Shelly Group (SLYG) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 reached EUR 106.7 million (BGN 208.7 million), growing over 42% year-over-year and exceeding guidance, driven by strong device sales and expansion in services and regions.

• EBIT was EUR 25.7 million (adj. EUR 26.3 million), with a net income margin of 21.6% and net profit of BGN 45.1 million, reflecting improved operational efficiency.

• Professional installer channel expanded to 30% of revenue, and product portfolio grew to 122 products, with 46 updates and 26 new releases.

• Major business developments included acquisitions in Shelly Tech d.o.o. and Shelly Asia Ltd., and the sale of Shelly Properties EOOD.

• All regions outperformed market growth, with DACH leading and Rest of Europe and Asia showing strong momentum.

Financial highlights

• Revenue: EUR 106.7 million (BGN 208.7 million) in 2024, up from EUR 74.9 million (BGN 146.5 million) in 2023.

• EBIT: EUR 25.7 million (adj. EUR 26.3 million); net profit: EUR 23.1 million (BGN 45.1 million).

• Gross margin improved to 59.6% (BGN 124.4 million gross profit); net profit margin: 21.6%.

• Cash position at year-end: EUR 14 million (BGN 27.4 million); equity ratio: 81.4%.

• Inventory increased to EUR 22 million, with optimization planned for 2025–2026.

Outlook and guidance

• 2025 revenue guidance: EUR 145–155 million; EBIT: EUR 35–40 million.

• 2026 targets reaffirmed: EUR 200 million revenue, EUR 50 million EBIT.

• Growth expected from new product categories, regional expansion, and cloud services.

• Working capital and inventory optimization expected to show effects in H2 2025 and 2026.

• No direct impact anticipated from geopolitical conflicts; going concern basis remains appropriate.