Earnings call transcript: Shelly Group AD sees 33.8% revenue growth in Q3 2025

Shelly Group AD reported strong financial performance in its third-quarter earnings call, showcasing a 33.8% increase in nine-month revenue to €86.9 million. The company achieved a notable EBIT margin of 29.5% for Q3, surpassing its midterm target. Shelly's stock price rose by 1.53% following the announcement, reflecting investor confidence in its strategic direction and market position.

Key Takeaways

• Shelly Group AD's nine-month revenue grew by 33.8%.
• EBIT increased by 42.7%, with a margin of 29.5% in Q3.
• Stock price increased by 1.53% post-announcement.
• The company targets €200 million in revenue by 2026.
• Expansion in product lines and regional markets is underway.

Company Performance

Shelly Group AD continues its impressive growth trajectory with 31 consecutive quarters of revenue increase. The company has expanded its market share in the professional sector and maintains a strong presence in the Nordics, where it holds a 45% market share. Shelly's strategic focus on innovation and regional expansion has bolstered its competitive position, particularly in the European market.

Financial Highlights

• Revenue: €86.9 million, a 33.8% increase year-over-year.
• EBIT: €21.9 million, a 42.7% increase year-over-year.
• EBIT margin: 29.5% in Q3, above the midterm target of 25%.
• Full-year revenue guidance: €145-155 million.

Outlook & Guidance

Shelly Group AD aims to achieve a full-year revenue of €145-155 million and targets €200 million by 2026. The company is set to launch new products, including smart circuit breakers and enhanced cameras, in early 2026. Expansion plans include strengthening regional teams in Europe and increasing its presence in the professional market channels.

Executive Commentary

Wolfgang Kirsch, Co-CEO, highlighted the company's broad market presence, stating, "We are not in one special segment. We are in safety, security, energy management." Dimitar Dimitrov, Co-CEO, emphasized the role of AI in enhancing customer experience: "AI will help to recognize what the customers want and to make sense for the customer."

Risks and Challenges

• Potential supply chain disruptions could impact production timelines.
• Market competition, particularly from Chinese manufacturers, remains a concern.
• Economic fluctuations in key markets like the U.S. and China could affect growth projections.

Shelly Group AD remains optimistic about its strategic initiatives and market positioning, with a continued focus on innovation and expansion. The company's robust financial performance and strategic outlook have been well-received by investors, as reflected in the recent stock price increase.

Full transcript - Shelly Group AD (SLYG) Q3 2025:

Moderator: Following the publication of the unaudited nine month financial figures of 2025. I am delighted to welcome the co CEOs, Dimita Dimitrov and Wolfgang Kirsch, who will speak in a moment and guide us through the numbers and the presentation. After the presentation, we will move on to a q and a session in which you will be allowed to place your question directly to the management. So let's jump straight into the numbers. Mister Kirsch, the stage is yours.

Wolfgang Kirsch, Co-CEO, Shelley SE: Yes. Good morning, everyone, and a warm welcome from our side as well, from Dimitar Dimitrov and myself. We are happy to present very good numbers for Q3, so very good outlook as well for 2026. And so let's straight jump to the presentation. As usual, I will make the warm up.

I will give you some highlights as well the high level financials. Then Dimitar will talk about products today, little bit more of outlook for 2026. And then I will go through the detailed financials quarter by quarter as you are used to. Just as a reminder, as usual, what we are doing, we are in home automation. And more and more, we are ready to equip a whole house.

So we are not in one of special segments. We are in safety security. We are more and more and very strong in energy management and see a huge demand there, automation and control and more fancy things will come in the course of the next twelve months. The highlights for nine months this year, we have sold a total, and that's always the number since we started with Shelley in 2018, where the first Shelley came to the market. We have sold now a total of 28,800,000 devices.

In the last twelve months, 11,000,000 devices. We are in 2,500,000 households. That's a rough estimation. What we know is that we have 2,500,000 cloud users. We increased the number of cloud users by 800,000 in the last twelve months.

We will come a little bit more to details about activations during Dvita's part and we have added roundabout 1,600,000 households in the last twelve months. We see that customers more and more moving to using our cloud and not third party clouds and that's as well a very good and positive trend. Some other highlights. Revenue and EBIT in the nine month period are both above target. We are growing in all regions above the market.

We estimate the market growth around 10% to 15%. Typically, we say 15%, but we hear some messages from some regions that it's more like 10% in this year. So not everything is super positive, but we are outperforming the market. And in this case, it's just a question how much are we outperforming the market. As well, a very good development and that's still an estimation.

