Seco S p A : Presentazione risultati al 30 settembre 2025

9M 2025 Results Presentation & Business Update

November 7 th, 2025

Massimo Mauri

Chief Executive Officer

Lorenzo Mazzini

Chief Financial Officer

Clarence Nahan

Head of Corp. Dev. & IR

3

Strong revenue momentum Record EBITDA progression Full-Year guidance confirmed

48,0

47,2

51,2

+9% vs same Quarter last year +131% vs same Quarter last year

10,7

€200m+2

7,8

9,4

10,7

3Q24 4Q24 1Q25 2Q25 3Q25

3Q24 4Q24 1Q25 2Q25 3Q25

2021 2022 2023 2024 2025

Gross Profit Margin Adj. EBITDA Margin On track to achieve €200m+ revenues in 2025 at constant FX

50.9% 54.5%153.2% 53.5% 54.7% 10.5% 17.6% 20.0% 20.9% 22.2%

4

1 Gross Profit Margin adjusted

2 At constant FX

Strong momentum reflected in

our P&L

Solid financial

structure

Robust product

roadmap

Full-Year guidance confirmed

• 9M25 Net sales: €146.4m, +5% YoY with 3Q25 up 9% vs. 3Q24

  o Clea revenues: €17m, contributing 11% of our overall top line, now 38% of which recurring

• Gross profit margin: 53.8%, improving YoY and above guidance

• EBITDA Adj.: €30.8m, of which 22.2% margin in 3Q25 - the highest in over 2 years

• Adj. Net financial position: €51.2m as of 30th September 2025, substantially stable QoQ

• Cash generation supporting our future growth with new Arezzo plant investment

• Continued focus on Net Working Capital

• Pi Vision 10.1 CM5 new industrial-grade HMI - our first joint product with RaspberryPi

• Clea Vend telemetry platform - our new cloud solution for vending machine refilling & management

• Constantly growing the numbers of dedicated algorithms available on our Application Hub

• On track to achieve €200m+ revenues in 2025 at constant FX

• Profitable growth with gross profit margin to be maintained above 50%

  5

  Detailed 9M 2025 Results
  
  
  9M 24

  9M 25

  Net sales

  
  
  

  €139.4m

  €146.4m

  • Revenues up 5% YoY and 9% 3Q25 vs. 3Q24, showing a clear order recovery

  • Clea revenues at €16.6m, 11% of our overall mix in 9M25

    Gross margin

    €72.7m

    52.1%

    €78.8m
    
    
    

    53.8%

    • Gross margin improvement (+8%) compared to 9M24

    • Positive margin progression mainly attributable to a different sales mix

      Adj.

      EBITDA

      €20.4m

      14.7%

      €30.8m
      
      
      

      21.0%

    • Strong YoY rebound (+50%) thanks to business expansion and better operating leverage, including lower production costs

    • Margin increase of 6.4 p.p. vs. 9M24

      Adj. Net

      Income

      €1.6m

      1.1%

      €11.4m
      
      
      

      7.8%

    • Profit in absolute terms increased by €9.8M YoY

    • Net interest expenses decreased by c. €0.7M vs. 9M24, while Net financial

      expenses increased by €0.9M vs. 9M24 due to a €1m dividend from Fannal

    • Taxes calculated with theoretical tax rate

…%

= % of Net sales 7

Edge computing business

• €146.4m in 9M25, +5% vs. 9M24

• Sales volume expansion well distributed

  across geographical areas, with US growth outperforming the other regions

• Positive trajectory from Medical, Industrial,

  Fitness and Transport

  Edge

  89%

  Clea 11%

  36%

• €16.6m in 9M25

• Substantially steady contribution in terms of incidence on Net sales

• Recurring portion of revenue at €6.4m in 9M25 (from 34% 9M24 to 38% 9M25)

  By Areas

  EMEA 75%

  USA

  16%

  
  
  

  By

  Vertical

  24%

  13%

  12%

  4%

  3%

  1%

  6%

  APAC 8%

  
  
  
  
  
  

  RoW 1%

  Note: percentages may not sum to 100% due to rounding; all numbers in €m are rounded to the closest first decimal place, so there may be deltas for up to ±€0.1m when variation figures are displayed 8

  Adj. EBITDA bridge (€m)

  1

  21,0%

  
  
  

  1

  2

  30,8

14,7%

(0,9)

(0,8)

(0,3)

Adj. EBITDA 9M 2024

Δ Net sales

Δ Consumption costs

Δ Operating income

Δ Costs of services and

other operating costs

Δ Payroll costs

Δ Adjustments Adj. EBITDA 9M 2025

1

Gross margin effect and operating costs

• Gross margin at 53.8% of sales, significantly increasing vs. 9M24 level, driven by a different sales mix and software recurrent revenue component

  Adjustments

  2

  
  
  

  (€m)

  0,9

  5,4

  3,5

  0,9

• 9M 2025 EBITDA Adjustments

• Positive operating leverage, supported by business expansion and reduction of manufacturing costs

  Stock Option Plans actuarial Extraordinary transaction costs value (non-monetary item) & Other extraordinary Opex

  Foreign exchange income/losses

  9M 2025 EBITDA adjustments

  Note: percentages may not sum to 100% due to rounding; all numbers in €m are rounded to the closest first decimal place, so there may be deltas for up to ±€0.1m when variation figures are displayed 9

  Adj. Net debt evolution (€m)

  8,9

  48,2

  3,0

  4

  2 3

  1

  1

  41,3

0,9

1

9M 2025

o the new production plant in the Arezzo area;

(1,1)

11,6

∆ Trade

receivables

∆ Inventory ∆ Trade

payables

∆ Other NWC

items

∆ Net working

capital

€ 0,8 m

in 9M25

liabilities ex-IFRS 16

€ 8,6 m

1.3x

LTM 9M25

o the setup of new lines in Hangzhou plant

The overall investment for the two plants is estimated in

€10M

Note: percentages may not sum to 100% due to rounding; all numbers in €m are rounded to the closest first decimal place, so there may be deltas for up to ±€0.1m when variation figures are displayed 10