Shelly Group Delivers Strong Revenue and Earnings Growth in the First Six Months of 2026
 

• Group revenue increases by 26.5 % to EUR 68.3 million – in line with internal expectations
• EBIT grows disproportionately by 45.6 % to EUR 17.7 million, EBIT margin at 26.0 % (H1 2025: 22.6 %)
• Net profit rises by 51.4 % to EUR 15.4 million; earnings per share EUR 0.85 (H1 2025: EUR 0.56)
• Cash and cash equivalents increase to EUR 31.9 million (December 31, 2025: EUR 13.7 million) – already close to the lower end of the communicated year-end guidance range of EUR 35 million to EUR 45 million
• Installer network grows to 8,600; new pan-European broadline distributor agreement strengthens sales structure
• 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, 12 August 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 significantly in the first six months of 2026. Shelly Group further expanded its distribution channels in the DIY and professional segments and strengthened its international presence. The network of professional installers grew to 8,600 members, underlining the continued momentum in the professional segment. The Shelly Cloud user base expanded to 2.9 million active users (June 30, 2025: approximately 2.2 million).

Group figures (unaudited)

Note: The comparison of the equity ratio and cash and cash equivalents refer to the reporting dates 30 June 2026 and 31 December 2025. The figures for the six-month period 2026 are unaudited. Rounding differences may occur.

Revenue and Earnings Growth in the First Six Months of 2026

Shelly Group recorded a revenue increase of 26.5 % to EUR 68.3 million in the first six months of 2026, continuing to grow significantly faster than the addressed market. Gross profit rose disproportionately by 38.7 % to EUR 41.8 million. Gross margin improved to 61.2% (H1 2025: 55.8%), supported by an improved product mix and the continued shift toward higher-generation products. EBIT grew by 45.6 % to EUR 17.7 million, with an EBIT margin of 26.0% (H1 2025: 22.6%). Net profit rose by 51.4% to EUR 15.4 million. Earnings per share improved to EUR 0.85 (H1 2025: EUR 0.56).

Strong Cash Flow Development and Further Progress on Working Capital

Operating cash flow amounted to EUR 22.3 million in the first six months of 2026 (H1 2025: EUR 6.2 million). Cash and cash equivalents increased by 133.1% compared to year-end 2025 to EUR 31.9 million, already approaching the lower end of the communicated year-end guidance range of EUR 35 million to EUR 45 million. The equity ratio stood at 81.4% as of June 30, 2026. This increase was achieved despite the dividend distribution of EUR 0.13 per share resolved by the Annual General Meeting on June 29, 2026, which was recorded as a liability during the reporting period. As part of a structured working capital program, further progress was achieved: Days sales outstanding (DSO) improved by an additional 21 days in the second quarter to 147 days, representing a cumulative improvement of 45 days since year-end 2025. The cash conversion cycle declined from 277 days at year-end 2025 to 255 days and is targeted to reach a corridor of 220 to 240 days by year-end 2026.

Sales Expansion, Product Development and Outlook

During the second quarter of 2026, the Pro Circuit Breaker, the Loqed Pure Smart Lock, and a Flood Sensor were successfully launched, complementing the Shelly Plug M and BLU Presence Sensor introduced in the first quarter. Additional product launches are planned for the second half of the year, including an Indoor Camera, an AI-powered Outdoor Camera, a Mini Circuit Breaker series, and an affordable entry-level series of smart Thermostatic Radiator Valves (TRVs). The sequential product launches and gradual production ramp-up are expected to further accelerate revenue momentum in the second half of 2026.

In terms of distribution, Shelly Group has signed an agreement with a new pan-European broadline distributor, significantly expanding access to new sales channels and markets. In addition, Shelly Group appointed Georgi Bonev as Chief Marketing Officer, effective June 1, 2026, who will further strengthen the Company’s international brand positioning and go-to-market structures.

For fiscal year 2026, the Board of Directors confirms its guidance, expecting group revenue in a 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.

Subsequent Events

Subsequent to the end of the reporting period, Shelly Group exercised a call option and acquired the remaining 24% stake in its Slovenian subsidiary Shelly Tech (formerly GOAP d.o.o.) for EUR 0.9 million. Upon completion of this transaction, Shelly Group holds 100% of Shelly Tech, which makes a significant contribution to the Group’s product development and technology ecosystem.

Wolfgang Kirsch, Co-CEO of Shelly Group SE, on business development: “The first six months of 2026 confirm our growth strategy. We increased both revenue and earnings significantly, substantially improved our cash position, and gained a new pan-European broadline distribution partner that broadens our reach across Europe considerably. With an extensive product launch program for the second half of the year, a continued expansion of our installer network, and the full integration of Shelly Tech, 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 six months of financial year 2026 during a webcast presentation on 13 August 2026 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 6M 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 (Germany, Austria, Switzerland), Benelux (Belgium, the Netherlands, Luxembourg), the Nordics (Denmark, Sweden, Norway, and Finland), Iberia (Spain and Portugal), 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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