We will get final numbers beginning of the year, but we always say that our do it yourself share is 70% and our professional share is 30%. This year, we see a trend that Pro is growing faster than do it yourself. So we estimate the number for this year will be around 65% to 35% and that's exactly fitting to our strategy to be stronger in the professional market. And some of the products that we will launch will support that. We enlarge constantly our distribution channels everywhere in do it yourself and in Pro.

We have started in 2024, in April 2024, our installer initiative to train installers, to onboard installers. We have installer portals now for our applications. And currently, we have a bit more than 3,000 installers live. And we onboarded in September a full Benelux team that gives us stronger access to the to a very strong smart home region. Cloud activations are growing over proportionally.

That gives us more addresses of customers, more possibility to talk directly to our customers. That's one of our key KPIs, and we see an increase as well in the premium app users. To the high level financials, we have ended the quarter with 80 six or the nine month period, sorry, with €86,900,000 revenue, which was a growth rate of 33.8%. And once again, with this, we are growing more than twice as fast as the market. If we estimate the market growth at 15%, that's a bit more than 2%.

If we estimate the market at 10% growth, it's even 3x the market growth, so very positive development. Our EBIT grew in the nine month period more than the revenue, 42.7% EBIT growth to €21,900,000 And that gives an EBIT margin in the nine month period that is a little bit above our midterm target of 25% with 25.2. Just as a reminder, after six months, we were at 22.6% and we gave an outlook that we see the trend reversing because we had some negative effects from exchange rate, from prepayments that we did in the last year or in the first quarter with a different dollar euro exchange rate and this is reversing now. So we see some positive trends here and we come to the quarter a little bit later. As well, on the cash side, we see that our free cash flow measures are showing positive results.

So we are increasing the cash level. I come to the cash flow at the end of the presentation as usual. And there is still a lot of room to be better here, but we see that everything that we are doing, we take serious and it shows first effects. And with this, we come to the products, Dimitam.

Dimitar Dimitrov, Co-CEO, Shelley SE: Thank you very much. Before I talk about the products, I think last time we present you the comparison between the '24 and '25. How it's coming? Because the sales is the one thing, but the second, which is most important, something which we're looking for our cloud. How many customers daily installed Shelley devices somewhere in the world?

So from what you see, the trend is is it's it's there's a trend here. During the beginning of the year, there is much more installation. Then middle of the year is going down, and now it's start jumping again. And as you see, we keep the 46% growth of the in daily installments. So in in in numbers, this means something between only for the cloud connect devices over 16,000 devices daily is installed somewhere in the world and connected to our cloud.

The second one yeah. This is the the second one, which is also comparison. From what we can see, the number of the daily install installation is growing from 6.9 to 10,000 devices. Something which is important, this is only device connected to our cloud. We know very well that at least 35 to 40% of the devices is installed in the in the houses and the and the and they're not which is never connect to our cloud.

They connect to third party system. And this additional which mean additional 5,000 devices daily is for 2025 is not average daily is not is not visible there. And also the news the the new households, this is the households which is connected to our cloud. There is one third more, which is we doesn't see, but do we know that they exist from our distributors, from our groups and channels. We know that there is many houses which we cannot count there.

But even that, as you can see, 31% of the households more households on daily is connected to our cloud compared with a year ago. Also, this trend some show something very important that 45% growth on the devices and 31% of the households mean that the customers which start to install install Shelley devices, they continuing adding more and more device in their households, which is the they this also shows their ability of devices, the trust of the customers, their satisfaction because they're working how to install more and more device in their households. Okay. Something which is important, our application, we continue improving our application. And now it's not just application to for the for the smart home, but also covering towards also many things.

There is a alarm situation. There is a alarms controlling and monitoring of the warehouse, the security. Also, it's a huge opportunity about the personalization scenes, remote control. Energy management is something which where we're very strong, and everybody tell us that the Shell is the number one for the energy monitoring market, not only for do it yourself, but also becoming very strong here for the professional installation and with the solar manufacturers and with the BMS systems and business buildings. What we're looking for the next year?

You know, one our neck one of our next trend is the walks. The smart walks, we acquire no. We don't acquire. We buy the assets for the for the Denmark or what is the Dutch Dutch. Okay.

The Dutch company. They are going to start manufacturing the works and improving the the the technology which we have. The resource is significant. It's very good from the from what we've seen, and the feedback from market is very good. But we've seen the huge opportunity to grow this market and to be one of the strongest competitors and the strongest player on the smart walk market.

So the next year, we will upgrade and using our new technology also and add more more variants of the box to cover more use cases for different customers. And this we we believe that this will one of them our main direction for the new devices and the new trend which we which we add to the existing portfolio. The second one is the cameras, and this is something very important for us. You know that many customers are asking about it. And also our target is to create the camera which is com which is fully how how to say is not is not just for the monitoring, but is the part of your home automation.

