Q2 2026 GPI SpA Earnings Call

October 2, 2026

Speaker #1: And the SLA accounts for over 91% of the group's EBITDA. The listed companies say that the margins of the software segment are significantly higher and are in line with our growth, following the strategic plan.

Andrea Di Santo: Essentially over 91% of the group's EBITDA. That is to say that the margins of the software is significantly higher, and is in line with our growth for the strategic plan. Our second very important plan is a loyal customer base. Our customers remain with us over time. We have a retention rate that is very close to 100%. This allows us to increase the revenue of our customers over time, increasing our profitability. The third element is the international expansion. On the bottom left, you see a significant data. As our general manager will explain in more detail, we have a stability situation for the revenues, where we have a mix, an Italy and abroad mix, which is in favor of the abroad side which is next to 30%.

Andrea Di Santo: Essentially over 91% of the group's EBITDA. That is to say that the margins of the software is significantly higher, and is in line with our growth for the strategic plan. Our second very important plan is a loyal customer base. Our customers remain with us over time. We have a retention rate that is very close to 100%. This allows us to increase the revenue of our customers over time, increasing our profitability. The third element is the international expansion. On the bottom left, you see a significant data. As our General Manager will explain in more detail, we have a stability situation for the revenues, where we have a mix, an Italy and abroad mix, which is in favor of the abroad side which is next to 30%.

Speaker #1: A second, very important point is our loyal customer base. Our customers remain with us over time, and we have a retention rate that is very close to 100%.

Speaker #1: This allows us to increase the retrieval of our customers over time, increasing our profitability. The third element is the international expansion. On the bottom left, you see significant data, as our general manager will explain in more detail.

Speaker #1: We have a stable revenue situation, where we have a mix in Italy and abroad, and currently the mix is in favor of the abroad side.

Speaker #1: Which is next to 20%. This was a choice that we made also in our strategic plan, and we are very happy about it. And last but not least, the pillar is the expansion of the margins.

Andrea Di Santo: This was a choice that we made also in our strategic plan, and we are very happy about it. The last but not least pillar is the expansion of the margins. There is the potential for further growth due to our growth strategy, especially abroad that is scalable and has marginality possibilities. You can see further data on the slide. The important thing to say is that the situation regarding revenues is substantially stable. But the EBITDA is of about 8% compared to the first semester of last year. So it is comparable to the growth of our revenues. Going on to next slide. We wanted to recall our portfolio of products and the solutions we offer our customers. We have three pillars. The first one is called solutions. These are solutions that are offered customers that need customized solutions.

Speaker #1: And there is the potential for further growth. Due to our growth strategy, especially abroad, that is scalable and has marginality possibilities. You can see further data on the slide, and the important thing to say is that the situation regarding revenues is stable, but the EBITDA is about 8% compared to the first semester of last year.

Speaker #1: So, it's comparable to the growth of our revenues. Going on to the next slide, we wanted to review our portfolio products and the solutions we offer our customers.

Speaker #1: We have three pillars. The first one is a solution. It's called solutions. These are solutions that are offered to customers that need customized solutions. An electronic medical record is based on a product but is so customized that it is most similar to a product.

Andrea Di Santo: An electronic medical record is based on a product, but is so customized that it is more similar to a product. All the solution products follow this same line. Then we have products that are scalable, and we are scaling them at the international level. They are grouped in three areas. The blood area, which includes substances of human origin. We have technologies, both on transfusions and on the donor side, the diagnostics side, laboratory information system, imaging pathology, and so on, and a complete suite in the critical care area. This is our software powerhouse, which constitutes about 62% of our revenues. Then we have a strategic diversification area, which is marginal to the software side, because it includes Care, which is our particular business. It includes software to managing doctor's agendas which is very relevant to managing costs. Going on to the next slide.

Speaker #1: And all these solution products follow this same line. Then we have products that are scalable, and we are scaling them at an international level.

Speaker #1: And they are grouped in three areas: the blood area, which includes substances of human origin. We have technologies both on test fusions and on the donor side.

Speaker #1: The diagnostics side, laboratory information system, imaging, pathology, and so on—and a complete suite in the critical care area. This is our software powerhouse.

Speaker #1: Which consists of about 62% of our revenues. Then we have a strategic diversification area, which is a margin to the software side, because it includes Care, which is a particular business.

Andrea Di Santo: Then we have a strategic diversification area, which is marginal to the software side, because it includes Care, which is our particular business. It includes software to managing doctor's agendas which is very relevant to managing costs. Going on to the next slide. I would like to say that this is a very important slide according to me. This talks about our AI strategy. We are a business that has been on the market for over 40 years and offers clinical solutions. Our strategy then is to gradually increase our solutions, making them more functional thanks to the use of AI.

Speaker #1: And it includes software for managing doctors' agendas, which is very relevant to managing calls. Going on to the next slide, I would like to say that this is a very important slide, according to me.

Andrea Di Santo: I would like to say that this is a very important slide according to me. This talks about our AI strategy. We are a business that has been on the market for over 40 years and offers clinical solutions. Our strategy then is to gradually increase our solutions, making them more functional thanks to the use of AI. These functional increases are meant to strengthen and make more powerful the tools we give to the medical customers we have, to give more specialty to the patients. There is a debate in the healthcare world recently, and this is related to the time that doctors dedicated to the administrative side. There is talk of administrative burnout, because if a doctor spends over 10 minutes preparing a report, they need a lot of time, and it is time they cannot dedicate to the patients. Here we have some examples.

Speaker #1: And this talks about our AI strategy. We are a business that has been on the market for over 40 years and offer clinical solutions.

Speaker #1: Our strategy, then, is to gradually increase our solutions, making them more functional thanks to the use of AI. These functional increases are meant to strengthen and make more powerful the tools we give to the medical customers we have.

Andrea Di Santo: These functional increases are meant to strengthen and make more powerful the tools we give to the medical customers we have, to give more specialty to the patients. There is a debate in the healthcare world recently, and this is related to the time that doctors dedicated to the administrative side. There is talk of administrative burnout, because if a doctor spends over 10 minutes preparing a report, they need a lot of time, and it is time they cannot dedicate to the patients. Here we have some examples.

Speaker #1: To give more specialty to our patients. And there is a debate in the healthcare world this season, and this is related to the time that doctors dedicate to the administrative side.

Speaker #1: And there is talk of administrative burnout, because if a doctor spends over 10 minutes preparing a report, they need a lot more time, and this is time they cannot dedicate to the patients.

Speaker #1: Here we have some examples; we have solutions. You can see, for example, the name Eleanor on our medical fish that allows the doctor to talk with the artificial intelligence.

Andrea Di Santo: We have solutions. You can see, for example, the name Eleanor on our medical feature that allows the doctor to talk with the artificial intelligence, that prepare a standardized feature using the language and the applications they use. We made an experiment in an important hospital in Lombardy, and this yielded very satisfying results. We also have a predictive model in Apulia for the neurodegenerative diseases. All these applications of the AI in the clinical field need to take into account three fundamental aspects. First of all, the ethical side. I think it is pretty easy to understand, but it is essential. We were maybe the first in Italy in 2025 to receive the certification covering this ethical side.

