EQS-News: Shelly performs a successful financial year 2024, with a profitable growth far above the average of the industry | 24.02.25

Shelly performs a successful financial year 2024, with a profitable growth far above the industry average

• Group revenues increase by 42.4% to EUR 106.7 million (208.7 million BGN)
• EBIT increases by 34.4% to EUR 25.7 million (50.3 million BGN)
• EBIT adjusted for the IFRS effect related to the sale of the office building has been erected to EUR 26.3 million.
• The consolidated net profit increases by 36.9% to 23.1 million EUR (45.1 million BGN)
• R&D, working capital and expanding the product powered by cash flow from operations
• Increasing the Shelly Cloud users base to about 1.9 million (December 31, 2023: 1.3 million)
• Perspectives 2025: Increasing revenue up to EUR 145 million and EUR 155 million (284 million BGN to 303 million BGN) and an increase EBIT at EUR 35 million and EUR (68 million BGN up to 78 million BGN)

Sofia / Munich, 24 February 2025 – Shelly Group SE (Ticker Slyg / Isin: BG1100003166) (“Shelly Group”), a IoT and Smart Building Solutions supplier in Sofia, Bulgaria, continued to grow profitably over the average of the industry in the financial year 2024, based on the preliminary figures by expanding its international distribution channels and a geographical fingerprint, widening, broadening its portfolio of products and services and increasing the share of sales to professional users. With a performance of income above the average of the market in all sales regions, German -language countries continued to contribute the highest growth contribution, with an increase of 36.0% to EUR 49.9 million (97.6 million BGN) . The international expansion of the distribution structures continued to accelerate, with a very strong growth in Italy and the Iberian Peninsula. The rest of Europe increased by 47.4%, and the rest of the world by up to 54.5%.

Group figures (unauthorized)

in EUR millions	12m/24	12m/23	∆
Group income	106.7	74.9	42.4%
EBIT	25.7	19.1	34.4%
Marja edit	24.1%	25.5%	-5.6%
Net profit	23.1	16.8	36.9%
The equity report of one’s own	81.4%	85.8%	-5.2%
Operational cash flow	2.8	7.7	-63.6%
Cash and cash equivalents	14.0	15.7	-11.1%

Note: The equity report and the cash comparison refer to the reporting data on December 31, 2024 and December 31, 2023. The figures for the twelve months 2024 are not audited. Rounding differences may occur.

Shelly Group obtained an increase of 42.4% a Group income up to EUR 106.7 million (208.7 million BGN) during the twelve months of 2024. Revenue before interest and taxes (EBIT) increased by 34.4% to EUR 25.7 million (50.1 million BGN). The EBIT margin remained at a high level of 24.1%. Here, the sale of the previous office office building through the corresponding real estate company, whose revenues are recognized as income from interrupted operations, must be taken into account. EBIT adjusted For the corresponding IFRS effect it was lifted to EUR 26.3 million. In addition to increased sales and marketing expenses in relation to equitable participations, third -party marketing activities and online advertising, the sale of products from previous generations had a visible impact. The net group result increased by 36.9% to EUR 23.1 million (45.1 million BGN).

With one The equity report of one’s own From 81.4% on December 31, 2024, the Shelly group has a solid balance (December 31, 2023: 85.8%). Here, the reimbursement of the liabilities by using the revenues from the sale of the previous office building was compensated by the future rental expenses to be recognized in accordance with IFRS 16.

With a cash flow of EUR 2.8 million (5.4 million BGN), cash flow of operating activities during the twelve months of 2024 reflects in particular an increase in growth working capital From the company’s funds to strengthen the growth impulse. The proper growth of stocks was compensated by a general improvement in debt management. Improved planning using the recently implemented SAP system, increasing staircase economies and faster inventory turnover, as well as more efficient deliveries and shorter payment conditions, are expected to contribute to working capital from 2025. The flow of cash from investment activities reflect investments in research and development, as well as the purchase of another 16% in Shelly Tech (Goap), the purchase A more 50% in Shelly Asia LTD and the sale of former office building (shelly properties). The cash flow from the financing activities was assigned in particular to the payment of dividends and the reimbursement of financial liabilities. Cash and cash equivalents decreased accordingly to EUR 14.0 million (27.3 million BGN) from December 31, 2024, compared to EUR 15.7 million (30.7 million BGN) on December 31, 2023. The Shelly Group has a solid capital and a structure financial for additional growth.

Perspectives for 2025

For the current financial year 2025, the Board of Directors is expected to increase revenues between EUR 145 million and EUR (284 million BGN to 303 million BGN) and an increase EBIT to EUR 35 million (68.5 million BGN 68.5 million BGN at 78.2 million BGN). In the last financial year 2024, the revenues amounted to EUR 106.7 million (BGN 208.7 million; forecast: EUR 105.0 million, 205.3 million BGN) and EBIT at 25.7 million EUR (50.3 Million BGN; high: EUR 26.3 million).

Wolfgang Kirsch, Co-Ceo Al Shelly Group, about business development: “The Shelly group looks back at a successful financial year and is operational about reaching its medium -term targets 2026. It is particularly pleasant that all regions have grown far above the average of industry and that we have significantly increased professional users in sales. In the current financial year 2025, we will continue the regional expansion and strong progress that we have already made in the diversification of our sales markets from DIY to professional users. A wider product range will support future growth, while our cloud and premium app will unlock additional income potential. “

Call to winnings:

Dimitar Dimitrov and Wolfgang Kirsch Co-Ceoi will comment on unauthorized consolidated results for financial year 2024 through a web presentation 25 February 2025, 09.00 CET (10.00 Eet). Webcast/call will take place in English.

Please register To participate in the webcast/call to:
Shelly Group – Call for unauthorized winnings 12m 2024.

The unauthorized report of twelve months is available in the financial publications/results on the company’s website at corporate.shelly.com.

Note: The EUR/BGN exchange rate is fixed at 1 EUR = BGN 1.95583.

About Shelly Group

Shelly Group se It is a company that has a technology that represents innovation through the development, manufacture and distribution of high quality IoT products. End users and their needs are always at the center of development. Shelly Group has been founded in Bulgaria and works with a team of young, talented developers, dedicated to the production of competitive products and easy to use. The group consists of 6 subsidiary companies and has offices in Bulgaria, Germany and Slovenia, as well as in China and the USA. The Shelly Group products have already won over 100 markets. Shelly Group was listed on the Bulgarian Stock Exchange in December 2016 and on the Frankfurt Stock Exchange in November 2021, where its actions are traded under the GSIN A2DGX9, ISIN BG1100003166, Ticker Slyg.

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