The camera can act as a hub. The camera can control your environment. The camera can listen the environment for the and state of the switches, sensors, not only for the building sensors in the cameras, but camera will be one part of the home, the same part of the home. Everything integrated as we do. And this will be completely different user experience with the cameras, which compare with any other competitors.

And, also, not only this one, about the quality, about the security, we will provide the the camera develop 800% bias. And, also, our it will be controlled from the European cloud. And, also, we will all customers, same as the other Shell devices, completely to to switch camera to their one local local solution or their one cloud and to to keep security in the highest possible level in their one environment. So this is the camera. The cameras is coming.

There will be an indoor camera, outdoor camera, the full AI camera, a different price range camera. Also, we're working end of the year to have a door lock based of the camera, and also the the the the ring bell camera ring bell with the with the building camera. So this will be one of our strong directions for the next year. And the third one, something which is very important. Now we we are very well known brand for the home automation.

But we've seen that protection. Every house has protection. Every house has the breakers, fuses, which is which is part. This is the commodity, and this must be in every house. What we're looking for this part, what we've seen is a little bit outdated compared with technology.

And we successfully just finished the certification of our first breakers, the connected breakers, the breakers which have the same powerful chipset as the other Shelley devices in which we were able to not only to be switched on and off, but also monitor the environment. And in case of the situation, the breakers could protect your home and notify you from what reason you switched it off because the overpower because of the overconsumption, because the overvoltage, and to notify what happens in your house. And, also, I guess, we going one step further because for each each of the breaker can monitoring the power consumption. So you don't need to put the dedicated device. The one of the the modules which working with the European manufacturer of the breakers because we don't manufacture the breakers at as breakers itself, the protection part.

We work we we're working with them to well, for the electronic parts and connectivity, which we build in into the breaker. And with this product, we can achieve the protection, communication, connection, and everything which is until now is not existing in such a level of integration. And Shell X. No. Now we can see many products with the Shell X.

We've seen the huge growth this year. At least, I think on the screen now is not all the products which we make with the Powered by Shelli. There is many more many more which is on the marketing. It's coming many more which on the market. I think the even with the small delays to prepare the right platform for our partners, we've seen that the Shell X is growing rapidly.

And next year, we can we can start presenting some numbers with Shell X because they will we we we believe that that will be start to be a bit important, significant for our revenue. But currently, there is a a bit a big satisfaction from the market, a huge demand for the Shell X and the products which using our connectivity technology. So this trend is continuing, and this will be the our main trend for the next years. We believe that also this will deliver the significant part of revenue for the next years. And now financial from.

Yeah.

Wolfgang Kirsch, Co-CEO, Shelley SE: Yeah. Normally, here I say now the boring financials come. I would say they are absolutely not boring. This is the chart that you've seen at the very beginning as just as a reminder. And now if we go to revenue development quarter over quarter, we have now 31 quarters of consecutive growth.

That's something that that's a boring number for us. That's not boring for the market. That's not boring for our competitors because we know that not a lot of competitors, even in these growing markets, are growing every quarter over quarter. And you see as well that in this year, the growth rate quarter by quarter is accelerating. In the first quarter, we grew 28.9%, in the second twenty nine point six just a little bit more in the third quarter, two And in the fourth quarter, we expect a similar growth rate as we have seen in the last quarter.

With this, as I mentioned at the beginning, we are significantly above the market growth, especially if you see the last quarter, 42%, that's three times the market in any case. If the market is somewhere between ten and fifteen, it might be even four times the market. And that comes, of course, from regional expansion, it comes as well from product expansion, new categories that we already launched. And even though we are a bit late with some of the products, we are outperforming the market everywhere. Now to the EBIT.

In the first half of the year, our EBIT margin was 22.6%, in the total of the year twenty five point two percent, and this, of course, comes from a push in Q3 where we had an EBIT margin that is 29.5%. So that's really a significant improve and significant number above the average that we are targeting for this year and for the next years. So please do not expect that now every quarter will be around 30%, so don't raise the bar. We are super happy with 25%. We know that we have to invest in marketing activities.

We know that we have to invest in more organizations in the countries. We need more salespeople. We need more marketing people. So do not expect that this is something that now every quarter is 29%. But we you see that we are very stable around the 25%, and this is something that we are quite proud of to finish the quarter with close to 30% EBIT margin, something outstanding.

