Informazione
Regolamentata n.
2358-46-2026Data/Ora Inizio Diffusione 8 Settembre 2026 11:40:29Euronext Star Milan
Societa' :SECO
Utenza - referente :SECON04 - Letizia Marco
Tipologia :2.2
Data/Ora Ricezione :8 Settembre 2026 11:40:29 Data/Ora Inizio Diffusione :8 Settembre 2026 11:40:29 Oggetto :The Board of Directors has approved the Company’s consolidated results as of June 30,
2026
Testo del comunicato
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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
PRESS RELEASE
www.seco.com The Board of Directors has approved the Company’s consolidated results as of June 30, 2026
o 1H26 Net sales – €98.7M vs. €98.4M in 1H25 – stable YoY and in line with guidance Clea recurrent revenues – €4.9M vs. €4.3M in 1H25 – up 13% YoY o Gross margin – €53.5M (54.2% of Net sales) vs. €52.5M (53% of Net sales) in 1H25 o Adjusted EBITDA – €18.5M (18.7% of Net sales) vs. €20.1M (20% of Net sales) in 1H25 o Adjusted Net income – €5.5M (5.6% of Net sales) vs. €7.3M (7% of Net sales) in 1H25 o Adjusted Net financial debt as of June 30th – €47.7M vs. €37.6M as of 31st December 2025
o The Board of Directors of SECO has also appointed Marco Letizia as the Head of Corporate Development & Investor Relations
3Q26 Guidance confirmed – Expected revenues at around €60M (+25% YoY), SECO’s quarterly all-
time-high record
Arezzo, September 8, 2026 - The Board of Directors of SECO S.p.A. (“ SECO” or the “ Company ”) met today and approved the consolidated results for the first six months of 2026.
Massimo Mauri, CEO of SECO , commented:
“The first half results confirm that SECO well managed the supply chain challenges and the geopolitical uncertainty that all Edge AI players had to face in the period. SECO is strategically well positioned to enhance its organic growth path in the forecoming quarters and beyond, thanks to its huge investments into Edge AI and Physical AI space.
Our past decision to create a strong ecosystem of partners led us deliver today a huge milestone, represented by the agreement with Neura and Qualcomm”.
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SECO’s consolidated results in the period
Net sales went from €98.4M as of June 30, 2025, to €98.7M as of June 30, 2026, increasing by €0.3M (+0.3%).
This trend pairs with the consolidation of a gradual recovery of orders from customers, with sales volumes rebounding across the industrial verticals and the geographic areas we serve, in particular APAC and EMEA (albeit still weighted down by the economic weakness in Germany, signs of progressive easing on quarterly basis are noticed).
In the first half of 2026 Edge computing revenues (€91.2M) grew by 6% compared to the previous year.
The Clea business generated revenue of €7.5M (8% of the Company revenues in the period), of which €4.9M were recurring revenues (65% of Clea revenues), a +13% compared to the same period of 2025 (€4.3M as of June 30, 2025).
This compares to revenues for the Clea business of €12.0M as of June 30, 2025 – the contraction mostly due 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.
Gross margin1 moved from €52.5M (53.4% of revenue) as of June 30, 2025, to €53.5M (54.2% of revenue) as of June 30, 2026, increasing by €1.0M (+1.9%). Gross margin showed a good improvement, confirming the resilience of the business model despite the difficult supply chain environment. The impact of higher memory and other critical component costs was more than offset by a favorable sales mix, together with the partial pass-through of the additional costs associated with component procurement, what generated higher profitability.
Adjusted EBITDA went from €20.1M (20.5% of revenue) as of June 30, 2025, to €18.5M (18.7% of revenue) as of June 30, 2026, a €1.6M (-8.2%) decrease. The positive contribution from Gross margin expansion was offset by higher personnel costs, reflecting targeted hires in R&D and Operations to support start-up phase of the new Arezzo-area plant and strengthen SECO’s readiness to capture future growth opportunities.
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: these items amounted to c.€2.9M overall in the first six months of 20262. Gross of the adjustments, the EBITDA changed from €15.9M as of June 30, 2025, to €15.6M as of June 30, 2026, (-2.1%).
Adjusted EBIT3 moved from €11.0M (11.2% of revenue) as of June 30, 2025, to €8.6M (8.7% of revenue) as of June 30, 2026, decreasing by €2.4M (-22.1%) because of the previously illustrated dynamics.
