GHC: Board of Directors approves H1 2025 consolidated results

• REVENUES OF €258.2M, OP. EBITDA ADJ.(1) AT €47.2M WITH MARGIN OF 18.3%, IN LINE WITH ORGANIC GROWTH OUTLOOK FOR FY 2025
• CONSOLIDATED NET PROFIT OF €19.5M
• NFP OF €203.6M, WITH FINANCIAL LEVERAGE (2 )OF 2.6x. STRONG OPERATING CASH GENERATION IN Q2 (OVER €19M), SUPPORTED ALSO BY THE EXPECTED NET WORKING CAPITAL IMPROVEMENT

The GHC Group's H1 2025 results, as for the H1 2024 results, include the full contribution of Sanatorio Triestino, acquired in May 2023, and of the Aurelia Hospital Group, acquired in November 2023.

‌(1)Operating EBITDA Adjusted defined as EBIT + depreciation and amortisation + provisions and write-downs + adjustments (these latter in H1 2025 negative for approx. €0,05M and mainly concerning M&A costs). The H1 2024 adjustments were negative for approx.

€0.04M and mainly related to M&A costs

‌(2)Calculated as the ratio between NFP and Operating EBITDA Adj. for the last 12 months

GHC consolidated Revenues in H1 2025 totalled €258.2M, up €6.7M on €251.5M in H1 2024 (+2.6%).

These results, as in Q1, particularly benefit from the increase in healthcare services provided to Out-of-Region patients, confirming the consistent attractiveness of the Group healthcare facilities.

The H1 2025 results include the contribution of Sanatorio Triestino (€10.2M, improving €0.2M from €10.0M

in H1 2024) and of Aurelia Hospital Group (€52.1M, improving €3.5M on the previous year).

GHC consolidated Revenues in Q2 2025 amounted to €129.6M, up €4.2M on €125.4M in Q2 2024 (+3.4%).

Q2 2025, in addition to the increased services provided to Out-of-Region patients indicated above, benefited also from the growth of healthcare services provided to "out-of-pocket" private patients (+3.3%, improving on the substantially flat result registered in Q1 2025).

Consolidated Operating EBITDA Adjusted in H1 2025 totalled €47.2M, with a margin of 18.3%. This figure reflects the expected positive performance of the second quarter, which is up on Q2 2024, thus reversing the trend recorded in the first few months.

The H1 2025 results include the contribution of Sanatorio Triestino (€1.4M, reducing €0.4M on H1 2024, mainly due to the higher energy costs incurred by the subsidiary Terme del Friuli-Venezia Giulia) and of Aurelia Hospital Group (€5.0M, substantially in line with H1 2024 despite extraordinary and "one-off" costs also related to the pre-acquisition years).

Consolidated Operating EBITDA Adjusted for Q2 2025 was €23.4M, with a margin of 18.0%. The figure reflects also the increased energy costs incurred by Terme del Friuli-Venezia Giulia and the extraordinary and "one-off" costs related to the pre-acquisition years incurred by the Aurelia Group, indicated above.

H1 2025 EBIT was €33.5M, substantially in line with H1 2024 (€33.4M).

This result reflects: (i) amortisation, depreciation and write-downs of approx. €13.2M, increasing €0.8M on

€12.4M in H1 2024, mainly due to the increased depreciation on buildings and plant and machinery and (ii) Impairments and other provisions of €0.4M, reducing €1.8M on €2.2M in H1 2024, mainly due to the reduced net provisions.

The consolidated Net Profit was €19.5M, up €0.5M on €19.0M in H1 2024 (+2.6%). This figure reflects: (i) net financial charges of €5.7M, reducing €1.0M vs. €6.7M in H1 2024, mainly due to the lower cost of debt thanks to the new financing conditions agreed in July 2024 and (ii) income taxes of €8.3M, up €0.6M on

€7.7M in H1 2024 as a result of the higher profit before taxes.

At June 30, 2025, the Net Financial Position (NFP) of GHC was €203.6M, comprising liquidity of €26.5M and financial debt of €230.1M.

Excluding the cash outflows for the distribution of dividends occurred in May 2025, the expansion Capex and the purchase of treasury shares, the NFP would amount to €193.0M, with operating cash generation of €6.0M on 31.12.2024.

In particular, the operating cash generation in Q2 2025 totalled €19.4M, also supported by the expected improvement in net working capital.

The Group in H1 2025 invested a total of approx. €10.5M (€8.2M in H1 2024), of which €7.9M for maintenance and €2.6M for expansion and development.

Construction works began in August 2025 for the realization of the new "Cardiovascular Heart Center" of excellence at national level at Aurelia Hospital.

‌(3)Calculated as the ratio between NFP and Operating EBITDA Adj. for the last 12 months

Garofalo Health Care S.p.A. announced on July 18, 2025 that it has been awarded the assets and liabilities of Casa di Cura Città di Roma S.p.A. in liquidation. The transaction allows GHC to achieve - at regime -significant incremental benefits in terms of competitive positioning and marginality outlook through an overall reorganisation of the activities provided by Città di Roma, Aurelia Hospital and European Hospital.

