Slides
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Interim Report H1 25 Innovation for Sustainable Healthcare Trento, 3 October 2025 VIDEO CONFERENCE
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Agenda 1 GPI OVERVIEW 2 H1 2025 MAIN RESULTS 3 Q&A SESSION
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Agenda 1 2 H1 2025 MAIN RESULTS 3 Q&A SESSION GPI OVERVIEW
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€ 258 M Revenue + 21 M organic H1 25 o H1 24 H125 GPI: SINCE 1988, A FLAGSHIP ITALIAN DIGITAL HEALTH COMPANY WITH GLOBAL IMPACT 4 € 47 M EBITDA + 6 M organic H1 25 o H1 24 18.1% EBITDA margin + 90 bps organic H1 25 o H1 24 € 400 M M&A 2017-2024 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 through Strategic Business Areas (SBAs: Software, Care, Automation, ICT), tailored to diverse challenges and evolving demands. The Software SBA witnessed strong performance and market expansion between 2021 and 2024, delivering a 23.4% CAGR, through a balanced combination of organic and inorganic growth (each contributing 11.7%). In H1 25 Software reported a +13.4% organic growth. The Care SBA (BPO Services) has been a key enabler for market access and customer engagement. Around 30 million Italians interact with Gpi for appointment booking and first contact with healthcare facilities. Strong long term top-line and marginality growth. Marginality outpaced industry peers, with stronger margins reflecting strategic focus on software, highlighting our competitive edge. 9,000 Customers 70 Countries Surpassing Italian rivals, we are steadily growing our presence on the global stage
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STRATEGIC OFFERING FRAMEWORK 5 SOFTWARE SOLUTIONS HIS EMR - Electronic Medical Record,… TREATING & CARING Social Care, Telemedicine, AI solutions,... MANAGING Human Resources, Booking, ERP for Health, Data Analytics... SOFTWARE PRODUCTS BLOOD & Substances Of Human Origin DIAGNOSTICS Laboratory Information System, Imaging, Pathology CRITICAL CARE Anesthesia, Intensive Care, Operating Theatres PROFITABLE HEALTHCARE BUSINESS MODEL CARE & TELEMONITORING ICT & CYBERDEFENCE AUTOMATION Robots for Pharmacy Warehouse Automation (Hospitals, retailers, wholesalers) VERTICAL OFFERING DIVERSIFICATIONCORE OFFERING
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Gpi global footprint and international reach 50+ offices in Italy 35% H1 25 software international revenues Malta GermanyUK PolandBelgium Spain Italy Austria ChinaTunisia Brazil Dominican Rep. US Mexico Chile Canada Main geographies Offices HQs Colombia Other countries France Offices in 18 countries 70+ countries reached Switzerland GLOBAL PRESENCE AT A GLANCE Revenue Breakdown (H125, %) Italy RoW By geography By client type Health Public ◼ Healthcare Authorities ◼ Hospitals ◼ Public providers ◼ Regions, Local entities Health Public Health Private Non-Health Public Non-Health Private Health Private ◼ Nursing homes ◼ Private clinics ◼ Pharmacies Non-Health Public ◼ Regions, Local entities, municipalities Non-Health Private ◼ Telco ◼ Other Software 35% international revenues 22% 78% 6 74% 13% 8% 5% customers
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Agenda 2 1 3 Q&A SESSION GPI OVERVIEW H1 2025 MAIN RESULTS
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H1 25: KEY MESSAGES 8 1 GPI, A LEADING SOFTWARE PLAYER IN DIGITAL HEALTHCARE. Strengthening our software leadership in Italy and expanding the global footprint. 2 INNOVATIVE, HIGH-QUALITY SOFTWARE SOLUTIONS. Creating value for customers and patients through continuous innovation and security. 3 FINANCIAL POSITION WAS FURTHER STRENGTHENED. Accelerated invoicing of NRRP-funded Consip contracts. Two new bonds extend long-term debt maturities. 4 STRATEGIC FOCUS ON GLOBAL SOFTWARE GROWTH. Industrial Plan set to guide medium to long-term expansion, emphasizing software and international markets. 5 STRONG GROWTH AND INCREASED MARGINALITY . Driven by organic growth, especially Software. EBITDA margin up 90 bps H125oH124. A KEY PLAYER DRIVING THE DIGITIZATION OF HEALTHCARE SYSTEMS FOR ENHANCED SUSTAINABILITY .
