Slide 1: FY 2024 Results Presentation & Business Update
FY 2024 Results Presentation & Business Update March 17 th , 2025
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 Clarence Nahan Chief Executive Officer Chief Financial Officer Head of Corp. Dev. & IR 3
Slide 4: FY 2024 results overview
FY 2024 results overview Guidance exceeded in what remained a complex market backdrop 2024 guidance Quarterly revenue & Adj. gross margin evolution 44,1 183,5 €180M+ 44,1 FY24 Revenues 48,1 47,2 50%+ FY24 Adj. Gross Profit Margin 1Q24 2Q24 3Q24 4Q24 FY24 56.0% 49.5% 50.9% 54.5% 52.7% 4
Slide 5: Key takeaways from the past 12 months
Key takeaways from the past 12 months Continued • FY24: Net sales at €183.5m, down 12.5% vs. FY23 resilience in a • Solid and diversified client base in the Edge computing business complex market • Clea revenues at €21.3m in FY24 (11.6% of sales), up 0.9% vs. FY23 Best in class • Adj. GPM incidence
Slide 6: Benchmarking our performance with the rest of the sector
Benchmarking our performance with the rest of the sector A proven business model with a high operating leverage Adj. Gross Profit Margin Adj. EBITDA Margin 52,7% 53,0% 24,1% 46,9% 21,9% 15,4% 2024 2023 2022 2024 2023 2022 SECO ADLINK* Advantech Kontron Raspberry Pi Source: FactSet, financial data re
Slide 7: FY 2024 financial performance in details
FY 2024 financial performance in details FY 23 FY 24 Net • Continuing destocking trend through the year by key customers led to sales €209.8m €183.5m decreased sales volumes • Clea revenue at €21.3m in FY24 vs. €22.5m in FY23 (-5%) Adj. • FY24 vs. FY23 margin broadly in line, thanks to Edge product
Slide 8: Net sales - €183.5m
Net sales - €183.5m Edge computing business • €162.2m in FY24, (-13%) vs. FY23 • €21.3m in FY24, (-5%) vs. FY23 • Sales volume contraction distributed across Edge CLEA • +0.9% vs. FY23 in terms of incidence on geographical areas and verticals due to 88% 12% Net sales customers’ final stages of desto
Slide 9: Adjusted EBITDA
Adjusted EBITDA Adj. EBITDA bridge (€m) 24,1% 1 (26,3) 0,9 1 2 15,4% 7,8 (10,2) (1,6) 50,6 7,0 28,2 Adj. EBITDA FY Δ Net Δ Consumption Δ Operating Δ Costs of services and Δ Payroll Δ Adjustments Adj. EBITDA FY 2023 sales costs income other operating costs costs 2024 1 Gross margin effect and operati
Slide 10: Adjusted Net financial position
Adjusted Net financial position Adj. Net debt evolution (€m) 1 2 3 4,0 9,0 15,6 61,0 56,9 52,0 41,3 FY 23 H1 24 cash absorption H1 24 Q3 cash 9M 24 Q4 cash FY 24 generation generation 1 4Q24 vs. 3Q24 2 Net debt Adjustments 3 Leverage • Cash generation for €15.6m in 4Q24, mainly thanks to net • Solid
Slide 11: Business update
Business update S=C/4
Slide 12: KPIs show that the inflection point has been reached
KPIs show that the inflection point has been reached Supportive signs that OEMs are mostly done with their inventory adjustment Encouraging Incoming Backlog Trend Positive Book-to-Bill ratio Evolution 150% 1,0x 12
Slide 13: Key pillars driving the growth of our business in 2025
Key pillars driving the growth of our business in 2025 Capitalizing on years of technological leadership and continuous innovation • Record-high new product pipeline both from range & innovation perspective • Pick-up in project leads and new design wins with new global clients Optimal products & • C
Slide 14: SECO is ideally positioned to capture this rebound in demand
SECO is ideally positioned to capture this rebound in demand We expect revenue growth trajectory to be back on track starting from 1Q25 and quarterly revenues to regain their historical levels by summer 57,3 Unprecedented market environment driven by OEM destocking 1Q25 56,1 54,6 Revenue 51,0 Guidan
Slide 15: An eventful past few months
An eventful past few months Building up further momentum in our business Partnership agreement Strategic partnership Agreement with Hitachi Strategic cooperation Strategic partnership with NXP to further with Raspberry Pi to Energy to collaborate & agreement with the with Nayax to integrate integrat
Slide 16: How Clea is gaining traction with clients and partners
