Slide 1: Trading Update H1 24
TRADING UPDATE H1 24 AUGUST 14TH, 2024
Slide 2: Your speakers today
Your speakers today Highlights Wolfgang Kirsch H1 24 CO-CEO Strategy & Operations Product Dimitar Dimitrov CO-CEO Research & Development Financial Wolfgang Kirsch Details CO-CEO Strategy & Operations
Slide 3: We make Smart Building Solutions
We make Smart Building Solutions …enabling an eco-friendly connected world
Slide 4: Leading Smart Building Platform
Leading Smart Building Platform >100 Countries +15.5 M ** +3.3 M ** +1.48 K ** Devices sold Households Cloud users +6.7 M +950 K +623 K Last 12 months Last 12 months Last 12 months **since 2018
Slide 5: Highlights H1 24
Highlights H1 24 Wolfgang Kirsch
Slide 6: Key Highlights
Key Highlights • All KPIs, revenue and EBIT targets met • Revenue growth above the market in all regions • Successful enlargement of distribution channels • Significant growth of addressable customer ownership • Installer Finder with positive development • Strategic widening of product portfolio (LO
Slide 7: Financial Highlights H1 22-24
Financial Highlights H1 22-24 (inmillion EUR) Revenue EBIT Cash CAGR 51.1% CAGR 66.9% 19.8 41.8 10.8 +37.8% +49.0% +54.9% 14.4 -47.0% 28.0 6.9 +53.2% 18.3 +79.9% 10.5 3.9 H1 22 H1 23 H1 24 H1 22 H1 23 H1 24 H1 22 H1 23 H1 24 Sustainable & significant above market EBIT-Margin of 25.8% is above the 25
Slide 8: Growing distribution platforms
Growing distribution platforms Do-it-yourself Professional
Slide 9: Smart properties, hotels, senior living – first proofs of concept
Smart properties, hotels, senior living – first proofs of concept Home Automation Integration Case Study powered by powered by 9
Slide 10: Product
Product Dimitar Dimitrov
Slide 11: 19/07/24 – Global IT outages – not with Shelly
19/07/24 – Global IT outages – not with Shelly • No third-party platform • 100% in-house development of hardware & software Global outages: Tech disruptions across the world have hit airlines, banks, businesses, schools and government, along with some • Redundancy system in place in case health and
Slide 12: Wider product range is one driver for more revenue
Wider product range is one driver for more revenue 92 * 70 * 19 • 2023: 6 Products updated 11 21 New products released 21 49 * 3 New product categories 6 • 2024 YTD: 11 Products updated 19 New products released 1 New product categories • 2024 Outlook: 40-60 New products and product updates 2022 2023
Slide 13: Loqed – a shortcut into a promissing market
Loqed – a shortcut into a promissing market • LOQED assets acquired for 150,000 euros, including: − Stock − Intellectual property − Customer base (10,000) • Next steps: − Integration within the Shelly world − Software quality improvement − Cost and selling price reduction − Roll-out using Shelly‘s c
Slide 14: High visibility in the renewable energy market
High visibility in the enewable energy market „Um eine Nulleinspeisung eines Balkonkraftwerks zu erreichen, sind die Shelly-Stromzähler Pro 3EM und 3EM derzeit die beste Wahl. Zahlreiche Anbieter von Stromspeichern kooperieren mit Shelly, sodass man schon fast von einem Standard sprechen kann.“ Sour
Slide 15: Very prestigious nomination
Very prestigious nomination • Shelly is nominated for the ‘’Golden Computer“ • Computer Bild is the No 1 tech magazine in the DACH region • Nomination is for the whole platform, not only for an individual product • Clear sign for very high visibility
Slide 16: The Shelly Installer Finder
The Shelly Installer Finder • The easy way to find your installer – in case you are not installing yourself • Started in March 2024 • Installer live on platform: − Germany: >360 − Austria: >30 − Switzerland: >20 − Denmark: >60 • New countries will be added, step by step
Slide 17: Financial Details
Financial Details Wolfgang Kirsch
Slide 18: Financial Highlights H1 22-24
Financial Highlights H1 22-24 (inmillion EUR) Revenue EBIT Cash CAGR 51.1% CAGR 66.9% 19.8 41.8 10.8 +37.8% +49.0% +54.9% 14.4 -47.0% 28.0 6.9 +53.2% 18.3 +79.9% 10.5 3.9 H1 22 H1 23 H1 24 H1 22 H1 23 H1 24 H1 22 H1 23 H1 24 Sustainable & significant above market EBIT margin of 25.8% is above the 25
Slide 19: Revenue Q over Q
