September 8th, 20261H 202 6Results Presentation & Business Update
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2Disclaimer
This document has been prepared bySECO S.p.A.(“SECO” orthe “Company”), forinformation purposes only, exclusively with the aim ofassisting you to understand and assess theactivities ofSECO .The information contained inthispresentation does notpurport tobecomprehensive and may nothave been independently verified byany independent third party .
Statements contained inthispresentation, particularly regarding any possible orassumed future performance oftheSECO Group, areormay beforward -looking statements based onSECO’s current expectations and projections about future events .
Such forward -looking statements aresubject torisks and uncertainties, thenon-occurrence oroccurrence ofwhich could cause theactual results, including the financial condition and profitability ofSECO todiffer materially from, orbemore negative than, those expressed orimplied bysuch forward -looking statements, due toany number ofseveral factors, many ofwhich arebeyond theability ofSECO tocontrol orestimate precisely .Consequently, SECO and itsmanagement can give noassurance regarding thefuture accuracy oftheestimates offuture performance setforth inthisdocument ortheactual occurrence ofthepredicted developments .
Thedata and information contained inthisdocument aresubject tovariations and integrations .Although SECO reserves theright tomake such variations and integrations when itdeems necessary orappropriate, SECO assumes noaffirmative disclosure obligation tomake such variations and integration, except tothe extent required bylaw.
SECO does notundertake any obligation topublicly release any updates orrevisions toany forward -looking statements toreflect events orcircumstances after the date ofthispresentation .
Any reference topast performance oftheSECO Group shall notbetaken asanindication offuture performance .
Inaddition, thispresentation includes ormay include certain ‘‘Adjusted’’ financial and operating indicators and other measures, which have been adjusted to reflect extraordinary events, non-recurring transactions and activities which arenotdirectly related totheGroup’s ordinary business .
Such “Adjusted” information hasbeen included toallow abetter comparison offinancial information across theperiods ;however, itshould benoted that such information isnotrecognized asmeasures offinancial performance orliquidity under IFRS and/or donotconstitute anindication ofthehistorical performance of theCompany ortheGroup .Therefore, investors should notplace undue reliance onsuch data and information .
Thispresentation does notconstitute arecommendation regarding thesecurities oftheCompany .Thisdocument does notconstitute orform part ofany offer or invitation topurchase orsubscribe any shares issued bytheCompany and nopart ofitshall form thebasis oforberelied upon inconnection with any contract or commitment whatsoever .
Byreading thispresentation, youagree tobebound bytheterms setout.
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3Presenting today
Massimo Mauri
Chief Executive OfficerLorenzo Mazzini Chief Financial Officer
Marco Letizia
Head of Corp. Dev. & IR
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Solid H1
performance
amid supply
challenges
Financial
strength for
future growth
Enabling the
next wave of
intelligent
devices
2026 business
outlook
4Key takeaways from the past 6 months •1H26 Net sales: €98 .7m,stable YoY and in line with guidance oClea revenues: €4. 9mrecurring (+13% YoY) ,now 65% of the total •Gross profit margin: 54 .2%,showing good performance amid memory price increase •EBITDA Adj.: 18.7% margin , consolidating QoQ and resilient even in complex market environment •Adj. Net financial position: €47.7m as of 30thJune 2026 •Significant investments into working capital through strategic purchase of memories and PCBs •Physical AI era is here , new revenue stream starting from 2027 •Growing exposure to structural growth trends , likeEnergy grid infrastructure, Aerospace & Defense •New PCBA plants in Italy & China fully operational ,enhancing capacity and customer proximity •Well positioned for a robust H2 growth with a healthy order intake and supportive backlog •Q3 revenue confirmed around €60m , marking the highest quarterly revenue level in SECO's history •Pipeline strengthening across geographies & verticals , supporting long -term growth trajectory
Detailed 1H 2026 Results
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61H2026 financial performance in details
1H 26 1H 25
…% = % of Net sales •Revenues up 3% QoQ , showing an improvement from edge computing •Clea recurrent revenues at €4.9m , steadily increasing as more devices are connected during the project deployment phase€98.7m €98.4mNet
sales
•Gross margin consolidation , with a solid 56.0% margin in 2Q26 •Good margin expansion despite challenging electronics market conditions, supported by favorable sales mix and pricing initiatives€53.5m
54.2%€52.5m
53.4%Gross
margin
•Contraction due to slight increase in personnel costs in R&D to support new projects and in Operations for the setup of the new Arezzo -area plant •We expect an improvement of operating leverage from 3Q26€18.5m
18.7%€20.1m
20.5%Adj.
