2021: another excellent year with vigorous growth in revenues and profitability

PRESS RELEASE

GPI: 2021 ANOTHER EXCELLENT YEAR

WITH VIGOROUS GROWTH IN REVENUES AND PROFITABILITY

REVENUES +20.6%, EBITDA + 24.1%

TECHNOLOGY AND STRATEGIC SERVICES IN SUPPORT OF THE HEALTH SYSTEMS

PROPOSED GROSS DIVIDEND OF EUR 0.50 PER SHARE

• ▪ Revenue: € 326.9 mln, +20.6% (FY20: € 271.0 mln)

  - Software and IT services: € 117.6 mln, +14.6% (FY20: € 102.6 mln)

  - Care and administrative services: € 166.2 mln, +25.4% (FY20: € 132.5 mln)

• ▪ Foreign revenue: € 31.2 mln, +30.6% (FY20: € 23.9 mln)

• ▪ Recurring fees: € 230 mln, 70% of revenues (FY20: € 165 mln, 61%)

• ▪ EBITDA: € 49.8 mln, +24.1% (FY20: € 40.2 mln),

• ▪ EBITDA margin: 16.7% of adjusted revenues (FY20: 16.0%),

• ▪ Net profit: € 11.3 mln (FY201: € 12.3 mln)

• ▪ NFD: € 155.4 mln including approximately € 34.5 mln for M&A (FY20: € 144.5 mln)

• ▪ Proposed gross dividend of € 0.50 p.s.

Conference call Wednesday, 30 March 2022 - 11:00 CET

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Trento, 29 March 2022

The Board of Directors of GPI S.p.A. (GPI:IM), a company listed on the EXM market and leaders in Information Systems and Services for Healthcare and Social Services, has today approved the draft separate financial statements and the consolidated financial statements as at 31 December 2021, prepared in accordance with the IAS/IFRS accounting standards.

Fausto Manzana, Chairman and CEO of the GPI Group: "2021 was a good year for Gpi, steadily progressing from 2020, a year in which, due to the impact of the pandemic, we were able to confirm our status as a strategic partner for the healthcare world. This two-year period is a test for everyone: first the health emergency, then the winds of war, now require companies to have great capacity to adjust and hold on. We

1 As a result of the completion of the acquisition of the Haemonetics business unit on 2 July 2020 by GPI USA Inc., certain key accounting values have changed from what was previously estimated. Therefore, the acquisition values allocated to the assets acquired have been restated, resulting in a change in the carrying amounts as at 31 December 2020.

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have demonstrated in the field that we were able to respond quickly, tackling difficulties and turning them into innovative solutions that could help health systems deliver essential services to citizens. The crisis in Ukraine is a shocking event, both humanly and economically. We look at this scenario with concern. However, the analyses carried out on our reference markets are comforting: our core business will be affected only very marginally by this crisis.

Returning to the major events of 2021 that concern us most closely, we have achieved excellent results at a financial level, strengthened our competitive positioning and made strategic operations for our industrial development. At the start of 2021, the acquisition of Medinfo was finalised, along with completion of the acquisition of the remaining shares of Hemasoft, companies operating on international markets and specialised in software solutions for transfusion. As part of this, we launched Gpi4Blood, our value proposition for the transfusion market - a market that today sees us positioned among the top five players globally.

On the horizon are the substantial NRP resources dedicated to transforming health systems for long-term sustainability. These are all elements that lead us to look to the future with confidence, both in the short and medium term".

MAIN CONSOLIDATED RESULTS AT 31 December 2021

REVENUE

Revenues amounted to € 326.9 mln, an increase of € 55.9 mln compared to the € 271.0 mln in 2020, up +20.6%, with momentum coming from organic growth + 16.2% and growth through acquisitions + 4.4%.

REVENUE BY STRATEGIC BUSINESS AREA (SBA)

87% of the GPI Group revenue is achieved by the two main Strategic Business Areas (SBAs):

• - Software and IT services: solutions enabling and facilitating the digital transformation of the whole of

  Healthcare, innovating care processes in hospitals, on the territory and at the patients' homes, manage the whole of the transfusion process chain, assist with administration (ERP/HR) and support healthcare professionals' decisions.

• - Care and administrative services: administrative services and access to care (CUP, Contact Centre) and complete virtual care and telemedicine systems, to intercept the new health demands constituting a point of reference for almost 30 million citizens.

