A Bulgarian company that designs and sells connected devices for electrical control, energy management and building security.
Updated
Shelly sells connected devices for homes and commercial buildings. Its core product is a small electronic switch, called a relay, that sits behind an existing wall switch or inside an electrical panel. A user can then control the circuit locally, through Shelly's app, or through a compatible third-party system. The range now extends from relays into energy meters, circuit breakers, plugs, sensors, displays and locks; cameras are the next planned category. S132 S133
| Develop | Shelly develops the hardware, firmware and software. Most devices are made by outside factories; Shelly also operates a production line in Plovdiv. | S043 S129 |
|---|---|---|
| Sell | Products reach customers through distributors and retailers, Shelly's own websites and direct sales. The customers include do-it-yourself users, electricians and professional installers. | S043 S133 |
Products sold today
Management groups the Shelly range into core automation, energy management, and safety and security. The table below breaks those headings into the products a customer can buy.
| Product area | Products | What they do | Main forms |
|---|---|---|---|
| Relays, switches and dimmers | Relay and switching modules; dimmers; shutter and blind controllers. | Fit behind an existing wall switch or in an electrical panel to control a circuit without replacing the visible switch. | Shelly 1, 1PM and 2PM; Mini, Gen3, Gen4, Pro and Wave variants. S132 S133 |
| Plugs and power strips | Smart plugs and multi-socket power strips. | Add app control, schedules and, on many models, power measurement without electrical installation. | Plug S, Plug M, Outdoor Plug and Power Strip families. S132 S133 |
| Energy and circuit protection | Single- and three-phase energy meters; power-monitoring modules; HVAC controls; smart circuit breakers; products used to monitor solar-power systems. | Measure electricity use, control loads and heating, and protect circuits. | EM and 3EM meters, PM modules and panel-mounted Pro Circuit Breakers. S132 S133 |
| Sensors | Motion and presence; flood and moisture; smoke and gas; door/window; temperature and humidity sensors. | Detect a person, leak, environmental change or opened door, then alert the user or trigger an automation. | Wired and battery devices sold under Shelly and BLU names. S082 S132 S133 |
| Lighting, displays and climate | Smart bulbs; RGBW and LED controllers; wall displays; thermostatic heating controls; air purifiers. | Control lighting and room temperature, display device data and operate other Shelly products from a wall panel. | Dimmers and bulbs, Wall Display models and thermostatic controls. S082 S132 S133 |
| Locks and access | LOQED smart door locks. | Provide keyless access by phone, PIN or local button and connect the lock to other automations. | LOQED Touch and LOQED Pure. S132 S133 |
| Software and embedded products | Shelly Smart Control app; Shelly Cloud and Premium service; local controls and APIs; Shelly X modules used inside partners' products. | Set up devices, view data, build automations and give third-party products access to Shelly's controls and app. | Mobile and web software, cloud subscriptions, on-device interfaces and “Powered by Shelly” partner products. S133 S134 |
| MyKi | Children's watches, personal and vehicle trackers, and the MyKi Care thermometer. | Location, communication and care functions outside the main smart-building range. | Wearables, portable trackers and a connected thermometer. S082 |
Current catalogue variants use Wi-Fi, Bluetooth, Zigbee, Z-Wave, Matter, KNX/IP and LAN. Gen4 combines Wi-Fi, Bluetooth, Zigbee and Matter in the same generation. S054 S132 S133
Shelly reports revenue by brand and sales channel, not by individual model or product family. See Revenue.
The status and dates below are from the H1 earnings materials published on 12–13 August 2026.
| Status | Products | What they add |
|---|---|---|
| Launched · Q1 | Shelly Plug M; BLU Presence Sensor. | A plug-in controller with power measurement and a sensor that detects whether a space is occupied. S056 S133 |
| Launched · Q2 | Pro Circuit Breaker; LOQED Pure Smart Lock; Flood Sensor. | Connected circuit protection for professional installations, a new LOQED lock, and water-leak detection. Management said Pro Circuit Breakers were entering mass production in August. S056 S130 S133 |
| Planned · Q3 | Indoor Camera. | A new camera category. The camera was to include three months of Premium cloud service; after that, customers could pay for the cloud service or use local SD-card storage with fewer cloud functions. S129 S133 |
| Planned · Q4 | Mini Circuit Breaker; AI Outdoor Camera; entry-level thermostatic radiator valve series; LOQED entry series. | Lower-cost circuit protection, outdoor video, lower-cost heating control and entry-level smart locks. S056 S133 |
Latest earnings-call view. Management expected the H1 products to reach more customers during the second half, with the new camera category contributing most strongly in the fourth quarter. It also expected cameras to increase use of the paid Premium service. S056 S129 S130 S133
The schedule moved during H1. In May, the Q1 presentation placed the Indoor Camera and Mini Circuit Breaker in Q2. By 13 August, the Indoor Camera was scheduled for Q3 and the Mini Circuit Breaker for Q4. S128 S133
Other products shown in 2026. At Light + Building in March, Shelly presented Plug C and Plug C PM, Wall Display X2i, The Pill sensor interface, and BLU and Wave miniature circuit breakers. These were a mixture of premieres, previews and prototypes rather than one dated launch group. S135
Production
Shelly does not own its main Chinese factory. A manufacturing partner makes most devices there. Shelly now also has its own automated line in Plovdiv, Bulgaria.
