Shelly Group Plc · BSESOF:SLYG
Shelly — FY2024 Earnings Presentation
37 slides from Shelly's earnings presentation, Feb 25, 2025
Slide 1: Trading Update 2024
Trading Update 2024 February 25th, 2025
Slide 2: Your speakers today
Your speakers today Highlights Wolfgang Kirsch CO-CEO Strategy & Operations Product Dimitar Dimitrov CO-CEO Research & Development Financial Wolfgang Kirsch Details & CO-CEO Outlook 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: 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 5: Highlights
Highlights 2024 Wolfgang Kirsch
Slide 6: Leading Smart Building Platform
Leading Smart Building Platform >100 Countries +21 M ** +4.0 M ** +1.85 K ** Devices sold Households Cloud users +9 M +1 M +600 K Last 12 months Last 12 months Last 12 months **since 2018
Slide 7: Key Highlights 2024
Key Highlights 2024 Delivered on all KPIs and guidance targets Revenue drivers Other initatives Social reach ✓ Revenue growth ✓ Shelly Fan Base across all key markets ✓ Installer finder Growing constantly Close to 900 installers in less than 9 ✓ Distribution Channels months ✓ Total reach in 2024 Suc
Slide 8: Financial Highlights 2024
Financial Highlights 2024 (in million EUR) Revenue EBIT Cash +42.4% +34.4% +9.4% 2024: 106,7 Mio. 106.7 25.7 15.7 +42,5% 14.4 -11.1% +57.4% +83.5% 14.0 74.9 19.1 47.6 10.4 10.4 19.1 2022 2023 2024 2022 2023 2024 Cash 31.12.2022 Cash 31.12.2023 Cash 31.12.2024 EBIT Margin 2024 24.1% Cash with 14 Mio
Slide 9: Product
Product Dimitar Dimitrov
Slide 10: A wider product range is one of the drivers of revenue growth
A wider product range is one of the drivers of revenue growth 122* 23 • 2023: 6 Products updated 70* 29 21 New products released 3 New product categories 21 49* 6 • 2024: 46 Products updated 26 New products released 1 New product category • 2025 outlook 2 New product categories 2022 2023 2024 * Excl
Slide 11: History of Shelly Technology in-house innovation
History of Shelly Technology in-house innovation Gen 4 Gen 3 2025-2026 Gen 2 2023-2024 Gen 1 2021-2022 ⚫ Shelly1 Gen 4 ⚫ Shelly 1 Gen3 ⚫ Shelly 1 PM Gen 4 2017-2020 ⚫ Shelly 1PM Gen3 ⚫ Shelly 2 PM Gen4 ⚫ Shelly Plus 1 ⚫ Shelly Plus 1 PM ⚫ Shelly 2PM Gen3 ⚫ Shelly LoRa ⚫ Shelly 1 ⚫ Shelly 2 PM ⚫ Shel
Slide 12: First products are already in the pipeline
First products are already in the pipeline….. Gen 4 Shelly X Launched at CES Long Range Ready for Production AI Module launched ⚫ Shelly1 Gen 4 Launched at CES ⚫ Smart Thermostat ⚫ Shelly 1 PM Gen 4 Beta Version launched ⚫ Water Valve ⚫ Shelly 2 PM Gen4 ⚫ Shelly Long Range ⚫ 25 A Relay ⚫ Shelly Wave
Slide 13: New AI – features in Premium App
New AI – features in Premium App….. AI models for device failure detection ✓ Get notified in case of abnormal device behavior based on energy consumption. ✓ Set up to 10 AI Models Offline device notification ✓ Receive notifications in case of offline Shelly device. Virtual devices ✓ Extract your vir
Slide 14: Shelly LoRa Add-on & Shelly Wave Long Range
Shelly LoRa Add-on & Shelly Wave Long Range…. With Shelly LoRa Add-on Up to 5 km with the power of an external antenna. (Shelly LoRa Add-on) Advanced technology: Combines LoRa technology with Shelly’s protocol for strong and efficient performance. With Shelly Wave Long Range Up to 1.5 km direct conn
Slide 15: First Powered by Shelly devices ready to launch
First Powered by Shelly devices ready to launch…… Valve FK-BV02 Smart Smart Thermostat Water Valve 25A Smart Relay Smart Thermostat ……as proof of Shelly X concept
Slide 16: Shelly Gen 4 devices presented at CES
Shelly Gen 4 devices presented at CES ……ready to sell in Q2/2025
Slide 17: Financial Update & Strategy
Financial Update & Strategy Wolfgang Kirsch
Slide 18: Financial Highlights 2024
Financial Highlights 2024 (in million EUR) Revenue EBIT Cash +42.4% +34.4% +9.4% 2024: 106,7 Mio. 106.7 25.7 15.7 +42,5% 14.4 -11.1% +57.4% +83.5% 14.0 74.9 19.1 47.6 10.4 10.4 19.1 2022 2023 2024 2022 2023 2024 Cash 31.12.2022 Cash 31.12.2023 Cash 31.12.2024 EBIT Margin 2024 24.1% Cash with 14 Mio
