FY 2020: two-figure growth

PRESS RELEASE

GPI: TWO-FIGURE GROWTH IN 2020

REVENUE +12.5%, EBITDA + 24.6%, NET PROFIT + 25.6%

TECHNOLOGY AND STRATEGIC SERVICES IN SUPPORT OF THE HEALTH SYSTEMS

PROPOSED GROSS DIVIDEND OF EUR 0.50 PER SHARE

• Revenue: EUR 271.0 mln, +12.5% (2019: EUR 240.9 mln)
• • Software and IT services: EUR 102.6 mln, +14.0% (2019: EUR 90.0 mln)
  • Care and administrative services: EUR 132.5 mln, +9.7% (2019: EUR 120.8 mln)
• Export revenue: EUR 23.9 mln, +20.0% (2019: EUR 19.9 mln)
• Recurring fees: EUR 165 mln, 61% of revenue (2019: EUR 155 mln)
• EBITDA: EUR 40.2 mln, +24.6% (2019: EUR 32.2 mln), 16.0% of adjusted revenue
• Net profit: EUR 12.3 mln, + 25.6% (2019: EUR 9.8 mln)
• NFP: EUR 117,6 mln including approximately EUR 30 mln for M&As (2019: EUR 82.8 mln)
• Proposed gross dividend of EUR 0.50 p.s. (pay out ≈64%)
• Updated the main 2024 Strategic Business Plan economic-financial targets

GPI INVESTOR DAY

The Company will meet with the Financial Community at 15:30 on 14 April 2021 in an audio webcast. The GPI Group top managers will be presenting the results of FY2020 and updating the main economic-financial targets through to 2024.

The event will be held electronically. To attend, please send a request to

https://investordaybygpi.bitrix24.site/

Trento, 30 March 2021

The Board of Directors of GPI (GPI:IM), a leading company in Information Systems and Services for Healthcare and Social Services, listed on the MTA market of Borsa Italiana, has today approved the draft separate financial statements and the consolidated financial statements as at 31 December 2020, prepared in accordance with the IAS/IFRS accounting standards.

Fausto Manzana, Chairman and CEO of the Gpi Group: "The very positive results booked for FY 2020 confirm Gpi as a strategic partner for the world of healthcare. During this unique emergency, we have shown that our strength lies in our ability to react quickly, operating alongside healthcare facilities so as to guarantee the continuity of essential services for our citizens. Our proposals are the result of a vision of healthcare based on two key drivers: digitisation and territoriality. The Gpi Group strives to facilitate the digital transformation of the healthcare processes, so as to make them more secure, efficient and sustainable. It is a priority of all countries and considerable resources are assigned to this area. We look to the future with great faith, because we have the technological and process skills necessary

to contribute towards this essential change".

| GPI SPA | Via Ragazzi del '99, 13 - 38123 Trento |

PRESS RELEASE

MAIN CONSOLIDATED RESULTS AS AT 31 DECEMBER 2020

REVENUE

Revenue comes to EUR 271.0 mln, up +12.5% on the EUR 240.9 mln recorded in 2019, driven by both organic growth (+ 6.6%) and growth through external lines (+ 5.9%).

REVENUE BY STRATEGIC BUSINESS AREA (SBA)

87% of the GPI Group revenue is achieved by the 2 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 telemedicine systems to make care available electronically and intercept the new health demands constituting a point of reference for almost 30 million citizens.

Revenue by SBA (EUR mln)		2020		%	2019*	%	Var. %
Software and IT services		102.6		37.9%	90.0	37.4%	14.0%
Care and administrative services		132.5		48.9%	120.8	50.2%	9.7%
Other		35.9		13.2%	30.0	12.5%	19.4%
Total revenue and other consolidated		271.0		100%	240.9	100%	12.5%
income

*Revenue has been restated following the reclassification of Xidera's business, which is more consistent with patient intake services and therefore switches from the Software SBA to the Care SBA (EUR 1.7 mln).

The Software and IT services SBA is the area that makes the greatest use of technological drivers like big data & analytics, artificial intelligence, cloud technology and the internet of things, so as to enable management of data and decisions in an increasingly predictive manner; it records revenue of EUR 102.6 mln (38% of the total), + 14.0%, as compared with the EUR 90.0 mln booked in 2019 (37% of the total).

