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Shelly reaps the rewards of its investments and exceeds 2023 revenue and earnings guidance based on preliminary figures

EQS-News: Shelly Group AD / Key word(s): Preliminary Results/Annual Results
Shelly reaps the rewards of its investments and exceeds 2023 revenue and earnings guidance based on preliminary figures
26.02.2024 / 21:15 CET/CEST
The issuer is solely responsible for the content of this announcement.

Shelly reaps the rewards of its investments and exceeds 2023 revenue and earnings guidance based on preliminary figures

  • Group revenue increased by 57.3% to EUR 74.9 million (BGN 146.5 million)
  • EBIT grew by 83.5% to EUR 19.1 million (BGN 37.4 million)
  • Group net profit raised by 88.8% to EUR 16.8 million (BGN 32.9 million)
  • Shelly cloud user base growth of 118.2% driven by new app to 1.3 million in 12M/23 (31 December 2022: 677 thousand)

Sofia / Munich, 26 February 2024 – Shelly Group AD (Ticker SLYG / ISIN: BG1100003166) (“Shelly Group”), a provider of IoT and smart building solutions based in Sofia, Bulgaria, has exceeded its 2023 revenue and earnings guidance based on preliminary figures. Growth was driven in particular by the successful expansion of sales channels, a significant upturn in the addressable customer base, and the expansion of the product range following investments in the previous year. With a positive revenue performance in all focus markets, the German-speaking region continued to make the largest contribution to growth, more than doubling to EUR 36.7 million. The Rest of Europe performed well, supported by first successes in France following the onboarding of the local sales team. The Rest of the World also recorded positive development in a challenging market environment and gained a promising number of new customers.

Group figures (unaudited)

in EUR million   12M/23   12M/22  
Group revenues   74.9   47.7   57.3%
EBIT   19.1   10.4   83.5%
Net profit   16.8   8.9   88.8%
Equity ratio   85.8%   89.0%   -3.6%
Operating cash flow   7.7   0.1   >1,000%
Cash and cash equivalents   15.7   14.4   9.3%

Note: The equity ratio and cash comparison is from 31 December 2023 to 31 December 2022. The figures for the twelve-month period 2023 are unaudited. Rounding differences may occur.

Shelly Group achieved a 57.3% increase in group revenues to EUR 74.9 million (BGN 146.5 million) in the twelve-month period 2023. Earnings before interest and taxes (EBIT) following the intensified investment in sales and R&D structures in the previous year outstripped the increase in revenue with a rise of 83.5% to EUR 19.1 million (BGN 37.4 million). EBIT margin improved from 21.8% to 25.5% as supply chain and product portfolio optimizations more than offset the overall cost increase. Group net result increased by 88.8% to EUR 16.8 million (BGN 32.9 million).

With an equity ratio of 85.8% as of 31 December 2023, Shelly Group enjoys a solid balance sheet (31 December 2022: 89.0%). Here, the unappropriated profit was offset in particular, by an increase in trade liabilities in connection with the expansion of business activities and the effect of Black Friday. In addition, loss carryforwards in connection with the acquisition of a Slovenian company, bonus payments to employees, and the distribution of dividends were noticeable.

Cash flow from operating activities in the twelve-month period 2023 with an inflow of EUR 7.7 million (BGN 15.0 million) reflects, in particular, a lower inventory level with a simultaneous increase in receivables and prepayments for production. With a cash inflow of EUR 0.1 million (BGN 0.3 million), the prior-year period was characterized in particular by increased inventory levels and advance payments to suppliers to proactively manage potential delays in the supply chains. Cash and cash equivalents as of 31 December 2023 increased accordingly to EUR 15.7 million (BGN 30.7 million) compared to EUR 14.4 million (BGN 28.1 million) as of 31 December 2022. Shelly Group maintains a sufficient basis for financing further growth.

Guidance for the current financial year 2024 will be announced in conjunction with the release of the 2023 Annual Report on 15 April 2024.

Dimitar Dimitrov, Co-CEO of Shelly Group, commented on product development: “We promised not to rest on our laurels of the 2022 financial year and with the launch of 21 new products and the introduction of three new product categories, we have delivered in the 2023 financial year. Our fully available Z-Wave product line is not only technologically leading, but also up to 50% more affordable than the competition. Our Bluetooth portfolio also continues to grow, presenting consumers with easy-to-install and highly competitive products with long battery life. And we have no intention of resting or slowing down in the current financial year 2024 either. With 15 new product launches before the end of the first quarter, we are keeping up the pace. With more and more new and better products, more and more customers can benefit from Shelly’s value-for-money proposition.”

Wolfgang Kirsch, Co-CEO of Shelly Group, added on business performance: “In the past financial year 2023, we fully leveraged the strength of our value-for-money approach in the face of geopolitical uncertainties and regional economic challenges. As such, we have expanded our Do-It-Yourself distribution platform and taken important steps towards complementing online retail with the availability of our products in DIY stores throughout Europe We have also expanded our professional sales platform by tapping into new electronic wholesalers and technical colleges. Last but not least, our Shelly Smart Control Premium app is still in the trial stage, but the first steps towards recurring revenues are promising. In 2024, we will also roll out our successfully introduced new channel strategy in DACH and the Nordic countries to other countries.“

Earnings Call:

Co-CEOs Dimitar Dimitrov and Wolfgang Kirsch will comment on the unaudited consolidated 12M 2023 results by means of a webcast presentation on 27 February 2024, 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 Unaudited 12M 2023

The unaudited interim report is available in the Investor Relations section of the Company’s website at

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.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331

26.02.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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