Speaker #1: That prepared a standardized feature, preparing using their language and their preparations they use. We made an experiment in an important hospital in Lombardy, and this yielded very satisfying results.

Speaker #1: We also have a pretty good model in Apulia for neurodegenerative diseases. And all these applications of AI in the clinical field need to take into account three fundamental aspects.

Speaker #1: First of all, the ethical side—I think it's pretty easy to understand, but it's essential. We were maybe the first in Italy, in 2025, to receive the certification covering this ethical side.

Speaker #1: Then we have the side of data sovereignty and governance, because when we apply AI, we also need to be careful about where our data are put and how they are managed.

Andrea Di Santo: Then we have the side of data sovereignty and governance, because when we apply AI, we also need to be careful about where our data are put into and how they are managed. We are very careful about this, and we even thought of offering the market the possibility of putting the data in a specific mine, and we were the first in Italy and in the world to do so. The third side is the LLM side. This is the AI agent that is used. LLM is a large language model, and usually LLMs are the application that is used for the empowerment. In short, we will launch our HLM that is specific for our domain, and this will give a quality on a better output.

Speaker #1: We are very careful about this. And we even thought of offering the market the possibility of putting the data in a specific line, and we were the first in Italy and in the world to do so.

Speaker #1: The third side is the LLM side. This is the AI agent that is used. LLM stands for large language model, and usually LLMs are the application that is used for empowerment.

Speaker #1: In short, we will launch an HLM that is specific to our domain, and this will deliver better quality output. So, we have a very clear and precise strategy.

Andrea Di Santo: We have a very clear and precise strategy taking into account ethical aspects, data sovereignty, and that the LLMs have to be vertical to be more functional for the results. Before going on to the results, a last comment on my side concerning our geographical footprint. At the moment, we are present in 18 countries, but we reach about 70 countries overall, and we have a division between public and private. This is pretty relevant. We talk both in healthcare and other clients. About 70% are specialized customers. This is to explain the fundamental aspects of our current positioning. What are the pillars, the software house products and solutions, our AI strategy, and our footprint. Now I will give the floor to our general manager. They will talk about what is yielding in terms of results.

Speaker #1: Taking into account ethical aspects, data sovereignty, and the LLMs, there has to be verticality to be more functional for results. Before going on to the results.

Speaker #1: A last comment on my size, on my side, concerning our geographical footprint. At the moment, we are present in 18 countries, but we reach about 70 countries overall.

Speaker #1: And we have a division between public and private — this is pretty relevant. We talk both in healthcare and other clients. About 70% are special client customers.

Speaker #1: So, this is a—so, let me explain the fundamental aspects of our current positioning: What are the pillars, the Software House, products and solutions, our AS strategy, and our footprint.

Speaker #1: So now I will leave the floor to our General Manager. They will talk about what the yielding is in terms of results. Thank you.

Matteo Santoro: Thank you. Hello, everybody. Thank you, Andrea, and thank you to our CEO, because this framework allows us to better understand the data that I will now present. Please show the first slide. Before giving an outlook on the numbers, I would like to express a bit some messages that represent a connotation of our group in these years, that are in line with our strategic plan. First of all, we are a software company. Even if inside our group, there are also business lines that can seem unconnected to software, actually, there is a line between them. We are a software company, and we offer technological solutions. This is the connotation of our group. We are an IT company that is growing, and in Italy, it is the first player.

Speaker #1: Hello everybody. Thank you, Andrea, and thank you to our CEO because this framework allows us to better understand the data that I will now present.

Speaker #1: Please show the first slide. Before giving an outlook on the numbers, I would like to express a few messages that represent a connotation or a group from these years.

Speaker #1: They are in line with our strategic plan. First of all, we have a software company. So even if inside our group there are also business lines that can seem unconnected to software, actually there is a line between companies.

Speaker #1: And we offer technological solutions. So this is the connotation of our group. We are an IT company that is growing. And in Italy, it's the first player.

Speaker #1: It's all about the third or all the networks in the country, and we cover our position in the market. That is very interesting.

Matteo Santoro: It's all about a third of all the networks in the country, and we cover a position in the market that is very interesting. At the same time, we are also working a lot abroad because on a national world it's growing, especially with Care. It's covering a lot of space in Europe together with our other reality, GPI, which is in Austria, and which follows the DACH world. Another important thing is that when we published the industrial plan, we announced that we would have followed our reorganization path because we have been growing in the last few years, thanks to over EUR 800 million investments and buying a lot of companies. Due to the speed of the market at the moment, we grew by evolution.

Speaker #1: At the same time, we are also working a lot abroad, because there's a world that is growing, especially for the care, which is covering a lot of space in Europe together with our other reality, GPP area, which is in the US and which follows the dark world.

Speaker #1: Another important thing is that when we publish the industrial plan, we announce that we will have followed our reorganization path because we have been growing in the last few years.

Speaker #1: Thanks to over €800 million in investments, and buying a lot of companies. But due to the speed of the market at the moment, we grew by evolution.

Speaker #1: We said that we had to integrate, and we developed a new operational model that works on more levels: on the corporate side and on the job workflow side.

Matteo Santoro: We said that we had to integrate, and we developed a new operational model that works on more levels on the corporate side, on the job workflow side. We are incorporating businesses that we acquired over the years. We are reducing the sites, industrializing work processes to increase both EBITDA and margin, both in terms of quality and volumes. Because growth has to be generated with synergies, this path will allow us also to give the company an organizational structure capable of facing much more important growth already from 2027. This organizational model is already producing value, even if we are not yet in line with the aims that we put ourselves. We are already looking at 2027 with double-digit growth factor. Now let's have a look at the financial data that have characterized the first semester. Revenue are at EUR 256.4 million, down 1%.

Speaker #1: We are incorporating businesses that we acquired over the years. We are reducing the sites and industrializing work processes to increase both EPI to DA and margin.

Speaker #1: Both in terms of quality and volumes, because growth has to be generated with synergies. But this path will also allow us to give the company an organizational structure capable of facing much more important growth, already from 2025.

Matteo Santoro: Because growth has to be generated with synergies, this path will allow us also to give the company an organizational structure capable of facing much more important growth already from 2027. This organizational model is already producing value, even if we are not yet in line with the aims that we put ourselves. We are already looking at 2027 with double-digit growth factor. Now let's have a look at the financial data that have characterized the first semester. Revenue are at EUR 256.4 million, down 1%.

Speaker #1: This organizational model is already producing value, even if we are not yet in line with the aims that we set for ourselves. So, we are already looking at 2027 with a double-digit growth factor.

Speaker #1: Now let's have a look at the financial data that have characterized the first semester. Revenue are at €256.4 million, down 1.1%. It's not a pathological data.

