Shelly with unabated growth in 6M 2024 – expansion of distribution channels and addressable customer base

EQS-News: Shelly Group AD / Key word(s): Half Year Results/Half Year Report Shelly with unabated growth in 6M 2024 – expansion of distribution channels and addressable customer base 13.08.2024 / 21:00 CET/CEST The issuer is solely responsible for the content of this announcement. Shelly with unabated growth in 6M 2024 – expansion of distribution channels and addressable customer base

• Group revenue grows by 49.0% to EUR 41.8 million (BGN 81.7 million)
• EBIT increases by 54.9% to EUR 10.8 million (BGN 21.1 million)
• Consolidated net profit grows by 58.4% to EUR 9.3 million (BGN 18.1 million)
• Targeted increase in working capital from own funds to strengthen growth momentum
• Growth in Shelly Cloud user base to around 1.5 million (31 December 2023: 1.3 million)
• Premium app develops promisingly with continuous growth
• Outlook for 2024 reinforced: Revenue growth to EUR 105.0 million and increase in EBIT to more than EUR 26.0 million

Sofia / Munich, 13 August 2024 – Shelly Group AD (Ticker SLYG / ISIN: BG1100003166) (“Shelly Group”), a provider of IoT and smart building solutions based in Sofia, Bulgaria, has recorded unabated growth in 6M 2024 with the expansion of distribution channels and addressable customer base. Another growth driver was once again the expansion of the product range (excluding accessories) by around 31% to over 90 products. The initial figures for the use of the premium app are promising. After around EUR 0.2 million in the first half of the year, a revenue contribution of EUR 0.6 million with a gross margin of almost 100% is expected for the full year 2024 with continuous growth. With revenue growth above the market average in all sales regions, the German-speaking countries continued to make the largest contribution to growth with an increase of 62.8% to EUR 21.5 million (BGN 42.1 million). The rest of Europe performed well, particularly in Italy, Spain, and Benelux, and is set to gain further momentum with the expansion of regional sales structures. In the rest of the world, Asia and Australia showed promising development.