Seco S.p.a. · MIL:IOT
Seco — Euronext STAR Conference 2026
31 slides from Seco's conference presentation, Mar 25, 2026
Slide 1: Euronext STAR Conference 2026
Euronext STAR Conference 2026 Milan – March 25-26, 2025 2026
Slide 2: The leading European designer of end-to-end industrial solutions
The leading European designer of end-to-end industrial solutions Fast growing, highly profitable and at the heart of a structural shift Revenue (€m)1 13% Organic CAGR 18-25 201 210 200 45+ 800+ 184 5 9 1M+ 20% including M&A 112 60 141 65 76 98 Years 54 People Production R&D centers Devices 71 63 of
Slide 3: SECO: provider of end-to-end solutions
SECO: provider of end-to-end solutions A fully integrated offering to reduce complexity and speed up AI adoption HMI systems Software framework AI algorithms Unique Reference Edge-AI platform Driving Fast E2E offering for main Silicon vendors AI at the Edge Time-to-Market HMI + Clea platform + AI: S
Slide 4: SECO is empowering the Edge AI transition across every industry
SECO is empowering the Edge AI transition across every industry AI is dramatically transforming the industrial sector: Clea from a nice-to-have to a must-have Augmented User Experience Data Monetization New Functionalities Faster, more intuitive, immersive Real-time decision-making Smart automation
Slide 5: FY 2025 results overview
FY 2025 results overview Guidance exceeded Strong revenue momentum Record EBITDA progression +16% vs same Quarter last year +21% vs same Quarter last year 2025 guidance KPIs 51,2 9,4 51,2 10,7 10,7 €200M+ 48,0 9,4 47,2 FY25 Revenues1 7,8 44,1 50%+ 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 FY
Slide 6: Key takeaways
Key takeaways • FY25 Net sales: €197.6m, +8% YoY with 4Q25 up 16% vs. 4Q24 Proving the o Clea revenues: €21.0m, contributing 11% of our overall top line, now 39% of which recurring profitability of • Gross profit margin: 53.6%, improving YoY and above guidance our model • EBITDA Adj.: consolidated a
Slide 7: Enabling the Edge-to-AI transition with an extensive pipeline
Enabling the Edge-to-AI transition with an extensive pipeline From AI accelerators to Modular vision, numerous new products entering mass production in 2026 System on Modules (SOMs) SOM-COMe-CT6-6-Snapdragon IQ-X SOM-COMe-CT6-V4000 Modular Vision Genio700 & 510 Modular HMIs SOM-COMe-BT6-PTL SOM-COMe
Slide 8: SECO's end-to-end vertical solutions
SECO’s end-to-end vertical solutions Intelligent Retail & Automated Vending Industrial HMI for Autonomous Machinery Automation Mobile Robot Drones High-perf platforms for Medical & Healthcare Humanoid Robot Kiosk & Vending Intelligent Edge Systems for Smart Energy Grid High-Performance Vision & AI A
Slide 9: Long-lasting relationships with Top-tier customers
Long-lasting relationships with Top-tier customers FY2025 Revenue breakdown By USA Areas 450+ 17% APAC active customers 7% RoW 2% EMEA 74% 20 years+ By relationship with Top3 Vertical Transport PKE A&D 3% 4% 1% Others Vending 7% 25% Medical 12% ~3% Churn rate Fitness Industrial 13% 35% 9
Slide 10: Application Hub Developer Center
Simplify deployment and management of digital services Application Hub Developer Center Comprehensive Partner Documentation software framework ecosystem and device for building IoT Delivers turnkey monitoring solutions that harness solutions and System Integrators tools to build, field data accelera
Slide 11: Introducing Clea Studio AI
Introducing Clea Studio AI A no-code environment that empowers anyone to develop functional IoT and AI applications Allows users to visually design AI solutions Simply describe the AI you want to create using intuitive visual building blocks Leverage SECO Application Hub Deploy no-code Edge AI flows
Slide 12: Compliance to new EU regulations for Cybersecurity with Clea
Compliance to new EU regulations for Cybersecurity with Clea If a device connects, it must comply – Clea is ready, and will benefit from higher adoption EU Cybersecurity regulations (CRA & RED) Compliance made simple From 2025, connected products must meet strict security • Built to natively meet CR
Slide 13: HMI: the next-Industrial experience
HMI: the next-Industrial experience Leveraging our expertise to provide a complete framework for building ready-to-adopt solutions : Industrial end-to-end vertical solutions Service Providers < Vertical Use Application System Integrators Cases Silicon Vendors Extend Increase Hub Services & Opportuni
Slide 14: Success story – Vertical solutions for Energy management
Success story – Vertical solutions for Energy management A global leader in energy technologies leverages digitalization to enable seamless communication, real-time monitoring, and smart management across utilities infrastructure 10 years ago Yesterday Today Control via legacy Hardware integration C
Slide 15: Selected Example – Vertical solutions for Vending Machines
