Seco S.p.a. MIL:IOT

Seco S p A : The Board of Directors has approved the Company’s consolidated results as of December 31, 2025

Published

Source: MarketScreener



The Board of Directors has approved the Company's consolidated results as of December 31, 2025

  • FY25 Net sales: €197.6M (+7.7% YoY)

    • €200.7M revenues at constant FX (+9.4% YoY) - exceeding the guidance

    • Clea revenues: €21.0M (11% of Net sales)

  • Adjusted Gross margin: €105.9M (54% of Net sales) vs. €96.8M (53% of Net sales) in FY24

  • Adjusted EBITDA: €40.2M (20% of Net sales) vs. €28.2M (15% of Net sales) in FY24

  • Adjusted Net income: €13.1M (7% of Net sales) vs. €1.4M (1% of Net sales) in FY24

  • €13.6M cash generation in 4Q25

  • Adjusted Net financial debt as of December 31st to €37.6M vs. €41.3M as of 31st December 2024

  • 1Q26 guidance - We expect revenues of €49M+

    Arezzo, March 23, 2026 - The Board of Directors of SECO S.p.A. ("SECO" or the "Company") met today and approved the draft of the annual report as well as the consolidated results as of December 31, 2025, inclusive of sustainability reporting, which will be submitted for approval at the Shareholders' Meeting, that will be called for April 27, 2026, in a single call.

    Massimo Mauri, CEO of SECO, commented:

    "I am very satisfied with the results achieved in 2025: we delivered solid revenue growth, maintained strong margins, and realized a good cash generation significantly improving our financial position.

    As SECO continues to evolve into a full-solution Edge AI company, we combine advanced hardware platforms with the Clea software framework, offering a unique differentiator for OEMs navigating the digital transformation of their products: accelerating time-to-market, enabling scalable AI deployment, and supporting compliance with emerging cybersecurity regulations.

    Looking ahead to 2026, we expect continued positive momentum. Early indicators, including a record order intake for the month of February, suggest robust demand, while targeted pricing strategies will help mitigate margin pressures from memory components market.

    We remain focused on delivering superior value to our customers and driving sustainable shareholder returns".

    SECO S.p.A.

    Registered office in Arezzo, via A. Grandi 20 Share capital euro 1,296,944.48

    VAT number 00325250512 Business Registry Arezzo no. 4196

    https://www.seco.com

    SECO's consolidated results in the period

    Net sales changed from €183.5M as of December 31, 2024 to €197.6M as of December 31, 2025, growing by €14.1M (+7.7%).

    This trend was linked to the consolidation of gradual recovery of order levels from customers, which has led to a strong rebound in sales volumes across the industrial verticals and the various geographic areas we serve, in particular US and APAC (while EMEA weighed down by Germany's economic weakness).

    During the period, the Edge computing revenue (€176.6M) grew by 9% compared to the previous year.

    The Clea business generated revenue for €21.0M (11% of revenue in the period), of which €8.2M from recurring revenues (39% of Clea revenues). This compares to revenues for the Clea business of €21.3M as of December 31, 2024 - a contraction mainly attributable to the shift of some of the non-recurrent portion of the business, as projects move into the deployment stage, to devices being gradually connected to the platform.

    Adjusted Gross margin1 changed from €96.8M (52.7% of revenue) as of December 31, 2024 to €105.9M (53.6% of revenue) as of December 31, 2025, increasing by €9.1M (+9.4%). The margin increase compared to the previous year is mainly attributable to a favorable sales mix in terms of profitability and to savings achieved on the purchase of electronic components.

    In 2025, the Adjusted Gross margin coincides with the Gross margin, as no extraordinary or non-recurrent adjustments have been made to account for extraordinary and non-recurrent items. Gross of the adjustments, gross margin2 changed from €92.6M as of December 31, 2024 to €105.9M as of December 31, 2025, +14.3%.

    Adjusted EBITDA changed from €28.2M (15.4% of revenue) as of December 31, 2024 to €40.2M (20.3% of revenue) as of December 31, 2025, increasing by €12.0M (+42.5%). The greater-than-proportional improvement in profitability is driven by business volume expansion, which amplified the effect of operating leverage.

    To calculate Adjusted EBITDA, some adjustments have been made to account for some items that are non-recurring or not related to the Group's operating performance: in particular, these items amounted to c.€7.2M overall in 20253. Gross of the above-mentioned adjustments, the EBITDA changed from €15.6M as of December 31, 2024 to €33.0M as of December 31, 2025, +111.3%.

    Adjusted EBIT4 changed from €6.8M (3.7% of revenue) as of December 31, 2024 to €21.4M (10.8% of revenue) as of December 31, 2025, increasing by €14.6M (+214.5%), as a result of the previously illustrated dynamics.