Città di Roma, accredited with the Regional Healthcare Service, is equipped with 112 authorised beds, of which 104 accredited, in the specialties of Urology, Gynaecology, Orthopaedics and Traumatology, General Surgery, General Medicine, Ophthalmology, Intensive Dependency Care, Day Surgery and Day Hospital. In 2025 an additional 60 beds (authorised and accredited) are expected to be activated, of which 30 in extensive Dependency Care and 30 in maintenance Dependency Care, which will increase the facility's total equipment to 172 authorised beds (of which 164 accredited). In addition, the facility has 2 haemodialysis rooms with a total of 24 stations and provides specialist and diagnostic outpatient services under both accredited and private regimes.

In addition to the above, it should be noted that in August 2025, the construction works began for the realization of the new "Cardiovascular Heart Center" at Aurelia Hospital, which is expected to be completed in approximately 14 months (i.e. in Q4 2026).

The healthcare sector is characterised by a now consolidated trend of growth in the need for care supported by an increase in the resources allocated for the coming financial years for the National Healthcare Fund and by the solid growth of private healthcare expenditure. In this context, GHC is well positioned, both geographically and in terms of the mix and quality of healthcare services offered, to benefit both from the greater resources that will be allocated to reducing waiting lists and from the aforementioned trend of expansion in private spending. In light of the above, the Group expects to continue its path of organic growth in 2025, also being able to count on the recognition - which has already taken place in the first months of the year - of significant budget increases in particular for the facilities of Rugani Hospital (Tuscany Region) and of the Aurelia Group (Lazio Region), that - for the Aurelia Group - also relate to the new financing mechanism of the Emergency Room.

Furthermore, as part of the Lazio Region's new program for social dependency care activities aimed at meeting growing regional needs, it should be noted that new tariffs for dependency care activities came into effect in September, with consequent positive effects for the facilities of Villa Von Siebenthal, Hospice S. Antonio da Padova, and Struttura Residenziale Psichiatrica Samadi (the latter two part of the Aurelia Hospital Group). In this context, Struttura Residenziale Psichiatrica Samadi has also submitted a formal request for the accreditation of additional beds (with the consequent recognition of an additional budget), which, once approved, will contribute to further improve the overall performance of the Aurelia Group.

Finally, as demonstrated by the recent acquisition of Casa di Cura Città di Roma, the Group renews its commitment to the Buy & Build strategy that identifies M&A's as one of the main drivers of its short and medium-term development.

The Company announces that this afternoon, September 11, 2025, at 4.30PM (CET) a conference call shall be held for investors and analysts to provide an overview of the key H1 2025 results. The Group's Chief Executive Officer Ms. Maria Laura Garofalo, together with the top management, will take part in the conference call. The call shall be held in Italian. A transcript of the call shall be made available also in English on the company website (https://www.garofalohealthcare.com, Investor Relations / Presentations section).

Registration via the link below is required to participate in the conference call. It is specified that once you have registered (by accessing the link below), you will receive a registration notification by email with which you will be notified of your personal Passcode and PIN, which must be used to directly and uniquely access the conference call:

https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=8497498&linkSecurity String=15820e7cd6

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In accordance with article 154-ter, paragraph 2 of Legislative Decree No. 58 of February 24, 1998, the Half-Year Report at June 30, 2025, approved today by the Board of Directors and including the Consolidated Half-Year Financial Statements at June 30, 2025, together with the declaration letter as per Article 154-bis, paragraph 5 of Legislative Decree No. 58/1998 and the Auditor's Report, in addition to the Interim Directors' Report, is available to the public at the registered office in Rome, Piazzale delle Belle Arti No. 6, in the specific section of the company website (https://www.garofalohealthcare.com, Investor Relations / Accounts and Reports section) and on the "eMarket STORAGE" authorised storage mechanism, available at https://www.emarketstorage.com. The notice shall be published in the IlSole24Ore newspaper.

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The Executive Officer for Financial Reporting, Mr. Luigi Celentano, states in accordance with paragraph 2, Article 154-bis of the Consolidated Finance Act that the accounting information in this press release corresponds to the underlying accounting documents, records and entries. The figures in this press release have been subject to limited audit.

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The GHC Group, listed on the Euronext STAR segment of the Italian Stock Exchange, is an Italian accredited private healthcare leader operating through 37 healthcare facilities demonstrating excellence and offering a comprehensive range of services covering all areas of healthcare thanks to diversified specialties, the use of cutting-edge technologies and highly-qualified personnel. The Group in fact operates across eight regions in Northern and Central Italy (Piedmont, Lombardy, Veneto, Friuli-Venezia Giulia, Emilia Romagna, Liguria, Tuscany and Lazio), covering in the hospital sector acute admissions, long-term care, post-acute rehabilitations and outpatient services (the "Hospital Sector"), and in the social services and dependency care sector covering residential admissions and district outpatient services (the "Community Care and Dependency Care Sector").

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Garofalo Health Care S.p.A. Mimmo Nesi - Investor Relator

Tel. +39 06 68489231 - ir@garofalohealthcare.com Website: https://www.garofalohealthcare.com

Barabino & Partners

Massimiliano Parboni - m.parboni@barabino.it Tel. +39 335 8304078

Giuseppe Fresa - g.fresa@barabino.it Tel. +39 348 5703197