Shelly Group – 2025 Q3 cons. results – Increased growth and updated products

Increased growth and updated products

Q3 2025 consolidated results

• Shelly Group increased the sales growth in Q3. While they grew 32.8% YoY in Q3, in Q3 it was bumped to 37.4% YoY to reach EUR 90mln. Of those, EUR 86.3mln were from sales of products, which recorded 33.5% YoY increase. Sales from services and other marked a very promising increase from EUR 0.8mln to EUR 3.4mln, which indicates that non IoT devices sales are not so marginal anymore and could be a real diversification factor in the future even if there is long road to that.
• Additional revenues jumped from EUR 0.45mln to EUR 2.8mln and are due to revenues from FX operations or FX changes. Over the last year the Chinese Yuan (CNY) dropped ca. 9% with regards to the EUR and it is likely to be the main reason for it since the production is outsourced to production partners in China and the main markets are in EU.
• The sales of IoT products make up more than 96.1% of the revenues, hence the additional revenues, which compromise of sales of services, rents, FX instruments, play a fairly marginal role. They have revenues from their app, and it is likely that it is accounted under “services” revenues.
• The number of professional installers of their products has tripled to over 3,000 (it was 900 at YE 2024).
• The DACH region remained the main growth engine as it expanded with 38.8% to EUR 45.3mln sales. International expansion increased, especially in Italy and the Scandinavian region. The countries that marked the highest growths were Spain, Poland and the United Kingdom. Additionally, the company created another dedicated team for Belgium, Netherlands and Luxembourg, which is going to push the objectives.
• Sales cost increased 7.5% to EUR 10.3mln. In that, the interesting part is that marketing has decreased by ca. EUR 0.5mln but the expenses for fairs have increased by the same amount, which indicates the increasing B2B focus. Other than that, the sales cost account was up due to increases in transportation to clients and certification expenses.
• Within Other expense, which grew more than 5x to EUR 4.6mln, the biggest chunk is FX related expenses growing from EUR 0.3mln to EUR 2.3mln. This could be the result of the growing number of orders from their outsourced producers – inventory has gone up 27.6% to EUR 28.1mln.
• Within administrative expenses, which rose by over 33% to EUR 16.1mln, the biggest chunk is salaries – 66% of them – grew with almost 26%, which is in line with salary indexations and expansion. External services grew with 58% to EUR 4mln.
• EBIT and EBITDA increased with greater amounts as the push by the management to curb admin expenses improved profitability. EBIT increased by 44.7% to EUR 21.9mln. The greater inventory (27.6% increase to EUR 28.1mln) led greater amortization (EUR 1mln), resulting in EBITDA growth of 47.5% to EUR 22.9mln.
• Net Profit increased less – by 34.5% to EUR 18.5mln due to the higher growth in financial expenses and taxes. Taxes grew by 60% and financial expenses increased 4x due to financial leasing expenses and FX operational expenses. The growth appears great, because the initial value was very little – EUR 0.1mln. Net Profit margin dropped slightly to 20.61%. In the same time EBITDA margin increased to 25.47% and EBIT margin increased to 24.36%.
• Total assets increased 49.6% to EUR 113mln. The biggest driver was Trade receivables (going up 69% to EUR 46.7mln, adding EUR 19mln). Additionally, Cash increased 38% to EUR 15.7mln, Assets with the right to use skyrocketed from nearly zero to EUR 5.2mln, Inventory went up 27.6% to EUR 28.1mln and Intangible assets increased 78% to EUR 9mln.
• The company is very liquid considering their cash. Cash is nearly 6.3x their short-term loans and 2.2x their total debt. The rise in lease liabilities compared to last year is due to their move to rented office space.
• The targets for YE 2025 are for revenues between EUR 145mln and 155mln, EBIT between EUR 35mln and EUR 40mln. After the announcement of the Q3 results, the management confirmed that they are on track and will achieve the targets.
• New products:
  • Intelligent locks – the new series of intelligent locks will be out soon, ranging from premium models to economic and more accessible models.
  • Cameras – a range for that is prepared as well.
  • EcoFlow, the smart energy management system, and updated products of existing popular lines will be shown soon.
• On 13.10.2025, Shelly’s subsidiary, Shelly Europe EOOD, reached an agreement with its servicing bank United Bulgarian Bank to increase its overdraft from EUR 5.1mln to EUR 10.2mln. Additionally, another loan agreement for a revolving credit line was signed for EUR 12.8mln, adding effectively the opportunity to withdraw another EUR 17.9mln.

Full report can be downloaded here.