| Location | Who operates it | What it makes | Capacity, spending and current status |
|---|---|---|---|
| China · principal device plant | Contract manufacturer | Most Shelly devices. | Much of production was concentrated in Shenzhen by 2021. Two lines were added in 2023. The principal plant reached 1.5m devices a month in the second half of 2025; Shelly planned capacity of up to 2m a month during 2026. The manufacturer, not Shelly, paid for that expansion. S038 S125 S126 S127 |
| Plovdiv, Bulgaria | Shelly | Electronic modules and devices using Zigbee, a low-power wireless standard. | By 30 June 2026, Shelly had acquired EUR909k of machinery and recorded EUR150k of fit-out work. Management expected no further material spending on the facility. In August, the line was making 10,000-unit trial batches of each Zigbee model. Shelly planned to move those products from China by the end of 2026 or early 2027, while retaining China as a backup. S128 S129 S130 |
| China · LOQED locks | Contract manufacturer | LOQED smart locks. | The LOQED asset purchase in July 2024 gave Shelly access to the existing lock-manufacturing plant and its suppliers. S131 |
Allterco was still mainly a mobile-services company. SHE and Wi-Fi SHELLY devices were being tested; the MyKi children's watch was already on sale. S001
Paid Shelly Cloud subscriptions began in 2023. S026
KNX, DALI, third-party-device control and Z-Wave functions broadened the range, and the LOQED purchase added smart locks. S036
Gen4 products combined Wi-Fi, Bluetooth, Zigbee and Matter. S054
In 2020, Allterco Trading placed MyKi production orders, Allterco Robotics placed Shelly production orders and handled EU distribution, and Global Teracomm handled Shelly distribution outside the EU. S002
| Date | Sales, users and professional adoption | Notes |
|---|---|---|
| First quarter 2021 | 610,664 devices sold: 594,251 in Europe and 16,413 in the Americas. | Europe accounted for 97.3% of units. S012 |
| 5 Oct. 2023 | More than 10m Shelly devices sold since 2018; 1.1m Shelly app users. | S051 |
| 2024 | About 1.9m Shelly Cloud users; professional customers generated about 30% of revenue; the installer network opened in April. | The professional share was about 20% in 2023. S036 |
| 2025 | 2.7m active cloud users; 38,000 premium-app users; 5,300 registered installers; about 5.6m activated households; 57% repeat buyers; 4.4 devices per buyer. | Premium users rose 61%, subscription revenue 78%, and professional customers generated about 35% of revenue. S038 |
| First half 2026 | 2.9m active Shelly Cloud users and 8,600 installer-network members. | Installers rose from 6,700 at the end of the first quarter. S083 S048 |
Almost all revenue comes from electronic devices. The accounts divide device sales between Shelly home-automation products and MyKi watches and trackers, then by sales channel. The smallest product split is therefore the brand: there is no separate revenue figure for relays, plugs, sensors or other individual products. Services and rent appear together in one line.
Years ended 31 December · BGN millions
| Revenue line | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Shelly · wholesalers and business customers | 72,309 | 125,386 | 185,079 | 242,159 |
| Shelly · online retail customers | 16,135 | 17,843 | 20,488 | 48,592 |
| Shelly · other direct retail | 91 | 38 | 45 | 47 |
| Shelly total | 88,535 | 143,267 | 205,612 | 290,798 |
| MyKi · wholesalers and business customers | 4,157 | 2,845 | 1,991 | 437 |
| MyKi · online retail customers | 267 | 127 | 102 | 88 |
| MyKi · other direct retail | 48 | 62 | 4 | 2 |
| MyKi total | 4,472 | 3,034 | 2,097 | 527 |
| Services and rent | 171 | 241 | 995 | 1,544 |
| Consolidated revenue | 93,178 | 146,542 | 208,704 | 292,869 |
The group still owned telecommunications businesses during part of this period. The table keeps the categories used in each year's accounts.
