SECO S.p.A. · MIL:IOT
SECO — 9M 2026 Earnings Presentation
28 slides from SECO's earnings presentation, Nov 9, 2026
Slide 1: 9M 2026 Results Presentation & Business Update
9M 2026 Results Presentation & Business Update November 9 th , 2026
Slide 2: Disclaimer
Disclaimer This document has been prepared by SECO S.p.A. (“SECO” or the “Company”), for information purposes only, exclusively with the aim of assisting you to understand and assess the activities of SECO. The information contained in this presentation does not purport to be comprehensive and may n
Slide 3: Presenting today
Presenting today Massimo Mauri Lorenzo Mazzini Marco Letizia Chief Executive Officer Chief Financial Officer Head of Corp. Dev. & IR 3
Slide 4: Key takeaways from the past 9 months
Key takeaways from the past 9 months Solid • 9M26 Net sales: €158.3m, +8% YoY – 3Q26 €59.6m up 24% YoY, in line with guidance performance o Clea revenues: €7.5m recurring (+18% YoY), 75% of the total in 3Q26 amid supply • Gross profit margin: 53.6%, showing good performance amid memory price increas
Slide 5: Detailed 9M 2026 Results
Detailed 9M 2026 Results S=C/4
Slide 6: 9M 2026 financial performance in details
9M 2026 financial performance in details 9M 25 9M 26 Net • Revenues up 8% YoY, accelerating in 2H as expected sales €146.4m €158.3m • Clea recurrent revenues at €7.5m +18% YoY Gross €78.8m €84.9m • Good margin expansion despite challenging supply chain conditions margin 53.8% 53.6% • Operating lever
Slide 7: Net sales - €158.3m
Net sales - €158.3m Edge computing business • €147.3m in 9M26, +13% vs. 9M25 • Recurring revenue at €7.5m (68% of the total) • Sales volume expansion well distributed Edge Clea in 9M26, +18% YoY across geographical areas, with Southern 93% 7% Europe and APAC growth outperforming the other regions •
Slide 8: Adjusted EBITDA
Adjusted EBITDA Adj. EBITDA bridge (€m) 1 1 2 (5,8) (0,6) 0,7 (2,2) 11,9 (1,6) 21,0% 21,0% 30,8 33,2 Adj. EBITDA 9M Δ Net Δ Consumption Δ Operating Δ Costs of services and Δ Payroll Δ Adjustments Adj. EBITDA 9M 2025 sales costs income other operating costs costs 2026 1 Gross margin effect and operat
Slide 9: Adjusted Net financial position
Adjusted Net financial position Adj. Net debt evolution (€m) 1 1 1 2 3 4 3,6 0,4 37,6 6,5 10,1 4,9 44,1 47,7 48,1 38,0 Adj. for 32,7 extraordinary CAPEX FY 25 Δ NFP 1Q 26 Δ NFP 1H 26 Δ NFP 9M 26 Extraordinary 9M 26 Adj for CAPEX extraordinary CAPEX 1 9M 2026 2 Net debt Adjustments 3 Leverage 4 Extra
Slide 10: Business update
Business update S=C/4
Slide 11: SECO: 3Q26 main KPIs
SECO: 3Q26 main KPIs Profitable growth acceleration Revenues / margin conversion 3Q26 3Q26 YoY QoQ 59,6 Net Sales (€m) 48,5 50,2 Net Sales +24% +19% 52,6% Gross Margin +19% +12% 56,0% Gross Margin (%) 52,3% Adj. EBITDA +38% +56% Adj. EBITDA (%) 18,7% 18,7% 24,7% EBIT +102% +279% 1Q26 2Q26 3Q26 Net I
Slide 12: SECO: 2026 quarterly trend
SECO: 2026 quarterly trend Strong momentum driving P&L performance Net Sales Gross margin Adj. EBITDA 59,6 52.6% 24.7% 56.0% 52.3% 31,4 14,7 28,1 18.7% 18.7% 25,4 50,2 9,4 48,5 9,1 1Q26 2Q26 3Q26 1Q26 2Q26 3Q26 1Q26 2Q26 3Q26 QoQ 2Q vs. 1Q 3Q vs. 2Q 2Q vs. 1Q 3Q vs. 2Q 2Q vs. 1Q 3Q vs. 2Q growth +3.