Gross of the above-mentioned adjustments, the EBIT changed from €5.7M as of June 30, 2025, to €4.3M as of June 30, 2026, (-25.8%).
Adjusted Net income4 changed from €7.3M (7.4% of revenue) as of June 30, 2025, to €5.5M (5.6% of revenue) as of June 30, 2026, decreasing by €1.8M (-24.7%).
1 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.
2 These items mainly include the actuarial (non-monetary) value of the stock option plans attributed to some employees and key people of the Group (€1.9M), some non-recurring costs linked to extraordinary transactions not aimed at completion and other extraordinary Opex (€0.4M), and income or losses from foreign exchange (€0.6M).
3 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..
4 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 and the contribution in kind by Camozzi Digital S.r.l., considered taking into account an estimated tax effect based on a 24% tax rate (IRES tax rate).
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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 €2.5M as of June 30, 2025, to €1.7M as of June 30, 2026, (-30.2%).
Adjusted net financial debt5 went from a net debt of €37.6M as of December 31, 2025, to a net debt of €47.7M as of June 30, 2026.
Such change is mainly linked to the dynamics of net working capital observed during the period. An increase in inventory (€17.8M) was observed in the semester, partially offset by an increase in trade payables (€15.9M). The change in inventory came from strategic purchases of memory stock that were carried out to ensure customers’ production requirements are fully covered for the entire 2026 and the beginning of next year, in a supply chain context of extended lead times and allocation for critical components.
Please note that adjusted net financial debt as of June 30, 2026, was impacted by extraordinary investments totaling €8.8M, related to the new manufacturing facility in the Arezzo area and the implementation of new production lines in Hangzhou.
Significant events occurred after the end of the reporting period
On 4th September NEURA Robotics and SECO announced a strategic partnership to accelerate the development of Physical AI from Europe. Under the agreement, SECO will design and manufacture Qualcomm Technologies-based computing modules for NEURA’s next generation of cognitive robots, including the humanoid robot 4NE1. The collaboration aims to create a European Physical AI ecosystem by leveraging SECO’s expertise in Edge AI, embedded computing, and advanced electronics design and manufacturing with potential future developments industrial robotics and AI applications. The mass production for NEURA is expected to begin in 1Q 2027.
SECO outlook on the status of the business
Over the past year, SECO remained focused on deepening client relationships and strengthening its technological leadership. This fueled its pipeline, with significant new design wins across both long-standing and new customers, reinforcing the foundations for sustainable growth.
Following the inflection point of 2025, the growth trajectory is as of today supported by a robust pipeline of new products, which will enable industrial-grade infrastructures for Edge and Physical AI, 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 mix for OEMs undergoing digital transformation, as it enables scalable AI deployment, accelerates time-to-market, and supports compliance with emerging cybersecurity regulations.
All our financial KPIs and our business positioning are now consistent with our investment case and we will start the new year with good momentum, as we expect revenues to reach around €60M in the third quarter of 2026. The positive order intake trend, which remains solid following the record levels reached in February and March, strengthens this view. The industrial market continues to exhibit clear fundamentals, with the digital transformation of OEM products and AI adoption directly on field machines driving demand for smart, on-device solutions. This
5 To 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 (€7.4M), and the VAT credit (€3.5M), 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 €47.2M as of December 31, 2025, to a net debt of €58.5M as of June 30, 2026.
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enables high-value services, leverages field data, and creates opportunities for new business. Looking ahead, we stay focused on delivering innovative solutions that meet the evolving customer needs, while generating sustainable value for our shareholders.
Conference call
The results as of June 30, 2026 will be presented today, September 8, 2026, at 14.30 (CEST), 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_eMUcXgSeSNCu_YcW2BAGvQ
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The Board of Director of SECO has also appointed Marco Letizia as Head of Corporate Development & Investor Relations.
Marco Letizia is a manager with more than thirty years of experience in corporate finance and capital markets, gained across both Italy and the United States. After starting his career as a Private Equity and M&A analyst, he spent fourteen years as an Equity Sales Director in Milan and New York. He subsequently served as CEO of a financial holding company and, from 2017 to 2021, led an NPL servicing group, managing a team of 120 professionals. From 2021 to 2025, he was Origination Director at Azimut Direct, where he distinguished himself as one of the team’s top performers. Most recently, he served as Group CFO and Head of M&A for a retail corporate group, overseeing the Finance, Administration and Control functions, managing the group's banking relationships, and leading its acquisition-
driven growth strategy.