Matteo Santoro: It's not a pathological data. It's linked to a choice because we had to think clearly about the model that we wanted to adopt to make our growth more scalable because we have a customer portfolio that covers the whole healthcare board, going from electronic medical records to food safety and security. We have a potential reasoning about how we want to integrate these businesses that seem to be different, but they are strongly linked by the fact that they are all linked to the health and wellness of citizens. We decided to adopt and implement this new organizational model. We concentrated on the cost side. We reduced our cooperation with external providers. We focused our efforts in reorganizing our factories. We worked on corporate costs.

Speaker #1: It's linked to a choice, because we had to think clearly about the model that we wanted to adopt to make our growth more scalable.

Speaker #1: Because we have our customer portfolio that covers the whole healthcare board, going from electronic medical records to food safety and security, we have a chance of reasoning about whether we want to integrate these businesses that seem to be different, but are strongly linked by the fact that they are all connected to the health and wellness of the citizens.

Speaker #1: So we decided to adopt and implement this new organizational model. We concentrated on the cost side, and reduced our cooperation with external providers.

Speaker #1: We focus our efforts on reorganizing our factories. We worked on corporate costs. And in Italy, because abroad we continue to grow, in Italy we generated economics and improvement in efficiency that allow us to improve our EBITDA.

Matteo Santoro: In Italy, because abroad we continue to grow, in Italy, we generated economics and improvement in efficiency that allows us to improve our EBITDA. I expressed some questions about the PNRR, which has no impact on this because the growth plans for this year were already decided, both in Italy and abroad, to support the healthcare system in a sustainable way because this is a main system of the economy of our country. In the IT board, resources are growing year over year, and this is very important. The 3% growth in net income reflects the growth in income. But it is linked to a model that will be applied also to other countries. There is a growth from 18.1% to 19.9% of the EBITDA margin, and this affects the results of our strategic plan.

Speaker #1: I expressed some questions about the RMPN, which has no impact on this, because the growth plans for this year were already decided both in Italy and abroad.

Speaker #1: To support the healthcare system in a sustainable way, because this is the main system of the economy of a country. In IT, on the IT board, the resources are growing year over year.

Speaker #1: And this is very important. So the three percent growth in net income reflects the growth in income, but this is linked to a model that would be applied also to other countries.

Speaker #1: So, there is a growth in the EBITDA margin from 18.1% to 19.9%. This reflects the results of our strategic plan.

Speaker #1: We had already advanced that we had already explained that we expected an increase in the ABITDA margin and this is happening. We imagine that 2026 would have been would have seen an impact in the in the in this region of revenues.

Matteo Santoro: We had already explained that we expected an increase in the EBITDA margin, and this is happening. We imagined that 2026 would have seen an impact in the of revenues, but we see that instead, we will have an increase in the H2 of 2026 because our results are better than we expected. Of this revenues quota, 26% is covered by revenues coming from abroad. The asset were lost by 27%, in line with our plan. The asset was reached about 30% of our overall revenues. Today, 37% of the revenues on the software side is coming from abroad. EBITDA is positive, but we have a proper one loss in revenues, but this is not due to pathological reasons. We had to face this to start again with our new plan. Going on to the next slide.

Speaker #1: But we see that, instead, we will receive—we will have an increase in the second half of 2026 because our results are better than we expected.

Speaker #1: Of this revenue quota, 26% is covered by revenues coming from abroad. There are several roles by 27%, in line with our plan.

Speaker #1: And so, there was this expectation that we should reach about 30% of our overall revenues. And today, 37% of the revenues from the software side are coming from abroad.

Speaker #1: So EBITDA is positive, but we have a €4.1 million loss in revenues. However, this is not due to pathological reasons, and we had to face this to start again.

Speaker #1: With our new plan, going on to the next slide, we can see that the software is driving our results. It has a margin of 28.2% compared to the rest of the group.

Matteo Santoro: We can see that the software is driving our results. It has a margin of 32% compared to the rest of the group. The margin of software is growing, even if there is that 3.3% impact. Below you can see the details of the two main business lines linked to revenues. The core one, software solutions and software products. As you can see, software solutions goes from 69% to 75%, and those are the solutions in the Italian market. Over the years in Italy, we were awarded a lot of important projects. We realize important projects with a higher volume to make the country more infrastructural. We delivered these projects, but more are coming. Only yesterday, a new tender was published. What we imagine is that the national path will have a lot of growth in the recurring markets.

Speaker #1: So the margins of software are growing, even if there is that up 3.3% impact. And below, you can see the details of the two main business lines linked to revenues.

Speaker #1: The core is software solutions and software products. As you can see, software solutions increased from 69% to 75%, and those are the solutions in the Italian market.

Speaker #1: Over the years in Italy, we were awarded a lot of important projects. And we realized important projects with a higher volume, to make the country more infrastructural.

Speaker #1: We delivered these projects, but more are coming. Only yesterday, a new tender was published. And what we imagine is that the natural path will have a lot of growth in the recurring markets.

Speaker #1: So, delivering large projects allowed us to increase our skills in this domain. Even though 75% is now 69% over the next years, we foresee recurring revenues.

Matteo Santoro: Delivering large projects allowed us to increase our skills in this domain. Even if this 75% is now 69%, over the next years, we foresee recurring revenues and also new contracts. In our projections, there is no estimate about tenders that we may be awarded. Then we have software products that strongly drove the growth, that grows by product lines. This allowed us to grow a lot abroad. It went from 25% to 31%. In the reorganization process, the focus is on the efficiency that we are already acquiring, but also on the perspective of conquering a market that will be mainly made of recurring revenues. Now let's see how the two business lines are going, and they seem distant from software, but in fact, they are linked. The first one is automation ICT.

Speaker #1: And also new contracts. In our projections, there is no estimate about tenders that we may be awarded. Then we have software products that strongly drove the growth, which is broken down by product lines.

Speaker #1: And this allowed us to grow a lot abroad. So it went from 25% to 31%. So in this year's organization process, the focus is on efficiency.

Speaker #1: That we are already acquiring, but also from the perspective of conquering a market that will be mainly made of recurring revenues. Now, let's see how the two business lines are going, and they seem distant from software.

Speaker #1: But, in fact, they are linked. The first one is automation and ICT. ICT includes desktop management services, and these are the IT solutions that we offer customers and automation.

Matteo Santoro: ICT includes desktop management services, and these are the IT solutions that we offer customers and automation. They are about 18.6% of the margins. With about 1.5% and 0.9% margin in the Care side. This is very linked to the clinical side, to the therapy side, and the logistics side. At the moment in our country, there is a concept tender that has not been awarded yet. That includes more people, more companies that will be awarded, and we are one of the main companies in Italy. This creates our expectations and also strong automatization sector that is growing. Here we have a connection, even if these businesses are not strictly linked, but the world of software, including therapies and quantitative measurement of targets, is strictly linked with the software world. The other stream is a Care stream.

Speaker #1: They are about 18.6% of the margins, with a growth of about 1.5%, and 0.9% margin on the KS side. So, this is very linked to the clinical side, to the therapy side, and the logistics side.

