Shelly Group Plc · BSESOF:SLYG
Shelly — H1 2025 Earnings Presentation
34 slides from Shelly's earnings presentation, Aug 15, 2025
Slide 1: Trading Update H1/25
TRADING UPDATE H1/25 AUGUST 15TH, 2025
Slide 2: Highlights H1/25 – Your speakers today
Highlights H1/25 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: SHELLY – smart connectivity for the home and beyond
SHELLY – smart connectivity for the home and beyond Software Solutions Energy monitoring Remote control Real-time Notifications Personalised scenes Custom schedules Smart Timers ENABLING AN ECO-FRIENDLY CONNECTED WORLD
Slide 4: Highlights H1/25
Highlights H1/25 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 > 26.5 M ** > 4.9 M ** > 2.3 M ** Devices sold Households Cloud users + 11.5 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 H1
Key Highlights H1 Financial growth • Revenue above and EBIT on target • Growth above market average in all regions Distribution • Successful enlargement of distribution channels in DIY & Pro • Installer network members increased from 900 (31.12.24) to more than 2400 Customer ownership • Overproporti
Slide 7: New verticals to grow share of wallet and household ownership
New verticals to grow share of wallet and household ownership Motors Insurance Security Systems Energy Contracts Garage Doors Water Sensors Shading Systems Smoke Detectors Roller Shutters Water Valves Status Z-Wave Long Range with First test planned for Good progress Early stage great visibility in
Slide 8: Shelly launched its first co-branded products with Ecoflow
Shelly launched its first co-branded products with Ecoflow Shelly Pro 3EM The new power management devices are built to work seamlessly with EcoFlow’s STREAM Series Plug & Play Solar Plant, offering: LAN-based communication with ≤1s response time Real-time energy monitoring and control Shelly Plug S
Slide 9: Financial Highlights H1/25
Financial Highlights H1/25 (in million EUR) Revenue EBIT Cash CAGR 38.8% CAGR 33.1% 54.0 12.2 19.8 18.6 +29.3% 10.9 +12.6% 41.8 -47.0% +57.3% +77.1% +49.0% 6.9 28.0 10.5 H1 23 H1 24 H1 25 H1 23 H1 24 H1 25 H1 23 H1 24 H1 25 • Sustainable growth • EBIT Margin at 22.6% as expected for H1 • FCF measure
Slide 10: Product
Product Dimitar Dimitrov
Slide 11: New products and product updates H1 2025
New products and product updates H1 2025 156 19 128 13 • 2025 H1: 19 Products updated 13 New products released • 2025 Outlook: 40-60 New products and product updates 1 New category Around 50 products will be discontinued • At IFA 2025, 30+ new products to be announced 2024 2025 H1 * Excluding Access
Slide 12: Innovation share – shift to new generations
Innovation share – shift to new generations 8% GEN 1 21% GEN 2 34% GEN 3 GEN 4 39% 73% 59% 64% 45% 27% 20% 1% 7% 2022 2023 2024 H1 2025
Slide 13: Daily activations average +50% vs. 2024
0 2000 4000 6000 8000 10000 12000 14000 16000 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 Average total percentage growth: 50.68% 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 Increase of customer ownership – PoC to become a SaaS company 95 97 99 101 dev
Slide 14: Product ramp up 2025
Product ramp up 2025 Q4/2025 Q3/2025 Q2/2025 Q1/2025 ⚫ Shelly Cameras ⚫ Shelly Power Strip ⚫ Shelly Pro Gen4 ⚫ LOQED 1 ⚫ Shelly Presence Sensor ⚫ Weather Station ⚫ Shelly Display 2x ⚫ Shelly 1 Gen4 ⚫ XL Display ⚫ Shelly Bulbs ⚫ Shelly Outdoor Plug ⚫ Shelly 1PM Gen4 ⚫ Ultrasonic Sensor ⚫ Plug PM ⚫ Sh
Slide 15: Financial Details
FINANCIAL DETAILS WOLFGANG KIRSCH
Slide 16: Financial Highlights H1/25
Financial Highlights H1/25 (in million EUR) Revenue EBIT Cash CAGR 38.9% CAGR 33.1% 54.0 12.2 19.8 18.6 +29.3% 10.9 +12.6% 41.8 -47.0% +57.3% +77.1% +49.0% 6.9 28.0 10.5 H1 23 H1 24 H1 25 H1 23 H1 24 H1 25 H1 23 H1 24 H1 25 • Sustainable growth • EBIT Margin at 22.6% as expected for H1 • FCF measure
Slide 17: Revenue Q over Q
