Slides
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September 8 th, 2026 1H 202 6 Results Presentation & Business Update
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TITLE Urbanist Black – 24pt SUBTITLE Urbanist Light – 10 pt MAIN COLORS ACCENT COLOR Do not move or change R 186 G 12 B 47 Do not move or change the logo BODY Urbanist – 12 pt 2 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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TITLE Urbanist Black – 24pt SUBTITLE Urbanist Light – 10 pt MAIN COLORS ACCENT COLOR Do not move or change R 186 G 12 B 47 Do not move or change the logo BODY Urbanist – 12 pt 3 Presenting today Massimo Mauri Chief Executive Officer Lorenzo Mazzini Chief Financial Officer Marco Letizia Head of Corp. Dev. & IR
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TITLE Urbanist Black – 24pt SUBTITLE Urbanist Light – 10 pt MAIN COLORS ACCENT COLOR Do not move or change R 186 G 12 B 47 Do not move or change the logo BODY Urbanist – 12 pt Solid H1 performance amid supply challenges Financial strength for future growth Enabling the next wave of intelligent devices 2026 business outlook 4 Key takeaways from the past 6 months • 1H26 Net sales: €98.7m, stable YoY and in line with guidance o Clea revenues: €4.9m recurring (+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 30th June 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, like Energy 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
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Detailed 1H 2026 Results
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TITLE Urbanist Black – 24pt SUBTITLE Urbanist Light – 10 pt MAIN COLORS ACCENT COLOR Do not move or change R 186 G 12 B 47 Do not move or change the logo BODY Urbanist – 12 pt 6 1H 2026 financial performance in details 1H 261H 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 rate Adj. Net Income
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TITLE Urbanist Black – 24pt SUBTITLE Urbanist Light – 10 pt MAIN COLORS ACCENT COLOR Do not move or change R 186 G 12 B 47 Do not move or change the logo BODY Urbanist – 12 pt 7 Net 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 there 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 Areas By Vertical Edge 92% Clea 8% 41% 21% 14% 12% 4% 2% 1% 5% EMEA 78% USA 13% APAC 9% RoW <1%
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TITLE Urbanist Black – 24pt SUBTITLE Urbanist Light – 10 pt MAIN COLORS ACCENT COLOR Do not move or change R 186 G 12 B 47 Do not move or change the logo BODY Urbanist – 12 pt 8 Adjusted 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 opportunities Adjustments2 • 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 there may be deltas for up to ±€0.1m when variation figures are displayed 1 Adj. 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 2025 Δ Net sales Δ Consumption costs Δ Operating income Δ Costs of services and other operating costs Δ Payroll costs Δ 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 Opex Foreign exchange income/losses 1H 2026 EBITDA adjustments
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TITLE Urbanist Black – 24pt SUBTITLE Urbanist Light – 10 pt MAIN COLORS ACCENT COLOR Do not move or change R 186 G 12 B 47 Do not move or change the logo BODY Urbanist – 12 pt 9 Adjusted 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 there may be deltas for up to ±€0.1m when variation figures are displayed Adj. Net debt evolution (€m) Leverage3 1.2x LTM 1H26 Leverage (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 components 21 3 4 Extraordinary CAPEX4 • 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 about €10m 11,0 17,8 (15,9) 0,6 13,6 ∆ Trade receivables ∆ Inventory ∆ Trade payables ∆ Other NWC items ∆ Net working capital 1 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 CAPEX 1H 26 Adj for extraordinary CAPEX 32,7 Adj. for extraordinary CAPEX 4,9
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Business update
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TITLE Urbanist Black – 24pt SUBTITLE Urbanist Light – 10 pt MAIN COLORS ACCENT COLOR Do not move or change R 186 G 12 B 47 Do not move or change the logo BODY Urbanist – 12 pt 11 SECO: 1H26 main KPIs 1 Data as of July. 31st, 2026 1H26 +13% recurring revenue 48,0 60,0 3Q25 3Q26 +25% vs same Quarter last year Revenue acceleration 99,8 155,1 Jul 25 YTD Jul 26 YTD +55% YoY Record order intake Actual Guidance 53,0% 52,3% 56,0% 4Q25 1Q26 2Q26 +11% QoQ in absolute terms Gross margin rebound 1.4x Book-to-Bill 50+ Secured new design wins 50 Ongoing R&D projects 5+ Ongoing silicon partnerships up to €350m Internal production capacity
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TITLE Urbanist Black – 24pt SUBTITLE Urbanist Light – 10 pt MAIN COLORS ACCENT COLOR Do not move or change R 186 G 12 B 47 Do not move or change the logo BODY Urbanist – 12 pt 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 verticals AI 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 scale 12
