Shelly Group Plc · BSESOF:SLYG
Shelly — FY2025 Earnings Presentation
41 slides from Shelly's earnings presentation, Feb 24, 2026
Slide 1: Trading Update FY25
TRADING UPDATE FY25 24th February 2026
Slide 2: 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 optimization Automation & Control • Lighting control • Blind control • Garage
Slide 3: Highlights, FY25 Performance, FY26 Outlook & Guidance
TRADING UPDATE FY25 Highlights FY25 Performance FY26 Outlook & Guidance PRESENTERS Dimitar Dimitrov Wolfgang Kirsch CO-CEO CO-CEO Research & Development Strategy & Operations 3
Slide 4: Highlights
HIGHLIGHTS 4
Slide 5: Key Highlights
Key Highlights FINANCIAL GROWTH • Revenue and EBIT in line with FY25 guidance • Growth above market average in all regions DISTRIBUTION • Continued expansion across DIY and Pro distribution channels • Installer network scaled significantly, strengthening Pro positioning • Local organizations success
Slide 6: Key Performance Metrics – FY25 vs FY24
Key Performance Metrics – FY25 vs FY24 YoY growth vs FY24 HOUSEHOLDS CLOUD USERS PREMIUM APP INSTALLERS 5.6M * 2.7M 38K 5300 +33% +46% +61% +494% *Households represent an estimate based on active cloud users and assumed multi-device usage per household Trading Update FY25 6
Slide 7: FY25 Performance
FY25 Performance 7
Slide 8: FY25 Financial Highlights
FY25 Financial Highlights Revenue growth, margin expansion and improved cash generation REVENUE EBIT CASH CAGR +41% CAGR +40% 15.7 -11% 149.7 37.7 14.0 13.6 -3% 40% 43% 106.7 26.4 42% 38% 74.9 19.2 FY23 FY24 FY25 FY23 FY24* FY25** FY23 FY24 FY25 • Growth more than 2.5x vs. the market • 12M EBIT Marg
Slide 9: Revenue by Quarter (2023 – 2025)
Revenue by Quarter (2023 – 2025) Sustained revenue expansion across all reporting quarters Q1 REVENUE Q2 REVENUE Q3 REVENUE Q4 REVENUE CAGR +37% CAGR +41% CAGR +43% CAGR +43% 26.4 27.5 33.0 63.0 29% 30% 20.5 21.2 42% 51% 23.2 41.8 45% 53% 14.1 44% 13.9 16.1 30.8 36% Q1 23 Q1 24 Q1 25 Q2 23 Q2 24 Q2
Slide 10: EBIT by Quarter (2023 – 2025)
EBIT by Quarter (2023 – 2025) Profitability expanding alongside revenue growth Q1 EBIT Q2 EBIT Q3 EBIT Q4 EBIT CAGR +34% CAGR +29% CAGR +41% CAGR +48% 6.7 5.4 5.5 9.7 15.8 1% 23% 5.4 44% 65% 111% 11.0 46% 3.3 3.7 4.9 51% 4.6 7.2 -6% Q1 23 Q1 24 Q1 25 Q2 23 Q2 24 Q2 25 Q3 23 Q3 24 Q3 25 Q4 23 Q4 24*
Slide 11: Regional Revenue Share and Growth
Regional Revenue Share and Growth Geographic diversification and accelerated growth in FY25 DACH Rest of Europe Rest of World 42% of revenue 50% of revenue 9% of revenue +51% +27% 74 62 49 49 +54% 13 8 FY24* FY25 FY24* FY25 FY24* FY25 • Continued solid growth across core • Largest regional contribut
Slide 12: Solid Operating Cash Generation in FY25
Solid Operating Cash Generation in FY25 Investments and shareholder distributions funded while maintaining strong balance sheet 5,3 -3,8 • Operations generated €5.3M of cash Net decrease • Continued investment in innovation with €4.1M R&D spend -0,9 -1,0 of €0.4M YoY • Lease payments of €1.1M reflec
Slide 13: FY25 Profitability Expands on Strong Revenue Growth
FY25 Profitability Expands on Strong Revenue Growth Operating leverage supports margin stability despite continued investment Period FY23 FY24* YoY FY25 YoY • Revenue increased 40% YoY driven by geographic expansion Revenue 74.9 106.7 +42% 149.7 +40% and portfolio growth • Gross margin remained resi
Slide 14: Product Mix Shift Toward Newer Generations
Product Mix Shift Toward Newer Generations Structural mix shift toward higher-generation products 9% 21% 34% 31% At the end of 2025, GEN 3 & 4 represent 73% 55% of the revenue (vs. 20% in 2024) Gross margin improves with higher- 59% generation contribution 32% 64% 27% 28% 20% 1% 2022 2023 2024 2025
Slide 15: Installed Base Monetization Accelerating