| Year | Production | Goods | Services | Others | Total |
|---|---|---|---|---|---|
| 2016 | 0 | 3,820 | 28,827 | 142 | 32,789 |
| 2017 | 0 | 7,374 | 31,812 | 591 | 39,777 |
| 2018 | 0 | 10,949 | 33,931 | 286 | 45,166 |
| 2019 | 0 | 21,039 | 12,279 | 142 | 33,460 |
| 2020 | 639 | 38,478 | 7,225 | 184 | 46,526 |
| Year / geography | Revenue by area | Total | Large customers |
|---|---|---|---|
| 2022 · EU / third countries / Bulgaria | 71,800 / 15,876 / 5,502 | 93,178 | Allnet GmbH 18,036 (19.36%); Amazon 4,295 (4.60%) |
| 2023 · EU / third countries / Bulgaria | 127,724 / 15,373 / 3,445 | 146,542 | Allnet GmbH 46,355 (31.63%); Amazon 32,388 (22.10%) |
| 2024 · EU / third countries / Bulgaria | 179,650 / 25,786 / 3,268 | 208,704 | Two EU customers each contributed at least 10% |
| 2024 shown on 2025 basis · DACH / rest of Europe / rest of world | 95,859 / 96,265 / 16,580 | 208,704 | — |
| 2025 · DACH / rest of Europe / rest of world | 121,575 / 145,694 / 25,600 | 292,869 | — |
Labels and currencies changed over time. The table keeps the wording and currency used in each report.
| Period | Device / goods label | Amount | Service label | Amount | Total | Unit |
|---|---|---|---|---|---|---|
| First half 2017 | Goods | 4,589 | Services | 12,829 | 17,418 | BGN thousands S008 |
| First quarter 2024 | Sale of goods and production | 40,009 | Services and rents | 155 | 40,164 | BGN thousands S032 |
| First half 2024 | Sale of goods and production | 81,239 | Services and rents | 417 | 81,656 | BGN thousands S033 |
| Nine months 2024 | Sale of devices | 126,397 | Services and rentals | 641 | 127,038 | BGN thousands S034 |
| First quarter 2025 | Devices | 51,564 | Services | 195 | 51,759 | BGN thousands S039 |
| First half 2025 | Devices | 104,850 | Services | 700 | 105,550 | BGN thousands S040 |
| Nine months 2025 | Devices | 168,792 | Services | 1,244 | 170,036 | BGN thousands S041 |
| First quarter 2026 | Devices | 32,965 | Services | 355 | 33,320 | EUR thousands S042 |
| First half 2026 | Devices | 67,582 | Services | 682 | 68,264 | EUR thousands S043 |
Most revenue in the first half of 2017 came from mobile operators. Sales in the Americas rose from BGN479,939.71 in the first half of 2020 to BGN1,188,279.39 in the first half of 2021. S008 S018
| Disclosure | Devices and sales or revenue | Measure |
|---|---|---|
| 6 Dec. 2023 | More than 1.1m devices; EUR14.5m / BGN28.4m | Black Friday sales S052 |
| 6 Dec. 2024 | Around 2m devices; the announcement gives both EUR24.0m and BGN25.9m | Black Friday sales S053 |
| 2025 annual report | EUR36.0m | Fourth-quarter Black Friday revenue S038 |
Shelly Group SE is the parent company. Its registered office is at 51 Cherni Vrah Blvd., building 3, floors 2–3, 1407 Sofia, Bulgaria. It controls seven subsidiaries in Bulgaria, Germany, Poland, the United States, Slovenia and China. The group began as Allterco, sold its telecommunications businesses, concentrated on connected devices, changed its name to Shelly and adopted the European Company (SE) legal form. S043
Shelly owns the percentages shown below. It bought the remaining 24% of Shelly Tech on 12 August 2026. Ground Solutions Group is an associate: Shelly has an investment in it but does not control it.
Solid line subsidiary Dashed line associate
Shelly received the Ground Solutions Group interest in 2024 when Corner Solutions EOOD merged into it. The 2024 accounts gave the interest as 10%; the June 2026 accounts give 8,010 preferred shares, or 8.495%.
The parent bought Teracommunications EOOD and renamed it Allterco Robotics, then bought 67% of Allterco Finance. It also acquired Allterco Pte, the remaining 20% of Teracomm RO, minority stakes in Tera Communications AD, direct ownership of Allterco SDN and a 49% interest in Thailand. It sold Mobimex International, ATLC Pte, MPay Pte, Tera Communications GmbH and EDS Ltd. S001
Allterco bought the remaining minority interests during the year. S002
Allterco sold Teravoice, Tera Communications, Alterpay, Teracomm RO and Tera Communications DOOEL to LINK Mobility. Proceeds, including preliminary restructuring, were BGN16.475m. S002
Four share-purchase agreements completed the first stage for EUR2.0m. The Slovenian company was later renamed Shelly Tech. S005
Shelly paid EUR586,666.30 for another 16%. S046
The additional 50% cost EUR520,000. S043
Shelly sold the subsidiary for BGN6.763m (EUR3.5m). S007
The new wholly owned subsidiary had PLN1.6m (EUR374,000) of capital. S043
| Date | Companies and interests | Details |
|---|---|---|
| 28 Apr. 2016 | Tera Communications 100%; Teravoice 100%; Allterco Robotics 100%; Allterco Finance 67%; Alterpay 100%; Tera Communications DOOEL 100%; Teracomm RO 100%; Allterco Pte 100%; Allterco SDN 100%; Allterco Co 49% associate; Global Teracomm 67%. | Tera Communications was held 99.98% directly and 0.02% through Teravoice. Global Teracomm was its subsidiary. S001 |