    Gross of the above-mentioned adjustments, the EBIT changed from -€15.6M as of December 31, 2024 to €10.2M as of December 31, 2025.

    1 Adjusted Gross margin: corresponds to the difference between the revenue from sales and the costs for raw materials, consumables and merchandise, net of the change in the amount of inventory occurred during the period, and gross of the inventory write-down of Biorespira components that is non-recurring for FY2024.

    2 Gross margin: corresponds to the difference between the revenue from sales and the costs for raw materials, consumables and merchandise, net of the change in the amount of inventory occurred during the period.

    3These items mainly include the actuarial (non-monetary) value of the stock option plans attributed to some employees and key people of the Group (€5.3M), some non-recurring costs linked to extraordinary transactions and other extraordinary Opex (€0.3M), and the income or losses from foreign exchange transactions (€1.5M).

    4 Adjusted EBIT: corresponds to the result of the period gross of the income taxes, the financial income and expenses, the income or losses from foreign exchange transactions, the effects of non-recurring items and transactions that the directors consider as not related to the Group's operating performance, the amortization deriving from the Purchase Price Allocation related to the acquisition of the Garz & Fricke Group and the contribution in kind by Camozzi Digital S.r.l..

    Adjusted Net income5 changed from €1.4M (0.7% of revenue) as of December 31, 2024 to €13.1M (6.6% of revenue) as of December 31, 2025, increasing by €11.8M (+864.1%).

    Gross of the above-mentioned adjustments, related to non-recurring items and items not related to the Group's operating performance, as well as their estimated tax effect, the Net income changed from -€17.6M as of December 31, 2024 to €0.5M as of December 31, 2025.

    Adjusted net financial debt6 significantly improved and changed from a net debt of €41.3M as of December 31, 2024 to a net debt of €37.6M as of December 31, 2025.

    A positive cash generation for €13.6M during the last quarter of the year explains this variation, which was mainly linked to the dynamics of net working capital observed during the period.

    It is also noted that in the second half of 2025, extraordinary payments were made; in particular, €4.9M are related to the investment for the new production plant in the Arezzo area and the setup of new production lines in Hangzhou.

    Significant events occurred after the end of the reporting period

    No events have occurred from December 31, 2025, to the date of approval of this financial report that could have a significant impact on the financial performance or standing as presented herein.

    SECO outlook on the status of the business

    Over the past year, we have remained focused on deepening client relationships and strengthening our technological leadership. This has fueled our pipeline with significant new design wins across both long-standing and new customers, reinforcing the foundations for sustainable growth.

    The inflection point achieved in 2025 is reflected in full-year revenues exceeding €200M at constant FX and gross margins above 50%, demonstrating the underlying strength of our business model. These results were achieved while investing substantially in product innovation, geographic expansion, and infrastructure, including the full funding of our new Arezzo production facility.

    The growth trajectory is further supported by a robust pipeline of new Edge AI products and the accelerating adoption of our Clea software framework, continuously enriched with value-added modules. Our ecosystem -hardware, Clea, and the Application Hub - provides a unique differentiator for OEMs undergoing digital transformation, enabling scalable AI deployment, accelerating time-to-market, and supporting compliance with emerging cybersecurity regulations.

    5 Adjusted Net Income: corresponds to the result of the period gross of the effects of non-recurring items, transactions that the directors consider as not related to the Group's operating performance, and the amortization deriving from the Purchase Price Allocation related to the acquisition of the Garz & Fricke Group, the contribution in kind by Camozzi Digital S.r.l., the write-down of intercompany receivables from SECO Mind USA, following the completion of the liquidation process in the first quarter of the year, and the write-down of the equity interest in Laserwall S.r.l., carried out under a prudent accounting approach, in light of the company's ongoing start-up phase.

    6To calculate this indicator, adjustments have been made considering current and non-current financial liabilities deriving from leases, accounted for as a result of the application of IFRS 16 (€8.4M), and the VAT credit (€1.2M), which is structurally generated by SECO as a regular exporter and can be cashed in through factoring without recourse.

    Gross of the above-mentioned adjustments, the net financial position changes from a net debt of €52.5M as of December 31, 2024 to a net debt of €47.2M as of December 31, 2025.

    All our financial KPIs now underline the strength of our investment case and we are kicking off the year with good momentum, as we expect revenues for €49M+ in the first quarter of 2026, and our highest order intake being on record in February. The industrial market continues to exhibit clear fundamentals, with the digital transformation of OEM products and Edge AI adoption driving demand for smart, on-device solutions. This enables high-value services, leverages field data, and creates opportunities for new business models. Looking ahead, we remain focused on delivering innovative solutions that meet evolving customer needs while generating sustainable value for our shareholders.

