CONFERENCE CALL
2 0 2 6 F I R S T Q U A R T E R R E S U L T S
index
Today's Speakers Eurotech at a Glance Q1 2026 Key Facts
Q1 2026 Financial Highlights Business Update
Financial Results Key Takeaways Q&A
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today's speakers
Massimo Milan
Group CEO
Sandro Barazza
Group CFO
#3
Q1 2026 key facts
US order contributed positvely to top-line performanceFurther efficiency achieved through a leaner
organizational structure
Continued focus on cost rationalizationCash flow supported by improved operational costs discipline
Capital increase successfully completed
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FINANCIAL HIGHLIGHTS
Q 1 2 0 2 6
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Q1 2026 financial highlights
Revenues: €10.7m, +29.3% PoP +36.8% at constant FXOrder 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 and rightsizing achieved
EBITDA (adj.): €(1.62)m, improving by €2.0m YoY
EBITDA (reported): €(1.76)m
Net Working Capital: €11.42m, +€1.69m vs. FY 2025
Net Financial Position: €(9.99)m, +€6.81m improvement vs. FY 2025
Q1 2026 confirms a solid recovery trajectory, with strong revenue growth, improved profitability and a significantly strengthened financial position.
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BUSINESS UPDATE
Q 1 2 0 2 6
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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 within the PAC Vendor Landscape
Launch of ReliaCOR 55-20 and ReliaCOR 61-11, NVIDIA
Blackwell GPU-powered Edge AI servers designed for industrial and smart spaces applications
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FINANCIAL RESULTS
Q 1 2 0 2 6
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revenues performance Q1 2026
increase of 29.3%
Revenues performance: €10.7mvs €8.3m +29.3%, currency neutral +36.8% as a result of positive and consistent backlog growth.
Services (including software) accountfor 15.4% of the Group's revenues.
All values in € million
2.9 10.7
8.3
-0.5
Q1 25 Act FX
Historical rate
Delta Revenues
Q1 26
Act
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Europe remains the Group's leading market
revenues breakdown by end-customer location
other
other
0.7%
JP 36.4%
8.4%
Q1 2025
6.5%
48.7%
JP
31.7%
Q1 2026
51.4%
16.2%
EU
US
EU
US
Percentages total might not sum up to 100 because of rounding
Our geographic mix highlights strong growth across all key regions, with Europe consolidating its leadership, Japan delivering steady expansion, and the US with potentials for the clients served.
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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 expenses following the 2025 workforce optimization across geographies and additional savings from solidarity agreements in Italy (stopped end of March).The non-recurring cost are related to the final phase of the operational restructuring program initiated over 15 monthsago.
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operational costs in detail
RAW MATERIALS C COMPONENTS: €5.44m (+30.4% PoP)
Slightly above revenue growth; margin stable over 49% of revenuesImpacted by product mix and component price pressures, partly offset by procurement efficiencies
SERVICES COSTS: € -0.47m
Strong reduction driven by cost optimization actions in Europe, US and UKIncidence on revenues improved significantly to 23.8% (vs. 36.5%)
PERSONNEL COSTS: € -1.01m PoP
Down to 42.6% of revenues (vs. 67.3%)Reflects organizational streamlining and cost reduction initiatives
Workforce reduced by -14 FTE
The Group continues to execute its costs optimization strategy, delivering a structurally leaner operating base while completing the final stages of its organizational restructuring.
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EBITDA improvement driven by revenues increase
and costs reduction
All values in € thousand
1,235
1,431
-44
-719 -1,621
-136 -1,757
The first quarter reflects a clear step forward in operating performance, with improved margins and focused cost management driving a meaningful reduction in EBITDA losses.
-3,723
107 92
-3,524
EBITDA Q1 25 Act
FX 2025
Non
recurrent costs
FX rate effect
EBITDA ADJ Q1 25 Act
FX 2026
Higher (Lower) Volumes
(Lower) Better GM
Opex (Increase) Decrease
Other Revenues
EBITDA ADJ Q1 26 Act
FX 2025
Non
recurrent costs
EBITDA Q1 26 Act
FX 2025
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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
-0.6 -10.0
-16.8
-0.2
Net Financial Position (Mar 31, 2026): €(9.99) m vs. €(16.80) m at Dec 31, 2025
Improvement of €6.81m
Cash Position: €10.47m. The Cash Flow Drivers inQ1 2026 are:
Equity inflows (capital increase completed in Feb 2026 C future capital contributions) Operating cash outflow: €(2.46)m
-2.6 | -0.4 | |||||
FY | FX | Cashflow | Cashflow | Capital | Cashflow | Q1 |
25 | used in operations | for investments | injection | for financial | 26 | |
Capex: €(0.44)m
Net debt repayment (incl. interest): €(3.58)m FX impact: +€0.39m
assets
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increase of NWC to support the business
All values in € million
3.9
1.0
The increase in net working capital reflects a temporary absorption of cash driven by inventory build-up to support increased orders and normal seasonality in collections and payments.
9.7
0.1
-2.2 -1.0
11.6
Net Working Capital:€11.58m vs. €9.73m at Dec 31, 2025
Increase of €1.85m, reflecting typical quarterly cash
flow dynamics.
FY | FX | Change in | Chane in | Change in | Change in | Q1 |
25 | inventories | trade receivable | other current | current liabilities | 26 |
assets
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KEY TAKEAWAYS
#17
key takeaways
Q1 2026 results confirmed a marked year-on-
year improvement
Q2 2026 expected to further improve sequentially vs Q2 2025 and Q1 2026
H1 2026 performance expected to improve significantly versus H1 2025
Positive operating momentum seen at year-end 2025 continued into 2026
Fully subscribed capital increase significantly strengthened the Group's financial flexibility and capital structure
Order intake Q1 2026 + 20% vs Q1 2025
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Q& A
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disclaimer
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