EBITDA
€5.5m
5.6%€7.3m
7.4%•Profit evolution mainly explained by the abovementioned dynamics •Taxes calculated with theoretical tax rateAdj. Net
Income
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7Net sales -€98.7m Note: percentages may not sum to 100% due to rounding; all numbers in €m are rounded to the closest first decimal place, so t here may be deltas for up to ±€0.1m when variation figures are displayed•€91.2m in 1H26, +6% vs. 1H25 •Sales volume expansion well distributed across geographical areas, with Southern Europe and APAC growth outperforming the
other regions
•Positive trajectory from Medical, Industrial, and Fitness•Recurring revenue at €4.9m (65% of the total) in 1H26, +13% YoY •NRE portion of the business progressively
decreasing
Edge computing
business
By
AreasBy
VerticalEdge
92%Clea
8% 41%
21%
14% 12%
4% 2% 1%5%
EMEA
78%USA
13%APAC
9%RoW
<1%
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8Adjusted EBITDA
1 2 Gross margin effect and operating costs1 •Gross margin at 54.2% of sales ,+0.8 p.p. vs. 1H25, driven by a higher value -added sales mix and the price increase actions agreed with customers •Increase in personnel costs is primarily related to hires in R&D and Operations to support the new Arezzo -area plant and position SECO to capture future growth opportunitiesAdjustments2 •1H 2026 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 t here may be deltas for up to ±€0.1m when variation figures are displayed1Adj. EBITDA bridge (€m) 20,1 0,3 0,7 (0,2) 0,9 (1,9)
(1,3)
18,5 20,5%18,7%
Adj. EBITDA 1H
2025Δ Net
salesΔ Consumption
costsΔ Operating
incomeΔ Costs of services and other operating costsΔ Payroll costsΔ Adjustments Adj. EBITDA 1H
2026
1,9 0,4 0,6 2,9 Stock Option Plans actuarial value (non-monetary item)Extraordinary transaction costs & Other extraordinary
OpexForeign exchange
income/losses1H 2026
EBITDA adjustments
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9Adjusted Net financial position Net debt Adjustments2 VAT
receivables
€3,5 m
Lease
liabilities
ex-IFRS 16
€7,4 m€10.8m
in 1H26
Note: percentages may not sum to 100% due to rounding; all numbers in €m are rounded to the closest first decimal place, so t here may be deltas for up to ±€0.1m when variation figures are displayedAdj. Net debt evolution (€m)
Leverage3
1.2x
LTM 1H26Leverage
(Net Debt Adj. / Adj. EBITDA)•Solid financial position 1H 20261 •∆ NWC mainly driven by higher inventories to ensure supply continuity amid extended lead times for critical electronic components2 1 3 4
Extraordinary CAPEX4
•Mainly related to the
investment for:
othe new production plant in the Arezzo area;
othe setup of new lines in
Hangzhou plant
The overall investment for the two plants is estimated in about €10m11,0 17,8 (15,9) 0,6
13,6
∆ Trade
receivables∆ Inventory ∆ Trade payables∆ Other NWC items∆ Net working
capital1
37,6 6,5
44,1 3,6
47,7 8,8
38,9
FY 25 Δ NFP 1Q 26 Δ NFP 1H 26 Extraordinary CAPEX1H 26 Adj for extraordinary
CAPEX32,7Adj. for
extraordinary CAPEX4,9
Business update
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11SECO: 1H26 main KPIs 1 Data as of July. 31st, 20261H26
+13%
recurring revenue
48,0 60,0
3Q25 3Q26+25% vs same Quarter last yearRevenue acceleration
99,8 155,1
Jul 25 YTD Jul 26 YTD+55% YoYRecord order intake Actual Guidance53,0% 52,3%56,0% 4Q25 1Q26 2Q26+11% QoQin absolute termsGross margin rebound
1.4x
Book -to-Bill50+
Secured new
design wins50
Ongoing R&D
projects5+
Ongoing silicon
partnershipsup to
€350m
Internal production
capacity
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AI-powered , by-design •All new SECO linecard feature next -gen CPUs •Dedicated embedded AI computing
capabilities
Business impact
•Accelerate SECO’s growth path in 2027 •Robotics, drones, A&D as new end -markets •Key driver of significant opps across many verticalsAI is evolving from
experimentation
to enterprise -scale
deployment
•Machines that perceive •Systems that decide •Devices that act Entering the Age of Physical AI SECO uniquely combines AI -ready edge systems & AI deployment tools to accelerate the adoption of Physical AI at scale12
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13Addressing high -growth verticals with a scalable Edge AI portfolio A comprehensive catalogue of hardware solutions with built -in AI capabilities to anticipate the evolving needs of multiple end -markets
Industrial
automation
Energy
Medical
Smart
devices
Robots &
Drones
Aerospace
&
Defence
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14Autonomous Factories: a real Physical AI ecosystem Where AI -enabled devices, edge computing and software platforms operate together to improve productivity, efficiency and automation Edge AI platforms
AGVs
Remote controllerRobotsSmart
cameras
AI-powered
HMIs
70% Customers want tech partners
not suppliers1
109%
Robotics2025 -30 Market CAGR1 1Source: Bain & Company, Deutsche Bank Research and Morgan Stanley26% AI & Data Ops 15%
Smart devices
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15Why SECO is well positioned?
