi global footprint and international reach By geography Main geographies Other countries Software Offices 35% 22% Italy UK international Germany HQs revenues Belgium Switzerland Poland RoW 78% France Austria Italy Spain By client type Malta
Slide 6: H1 2025 Main Results
1 GPI OVERVIEW 2 H1 2025 MAIN RESULTS
Slide 7: H1 25: A Strong First Half with Sustained Organic Growth
7 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 €M H1 25 H1 24 framework agreements EBITDA: € 46.7 M +14.8% | o/w Software € 42.6 M • Incidence of personnel cos
Slide 8: SBA Software: H1 25 vs H1 24
8 SBA SOFTWARE: H1 25 vs H1 24 REVENUE EBITDA +13.4 % +15.6% The Focus on Software enhanced the Group’s +8.8 M profitability +18.4 M 156 27.3% EBITDA margin Software 138 26.8% • Recurring Revenues (H1 25) 52% 43 37 • Retention 96% • Tender Win Ratio 44% • Avarage Contract term 1-3 years H1 24 H1 25
Slide 9: SBA Software: Product Area Break Down - H1 25
9 SBA SOFTWARE: PRODUCT AREA BREAK DOWN - H1 25 Segments % SW Rev. H1 25 Key highlights ◼ Patient-centric Hospital Information System (HIS) providing real-time access to health data for professionals, ensuring coordination of patient 37.2% care throughout their hospital stay. It includes various int
Slide 10: Software Drives Gpi's Increasing Geographical Presence
10 SOFTWARE DRIVES GPI’S INCREASING GEOGRAPHICAL PRESENCE 25% SBA Software’s revenues in Europe from abroad (excluding Italy) totaled € 55 M, 35% mainly boosted by former M&As of Software’s France, Spain, DACH total revenues Germany, Austria, Switzerland (mainly Tesi & Evolucare) are generated abroa
Slide 11: Other SBAs: H1 25 vs H1 24
11 OTHER SBAs: H1 25 vs H1 24 Care Automation Robots for Pharmacy Warehouse Automation • Optimizing workflows of the healthcare system (hospital, retailers, wholesalers) BPO healthcare administrative svc. Access to Care ICT HW & SW maintenance & assistance System services Cyberdefence 80 80 22 EBITD
Slide 12: Financial Highlights H1 25
12 FINANCIAL HIGHLIGHTS H1 25 FIXED ASSETS • €3 M increase mainly due to investments in new products and innovative €M solutions, particularly SBA Software. H1 25 FY 24 NET WORKING CAPITAL Fixed Assets 456.2 453.2 • increase in trade receivables €1.4 M • increase in net contract assets €9.9 M Net Wo
Slide 13: Net Debt Bridge H1 25
13 NET DEBT BRIDGE H1 25 IFRS 16 and Mainly Cliniche R&D Basilicata Other current assets and liabiilities
Slide 14: Recalling the Strategic Business Plan 25-29
Recalling The Strategic Business Plan 25-29
Slide 15: Strategic Business Plan 2025-2029: 4 Pillars
15 STRATEGIC BUSINESS PLAN 2025-2029: 4 PILLARS 1 Software SBA: Consolidation of the national leadership position. Capture additional value from recent acquisitions (Evolucare & Tesi) 2 while developing vertical global products (e.g. Blood, Diagnostics(1), Critical care(2)) and expanding the interna
Slide 16: Strategic Business Plan 2025-2029: Main Targets
16 STRATEGIC BUSINESS PLAN 2025-2029: MAIN TARGETS Historical data Targets >25% 2027E 2029E >22% Revenue > € 600 M > € 700 M 20.6% o/w overseas % 25% - 27% 27% - 30% 18.4% EBITDA > 22% > 25% CAGR > 8% 14.8% 15.2% 15.1% margin Organic >700 CAPEX ca. 7-9% of revenue CAGR ca. 17% Organic + M&A >600 510
Slide 17: Recent Facts and Closing Remarks
Recent Facts and Closing Remarks
Slide 18: Latest Facts
18 LATEST FACTS 1 M&A Logiprem-F: neonatalogy software, Critical Care suite improved. 2 5th Consip Tender Awarded: software for a) Unified Booking Centres b) Data management. 3 European Investment Bank EIB: €50 million financing to support software evolution.
Slide 19: In the Stock Market
19 IN THE STOCK MARKET SHAREHOLDER STRUCTURE VOTING RIGHTS Defensive Profile with Recurring Revenue FM (Manzana 18.4% Family) 22.3% CDP Equity Growth and Visibility 47.9% 57.3% 0.1% Treasury Shares 20.4% 33.5% Market Unique Combination of Technology and Service Note: based on information available t
Slide 20: Takeaways
Takeaways ROBUST CLEAR AND GOOD STRATEGIC A NATIONAL LONG-TERM FOCUSED TRACTION IN FOR THE AND GROWTH STRATEGY INTERNATIONAL HEALTHCARE EUROPEAN CENTERED ON MARKETS SYSTEMS BENCHMARK SOFTWARE
Slide 21: Appendix: Financial Statements H1
Appendix Financial Statements H1 25
Slide 22: Consolidated Statement of Financial Position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION, 22 30 June 2025 31 December 2024 in EUR thousands 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
Slide 23: Consolidated Income Statement
23 CONSOLIDATED INCOME STATEMENT 1H 2025 1H 2024 In EUR thousands 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 im
Slide 24: Consolidated Statement of Cash Flows
24 CONSOLIDATED STATEMENT OF CASH FLOWS, 1H 2025 1H 2024 In EUR thousands 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 cont
Slide 25: Disclaimer
25 Disclaimer The material in this presentation was prepared by GPI S.p.A. ("GPI” or the “Company”) without any form Order; and (C) other persons to whom this presentation can be legally distributed and disclosed in of independent verification; it is general, basic information about the current busi
Slide 26: IR Contacts details
Innovation for Sustainable Healthcare IR Contacts details Via Ragazzi del '99, 13 - 38123 Trento t. +39 0461 381515 investor.relations@gpi.it Fabrizio Redavid Lorenzo Giollo fabrizio.redavid@gpi.it lorenzo.giollo@gpi.it