| 2020 | Allterco Asia Ltd was held at 30%, with an option for up to another 50%. Trading handled MyKi orders and delivery, Robotics handled Shelly production and EU distribution, and Global Teracomm handled Shelly outside the EU. | Allterco Co was classified as a subsidiary in 2020 after being classified as a 49% associate in 2019. S002 |
Shelly has one Board of Directors. Five directors set and supervise the company’s direction. Two of them—Dimitar Dimitrov and Wolfgang Kirsch—also lead day-to-day operations as co-chief executive officers (Co-CEOs). Six other executives complete the operating team. S031 S043
| Person | Board role | Day-to-day role | Note |
|---|---|---|---|
| Christoph Vilanek | Chairman | — | Chairman since 1 Jan. 2024. S043 S084 S089 |
| Nikolay Martinov | Deputy Chairman; independent director | — | S043 S084 |
| Dimitar Dimitrov | Executive Director; may represent the company | Co-CEO; Group CEO and Head of Research & Development | S043 S048 S084 |
| Wolfgang Kirsch | Executive Director; may represent the company | Co-CEO; CEO of Shelly Group SE | Director since 8 Apr. 2022. S043 S048 S090 |
| Svetlin Todorov | Director; may represent the company | CEO of US operations | S043 S084 |
Dimitrov, Kirsch and Todorov may each sign for Shelly alone or together with another representative. S043
| Person | Experience |
|---|---|
| Christoph Vilanek | More than 14 years as CEO of listed companies; earlier roles at boo.com, McKinsey, Debitel and Freenet. |
| Nikolay Martinov | Capital-markets, public-company and finance experience, including broker roles and co-founding Impetus Capital. |
| Dimitar Dimitrov | Technology, telecommunications and IoT entrepreneur; built Teracomm and the later Allterco holding with Svetlin Todorov. |
| Wolfgang Kirsch | He joined the group as CEO of Allterco Europe GmbH in November 2021 after a MediaMarktSaturn career that included the COO role. That subsidiary role preceded his parent-Board appointment. |
| Svetlin Todorov | Telecommunications, media, technology and advertising experience; oversees US operations and business partnerships. |
The annual shareholder meeting appointed Dimitar Dimitrov, Svetlin Todorov and Nikolay Martinov. Viktor Atanasov and Rashko Kostov left the Board that day. S009
Shareholders gave the same three directors another five-year term. S012
Wolfgang Kirsch became CEO of Allterco Europe GmbH; he joined the parent Board the following April. S092
The first team comprised the two Co-CEOs, Mirche Atanasovski as Chief Commercial Officer, Svetozar Iliev as Chief Financial Officer, Ivan Zahov as Chief Marketing Officer and Leon Kralj as Chief Technology Officer. S045
Christoph Vilanek became Chairman after Bieler resigned for capacity reasons. S089
Founders Dimitar Dimitrov and Svetlin Todorov together control 56.63% of Shelly. No other shareholder is reported above 5%; all smaller holdings together make up the other 43.37%.
Shelly published the full ownership table on 30 June. On 13 August, Todorov transferred 1,184,995 of his shares to Salisto Holdings, a company he alone controls. His total interest did not change.
| Shareholder | Shares | Ownership | How held | Date and source |
|---|---|---|---|---|
| Dimitar Dimitrov | 5,237,564 | 28.84% | Held directly | 30 Jun. 2026 S043 |
| Svetlin Todorov, including Salisto Holdings | 5,045,620 | 27.79% | Todorov holds 3,860,625 shares (21.26%) directly. Salisto, which he alone controls, holds 1,184,995 (6.53%). | 18 Aug. 2026 S049 |
| All other shareholders below 5% | 7,874,876 | 43.37% | All holders whose individual stake is below 5% | 30 Jun. 2026 S043 |
| All issued shares | 18,158,060 | 100.00% | Total | 18 Aug. 2026 |
| Named companies at 31 March 2026 — included in “all other shareholders” above | ||||
| Unicom Consult EOOD | 74,750 | 0.41% | Martinov is sole owner and manager of the legal holder | 31 Mar. 2026 S121 |
| Impetus Capital OOD | 162,000 | 0.89% | Martinov is manager and 50% partner of the legal holder | 31 Mar. 2026 S121 |
| Impetus Partners OOD | 405,000 | 2.23% | Martinov is manager and 43.75% partner. The company table gives 2.24%. | 31 Mar. 2026 S121 |
| ImVenture I KDA | 123,288 | 0.68% | Martinov represents Impetus Capital OOD in the legal holder | 31 Mar. 2026 S121 |
| ImVenture II KDA | 68,493 | 0.38% | Martinov represents Impetus Capital OOD in the legal holder | 31 Mar. 2026 S121 |
| Total of five named companies | 833,531 | 4.59% | The companies hold the shares in their own names; Martinov is connected to each as described above. | 31 Mar. 2026 S121 |
| Wolfgang Kirsch | — | Approx. 0.03% | Board member | 31 Mar. 2026 S121 |
| Christoph Vilanek | — | Approx. 0.08% | Board member | 31 Mar. 2026 S121 |
| Fund filing at 31 December 2025 — included in “all other shareholders” above | ||||
| Lupus alpha named sub-funds | 49,500 31 Dec. 2025 | 0.27% | Micro Champions held 35,500 and All Opportunities Fund held 14,000. Micro Champions still listed Shelly among its ten largest positions at 31 Jul. 2026. | S123 S124 |
Nikolay Martinov owned no shares directly at 31 March 2026. The five companies above held their shares in their own names.