Slide 13: The Edge AI era
The Edge AI era Why is AI moving to the edge? > 3x Edge AI market expansion by 20311 Real-time intelligence Lower costs Data sovereignty Physical AI adoption 1Source: ABI Research, September 2026 13
Slide 14: Addressing high-growth verticals with a scalable Edge AI portfolio
Addressing high-growth verticals with a scalable Edge AI portfolio A comprehensive catalogue of HW solutions with built-in AI capabilities to anticipate the evolving needs of multiple end-markets Avg. contract Avg. contract duration: 10+ yrs duration: 5+ yrs NEW VERTICALS Avg. contract FAST GROWING
Slide 15: SECO: Enabler of Edge AI Adoption
SECO: Enabler of Edge AI Adoption A unified HW, SW & AI stack to bring intelligence into industrial devices and physical systems, accelerating deployment at scale Edge AI Systems Software Framework AI Algorithms End-to-End Local-for-Local Co-Engineering Fast Supply Chain Flexibility Edge AI Manufact
Slide 16: Clea 2.0 Agentic Framework: Edge AI at Scale
Clea 2.0 Agentic Framework: Edge AI at Scale Free trial 6 months OS – open source End-to-end Edge AI deployment platform 150+ ready-to-use algorithms AI Development Native AI and no-code MLOps No-code AI dev. tool Hardware-Cloud Telemetry agnostic OTA Clea Studio AI CRA, RED, and Cybersecurity Data
Slide 17: SECO Edge AI Solutions with Clea, powered by Dragonwing
SECO Edge AI Solutions with Clea, powered by Dragonwing unique solution for Dragonwing AI enablement Immagine che contiene Rettangolo, schermata, lavagna, testo Il contenuto generato dall#39;IA potrebbe non essere corretto. SBC- SOM-SMARC- SBC- SOM-SMARC- SOM-COMe- SOM-COMe-CT6- SOM-COM-HPC- Dragonw
Slide 18: SECO Edge AI Solutions with Clea, powered by Intel
SECO Edge AI Solutions with Clea, powered by Intel unique solution for AI enablement Immagine che contiene elettronico Descrizione generata automaticamente Immagine che contiene elettronica, Componente del computer, Dispositivo elettronico, computer Descrizione generata automaticamente Immagine che
Slide 19: SECO Edge AI Solutions with Clea, powered by NXP
SECO Edge AI Solutions with Clea, powered by NXP unique solution for AI enablement Immagine che contiene Rettangolo, schermata, lavagna, testo Immagine che contiene Rettangolo, schermata, lavagna, testo Il contenuto generato dall#39;IA potrebbe non essere corretto. Il contenuto generato dall#39;IA p
Slide 20: SECO Edge AI Solutions with Clea, powered by Mediatek
SECO Edge AI Solutions with Clea, powered by Mediatek unique solution for AI enablement Immagine che contiene Rettangolo, schermata, lavagna, testo Il contenuto generato dall#39;IA potrebbe non essere corretto. Immagine che contiene Rettangolo, schermata, lavagna, testo Il contenuto generato dall#39
Slide 21: How we want to scale – GTM strategy
How we want to scale – GTM strategy Driving strong growth through partnerships around standard products & Clea software framework Channel & Silicon partners as Clea adoption & AI utilization a growth multiplier to enhance value creation Strengthen OTS through the Clea Business model: ARR and increme
Slide 22: Qiyang Technology in a snapshot
Qiyang Technology in a snapshot High-growth company strong in R&D Deal & Valuation 5.1x 26E EV/EBITDA 20 €18M 15% 80+ 40+ 60% stake Years of 2026E Revenue 2026E EBITDA People R&D engineers activity c. 50% YoY Adj. in Hangzhou €9M + €3M earnout growth Key end-markets Main products • Development board
Slide 23: Strategic rationale and benefits
Strategic rationale and benefits Expand market presence in the fast-growing APAC region, with access to new end-markets and broaden customer base Establish a strong local R&D presence completing our offering in the region and enable the development of projects with local customers Unique industrial
Slide 24: Fannal stake increase
Fannal stake increase SECO will acquire 100% of Fannal €23m for 45% stake €3.4m for 49% stake 5.3x 26E EV/EBITDA Asia at nominal value High-quality & • Fannal has delivered a superior value creation since acquisition cash-generative • +40% Revenue CAGR 2018-25, from €2.5m FY18 to €27m FY25 (o/w 41%
Slide 25: Building a stronger APAC platform
Building a stronger APAC platform APAC center of excellence to reinforce SECO’s positioning Integrated Geographic fit Market access Hangzhou hub • Broaden customer base • Strong local R&D in Hangzhou • One of the most attractive growth • Cross-selling and up-selling • Qiyang’s computer modules area
Slide 26: Continued momentum in order intake
Continued momentum in order intake Healthy conversion of pipeline, contributing to backlog with business visibility improving Improving Incoming Backlog trend Consistent Book-to-Bill performance +42% YoY 1.2x Oct. YTD €30m Oct YTD APR APR APR FEB FEB FEB MAR MAY NOV DEC OCT MAR MAY NOV DEC OCT MAR M
Slide 27: Looking ahead to FY2027
Looking ahead to Looking ahead to FY2027 FY2027 With the foundations now in place across Edge & Physical AI technology, partnerships, capacity, and commercial execution, SECO will provide its official FY2027 revenue guidance in December 2026 27
Slide 28: Key takeaways
Key takeaways The Physical AI era 1 >3x Edge AI market growth by 20311 The shift from cloud to edge is accelerating, driven by real-time intelligence, lower operating costs, data sovereignty and Physical AI adoption. Opportunities in new attractive verticals, such as Robotics and Drones, are further