Selected Exemple – Vertical solutions for Vending Machines 10 years ago Yesterday Today Analogical - push button HMI - item selection only Advertisement opportunity Physical payment Digital payment - separate device Digital payment - embedded in screen Standard refilling Tailored refilling Fixed pri
Slide 16: Supply chain market update: 2026 a challenging year
Supply chain market update: 2026 a challenging year Electronic components market Mitigation actions Customer impact Renewed volatility BOM optimization Demonstrated pricing power After 2021–23 shortages, driven by exponential R&D is actively working on alternative Supported by transparent growth in
Slide 17: Update on the new Arezzo plant
Update on the new Arezzo plant 3,500 sqm production 400 sqm offices 10 assembly lines 6 SMT + 4 PTH MES OpCenter by Certifiable for standards Automotive, Railway, Medical, and more 17
Slide 18: Embedded world 2026, Nuremberg
Embedded world 2026, Nuremberg 24° edition SECO present since 2012 36.000+ visitors from 90+ countries 110+ customers visited SECO booth 260+ AI-Powered HMI for Smart AI-Powered Industrial Smart vending solution Intelligent Industrial Factory Operations Monitoring on Modular Automation at the leads
Slide 19: Recent win – Deck Control Device for aircraft carriers
Recent win – Deck Control Device for aircraft carriers Operating on the U.S. Navy’s first operational, carrier-based unmanned aircraft refueler • Flightworthiness specifications compliance SECO winning points (safety critical redundancy, harsh electromagnetic environment operation) • Cross-industry
Slide 20: Record Incoming backlog in February
Record Incoming backlog in February Strengthening customer activity reflected in positive order momentum, contributing to backlog growth and visibility Improving Incoming Backlog trend Consistent Book-to-Bill performance +60% YoY €30m Jan-Feb avg. NOV NOV JAN FEB AUG SEP JAN FEB AUG SEP JAN FEB APR
Slide 21: 1Q26 guidance
1Q26 guidance While the environment remains complex, the year is starting on a strong pace, supported by robust demand for Edge AI-driven solutions 1Q26 Revenue €49m+ 51,2 51,2 47,2 48,1 47,2 48,0 44,1 44,1 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 GPM 56% 50% 51% 55% 53% 53% 55% 53% 21
Slide 22: Deep dive on FY 2025 Financial results
Deep dive on FY 2025 Financial results
Slide 23: FY 2025 Key financials
FY 2025 Key financials €176.6m (+9% YoY) €21.0m €105.9m €40.2m €21.4m FY25 Edge computing FY25 Clea revenue Gross Margin FY25 Adj. EBITDA FY25 Adj. EBIT FY25 revenue (o/w 39% recurring) (53.6% of Net sales) (20.3% of Net sales) (10.8% of Net sales) 89% of 11% of Net Net €13.1m €37.6m Sales Sales Adj
Slide 24: Adjusted EBITDA
Adjusted EBITDA Adj. EBITDA bridge (€m) 1 1 (1,8) 2 (0,8) (0,1) 6,0 20,3% (5,4) 15,4% 14,1 40,2 28,2 Adj. EBITDA FY Δ Net Δ Consumption Δ Operating Δ Costs of services and Δ Payroll Δ Adjustments Adj. EBITDA FY 2024 sales costs income other operating costs costs 2025 1 Gross margin effect and operat
Slide 25: Adjusted Net financial position
Adjusted Net financial position Adj. Net debt evolution (€m) 1 1 1 2 3 0,9 4 8,9 13,6 4,9 50,3 51,2 41,3 37,6 32,7 FY 24 Δ NPF 1H 25 Δ NPF 9M 25 Δ NPF FY 25 4Q 25 extraordinary FY 25 Adj for CAPEX extraordinary CAPEX 1 FY 2025 2 Net debt Adjustments 3 Leverage 4 Extraordinary CAPEX • ∆ Net working c
Slide 26: Appendix
Appendix S=C/4
Slide 27: Experienced management team
Experienced management team 40+ 7+ years Daniele Conti years Massimo Mauri Chairman of the Board Chief Executive Officer Co-Founder of SECO 20+ years in tech executive roles 15+ 20+ 5+ 5+ 2 10+ years years years years years years Davide Catani Angelo Peloni Maurizio Caporali Dario Freddi Fausto Di S
Slide 28: Continuously expanding our Ecosystem
Continuously expanding our Ecosystem Strengthening an existing group of industry-leading partners with a clear strategy to fuel creativity & boosting growth amongst 3rd party users Hyperscalers Expanding top-tier tech partnerships Access to advanced technologies Being on-board for tech integration p
Slide 29: Empowering Sustainable Business Through Innovation
Empowering Sustainable Business Through Innovation Our Mission: A digital, sustainable, intelligent future Our technologies drive the automation of industrial processes, enhance production efficiency, minimize product waste, and optimize the use of resources and energy - enabling a smarter, more sus
Slide 30: Why invest in SECO?
Why invest in SECO? 1 Top 5 player globally in one of the fastest growing end-market in technology 2 Profitable business model focused on long term sustainable high margin 3 End-to-end technological partner with unrivalled R&D excellence 4 Fully integrated offering, from edge computing to software p
Slide 31: Thank you
Thank you www.seco.com oS= CA id BORSA [TALIANA