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TITLE Urbanist Black – 24pt SUBTITLE Urbanist Light – 10 pt MAIN COLORS ACCENT COLOR Do not move or change R 186 G 12 B 47 Do not move or change the logo BODY Urbanist – 12 pt 13 Addressing 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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TITLE Urbanist Black – 24pt SUBTITLE Urbanist Light – 10 pt MAIN COLORS ACCENT COLOR Do not move or change R 186 G 12 B 47 Do not move or change the logo BODY Urbanist – 12 pt 14 Autonomous 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 controller Robots Smart cameras AI-powered HMIs 70% Customers want tech partners not suppliers1 109% Robotics 2025-30 Market CAGR1 1Source: Bain & Company, Deutsche Bank Research and Morgan Stanley 26% AI & Data Ops 15% Smart devices
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TITLE Urbanist Black – 24pt SUBTITLE Urbanist Light – 10 pt MAIN COLORS ACCENT COLOR Do not move or change R 186 G 12 B 47 Do not move or change the logo BODY Urbanist – 12 pt 15 Why SECO is well positioned? A unified hardware, software & AI stack to bring intelligence into industrial devices and physical systems, accelerating deployment at scale Software frameworkEdge 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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TITLE Urbanist Black – 24pt SUBTITLE Urbanist Light – 10 pt MAIN COLORS ACCENT COLOR Do not move or change R 186 G 12 B 47 Do not move or change the logo BODY Urbanist – 12 pt 16 Seamless 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 management SMARC w/ IQ8 SBC w/ IQ-2390
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TITLE Urbanist Black – 24pt SUBTITLE Urbanist Light – 10 pt MAIN COLORS ACCENT COLOR Do not move or change R 186 G 12 B 47 Do not move or change the logo BODY Urbanist – 12 pt 17 Edge 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 awareness Key features Edge AI leadership, advanced local processing in portable environments System Integration expertise from HW to AI deployment Joystick Microphones Speaker Buttons Webcam Intel Realsense D455 Removable battery Entry into high-value Defense applications
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TITLE Urbanist Black – 24pt SUBTITLE Urbanist Light – 10 pt MAIN COLORS ACCENT COLOR Do not move or change R 186 G 12 B 47 Do not move or change the logo BODY Urbanist – 12 pt 18 A 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 facilities 1Q 2027 MP start Remote controller Humanoid Central Comp 1 pc Smart Limb 4 pcs Personal Assistant Smart Limb 1 pc Central Comp 1 pc Quadruped Smart Limb 1 pc Central Comp 1 pc Robot Arms Mobile Manipulation Smart Limb 1 pc Central Comp 1 pc Central Comp 1 pc Smart Limb 1 pc
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TITLE Urbanist Black – 24pt SUBTITLE Urbanist Light – 10 pt MAIN COLORS ACCENT COLOR Do not move or change R 186 G 12 B 47 Do not move or change the logo BODY Urbanist – 12 pt 19 New 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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TITLE Urbanist Black – 24pt SUBTITLE Urbanist Light – 10 pt MAIN COLORS ACCENT COLOR Do not move or change R 186 G 12 B 47 Do not move or change the logo BODY Urbanist – 12 pt 20 Building 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 YTD 1.4x July YTD
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TITLE Urbanist Black – 24pt SUBTITLE Urbanist Light – 10 pt MAIN COLORS ACCENT COLOR Do not move or change R 186 G 12 B 47 Do not move or change the logo BODY Urbanist – 12 pt 21 3Q26 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 3Q26 3Q26 Revenue guidance c.€60m GPM 56% 50% 51% 55% 53% 53% 55% 53% 52% 56%
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TITLE Urbanist Black – 24pt SUBTITLE Urbanist Light – 10 pt MAIN COLORS ACCENT COLOR Do not move or change R 186 G 12 B 47 Do not move or change the logo BODY Urbanist – 12 pt Key takeaways 1 Entering 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 2 Strong 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 3 Ready to scale New capacity in Arezzo & Hangzhou fully operational Q&A
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Appendix
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TITLE Urbanist Black – 24pt SUBTITLE Urbanist Light – 10 pt MAIN COLORS ACCENT COLOR Do not move or change R 186 G 12 B 47 Do not move or change the logo BODY Urbanist – 12 pt 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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TITLE Urbanist Black – 24pt SUBTITLE Urbanist Light – 10 pt MAIN COLORS ACCENT COLOR Do not move or change R 186 G 12 B 47 Do not move or change the logo BODY Urbanist – 12 pt 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 creation 7 Strong balance sheet allowing for a robust organic growth 5 Uniquely positioned product range to fully benefit from Physical AI tailwind SECO’s DNA
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TITLE Urbanist Black – 24pt SUBTITLE Urbanist Light – 10 pt MAIN COLORS ACCENT COLOR Do not move or change R 186 G 12 B 47 Do not move or change the logo BODY Urbanist – 12 pt Thank you www.seco.com