Speaker #1: So, at the moment in our country, there is a concept tender that has not been awarded yet. That includes more people, more companies that will be awarded.

Speaker #1: And we are one of the main companies in Italy. This creates a lot of expectations and a strong automation sector that is growing.

Speaker #1: Here we have a connection. Even though these are not strictly linked, the world of software, including therapies and quantitative measurement of targets, is strictly linked with the software world.

Speaker #1: The other stream is a KS stream. And for us, I always say that the software drives—and also in this kind of business, the software is driving the market.

Matteo Santoro: For us, I always say that the software drives it, and also in this kind of business, the software is driving the market, because in the future, there is talk of a healthcare system that is more local, that takes care of the citizen, offers them Care and therapies. For us, this is the main channel, and the software allows us to invest in the healthcare offer that is growing. The demand of services that is growing exponentially needs technologies to manage this curve so that the healthcare offer is also capable of addressing the demand. Care is growing because today we are choosing where we want to expand our skills. Where the customer does not want to use new technologies, we also have certified solutions of AI on voice. The call centers made the difference to create more inclusivity and more productivity.

Speaker #1: Because in the future, there is talk of a healthcare system that is more local, that takes care of the citizen and their care and therapies.

Speaker #1: And for us, this is the main channel. And if the software allows us to invest in the healthcare offer that is growing, the demand of services is growing exponentially.

Matteo Santoro: The demand of services that is growing exponentially needs technologies to manage this curve so that the healthcare offer is also capable of addressing the demand. Care is growing because today we are choosing where we want to expand our skills. Where the customer does not want to use new technologies, we also have certified solutions of AI on voice. The call centers made the difference to create more inclusivity and more productivity.

Speaker #1: We need technologies to manage this curve so that the healthcare offer is also capable of meeting the demand. Care is growing because today we are choosing where we want to expand our skills.

Speaker #1: Where the customer doesn't want to use the new technologies we have, we also have certified solutions of AION Voice in call centers that make the difference.

Speaker #1: To create more inclusivity and more productivity. But many customers don't have this sensitivity. So at the moment, we left our region. And the decreasing care does not impact our EBITDA.

Matteo Santoro: Many customers do not have this sensitivity, so at the moment, we left the region. The decrease in Care does not impact our EBITDA. The region had an impact that was almost next to zero. We are not running any risks because we have a close so that the new company that is replacing us takes care of everything we left. We were also awarded a very important tender that will be worth EUR 400 million. This will allow us to reach double digits in the next years, and it is in an area where we are not very present at the moment. This will allow us to have a positioning very important, because when we talk about access to Care, we are in an excellent position to deliver a technological solution that allows the entities to generate more values for everybody.

Speaker #1: The region had an impact that was almost next to zero. And we are not—we are not running any risks, because we have a close, so that the new company that is replacing us takes care of everything we left.

Speaker #1: So, we were also awarded a very important tender. That will be worth €400 million. This will allow us to reach double digits in the next years.

Matteo Santoro: We were also awarded a very important tender that will be worth EUR 400 million. This will allow us to reach double digits in the next years, and it is in an area where we are not very present at the moment. This will allow us to have a positioning very important, because when we talk about access to Care, we are in an excellent position to deliver a technological solution that allows the entities to generate more values for everybody.

Speaker #1: And it's in an area where we are not very present at the moment, and this will allow us to have a very important positioning.

Speaker #1: Because when we talk about access to care, we are in an excellent position to deliver technological solutions that allow the entities to generate more value for everybody.

Speaker #1: So the care is decreasing due to our own choices, because we closed some contracts that don't want to follow the innovation trend that is required from the market today.

Matteo Santoro: The Care is decreasing due to our own choices, because we close some contracts that do not want to follow the innovation trend that is required from the market today. Going on to the next slide. This is the outlook of our financial situation. Fixed assets are reduced by EUR 30 million, in line with our plan, because we reduce the assets by the amortization was higher. This is the factor which helps to optimize it. Net Working Capital is growing by EUR 42.5 million, and then we see also the net financial position is increasing. The next slide allows us to understand the situation even better. Here we see a bridge. We closed last year with a net financial position of EUR 386 million, and we had an improvement in EBITDA of EUR 50.9 million. Then there is the impact of the NWC, which is due to the contract assets.

Speaker #1: Going on to the next slide. This is the outlook of our financial situation. Fixed assets are reduced by 30 million in line with 30 million in line with our plan.

Speaker #1: Because we reduce the assets by the amortization, which was higher. So this is due to the fact that we chose to optimize. Net working capital is growing by $5.4–2.5 million.

Matteo Santoro: Net Working Capital is growing by EUR 42.5 million, and then we see also the net financial position is increasing. The next slide allows us to understand the situation even better. Here we see a bridge. We closed last year with a net financial position of EUR 386 million, and we had an improvement in EBITDA of EUR 50.9 million. Then there is the impact of the NWC, which is due to the contract assets.

Speaker #1: Million euros. And then we see our financial debt is increasing. The next slide allows us to understand the situation even better.

Speaker #1: Here we see a bridge we closed last year with a financial position of €336 million. And we had an improvement in EBITDA of €50.9 million.

Speaker #1: Then there is the impact of the NWC, which is due to the contract assets. In 2025, we reduced the old contract assets, or about €110 million.

Matteo Santoro: In 2025, we reduced the old contract assets of about EUR 110 million, and we generated new revenue. This is due specifically to the Italian situation. In 2026, we have the same dynamic. In the first semester, we lost almost EUR 50 million of old CTA, but we generated almost the same, because thanks to the aggregation of the demand. In Italy, the procurement was once managed by the hospital, the entity that had some necessity. Now there are buying centers that publish new tenders that are worth EUR 400 million to EUR 1 billion, and they are awarded in a way that are not in line with the needs of our customers. When a customer has a need and needs someone, a provider, this can generate delays.

Speaker #1: And we generated new revenue because, and this is due specifically to the Italian situation. So in 2026, we have the same dynamic. In the first semester, we caused almost €50 million of old FDA, but we generated almost the same.

Speaker #1: Because thanks to the aggregation of the demand, in Italy the procurement was once managed by the hospital, the entity that had some necessity.

Speaker #1: And now there are buying centers that publish new tenders worth $500 million to $1 billion. And they are awarded in ways that are not in line with the needs of our customers.

Speaker #1: So when a customer has a need and needs someone—a provider—this can generate delays. And when there are new projects activated with a customer, there is a rigid and complex formula.

Matteo Santoro: When there are new projects activated with a customer, there is a rigid and complex formula that is addable burden for us, because these entities have some requirements to fulfill that are very rigid. This slows the times for receiving our payments. The invoices are generated late. Even if the payment times are expected in the remaining 6 years, the times to receive the payments of the invoices are delayed. The procurement is divided into two components: who wins the tenders and who distributes the resources, and the final users. Something is not functioning, and there is also some activities in the works at a political level.

Speaker #1: That is a double burden for us. Because these entities have some requirements to fulfill that are very rigid. This slows the times for receiving our payments.

