Shelly Group Plc · BSESOF:SLYG
Shelly — Q1 2025 Earnings Presentation
38 slides from Shelly's earnings presentation, May 15, 2025
Slide 1: Trading Update Q1/25
TRADING UPDATE Q1/25 MAY 15TH, 2025
Slide 2: Highlights Q1 25 – Your speakers today
Highlights Q1 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 Q1/25
Highlights Q1/25 Wolfgang Kirsch
Slide 5: Leading Smart Building Platform
Leading Smart Building Platform Installed base in >100 Countries >23 M ** >4.5 M ** >2 M ** Devices sold Households Cloud users +9 M +1.5 M +700 K Last 12 months Last 12 months Last 12 months **since 2018
Slide 6: Key Highlights
Key Highlights • Revenue and EBIT above budget and guidance • Growth above market average in all regions • Increase of Premium App users above target • Successful enlargement of distribution channels in DIY & Pro • Significant growth of addressable customer ownership • First units of Smart Locks wit
Slide 7: Growing distribution network in DIY and Pro
Growing distribution network in DIY and Pro DIY PROFESSIONAL 2024 20251 2024 20251 1 1 1 1 2 2 2 2 3 3 3 3 4 4 4 4 5 5 5 5 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 10 10 10 10 Notes: Comprehensive list not shown; 1 Signed or pipeline
Slide 8: High interest in Shelly Installer Programm
High interest in Shelly Installer Programm • Launched in March 2024 • Installer live on platform: − DACH: >890 − Nordics: >170 − BeNeLux: >40 − Iberia: >30 − Italy: >30 − Others: >25 • Phase 2 will start middle of 2025
Slide 9: Shelly is the main energy management partner for the solar industry
Shelly is the main energy management partner for the solar industry Integrations Integrated key-devices Focus on Energy Metering devices
Slide 10: New verticals to come
New verticals to come Motors for Insurance Security Systems Garage Doors Water Sensors Shading Systems Smoke Detectors Roller Shutters Water Valves
Slide 11: 2025 customer survey – 52.234 participants
2025 customer survey – 52.234 participants WHY SHELLY WINS ~45% ~41% of respondents1 of respondents1 purchased due to purchased due to ‘no cloud required’ open protocols What Shelly devices are used for 72% ⚫ Local Control: Important to ~45% for cloud-free operation 68% ⚫ Open Protocols: Valued by ~
Slide 12: Financial Highlights Q1 23-25
Financial Highlights Q1 23-25 (in million EUR) Revenue EBIT Cash CAGR 37.1% CAGR 34.7% 26.5 17.2 -12.9% +11.9% 6.7 16.7 +29.0% 14.9 20.5 5.4 +23.0% +45.5% +46.6% 14.1 3.7 Q1 23 Q1 24 Q1 25 Q1 23 Q1 24 Q1 25 Q1 23 Q1 24 Q1 25 • Sustainable & significant growth • EBIT grows in line with revenue • Cash
Slide 13: Product
Product Dimitar Dimitrov
Slide 14: New products and product updates Q1 2025
New products and product updates Q1 2025 140 128 7 5 • 2025 Q1: 5 Products updated 7 New products released • 2025 Outlook: 40-60 New products and product updates 1 new category Around 50 products will be discontinued 2024 2025 Q1 * Excluding Accessories
Slide 15: Product ramp up 2025
Product ramp up 2025 Q4/2025 Q3/2025 Q2/2025 Q1/2025 ⚫ Shelly Cameras ⚫ Loqed 2 ⚫ Loqed 3 ⚫ Loqed 1 ⚫ Shelly Power Strip ⚫ Shelly Pro Gen4 ⚫ Shelly Display 2x ⚫ Shelly 1 Gen4 ⚫ Shelly Presence Sensor ⚫ others ⚫ Shelly Outdoor Plug ⚫ Shelly 1PM Gen4 ⚫ others ⚫ Shelly DALI controller ⚫ Shelly 2PM Gen4
Slide 16: Innovation share – shift to new generations
Innovation share – shift to new generations 7% GEN 1 21% GEN 2 34% GEN 3 GEN 4 43% 73% 59% 64% 48% 27% 20% 1% 3% 2022 2023 2024 Q1 2025
Slide 17: Product Comparison
Product Comparison
Slide 18: Shelly Mini Relays – best in class format
Shelly Mini Relays – best in class format 29 mm 33 mm 34 mm Shelly 1PM Mini Gen4 39,5 mm Sonoff Mini R4M Shelly 1PM Mini Gen3
Slide 19: Product benchmarking: Mini Relay
Product benchmarking: Mini Relay Product Shelly 1PM Mini Gen3 Shelly 1PM Mini Gen4 Sonoff Mini R4M Size 29x34x16 mm 29x34x16 mm 39.5x33x16.8 mm Protocols BLE, Wi-Fi 4, Matter BLE, Wi-Fi 6, Zigbee, Matter BLE (for pairing), Wi-Fi 4, Matter Processor & Memory ESP-Shelly-C38F Gen3 ESP-Shelly-C68F (8 MB
