Eurotech S.p.a. · MIL:ETH
Eurotech — Q1 2026 Earnings Presentation
25 slides from Eurotech's earnings presentation, May 15, 2026
Slide 1: Conference Call - 2026 First Quarter Results
C ON FER EN CE C ALL 20 26 FIR ST QUA RT ER RE SULT S
Slide 2: Index
index Today's Speakers Eurotech at a Glance Q1 2026 Key Facts Q1 2026 Financial Highlights Business Update Financial Results Key Takeaways Q&A #2
Slide 3: Today's Speakers
today's speakers Massimo Milan Sandro Barazza Group CEO Group CFO #3
Slide 4: Q1 2026 key facts
Q1 2026 key facts US order contributed positvely to top-line performance Further efficiency achieved through a leaner organizational structure Continued focus on cost rationalization Cash flow supported by improved operational costs discipline Capital increase successfully completed #4
Slide 5: Financial Highlights Q1 2026
FIN AN CIAL H IGHL IGH TS Q1 2026 #5
Slide 6: Q1 2026 financial highlights
Q1 2026 financial highlights Revenues: €10.7m, +29.3% PoP +36.8% at constant FX Order intake: continue to be +20% stronger across key geographies (EU, Japan, US) Gross Profit Margin: ~49.2%, broadly stable PoP despite components cost pressures Opex: €7.4m, down €1.5m PoP driven by cost optimization
Slide 7: Business Update Q1 2026
BUSINESS UPDATE Q1 2026 @eurotech
Slide 8: Business update
business update Eurotech gateways and software portfolio now available through DigiKey, expanding global distribution reach and customer accessibility BAE Systems recognized Eurotech with the Partner 2 Win Gold Tier Award Eurotech named as a Top Contributor in Open-Source IoT and Edge Computing with
Slide 9: Financial Results Q1 2026
FINANCIAL RESULTS Q1 2026 @eurotech
Slide 10: Revenues performance Q1 2026
revenues performance Q1 2026 increase of 29.3% All values in € million 2.9 10.7 8.3 Revenues performance: €10.7m -0.5 vs €8.3m +29.3%, currency neutral +36.8% as a result of positive and consistent backlog growth. Services (including software) account for 15.4% of the Group’s revenues. Q1 25 Act FX
Slide 11: Europe remains the Group's leading market
Europe remains the Group's leading market revenues breakdown by end-customer location other other 0.7% 8.4% Our geographic mix highlights strong JP growth across all key regions, with Europe 31.7% JP Q1 Q1 consolidating its leadership, Japan 36.4% 2025 2026 delivering steady expansion, and the US 48
Slide 12: Operational costs
operational costs TOTAL OPERATING COSTS (before adjustments): €7.44m in Q1 2026 vs €8.98m in Q1 2025 NON-RECURRING COSTS: €0.14m in Q1 2026 vs €0.11m in Q1 2025 The significant reduction in operating costs reflects disciplined execution of efficiency measures, primarily driven by lower personnel exp
Slide 13: Operational costs in detail
operational costs in detail RAW MATERIALS & COMPONENTS: €5.44m (+30.4% PoP) Slightly above revenue growth; margin stable over 49% of revenues Impacted by product mix and component price pressures, partly offset by procurement efficiencies SERVICES COSTS: € -0.47m Strong reduction driven by cost opti
Slide 14: EBITDA improvement driven by revenues increase and costs reduction
EBITDA improvement driven by revenues increase and costs reduction All values in € thousand 1,235 The first quarter reflects a clear step forward in operating -719 -1,621 -136 performance, with improved 1,431 -1,757 margins and focused cost -44 management driving a meaningful reduction in EBITDA los
Slide 15: NFP has benefited from increase of capital
NFP has benefited from increase of capital All values in € million The significant improvement in net financial position reflects strengthened capital structure and disciplined financial management, supported by successful equity actions and continued focus on deleveraging. 10.7 Net Financial Positi
Slide 16: Increase of NWC to support the business
increase of NWC to support the business All values in € million The increase in net working capital reflects a 3.9 temporary absorption of cash driven by inventory build-up to support increased orders and normal seasonality in collections and payments. 1.0 11.6 Net Working Capital: -2.2 -1.0 €11.58m
Slide 17: Key Takeaways
KEY TAKEAWAYS @eurotech
Slide 18: Key takeaways
key takeaways Q1 2026 results confirmed a marked year-on- Positive operating momentum seen at year-end year improvement 2025 continued into 2026 Q2 2026 expected to further improve sequentially Fully subscribed capital increase significantly vs Q2 2025 and Q1 2026 strengthened the Group’s financial
Slide 19: Q&A
@eurotech O&A
Slide 20: Disclaimer
disclaimer This presentation has been prepared by Eurotech S.p.A. (or “Eurotech”) and has to be read in conjunction with its oral presen tation. The information contained in this presentation does nor purport to be comprehensive. Neither Eurotech nor any of its officers, employees, advisers or agent
Slide 21: Appendix
@eurotech APPENDIX
Slide 22: Consolidated income statement
consolidated income statement of which of which of which change (b-a) Q1 2026 (b) non % Q1 2025 (a) non related % (€ '000) amount % recurrent recurrent parties Sales revenue 10,714 100.0% 8,283 - 100.0% 2,431 29.3% Cost of material (5,445) -50.8% (4,177) -50.4% 1,268 30.4% Gross profit 5,269 49.2% 4
Slide 23: Consolidated statement of financial position
consolidated statement of financial position at March 31, at December at March 31, at December (€'000) 2026 31, 2025 (€'000) 2026 31, 2025 ASSETS LIABILITIES AND EQUITY Intangible assets 55,750 55,938 Share capital 14,906 9,657 Property, Plant and equipment 6,667 6,897 Share premium reserve 150,363
Slide 24: Net financial position
net financial position at March 31, at December 31, at March 31, (€'000) 2026 2025 2025 Cash A 10,466 6,455 5,232 Cash equivalents B - - - Other current financial assets C 19 21 134 Cash equivalent D=A+B+C 10,485 6,476 5,366 Current financial debt E 2,748 3,934 6,808 Current portion of non-current f
Slide 25: Net working capital
net working capital at March 31, at December at March 31, 2026 31, 2025 2025 Changes (€'000) (b) (a) (b-a) Inventories 15,843 11,918 18,336 3,925 Trade receivables 11,796 13,929 7,645 (2,133) Income tax receivables 1,085 568 1,538 517 Other current assets 1,886 1,361 1,924 525 Current assets 30,610