Shelly Group AD after successful Black Friday sales reaffirms forecast for financial year 2023 and medium-term guidance

Shelly Group AD after successful Black Friday sales reaffirms forecast for financial year 2023 and medium-term guidance
 

• Black Friday sales increased by 115.0% year-on-year to EUR 14.5 million (BGN 28.4 million)
• Number of home automation devices sold more than doubled to well over 1.1 million products
• Products for recording and reducing energy consumption as well as plug-and-play devices as growth drivers
• Forecast for the 2023 financial year reaffirmed with an increase in sales of 51.0% to EUR 72.0 million (BGN 140.8 million) and an increase in EBIT of at least 63.5% to EUR 17.0 million (BGN 33.2 million)
• Medium-term guidance: revenue of more than EUR 200.0 million and EBIT of over EUR 50.0 million until the end of 2026

Sofia / Munich, 6 December 2023 – Shelly Group AD (Ticker: SLYG / ISIN: BG1100003166) (“Shelly Group / “the Company”), a provider of IoT and smart building solutions based in Sofia, Bulgaria, recorded a 115.0% year-on-year increase in Black Friday sales to a total of EUR 14.5 million (BGN 28.4 million). The number of home automation devices sold more than doubled to well over 1.1 million products. In particular, devices for monitoring and reducing energy consumption continued to show the strongest growth. The sales share of plug-and-play devices also developed very positively. The highest sales were recorded in Germany, Italy and Spain. The fastest-growing countries were France and the United Kingdom. With the successful Black Friday sales, the company reaffirms its forecast for the 2023 financial year with an increase in sales of 51.0% to EUR 72.0 million (BGN 140.8 million) and an increase in EBIT of at least 63.5% to EUR 17.0 million (BGN 33.2 million).

Dimitar Dimitrov, Co-CEO of Shelly Group, commented: “It is truly gratifying to see the positive impact of the new Shelly products launched in the current financial year on our Black Friday sales. We want to increase the pace in the next two years and continue to expand our customer centricity and technology leadership with new features and application areas, starting with the Gen3 products with our own Shelly module from 2024 and the Gen4 products from 2025. The great advantage of Shelly Group over the competition is our speed in research and development.”

Wolfgang Kirsch, Co-CEO of Shelly Group, added: “The current growth drivers, energy measurement and saving in times of geopolitical challenges, clearly show that smart building solutions are a long-term megatrend. We are therefore only at the beginning of the smart home era. Business development in the current year and Black Friday sales have also clearly shown that we are well positioned to achieve our medium-term targets of revenue of more than EUR 200.0 million and EBIT of more than EUR 50.0 million until the end of 2026. We want to continue to grow significantly faster than the market. For 2023, we are extremely confident that we will be able to achieve our annual targets more than comfortably.”

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.

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