Speaker #1: So the invoices are generated late. So even if the payment times are expected, and they remain 60 days, the times to receive the payments of the invoices are delayed.

Speaker #1: So, there are new, and now the procurement is divided into two components: who wins the tenders and who distributes the resources. And then, the final users.

Speaker #1: Something is not functional, and there are also some activities in the works at a political level. But we believe that in the future this situation will be improved, because we see that very large projects—with a lot of capex and closing times of two to three years—will be covered with recurrent revenues or other systems, because we have been working on this side.

Matteo Santoro: We believe that in the future, this situation will be improved, because we see that very large projects with a lot of CapEx, with the closing time of 2 to 3 years, will be covered with recurrent revenues or other systems, because we have been working on this side. We will overcome this problem. The increase of the net working capital also is impacted by this factor. Also in the chain from EUR 396 million to EUR 428 million NFP. It is also due to higher cost of the providers, because sustainability is very important in this environment. In some cases, we have to pay in advance some providers who are in financial difficulties. We see that the debt is increasing due to the payment of taxes. We also have CapEx that this year remained constant compared to last year, even if the EBITDA is growing.

Speaker #1: And we will over time this problem. But the increase of the networking capital also is impacted by this factor. Also in the chain from 396 to 428 NFT it is also due to higher cost of the providers because since sustainability is very important in our in this in this environment.

Matteo Santoro: Also in the chain from EUR 396 million to EUR 428 million NFP. It is also due to higher cost of the providers, because sustainability is very important in this environment. In some cases, we have to pay in advance some providers who are in financial difficulties. We see that the debt is increasing due to the payment of taxes. We also have CapEx that this year remained constant compared to last year, even if the EBITDA is growing.

Speaker #1: In some cases, we have to pay in advance some providers that were in financial difficulties. Then we see that the debt is increasing due to the payment of taxes.

Speaker #1: We also see CapEx this year remaining constant compared to last year, even if EBITDA is growing. We have CapEx that are tangibly linked to the creation of our headquarters and investments made initially.

Matteo Santoro: We have CapEx that are tangible, linked to the creation of our headquarters and investments made initially. We have an automation component related to the creation of robots that manage medicines destined to oncological treatments. This is a market that is in high expansion. We have a net interest of EUR 11 million. Our net financial position is of EUR 435 million. What I can say is that compared to the end of the last year, we foresee a positive situation because economic results are there, but our customers need to close their balance sheets. We made invoice in the last 2, 3 months of the year, so we will have an important impact at the end of the year. We will reconcile and generate more cash in the last part of the year.

Speaker #1: We have an automation component related to the creation of robots that manage medicines destined for oncological treatments. And this is a market that is in high expansion.

Speaker #1: Then we have a net interest of €11 million. So our net financial position is €425 million. What I can say is that, compared to the end of last year, we foresee a positive situation.

Speaker #1: Because economic resources are there, but our customers need to close their balance sheets, we mainly invoice in the last two or three months of the year.

Speaker #1: So we will have an important impact at the end of the year. So we will reconcile and generate more cash in the last part of the year.

Speaker #1: So the situation is generally positive, and we expect important improvements in the second semester, also linked to the release of and the evolution of platforms that is foreseen in the second semester.

[Company Representative] (GPI): The situation is generally positive, and we are expecting important improvements in the second semester, also linked to the release of the evolution of platforms that is foreseen in the second semester. We are working on the 2027 budget, and as I said, we expect a double-digit return on our growth because the operating model was implemented, cannot but improve, and it will be expanded and scaled also in other countries and in the rest of the world that are already focused on the growth of products that generate more growth. The markets abroad pay with other time frames, completely different from the Italian market. I think I have concluded the financial slide. Thank you, Matteo. Thank you, Andrea. Now I will ask you the questions that we received. Matteo, you cannot relax because the first question is for you.

Matteo Santoro: The situation is generally positive, and we are expecting important improvements in the second semester, also linked to the release of the evolution of platforms that is foreseen in the second semester. We are working on the 2027 budget, and as I said, we expect a double-digit return on our growth because the operating model was implemented, cannot but improve, and it will be expanded and scaled also in other countries and in the rest of the world that are already focused on the growth of products that generate more growth. The markets abroad pay with other time frames, completely different from the Italian market. I think I have concluded the financial slide.

Speaker #1: We are working on the 2027 budget and, as I said, we expect a double-digit return on our growth. Because the operative model was implemented, it cannot but improve.

Speaker #1: And it will be expanded and scaled also in other countries and in the rest of the world. These are already focused on the growth of products that generate more growth.

Speaker #1: And the market support pays with other time frames that are completely different from the Italian market. I think I have concluded the financial side. Thank you, Matteo.

[Company Representative] (GPI): Thank you, Matteo. Thank you, Andrea. Now I will ask you the questions that we received. Matteo, you cannot relax because the first question is for you. You have in part already replied, but I ask the same. Concerning Care, is it possible to give more details on the strategic area? Is the decrease in revenues due to the time frame of the contracts? Another question to this is the level of revenues and the margins will somehow normalize once the transition of the new contracts will be completed. Can you answer, Matteo?

Speaker #1: Thank you, Andrea. Now I will ask you the questions that we received. And Matteo, you cannot relax because the first question is for you.

Speaker #1: You have already addressed this in part, but I am asking again. Regarding care, is it possible to provide more detail on the strategic area if the decrease in revenues is due to the timing of the contracts? And then, I have another question directly related to this.

Matteo Santoro: You have in part already replied, but I ask the same. Concerning Care, is it possible to give more details on the strategic area? Is the decrease in revenues due to the time frame of the contracts? Another question to this is the level of revenues and the margins will somehow normalize once the transition of the new contracts will be completed. Can you answer, Matteo? Yes, as I have anticipated, concerning Care, we are moving on to direct. The first one is this investor where customers are not sensitive to the use of technology, because technology today allows us to improve productivity. So the decrease you have seen is due to a choice not to go on.

Speaker #1: Is it that the level of revenues and the margins will somehow normalize once the transition in the new contracts has been completed?

Speaker #1: Can you answer, Matteo? Yes. As I have anticipated concerning care, we are moving on to direct. The first one is this investor, where customers are not sensitive to the use of technology, because technology today allows us to improve productivity.

Matteo Santoro: Yes, as I have anticipated, concerning Care, we are moving on to direct. The first one is this investor where customers are not sensitive to the use of technology, because technology today allows us to improve productivity. So the decrease you have seen is due to a choice not to go on.

Speaker #1: So, the decrease you have seen is due to a choice not to go on. We were talking about a contract that we awarded five years ago.

Matteo Santoro: We were talking about a contract that we awarded 5 years ago, and we stopped with that contract because we saw that the customer had no will to understand how the market is evolving. We have also won an important tender with a EUR 400 million contract, with a double-digit growth. This is a great occasion for us, because on the one side, software allows us to create an infrastructure and offer solutions on the other side, but we understand that the real issue is the demand, because we do not need more doctors, but we need systems where software is really helping. Because the system can be absorbed only when the citizen is taken care by operative centers where we are already organized. So this will allow us to understand if it is possible to follow this path, otherwise, we will follow other choices.