The Care and administrative services SBA is the area in which the GPI Group leads the Italian market. Total revenue came to EUR 132.5 mln (49% of the total), +9.7% on the EUR 120.8 mln in 2019 (50% of the total). At present, approximately 50% of the Italian population turns to GPI for its reservations and contact with healthcare facilities.

The Other SBAs (Automation, ICT, Pay) made a positive contribution towards the results, recording total revenue of EUR 35.9 mln, +19.4% on the EUR 30.0 mln booked in 2019.

REVENUE FROM RECURRING FEES

An analysis of revenue by type shows that a significant portion of revenue is generated by recurring fees, which in 2020 total EUR 165 mln (61% of revenue). The Software and IT services SBA recorded revenue from recurring fees accounting for approximately 42% of all the area revenue; the Care and administrative services SBA instead recorded revenue from recurring fees accounting for approximately 81% of total area revenue.

| GPI SPA | Via Ragazzi del '99, 13 - 38123 Trento |

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PRESS RELEASE

REVENUE BY GEOGRAPHIC AREA

Revenue is mainly generated in Italy, where +11.8% growth is recorded. FY 2020 also records a significant increase in revenue generated Abroad, which comes to EUR 23.9 mln (8.8% of the total and +20.0% on the EUR 19.9 mln booked in 2019).

Revenue by geographic area (EUR mln)	2020	%	2019	%
Italy	247.1	91.2%	221.0	91.7%
Abroad	23.9	8.8%	19.9	8.3%
Total revenue and other consolidated income	271.0	100%	240.9	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 2020, adjusted revenue came to EUR 250.9 mln, up 12.3% on the EUR 223.3 mln of 2019.

GROSS OPERATING MARGIN (EBITDA)

It is important to note that once again in 2020, a significant commitment was demanded of the commercial, production and administrative structure aimed at optimising the integration process of new acquisitions that have widened the scope of consolidation. The table below shows the contributions made in terms of EBITDA by the business areas.

		% of		% of
EBITDA by SBA (EUR mln)	2020	adjusted	2019*	adjusted
		revenue		revenue*
Software and IT services	27.3	27.0%	22.1	24.8%
Care and administrative services	7.4	6.5%	6.4	6.2%
Other	5.4	15.1%	3.7	12.3%
Total consolidated EBITDA	40.2	16.0%	32.2	14.4%

• Restated following the reclassification of Xidera's business, which is increasingly more consistent with patient intake services and switches from the Software SBA to the Care SBA.

EBITDA came to EUR 40.2 mln, up 24.6% on the EUR 32.2 mln of 2019. The EBITDA margin came to 14.8% of revenue and 16.0% of adjusted revenue.

NET OPERATING PROFIT (EBIT)

EBIT came to EUR 18.9 mln, up 25.6% on the EUR 15.1 mln of 2019, after amortisation/depreciation for EUR 20.7 mln, which reflects the Group's strong investment policy, mainly for acquisitions and again for the continuous innovation of the technological solutions and services offered to the market.

EARNINGS BEFORE TAXES (EBT)

EBT came to EUR 13.2 mln, showing an increase on the EUR 12.8 mln in 2019.

Financial operations were impacted by exchange losses (EUR/USD) and negative changes to financial assets and liabilities. Interest expense for loans and bonds has risen on the previous year, going from EUR 3.4 mln to EUR 4.7 mln.

| GPI SPA | Via Ragazzi del '99, 13 - 38123 Trento |

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PRESS RELEASE

NET RESULT

The net result is EUR 12.3 mln, up 25.6% on the EUR 9.8 mln in 2019, after tax of almost EUR 1 mln (EUR 3.0 mln in 2019). Tax management came in at 7.3%, down on the 23.7% recorded in 2019.

Tax management recorded a positive change following the realignment of non-tax recognised values on certain assets, as well as use of the patent box benefit.

NET WORKING CAPITAL

Net working capital came to EUR 109.0 mln; the increase on the EUR 91.3 mln recorded in 2019 is mainly due to the growth seen in revenues, with an impact on total receivables in the amount of EUR 18.7 mln. Trade payables dropped by EUR 2.2 mln, while inventories rose, primarily in connection with the development of automated warehouses commissioned and stocks of telemedicine devices that had not yet been delivered at year end (EUR +1.3 mln).

