Seco

Investor Presentation • Nov 7, 2025

9M 2025 Results Presentation & Business Update

November 7th, 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

Chief Financial Officer

Clarence Nahan Head of Corp. Dev. & IR

3rd Quarter Results Highlights

Strong revenue momentum

50.9% 54.5%¹ 53.2% 53.5% 54.7%

10.5% 17.6% 20.0% 20.9% 22.2%

Record EBITDA progression Full-Year guidance confirmed

2025 at constant FX

Key takeaways from the past 9 months

Strong momentum reflected in our P&L

• 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

Solid financial structure

• 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

Robust product roadmap

• 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

Full-Year guidance confirmed

• On track to achieve €200m+ revenues in 2025 at constant FX
• Profitable growth with gross profit margin to be maintained above 50%

Detailed 9M 2025 Results

9M 2025 financial performance in details

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
• €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
• €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

Net sales - €146.4m

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

• €16.6m in 9M25

Clea 11%

• 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)

Adjusted EBITDA

Adj. EBITDA bridge (€m)

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

Adjusted Net financial position

Adj. Net debt evolution (€m)

1 9M 2025

• ∆ Net working capital mainly due to increase in trade receivables

2 Net debt Adjustments VAT receivables € 0,8 m Lease liabilities ex-IFRS 16 € 8,6 m €9.4m in 9M25

• Solid financial position

Leverage

(Net Debt Adj. / Adj. EBITDA)

1.3x LTM 9M25

4 Extraordinary CAPEX

• Mainly related to the investment for:
• o the new production plant in the Arezzo area;
• o the setup of new lines in Hangzhou plant

The overall investment for the two plants is estimated in €10M

Business update

We are at the turning point of a true revolution

AI is in the midst of transforming the industrial sector, enabling new ways of operating businesses

Augmented User Experience

Faster, intuitive, immersive human-machine interactions

Data Monetization

Real-time decision-making unlocking significant value

New Functionalities

Smart automation and process customization

But... AI adoption in B2B is still a slow-moving landscape due to perceived complexity by OEMs

Fragmented tech stack

Companies operate with multiple hardware, operating systems, and programming languages

Poor interoperability makes AI integration complex and slow

Multiple stakeholders

AI deployment involves coordination among many actors: edge device manufacturers, cloud providers, software platforms and AI developers, leading to integration challenges and delays

Legacy systems integration

Adapting existing machines to support AI is costly and labor-intensive

However, realizing AI's full potential requires deploying it across the entire installed base

That is why the winning technological partners will be the ones dramatically simplifying its adoption

SECO – a strategic partner for OEMs with a true end-to-end solution

A fully integrated offering aimed at simplifying - and thus accelerating AI adoption

Single provider

for full-stack next-gen solutions

In-house R&D and local production

to speed up mass production

Co-development and vertical expertise

ensuring client needs alignment

Smart, connected devices

enabling new value-added business models and enhanced UX

Selected Exemple – Vertical solutions for Vending Machines

10 years ago Yesterday Today

Analogical - push button

Physical payment

Standard refilling

Fixed pricing

Repetitive issues

HMI - item selection only

Digital payment - separate device

Advertisement opportunity

Digital payment - embedded in screen

Tailored refilling

Dynamic pricing

Predictive maintenance

Vend – the telemetry platform for Vending

Hardware-agnostic solution, seamlessly integrable with SECO's contactless payment terminals

Real-time machines & transactions monitoring with Integrated payments

Predictive insights & smart alerts AI analytics with built-in chatbot

Cloud-based Secure & compliant

Retrofit capabilities White-labeled

Success story – Vertical solutions for Industrial automation

A leading food manufacturer leverages digitalization to optimize production processes, improve efficiency, and enhance data-driven decision-making

Success story – Vertical solutions for Energy management

A global leader in energy technologies leverages digitalization to enable seamless communication, real-time monitoring, and smart management across utilities infrastructure

SECO Application Hub – a key milestone in our strategy

A marketplace designed to radically simplify the development & deployment of Edge AI

Hardware-agnostic

Works across all major silicon vendors

Partner ecosystem

For faster turnkey solutions development

Retrofitting capabilities

Easily integrates AI into existing devices

Continuously expanding library

150+ ready-to-use algorithms

Growing number of Developers

incl. System Integrators and Service partners

Designed for Edge deployment

Run AI models directly on devices

New Apps being released monthly

Automated Quality Inspection with Vision AI

Real-time AI-powered vision system for detecting defects in manufacturing environments

Face Recognition for Industrial HMI

Secure face recognition HMI system for personalized user access in industrial environments

Optimized for

18

New Hardware product launch – SECO Pi Vision 10.1 CM5

Raspberry Pi – the ideal partner to make smart technologies accessible to OEMs & developers

Raspberry Pi's recent Partners' Day extensively showcased the innovative solutions developed in partnership with SECO

Anticipating growth and ramping-up production capabilities

New plant near to Arezzo Headquarters – Ready to operate by end of April 2026

+50% overall production capacity

Logistics optimization

Introduction of automation

Final Processes & Operational Support

3,500 sqm production 400 sqm offices

10 assembly lines 6 SMT + 4 PTH

MES OpCenter by

Certifiable for standards Automotive, Railway, Medical, and more

KPIs continue to confirm a rebound in clients' demand

Confirmed uptick in both backlog and order intake over the past 18 months Book-to-bill consistently at or above 1 over the first half

Strong Incoming Backlog trend

+10% YoY Jan-Sep

JAN HEB MAY JUN JUN JOC JAN JAN FEB MAR APR APR APR APR APR APR APR APR APR A

Consistent Book-to-Bill performance

JAN FEB MAAR APR JUN JUN JOO JAN FEB MAR MAR MAR MAR APR MAR APR MAR JUN JUN JUN JUN SEP SEP JUN JUN JUN JUN JUN JUN JUN JUN JUN JUN

Full-Year guidance confirmed

On track to achieve €200m+ revenues in 2025 at constant FX Profitable growth with gross profit margin maintained above 50%

Margin

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

Why invest in SECO?

Top 5 player globally in one of the fastest growing end-market in technology

Profitable business model focused on long term sustainable high margin

End-to-end technological partner with unrivalled R&D excellence

Fully integrated offering, from edge computing to software platform & AI

Uniquely positioned product range to fully benefit from Edge AI tailwind

Highly diversified client base, consistently growing through new project wins

Strong balance sheet allowing for a robust organic growth

Experienced management team with a clear strategy to deliver value creation

Thank you

www.seco.com