Shelly Group Maintains Strong Growth in 6M 2024

Shelly Group AD reported significant growth in the first half of 2024, leveraging expansion in distribution channels and customer base. Group revenue rose 49.0% to EUR 41.8 million, while EBIT climbed 54.9% reaching EUR 10.8 million. Consolidated net profit saw a 58.4% increase, amounting to EUR 9.3 million.

The company emphasized the enhancement of its Shelly Cloud user base, which grew to 1.5 million users from 1.3 million at the end of 2023. The premium app contributed EUR 0.2 million in revenue for the first half and is projected to add EUR 0.6 million for the full year.

Geographical performance highlighted significant growth in German-speaking countries, with revenue climbing 62.8% to EUR 21.5 million. Other European regions such as Italy, Spain, and Benelux also performed well, with Asia and Australia showing promising developments.

For the full year 2024, Shelly Group reinforces its outlook, targeting revenue growth to EUR 105.0 million and an EBIT increase to more than EUR 26.0 million. The strategic expansion of sales channels and product portfolio continues to drive the company's growth.