EQS-News: Shelly Group: Significant increase in revenue and profitability in 9M 2025 – New product lines to provide additional growth momentum for 2026

Shelly Group: Significant increase in revenue and profitability in 9M 2025 – New product lines to provide additional growth momentum for 2026
 

• Group revenue up 33.8% to EUR 86.9 million (BGN 170.0 million)
• EBIT increases disproportionately by 44.7% to EUR 21.9 million (BGN 42.8 million) – EBIT margin of 25.2% above mid-term planning
• Group net result rises by 34.5% to EUR 18.5 million (BGN 36.2 million)
• Strong free cash flow of EUR 3.8 million (BGN 7.5 million), driven by optimized working capital management – improvement of around EUR 7.1 million (BGN 14.0 million) year-on-year
• Shelly Cloud user base exceeds 2.5 million (31 December 2024: 1.9 million)
• 2025 guidance confirmed

Sofia / Munich, 12 November 2025 – Shelly Group SE (Ticker SLYG / ISIN: BG1100003166) (“Shelly Group”), a provider of IoT and smart building solutions based in Sofia, Bulgaria, continued its profitable growth as planned in 9M 2025. The Company further expanded its distribution channels and geographic presence, broadened its product and service portfolio, and increased the share of sales to professional users. The number of members in the professional installer network more than tripled to over 3,000 (31 December 2024: 900). With revenue trends above the market average across all sales regions, the German-speaking countries remained the main growth driver, rising 38.8% to EUR 45.3 million (BGN 88.6 million). The international expansion of sales structures continued to accelerate, particularly in Italy and Scandinavia. Spain, Poland, and the United Kingdom recorded the highest growth rates. In addition, the establishment of a dedicated team in the Benelux region laid the foundation for further growth in Western Europe. The rest of Europe grew by 15.6%, while the rest of the world increased by 103.4%.

Group figures (unaudited)

in EUR million	9M/25	9M/24	?
Group revenue	86.9	65.0	33.8%
EBIT	21.9	15.1	44.7%
EBIT margin	25.2%	23.3%	8.1%
Group net result	18.5	13.8	34.5%
Equity ratio	82.4%	82.3%	0.0%
Operating cash flow	6.9	-1.4	n/a
Free cash flow	3.8	-3.3	n/a
Cash and cash equivalents	15.7	11.4	38.3%

Note: The comparisons of equity ratio and cash and cash equivalents refer to the reporting dates 30 September 2025 and 31 December 2024. The figures for the nine-month period 2025 are unaudited. Rounding differences may occur.

Strong growth and higher profitability

In 9M 2025, Shelly Group increased group revenue by 33.8% to EUR 86.9 million (BGN 170.0 million), once again exceeding expectations with a business performance well above the market average (around 10 % to 15 %). Earnings before interest and taxes (EBIT) rose disproportionately to EUR 21.9 million (BGN 42.8 million), up 44.7% year-on-year. The EBIT margin improved to 25.2% (9M 2024: 23.3%), exceeding the Company’s mid-term planning target. Group net result increased by 34.5% to EUR 18.5 million (BGN 36.2 million).

In Q3 2025, Shelly Group achieved its 31st consecutive quarter of growth, with group revenue rising by 42.1% to EUR 33.0 million (BGN 64.5 million). EBIT more than doubled to EUR 9.7 million (BGN 19.0 million), corresponding to an EBIT margin of 29.5% (Q3 2024: 18.4%).

With an equity ratio of 82.4% as of 30 September 2025 (31 December 2024: 82.3%), Shelly Group maintains a solid balance sheet, supported by the contribution of the net result to equity.

Operating cash flow amounted to EUR 6.9 million (BGN 13.5 million) in the nine-month period 2025. In addition to the positive net result, significant improvements in working capital management had a positive effect. Cash and cash equivalents increased to EUR 15.7 million (BGN 30.7 million) as of 30 September 2025, compared to EUR 14.0 million (BGN 27.3 million) at year-end 2024. Shelly Group thus continues to maintain a strong capital and financial structure for further growth. The scaling of production capacities at the Company’s main manufacturing partner, initiated in summer 2025, additionally strengthens its ability to reliably support expected growth operationally.

2025 guidance confirmed

The Board of Directors confirms its guidance for the 2025 financial year, expecting revenue between EUR 145 million and EUR 155 million (BGN 284 million to BGN 303 million) and EBIT between EUR 35 million and EUR 40 million (BGN 68 million to BGN 78 million). In the previous financial year 2024, revenue amounted to EUR 106.7 million (BGN 208.7 million) and EBIT to EUR 25.7 million (BGN 50.3 million).

New product lines to provide growth momentum for 2026

Following successful development, several new product lines are in their scheduled ramp-up phase. The new smart lock series will be launched in multiple versions, ranging from premium to cost-efficient models, complementing the existing smart home portfolio. The new Shelly camera products also open up an additional high-growth product category for the Company. Through the cooperation with energy specialist EcoFlow, launched in July 2025, and the introduction of co-branded products, Shelly further strengthens its position in the strategically important Smart Energy segment. In addition, the smart circuit breakers presented at IFA will enter the market in 2026. With its expanded product portfolio, stable demand in core markets, and a growing number of professional users, Shelly Group is well-positioned for further revenue and earnings growth in 2026.

Wolfgang Kirsch, Co-CEO of Shelly Group, on business performance: “We achieved a strong business performance and very good results in the first nine months of 2025. Q3 was particularly strong and sets a high bar for the final quarter. Overall, both revenue and profitability developed significantly above market levels, driven by continued strong demand, a growing base of professional users, and the ongoing internationalization of our sales structures. We are fully on track to meet our annual targets and, with our expanded product portfolio, see excellent conditions for further growth in 2026.”

Earnings Call:

Co-CEOs Dimitar Dimitrov and Wolfgang Kirsch will present the unaudited consolidated results for the nine-month period 2025 in a webcast on 13 November 2025 at 09:00 CET (10:00 EET). The webcast/call will be held in English.

Please register to participate in the webcast/call at:
Shelly Group – Earnings Call Unaudited 9M 2025.

The unaudited nine-month report is available in the Publications / Financial Results section of the Company’s website at corporate.shelly.com.

Note: EUR/BGN exchange rate 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 smartphones, 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, Slovenia, and Poland as well as in the USA and China, the Shelly Group is globally present.

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