Q1 2026 Shelly Group AD Earnings Call Transcript
Key Points
- Revenue and EBIT exceeded internal expectations, indicating strong financial performance.
- Gross margin improved significantly, supporting cost development despite increased expenses.
- Geographic expansion with new subsidiaries in the UK, Iberia, France, and Italy strengthens local presence.
- Cloud user base grew by 40% year-on-year, with premium app users increasing by 44%.
- Successful onboarding of 1,400 new Pro installers in Q1, enhancing the ecosystem.
- Rest of Europe showed a slight decline in revenue, attributed to normalization after a previous spike.
- Increased sales and marketing expenses due to international expansion and new market entries.
- Challenges in accurately reporting regional sales due to cross-border product distribution in Europe.
- New product launches, such as cameras and smart locks, are expected to contribute more significantly in H2 rather than Q2.
- High inflation and transportation costs pose potential challenges, although currently mitigated by strategic measures.
Welcome to the Q1 earnings call 2026 of Shelly Group SE. I would like to welcome the company's CEO, Wolfgang Kirsch; Co-CEO, Dimitar Dimitrov; and CFO, Iliyana Krushkova, who will guide you through the figures in a moment, followed by a Q&A session via chat.
And with that, I hand over to you, Mr. Kirsch.
Yes. Thank you very much, and a warm welcome from our side as well to the trading update for Q1 '26 of Shelly Group. For the first time, we are three people in this call. So we hope that we can manage between the three of us. We have, as usual, Dimitar Dimitrov and myself.
And now we have Iliyana Krushkova. For the first time, as she joined us as CFO in January this year, we thought it's about time that you see her and that she takes over the numbers or the big part of the numbers from my side. And hopefully, she can as well answer all your questions afterwards much better than Dimitar and I did this in the past. So I will start with the typical update or information about what
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