Shelly Group: Black Friday sales hit record highs – 2024 forecast affirmed

Shelly Group: Black Friday sales hit record highs – 2024 guidance affirmed

Sofia / Munich, 6 December 2024 – Shelly Group AD (Ticker SLYG / ISIN: BG1100003166) (“Shelly Group”), a provider of IoT and smart building solutions based in Sofia, Bulgaria, has set a Black Friday record with a sales increase of more than 80% to around 2 million home automation devices sold. In particular, the value-for-money proposition of the new entry-level devices with Bluetooth and the integrated energy-saving and measuring functions of many Shelly devices met with great demand in view of the current heating season. Sales of the new, smart Shelly BLU TRV radiator thermostats, the Shelly Plug S Gen3 and the Shelly Retro-Fit relays were particularly pleasing. Black Friday sales increased by 65.0% compared to the previous year to a total of EUR 24.0 million (BGN 25.9 million).

With the successful Black Friday sales, the Company remains on track to achieve its forecast for the 2024 financial year with an increase in revenue to EUR 105.0 million (BGN 205.4 million) and an increase in EBIT to EUR 26.0 million (BGN 50.9 million). In the past financial year 2023, revenue amounted to EUR 74.9 million (BGN 146.5 million) and EBIT to EUR 19.1 million (BGN 37.4 million).

Wolfgang Kirsch, Co-CEO of Shelly Group, on business development: “The development of the current financial year and Black Friday sales have once again shown that we are developing according to plan. With our Bluetooth entry-level devices, we are opening up the fascinating world of home automation to new customer groups. We are extremely confident that we will more than comfortably achieve our annual targets for 2024. The growth drivers of energy measurement and energy saving are stabilizing and, as part of the long-term megatrend of smart building solutions, are helping us to achieve our medium-term targets of sales of over EUR 200.0 million and EBIT of over EUR 50.0 million by the end of 2026.”

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

About Shelly Group

Shelly Group AD is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Shelly Group was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, Germany, and Slovenia as well as in China and USA. Shelly Group’s products have already conquered over 100 markets. Shelly Group AD has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker SLYG.

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