Revenue by SBA (EUR mln)	2021	%	2020	%	Floating %
Software and IT services	117.6	36.0%	102.6	37.9%	14.6%
Care and administrative services	166.2	50.8%	132.5	48.9%	25.4%
Other	43.1	13.2%	35.9	13.2%	20.1%
Total revenue and other consolidated income	326.9	100%	271.0	100%	20.6%

The Software and IT services SBA, the area that most employs technological drivers such as Big Data & Analytics, Artificial Intelligence, Cloud technology and the Internet of Things in order to enable the management of data and decisions increasingly in predictive mode, recorded revenue of € 117.6 mln, +14.6% compared to € 102.6 mln in 2020. Recent acquisitions completed by the Group, including Medinfo Group in France and the Haemonetics operation in the US both in the transfusion sector, contributed 9.6% to growth, with the remaining 5% of growth attributable to organic growth, particularly in the more innovative segments such as Data Analytics.

The Care and administrative services SBA is the area in which the GPI Group leads the Italian market. Total revenue amounted to € 166.2 mln, +25.4% compared to € 132.5 mln in 2020. At present, almost 50% of the

Italian population turns to GPI for its reservations and contact with healthcare facilities. The robust growth recorded by the Care SBA is attributable almost entirely to the organic component and to the ability to offer solutions capable of intercepting a demand for services required by entities also as a result of the pandemic situation.

The Other SBAs (Automation, ICT, Payment services) contributed positively to the results, recording overall revenue of € 43.1 mln, +20.1% compared to € 35.9 mln in 2020. The Pay and Automation SBAs contributed

organically to growth, each recording double-digit revenue growth over FY 2020.

REVENUE FROM RECURRING FEES

An analysis of revenue by type shows that a significant portion of revenue is generated by comprehensive recurring fees, which in 2021 total € 229.7 mln (70% of revenue). The Software and IT services SBA recorded revenue from recurring fees accounting for approximately 48% of all the area revenue; the Care and administrative services SBA instead recorded revenue from recurring fees accounting for approximately 91% of total area revenue.

REVENUE BY GEOGRAPHICAL AREA

FY 2021 records a significant increase in revenue generated Abroad, which comes to € 31.2 mln (9.6% of the total and +30.6% on the € 23.9 mln booked in 2020).

Revenues generated in Italy account for 90.4% of the total, with growth of +19.7%.

Revenue by geographic area (EUR mln)	2020	%	2020	%
Italy	295.7	90.4%	247.1	91.2%
Abroad	31.2	9.6%	23.9	8.8%
Total revenue and other consolidated income	326.9	100%	271.0	100%

ADJUSTED REVENUE

Adjusted revenue reflects the value of total revenue net of the amounts provisionally earned by the

Company, but pertaining to the lead companies in the temporary business groupings. In 2021, adjusted revenues amounted to € 298.1 mln, an increase of € 47.2 mln (+18.8%) compared to € 250.9 mln in 2020.

EBITDA

The gross operating margin (EBITDA) is € 49.8 mln, up 24.1% compared to € 40.2 mln in 2020. EBITDA margin is improving and is 15.2% of revenues and 16.7% of adjusted revenues (FY20: 14.8% of revenues and 16.0% of adjusted revenues). The table below shows the contributions made in terms of EBITDA by the Strategic Business Areas.

EBITDA by SBA (EUR mln)	2021	% of adjusted revenue	2020	% of adjusted revenue
Software and IT services	33.0	28.3%	27.3	27.0%
Care and administrative services	8.8	6.4%	7.4	6.5%
Other SBAs	8.0	18.7%	5.4	15.1%
Total consolidated EBITDA	49.8	16.7%	40.2	16.0%

The structure of operating costs shows a decrease in the incidence of consumption and overheads, down overall by 3.2% compared to Revenues and a higher incidence of payroll costs, which increased by 2.5%,following both the increase in the national "Multiservice" contract and the contribution obtained in 2020 from the use of social welfare.

EBIT

Net operating profit (EBIT) amounted to € 23.5 mln, or 7.2% (compared with € 19.0 mln in 2020, 7.0%), after amortisation and depreciation for a total of € 26.3 mln reflecting both the impact of recent acquisitions and the investments made by the Group mainly for the continuous innovation of technological solutions and services offered to the market.

EARNINGS BEFORE TAXES (EBT)

EBT came to € 16.7 mln, showing an increase on the € 13.2 mln in 2020.

Financial operations report an increase in interest expense, related to the higher gross financial indebtedness as a result of the loans taken out in 2020 (mainly secured by SACE guarantees), and also included both a positive impact related to the EUR/USD exchange rate trend and some negative changes in financial liabilities, related to acquisition transactions that exceeded forecasts (equal to € 2 mln).

NET PROFIT

The net profit amounted to € 11.3 mln, equal to 3.4%, down from € 12.3 mln in 2020 (4.6%), after taxes of €

5.4 mln (an increase in taxes of more than € 4.4 mln): it should be noted that in 2020 the Group had benefited from the "patent box" relief and the realignment of values not fiscally recognised on certain assets, which had resulted in a tax burden of just under € 0.9 mln in FY2020.

