Seco — Earnings Release 2025

May 8, 2025

1Q 2025 Results Presentation & Business Update

May 8th, 2025

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 not have been independently verified by any independent third party.

Statements contained in this presentation, particularly regarding any possible or assumed future performance of the SECO Group, are or may be forward-looking statements based on SECO's current expectations and projections about future events.

Such forward-looking statements are subject to risks and uncertainties, the non-occurrence or occurrence of which could cause the actual results, including the financial condition and profitability of SECO to differ materially from, or be more negative than, those expressed or implied by such forward-looking statements, due to any number of several factors, many of which are beyond the ability of SECO to control or estimate precisely. Consequently, SECO and its management can give no assurance regarding the future accuracy of the estimates of future performance set forth in this document or the actual occurrence of the predicted developments.

The data and information contained in this document are subject to variations and integrations. Although SECO reserves the right to make such variations and integrations when it deems necessary or appropriate, SECO assumes no affirmative disclosure obligation to make such variations and integration, except to the extent required by law.

SECO does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation.

Any reference to past performance of the SECO Group shall not be taken as an indication of future performance.

In addition, this presentation includes or may include certain ''Adjusted'' financial and operating indicators and other measures, which have been adjusted to reflect extraordinary events, non-recurring transactions and activities which are not directly related to the Group's ordinary business.

Such "Adjusted" information has been included to allow a better comparison of financial information across the periods; however, it should be noted that such information is not recognized as measures of financial performance or liquidity under IFRS and/or do not constitute an indication of the historical performance of the Company or the Group. Therefore, investors should not place undue reliance on such data and information.

This presentation does not constitute a recommendation regarding the securities of the Company. This document does not constitute or form part of any offer or invitation to purchase or subscribe any shares issued by the Company and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

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Presenting today

Massimo Mauri Chief Executive Officer

Lorenzo Mazzini Chief Financial Officer

Clarence Nahan Head of Corp. Dev. & IR

Key takeaways from the past 3 months

Financials results showing clear signs of rebound

Continuous financial strength

Limited impact on announced US tariffs

"Cautiously positive" on business outlook

• 1Q25 Net sales – €47.2m, up 7% QoQ and above guidance
  • o Clea revenues – €5.9m, contributing 13% of our overall top line
• Gross profit margin – 53.2%, improving vs. FY24 and above guidance
• EBITDA Adj. – €9.4m, back above 20.0% margin
• Adj. Net financial position – €50.2m at 31st March 2025
• Continued focus on Net Working Capital and Cash Generation
• The US is still a relatively small part of our business (c.14% in 1Q25)
• Strong pricing power demonstrated by our ability to fully pass through tariff impact
• 2025 budget, assuming good growth in the region, already mostly covered by contracted orders
• Confirmation that the destocking is indeed behind us with clear V-shaped recovery on all KPIs
• Rebound in order intake with most clients back to historical levels, except in DACH
• Record level project pipeline driven by high demand for new products from industrial players

Detailed 1Q 2025 Results

1Q 2025 financial performance in details

	1Q 24	1Q 25
Net sales	€47.2m	€47.2m	Revenues up 7% QoQ and in line with the 1st • quarter of last year, showing a gradual order recovery from customers • Clea revenues growing QoQ to €5.9m in 1Q25, now 13% of our overall mix
Gross margin	€26.4m 56.0%	€25.1m 53.2%	Gross margin improvement compared to FY24 (52.7%) • Slight YoY decrease due to a particularly high GPM reported in 1Q24 •
Adj. EBITDA	€10.4m 22.0%	€9.4m 20.0%	• Strong QoQ rebound thanks to better operating leverage, including control of production costs, partially offset by the impact of Gross margin reduction • YoY decrease of 9%
Adj. Net Income	€2.4m 5.1%	€2.3m 4.9%	D&A: +€0.7m vs. 1Q24 • Net financial expenses in line with 1Q24 • • YoY decrease of 4% • Taxes calculated with theoretical tax rate

Net sales - €47.2m

• €47.2m in 1Q25, substantially in line vs. 1Q24
• Sales volume growth well distributed across geographical areas, with EMEA weighed down by Germany's economic weakness
• Positive trajectory from Industrial, Medical, Transport, PKE and Fitness

Edge computing business

• €5.9m in 1Q25
• Steady growth in contribution in terms of incidence on Net sales – up to 13%
• Recurring portion of revenue at €2.2m in 1Q25 (from 31% 1Q24 to 38% 1Q25)

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

Adj. EBITDA bridge (€m)

supported by good OPEX control

Adjusted EBITDA

Stock Option Plans actuarial value (non-monetary item) Extraordinary transaction costs & Other extraordinary Opex Foreign exchange income 1Q 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

Adjusted Net financial position

Adj. Net debt evolution (€m)

Business update

AI at the Edge is set to transform the Industrial sector

An integrated IoT-AI software suite is the key technology for deploying AI models and apps directly on field devices, simplifying implementation & maximizing value

Clear monetization strategy

Fully integrated IoT offering, from edge computing to software & services suite, allowing multiple recurring revenue opportunities

Update on contribution since its launch in 2021

Driven by increasing adoption from both existing and new clients

Drivers of future CLEA revenue growth

1 Existing clients renewing long term contracts 2 New clients endorsing CLEA as their reference IoT platform 3

Further upside coming from new wins and partnerships

KPIs continue to confirm a rebound in clients' demand

Consistent uptick since late last year in both backlog and book-to-bill, >1 over the first quarter

SECO is back on track to deliver strong growth in 2025

Quarterly revenues to regain their historical levels by summer, with 2Q25 revenues expected to reach €50M, with a consistent level of gross profit margin

Why invest in SECO?

Top 5 player globally in one of the fastest growing end-market in technology Profitable business model focused on high margin custom solutions End-to-end technological partner with unrivalled R&D excellence Fully integrated IoT offering, from edge computing to software & services stack Highly diversified client base, consistently growing through new project wins Experienced management team with a clear roadmap to deliver long term growth Strong balance sheet allowing for pro-active M&A strategy Uniquely positioned product range to fully benefit from Edge AI tailwind

Q&A

Thank you

www.seco.com