    Conference call

    The results as of December 31, 2025 will be presented today, March 23, 2026, at 14.30 (CET), during a conference call with the financial community. The conference call can be attended by registering at the following link:

    https://b1c-co-uk.zoom.us/webinar/register/WN_ecPM0p0LRK-8P2C3e-xc-w

    Alternative performance indicators

    In this press release, use is made of certain "alternative performance indicators" that are not envisaged in IFRS-EU accounting standards, and whose significance and content are illustrated below, in line with the ESMA/2015/1415 recommendations published on October 5, 2015.

    Adjusted EBITDA: defined as the result of the period gross of the income taxes, the financial income and expenses, the depreciation and amortization, the income or losses from foreign exchange transactions, the effects of non-recurring items and transactions that the directors consider as not related to the Group's operating performance.

    Adjusted Net financial debt: represents the algebraic sum between cash and cash equivalents, financial receivables, current and non-current financial debt, adjusted for the VAT credit, the current and non-current financial liabilities deriving from leases recognized as a result of the application of IFRS 16, and any put & call options subscribed.

    Proposal for the allocation of the net result for the year

    The Board of Directors will propose to the Shareholders' Meeting to cover SECO's net loss amounting to Euro 6,637,323 through the use, for the same amount, of the Extraordinary Reserve.

    Additional Board of Directors resolutions

    The Board of Directors which met today has also approved the following documents:

    • Report on the Corporate Governance and Ownership structure pursuant to Article 123-ter of Legislative Decree No. 58/1998;

    • Report on the remuneration policy and the remuneration paid pursuant to Article 123-ter, paragraphs 3-bis and 6 of Legislative Decree 58/1998.

      In addition, inter alia, some further proposals of resolution to be submitted to the Ordinary and Extraordinary Shareholders' meeting, that will be called for April 27, 2026, in a single call, have been approved. In particular, the Shareholders' meeting, in the Ordinary part, will be asked to resolve, besides the aforementioned Report on the remuneration policy and the remuneration paid, on:

    • the proposal to approve the "2026-2029 Plan for the Chief Executive Officer and Strategic Executives of SECO S.p.A.". Related and consequent resolutions pursuant to Article 114-bis of Legislative Decree No. 58/1998.

    • the proposal to approve the "2026-2029 Plan for Employees and Senior Managers of SECO S.p.A.". Related and consequent resolutions pursuant to Article 114-bis of Legislative Decree No. 58/1998.

    • the renewal of the authorization to the purchase and disposal of treasury shares, following the withdrawal of the last resolution adopted by the Shareholders' Meeting held on April 28, 2025. With regards to this, it is specified that the proposal aims at providing the Company with a useful strategic investment opportunity, also taking into account the purposes allowed by the existing regulation - including those mentioned in the article 5 of the EU 596/2014 Regulation (Market Abuse Regulation, hereinafter "MAR") and the practices allowed by art. 13 of the MAR where applicable, including but not limited to option programs involving shares or other shares assignments to employees or board members, or the possible use of shares as payment in extraordinary transactions, even involving the exchange of equity investments with other subjects, within the context of operations in the interest of the Company. The authorization to the purchase of treasury shares will be requested for a period of 18 months, effective from the Shareholders' Meeting resolution; the authorization to the disposal of the shares will be requested with no time constraints. All the information regarding the terms and the conditions of the authorization will be made available into the Explanatory Report on the treasury share buyback program that will be made available to the Shareholders according to the terms outlined by the existing regulation.

      It is specified that as of today the Company does not hold any treasury shares.

      The Shareholders' Meeting, in its extraordinary session, will also be called to resolve on:

    • a proposal for a free share capital increase for a maximum nominal amount of Euro 4,756, to be carried out on a divisible basis, through the capitalization, pursuant to Article 2349 of the Italian Civil Code, of a corresponding amount drawn from retained earnings and/or profit reserves, with the issuance of up to 475,600 ordinary shares to be allocated to the Company's strategic executives as beneficiaries of the "2026-2029 Plan for the Chief Executive Officer and Strategic Executives of SECO S.p.A.". Consequent amendments to Article 6 of the By-laws. Related and consequent resolutions.

    • a proposal for a free share capital increase for a maximum nominal amount of Euro 16,872, to be carried out on a divisible basis, through the capitalization, pursuant to Article 2349 of the Italian Civil Code, of a corresponding amount drawn from retained earnings and/or profit reserves, with the issuance of up to 1,687,200 ordinary shares to be allocated to employees and senior managers of the Company or its subsidiaries as beneficiaries of the "2026-2029 Plan for Employees and Senior Managers of SECO S.p.A.". Consequent amendments to Article 6 of the By-laws. Related and consequent resolutions.

    • amendments to the By-laws concerning Articles 2, 6, 7 and 8, following the full conversion of the class of shares named "Management '20 Share". Related and consequent resolutions.