EQS-News: Shelly Group off to a strong start in financial year 2025 – Growth slightly above expectations

Shelly Group off to a strong start in financial year 2025 – Growth slightly above expectations
 

• Group revenue increases by 28.9% to EUR 26.5 million (BGN 51.8 million)
• EBIT up 23.0% to EUR 6.7 million (BGN 13.0 million) – EBIT margin of 25.2% above medium-term plan
• Consolidated net profit rises by 23.6% to EUR 5.6 million (BGN 11.0 million)
• Further improvement in working capital position driven by optimized procurement, lower inventory levels and stricter receivables management
• Shelly Cloud user base grows to over 2.0 million (31 December 2024: 1.9 million)
• 2025 guidance confirmed: Revenue growth to between EUR 145 million and EUR 155 million (BGN 284 million to BGN 303 million) and increase in EBIT to between EUR 35 million and EUR 40 million (BGN 68 million to BGN 78 million)

Sofia / Munich, 14 May 2025 – Shelly Group SE (Ticker SLYG / ISIN: BG1100003166) (“Shelly Group”), a provider of IoT and smart building solutions based in Sofia, Bulgaria, again recorded profitable growth above the industry average in 3M 2025. The company continued to expand its distribution channels and geographic presence, broaden its product and service portfolio, and increase the share of sales to professional users. With revenue trends above market average across all sales regions, the German-speaking countries remained the strongest growth contributor, up 19.1% to EUR 12.8 million (BGN 25.0 million), although momentum eased somewhat due to ongoing macroeconomic headwinds. Nevertheless, the medium-term outlook remains promising. The international expansion of distribution structures continued to accelerate, with particularly strong growth in Italy and Scandinavia. Rest of Europe grew by 41.0%, while rest of world increased by 34.6%.

Group figures (unaudited)

in EUR million	3M/25	3M/24	∆
Group revenues	26.5	20.5	28.9%
EBIT	6.7	5.4	23.0%
EBIT margin	25.2%	26.4%	-4.5%
Group net result	5.6	4.6	23.6%
Equity ratio	86.2	82.3%	4.7%
Operating cash flow	4.1	0.2	> 1,000%
Cash and cash equivalents	16.7	14.0	19.3%

Note: The comparison of equity ratio and cash and cash equivalents refers to the reporting dates 31 March 2025 and 31 December 2024. The figures for the three-month period 2025 are unaudited. Rounding differences may occur.

Shelly Group increased group revenue by 28.9% to EUR 26.5 million (BGN 51.8 million) in the first three months of 2025, slightly exceeding its own expectations. Earnings before interest and taxes (EBIT) grew by 23.0% to EUR 6.7 million (BGN 13.0 million). The EBIT margin remained at a high level of 25.2% (3M 2024: 26.4%) and above the medium-term target of 25%. Group net result rose by 23.6% to EUR 5.6 million (BGN 11.0 million).

With an equity ratio of 86.2% as of 31 March 2025, Shelly Group has a solid balance sheet (31 December 2024: 82.3%), supported by the contribution of the net result to equity.

In 3M 2025, operating cash flow amounted to EUR 4.1 million (BGN 8.0 million), driven by the positive net result and a further improvement in working capital through optimized procurement, lower inventory levels and stricter receivables management. As a result, cash and cash equivalents increased to EUR 16.7 million (BGN 32.7 million) as of 31 March 2025, compared to EUR 14.0 million (BGN 27.3 million) at year-end 2024. Shelly Group thus maintains a strong capital and financial structure for continued growth.

2025 guidance confirmed

For the current 2025 financial year, the Board of Directors continues to expect revenue growth to between EUR 145 million and EUR 155 million (BGN 284 million to BGN 303 million) and an increase in EBIT to between EUR 35 million and EUR 40 million (BGN 68 million to BGN 78 million). In the previous 2024 financial year, revenue amounted to EUR 106.7 million (BGN 208.7 million) and EBIT to EUR 25.7 million (BGN 50.3 million).

Wolfgang Kirsch, Co-CEO of Shelly Group, on business performance: “We made a successful start to the 2025 financial year. The positive development across all regions, the strong demand for our products and the continued diversification of our sales markets from DIY to professional users underline the strength of our strategy and give us momentum for the coming quarters. Particularly encouraging is the stronger-than-expected increase in the number of Premium App users. In addition, our measures to optimize working capital are increasingly showing effect. Against the backdrop of macroeconomic and industry-specific challenges, we are confident about the remainder of the year, during which we expect to once again outperform the market. We confirm our guidance for 2025 as well as our medium-term targets for 2026.“

Earnings Call:

Co-CEOs Dimitar Dimitrov and Wolfgang Kirsch will comment on the unaudited consolidated figures for 3M 2025 in a webcast presentation on 15 May 2025, at 09.00 CEST (10.00 EEST). The webcast/call will be held in English.

Please register to participate in the webcast/call at:

Shelly Group – Earnings Call Unaudited 3M 2025.

The unaudited three-month report is available under Publications/Financial Results on the Company’s website at

Note: The EUR/BGN exchange rate is fixed at EUR 1 = BGN 1.95583.

About Shelly Group

Shelly Group SE develops, designs and distributes IoT and smart building solutions for DIY and professional users, offering advanced technology, seamless interoperability and a high degree of technological flexibility. Shelly products enable remote control and automation as well as energy management of electrical appliances and smart building solutions via smart phones, PCs or third-party home automation systems. In addition to the sale of devices, the Shelly Group generates revenue from its cloud applications. The Shelly Group benefits from asset light production through the use of contract manufacturers. The Company has a strong presence in German-speaking countries and is represented with its products in more than 100 countries. With subsidiaries in Germany, Bulgaria and Slovenia as well as in the USA and China, the Shelly Group is globally present.

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