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Seco (IOT) investor relations material
Seco Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Net sales for the first nine months of 2025 reached €146.4M, up 5% year-over-year, driven by strong order recovery and growth in the US and APAC, offsetting EMEA weakness.
Gross margin improved to 53.8% (or €78.8M), exceeding guidance, supported by favorable sales mix, increased software revenue, and cost savings.
Adjusted EBITDA rose 50.8% to €30.8M (21% margin), with Q3 2025 margin at 22.2%, the highest in over two years.
Adjusted net income surged to €11.4M, up €9.8M year-over-year, while net profit reached €4.6M, reversing a prior loss.
Clea software contributed €16.6M–€17M (11% of net sales), with 38% from recurring revenues.
Financial highlights
Edge computing revenue grew 6% year-over-year to €129.9M.
EBITDA more than doubled to €25.4M (+104.4%), with adjusted EBITDA up 50.8% to €30.8M.
Net financial position was €51.2M as of September 30, 2025, with net financial debt increasing due to investments.
Cash and cash equivalents decreased to €59.3M from €72.6M at year-end 2024.
Book-to-bill ratio consistently at or above 1, indicating strong demand and backlog recovery.
Outlook and guidance
Full-year 2025 guidance confirmed: revenues expected above €200M at constant FX, with gross profit margin above 50%.
Q4 revenue expected well above €50M, supported by strong order intake and backlog up 10% year-over-year.
Profitability improvements expected to continue, driven by business model changes and increased software revenue.
New Arezzo plant to be fully operational by May 2026, expected to drive further cost efficiencies and increase capacity by 50%.
Continued focus on profitable growth, net working capital management, and investment in production capacity.
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Frequently asked questions
Seco S.p.A. is an Italian technology company specializing in the miniaturization of computers and Internet of Things (IoT) solutions, covering the entire supply chain. The company offers a diverse range of products and services across two main segments: Products and Services. Its product offerings include various types of customizable circuits, while its services encompass design, development, project support, and IoT solutions that include both software and hardware solutions, such as prototyping tools and connectivity. Seco S.p.A. operates globally across several industries, including transportation, industrial automation, medical, domotics, utilities, and security, demonstrating a broad application of its technologies. The company is headquartered in Italy, and its shares are listed on the Milan Stock Exchange.
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