Slide 1: Trading Update 9M/25
TRADING UPDATE 9M/25 NOVEMBER 13TH 2025
Slide 2: Highlights 9M/25 – Your speakers today
Highlights 9M/25 Your speakers today Highlights Wolfgang Kirsch CO-CEO Strategy & Operations Product Dimitar Dimitrov CO-CEO Research & Development Financial Wolfgang Kirsch Details CO-CEO Strategy & Operations
Slide 3: Safety & Security, Energy Management, Automation & Control
Safety & Security • Access control • Door & window sensor • Smart lock • Smoke detection • Water detection • Gas detection Energy Management • Temperature monitoring & control • HVAC control • Power metering • Photovoltaic optimisation Automation & Control • Lighting control • Blind control • Gates
Slide 4: Highlights 9M/25
Highlights 9M/25 Wolfgang Kirsch
Slide 5: Unlocking a Software-as-a-Service business model
Unlocking a Software-as-a-Service business model Installed base in > 100 countries > 28.8 M ** > 5.2 M ** > 2.5 M ** Devices sold Households Cloud users + 11.0 M + 1.6 M + 800 K Last 12 months Last 12 months Last 12 months Customer ownership becoming the top objective and KPI **since 2018
Slide 6: Key Highlights 9M
Key Highlights 9M Financial growth • Revenue and EBIT above target • Growth above market average in all regions Distribution • Estimated revenue share in 2025 is 65% DIY vs.35% Pro (from 70 : 30) • Successful enlargement of distribution channels in DIY & Pro • Installer network members increased fro
Slide 7: Financial Highlights 9M/25
Financial Highlights 9M/25 (in Million EUR) Revenue EBIT Cash CAGR +40.4% CAGR +35.7% 86.9 21.9 18.1 +33.8% 15.7 +42.7% -37.1% 65.0 +38.3% 15.4 +47.2% 11.4 11.9 +29.2% 44.1 9M 23 9M 24 9M 25 9M 23 9M 24 9M 25 9M 23 9M 24 9M 25 • Growth more than 2x vs. the market • EBIT increases by 42.7% YOY • FCF
Slide 8: Product
Product Dimitar Dimitrov
Slide 9: Daily activations average +46% vs. 2024
Daily activations average +46% vs. 2024 Increase of customer ownership – PoC to become a SaaS company New devices added into cloud comparison 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110 115 120 125 130 135 140 145 150 155 160 165 170 175 180 185 190 195 200 205 210 215 220
Slide 10: Average daily data comparison
Average daily data comparison (in thousands) New Devices New Households 10,0 +45,5% • High daily activation rates indicate 6,9 increasing demand. • 30% of the revenue increase comes from existing customers. +31,3% 2,1 • On average, a customer adds 1.6 1,6 devices per year to their account. 2024 2025
Slide 11: Shelly App is becoming the choice for mass market users
Shelly App is becoming the choice for mass market users…. Smart Alarms Personalized Scenes Group Control Remote Control Custom Dashboards Energy Monitoring Notifications Activity Log ….supporting the way towards a Smart Home Platform + Upgrade to Premium
Slide 12: Growth initiatives 2026: Locks
Growth initiatives 2026: LOCKS New products to be launched Share Ekeys / Codes LOQED Touch Smart Lock LOQED Pure New generation (Dec 25) Manage Users Lock/Unlock Two more models will be launched in Q3/26 due to Log supply chain challenges Record Smart Notification 2 seconds opening and closing time
Slide 13: Growth initiatives 2026: Cameras
Growth initiatives 2026: Cameras New products to be launched Indoor camera* Outdoor camera *Illustrative picture Market opportunity and growth drivers Launch strategy and investment plan ⚫ The mature yet growing EU smart camera market offers a proven entry point for Shelly to complement its offering
Slide 14: Growth initiatives 2026: connected smart breakers
Growth initiatives 2026: connected smart breakers Industrial circuit breaker market size 2025E 2035E By region 2025E WIRELESS COMMUNICATION: OVERVOLTAGE AND $5.2bn $8.5bn WI-FI AND BLUETOOTH UNDERVOLTAGE PROTECTION CAGR $5.2bn Global REAL-TIME VOLTAGE 24 VARIATIONS: 10-63; ~5% MEASURING AND CURVE C
Slide 15: Growth initiatives 2026: Shelly X
Growth initiatives 2026: Shelly X Market opportunity and growth drivers Launch strategy and investment plan ⚫ The EU market is ready to embrace smart home solutions that integrate seamlessly with existing “non-smart” systems, offering enhanced connectivity ⚫ Prototypes of Shelly X are ready, showcas
Slide 16: Financial Details
FINANCIAL DETAILS WOLFGANG KIRSCH
Slide 17: Financial Highlights 9M/25
Financial Highlights 9M/25 (in Million EUR) Revenue EBIT Cash CAGR +40.4% CAGR +35.7% 86.9 21.9 18.1 +33.8% 15.7 +42.7% -37.1% 65.0 +38.3% 15.4 +47.2% 11.4 11.9 +29.2% 44.1 9M 23 9M 24 9M 25 9M 23 9M 24 9M 25 9M 23 9M 24 9M 25 • Growth more than 2x vs. the market • EBIT increases by 42.7% YOY • FCF
