Shelly Group Delivers Strong Growth in the First Three Months of 2026

Shelly Group Delivers Strong Growth in the First Three Months of 2026
 

• Group revenue increases by 25.9% to EUR 33.3 million
• EBIT grows disproportionately by 30.4% to EUR 8.6 million, EBIT margin at 25.9%
• Net profit rises by 33.5% to EUR 7.5 million
• Free cash flow increases by 77.5% to EUR 6.4 million despite growth investments and new production facility capital expenditures
• Shelly Cloud user base expands to more than 2.9 million (December 31, 2025: 2.7 million)
• Installer network grows to 6,700 members – approximately 1,400 new additions in the first three months of 2026 alone
• Full-year 2026 guidance confirmed: Revenue between EUR 195.0 million and EUR 205.0 million, EBIT between EUR 47.0 million and EUR 52.0 million

Sofia / Munich, 11 May 2026 – Shelly Group SE (Ticker SLYG / ISIN: BG1100003166) (“Shelly Group”), a provider of IoT and smart building solutions based in Sofia, Bulgaria, increased both revenue and earnings in the first three months of 2026. Shelly Group further expanded its distribution channels in both the DIY and professional segments and strengthened its international presence. The network of professional installers grew by approximately 1,400 members during the first quarter to 6,700, underlining the dynamic development of the professional segment. The Shelly Cloud user base increased to 2.9 million active users (31 December 2025: approximately 2.7 million).

Group figures (unaudited)

Note: The comparison of the equity ratio and cash and cash equivalents refer to the reporting dates 31 March 2026 and 31 December 2025. The figures for the three-month period 2026 are unaudited. Rounding differences may occur.

Revenue and earnings growth in the first three months of 2026

Shelly Group increased group revenue by 25.9% to EUR 33.3 million in the first three months of 2026, continuing to grow significantly faster than its addressed market. Gross profit increased disproportionately by 42.9% to EUR 20.4 million. Gross margin improved to 61.1% (3M 2025: 53.8%). The increase reflects an improved product mix as well as a reclassification of marketing development funds (MDF), which had previously been recorded within cost of sales and are now reported within sales and marketing expenses. EBIT increased by 30.4% to EUR 8.6 million, while the EBIT margin improved to 25.9% (3M 2025: 25.0%). Net profit rose by 33.5% to EUR 7.5 million.

Strong cash flow development and improvement in working capital

Cash flow from operating activities amounted to EUR 8.3 million in the first three months of 2026 (3M 2025: EUR 4.1 million). Cash and cash equivalents increased by 44.4% compared to year-end 2025 to EUR 19.8 million. The equity ratio remained at a high level of 82.0% as of March 31, 2026.

As part of a structured working capital program, initial progress was achieved during the first three months: Days sales outstanding (DSO) improved by 24 days, while supplier prepayments were reduced by more than 40%. The cash conversion cycle declined from 277 days at year-end 2025 to 267 days and is expected to be further reduced to a target corridor of 220 to 240 days by year-end 2026.

Product portfolio and sales structure on track for the second half of the year

The expected growth in financial year 2026 will continue to be more heavily weighted toward the second half of the year. During the first quarter, the Shelly Plug M and the BLU Presence Sensor were successfully launched. Market launches planned for the second quarter of 2026 include the Indoor Camera, Plug C, the Loqed Pure Smart Lock, as well as smart circuit breakers (Pro & Mini). Additional products are scheduled for launch in the second half of the year, including an AI-powered outdoor camera, a TRV Entry Series, and further portfolio additions.

At the same time, the international sales structure was strengthened in four new markets: local teams were established in the United Kingdom, the Iberian Peninsula, France, and Italy. The installer network alone grew by approximately 1,400 members during the first quarter to 6,700.

For financial year 2026, the Board of Directors confirms its guidance, expecting group revenue in the range of EUR 195.0 million to EUR 205.0 million and EBIT between EUR 47.0 million and EUR 52.0 million. Growth is expected to remain more heavily weighted toward the second half of the year.

Wolfgang Kirsch, Co-CEO of Shelly Group SE, on business development: “The first quarter of 2026 confirms our profitable growth trajectory. We increased both revenue and earnings, strengthened our capital position, and laid the operational foundation for a strong second half of the year. With the planned product launches, the continued expansion of our installer network, and an increasingly international sales structure, we believe we are well-positioned to achieve our full-year guidance.”

Earnings Call:

Co-CEOs Dimitar Dimitrov and Wolfgang Kirsch, together with CFO Iliyana Krushkova, will discuss the unaudited consolidated results for the first three months of financial year 2026 during a webcast presentation on 12 May 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 3M 2026.

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 sales organizations in DACH, Benelux, the Nordics, Iberia, Poland, Italy, France, the United Kingdom, Bulgaria, Slovenia, the United States and China, the Shelly Group has a broad international presence.

Shelly Group SE (ISIN: BG1100003166) is listed on the Bulgarian Stock Exchange and on the regulated market (Prime Standard) of the Frankfurt Stock Exchange (XETRA: SLYG), and is included in the SDAX.

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