Shelly Group reports strong growth in revenue, profit and platform users in Q1 2026, driven by platform expansion, international growth and new product categories.
Shelly Group reports strong results for the first quarter of 2026, driven by continued platform expansion, international growth, and expansion into new product categories and market segments.
In Q1 2026, Shelly Group increased revenue by 25.9% to EUR 33.3 million, while strengthening its capital position and operational foundation for the second half of the year. EBIT rose by 30.4% to EUR 8.6 million, while net profit increased by 33.5% to EUR 7.5 million. Free cash flow grew by 77.5% to EUR 6.4 million. The company confirms its outlook for 2026.
Growth during the period was supported by expanding international presence (local teams have been established in the UK, the Iberian Peninsula (Spain and Portugal), France, and Italy) and increased penetration in the professional segment. The installer network reached 6,700 members, with approximately 1,400 new professionals added in Q1 2026. The company also continued to expand its distribution partner network, further improving access to new markets and customer segments.
The company notes that it launched the Shelly Plug M and BLU Presence Sensor in the first quarter. For the second quarter of the year, it plans to launch the Indoor Camera, Plug C, Loqed Pure Smart Lock, and smart circuit breakers (Pro & Mini). In the second half of the year, the company plans to launch an AI-powered outdoor camera, the TRV Entry Series, and other products.
“The first quarter of 2026 confirms our sustainable profitable growth. We increased both revenue and profitability, strengthened our capital position, and laid the operational foundation for a strong second half of the year. With planned product launches, continued expansion of our installer network, and stronger international presence, we believe we are well positioned to achieve our full-year guidance,” said Wolfgang Kirsch, Co-CEO of Shelly Group.
Shelly Cloud reached more than 2.9 million active users, while households using Shelly solutions exceeded 6.2 million. Premium app users increased to 41,000, confirming the growing importance of software services and added-value functionalities within the Shelly ecosystem.
The company continues to develop its integrated platform combining hardware, software, and cloud services for smart building management, automation, and energy efficiency. The portfolio is expanding into new categories including smart locks, HVAC solutions, smart cameras, smart circuit breakers, and energy management systems. This portfolio expansion creates opportunities for deeper integration between hardware, software, and cloud-based services, supporting the long-term development of the Shelly platform.
Shelly is also advancing next-generation products, including AI-enabled cameras, new smart lock series, and advanced energy management devices. In parallel, the Shelly X platform expands the ecosystem through integration of Shelly technologies into third-party solutions, creating new opportunities for scaling across industrial and consumer segments.
A key strategic project for 2026 is the new automated manufacturing facility in Plovdiv, Bulgaria. The facility is designed to produce electronic modules, some of which will be manufactured exclusively in Bulgaria, as well as selected Shelly devices. Full production capacity is expected by the end of June 2026. The highly automated facility will strengthen production capabilities and provide greater control over key components and products within the Shelly portfolio.
Shelly Group confirms its guidance for 2026, expecting revenue between EUR 195–205 million and EBIT in the range of EUR 47–52 million.