Speaker #1: And we solved with that contact because we we saw that the customer was had no will to understand how the market is evolving. But we have also won an important tender with a 400 million euros contact with a double digit growth.

Speaker #1: And this is a great occasion for us, because on one side, software allows us to create the infrastructure and offer solutions on the offer side. But we understand that the real issue is the demand.

Speaker #1: Because we don't need more doctors, but we need systems where software is really helping. Because the system can be resolved only when the citizen is taken care of by operative centers where we are already organized.

Matteo Santoro: Because the system can be absorbed only when the citizen is taken care by operative centers where we are already organized. So this will allow us to understand if it is possible to follow this path, otherwise, we will follow other choices. Care for us is a strategic system to look at the medium to long term, how the management of the chronical patients can be managed to avoid everybody accesses the hospitals.

Speaker #1: So this will allow us to understand if it's possible to follow this path. Otherwise, we'll follow other choices. Care for us is a strategic system to look at the medium to long term, at how the management of the chronical patients can be managed, to avoid everybody addressing the hospitals.

Andrea Di Santo: Care for us is a strategic system to look at the medium to long term, how the management of the chronical patients can be managed to avoid everybody accesses the hospitals. There is another question on other Care. Considering the activity is lower than the average of the group, the positioning of GPI is always targeted abroad. Do you believe it is possible to leverage the software? There are two sides to consider. The first, also has a strategic value, as Matteo said lately, and the other one is that assets must be valued. At the moment, we have margins that are not excellent. These are typical business, but we confide that the tenders that are being awarded and the better selection, the choice of getting out of some contracts that had lower margins and enter into new contracts, will allow us to have a better relativity.

Speaker #1: There is another question on other care. Consider the relatively slower than the average of the group. The positioning of GPE is always targeted abroad.

[Company Representative] (GPI): There is another question on other Care. Considering the activity is lower than the average of the group, the positioning of GPI is always targeted abroad. Do you believe it is possible to leverage the software?

Speaker #1: Do you believe it is possible to leverage the software? There are two sides to consider. The first is that it also has strategic value, as Matteo said lately, and the other one is that assets must be valued.

Andrea Di Santo: There are two sides to consider. The first, also has a strategic value, as Matteo said lately, and the other one is that assets must be valued. At the moment, we have margins that are not excellent. These are typical business, but we confide that the tenders that are being awarded and the better selection, the choice of getting out of some contracts that had lower margins and enter into new contracts, will allow us to have a better relativity. Then we will be able to think about, even if at the moment it is not the order of the day, but we are thinking about this at the moment.

Speaker #1: At the moment, we have margins that are not excellent. These are typical of business, but we confide that the tenders that we are being awarded and the better selection—the choice of getting out of some contracts that had lower margins and entering into new contracts—will help.

Speaker #1: Will allow us to have a better relativity, and then we will be able to think about, even if at the moment it is not the order today, but we are thinking about this at the moment.

Andrea Di Santo: Then we will be able to think about, even if at the moment it is not the order of the day, but we are thinking about this at the moment. Thank you. Andrea, for you, also the next question. This concerns software. Can you comment on the trend of growth in the revenues in the H1 2026 and delineate the expressive drivers for the H2 of the year? 2026 was the year of the implementation of the operating model. Clearly growing as we are changing. Then changing the performance of car, just to give an example, while you are changing the engine, it is pretty complicated. In fact, we concentrated more on the margins. The expectation, as Matteo said before, is that this will change.

Speaker #1: Thank you, Andrea. The same goes for you. The next question concerns software. Can you comment on the trend of growth in the revenues in the first half of 2026, and delineate the expected drivers for the second half of the year?

[Company Representative] (GPI): Thank you. Andrea, for you, also the next question. This concerns software. Can you comment on the trend of growth in the revenues in the H1 2026 and delineate the expressive drivers for the H2 of the year?

Speaker #1: 2026 was the year of the implementation of the operating model. Clearly, growing as we are changing—and changing the performance of the car, just to give an example—while you are changing the engine is pretty complicated.

Andrea Di Santo: 2026 was the year of the implementation of the operating model. Clearly growing as we are changing. Then changing the performance of car, just to give an example, while you are changing the engine, it is pretty complicated. In fact, we concentrated more on the margins. The expectation, as Matteo said before, is that this will change.

Speaker #1: In fact, we considered it more on the margins. The expectation, as Matteo said before, is that this will change. It will change more in Italy; it will change more abroad than in Italy.

Andrea Di Santo: It will change more abroad than in Italy, because abroad will continue to grow double digits, and we count on continuing to grow also in Italy. The second part of the question is related to the drivers. Exactly. The drivers for acceleration. When we implement a new operating model, it is made with a certain strategy and not just to do so. In this case, we have an expectation that the operational change that we made in Italy will have a synergic effect that will increase revenues at the same cost. We will see an effect, and this is a fundamental leverage. Different positioning and different presence on the area that will yield us better results, especially in 2027. Thank you. Matteo, the next question is for you.

Speaker #1: Because abroad will continue to grow double digits, and we count on continuing to grow also in Italy. The second part of the question is related to the drivers.

Speaker #1: Exactly. The drivers for acceleration—when we implement a new operating model, it is made with a set strategy and not just to do so, and in this case, we have an expectation that the operational change that we made in Italy will have a synergic effect that will increase revenues at the same cost.

Speaker #1: So we'll see an effect, and this is the fundamental leverage. Different positioning and different prices in the area will yield us better results, especially in 2027.

Speaker #1: Thank you. Matteo, the next question is for you. Concerning networking capital, do we have higher visibility on the evolution of contract assets that you also talked about in the presentation?

[Company Representative] (GPI): Thank you. Matteo, the next question is for you. Concerning net working capital, do we have a higher visibility on the evolution of contract assets that you also talked about in the presentation, and the high level for the business? When you foresee the values to slow down?

Matteo Santoro: Concerning net working capital, do we have a higher visibility on the evolution of contract assets that you also talked about in the presentation, and the high level for the business? When you foresee the values to slow down? I am sorry, I was muted. The issue of contract assets is being faced by many points of view. A strategic theme is that large projects were delivered, and in those projects, the quota of recurring revenues was pretty irrelevant. Now that the projects are in place and we need to deliver further assistance, data privacy and so on, this will increase the recurring revenues that generate immediate cash for us. So already in 2027, we foresee an important growth of these recurring revenues that will allow us to be less dependent on the CTA phenomenon.

Speaker #1: At a high level for the business, when do you foresee the values slowing down? I'm sorry, I was muted. The issue of contact assets is being faced by many points of view.

