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%.

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

• Premium App user base grew 134.4% year-over-year, supporting deferred SaaS revenue.

• Expanded installer network to over 1,200 participants and increased cloud users by 700,000 in the last 12 months.

• Launched new products, including the Smart Lock line and energy management solutions, and continued to innovate with Gen4 devices supporting multiple protocols.

Financial highlights

• Revenue reached €26.5M in Q1 2025, up 28.9% year-over-year; EBIT grew 23% to €6.7M with a 25.2% margin.

• Net income was €5.6M (+23.6% YoY), with a net margin of 21.3%.

• Cash position improved to €16.7M (+11.9% YoY), with an overdraft facility up to €20M available.

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

• Gross margin was 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.

• Plans to grow 30–50% in the coming quarters, maintaining a buffer for market uncertainties.

• New product categories and regional expansion expected to support continued growth.