Slide 19: Revenue Q over Q
Revenue Q over Q (inmillion EUR) Revenue Q1 22-24 Revenue Q2 22-24 Revenue Q3 22-24 Revenue Q4 22-24 CAGR 52,63% CAGR 49.38% CAGR 43.29% CAGR 52.39% 20.5 21.2 23.2 41.8 +35.6% +45.5% +52.7% +43.9% 30.8 14.1 16.1 13.9 +42.9% +61.0% +46.1% +70.3% 11.3 8.8 9.5 18.1 Q1 22 Q1 23 Q1 24 Q2 22 Q2 23 Q2 24 Q
Slide 20: EBIT Q over Q
EBIT Q over Q (inmillion EUR) EBIT Q1 22-24 EBIT Q2 22-24 EBIT Q3 22-24 EBIT Q4 22-24 CAGR 51.8% CAGR 21.81% CAGR 74.9% CAGR 85.4% 5.3 4.9 10.4 5.4 4.6 -7.2% +42.9% +44.8% +54.9% 3.7 +66.4% 7.2 3.2 +59.3 3.3 2.3 +114.7% +110.6% 3.4 1.6 Q1 22 Q1 23 Q1 24 Q2 22 Q2 23 Q2 24 Q3 22 Q3 23 Q3 24 Q4 22 Q4 2
Slide 21: Regional share and growth
Regional share and growth (in million EUR) 49.9 36.7 +36.0% • Leading region with strong growth • Local structure and new channels DACH enable continuous growth on high level 46.8% in 2024 and beyond 2023 2024 48.2 • Good development, especially in Italy & Iberia +47.4% Rest of 32.7 • Local teams hi
Slide 22: Premium App
Premium App Revenue No. of Users >2.5 >60 • Premium App users still at a low level, but promising initial results • No. of users above target, revenue a bit >1.2 >30 below, because of longer trial period. 23,5 0.77 0,44 18.2 • Revenue targets for 2025 and 2026 as planned 2024e 2024 2025e 2026e 2024e
Slide 23: Profit & Loss 2024
Profit& Loss2024 (in millionEUR) Period 2022 2023 2024 • Optimized supply chain and product mix Revenue 47.641 74.926 +57.3% 106.700 +42.4% with positive impact on gross margin Gross Profit 23.955 42.790 +78.6% 63.619 +48.7% GrossMargin 50.3% 57.1% 59.6% • Gross margin above Budget Sales & Marketing
Slide 24: CashFlow
CashFlow (in million EUR) 2.8 -1.9 15.7 -2.7 • Inventory increased by 12.7 M (22.0M total) 0.1 14.0 • 240 K higher prepayments (5.5 M total) • Increase of shares in Shelly Tech and Shelly Asia - 1.137 M • Total R&D investments of 4.0 M • Sale of assets +3.0 M • Loan repayment -1.0 M • Dividend payme
Slide 25: Guidance
Guidance
Slide 26: Guidance vs. Achievement 2024
Guidance vs.Achievement 2024 (in million EUR) Targets 2023 Baseline 2024 Guidance 2024 Actual Revenue 74.9 105 106.7 YoY Growth 57.4% 40.2% 42.4% EBIT 19.1 26 25.7 (26.3) EBIT Margin 25.5% 25% 24.1% (24.7%)
Slide 27: Guidance 2025
Guidance2025 (in million EUR) Targets 2024 2025 Revenue 106.7 145-155 EBIT 25.7 (26.3) 35-40 EBIT Margin
Slide 28: REVENUE GROWTH RAMP UP 2025
REVENUE GROWTH RAMP UP 2025 Q4/2025 Q3/2025 Q2/2025 Q1/2025 ⚫ Shelly Cameras ⚫ Loqed 2 ⚫ Loqed 3 ⚫ Loqed 1 ⚫ Shelly TRV V3 ⚫ Shelly Pro Gen4 ⚫ Shelly Display 2x ⚫ Shelly 1 Gen4 ⚫ Shelly Strip ⚫ others ⚫ Shelly Outdoor Plug ⚫ Shelly 1PM Gen4 ⚫ others Products ⚫ Shelly DALI controller ⚫ Shelly 2PM Gen
Slide 29: Summary
Summary • 2024 Guidance reached • Regional expansion continues • 2026 Guidance confirmed • 2024 Revenue above target • Strong progress in moving from the • Measures to optimize working DIY to the professional market capital prepared and partially • EBIT in Q4-margin higher than in implemented Q3 • W
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 Jan Feb Feb Feb Apr May June 17 5&6 25 27 23 & 24 15 5 Roadshow in Montega 2024 Roadshow in Planet Q1 General Meeting of Munich HIT Trading London Microcap Trading the Shareholders Hamburg Update Conference Las Update Vegas Update on Guidance Strategy 2025
Slide 33: Investor relations
Investor relations 2nd HY events Aug Roadshow Oct Nov Nov Roadshow 14 23-26 12 25-27 H1 tdc Baader 9M Eigenkapital tdc Trading Investment Trading Forum Update Conference Update Frankfurt Munich corporate.shelly.com/publications/financial-results/ investors@shelly.com 103 Cherni Vrah Blvd, 1407 Sofia
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: Trading Update 2023
Trading Update 2023 February 27th, 2024