Shelly's executive scheme is called the Management Share Program (MSP). It gives executive directors options: rights to buy shares later if the scheme's conditions are met.
| Programme | Who receives what | Status at 30 June 2026 | Effect on shares | Source |
|---|---|---|---|---|
| 2023–25 employee offers | Eligible employees bought new shares at BGN1 each | 158,061 shares issued: 50,946 / 54,614 / 52,501 | Already included in the 18,158,060 shares | S105 S037 |
| Management Share Program | Executive directors received conditional options | Options over 712,200 shares confirmed, below the original 890,250 ceiling | Could create or transfer shares when exercised | S043 S100 |
| Directors’ Capital Increase | Executive directors exercising options may buy up to 147,580 new shares at EUR0.51 | Authorised | Part of the 712,200 options above | S103 S104 |
| 2026 Employees’ Capital Increase | Eligible employees other than directors may buy up to 34,000 new shares at EUR0.51 | Authorised | Would be a separate new issue | S103 S104 |
| Approval and period | Approved 13 Dec. 2022 for the 2022–25 performance period; rules last amended 2 Jun. 2025. S100 S106 |
|---|---|
| What participants receive | Options to buy existing treasury shares or subscribe for new ordinary shares. An option is a right to buy shares later; it is not itself a share. S100 |
| Performance tests | Basic packages use share-price and non-financial tests; reserve packages use revenue and non-financial tests. The share-price test uses the higher three-month average from the Bulgarian or Frankfurt exchange. S100 |
| Exercise period | Participants may exercise options for up to one year from 29 Jun. 2026. They may exercise all or part, but any balance is then cancelled. S100 S043 |
| Settlement | Treasury transfer, a special capital increase or the scheme's cash-conversion method. Delivery may be immediate or in instalments within the stated period. S100 |
| People who leave | The outcome depends on why a participant leaves. Shareholders may also require repayment if an award was based on errors or misleading data. S101 |
| Accounting | The accounts recognise the cost of the options before shares are delivered. This expense is not itself an issue of shares. S037 |
| Scenario | Calculation | Post-issue shares | Potential shares / post-issue total |
|---|---|---|---|
| Full confirmed executive entitlement | 18,158,060 + 712,200 | 18,870,260 | 3.7742% |
| Executive entitlement + separate employee authority | 18,158,060 + 712,200 + 34,000 | 18,904,260 | 3.9473% |
The 712,200 options equal 3.9222% of today's issued shares. The 147,580-share directors' authority is part of those options, so it is counted once. Using treasury shares or cash would reduce the number of new shares. S043 S100 S103
Dimitrov and Todorov subscribed 25,000 shares each at incorporation. The second contribution took each to 2,744,000 shares, still 50% apiece. S001
The 8,012,000-share reorganisation issue allocated 3,198,250 new shares to each founder, 1,120,500 to Viktor Atanasov, 225,000 to Krassimir Rubin, 135,000 to Impetus Capital and 135,000 to Svetozar Iliev. Each founder then gifted 84,000 shares to Atanas Marinov. The 2016 initial public offering (IPO) added 1,500,000 shares. S001
The number of shares rose from 15,000,000 to 17,999,999. S012
Viktor Atanasov sold 744,000 of 1,120,500 shares, leaving 376,500, or 2.09% of the then issued capital. S012
At 30 June 2026 Shelly had EUR31.903m of cash, EUR2.984m of bank loans and EUR5.332m of lease liabilities. Cash exceeded loans and leases by EUR23.587m.
| Class | Item | Amount | What it is |
|---|---|---|---|
| Cash | Current-bank balances | 21,410 | Money in bank accounts |
| Term deposits | 10,000 | Deposits held for a fixed term | |
| Restricted cash | 273 | Cash set aside for a stated purpose | |
| Cash equivalents | 205 | Short-term liquid investments | |
| Cash on hand | 15 | Physical cash | |
| Cash and cash equivalents | 31,903 | Total cash | |
| Bank loans | UBB borrowing | 2,821 | Combined overdraft and revolving credit |
| Shelly USA company-card financing | 79 | Other short-term financing | |
| Shelly Tech short-term financing | 80 | Other short-term financing | |
| Shelly DACH company-card financing | 4 | Other short-term financing | |
| Bank loans | 2,984 | Total, due within one year | |
| Leases | Current lease liabilities | 745 | Due within one year |
| Non-current lease liabilities | 4,587 | Due after one year | |
| Lease liabilities | 5,332 | Balance-sheet total | |
| Totals | Loans + leases | 8,316 | 2,984 + 5,332 |
| Net cash before leases | 28,919 | Cash less bank loans | |
| Net cash after leases | 23,587 | Cash less bank loans and leases | |
| Consolidated equity | 120,361 | Balance-sheet equity |
Shelly labels all liabilities—not only loans and leases—as “total debt capital.” Its EUR27.564m figure is therefore total liabilities.