In his role, Marco will report directly to CEO Massimo Mauri and will work closely with the rest of the leadership team.
Letizia succeeds Clarence Nahan, who has led SECO’s Investor Relations function for more than two years, playing a key role in strengthening the Company’s dialogue with the financial community and stakeholders. The CEO Massimo Mauri, on behalf of the Board of Directors of SECO, would like to thank Mr. Nahan for his valuable contribution, professionalism, and dedication during his tenure, and wish him every success as he returns to the investment banking sector, where he has built a distinguished career. SECO looks forward to continuing its constructive collaboration with Mr. Nahan in his new role, supporting the further development of the Company’s equity story and engagement with investors.
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.
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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.
The Manager responsible for preparing the Company’s financial reports, Lorenzo Mazzini, declares, pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance (Testo Unico della Finanza), that the accounting information contained in this press release corresponds to the documented results, accounts and bookkeeping records as of the date of this communication.
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SECO
SECO (IOT.MI) is a high-tech company delivering integrated edge AI infrastructure and physical AI systems that bring intelligence directly into industrial devices. By combining advanced , modular hardware with Clea, its proprietary agentic Edge AI framework, SECO enables companies to deploy AI at the edge, turning field data into actionable insights and unlocking new services at the point of operation. SECO's complete infrastructure helps customers accelerate AI adoption at industrial scale, enabling them to launch smarter products and capture innovative revenue streams and business models, while providing industrial-grade manufacturing and long-term support. With a global customer base spanning across industrial automation, robotics, medical, defense, transportation, energy, and vending, SECO is a trusted enabler of next-generation intelligent systems.
For more information: http://www.seco.com/
Contacts
SECO S.p.A.
Marco Letizia
Head of Corporate Development & Investor Relations Tel. +39 0575 26979
investor.relations@seco.com
Community Group
Marco Rubino
Tel. +39 335 650 9552
seco@community.it
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The accounting statements of SECO Group, not subject to independent auditing, are illustrated below.
Consolidated Statement of Financial Position (in Euro thousands) 30/06/2026 31/12/2025 Property, Plants and Equipments 24.429 22.593 Intangible Assets 103.004 101.297 Right of Use 7.794 8.952 Goodwill 157.108 157.108 Non-current financial assets 6.625 6.842 Deferred tax assets 2.472 2.506 Other non-current assets 1.993 1.669 Total non-current assets 303.425 300.967 Inventories 82.427 64.618 Trade receivables 51.373 40.399 Current tax assets 7.764 6.020 Current Financial Assets 1.164 2.030 Other receivables 6.285 5.393 Cash and Cash Equivalents 60.556 66.657 Total current assets 209.570 185.116
TOTAL ASSETS 512.994 486.083
Share capital 1.296 1.296 Reserves 232.036 232.036 Translation reserve 41.669 42.084 Net profit / (loss) of the year -365 -2.694 Total Group Shareholders' Equity 274.636 272.722 Equity of Non-controlling interests 22.948 18.553 Net profit / (loss) of the year of Non-controlling interest 2.082 3.190 Minority interests 25.030 21.743 Total Shareholders' Equity 299.666 294.465 Employee Benefits 3.664 3.470 Provisions 1.219 1.209 Deferred tax liabilities 23.115 23.772 Non-current financial liabilities 90.178 92.507 Non-current lease liabilities 4.942 6.035 Other non-current liabilities 8 8 Total non-current liabilities 123.126 127.002 Current financial liabilities 8.539 4.695 Current part of N-C Financial Liabilities 14.160 10.305 Current lease liabilities 2.414 2.393 Trade payables 50.736 34.883 Other payables 10.878 10.105 Current tax liabilities 3.475 2.234 Total current liabilities 90.202 64.616
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 512.994 486.083