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X,X XX,X XX,X X,X 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 framework agreements EBITDA: € 46.7 M +14.8% | o/w Software € 42.6 M • Incidence of personnel costs decreased by 3.5%, offset by the increase in the incidence of consumables and G&A, increase by 0.5% and 1.7% respectively. • Software’s EBITDA increased by € 5.7 M (+15.6%). EBITDA margin 18.1% +90 bps • Margin growth driven primarily by higher-margin Software solutions (Blood, LIS, Pathology, Imaging, Critical Care). EBIT: € 16.6 M +113.0% • D&A totalled €25.9 M, up €0.8 M from the first half of 2024, mainly reflecting investments made in the period. Net Income: € 3.5 M +20.5% • Incidence of net financial management on total revenues amounts to 4.2%, mainly due to the reduction in financial income. Financial expenses decreased both in absolute terms and as a ratio of financial expenses to revenues. • Tax expenses € 2.2 M (+0.5 M ). € M H1 25 H1 24 Revenue & Other Income 257.9 236.4 EBITDA 46.7 40.7 EBITDA margin% 18.1% 17.2% EBIT 16.6 7.8 EBIT margin% 6.5% 3.3% Net Income 3.5 2.9 9
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+8.8 M+18.4 M Revenue € M EBITDA € M 37 43 H1 24 H1 25 EBITDA margin • Recurring Revenues (H1 25) 52% • Retention 96% • Tender Win Ratio 44% • Avarage Contract term 1-3 years • Public customers 79% • Private customers 21% Software The Focus on Software enhanced the Group’s profitability SBA SOFTWARE: H1 25 vs H1 24 Revenue / Tot 60.5% EBITDA / Tot 91.2% +15.6% EBITDA +13.4 % REVENUE 138 156 H1 24 H1 25 26.8% 27.3% 10
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SBA SOFTWARE: PRODUCT AREA BREAK DOWN - H1 25 Segments % SW Rev. H1 25 HIS 37.2% Blood 12.0% Diagnostics Treating & Caring 11.8% Other 11.9% Managing Key highlights ◼ Patient-centric Hospital Information System (HIS) providing real-time access to health data for professionals, ensuring coordination of patient care throughout their hospital stay. It includes various integrated modules such as emergency care, admission/discharge/trans fer, EMR, Booking System,.. As of today, the group offers a dedicated solution for the Italian market and two European products (France and DACH), with strong international expansion potential ◼ Systems for Blood (and SOHO) supply chain management, from the initial donators evaluation through the laboratory, storage, d istribution, transfusion, transplantation and bedside traceability etc. As of today the group has developed a comprehensive blood management suite with strong global growth potential ◼ Laboratory Information System (LIS): platform developed for streamlining and management of diagnostic laboratory workflows ◼ Imaging: workflow support and management of clinical imaging (RIS-PACS), video, endoscopy and patient data reporting ◼ Pathology: platform for safe and high-quality anatomical pathology processes management with embedded AI features ◼ Social Care: central hub where healthcare providers, patients and caregivers can collaborate to manage complex medical condit ions over time ◼ Telemedicine: software products for the provision and support of remote healthcare (i.e. tele-monitoring, remote monitoring of health data, tele-consultation and tele-visiting) ◼ Other healthcare software and services ◼ Other non-healthcare software and services (i.e. public administration) ◼ Healthcare management systems: integrated platforms with tools and processes for operations, financials and business performance streamlining (including ERP, accounting, control systems and HR)14.4% 11.3% Critical Care ◼ Software platforms designed to streamline and manage various aspects of surgical procedures (operating room, anesthesia, intensive care) and operations within healthcare facilities, integrating functions such as scheduling surgeries and managing surgical workflows 1.4% 11
