Seco — Investor Presentation 2026

Mar 23, 2026

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FY 2025 Results Presentation & Business Update

March 23rd, 2026

SECO

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DISCLAIMER

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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.

By reading this presentation, you agree to be bound by the terms set out.

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Presenting today

Massimo Mauri
Chief Executive Officer

Lorenzo Mazzini
Chief Financial Officer

Clarence Nahan
Head of Corp. Dev. & IR

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FY 2025 results overview

Guidance exceeded

2025 guidance KPIs

€200M+

FY25 Revenues¹

50%+

FY25 Gross Profit Margin

Strong revenue momentum

+16% vs same Quarter last year

Gross Profit Margin

54.5%² 53.2% 53.5% 54.7% 53.0%

Record EBITDA progression

+21% vs same Quarter last year

Adj. EBITDA Margin

17.6% 20.0% 20.9% 22.2% 18.4%

1 At constant FX

2 Gross Profit Margin adjusted

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2025 was a pivotal year

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Punctuated by extended partnerships, significant business wins, and new offerings for both our Edge Computing and Clea business

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Key takeaways

Proving the profitability of our model

• FY25 Net sales: €197.6m, +8% YoY with 4Q25 up 16% vs. 4Q24
• Clea revenues: €21.0m, contributing 11% of our overall top line, now 39% of which recurring
• Gross profit margin: 53.6%, improving YoY and above guidance
• EBITDA Adj.: consolidated at levels above 20% margin in FY25

Stronger base, continued investment

• Adj. Net financial position: €37.6m as of 31st December 2025, significantly improving YoY
• €13.6m of cash generation in 4Q25, thanks to strong EBITDA conversion
• Continued focus on Net Working Capital

End-to-end Edge AI offering

• End-to-end Edge AI solution, combining hardware, Clea software framework and App Hub
• Secure & scalable solutions, with built-in cybersecurity, OTA updates and easy AI deployment
• Market-ready applications: industrial, medical, transport, defence & a lot of other verticals covered

2026: further growth in a complex year

• Sustained demand for integrated HMIs, especially from fast-growing end-markets (robotics & drones)
• Ongoing geopolitical tensions provide a competitive advantage vs. main competitors
• Significant components price increase already addressed to provide better business visibility

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Detailed FY 2025 Results

SECO

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FY 2025 financial performance in details

	FY 24	→ FY 25
Net sales	€183.5m	€197.6m
Adj. Gross margin	€96.8m
52.7%	€105.9m
53.6%
Adj. EBITDA	€28.2m
15.4%	€40.2m
20.3%
Adj. Net Income	€1.4m
0.7%	€13.1m
6.6%

• Revenues up 8% YoY and 16% 4Q25 vs. 4Q24, showing a positive market trend
• Clea revenues at €21.0m, 11% of our overall mix in FY25
• Margin improvement (+9%) compared to FY24
• Positive progression mainly attributable to a different sales mix
• Significant YoY rebound (+43%) thanks to business expansion and strong operating leverage
• Margin increase of 5 p.p. vs. FY24
• Profit in absolute terms increased by €11.8m YoY
• Income taxes slightly higher vs. FY24 despite an important increase in profitability, reflecting a good tax management, supported in part by the use of the Italian tax consolidation regime and the activation of the patent box for software developments

[ \text{口}
] = % of Net sales

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Net sales - €197.6m

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Net

Edge computing

• €176.6m in FY25, +9% vs. FY24
• Sales volume expansion well distributed across geographical areas, with US growth outperforming the other regions
• Positive trajectory from Medical, Industrial, Fitness and Transport

Clea business

• €21.0m in FY25
• Substantially steady contribution in terms of incidence on Net sales
• Recurring portion of revenue at €8.2m in FY25 (from 36% FY24 to 39% FY25)

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

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Adjusted EBITDA

Adj. EBITDA bridge (€m)

① Gross margin effect and operating costs

• Gross margin at 53.6% of sales, increasing vs. FY24 level, driven by a different sales mix and software recurrent revenue component
• Positive operating leverage, supported by business expansion and reduction of manufacturing costs

② Adjustments

• FY 2025 EBITDA Adjustments
  (€m)
  

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

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Adjusted Net financial position

Adj. Net debt evolution (€m)

① FY 2025

• Δ Net working capital mainly due to disciplined management

② Net debt Adjustments

③ Leverage

• Solid financial position

Leverage
(Net Debt Adj. / Adj. EBITDA)

0.9x FY25

④ Extraordinary CAPEX

• Mainly related to the investment for:
• 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

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Business update

SECO

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Embedded world 2026, Nuremberg

24° edition

SECO present since 2012

36.000+ visitors

from 90+

countries

110+

customers

visited SECO booth

260+

leads

collected

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SECO's end-to-end vertical solutions

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Enabling the Edge-to-AI transition with an extensive pipeline

From AI accelerators to Modular vision, numerous new products entering mass production in 2026

A range of solutions optimized across all major architectures through partnerships with leading silicon vendors

Qualcomm

AMD

Rockchip

Raspberry Pi™

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Recent win – Deck Control Device for aircraft carriers

Operating on the U.S. Navy’s first operational, carrier-based unmanned aircraft refueler

• Flightworthiness specifications compliance
  (safety critical redundancy, harsh electromagnetic environment operation)
• Rugged device capable of operating in complex conditions
• Simple and user-friendly interface for remote-control
• Compatibility with air vehicle mounted radio devices

SECO winning points

• Cross-industry expertise and close collaboration with partners
• Agile process of iterative design to optimize human factors and ergonomics
• A set of air vehicle mounted radios ruggedized to meet flightworthiness specs