Installed Base Monetization Accelerating Repeat buyers drive a rising share of cloud device additions and engagement Devices Added to Cloud by User Type Devices Added to Cloud by Repeat Buyers (in million) 100% Repeat buyers +59% spend expanding 2,4 53% 57% Repeat buyers now represent majority of de
Slide 16: 2025 Average Daily Activations +38% vs. 2024
2025 Average Daily Activations +38% vs. 2024 Expansion of cloud-based user base Daily Cloud Activations (2024 vs. 2025) 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180 190 200 210 220 230 240 250 260 270 280 290 300 310 320 330 340 350 360 370 Monthly Cloud Activations (2024 vs. 202
Slide 17: Premium App Adoption and Monetization Growth
Premium App Adoption and Monetization Growth Growing premium penetration supports recurring revenue expansion Number or Users Revenue +153% 2,0 +111% • Premium App users grew 61% YoY, reflecting 80 rising feature adoption • Subscription revenue increased 78% YoY, demonstrating improving monetization
Slide 18: Installer Network Development Program
Installer Network Development Program Initiatives designed to expand and activate a scalable global installer ecosystem New Feature +494% YoY vs FY24 01. Cash-back Program Total Installers Active Installers A new reward option that gives installers cash-back for completing qualified Shelly 5,347 5,2
Slide 19: Energy Tariff Comparison PoC in the Shelly App
Energy Tariff Comparison PoC in the Shelly App Verivox integration enables in-app tariff comparison and switching based on user location • In-app comparison and switching of electricity tariffs via Verivox integration • Personalized offers based on location and current provider • Commission-based re
Slide 20: FY26 Outlook & Guidance
FY26 Outlook & Guidance 20
Slide 21: Delivering on the Long-Term Guidance
Delivering on the Long-Term Guidance FY25 results aligned with previously communicated targets Long-Term Guidance (Trading Update Q1 2023) FY25 Performance vs Guidance Metric FY25 Guidance FY25 Actuals Status In line with Revenue 145-155 149.7 guidance In line with EBIT 35-40 37.7* guidance In line
Slide 22: Guidance 2026
Guidance 2026 Building on strong FY25 delivery to drive continued profitable growth 2025 Actuals 2026 Guidance YoY Growth Revenue 149.7 195 - 205 ~34% EBIT 37.7* 47-52 ~33% *FY25 EBIT shown is adjusted and excludes a €7.4m share-based remuneration accrual, which is cash neutral. FY26 guidance reflec
Slide 23: Path to FY26 Revenue Growth
Path to FY26 Revenue Growth Market growth, product innovation and geographic expansion support revenue acceleration Geographic expansion Product & portfolio Market growth expansion Repeat buyers 195 - 205 149.7 FY25 Revenue • Installed base • 10-15% average • New product categories • Scaling Rest of
Slide 24: Global Footprint Expanding with New Markets in FY26
Global Footprint Expanding with 4 New Markets in FY26 Commercial presence across 10 markets globally, including 8 in Europe Nordics UK DACH BeNeLux Poland Shenzhen, China Factory France (3rd party) USA Iberia Italy Nova Gorica, Slovenia China (R&D, Marketing, Shelly WAVE, Loqed, MCBs) Sofia, Bulgari
Slide 25: 2026 Product Portfolio Acceleration in H2
2026 Product Portfolio Acceleration in H2 Focused launches across new and core categories CAMERAS CIRCUIT BREAKERS LOCKS Indoor Camera Pro Circuit Breaker Loqed Pure H1 2026 H1 2026 H1 2026 AI Camera (Outdoor) Mini Circuit Breaker Loqed D – Entry Series H2 2026 H1 2026 H2 2026 Expands into smart sur
Slide 26: Plug M – Key Volume Driver for FY26 Growth
Plug M – Key Volume Driver for FY26 Growth Affordable next-generation plug accelerating adoption and ecosystem growth Core volume driver within 2026 portfolio Positioning Entry-level smart plug designed to expand adoption € 9.99 • Attractive price point • Easy setup and plug-and-play experience • Ta