Matteo Santoro: I am sorry, I was muted. The issue of contract assets is being faced by many points of view. A strategic theme is that large projects were delivered, and in those projects, the quota of recurring revenues was pretty irrelevant. Now that the projects are in place and we need to deliver further assistance, data privacy and so on, this will increase the recurring revenues that generate immediate cash for us. So already in 2027, we foresee an important growth of these recurring revenues that will allow us to be less dependent on the CTA phenomenon.

Speaker #1: A strategic theme is that large projects were delivered, and in those projects, the quota of recurring revenues was pretty irrelevant. Now that the projects are in place and we need to deliver further assistance—such as privacy and so on—this will increase the recurring revenues that generate immediate cash for us.

Speaker #1: So already in 2027, we foresee important growth in these recurring revenues that will allow us to be less dependent on the FDA phenomenon.

Speaker #1: On the other side, at least in our country, we have a structural issue of a customer that usually pays in times that are very slow for us.

Matteo Santoro: On the other side, at least in our country, we have a structural issue of a customer that usually pays in times that are very slow for us. There is already a talk at national level because companies all over Italy are suffering from this, and large companies usually survive, but smaller companies usually suffer and may be too close. The possibility is to have tenders in the future to be paid with the SaaS modality. Thank you, Matteo. The next question is for Andrea, concerning artificial intelligence. Do we foresee a significant spare on cost due to the implementation of artificial intelligence? Are they impact on labor cost? It is a two question. If you wanted to ask if we have these additional plans, somehow the answer is no. I can explain why.

Speaker #1: There is already a target at the national level, because companies all over Italy are suffering from this. Large companies usually survive, but smaller companies usually suffer and may be too close. So the possibility is to have tenders in the future to be paid with a SaaS modality.

Speaker #1: Thank you, Matteo. The next question is for Andrea concerning artificial intelligence. Do we foresee significant savings on costs due to the implementation of artificial intelligence?

[Company Representative] (GPI): Thank you, Matteo. The next question is for Andrea, concerning artificial intelligence. Do we foresee a significant spare on cost due to the implementation of artificial intelligence? Are they impact on labor cost?

Speaker #1: And are there impacts on labor costs? It's a tricky question. If you wanted to ask if you have these mission plans somehow, the answer is no.

Andrea Di Santo: It is a two question. If you wanted to ask if we have these additional plans, somehow the answer is no. I can explain why. Concerning if this will have an impact on the future, certainly so, because when we implement both on our customers, but also on our internal processes, AI algorithms to improve productivity, this could mean less hiring processes in the area overall, because the old process meant that the more the revenues increase, the cost of labor increases and also the number of employees.

Speaker #1: And I can explain why. Concerning if this will have an impact on the future certainly so because when we implement both on our customers but also on our internal processes AI algorithms to improve productivity this could mean less hiring processes in the area overall because the the old process meant that the more the revenues increase the cost of labor increases and also the number of employees this is a particular that the AI is is challenging because when we want to hire someone we have to ask ourselves how much we can make it more efficient so that an employee instead of doing 100 can do 110 and over time adding all these tens will mean hiring a a person less.

Andrea Di Santo: Concerning if this will have an impact on the future, certainly so, because when we implement both on our customers, but also on our internal processes, AI algorithms to improve productivity, this could mean less hiring processes in the area overall, because the old process meant that the more the revenues increase, the cost of labor increases and also the number of employees. This is a part that the AI is challenging. Because when we want to hire someone, we have to ask ourselves how much we can make it more efficient, so that an employee instead of doing 100, can do 110. Over time, adding all these 10s will mean hiring a person less. So I think I will have answered. On the current basis, no, because we have such a backlog of work to do. We do not foresee any impact. Thank you, Andrea.

Andrea Di Santo: This is a part that the AI is challenging. Because when we want to hire someone, we have to ask ourselves how much we can make it more efficient, so that an employee instead of doing 100, can do 110. Over time, adding all these 10s will mean hiring a person less. So I think I will have answered. On the current basis, no, because we have such a backlog of work to do. We do not foresee any impact.

Speaker #1: So I think I will have to answer, on the current basis, no, because we have such a backlog of work to do. So we don't foresee any impact.

Speaker #1: Thank you, Andrea. Sorry, Lance, I wanted to add something on the AI team because this is a very important issue. A few months ago, the foreign markets gave a signal on technological companies, talking about AIs. I know shortly we will publish our position on the AI theme because this has to be addressed as an industrial positioning and not just cutting costs.

[Company Representative] (GPI): Thank you, Andrea.

Matteo Santoro: Sorry, Lance, I wanted to add something on the AI team, because this is a very important issue. A few months ago, the foreign markets gave a signal on technological companies, talking about AI yes, AI no. Shortly, we will publish our position on the AI theme, because it has to be addressed as industrial positioning and not just cutting costs. We will shortly communicate where we want to move. At the basis, there has to be a domain competence, because there are more and more companies appearing on the market that are making AI, but they do not have the domain competence, domain skills. We are moving with a logic of presenting an industrial project where the defining stream will be our own competence and the domain competence. So with the AI, not just as a tool to decrease costs, but also to acquire more market shares.

Speaker #1: We will shortly communicate, and we want to move, and at the basis there has to be domain competence because there are more and more companies appearing on the market that are making AI, but they don't have domain competence, domain skills.

Matteo Santoro: At the basis, there has to be a domain competence, because there are more and more companies appearing on the market that are making AI, but they do not have the domain competence, domain skills. We are moving with a logic of presenting an industrial project where the defining stream will be our own competence and the domain competence. So with the AI, not just as a tool to decrease costs, but also to acquire more market shares. They are concerning possible M&As.

Speaker #1: We are moving forward with a logic of presenting an industrial project where the sendering stream will be our own competence and the domain companies. So, we see AI not just as a tool to decrease costs but also to acquire more market share.

Speaker #1: Andrea, concerning possible M&A, they ask if we are focusing mainly on internal strengthening or if we are open to M&As. They ask if we are focused on software and on what niches, and if we can give some more details.

Andrea Di Santo: They are concerning possible M&As. They are asking if we are focusing mainly on the internal strengthening or we are open to M&As. They ask if we are focused on software and on what niches, and if we can give some more details. I would say that the answer is yes on both sides. We are open to M&As in an opportunistic way. This is not the moment for us. We are following the plan that foresees a centering to improvement through organic lines. Country by country and market by market, we are assessing very carefully because obviously an investment may be useful to increase our growth. They also ask the guidance, so how we believe to close 2026 and relative to this, if indirect growth is proceeding in line, above or below expectations of industrial plan. Actually, you already said something, but please go on.

[Company Representative] (GPI): They are asking if we are focusing mainly on the internal strengthening or we are open to M&As. They ask if we are focused on software and on what niches, and if we can give some more details.

Speaker #1: I will say that the answer is yes on both sides. We are open to M&As in an opportunistic way. This is not the moment for us.

Andrea Di Santo: I would say that the answer is yes on both sides. We are open to M&As in an opportunistic way. This is not the moment for us. We are following the plan that foresees a centering to improvement through organic lines. Country by country and market by market, we are assessing very carefully because obviously an investment may be useful to increase our growth.