NET INVESTED CAPITAL

Net invested capital is € 261.7 mln, up € 33.7 mln on 31 December 2020.

Fixed assets rose by € 8.4 mln as a result of acquisitions made during the period, as well as investment in new products and innovative solutions, especially in the Software SBA. Net working capital rose by € 31.1 mln, reflecting the strong growth during the year. The reduction in Other operating assets and liabilities is linked to the higher taxes recorded during the year.

SHAREHOLDERS' EQUITY

Shareholders' equity came to € 106.2 mln, up € 22.9 mln euros when compared with 2020 (83.4 million euros).

This change includes a number of extraordinary transactions carried out during the year, including the payment of dividends totalling approximately € 7.9 mln and achievement of the acceleration condition for warrants, for a total value of € 22.3 mln.

NET FINANCIAL DEBT

Net financial debt, calculated on the basis of ESMA Guideline no. 39 of 4 March 2021 and CONSOB Notice no. 5/21 of 29 April 2021, amounted to approximately € 155.4 mln, up € 10.9 mln on end 2020. The recalculated NFI as at 31 December 2021 (for retrospective comparison with FY 2020) was € 141.2 mln.

The results for the year reflect the impact of M&A transactions, amounting to around € 34.5 mln, and investments made during the year, amounting to around € 20.6 mln (of which € 11.0 mln related to the

development of new products and innovative solutions), in addition to capital transactions (dividends and warrants) for a net amount of € 14.3 mln.

EMPLOYEES

The number of employees of the GPI Group as at 31 December 2021 was 7,217 (6,111 as at 31 December 2020), distributed among the numerous offices throughout Italy and at the offices of foreign subsidiaries in Austria, France, Germany, Malta, Poland, Russia, Spain, USA, Chile and Tunisia.

MAIN RESULTS OF THE PARENT GPI S.P.A. AS AT 31 DECEMBER 2020

The parent company GPI S.p.A. reported total revenues of € 224.4 mln (+14.1% compared to € 196.8 mln in 2020), EBITDA of € 24.2 mln (€ 24.1 mln in 2020) and a net profit of € 11.3 mln (€ 8.6 mln in 2020).

PROPOSED ALLOCATION OF THE PROFIT/LOSS FOR THE YEAR

The Board of Directors resolved to propose to the Ordinary Shareholders' Meeting of 29 April 2022, whose notice of call was published on the company's website and in the newspapers on 18 March, the following allocation of the Gpi Group's profit for the year of € 11.3 mln.

 distribution of a gross dividend of € 0.50 for each share entitled (excluding treasury shares in the portfolio at the coupon date);



the remainder to be allocated to profit carried forward.

With regard to the dividend that will be paid as from 18 May 2022, with an ex-dividend date of 16 May 2022 and record date on 17 May 2022 - the payout ratio will be approximately 81% of the Group's consolidated profit.

NON-FINANCIAL STATEMENT

The Board of Directors has approved the consolidated non-financial statement (NFS) for FY 2021. This is in compliance with Italian Legislative Decree 254/16, which envisages the communication of information about the policies applied and the results achieved in terms of the prevention of corruption, protection of human rights, HR management and the social and environmental impacts of the business.

The NFS deals with the most relevant issues for the Group and its stakeholders, defined in the materiality matrix resulting from the engagement of both external stakeholders and management. The commitment for the application of the ethical principles in the conduct of company business and the supply of quality services to the public was highlighted in particular. What emerges is a context of continuous development of the

Company, which has seen growth in employment and a maintained focus on the continuous innovation of products and services.

The perimeter of the data and information given in the Gpi S.p.A. NFS includes the Italian and foreign companies making up the Group as at 31.12.2021, consolidated on a line-by-line basis (unless excluded for good reason) and covers the three years 2019-2021.

SIGNIFICANT EVENTS IN 2021

COVID-19

The Covid-19 health emergency, which the World Health Organisation (WHO) declared a pandemic in 2020, continued through 2021 with outcomes that remain disruptive to economies and societies. Gpi has been present in the constant support, also with completely innovative initiatives, to the healthcare systems in which it operates, demonstrating in fact the validity of the proposed healthcare model, based on two main drivers: digitisation and territoriality. Gpi's response to the emergency has shown the Group's ability to adapt and respond effectively and rapidly to the needs that emerged during the pandemic with central solutions to deal with the health emergency such as: reservation systems to manage the flow of people to various public and health services, experiences of pervasive adoption of telemedicine to monitor patients at home, use of screening systems for the provision of nasopharyngeal swab, implementation of the system of population stratification according to clinical and demographic profiles to define priorities for access to Covid vaccination.

In 2021 the Gpi Group took part in 147 tenders, winning 63 of them (approximately 43% of tenders won) for a value awarded to Gpi, over several years, of approximately € 246 mln.