Shelly Group (SLYG) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue grew 28.9% year-over-year to €26.5M, surpassing guidance and internal targets, with EBIT up 23% to €6.7M and a margin of 25.2%, outpacing market averages in all regions.

• Premium App user base grew 134.4% year-over-year, driving deferred SaaS revenue and recurring revenues.

• Expanded installer network to over 1,200 participants, broadened product range with new smart locks and energy management solutions, and continued regional expansion.

• Cash position improved to €16.7M (+11.9% YoY), with working capital optimization and strong cash flow.

• All regions reported growth above market averages, with especially strong momentum outside the DACH region.

Financial highlights

• Revenue: €26.5M (+28.9% YoY), above 25% growth guidance; EBIT: €6.7M (+23% YoY), margin 25.2%.

• Net income: €5.6M (+23.6% YoY), net margin 21.3%.

• Cash: €16.7M (+11.9% YoY); overdraft facility up to €20M available.

• Equity ratio increased to 86.2%, reflecting a strong balance sheet.

• Gross margin: 52.8% (down from 55.5% YoY) due to changes in distribution contracts and accounting.

Outlook and guidance

• Confirmed 2025 revenue guidance of €145–155M and 2026 target of €200M or above, with new product categories and regional expansion expected to drive further growth.

• Plans to maintain 25–50% quarterly growth rates, with a buffer for potential market or product delays.

• Strategic focus on recurring revenues from premium app subscriptions and software services.