EQS-News

Shelly with successful start to 2024 – strong development in 3M 2024

EQS-News: Shelly Group AD / Key word(s): Quarterly / Interim Statement Shelly with successful start to 2024 – strong development in 3M 2024 15.05.2024 / 20:30 CET/CEST The issuer is solely responsible for the content of this announcement. Shelly with successful start to 2024 – strong development in 3M 2024

• Group revenue increased by 45.5% to EUR 20.5 million (BGN 40.1 million)
• EBIT grew by 44.8% to EUR 5.3 million (BGN 10.4 million)
• Group net profit raised by 50.4% to EUR 4.6 million (BGN 9.0 million)
• Shelly cloud user base grew to over 1.4 million (31 December 2023: 1.3 million)
• Opening of new factory building offers potential for short-term increase in production capacity
• Guidance 2024 confirmed: Revenue growth to EUR 105.0 million and increase in EBIT to more than EUR 26.0 million

 
Sofia / Munich, 15 May 2024 – Shelly Group AD (Ticker SLYG / ISIN: BG1100003166) (“Shelly Group“), a provider of IoT and smart building solutions based in Sofia, Bulgaria, has successfully started the financial year 2024 with a strong 3M 2024. Growth was driven in particular by the continued successful enlargement of distribution channels, a significant increase in the addressable customer base, and the strategic expansion of the product range. With positive revenue performance in all core markets, the German-speaking countries continued to make the largest contribution to growth with an increase of 45.5% to EUR 10.4 million (BGN 20.4 million). The Rest of Europe performed particularly well in Spain, Italy, and the Nordics. Australia showed promising development, albeit still at a low level.

Group figures (unaudited)

in EUR million		3M/24		3M/23		∆
Group revenues		20.5		14.1		45.5%
EBIT		5.3		3.7		44.8%
Net profit		4.6		3.0		50.4%
Equity ratio		89.1%		85.8%		3.8%
Operating cash flow		0.2		5.2		-96.2%
Cash and cash equivalents		14.9		15.7		-5.0%

Note: The equity ratio and cash comparison relates to the reporting dates 31 March 2024 and 31 December 2023. The figures for the three-month period 2024 are unaudited. Rounding differences may occur.