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Shelly with successful start to 2024 – strong development in 3M 2024

EQS-News: Shelly Group AD / Key word(s): Quarterly / Interim Statement
Shelly with successful start to 2024 – strong development in 3M 2024
15.05.2024 / 20:30 CET/CEST
The issuer is solely responsible for the content of this announcement.

Shelly with successful start to 2024 – strong development in 3M 2024

  • Group revenue increased by 45.5% to EUR 20.5 million (BGN 40.1 million)
  • EBIT grew by 44.8% to EUR 5.3 million (BGN 10.4 million)
  • Group net profit raised by 50.4% to EUR 4.6 million (BGN 9.0 million)
  • Shelly cloud user base grew to over 1.4 million (31 December 2023: 1.3 million)
  • Opening of new factory building offers potential for short-term increase in production capacity
  • Guidance 2024 confirmed: Revenue growth to EUR 105.0 million and increase in EBIT to more than EUR 26.0 million

Sofia / Munich, 15
 May 2024 – Shelly Group AD (Ticker SLYG / ISIN: BG1100003166) (“Shelly Group“), a provider of IoT and smart building solutions based in Sofia, Bulgaria, has successfully started the financial year 2024 with a strong 3M 2024. Growth was driven in particular by the continued successful enlargement of distribution channels, a significant increase in the addressable customer base, and the strategic expansion of the product range. With positive revenue performance in all core markets, the German-speaking countries continued to make the largest contribution to growth with an increase of 45.5% to EUR 10.4 million (BGN 20.4 million). The Rest of Europe performed particularly well in Spain, Italy, and the Nordics. Australia showed promising development, albeit still at a low level.

Group figures (unaudited)

in EUR million   3M/24   3M/23  
Group revenues   20.5   14.1   45.5%
EBIT   5.3   3.7   44.8%
Net profit   4.6   3.0   50.4%
Equity ratio   89.1%   85.8%   3.8%
Operating cash flow   0.2   5.2   -96.2%
Cash and cash equivalents   14.9   15.7   -5.0%

Note: The equity ratio and cash comparison relates to the reporting dates 31 March 2024 and 31 December 2023. The figures for the three-month period 2024 are unaudited. Rounding differences may occur.

Shelly Group achieved a 45.5% increase in group revenues to EUR 20.5 million (BGN 40.1 million) in the three-month period 2024. Earnings before interest and taxes (EBIT)  grew in line with sales by 44.8% to EUR 5.3 million (BGN 10.4 million). The change in the EBIT margin from 26.2% to 26.0% reflects increased expenditure on sales and marketing in connection with participation in trade fairs, third-party marketing activities and expenditure on online advertising. Group net result increased by 50.4% to EUR 4.6 million (BGN 9.0 million).

With an equity ratio of 89.1% as of 31 March 2024, Shelly Group enjoys a solid balance sheet (31 December 2023: 85.8%). Here, the net profit contributed to the increase in equity. At the same time, liabilities decreased by 20.4%.

Cash flow from operating activities in the three-month period 2024 with an inflow of EUR 0.2 million (BGN 0.4 million) reflects, in particular, an increase in inventories and a simultaneous increase in receivables and advance payments for production. With a cash inflow of EUR 5.2 million (BGN 10.2 million), the prior-year period was characterized in particular by a decrease in inventories. Moreover, the cash flow from investing activities reflects the acquisition of a further 16% in Shelly Tech (GOAP) and investments in research and development. Cash and cash equivalents as of 31 March 2024 decreased accordingly to EUR 14.9 million (BGN 29.2 million) compared to EUR 15.7 million (BGN 30.8 million) as of 31 December 2023. Shelly Group maintains a sufficient basis for financing further growth.

Guidance 2024 confirmed

For the current financial year 2024, the Board of Directors continues to expect revenue growth to EUR 105.0 million (BGN 205.4 million) and an increase in EBIT to more than EUR 26.0 million (BGN 50.9 million). In the past financial year 2023, revenue totaled EUR 74.9 million (BGN 146.5 million) and EBIT EUR 19.1 million (BGN 37.4 million).

Wolfgang Kirsch, Co-CEO of Shelly Group, on business performance: “In 3M/24, we have made an extremely pleasing start to the 2024 financial year with revenue and earnings growth that exceeded our own expectations. Our strategy of continuously enlarging our distribution channels and strategically widening our product portfolio is paying off. With the opening of a new factory building, we have the potential for short-term increases in our production capacity.“

Earnings Call:

Co-CEOs Dimitar Dimitrov and Wolfgang Kirsch will comment on the unaudited consolidated 3M 2024 results by means of a webcast presentation on 16 May 2024, 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 Unaudited 3M 2024.

The unaudited interim report is available in the Publications 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

15.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News – a service of EQS Group AG.
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