Shelly earned significantly more than last year thanks to an improved product mix and accounting changes.
In the first three months, the gross margin increased from 53.8 to 61.1 percent, the company announced on Monday evening. Earnings before interest and taxes (EBIT) climbed by 30.4 percent to 8.6 million euros, and the corresponding margin increased by 0.9 percentage points to 25.9 percent. The bottom line is that profits jumped by a third to 7.5 million euros. In mid-April, the Bulgarian provider of Internet of Things and Smart Home solutions had already announced a 26 percent increase in sales to 33.3 million euros.
The expected growth in the 2026 financial year will continue to be more concentrated in the second half of the year, the statement said. Shelly pointed to planned product launches in the second quarter and second half of the year. In addition, the international sales structure was strengthened, with the installer network increasing by 1,400 to 6,700 members in the first quarter. Shelly continues to expect sales of 195 to 205 million euros and an EBIT of 47 to 52 million euros for 2026.
The news initially did not lead to any noticeable price movements in after-hours trading.
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SOFIA (dpa-AFX)
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