SHAREHOLDERS' EQUITY

Shareholders' equity came to EUR 83.3 mln; the change on 2019 (EUR 72.1 mln) is mainly due to period profit. The Group is financing its Net Invested Capital with 41% from its own resources.

NET FINANCIAL POSITION

The net financial position came to EUR 117.6 mln, up 34.8 mln on 31/12/2019 (EUR 82.8 mln). The value of the NFP reflects the impact of the M&As carried out during the year, for an equivalent value of approximately EUR 30 million, as well as technical (tangible and intangible) investments of EUR 13.4 mln.

EMPLOYEES

As at 31 December 2020, the GPI Group workforce numbered 6,111 (5,345 at 31 December 2019), spread out between the numerous sites throughout Italy and at the foreign subsidiary offices in Austria, France, Germany, Malta, Poland, Russia, Spain and the USA.

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

The parent company GPI S.p.A. has recorded total revenue of EUR 196.8 mln (+12.6% on the EUR 174.8 mln of 2019), EBITDA of EUR 24.1 mln) (EUR 21.6 mln in 2019) and a net profit of EUR 8.6 mln (EUR 13.8 mln in 2019).

PROPOSED ALLOCATION OF THE PROFIT/LOSS FOR THE YEAR

The Board of Directors has resolved to make the following proposed allocation of the Gpi Group profit (EUR 12.3) million) to the Ordinary Shareholders' Meeting convened for 30 April 2021, for which the call notice was published on the company's website last 19 March and then, in extract form, in the newspapers the following day:

• distribution of a gross dividend of EUR 0.50 for each share entitled (excluding treasury shares in the portfolio at the coupon date);
• carry forward the remainder.

In respect of the dividend that will be assigned for payment starting 28 July 2021 - coupon date 26 July 2021 and record date 27 July 2021 - the payout ratio will be approximately 64% of the Group's consolidated profit.

| GPI SPA | Via Ragazzi del '99, 13 - 38123 Trento |

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PRESS RELEASE

NON-FINANCIAL STATEMENT

The Board of Directors has approved the consolidated non-financial statement (NFS) for FY 2020. This is in compliance with Decree 254/16, which envisages the disclosure 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 reports on the most relevant topics for the Group and its stakeholders-shareholders, defined through the materiality analysis conducted with the help of the 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 31.12.2020, consolidated on a line-by-line basis (unless excluded for good reason) and covers the three years 2018-2020.

SIGNIFICANT EVENTS IN 2020

COVID-19

For GPI as well, the COVID-19 health emergency that the World Health Organisation (WHO) has defined as a pandemic has turned into a situation that is as unexpected as it is complex. When the emergency struck, the main priorities were immediately identified and the Group took prompt action.

Gpi has rigorously complied with all provisions of current health and safety regulations. Solutions have been applied that are designed to create barriers to the spread of the virus (e.g., minimum distances between workstations, work shifts to reduce crowding, constant disinfection measures, restrictions in the use of common areas, etc.); at the same time, initiatives have been taken to review the organisation of work which, in addition to contributing to safety aspects, have also guaranteed the continuity of productivity of our collaborators. Smart working has been and continues to be one of the choices made to help ensure continuity of business, offering a better work/life balance.

From a business point of view, Gpi's response to the emergency has shown the Group's capacity to adapt and effectively and quickly respond to the needs that have emerged during the pandemic.

And this response has given rise to a series of key solutions by which to address the health emergency, such as: reservation systems to handle incoming flows of people to the various public and healthcare services, pervasive adoption of telemedicine solutions to monitor patients at home, use of screening systems to dispense the nasal-pharyngeal swabs, through to a layering system of the population so as to define the priorities for accessing COVID vaccinations, adopted by the region of Val D'Aosta during the early months of 2021. This has also been made possible, indeed above all, by the adaptation of technologies and services already present in the Gpi product portfolio, thereby proving the validity of the health model proposed, based on two main drivers: digitisation and territoriality.

Other significant events:

• In January, CERVED confirmed the public rating of Gpi S.p.A. as "A3.1";
• late February, the newly-established subsidiary Medsistemi s.r.l., held 100% by Gpi, purchased the whole of the Consis BU, a company operating in the healthcare and social services sector with solutions for the design, development, installation and maintenance of IT and digital systems;

| GPI SPA | Via Ragazzi del '99, 13 - 38123 Trento |

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