Revenue Q over Q (inmillion EUR) Revenue Q1 22-24 Revenue Q2 22-24 CAGR 53.0% CAGR 49.3% 20.5 21.2 +45.5% • Continuous revenue growth, +52.7% quarter over quarter 14.1 13.9 +61.0% 9.5 +46.1% • Revenue slightly above expectations 8.8 • Growth rate is accelerating in Q2 vs. Q1 Q1 22 Q1 23 Q1 24 Q2 22
Slide 20: EBIT Q over Q
EBIT Q over Q (inmillion EUR) EBIT Q1 22-24 EBIT Q2 22-24 CAGR 51.2% 5.3 CAGR 88.5% 5.4 +44.8% • EBIT grows proportional to revenue 3.7 +66.4% 3.3 • No decrease in gross or EBIT margin +57.8% 2.3 +113.7% • EBIT Margin stays around 1.5 planned 25% level (25.8%) Q1 22 Q1 23 Q1 24 Q2 22 Q2 23 Q2 24
Slide 21: Regional share and growth
Regional share and growth (in million EUR) • Strongest region with strongest 21.5 development +62.8% 13.3 DACH • Local structure and new channels 51.6% enable continuous growth in 2024 and beyond H1 23 H1 24 17.3 • Good development especially in Italy, 12.6 +37.2% Iberia and BeNeLux Rest of Europe •
Slide 22: Premium App
Premium App Revenue No. of Users >2.5 >60 • Premium App users still on low level, but promising first results • Expected to grow continuously >1.2 >30 20 • >2.5 M euros in revenue expected in 2026 0.6 13 0.2 • Cross margin is almost 100% H1 24 2024e 2025e 2026e H1 24 2024e 2025e 2026e (in million EU
Slide 23: Cash Flow
Cash Flow (in million EUR) 15.7 -0.74 -1.49 • Inventory increased by 4.2 M -2.33 • 2.0 M higher prepayments to factories -0.04 -0.63 10.5 • Increase of customer receivables of 2.3 M • Increase of shares in Shelly Tech and Shelly Asia - 1.137 M • R&D investments of 0.8 M • Dividend payments of 2.3 M
Slide 24: Working Capital and Margin Measures for 2025
Working Capital and Margin Measures for 2025 Working Capital Margin Better planning tools as basis for optimization (e.g. SAP) • Reduction of stock (from 4-5 months to 3-4 months) • Dedicated Procurement Department in Sofia and in China • Start of negotiations of payment terms with Chinese (and • Mo
Slide 25: Profit & Loss H1 24
Profit & Loss H1 24 (in million EUR) Period H1 23 H1 24 Revenue 28.011 41.750 49.0% • Stable gross margin, no price increases Gross Profit 15.638 23.006 47.1% Gross Margin 55.8% 55.1% • Increasing Sales & Marketing spend, due to higher trade show presence, third-party Sales & Marketing -1.401 -4.013
Slide 26: Guidance vs. Achievement
Guidance vs. Achievement
Slide 27: Achievement of Annual Revenue Target
Achievement of Annual Revenue Target (in million EUR) 105.0 • H1 achievements proportional to annual target above the last 2 years 74.9 • Small reserve for annual target of 105 million Euros in revenue 47.6 • Annual target confirmed 39.8% 37.4% 38.4% H1 2022 2023 2024 YTD
Slide 28: Shelly Capital Market Day
Shelly Capital Market Day Ambition Product Financial Deep Strategic Update Roadmap & Dives 2030 Demonstrations Save the date: 5.11.2024 in Frankfurt
Slide 29: Summary
Summary • H1 24 Revenue & EBIT above • Regional expansion • Guidance for 2024 (105 M Euros target revenue & 26 M Euros EBIT) • From DIY to Professional Market confirmed • All regions grow above the market • Wider product range supports • 2026 goal of +200 M Euros revenue • This growth is sustainable
Slide 30: Q&A
Q&A Scan to download Scantosubscribetothe presentation newsletter
Slide 31: Appendix
Appendix
Slide 32: Investor relations
Investor relations 1st HY events Feb Apr Apr May June 27 24 30 16 4 Q4 2023 MKK Planet Q1 General Meeting of Trading Münchner MicroCap Trading the Shareholders Update Kapitalmarkt Investors Club Update Konferenz Showcase Las Update on Guidance Vegas Strategy 2024
Slide 33: Investor relations
Investor relations 2nd HY events Aug Aug Oct Nov Nov Nov 14 21-22 23-26 5 14 25-27 H1 HIT Baader Planned Q3 Eigenkapital Trading Hamburger Investment Capital Trading Forum Update Investorentage Conference Market Update Frankfurt Munich Day corporate.shelly.com/publications/financial-results/ investo
Slide 34: 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 and interest. Inorganic Inorganic growth arises from mergers or takeovers rather than an increase in the
Slide 35: 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 shares, the information communicated duri
Slide 36: Investor relations
Investor relations Denitsa Georgieva Investor Relations Officer investors@shelly.com
Slide 37: Shelly Group
SHELLY GROUP S