Report published September 8, 2026

SECO (IOT.MI) 2Q26 First Take: Goldman Sachs Equity Research Report

Goldman Sachs · September 8, 2026

SECO reported 2Q26 revenue of €50.2mn and adjusted EBITDA of €9.4mn, matching top-line pre-announcements but missing EBITDA expectations due to facility-related personnel expenses. Management reiterated 3Q26 revenue guidance of >€60mn, and Goldman Sachs maintained its Buy rating with a €3.50 price target.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.SECO's 2Q26 revenues of €50.2mn and gross profit of €28.2mn (c.56% margin) were broadly in line with its pre-announcement.
2.Adjusted EBITDA came in modestly lower at €9.4mn (-10% vs. GS estimates) due to higher personnel costs in R&D and operations supporting the new Arezzo plant.
3.Management reiterated 3Q26 guidance of total revenue >€60mn (+25% yoy), implying growth acceleration in 2H26.

Results:
Guidance:
Exhibit 1: Actuals vs GSe
Price Target Risks and Methodology - SECO
Reg AC
GS Factor Profile
M&A Rank
Quantum
Distribution of ratings/investment banking relationships
Price target and rating history chart(s)
Target price history table(s)
Ratings, coverage universe and related definitions
Global product; distributing entities

Report data

Exhibit 1: Actuals vs GSe — as of September 7, 2026.

Metric	Estimate	Context
2Q26 Revenue	50.2 EUR mn	Actual revenue vs. €50.0mn GS estimate
2Q26 Adjusted EBITDA	9.4 EUR mn	Actual adjusted EBITDA vs. €10.5mn GS estimate
2Q26 Adjusted Gross Margin	56.1%	Adj. Gross profit margin of 56.1% vs 52.7% GS estimate
2Q26 IoT (Software) Revenue	3.4 EUR mn	IoT software sales vs. €4.4mn GS estimate
3Q26 Revenue Guidance	60.0 EUR mn	Company reiterated guidance of >€60mn vs €48.9mn GS estimate