Seco S p A : Presentazione risultati al 31 marzo 2026

1Q 2026 Results Presentation & Business Update

May 11 th, 2026

Presenting today

Massimo Mauri

Chief Executive Officer

Lorenzo Mazzini

Chief Financial Officer

Clarence Nahan

Head of Corp. Dev. & IR

3

Key takeaways from the past 3 months

Kicking off the

year with momentum

A solid balance sheet, providing us flexibility

A Tech-partner, from design to deployment

2026 business

outlook

• 1Q26 Net sales : €48.5m, +3% YoY, in line with guidance

  o Clea revenues : €2.7m recurring (+20% YoY), now 66% of the total

• Gross profit margin : 52.3%, showing good supply chain management amid memory price increase

• EBITDA Adj. :18.7% margin, resilient even in complex market environment

• Adj. Net financial position : €44.1m as of 31st March 2026, under control

• Inventory increase due to strategic stocking of memories to cover almost the entire 2026 demand

• Full-stack validation with tier-1 customers, increasing adoption of HW + Clea framework bundle

• Finalizing new PCBA plants in Italy & China, to support growing demand and strengthen local support

• Full control of the supply chain enables manufacturing continuity and product delivery to customers

• Order intake at all-time high, supporting solid revenue visibility and growth trajectory

• Robust pipeline & diversified customer discussions, including new verticals beyond traditional domains

• Optimal positioning in complex macro environment, with ongoing reshoring trends in industrial sector

  4

  Detailed 1Q 2026 Results
  
  
  
  1Q 2026 financial performance in details

  1Q 25

  1Q 26

  Net sales

  €47.2m

  Gross margin

  €25.1m

  53.2%

  €48.5m
  
  
  
  €25.4m

  52.3%

  • Revenues up 3% YoY, showing a positive market trend

  • Clea recurrent revenues at €2.7m, steadily increasing as more devices are connected during the project deployment phase

  • Gross margin consolidation, at above 52%

  • Slight YoY margin compression due to higher memory pricing, partially mitigated thanks to supply chain management actions

    Adj.

    EBITDA

    €9.4m

    20.0%

    €9.1m
    
    

    18.7%

    • Modest contraction due to Gross margin effect

    • Continuing to deliver a strong margin profile

      Adj. Net

      Income

      €2.3m

      4.9%

      €2.2m
      
      

      4.6%

    • Profit substantially stable in absolute terms

    • Taxes calculated with theoretical tax rate

…%

= % of Net sales 6

Net sales - €48.5m

Edge computing business

• €48.5m in 1Q26, +3% vs. 1Q25

• Sales volume expansion well distributed

  across geographical areas, with Southern Europe and APAC growth outperforming the other regions

• Positive trajectory from Medical, Industrial,

  Edge

  92%

  Clea 8%

• Recurring revenue at €2.7m (66% of the total)

  in 1Q26, +20% YoY

• NRE portion of the business progressively decreasing

  and Fitness

  
  
  

  APAC 8%

  RoW

  <1%

  45%

  By Areas

  By

  Vertical

  15% 14% 14%

  4%

  2%

  1%

  6%

  USA 13%

  
  
  
  
  

  EMEA 79%

  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 7

  
  
  Adjusted EBITDA

  9,1

(1,1)

2

(0,2)

1,0

Adj. EBITDA bridge (€m)

1

1

18,7%

20,0%

(0,6)

1

Gross margin effect and operating costs

• Gross margin at 52.3% of sales, slightly below 1Q25, impacting Adj. EBITDA due to higher memory pricing, partially mitigated with supply chain management actions

  Adjustments

  2

  
  
  

• 1Q 2026 EBITDA Adjustments

  0,0

  0,3

  1,0

  1,4

(€m)

• Price increase already agreed with customers, contributing to revenues from 2Q26

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

  Foreign exchange income/losses

  1Q2026

  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 8

  
  
  Adjusted Net financial position

  Adj. Net debt evolution (€m)

  44,1

1

2 3

4

36,8

6,5

FY 25 Δ NPF 1Q 26 Extraordinary CAPEX

1Q 26 Adj for extraordinary CAPEX

1

1Q 2026

6,9

(9,3)

management

(0,8)