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Consolidated Income Statement (in Euro thousands) 30/06/2026 30/06/2025 Net Sales 98.719 98.401 Other Revenues 1.109 1.321 Consumption Costs (62.743) (46.399) Changes in Inventories 17.502 504 Costs for services (12.133) (12.478) Personnel costs (23.699) (21.752) Depreciation and amortization (11.915) (11.131) Accruals and Provisions (10) (10) Other Operating Costs (2.579) (2.722) Operating Profit 4.252 5.734 Financial income 1.219 1.801 Financial costs (2.596) (3.272) Exchange gains/losses (561) (931) Profit / (loss) before tax 2.314 3.332 Income taxes (597) (873) Profit / (loss) for the year 1.717 2.459 Minorities Profit / (loss) for the year 2.082 2.120 Group Profit / (loss) for the year (365) 339 Earning per Share - -
Diluted Earning per Share - -
Consolidated Statement of Comprehensive Income (in Euro thousands) 30/06/2026 30/06/2025 Net profit for the year 1.717 2.459 Other comprehensive income/(expense) which may be subsequently reclassified to the income statement: 1.580 (3.494) Translation differences 1.813 (2.409) Net gain/(loss) on Cash Flow Hedge (307) (1.085) Tax effect on gain/(loss) on Cash Flow Hedge 74 -
Other comprehensive income/(expense) which may not be subsequently reclassified to the income statement: - -
Discounting employee benefits - -
Tax effect discounting employee benefits - -
Total comprehensive income 1.580 (3.494) Non-controlling interests 3.287 478 Parent company shareholders 10 (1.512) Total comprehensive income 3.297 (1.034)
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Consolidated Cash Flow Statement (in Euro thousands) 30/06/2026 30/06/2025 Net profit for the year 1.717 2.459 Income taxes 597 873 Amortization & depreciation 11.915 11.131 Change in employee benefits 194 (195) Financial income/(charges) 1.377 1.471 Exchange gains/(losses) 561 931 Costs for share-based payments 1.911 3.234 Other non-monetary revenues and income (7) 124 Cash flow before working capital changes 18.265 20.029 Change in trade receivables (10.771) (15.538) Change in inventories (17.809) 68 Change in trade payables 14.701 5.781 Other changes in tax receivables and payables (1.278) 704 Other changes in current receivables and payables (85) (1.066) Other changes in non-current receivables and payables (874) (604) Use of provisions for risks, receivables and inventories 10 (54) Interest received 1.184 1.801 Interest paid (2.518) (3.135) Exchange gains/(losses) realized 388 (1.273) Income taxes paid 178 (2.129) Cash flow from operating activities (A) 1.392 4.585 (Investments) /Disposals of property, plant and equipment (3.932) (1.106) (Investments) /Disposals of intangible assets (10.266) (6.644) (Investments) /Disposals of financial assets (89) 160 Acquisition of business units net of cash and cash equivalents - -
Acquisition of subsidiaries net of cash and cash equivalents - -
Cash flow from investing activities (B) (14.286) (7.590) New loan drawdowns 6.485 -
(Repayment) of bank loans (4.959) (4.964) Change in current financial liabilities 3.766 (4.238) Repayment lease financial liabilities (1.176) (2.037) Change in current financial assets 866 -
Dividends paid - (61) Paid-in capital increase - -
Acquisition of treasury shares - -
Acquisition of shares from minorities - -
Cash flows from financing activities (C) 4.981 (11.300) Increase (decrease) in cash and cash equivalents (A+B+C) (7.914) (14.305) Cash & cash equivalents at beginning of the year 66.657 72.586 Translation differences 1.813 -2.409 Cash & cash equivalents at end of the year 60.557 55.872
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Consolidated Statement of Changes in Equity (in Euro thousands) 01/01/2026Share capital increaseAllocation result Dividends paid Other movementsComprehensive
Profit/(Loss)30/06/2026
Share capital 1.297 - - - - - 1.297 Legal reserve 289 - - - - - 289 Share premium reserve 232.035 - - - - - 232.035 Other reserves 42.059 - (2.694) - 1.904 (233) 41.036 Translation reserve (191) - - - - 608 417 FTA reserve (371) - - - - - (371) Discounting employee benefits 298 - - - - - 298 Group Net Profit (2.694) - 2.694 - - (365) (365) Group Equity 272.722 - - - 1.904 10 274.636 Monor Equity and Reserves 18.552 - 3.190 - - 1.205 22.947 Discounting of employee benefits (non-cont. interests) - - - - - - -
Non-controlling interests profit 3.191 - (3.190) - - 2.082 2.083 Minorities Equity 21.743 - - - - 3.287 25.030 Total Equity 294.465 - - - 1.904 3.297 299.666
Fine Comunicato n.2358-46-2026 Numero di Pagine: 12