A unified hardware, software & AI stack to bring intelligence into industrial devices and physical systems, accelerating deployment at scale Software framework Edge AI systems AI algorithms
Unique
E2E offering
Reference Edge -AI platform for main
Silicon vendors
Driving
AI at the Edge
Fast
Time -to-Market
A range of solutions optimized across all major architectures through partnerships with leading silicon vendors and technology providers
CRA & RED
Compliance
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16Seamless path from Arduino innovation to scalable Industrial solution Enabling OEMs to move seamlessly from prototyping to deploying AI -ready, industrial products
VENTUNO Q
UNO Q
Prototype
with
Scale
with
•Flexible industrialization path •Fully compliant with Arduino software stack
•Pin-to-pin compatibility
•Designed for next -generation AI -enabled devices with Clea •Production -ready Edge AI platform
•Smooth migration
•Designed for next -generation AI -enabled devices •Supported by Clea OS for lifecycle and device managementSMARC w/ IQ8
SBC w/ IQ -2390
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17Edge AI mission controller –Reference design with SECO as partner of choice to develop rugged, end -to-end solutions for mission -critical and high -
reliability applications
•Ready -to-deploy HMI + Edge AI kit •Intel Panther Lake compute core •Fanless , rugged & battery -powered •On-device AI for situational awarenessKey
features
Edge AI leadership , advanced local processing in portable environments System Integration expertise from HW to AI deployment
Joystick
MicrophonesSpeakerButtonsWebcam Intel
Realsense D455
Removable
batteryEntry into
high-value Defense
applications
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18A strategic partnership for Physical AI 18
•Strategic partnership
•SECO will deliver customized Qualcomm -based chipset solutions •SECO product inside all the 5 Neura robot types •SECO planning to start initial robot deployment within its facilities1Q 2027
MP start
Remote controller
Humanoid
Central
Comp
1 pc
Smart
Limb
4pcs
Personal Assistant
Smart
Limb
1pcCentral
Comp
1 pc
Quadruped
Smart
Limb
1pcCentral
Comp
1 pc
Robot ArmsMobile
Manipulation
Smart
Limb
1pc
Central
Comp
1 pc
Central
Comp
1 pcSmart
Limb
1pc
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19New production capacity now fully operational Arezzo & Hangzhou upgrades support SECO’s future business expansion, efficiency and scalability 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 3,115 sqm production 900 sqm offices 3 assembly lines -current
+23 planned
MES OpCenter
by
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20Building a strong year: continued momentum in order intake Healthy conversion of pipeline into confirmed orders, contributing to backlog and business visibility Improving Incoming Backlog trend Consistent Book -to-Bill performance
€30m+55% YoY
July YTD1.4x
July YTD
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213Q26 guidance
Revenue expected to grow at +25% YoY, reflecting strong demand for Physical and Edge AI solutions across a diversified range of end markets
47,2 48,1
44,1 44,1 47,2 51,2
48,0 51,2
48,5 50,2
1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q263Q26
Revenue
guidance
c.€60m
GPM 56% 50% 51% 55% 53% 53% 55% 53% 52% 56%
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Key takeaways
1Entering the Physical AI era A new partnership in Robotics, Qualcomm -based platforms and the Intel reference design increase exposure to high -growth markets, accelerating SECO mid -term growth path Full-range of cutting -edge solutions to support customers’ evolving needs 2Strong commercial momentum 3Q26 revenue guidance of c.€60m, +25% YoY Order intake +55% YoY and book -to-bill consistently above 1x build backlog and revenue visibility 3Ready to scale New capacity in Arezzo & Hangzhou fully operational Q&A
Appendix
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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 The score places us at the lower end of the “Medium Risk ” category (20 -30), as of August 2025 Rating confirmed at BBB in April 2025 (upgraded from BB in 2023)ESG –A key priority for the Group 24 First rating obtained in August 2025 with a Bronze medal Empowering Sustainable Business Through Innovation
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25 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 6 Highly diversified client base , consistently growing through new project wins 8 Experienced management team with a clear strategy to deliver value creation7 Strong balance sheet allowing for a robust organic growth5 Uniquely positioned product range to fully benefit from Physical AI tailwindSECO’s DNA
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