Shelly Group Significantly Increases Revenue and Profitability in FY 2025

Shelly Group Significantly Increases Revenue and Profitability in FY 2025
 

• Group revenue increases by 40.3% to EUR 149.7 million (BGN 292.9 million)
• EBIT adjusted for non-cash accrual related to the Management Share Program rises disproportionately by 42.8% to EUR 37.7 million (BGN 73.8 million) – adjusted EBIT margin of 25.2% remains above mid-term target levels
• Group net result increases by 14.8% to EUR 25.5 million (BGN 49.8 million)
• EPS adjusted for non-cash accrual increased by 40.0 % to EUR 1.77 (BGN 3.47) – Reported EPS amounted to EUR 1.41 (BGN 2.75).
• Free cash flow grows by 66.7% to EUR 1.5 million (BGN 3.1 million) despite growth investments and dividend payments
• Shelly Cloud user base grows to more than 2.7 million (31 December 2024: 1.9 million)
• 2026 outlook: revenue between EUR 195.0 million and EUR 205.0 million and EBIT between EUR 47.0 million and EUR 52.0 million

Sofia / Munich, 23 February 2026 – Shelly Group SE (Ticker SLYG / ISIN: BG1100003166) (“Shelly Group”), a provider of IoT and smart building solutions based in Sofia, Bulgaria, delivered strong financial performance in financial year 2025, achieving substantial revenue growth and demonstrating continued operating leverage. The international installer network expanded to more than 5,300 members (31 December 2024: 900), representing nearly sixfold growth year-over-year. At the same time, recurring revenues from premium services and subscriptions continued to scale, reinforcing the resilience and scalability of the business model. With revenue growth of 27.0% to EUR 62.0 million (BGN 121.3 million), the German-speaking countries continued to show very dynamic development. Even stronger growth was recorded in the rest of Europe, where revenue increased by 51.0% to EUR 74.0 million (BGN 144.7 million), further expanding its share of Group revenue. This development was primarily driven by the targeted expansion of local sales teams — including in Poland and the Benelux region — as well as increasing market penetration across additional European markets. The Rest of the World also developed particularly dynamically, with revenue rising 54.0% to EUR 13.0 million (BGN 25.4 million). Overall, Shelly Group now benefits from a more balanced regional footprint and a broader diversification of its revenue base.

Group figures (unaudited)

Note: The comparison of the equity ratio and cash balances refers to 31 December 2025 and 31 December 2024. Figures for financial year 2025 are unaudited. Minor rounding differences may occur.

Operating Leverage Drives Disproportionate Earnings Growth

In financial year 2025, Shelly Group increased consolidated revenue by 40.3% to EUR 149.7 million (BGN 292.9 million), significantly outperforming estimated market growth of approximately 10% to 15%. The fourth quarter delivered particularly strong year-over-year growth and represented the strongest quarterly revenue performance of the year. EBIT adjusted for non-cash accruals related to the Management Share Program increased disproportionately by 42.8% to EUR 37.7 million (BGN 73.7 million), outpacing revenue growth. The adjusted EBIT margin improved to 25.2% (12M 2024: 24.7%), remaining above mid-term target levels. Reported earnings before interest and taxes (EBIT) increased by 17.6% to EUR 30.3 million (BGN 59.3 million), corresponding to a reported EBIT margin of 20.2% (12M 2024: 24.2%). Reported EBIT includes a non-cash accrual in the amount of EUR 7.4 million (BGN 14.4 million) related to the Management Share Program launched in 2022 with a term running through the end of 2025. The accrual reflects the strong operational performance and high target achievement of management and has no impact on liquidity or operating cash flow. Group net result increased by 14.8% to EUR 25.5 million (BGN 49.7 million). Adjusted earnings per share (EPS) increased by 40.0% to EUR 1.77 (BGN 3.47). Reported EPS amounted to EUR 1.41 (BGN 2.75).

Strong Capital Base Despite Growth and Dividend Distribution

As of 31 December 2025, the equity ratio remained at a high level of 78.5% (31 December 2024: 82.3%). The year-over-year decline primarily reflects dividend payments and balance sheet expansion driven by strong revenue growth.

Operating cash flow grew by 93.2% to EUR 5.3 million (BGN 10.4 million). At the same time, continued optimization of working capital processes reduced capital intensity relative to revenue growth. Cash and cash equivalents amounted to EUR 13.6 million (BGN 26.8 million) as of 31 December 2025, compared to EUR 14.0 million (BGN 27.4 million) as of 31 December 2024. Shelly Group therefore continues to maintain a solid capital and financial structure to support further growth.

Product Innovation Expands Growth Platform for 2026

Following successful development, several new product lines are currently in the ramp-up phase. The new smart lock series will be introduced in multiple versions, ranging from premium to cost-efficient models, complementing the existing smart home portfolio. The new Shelly camera products open up an additional high-growth product category. In addition, the smart circuit breakers presented at IFA are scheduled for market launch in 2026. The production capacity expansion initiated in the prior year further enhances the Group’s ability to reliably serve increasing demand across all core markets.

For financial year 2026, the Board of Directors expects consolidated revenue between EUR 195.0 million and EUR 205.0 million and EBIT between EUR 47.0 million and EUR 52.0 million. Based on the results achieved in 2025, this corresponds to expected revenue growth of approximately 30% to 37% and further expansion of operating earnings. Profitability is expected to remain at an attractive level.

The anticipated growth in financial year 2026 is expected to be more weighted toward the second half of the year. This reflects the planned market launches of new products and product categories as well as the gradual ramp-up of expanded production capacities supporting these innovations. At the same time, Shelly Group has further strengthened its international sales organization. In strategically important European markets, including Italy, Spain and Portugal (Iberian Peninsula) as well as France and the United Kingdom, new Country Managers have been appointed and local sales teams established. These initiatives are intended to accelerate market penetration in the newly launched countries and unlock additional growth potential across key European markets

Wolfgang Kirsch, Co-CEO of Shelly Group, on business development: “Financial year 2025 was characterized by strong growth and further improvements in our operational scalability. We significantly outperformed overall market growth while maintaining profitability at an attractive level. We are particularly pleased with the dynamic development in the Professional segment and the substantial expansion of our international installer network. With our broadened product portfolio and continued international expansion, we are well positioned to continue our profitable growth trajectory in 2026.“

Earnings Call:

Co-CEOs Dimitar Dimitrov and Wolfgang Kirsch will present the unaudited consolidated results for the twelve-month period 2025 in a webcast on 24 February 2026 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 12M 2025.

The unaudited twelve-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. Bulgaria adopted the euro on 1 January 2026. In future, amounts will no longer be shown separately in BGN.

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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