How is gaining traction with clients and partners • 10 years agreement • 11 years agreement • Long-term parternship • Energy Industry • Tobacco Industry • Initially focused on the vending Industry • + 200.000 devices • + 200.000 devices • E2E portfolio coverage • Platform adoption with retrofitting
Slide 17: Embedded world 2025, Nuremberg
Embedded world 2025, Nuremberg 23° edition 1.200+ exhibitors 32.000+ visitors 112 MQL* collected SECO present since 2012 from 38 countries from 40+ countries *Marketing Qualified Leads Key partners featured during the event Gesture recognition EV Charging Voice-Controlled AI Hands-free gesture- Smar
Slide 18: Industrial AI at its best: SECO's COM Express with Snapdragon X
Industrial AI at its best: SECO’s COM Express with Snapdragon X Collaboration with selected as European IIoT design center partner Multi-OS Support Runs Windows & Linux for industrial applications Extreme Performance Snapdragon X Elite delivers top-tier CPU, GPU & 45 TOPs NPU for AI at the edge Vers
Slide 19: Edge AI for Robotics: SECO COM Express with Metis AI Acceleration
Edge AI for Robotics: SECO COM Express with Metis AI Acceleration Collaboration with AI-Powered Vision High-performance Axelera Metis AI chip for real-time object detection & tracking Optimized for Robotics COM Express module ensures seamless integration with autonomous warehouse systems High Effici
Slide 20: SECO Pi Vision 10.1 CM5: the Smart HMI for Industrial Innovation
SECO Pi Vision 10.1 CM5: the Smart HMI for Industrial Innovation Collaboration with Powered by Raspberry Pi CM5 A cost-effective yet industrial-grade HMI designed for automation, retail, logistics, and transportation Integrated IoT & AI with Clea Enables real-time data insights, predictive analytics
Slide 21: Backed by a record-high Edge product pipeline
Backed by a record-high Edge product pipeline 2025 2026 SOM-SMARC-MX95 Pi Vision 10.1 CM5 Modular Vision Family SOM-COMe-X-Elite 6x Arm® Cortex-A55 4x A76 clocked @ 2GHz NXP i.MX93, Mediatek Genio 12 Cores ORYION CPU @ @2GHz 10.1” display 700/500, Intel AML 3.4 GHz - AI-accelerator NPU: 2 TOPS Displ
Slide 22: AI Studio
Coming in AI Studio 2H25 AI workflow automation for Industrial IoT The value of AI deployment at the Edge 22
Slide 23: SECO Application Hub
Coming in SECO Application Hub 2H25 The AI Marketplace for Industrial IoT 23
Slide 24: Modular Vision: Game-changer AI-ready HMIs
Modular Vision: Game-changer AI-ready HMIs Unique E2E Interest from Driving Fast offering Silicon vendors AI at the Edge Time-to-Market HMI + Clea IoT platform + AI: Seen as the ideal go-to AI AI-based with an intuitive UX, Modular & scalable platform, complete solutions to evaluation kit by our to
Slide 25: Clear monetization strategy
Clear monetization strategy Fully integrated IoT offering, from edge computing to software & services suite, allowing multiple recurring revenue opportunities Development of a services through strategic partnerships with leading international players Cybersecurity Security solutions specifically ded
Slide 26: Recent design win improving sales mix across verticals & regions
Recent design win improving sales mix across verticals & regions New projects with new clients demonstrating the competitiveness of our product offering Sector Country Solution Business Size Global tech leader in • Smart device for High voltage sub-stations Energy metering Switzerland • Modular, box
Slide 27: Long-lasting relationships with Top-tier customers
Long-lasting relationships with Top-tier customers Sustainable growth trajectory driven by strong client base Industrial 31% Fitness 13% Medical 7% 20 years+ Others 6% relationship with Top3 PKE 5% ~3% Churn rate Transport 3% Top10 concentration <70% (2018) to ~45% (2024) Vending 34% A&D 1% 27
Slide 28: 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 high margin custom solutions 3 End-to-end technological partner with unrivalled R&D excellence 4 Fully integrated IoT offering, from edge computing to software &
Slide 29: Q&A
Q&A S=C/4
Slide 30: Thank you
Thank you www.seco.com S=C/4