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SOFTWARE DRIVES GPI’S INCREASING GEOGRAPHICAL PRESENCE SBA Software’s revenues from abroad totaled € 55 M, boosted by former M&As (mainly Tesi & Evolucare) This represents more than one third of Software’s total revenue. 10% extra-Europe mainly Mexico, USA, Saudi Arabia 25% in Europe (excluding Italy) mainly France, Spain, DACH Germany, Austria, Switzerland 35% of Software’s total revenues are generated abroad 12
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Revenue € M EBITDA € M 0.8 1.1 H1 24 H1 25 Revenue / Tot 31,1% EBITDA / Tot 2,4% • Optimizing workflows of the healthcare system BPO healthcare administrative svc. Access to Care Care EBITDA margin Robots for Pharmacy Warehouse Automation (hospital, retailers, wholesalers) Automation ICT HW & SW maintenance & assistance System services Cyberdefence OTHER SBAs: H1 25 vs H1 24 Revenue € M 18 22 H1 24 H1 25 EBITDA € M 3.1 3.0 H1 24 H1 25 Revenue / Tot 8,4% EBITDA / Tot 6,4 % 80 80 H1 24 H1 25 1.0% 1.4% 16.7% 13.9% 13 EBITDA margin
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FINANCIAL HIGHLIGHTS H1 25 14 FIXED ASSETS • €3 M increase mainly due to investments in new products and innovative solutions, particularly SBA Software. NET WORKING CAPITAL • increase in trade receivables €1.4 M • increase in net contract assets €9.9 M • reduction in trade payables €2.2 M • inventories rose by €1 M SHAREHOLDERS’ EQUITY • €14.4 M Dividends approved (€ 0,50 per share). NET FINANCIAL INDEBTNESS • Increase of €7.7 M (refer to the bridge in the next slide) • The maturity profile gained greater balance and solidity, with a shift toward medium/long-term following the new bond issuances. € M H1 25 FY 24 Fixed Assets 456.2 453.2 Net Working Capital 277.6 263.1 Other operating assets/(liabilities) (102.1) (77.4) NET INVESTED CAPITAL 631.7 638.9 Shareholders’ equity 291.3 306.2 Net Financial Indebtedness 340.4 332.7 TOTAL SOURCES 631.7 638.9
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NET DEBT BRIDGE H1 25 15 Other current assets and liabiilities Mainly R&D IFRS 16 and Cliniche Basilicata
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Recalling The Strategic Business Plan 25-29
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STRATEGIC BUSINESS PLAN 2025-2029: 4 PILLARS Software SBA: Consolidation of the national leadership position. Capture additional value from recent acquisitions (Evolucare & Tesi) while developing vertical global products (e.g. Blood, Diagnostics(1), Critical care(2)) and expanding the international presence of Software. Enhancement of the organizational model, to improve the commercial penetration and cross-selling. Capture value from business diversification (Telemedicine, Virtual Care, Cyberdefence, Automation(3)) (1) Laboratory Information System, Imaging, Pathology. (2) Intensive Care, Operating Theatres, Anesthesia. (3) Robots for automatic efficient warehouse management of pharmacies. 17 1 2 3 4
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STRATEGIC BUSINESS PLAN 2025-2029: MAIN TARGETS 2027E 2029E ca. 7-9% of revenueCAPEX EBITDA margin > 22% > 25% Revenue o/w overseas % > € 600 M 25% - 27% > € 700 M 27% - 30% ROIC > 11% > 15% DEBT NFP/EBITDA < 2.7x < 2.5x 271 327 360 433 510 >600 >700 2020 2021 2022 2023 2024 2027E 2029E 40 50 54 80 105 >130 >175 CAGR ca. 17% Organic + M&A CAGR > 8% Organic Revenue EBITDA EBITDA Margin€M 14.8% 15.2% 15.1% 18.4% 20.6% >22% >25% Historical data Targets 18
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Agenda 2 1 3 GPI OVERVIEW H1 2025 MAIN RESULTS Q&A SESSION
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Q&A ROBUST LONG-TERM GROWTH CLEAR AND FOCUSED STRATEGY CENTERED ON SOFTWARE GOOD TRACTION IN INTERNATIONAL MARKETS STRATEGIC FOR THE HEALTHCARE SYSTEMS A NATIONAL AND EUROPEAN BENCHMARK
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Appendix Financial Statements H1 25