∆ Trade ∆ Inventory ∆ Trade ∆ Other NWC ∆ Net working

receivables payables items capital

Net debt Adjustments

2

€9.8m

in 1Q26

VAT

receivables

€ 1,9 m

Lease liabilities ex-IFRS 16

€ 7,8 m

Leverage

3

• the new production plant in the Arezzo area;

• 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 9

Business update

Physical Edge AI: Intelligence, deployed where it matters AI is moving from cloud to field devices where decisions must happen instantly and locally

Faster decisions in

Mission-critical environments

Cost efficiency

at scale

Resilience and

data sovereignty

New class of

AI-driven applications

11

SECO's end-to-end vertical solutions

Intelligent Retail & Automated Vending

Industrial HMI for Machinery Automation

Autonomous Mobile Robot

Drones

High-perf platforms for Medical & Healthcare

Kiosk & Vending

Humanoid

Robot

Intelligent Edge Systems

for Smart Energy Grid

Advanced Security

Scalable Modules

High-Performance

Vision & AI Applications

& Monitoring

Defence & Aerospace solutions

for Embedded Integration

12

Modular Vision - Commercial traction update

Early market adoption shows growing traction across customers, distributors and technology partners

KPI

• 30+ unique accounts

  Including direct customers and distributors

• 13 active opportunities

  Under evaluation or ready to

  start

• €13.1m yearly pipeline

  Driven by accounts and active opportunities

• 42k pcs/year

  Estimated yearly quantity from accounts and active opportunities

• Distributor engagement

• Standard HMI family available in multiple screen sizes and based on different chip providers of choice, enabling flexible configuration within a unified platform

• Faster time-to-revenue, reducing SECO's R&D effort and supporting a more scalable edge computing business model

  
  
  

• Accelerated time-to-market for customers, thanks to a modular, ready-to-integrate solution with enclosure customization

• Strong pipeline traction across Industrial automation, Medical, Smart buildings, Energy and Professional appliances

• Expanding go-to-market momentum, driven by distribution channels and strategic partnerships with silicon-vendor

A range of solutions optimized across

all major architectures through partnerships

with leading silicon vendors

13

Recent win - Clea adoption by

Multi-year agreement with a Tier-1 global leader in electrification with our end-to-end offering

Requirements

• Secure & scalable digitalization of distributed energy assets -

  
  
  

  data acquisition, ingestion, and real-time processing

• Unified platform strategy, consolidating multiple digital environments

• Lifecycle management of smart devices across global fleets

• Interoperability on heterogeneous hardware (new and installed base)

  SECO winning points

• Clea framework as core enabler of secure

  data transfer and fleet management

• Hardware-agnostic approach, enabling deployment on SECO devices and third-party hardware

• Scalable, flexible architecture (cloud & on-

premises) supporting large-scale rollout

14

Update on

recurrent revenue contribution

As projects move into deployment stage, with devices being gradually connected to the platform, the recurring revenue portion of the business is picking up

2,2

2,2

+20%

YoY

2,7

% Recurring revenue

1Q24 1H24 9M24 FY24 1Q25 1H25 9M25 FY25 1Q26

31% 32% 34% 36% 38% 36% 38% 39% 66%

Legend:

Recurrent

Non-recurrent

(

…)%

YoY recurrent revenue chg.

Note: SECO receives from 1 client a €700k lump sum fee attributed to the recurring portion of CLEA revenues in 1Q of every year 15

Building a strong year: continued momentum in order intake

Healthy conversion of pipeline into confirmed orders, contributing to backlog and business visibility

Improving Incoming Backlog trend

Consistent Book-to-Bill performance

+60% YoY

Jan-Apr avg.

€30m

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR

16

2Q26 guidance

While the environment remains complex, the year is starting on a strong pace, supported by robust demand for Edge AI-driven solutions

2Q26

Revenue guidance

€50m+

Q&A

Appendix



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 sustainable future for business

ESG - A key priority for the Group

Rating confirmed at BBB in April 2025

(upgraded from BB in 2023)

The score places us at the lower end of the

"Medium Risk" category (20-30), as of August 2025

First rating obtained in August 2025

with a Bronze medal

20