Shelly Group (SLYG) Q3 2025 earnings summary

Executive summary

• Nine-month 2025 revenue reached €86.98 million, up 33.8% year-over-year, with EBIT up 42.7% to €21.9 million and an EBIT margin of 25.2%, outpacing the estimated market rate of 10–15%.

• Regional performance consistently outperformed the market, with all regions above market growth and 31 consecutive quarters of revenue growth.

• Strategic focus on expanding from DIY to professional markets, with Pro segment share rising from 30% to 35% and installer network growing from 900 to over 3,000 members.

• Product innovation pipeline includes smart locks, cameras, and connected circuit breakers, with significant launches expected in 2025 and 2026.

• Acquisition of LOQED strengthens position in the smart lock segment.

Financial highlights

• Revenue for the nine months was €86.98 million, up 33.8% year-over-year; EBIT grew 42.7% to €21.9 million, with a margin of 25.2%.

• Net income for 9M 2025 was €18.53 million, up 34.5% year-over-year, with a net income margin of 21.3%.

• Q3 EBIT margin reached 29.5%, driven by supply chain optimizations and favorable FX, with no one-off items.

• Free cash flow improved, with operations generating €6.9 million more cash and cash levels at €15.7 million at September-end.

• Premium app users nearly doubled year-over-year, with related revenue up 76.7%.

Outlook and guidance

• 2025 revenue guidance remains €145–155 million, with EBIT expected at €36–38 million and margin above 25%.

• 2026 targets are revenue above €200 million and EBIT above €50 million, maintaining EBIT margin above 25%.

• Product launches (cameras, locks, breakers) expected to impact revenue, with cameras and locks contributing in H1 2025 and breakers in H2.

• Regional expansion to continue, with new teams in Spain, UK, France, and further growth in Nordics and Poland.

• Management expects continued growth in sales and inventory levels due to expanding product assortment and market demand.