| “Total debt capital” | 27,564 |
|---|---|
| Less cash | (31,903) |
| “Net debt capital” | (4,339) |
EUR5.240m of non-current liabilities plus EUR22.324m of current liabilities equals EUR27.564m. Loans and leases alone were EUR8.316m. S043
Shelly Europe could borrow up to EUR23.008m from United Bulgarian Bank (UBB). EUR2.821m was on the balance sheet, leaving EUR20.187m available.
| Facility | Limit | Used and available | Expiry | Interest, security and purpose |
|---|---|---|---|---|
| Shelly Europe · UBB overdraft | 10,226 | Included in combined UBB use | 30 Oct. 2026 | UBB short-term rate +2.5 percentage points; fees; receivables paid into UBB accounts are pledged |
| Shelly Europe · UBB revolving credit | 12,782 | Included in combined UBB use | 30 Aug. 2026 | UBB short-term rate +2.5 percentage points; fees; customer receivables and inventory are pledged |
| Two UBB facilities | 23,008 | 2,821 used / 20,187 available | Dates above | Use is not split between the two lines |
| Shelly Europe · Eurobank guarantee | 500 | 214 used / 286 available | 3 Apr. 2027 | PRIME business-client rate +1.5 percentage points; fees; cash deposit as security; backs a ten-year office lease |
The loan table gives UBB borrowing of EUR2.821m, while a sentence in the same report gives EUR2.873m. The current half-year row and the 2025 report give the interest margin as 2.5 percentage points; the comparative row gives 2.25.
| Liability | ≤1m | 1–3m | 3–6m | 6–12m | 1–2y | 2–5y | >5y | Total |
|---|---|---|---|---|---|---|---|---|
| Bank loans | 163 | 0 | 2,855 | 0 | 0 | 0 | 0 | 3,018 |
| Lease liabilities | 79 | 154 | 222 | 401 | 747 | 2,011 | 2,138 | 5,753 |
The report prints a EUR5.753m lease total. Its individual time buckets add to EUR5.752m because of rounding.
Figures are in BGN thousands through 2025 and EUR thousands from 2026.
| Reporting date | Cash | Bank loans | Leases | Equity | Unit / source |
|---|---|---|---|---|---|
| 31 Dec. 2018 | 543 | 4,132 | 178 | — | BGN thousands · S011 |
| 31 Dec. 2019 | 10,931 | 2,931 | 237 | — | BGN thousands · S011 |
| 31 Dec. 2020 | 26,068 | 3,802 | 106 | 57,163 | BGN thousands · S013 S016 |
| 31 Dec. 2021 | 30,541 | 2,579 | 138 | 65,572 | BGN thousands · S016 |
| 31 Dec. 2022 | 28,148 | 2,156 | 318 | 79,072 | BGN thousands · S021 |
| 31 Dec. 2023 | 30,778 | 1,689 | 585 | 109,603 | BGN thousands · S026 |
| 31 Dec. 2024 | 27,353 | 824 | 11,259 | 148,677 | BGN thousands · S031 |
| 31 Dec. 2025 | 26,766 | 6,593 | 10,879 | 209,331 | BGN thousands · S037 |
| 30 Jun. 2026 | 31,903 | 2,984 | 5,332 | 120,361 | EUR thousands · S043 |
| Date · borrower and bank | Amount and purpose | Expiry or later status |
|---|---|---|
| Aug. 2015 · Allterco Robotics / Raiffeisenbank | The report states up to EUR 500,000 thousand; working capital | Due 31 Jul. 2018 S011 |
| 24 Nov. 2017 · Tera Communications / DSK | BGN279k grant-project loan | BGN233k balance in 2018; fixed maturity 24 May 2019 S011 |
| 25 Aug. 2017 · parent / Raiffeisenbank, later UBB | EUR1.620m; financed up to 90% of the Shelly Properties purchase | BGN1.321m remained at 2023; one report gives 10 May 2029 as the final due date and a later report gives 10 Feb. 2028 S011 S031 |
| 2017–18 · Allterco Robotics / Raiffeisenbank | The 2020 half-year report gives the 2017 investment loan as BGN1.140m; the 2019 collateral table gives EUR1,139,590. The 2018 loans were BGN750k for working capital and BGN1.600m for investment. | Due Sep. 2022, Sep. 2020 and Oct. 2021 respectively S011 S013 |
| 30 Sep. 2019 · Allterco Robotics, later Shelly Europe / Raiffeisenbank, later UBB | EUR1.0m original overdraft / working-capital line | Renewed and expanded into the current UBB overdraft S013 S043 |
| 28 Sep. 2020 · Shelly Properties / DSK | EUR450k; 90% of property purchase | Due 28 Sep. 2024; no balance in the 2024 loan table S016 S031 |
| 9 Jun. 2025 · Shelly Asia / Bank of China | CNY2.0m working-capital loan; 3.15%; unsecured | Due 9 Jun. 2026; fully repaid by 30 Jun. 2026 S043 |
Free cash flow is cash generated by operations after cash spent on equipment and software. It was negative in 2018, 2022 and 2024. In the first half of 2026 it was EUR18.693m.
