Shelly Group: Strong H1 2025 underscores sustainable growth trajectory

Shelly Group: Strong H1 2025 underscores sustainable growth trajectory
 

• Group revenue increases by 29.3% to EUR 54.0 million (BGN 105.6 million)
• EBIT up 12.2% to EUR 12.2 million (BGN 23.8 million)
• EBIT margin of 22.6% in line with expectations – EBIT margin adjusted for FX effects in connection with revaluation of prepayments at 25.4%
• Group net result rises by 10.1% to EUR 10.2 million (BGN 19.9 million)
• Strong free cash flow of EUR 4.1 million (BGN 8.0 million) driven by further improvement in working capital position driven by optimized procurement, lower inventory levels and stricter receivables management – corresponding to improvement of EUR 5.7 million y-o-y
• Shelly Cloud user base grows to around 2.3 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, 15 August 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 H1 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. Here, the number of members in the professional installer network has more than doubled to over 2,400 (31 December 2024: 900). With revenue trends above market average across all sales regions, the German-speaking countries remained the strongest growth contributor, up 20.5% to EUR 25.9 million (BGN 50.7 million). The international expansion of distribution structures continued to accelerate, with particularly strong growth in Italy and Scandinavia. Rest of Europe grew by 31.6%, while rest of world rocketed by 83.7%.

Group figures (unaudited)

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

Shelly Group increased group revenue by 29.3% to EUR 54.0 million (BGN 105.6 million) in the first six months of 2025, exceeding its own expectations. Earnings before interest and taxes (EBIT) grew by 12.2% to EUR 12.2 million (BGN 23.8 million). The EBIT margin was in line with expectations at 22.6% (6M 2024: 26.0%). The EBIT margin adjusted for exchange rate effects in connection with the revaluation of advance payments was 25.4%, in line with the target for the year as a whole. Here, advance payments made were revalued based on current FX rates when the ordered goods were delivered. A reversal of the effects is expected in H2 2025 as a result of adverse exchange rate movements relating to goods ordered. Group net result rose by 10.1% to EUR 10.2 million (BGN 19.9 million).

With an equity ratio of 81.0% as of 30 June 2025, Shelly Group has a solid balance sheet (31 December 2024: 82.3%), supported by the contribution of the net result to equity.

In H1 2025, operating cash flow amounted to EUR 6.2 million (BGN 12.0 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 18.6 million (BGN 36.4 million) as of 30 June 2025, compared to EUR 14.0 million (BGN 27.4 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: “In H1 2025, we have successfully continued our profitable growth story and further strengthened our market position. The expansion of our international distribution network, the growing share of professional users, and our focused efficiency improvements are contributing significantly to our positive business development. Moreover, we have seen a significant increase in the number of addressable customers and a sharp rise in premium app users. The disproportionately strong growth in cloud activations compared to the revenue generated by our products indicates that our products are actually being sold to users and are not remaining in the distribution channels – a good sign for a positive second half of the year. Based on the sustained strong momentum in all regions, we are confident about the rest of the year and confirm our forecast.”

Earnings Call:

Co-CEOs Dimitar Dimitrov and Wolfgang Kirsch will comment on the unaudited consolidated figures for H1 2025 in a webcast presentation today 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 H1 2025.

The unaudited six-month report is available under Publications/Financial Results on the Company’s website at corporate.shelly.com.

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 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, Poland, and Slovenia as well as in the USA and China, the Shelly Group is globally present.

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