Slide 27: Shelly AI Assistant
Natural Conversation Converse naturally in any language. The AI understands intent even from vague Shelly AI vague requests without rigid commands. Assistant Instant Scene Creation Create complex scenes and automations on the fly across rooms, groups, and devices and devices just by asking. Deep Dev
Slide 28: Interactive AI Context
Interactive AI Context Seamlessly bridging natural language with real-time device data. Behavioral Analytics "When did I go to sleep last night?" Based on Bedroom device history, you went to sleep around 5:22AM Analyzed "Bedroom Lights" off pattern Contextual Safety "Did I forget the chicken in the
Slide 29: Real-Time Power Analysis
Is the oven working now? Deep Diagnostics Real-Time Power Analysis Shelly AI doesn't just check status—it analyzes live AI Assistant electrical signatures. It identifies active heating elements, duty cycles, and power consumption patterns YES, your oven IS working! to give you a definitive answer. C
Slide 30: Smart Context & Instant Automation
Deep Analytics Scene Automation When did I go to sleep last Create a scene to turn the light on night? when I enter the bathroom. Context & Automation Smart Context & Instant Automation From deep historical analysis to instant scene creation—Shelly AI understands your intent and acts on it immediate
Slide 31: Smart Timers & Usage Analytics
I just put a pizza in the oven — Did my wife use hairdryer turn it off in 45 minutes. today? Proactive Timers Energy Analytics Smart Timers & Usage Analytics Advanced natural language understanding enables complex proactive home management AI Assistant and precise energy monitoring through simple AI
Slide 32: Redefining Smart Home AI
Redefining Smart Home AI While big tech assistants listen for commands, Shelly understands your home's physics, history, and context. Market Leader Core Capability Standard Assistants Shelly AI Scene Assistant Hardware Diagnostics No hardware access Deep electrical analysis Historical Insights Basic
Slide 33: Summary
Summary FY25 Execution FY26 Outlook • FY25 targets achieved despite temporary • Guidance confirmed at €195–205M headwinds revenue and €47–52M EBIT • Strong progress in the Pro channel with • Organizational build-up across 4 4,000+ installers onboarded additional markets • Successful expansion with 2
Slide 34: Q&A
Q&A Scan to download Scan to subscribe to the presentation newsletter Trading Update FY25 34
Slide 35: Appendix
APPENDIX 35
Slide 36: Investor relations – H1 events
Investor relations H1 events Jan Feb Feb Feb Feb May June June 22 4&5 24 26 27 14 16-18 30 Roadshow in Montega HIT 2025 Roadshow in Roadshow in Q1 26 Planet General Munich Hamburg Trading Update Milan Frankfurt Trading Microcap Meeting of the Guidance Update Conference in Shareholders 2026 Las Vegas
Slide 37: Investor relations – H2 events
Investor relations H2 events Aug Sep Nov Nov 13 24 11 23-25 H1 26 Baader 9M 26 German Equity Trading Update Investment Trading Forum Conference Update Frankfurt Munich Trading Update FY25 37
Slide 38: Definitions
Definitions Term Definition Term Definition Earnings before interest and taxes (EBIT) is an indicator of a company’s profitability. EBIT can be calculated as revenue minus expenses excluding tax Inorganic Inorganic growth arises from mergers or takeovers rather than an increase in EBIT and interest.
Slide 39: 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 The presentation includes statistics, data and other information relating to markets, market sizes, market presenters, the information communicated during any d
Slide 40: Investor relations
Investor relations Denitsa Georgieva Investor Relations Officer investors@shelly.com Trading Update FY25 40
Slide 41: Thank You!
THANK YOU! shelly.com Trading Update FY25 41