| Period | Operating cash flow | Cash spent on equipment and software | Free cash flow |
|---|---|---|---|
| 2018 | 592 | 1,988 | (1,396) |
| 2019 | 6,358 | 1,790 | 4,568 |
| 2020 | 4,057 | 2,869 | 1,188 |
| 2021 | 8,125 | 1,583 | 6,542 |
| 2022 | 271 | 2,176 | (1,905) |
| 2023 | 15,024 | 4,765 | 10,259 |
| 2024 | 5,376 | 7,609 | (2,233) |
| 2025 | 10,987 | 8,601 | 2,386 |
S016 S021 S026 S031 S037 S043 S081
| Period | Opening cash | Operations | Investing | Financing | Currency movement | Closing cash | Unit |
|---|---|---|---|---|---|---|---|
| 2023 | 28,148 | 15,024 | (8,066) | (4,216) | (112) | 30,778 | BGN thousands |
| 2024 | 30,778 | 5,376 | (3,545) | (5,243) | (13) | 27,353 | BGN thousands |
| 2025 | 27,353 | 10,987 | (7,306) | (1,771) | (2,497) | 26,766 | BGN thousands |
| First half 2026 | 13,685 | 22,302 | (3,226) | (999) | 141 | 31,903 | EUR thousands |
The table below shows assets added to the accounts. The free-cash-flow table above shows cash actually paid.
| Period | Property, plant and equipment | Software and other intangible assets | Of which developed in-house | Unit |
|---|---|---|---|---|
| 2024 | 2,857 | 12,413 | 3,980 | BGN thousands |
| 2025 | 179 | 12,741 | 8,254 | BGN thousands |
| First half 2026 | 2,216 | 5,102 | 2,412 | EUR thousands |
First-half 2026 property, plant and equipment additions included a EUR909k production line.
A discounted cash-flow model estimates the value of a business from the cash it could generate. Cash received later is discounted because it is worth less than cash received today. This model values Shelly's operating business at 30 June 2026 using information available by 25 August 2026.
What comes from Shelly. The model uses the midpoints of Shelly's FY2026 revenue and earnings before interest and tax (EBIT) guidance to calculate H2 revenue and EBIT. Every other H2 cash-flow line and every figure from 2027 onward is a model assumption or calculation. S048
| Origin | Input | Value used and basis |
|---|---|---|
| Reported | H1 2026 | Revenue 68.264; EBIT 17.729; non-lease depreciation and amortisation 0.934; right-of-use depreciation 0.450. S043 |
| Company guidance | FY2026 revenue and EBIT | Revenue 195–205 and EBIT 47–52. The model uses the midpoints, 200 and 49.5; after reported H1, this leaves H2 revenue of 131.736 and EBIT of 31.771. S048 |
| Model assumption | Revenue growth | 25.0%, 20.0%, 16.0%, 12.0% and 10.0% in 2027–31. |
| Model assumption | EBIT margin | 25.0%, 25.2%, 25.4%, 25.5% and 25.5% in 2027–31. |
| Model assumption | Tax | 12.5% of operating EBIT. H1 tax expense was 2.223 on profit before tax of 17.653, or 12.59%. S043 |
| Model assumption | Depreciation and leases | Non-lease depreciation and amortisation 1.4% of revenue; right-of-use depreciation 0.7%; modelled lease outflow 0.9%. H1 lease payments plus lease-interest expense were 0.628, or 0.92% of revenue. S043 |
| Model assumption | Cash investment | Cash spent on equipment and software equals 3.0% of revenue. FY2025 was 2.94%. See Cash flow and investment. S037 |
| Model assumption | Working capital | 10% of each period's increase in revenue. H2 2026 is measured against H2 2025. |
| Model assumption | Discount and terminal growth | 9.0% discount rate and 2.5% perpetual growth after 2031. |
Cash flows after 2031 are represented by a terminal value. It equals normalised 2032 free cash flow divided by the discount rate minus terminal growth. The terminal value is discounted for 5.5 years to 30 June 2026.