Slide 20: Product size comparison: 2 channel Relay
Product size comparison: 2 channel Relay 37 49 mm 45,5 mm mm 42 mm Shelly 2PM Gen4 54 mm Sonoff Dual R3 42 mm Aqara DR Module T2 Shelly 2PM Gen3 36 46 mm 40,5 mm mm 42 mm Bosch L/S Control II 46 mm 47 mm SwitchBot Relay Switch 2PM Plejd REL-02
Slide 21: Product benchmarking: 2 channel Relay
Product benchmarking: 2 channel Relay Product Shelly 2PM Gen3 Sonoff Dual R3 Aqara DR Module T2 Bosch L/S Control II Plejd REL-02 SwitchBot Relay Switch 2PM Channel 2 channels 2 channels 2 channels 2 channels 2 channels 2 channels Protocols BLE, Wi-Fi 4, Matter(tba) BLE, Wi-Fi 4 Zigbee, Matter Zigbe
Slide 22: Financial Details
FINANCIAL DETAILS WOLFGANG KIRSCH
Slide 23: Financial Highlights Q1 23-25
Financial Highlights Q1 23-25 (in million EUR) Revenue EBIT Cash CAGR 37.1% CAGR 34.7% 26.5 17.2 -12.9% +11.9% 6.7 16.7 +29.0% 14.9 20.5 5.4 +23.0% +45.5% +46.6% 14.1 3.7 Q1 23 Q1 24 Q1 25 Q1 23 Q1 24 Q1 25 Q1 23 Q1 24 Q1 25 • Sustainable & significant growth • EBIT grows in line with revenue • Cash
Slide 24: Regional share and growth
Regional share and growth (in million EUR) 12.8 • Strongest region with good development 10.8 +19.1% despite weak general economic momentum DACH • New initatives give promissing outlook for the mid term 46,7% Q1 24 Q1 25 11.7 • Good development especially in Italy and 8.3 +41.0% Nordics Rest of Euro
Slide 25: Cash Flow
Cash Flow (in million EUR) 4,127 -545 -628 -214 16.725 • Inventory decreased by 7.2 M (16.1 M total) 13,985 • 3.8 M higher payments to supplier incl. prepayments • Increased customer payments by 5.2 M • VAT return of 2.2 M • Total R&D investments of 0.7 M • Leasing payment of 0.2 M • Overdraft repay
Slide 26: 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 in Sofia and in China (from 4-5 months to 3-4 months) • More shipments using sea freight • Start of negotiati
Slide 27: Profit & Loss Q1 23-25
Profit & Loss Q1 23-25 (in million EUR) Period Q12023 Q1 2024 Q12025 Revenue 14.116 20.536 +45,5% 26.464 +28,9% • Changes in distribution contracts & accounting reduce the gross margin and the marketing costs in 2025 Gross Profit 7.653 11.404 +49,0% 13.960 +22,4% GrossMargin 54,2% 55,5% 52,8% • One
Slide 28: Number of Premium App users grows faster than expected
Number of Premium App users grows faster than expected 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 +134,4% 45,0 • Positive development leaves room for 2026 and be
Slide 29: 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 1PM Gen4 ⚫ others Products ⚫ Shelly Outdoor Plug ⚫ Shelly DALI controller ⚫ Shelly 2PM Gen
Slide 30: Summary
Summary • Q1/25 revenue over target (29% vs • Regional expansion continues • 2025 and 2026 Guidance confirmed 25% growth) • Strong progress in moving from the • Measures to optimize working • All regions are growing above DIY to the professional market capital slowly show effects market averages • W
Slide 31: Q&A
Q&A Scan to download Scantosubscribetothe presentation newsletter
Slide 32: Appendix
Appendix
Slide 33: 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 34: Investor relations – 1st HY events
Investor relations 1st HY events Jan Feb Feb Feb Apr May May June 17 5&6 25 27 23 & 24 15 29 5 Roadshow in Montega HIT 2024 Roadshow in Planet Microcap Q1 Die Erste – General Munich Hamburg Trading Update London Conference in Las Trading Investment Meeting of the Guidance Vegas Update Conference in
Slide 35: Investor relations – 2nd HY events
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 36: 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 37: 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 38: Investor relations
Investor relations Denitsa Georgieva Investor Relations Officer investors@shelly.com