Slide 18: Revenue Q over Q
Revenue Q over Q (in Million EUR) Revenue Q1 23-25 Revenue Q2 23-25 Revenue Q3 23-25 CAGR 36.9% CAGR 40.7% CAGR +43.0 26.4 27.5 33.0 +28.9% +29.6% 20.5 +42.1% 21.2 23.2 +45.4% 14.1 +52.6% +43.9% 13.9 16.1 Q1 23 Q1 24 Q1 25 Q2 23 Q2 24 Q2 25 Q3 23 Q3 24 Q3 25 • 31 quarters of consecutive growth • Gro
Slide 19: EBIT Q over Q
EBIT Q over Q (in Million EUR) EBIT Q1 23-25 EBIT Q2 23-25 EBIT Q3 23-25 CAGR +34.2% CAGR +40.8 CAGR +29.3% 6.7 9.7 5.4 5.5 5.4 +1.4% +23.0% +64.9% +46.3% +111.3% 3.7 3.3 4.9 4.6 -6.1% Q1 23 Q1 24 Q1 25 Q2 23 Q2 24 Q2 25 Q3 23 Q3 24 Q3 25 • EBIT more than doubled in Q3 25 • Significant increase of E
Slide 20: Regional share and growth
Regional share and growth (in Million EUR) 45.3 • Leading region with further acceleration 32.6 +38.8% this quarter • Initiatives highlighted last quarter are DACH now delivering strong outcomes, with most effects seen in September 52.1% 9M 24 9M 25 31.7 27.4 +15.6% • Italy, Poland and the Nordics h
Slide 21: Cash Flow
Cash Flow (in Million EUR) 6,9 -2,6 -2,3 -0,2 15,7 • Operations generate 6.9 M more cash 14,0 • Total R&D investments of 2.6 M • Leasing payment of 0.8 M • Loans received 1.5 M • Dividend payments of -2.4 M • Cash effect of FX losses increased by 0.2 M • Equity Ratio of 82.4% Cash 2024 CFO* CFI CFF
Slide 22: Profit & Loss 9M 23-25
Profit & Loss 9M 23-25 (in million EUR) Period 9M 23 9M 24 9M2025 • Changes in distribution contracts & Revenue 44.137 64.953 47.2% 86.983 33.8% accounting reduce revenue & gross margin (-1.8 M revenue effect, LFL growth rate Gross Profit 25.241 37.205 50.078 36.6%) GrossMargin 57.2% 57.3% 47.4% 57.
Slide 23: Focus on Premium App with significant uptake
Focus on Premium App with significant uptake No. of Users Revenue New accounting for recuring • Satisfying increase of Premium App revenues from SaaS users 80.0 2.50 • Revenue effect because deferred accounting in 2025 +95.0% 45.0 • Positive development leaves room for 35.1 2026 and beyond +76.7% 1.
Slide 24: Guidance for 2025 and 2026
Guidance for 2025 and 2026 Targets 2024 Baseline 2025 2026 Revenue CAGR >36.9% 106.7M 145-155M >200M YoY Growth 42.4% 40.6% >33.3% vs.2023 vs.2024 vs.2025 EBIT CAGR>39.2% 25.8M 36-38M >50.0M EBIT Margin 24% >25% >25%
Slide 25: Summary
Summary • 9M/25 revenue and EBIT above • Regional expansion continues • 2025 and 2026 Guidance target confirmed, in line with analysts' • Strong progress in moving from the expectations • Regional performance consistently DIY to the professional market outperforming the market • Measures to optimize
Slide 26: Q&A
Q&A Scan to download Scantosubscribetothe presentation newsletter
Slide 27: Appendix
Appendix
Slide 28: Shelly – Key investment highlights
SHELLY – Key investment highlights Market: Harnessing all growth angles in smart home and beyond Brand: Leading brand in the software-powered home automation market, ready for full globalization Tech: Innovative software-powered home ecosystem provider, with rigorous focus on R&D, addressing key con
Slide 29: Investor relations – 1st HY events
Investor relations 1st HY events Jan Feb Feb Feb Apr May May May June 17 5&6 25 27 23 & 24 15 29 29-30 5 Roadshow in Montega HIT 2024 Roadshow in Planet Microcap Q1 Die Erste – Berenberg General Munich Hamburg Trading Update London Conference in Las Trading Investment Discovery Meeting of the Guidan
Slide 30: Investor relations – 2nd HY events
Investor relations 2nd HY events Aug Sep Sep Sep Oct Oct Nov Nov 15 09-10-11 22 23 8 9 13 25-27 H1 US Roadshow Baader Berenberg London Paris 9M Eigenkapital Trading Update Investment Conference Roadshow Roadshow Trading Forum Conference Update Frankfurt Munich
Slide 31: Definitions
Definitions Term Definition Term Definition Earnings before interest and taxes (EBIT) is an indicator of a company’s profitability. Inorganic Inorganic growth arises from mergers or takeovers rather than an increase in the EBIT EBIT can be calculated as revenue minus expenses excluding tax and inter
Slide 32: Appendix – Notice to reporting
Appendix – Notice to reporting The following presentation, including any printed or electronic copy of these slides, the talks given by the presenters, The presentation includes statistics, data and other information relating to markets, market sizes, market the information communicated during any d
Slide 33: Investor relations
Investor relations Denitsa Georgieva Investor Relations Officer investors@shelly.com