The result is unlevered free cash flow: cash from the operating business before bank interest and loan repayments. The historical cash-flow table instead starts with reported operating cash flow and deducts cash investment.
| Measure | H2 2026 | 2027 | 2028 | 2029 | 2030 | 2031 |
|---|---|---|---|---|---|---|
| Revenue growth vs same period a year earlier | 37.5% | 25.0% | 20.0% | 16.0% | 12.0% | 10.0% |
| Revenue | 131.736 | 250.000 | 300.000 | 348.000 | 389.760 | 428.736 |
| EBIT margin | 24.1% | 25.0% | 25.2% | 25.4% | 25.5% | 25.5% |
| EBIT | 31.771 | 62.500 | 75.600 | 88.392 | 99.389 | 109.328 |
| Right-of-use depreciation | 0.922 | 1.750 | 2.100 | 2.436 | 2.728 | 3.001 |
| Modelled lease outflow | (1.186) | (2.250) | (2.700) | (3.132) | (3.508) | (3.859) |
| Operating EBIT after lease adjustment | 31.508 | 62.000 | 75.000 | 87.696 | 98.609 | 108.470 |
| Normalised operating tax | (3.938) | (7.750) | (9.375) | (10.962) | (12.326) | (13.559) |
| Operating profit after tax | 27.569 | 54.250 | 65.625 | 76.734 | 86.283 | 94.911 |
| Non-lease depreciation and amortisation | 1.844 | 3.500 | 4.200 | 4.872 | 5.457 | 6.002 |
| Cash investment | (3.952) | (7.500) | (9.000) | (10.440) | (11.693) | (12.862) |
| Working-capital investment | (3.596) | (5.000) | (5.000) | (4.800) | (4.176) | (3.898) |
| Unlevered free cash flow | 21.865 | 45.250 | 55.825 | 66.366 | 75.871 | 84.154 |
| Step | Value |
|---|---|
| Present value of H2 2026–2031 cash flows | 269.590 |
| Present value of terminal value (cash flows after 2031) | 854.110 |
| Enterprise value at 30 Jun. 2026 | 1,123.700 |
| Add cash at 30 Jun. 2026 | 31.903 |
| Less bank loans | (2.984) |
| Less dividend payable | (2.361) |
| Less Shelly Tech purchase consideration | (0.949) |
| Pro-forma equity value | 1,149.309 |
Cash and loans are the reported 30 June balances. The bridge deducts the dividend already payable on that date and the Shelly Tech purchase completed on 12 August. It does not deduct lease liabilities because lease outflows are already included in the forecast. S043 S048
| Growth / discount | 7.50% | 8.25% | 9.00% | 9.75% | 10.50% |
|---|---|---|---|---|---|
| 1.50% | 1,299.8 | 1,150.7 | 1,031.7 | 934.6 | 854.1 |
| 2.00% | 1,392.9 | 1,221.0 | 1,086.3 | 978.0 | 889.1 |
| 2.50% | 1,504.6 | 1,303.6 | 1,149.3 | 1,027.3 | 928.5 |
| 3.00% | 1,641.1 | 1,401.9 | 1,222.8 | 1,083.9 | 973.1 |
| 3.50% | 1,811.8 | 1,520.8 | 1,309.7 | 1,149.6 | 1,024.2 |
The shaded cell uses the central 9.0% discount rate and 2.5% terminal growth. At those assumptions, normalised 2032 cash flow is EUR89.181m and its undiscounted terminal value is EUR1,372.017m. The discounted terminal value is 76.01% of enterprise value.
This model does not calculate a target share price or make an investment recommendation.
Factoring lets a business receive cash before its customers pay. The factor advances money against invoices and later collects the customer payments. Shelly disclosed one historic facility and gives conflicting information about current use.
The facility had a BGN600k limit. Allterco JSCo was a joint debtor. Interest was the reference rate plus 2 percentage points, with a 2% minimum, and the bank charged annual management and invoice-processing fees. Receivables paid into the bank account were pledged and a promissory note provided further security. Annexes were signed in 2017, 2018 and 2019. The 2019 annual report gives an expiry of 9 February 2020; the 2020 half-year report gives 9 February 2021.
The financial reports say Shelly Tech uses factoring. The loan tables separately show other short-term financing of BGN98k in 2024, BGN156k in 2025 and EUR80k at 30 June 2026.
Management's March 2026 Q&A says Shelly Tech has no receivables-factoring arrangement and that the group does not use factoring as financing. This conflicts with the financial reports above.
Four firms covered Shelly by 24 August 2026. The latest reports hosted by Shelly were from Montega and Baader, both dated 12 May 2026. Selected press coverage follows the analyst list.
Planned IPO and the mobile-services business at the time. S065
LINK Mobility competition filing for five Allterco companies. S068
Added production lines at a Chinese contract-manufacturing partner. S072
Founder interview about the proposed Plovdiv automated factory, chip work and production. S074
Reports of preliminary Schneider Electric transaction discussions. S078 S079
Shelly confirmed that preliminary discussions with Schneider Electric concerned a possible tender offer and said there was no certainty that an offer would be made.
Documents cited on this page.