Shelly Group reported a 28.9% year-over-year increase in revenue for the first quarter of 2025, reaching EUR 26.5 million. The company demonstrated solid growth across all key financial indicators and reaffirmed its ambitious annual forecast and expansion plans in core markets.
“2025 has started strong for us. We’re seeing growth across all regions, demand for our products remains high, and our diversified portfolio strategy is paying off. We’re particularly pleased with the faster-than-expected increase in premium service users,” said Wolfgang Kirsch, CEO of Shelly Group.
“The optimization of working capital is already showing tangible results. Despite ongoing economic challenges, we remain confident in our ability to outperform the market. We reaffirm our 2025 targets and our growth plans toward 2026,” Kirsch added.
In Q1 2025, Shelly Group’s earnings before interest and taxes (EBIT) rose to EUR 6.7 million (+23% YoY), compared to EUR 5.4 million in the same period of 2024. The EBIT margin stood at 25.2%, exceeding the company’s mid-term targets. Net profit reached EUR 5.6 million, up from EUR 4.5 million year-over-year.
Operating cash flow increased to EUR 4.1 million, up from EUR 3.3 million in Q1 2024. Cash and cash equivalents rose to EUR 16.7 million, compared to EUR 14.0 million at year-end 2024, ensuring the company’s financial stability to achieve its strategic goals. Shelly Group also reported a strong equity ratio of 86.2%, underlining its solid financial position.
Dimitar Dimitrov, CTO and co-founder of Shelly Group, commented:
“The growing interest in our premium features confirms that customers are increasingly seeking intelligent and value-driven automation solutions. We’ve planned launch campaigns for new devices and upgrades to key products in our portfolio throughout the remainder of the year.”
Expansion remains a top priority for the Shelly Group. DACH countries continue to lead with 19.1% year-over-year growth. Notably strong performance was also recorded in Italy and the Nordic countries. Markets across Europe (excluding DACH) posted a 41% increase, while other international markets grew by 34.6% compared to Q1 2024.
The Shelly Smart Control App now exceeds 2 million active users as of the end of March 2025, with rising demand for premium subscriptions. Shelly Group also reported that 9 million smart devices were sold in the last 12 months alone, bringing total cumulative sales to over 23 million units. More than 4.5 million households globally are now using Shelly products.
Based on this strong start to the year, Shelly Group confirms its full-year guidance for 2025, targeting revenue between EUR 145 and 155 million, and EBIT in the range of EUR 35 to 40 million.
