Shelly Group (SLYG) Q4 2025 earnings summary

Executive summary

• Achieved all 2025 financial targets, with revenue reaching €149.7M (up 40% YoY), adjusted EBIT at €37.7M and a margin of 25.2%, both in line with guidance, and strong growth across all regions, significantly outperforming the market growth rate of 10-15% year-over-year.

• Expanded installer network by 494% to 5,300, launched new subsidiaries in Poland and Benelux, and increased geographic balance across Europe.

• Customer base grew to an estimated 5.6 million households, with 2.7 million cloud users (+46% YoY), 38,000 Premium App users (+61% YoY), and premium subscription revenue up 78% YoY.

• Customer satisfaction improved, with NPS for the overall solution at 56 and for the app at 37, both showing year-over-year gains.

• Significant product innovation, including new device generations (Gen3, Gen4), AI assistant launch, and expansion into new categories like cameras, locks, and circuit protection.

Financial highlights

• Revenue reached €149.7M (BGN 292,869 thousand), a 40% increase year-over-year, outperforming the market by 2.5x.

• Adjusted EBIT grew 43% to €37.7M, with an adjusted EBIT margin of 25.2%, meeting long-term targets.

• Net income rose to €25.5M (BGN 49,830 thousand), with a net margin of 17.0%.

• Free cash flow from operations was €5.3M; over €4M invested in R&D and €2.4M dividend distributed.

• Gross margin stable at around 58% (57.8%).

Outlook and guidance

• 2026 revenue guidance set at €195–205M, with EBIT expected between €47–52M, maintaining a 25% EBIT margin.

• Growth rate expected to moderate to 34% due to higher base, but still 2–3x market growth.

• H2 2026 expected to deliver stronger growth due to new product launches and expanded teams in eight European countries.

• Four new markets to be entered in FY26, expanding global presence to 10 countries.

• Product roadmap includes new categories (cameras, locks, circuit breakers, AI assistant) and entry-level devices to attract new customers.