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Shelly Group (SLYG) investor relations material

Shelly Group Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary15 Aug, 2025

Executive summary

  • Revenue for H1 2025 exceeded targets, reaching €54.0M, with all regions growing above market rates and EBIT in line with or above expectations; significant free cash flow improvement and strong progress in transitioning to professional and SaaS models.

  • Installed cloud user base surpassed 2.3 million, premium app subscribers and daily cloud activations exceeded targets, and premium app revenue grew 145% year-over-year.

  • Product innovation continued with 13 new products and 19 updates released, and further launches planned for H2, including next-gen devices and new verticals.

  • The Group expanded its international presence, acquiring additional stakes in subsidiaries and establishing new entities in Poland and other regions.

  • A capital increase was completed, with further increases registered after the reporting period.

Financial highlights

  • Revenue grew 29.3% in Q1 and 29.6% in Q2 year-over-year, with H1 revenue growth reaching 54% and a CAGR of 38.8%.

  • EBIT increased 12.6–12.7% year-over-year to €12.2M, with EBIT margin at 22.6% and currency-adjusted EBIT margin at 25.4%.

  • Free cash flow from operations increased by €6.2M versus last year, and cash position improved 77.1% year-over-year to €18.6M.

  • Equity ratio remains strong at 81%.

  • Net income rose 10.1% year-over-year to €10.2M, with a net income margin of 18.9%.

Outlook and guidance

  • Guidance for 2025 and 2026 is confirmed, with no planned upward revision despite strong H1 performance; new product launches and regional expansion expected to support continued growth.

  • H2 expected to benefit from new product launches, regional expansion, and seasonal demand, with Q3 and Q4 revenue growth targeted at 40% and 50%, respectively.

  • Product pipeline for H2 2025 includes 40–60 new products and updates, with 30+ to be announced at IFA 2025.

  • Working capital optimization measures to continue, with further improvements expected over the next 12–18 months.

  • Management expects continued growth in sales and inventory levels, driven by expanding product assortment and international operations.

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Frequently asked questions

Shelly Group AD develops and manufactures smart home automation solutions, specializing in IoT-enabled devices that allow users to remotely monitor and control lighting, climate, energy usage, and security systems. Known for its product lines of wireless relays, sensors, and controllers, the company serves both residential and commercial markets, aiming to enhance convenience, energy efficiency, and connectivity in smart environments. Shelly Group’s devices are designed for easy integration with popular home automation platforms, offering compatibility and control through mobile applications. The company is headquartered in Sofia, Bulgaria, and its shares are listed on the Bulgarian Stock Exchange.

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