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION, in EUR thousands 30 June 2025 31 December 2024 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 tax assets 16,138 14,699 Non-recurring customer contract costs 325 619 Other non-current assets 10,566 11,767 Non-current assets 482,931 479,693 Inventories 16,401 15,360 Customer contract assets 252,280 240,063 Trade receivables and other assets 128,721 129,319 Cash and cash equivalents 104,947 45,885 Current financial assets 70,047 38,253 Current income tax assets 8,071 5,334 Current assets 580,467 474,215 Assets held for sale - - Total assets 1,063,398 953,908 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 75,699 90,766 Capital and reserves attributable to owners of the parent 293,268 308,335 Capital and reserves attributable to non-controlling interests (1,976) (2,132) Total equity 291,291 306,203 Liabilities Non-current financial liabilities 360,553 245,086 Employee benefits 18,494 15,452 Non-current provisions for risks and charges 2,165 4,143 Deferred tax liabilities 27,171 27,744 Other non-current liabilities 7,738 8,579 Non-current liabilities 416,121 301,005 Customer contract liabilities 7,062 4,717 Trade payables and other liabilities 173,782 147,537 Employee benefits 3,193 2,879 Current provisions for risks and charges 2,013 2,261 Current financial liabilities 152,466 169,381 Current tax liabilities 17,471 19,926 Current liabilities 355,986 346,700 Liabilities related to assets held for sale - - Total liabilities 772,107 647,705 Total equity and liabilities 1,063,398 953,908 22
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CONSOLIDATED INCOME STATEMENT In EUR thousands 1H 2025 1H 2024 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 impairment losses (25,931) (25,150) Other provisions (4,131) (7,708) Other operating costs (4,792) (3,660) Operating profit/loss 16,640 7,813 Financial income 2,998 11,013 Financial expense (13,885) (14,157) Financial income and expense (10,887) (3,144) Share of profit/(loss) of equity-accounted investments, net of tax - 27 Profit (loss) before tax 5,753 4,697 Income tax (2,207) (1,755) Net profit (loss) from continuing operations 3,546 2,942 Net profit (loss) from discontinued operations - 82,826 Profit/Loss for the period 3,546 85,768 Profit/(loss) for the period attributable to: Owners of the parent 3,722 85,902 Non-controlling interests (177) (134) 23
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CONSOLIDATED STATEMENT OF CASH FLOWS, In EUR thousands 1H 2025 1H 2024 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 contract costs 295 317 - Other provisions 4,131 7,708 - Financial income and expense 10,887 3,144 - Share of profit/(loss) of equity-accounted investments, net of tax and the result of assets sold - (82,826) - Income tax 2,207 1,755 Changes in working capital and other changes 5,935 (16,137) Interest paid (8,850) (10,678) Income taxes paid (9,410) (911) Net cash flows generated by operating activities 34,377 12,973 of which from assets held for sale - - Cash flows from investing activities Interest collected 70 307 Net investments in property, plant and equipment (9,764) (9,790) Net investments in intangible assets (19,317) (14,032) Net change in other current and non-current financial assets (31,644) (12,607) Disposal (Acquisition) of subsidiaries, net of cash acquired and disposals (4,093) 74,516 Net cash flows used in investing activities (64,748) 38,394 of which from assets held for sale - 81,924 Cash flows from financing activities Dividends paid (3,203) (14,405) Proceeds from new bank loans 51,000 22,982 Repayment of bank loans (23,039) (21,875) Bond issues 91,500 - Bond redemptions (8,334) (8,334) New lease payables 4,628 7,025 Lease payments (3,166) (4,834) Net change in other current and non-current financial liabilities (4,052) 3,749 Change in liabilities for acquisition of equity investments (15,901) (2,880) Net cash flows generated by financing activities 89,433 (18,572) of which from assets held for sale - - Net increase (decrease) in cash and cash equivalents 59,062 32,795 of which from assets held for sale - 81,924 Opening cash and cash equivalents 45,885 40,785 Cash and cash equivalents 104,947 73,580 24
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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. 25 Disclaimer
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Innovation for Sustainable Healthcare 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