Revenue Q over Q (in million EUR) Revenue Q1 23-25 Revenue Q2 23-25 CAGR 36.9% CAGR 40.7% 26.4 27.5 • Continuous revenue growth, +28.9% +29.6% quarter over quarter 20.5 21.2 +45.4% +52.6% • Revenue in Q2 slightly below the 14.1 13.9 planned 30% • Revenue in H1 above target (54.0М vs. 52.8М) Q1 23 Q1
Slide 18: EBIT Q over Q
EBIT Q over Q (in million EUR) EBIT Q1 23-25 EBIT Q2 23-25 CAGR 34.2% CAGR 29.3% 6.7 5.4 5.5 • EBIT on planned level* +1.4% 5.4 +23.0% +64.9% • Annual EBIT target unchanged at 25% +46.3% 3.7 3.3 • Revenue progression and gross margin expectations in H2 support EBIT target Q1 23 Q1 24 Q1 25 Q2 23 Q2
Slide 19: Regional share and growth
Regional share and growth (in million EUR) 25.9 • Strongest region with good 21.5 +20.5% development despite weak general economic momentum DACH • New initatives give promissing outlook 46,7% for the mid term H1 24 H1 25 22.8 • Good development especially in Italy and 17.3 +31.6% Nordics Rest of Eur
Slide 20: Cash Flow
Cash Flow (in million EUR) 6.184 -1.982 719 -311 18.596 13.985 • Operations generate 6.2 M more cash • Total R&D investments of 2.1 M • Leasing payment of 0.4 M • Loans received 1.7 M • Cash effect of FX losses increased by 0.3 M • Equity Ratio of 81.0% Cash 2024 CFO* CFI CFF FX Cash Q2 2025 * CFO –
Slide 21: Working Capital and Margin Measures for 2025
Working Capital and Margin Measures for 2025 Working Capital Margin Better planning tools serve as a basis for optimization (e.g. SAP) • Dedicated Procurement department • Reduction of stock range in Sofia and in China (from 4-5 months to 3-4 months) • More shipments using sea freight • Improvement
Slide 22: Profit & Loss H1 23-25
Profit & Loss H1 23-25 (in million EUR) Period H12023 H1 2024 H12025 • Changes in distribution contracts & Revenue 28.011 41.750 +49.0% 53.967 +29.3% accounting reduce revenue & gross margin (-1.6 M revenue effect, LFL growth Gross Profit 15.638 23.006 +47.1% 30.115 +30.9% rate 33.1%) GrossMargin 55
Slide 23: Focus on Premium App with significant uptake
Focus on Premium App with significant uptake No. of Users Revenue New accounting for recuring • Increase of Premium App users above revenues from SaaS expectations 80,0 2,50 • Revenue effect because deferred accounting in 2025 +145,4% 45,0 • Positive development leaves room for 31,9 2026 and beyond
Slide 24: Product pipeline will drive revenue growth in H2
Product pipeline will drive revenue growth in H2 Q4/2025 Q3/2025 Q2/2025 Q1/2025 ⚫ Shelly Cameras ⚫ Shelly Power Strip ⚫ Shelly Pro Gen4 ⚫ LOQED 1 ⚫ Shelly Presence Sensor ⚫ Weather Station ⚫ Shelly Display 2x ⚫ Shelly 1 Gen4 ⚫ XL Display ⚫ Shelly Bulbs ⚫ Shelly Outdoor Plug ⚫ Shelly 1PM Gen4 ⚫ Ultr
Slide 25: Challenges and Opportunities
Challenges and Opportunities Short-term Challenges Mid-term Opportunities • Improved sourcing will increase gross margin • Shortage on some key components leading to product delays • FX rates will turn into lower COGS in H2 • Negative FX rates effects due to revaluation of pre-payments • New, not ye
Slide 26: Summary
Summary • H1/25 revenue above target • Regional expansion continues • 2025 and 2026 Guidance confirmed (54.0M vs 52.8M) • Strong progress in moving from the • Measures to optimize working • All regions are growing above DIY to the professional market capital continue market averages • Delay in produ
Slide 27: Q&A
Q&A Scan to download Scantosubscribetothe presentation newsletter
Slide 28: Appendix
Appendix
Slide 29: 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 30: 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 31: Investor relations – 2nd HY events
Investor relations 2nd HY events Aug Sep Sep Sep Oct Nov Nov 15 09-10-11 22 23 tbd 12 25-27 H1 US Roadshow Baader Berenberg Roadshow 9M Eigenkapital Trading Update Investment Conference Trading Forum Conference Update Frankfurt Munich
Slide 32: 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 33: 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 34: Investor relations
Investor relations Denitsa Georgieva Investor Relations Officer investors@shelly.com