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SECO is empowering the Edge AI transition across every industry

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AI is dramatically transforming the industrial sector: Clea from a nice-to-have to a must-have

Augmented User Experience

Faster, more intuitive, immersive human-machine interactions

Data Monetization

Real-time decision-making to unlock business value

New Functionalities

Smart automation and process optimization

A complete offering for rapid AI deployment

Bringing together advanced hardware, the Clea software framework, and app enablement to deliver a comprehensive, ready-to-deploy Edge AI platform

From idea to AI in minutes

Production-ready AI models portfolio

Select the models from the dozens already available on the Application Hub

Enabling OEMs to develop their own apps

Build containerized applications creating a pipeline on Studio AI

Edge running on field devices

Deploy AI models on any hardware and run it seamlessly thanks to Clea OS

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Interoperable

Interoperable

Interoperable

Introducing Clea Studio AI

三

三

A no-code environment that empowers anyone to develop functional IoT and AI applications

Allows users to visually design AI solutions

Simply describe the AI you want to create using intuitive visual building blocks

Leverage SECO Application Hub

Deploy no-code Edge AI flows using ready-to-use building blocks from the Application Hub

Generates complete applications

For edge devices and cloud-based telemetry data analysis

Turns concepts into cutting-edge AI-driven services

Enabling embedded computers in devices to perform tasks in previously unimaginable ways

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SECO Application Hub – a key milestone in our strategy

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

Simplified AI deployment

Optimize, validate, and deploy AI models in minutes for any architecture, choosing the best fit for the specific field application

Qualcomm intel. NXP

Comprehensive AI toolkit

Access a rich library of advanced software containers, sample apps and deployment guides specifically designed for Edge AI

Faster experimentation, Smarter solutions

Reduce pre-work with curated software packages to streamline computer vision, deep learning, and AI model optimization for Edge computing

New Apps being released monthly

Emergency Safety Control via Audio Detection

by SECO

Detects critical alarm sounds (e.g. the alarm's) and triggers immediate machine shutdown for safety compliance.

Industrial Safety Surveillance

People Counter

by SECO

Lightweight real-time people counting model-based air-aided (PACE) optimized for edge devices using QEDT (TuneoFlow Lite).

Industrial Safety Surveillance

PoseNet for Multi-Person Pose Detection

by SECO

Lightweight and quantized PoseNet model for real-time multi-person pose estimation on edge hardware.

Industrial Safety Surveillance

Time Series Anomaly Detection with Isolation Forest

by SECO

Lightweight anomaly detection for time series data using Isolation Forest, designed for edge environments.

FFNet for Real-Time Semantic Segmentation

by SECO

Lightweight semantic segmentation model optimized for real-time street scene analysis on edge devices.

Quality Control

MiDaS for Monocular Depth Estimation

by SECO

Efficient single-common depth estimation using quantized MiDaS v2 model optimized for edge AI deployment.

Prediction Maintenance

Anomaly Detection

HIRNet for Human Pose Estimation

by SECO

High-resolution neural network for accurate segment detection in human pose estimation tasks.

Industrial Safety Surveillance

Object Detection

by SECO

Fast object detection using POCR optimized for embedded edge devices.

Quality Control

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Update on the new Arezzo plant

3,500 sqm production
400 sqm offices
10 assembly lines
6 SMT + 4 PTH
MES OpCenter
by SIEMENS
Certifiable for standards
Automotive, Railway,
Medical, and more

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Supply chain market update: 2026 a challenging year

Electronic components market

Renewed volatility

After 2021–23 shortages, driven by exponential growth in memory demand driven by Datacenter and AI applications

Consequent increase in memory prices

With an impact even on SSD modules

Overall lead times remain manageable

With localized allocation on selected components

Mitigation actions

BOM optimization

R&D is actively working on alternative components to reduce overall BOM cost

Strategic inventory

Large-volume purchases of available market stock to secure supply continuity through 2026-27

Customer impact

Demonstrated pricing power

Supported by transparent communication

Positive customer dialogue

With strong awareness of ongoing market criticalities and business visibility increasing

SECO’s global supply and operations infrastructure play a key role in effective market response

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Record Incoming backlog in February

Strengthening customer activity reflected in positive order momentum, contributing to backlog growth and visibility

Improving Incoming Backlog trend

Consistent Book-to-Bill performance

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1Q26 guidance

三

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

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Q&A

SECO

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Appendix

SECO

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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

MSCI

Rating confirmed at BBB in April 2025 (upgraded from BB in 2023)

MSCI

ESG RATINGS

BBB

CCC B BB 10 A AA AAA

SUSTAINALYTICS

The score places us at the lower end of the "Medium Risk" category (20-30), as of August 2025

22.8

Medium Risk

Rank | Percentile

Industry

(Technology Hardware) 409 / 614 | 67th

Subindustry

(Technology Hardware) 75 / 112 | 67th

ecovadis

First rating obtained in August 2025 with a Bronze medal

Punteggio complessivo

64/100

Percentile

72nd

BRONZE | Top 50% ecovadis

BRONZE | AUD 2025

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Why invest in SECO?

1. Top 5 player globally in one of the fastest growing end-market in technology
2. Profitable business model focused on long term sustainable high margin
3. End-to-end technological partner with unrivalled R&D excellence
4. Fully integrated offering, from edge computing to software platform & AI
5. Uniquely positioned product range to fully benefit from Edge AI tailwind
6. Highly diversified client base, consistently growing through new project wins
7. Strong balance sheet allowing for a robust organic growth
8. Experienced management team with a clear strategy to deliver value creation

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Thank you

www.seco.com

SECO