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Shelly Group
Shelly Group (SLYG) investor relations material
Shelly Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Achieved all 2025 financial targets, with revenue reaching €149.7M (up 40% YoY), adjusted EBIT at €37.7M and a margin of 25.2%, both in line with guidance, and strong growth across all regions, significantly outperforming the market growth rate of 10-15% year-over-year.
Expanded installer network by 494% to 5,300, launched new subsidiaries in Poland and Benelux, and increased geographic balance across Europe.
Customer base grew to an estimated 5.6 million households, with 2.7 million cloud users (+46% YoY), 38,000 Premium App users (+61% YoY), and premium subscription revenue up 78% YoY.
Customer satisfaction improved, with NPS for the overall solution at 56 and for the app at 37, both showing year-over-year gains.
Significant product innovation, including new device generations (Gen3, Gen4), AI assistant launch, and expansion into new categories like cameras, locks, and circuit protection.
Financial highlights
Revenue reached €149.7M (BGN 292,869 thousand), a 40% increase year-over-year, outperforming the market by 2.5x.
Adjusted EBIT grew 43% to €37.7M, with an adjusted EBIT margin of 25.2%, meeting long-term targets.
Net income rose to €25.5M (BGN 49,830 thousand), with a net margin of 17.0%.
Free cash flow from operations was €5.3M; over €4M invested in R&D and €2.4M dividend distributed.
Gross margin stable at around 58% (57.8%).
Outlook and guidance
2026 revenue guidance set at €195–205M, with EBIT expected between €47–52M, maintaining a 25% EBIT margin.
Growth rate expected to moderate to 34% due to higher base, but still 2–3x market growth.
H2 2026 expected to deliver stronger growth due to new product launches and expanded teams in eight European countries.
Four new markets to be entered in FY26, expanding global presence to 10 countries.
Product roadmap includes new categories (cameras, locks, circuit breakers, AI assistant) and entry-level devices to attract new customers.
Future exec share-based compensation plans
Impact of rising debt ratio on capital strategy
Strategic rationale for recent int'l expansion
Future plans for the EUR100M capital?
AI's impact on engineering and product development
Strategy for competing on price and market entry
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Next Shelly Group earnings date
Q1 202630 Apr, 2026
Shelly Group
Next Shelly Group earnings date
Q1 202630 Apr, 2026
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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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