Speaker #1: We are following the plan for process strengthening and improvement through organic lines. Then, country by country and market by market, we are assessing.

Speaker #1: Very carefully, because obviously an investment may be useful to increase our growth. They also asked for guidance on how we believe we will close 2036, and related to this, if international growth is proceeding in line, above, or below the expectations of the industrial plan.

[Company Representative] (GPI): They also ask the guidance, so how we believe to close 2026 and relative to this, if indirect growth is proceeding in line, above or below expectations of industrial plan. Actually, you already said something, but please go on.

Speaker #1: Actually, you already said something, but please go on. Yes, both 2026 and national growth are progressing in line with our plan. And this is the line we mean to follow.

Matteo Santoro: Yes, both 2026 and national growth are going on in line with our plan. This is the line we mean to follow. We usually try to do better than what we planned, but certainly we are in line with our plan. Matteo, question for you. You already partially answered during the presentation on how the cash is going, if we have some data to offer. We cannot share in-depth about it, but we foresee at the end of the year, according to our estimates, that we will recover over the first semester. Then our revenues, what we will invoice will be higher than our earnings. Andrea, question for you. Do you have any news on a possible extraordinary event by the FM controller company? Or if there is no possibility. The short answer is no.

Andrea Di Santo: Yes, both 2026 and national growth are going on in line with our plan. This is the line we mean to follow. We usually try to do better than what we planned, but certainly we are in line with our plan.

Speaker #1: We usually try to do better than what we planned, but certainly we are in line with our plan. Matteo, question for you: you already partially answered during the presentation on how the cash is going. If we have some data to offer...

[Company Representative] (GPI): Matteo, question for you. You already partially answered during the presentation on how the cash is going, if we have some data to offer.

Speaker #1: We cannot share in doubt about this, but we foresee, at the end of the year, according to our estimates, that we will recover over the first semester.

Matteo Santoro: We cannot share in-depth about it, but we foresee at the end of the year, according to our estimates, that we will recover over the first semester. Then our revenues, what we will invoice will be higher than our earnings.

Speaker #1: So the our revenues what we will invoice will be higher than our revenues. Andrea question for you. Do you have do you have any news on a possible extraordinary event by the FM control company?

[Company Representative] (GPI): Andrea, question for you. Do you have any news on a possible extraordinary event by the FM controller company? Or if there is no possibility.

Speaker #1: Or, if there is no possibility, the short answer is no. In 2025, we had a communication and then we did not have any more communication, so we cannot share anything else as a GP.

Andrea Di Santo: The short answer is no. In 2025, we had a communication, and then we did not have any more communication, so we cannot share anything else as a GPI. The next question is on the software. We work well on the margins, so they ask if the efficiency measure had an impact, where we are regarding standardization of software, and if we have KPIs that we use to measure this process. It is a pretty broad question.

Andrea Di Santo: In 2025, we had a communication, and then we did not have any more communication, so we cannot share anything else as a GPI. The next question is on the software. We work well on the margins, so they ask if the efficiency measure had an impact, where we are regarding standardization of software, and if we have KPIs that we use to measure this process. It is a pretty broad question. Concerning efficiency improvement, we are basing our job on two lines. The portfolio mix Italy versus the world is going more in favor of the rest of the world. Offering products that are standardized and less customizable, this will allow us higher margins. Handling more with the board is going to help us and increase our revenues. Then we are paying more and more attention to the costs.

Speaker #1: The next question is on software. We work well on the margins, so they ask if the efficiency measure had an impact on where we are regarding software standardization, and if we have KPIs that we use to measure this process.

Speaker #1: It's a pretty broad question. Concerning efficiency improvement, we are basing our job on two lines. The portfolio mix—Italy versus the rest of the world—is going more in favor of the rest of the world.

Andrea Di Santo: Concerning efficiency improvement, we are basing our job on two lines. The portfolio mix Italy versus the world is going more in favor of the rest of the world. Offering products that are standardized and less customizable, this will allow us higher margins. Handling more with the board is going to help us and increase our revenues. Then we are paying more and more attention to the costs.

Speaker #1: Offering products that are standardized and less customizable will allow us to achieve higher margins. Handling more with the rest of the world is going to help us and increase our revenues.

Speaker #1: Then we are paying more and more attention to the to the costs. And we want to uniform the the costs of the various companies that we that are part of our group.

Andrea Di Santo: We want to uniform the cost of the various companies that are part of our group. Concerning software standardization, we are keeping ourselves, we have internal KPIs, but we cannot share them at the moment. I can say that we use AI also in this sector because it has a support by coding. It is used both on the external side, following the strategy that we explained before, but it could also be used in the software development and in the software coding, which is very important because we have to update our systems. The standardization is going on, and it is going on pretty fast. This is the last question for you, Andrea, and then we will close the Q&A. Do we have an idea of the contribution to the margin expansions due to the rationalization of the group? I would return to the plan.

Speaker #1: Concerning software standardization, we are keeping ourselves. We have internal KPIs, but we cannot share them at the moment. I can say that we use AI also in this sector because it has a so-called, by coding, it is useful on the external side following the strategy that we explained before. But it can also be used in the software development and in the software coding, which is very important because we have to update our systems.

Speaker #1: So the standardization is ongoing, and it's progressing pretty fast. This is the last question for you, Andrea, and then we'll close the Q&A.

[Company Representative] (GPI): This is the last question for you, Andrea, and then we will close the Q&A. Do we have an idea of the contribution to the margin expansions due to the rationalization of the group?

Speaker #1: Do we have an idea of the contribution to the margin expansions due to the rationalization of the Group? I would return to the plan.

Andrea Di Santo: I would return to the plan. We are reasoning in terms of percentage. I could say 2%, 3%, but it is something that we are implementing day by day, and it is certainly contributing to what we do. At the moment, I cannot give a precise number of the contribution on the semester or on the year.

Speaker #1: We are reasoning in terms of percentage. I could say 2–3%, but it's something that we are implementing day by day, and it's certainly contributing to what we do.

[Company Representative] (GPI): We are reasoning in terms of percentage. I could say 2%, 3%, but it is something that we are implementing day by day, and it is certainly contributing to what we do. At the moment, I cannot give a precise number of the contribution on the semester or on the year. Thank you, Andrea. Thank you, Matteo. Thank you to all of you for attending this presentation. I remind you that the company is always available to our email address for any kind of questions related to the financial side. Thank you for your attention, and have a good day. Sa che io posso andare? C'è ancora bisogno?

Speaker #1: At the moment, I cannot give a precise number of the contribution for the semester or for the year. Thank you, Andrea. Thank you, Matteo.

[Company Representative] (GPI): Thank you, Andrea. Thank you, Matteo. Thank you to all of you for attending this presentation. I remind you that the company is always available to our email address for any kind of questions related to the financial side. Thank you for your attention, and have a good day. Sa che io posso andare? C'è ancora bisogno?

Speaker #1: Thank you to all of you for attending this presentation. I remind you that the company is always available through our email address for any kind of questions related to the financial side.