And with this number compared to last year, nine month period, we were on twice as high EBIT in Q3. So that's a significant number and we are really happy to be able to present that. Coming to the regions, the DACH region is still around 50% of our business. It was in H1, it was a little bit below the 50%, so that's it's moving around to 50% with a stable growth of 38%. And so everything that we are doing there is paying back, looks like.

So we are constantly growing and not reaching a level where we could say, Oh, this now will be tough to continue growing. So that's the core of our business. The rest of Europe is growing in the nine months 15%, was a bit more in the first half of the year. So we see a couple of effects where we had very good business in six months and then our retailers are selling out. So we expect that this will level out in Q4.

Rest of the world is still something that we are not really focusing, that is that we see that as opportunistic. But we see with doubling the revenue in the first nine months, a significant growth. We have a very positive development in Asia. Our office in Shenzhen is delivering products not only to other Asian countries, but as well as a positive result in the Chinese market itself, where our products are really appreciated. And normally, we avoid talking about The United States a little bit, but United States had in Q3 the best quarter ever, and we see a very positive outlook.

We expect that this continues in Q4. And so we think that we can report some very good news about The United States for the full year. And that is approved that as well here, we are taking that serious, and we have some very good leads as well that could push us in the next year to a completely different level there. The cash flow, this was always one of the weak spots. So in the first nine months of this year, operations generated roughly CHF 7,000,000 more cash.

As I said at the very beginning, that's something that we really focus on that we look at. On the other hand, we do not want to lose opportunities and potentials in selling, so we still operate with quite a high level of stock as well a high level of chipsets because we want to take benefits from the chip prices and as well from some shortages that might occur. So we are really safe for the next month to be able to deliver, whereas some others might suffer. But in the next one or two years, we will continue focusing on that and we will increase the level of cash flow from operations or decrease our working capital significantly. The negative effects here are CHF 2,600,000.0 investment in R and D developments and then the other big part is dividend payment of roundabout CHF 2,400,000.0 and then the rest is leveling out a little bit up, little bit down.

Cash level of CHF 15,700,000.0 September is on a very good level. And on top of this, if we need if we would need more financing, which we do not see currently, we have as well a bank line secured with Bulgarian Bank that is EUR 22,000,000 or 23,000,000 that we can take if we need it, but currently, it's no need to take a big amount of that. We use this opportunistically. If we do not want to exchange leva into euro, that will be different after the euro start in Bulgaria next year. So some details here.

I will not go through all the numbers. Just something that I will now say for the last time because after the next call, this will be over. We have a change in accounting policies, how to account bonuses of customers. If we would not have this change and continue everything as is before, so if you want to want a like for like comparison, revenues would be CHF 1,800,000.0 higher. That would mean a revenue growth of 36.6% instead of the 33% that we show.

And then we always have some movements between gross margin and marketing expense especially, that's something that we cannot avoid. That depends on the contracts that we have with some big customers, how to how are we forced to book that. But in general, that has no effect on the bottom line. So everything is under control here, and we think that this trend will continue for the rest of the year. The premium app premium app users grew in compared to nine months last year, grew by almost 100%, so close to double, 95% plus.

The revenues are a little bit below that trend with 76% plus, and that mainly comes from different booking because if someone buys a twelve month premium account for EUR 35, we have to book this in a deferred way. That means month over month for the coming months. We didn't do that in the same period last year. That's why we have some effects. We still expect roundabout EUR 1,000,000 revenue unchanged for 2025 from the premium app and €2,500,000 for next year.

And I just repeat what we continuously say, this is something that isn't on top for us. That's, of course, in the future can be a significant part of our business, and we do a lot for that. But we do this really careful. We don't want to over push. We don't want to frustrate our customers.

Dimitar mentioned that we have more and more customers that are super happy with our application. That is the first step into recurring revenues at a later stage, and we see that trend continuing. The guidance is unchanged. So we still guide between 145 and 155 for this year and 200,000,000 next year, and the 25% EBIT margin stay as well stable, maybe with a little bit of a chance for this year and for next year to be above that. We will see.

In general, I would say we are very comfortable with the current estimation of the analysts that see us somewhere in the middle of the guidance for this year, a little bit below maybe, and for next year, they see us above our own guidance. So we feel comfortable with what all these guys are analyzing. And that's why as well we say we have no need to change the guidance currently. Maybe next year, we can talk about that. That leads to the summary.

In nine months, 25, revenue and EBIT are above our targets. We perform in all regions above the market, repeat the market somewhere between 1015%, maybe a bit below the 15% in this year. We have an outstanding EBIT in Q3. We have a very positive EBIT development in general with 25.2%. We have a solid improvement in free cash flow that all shows that our measures that we are started a year ago pay back.

The regional expansion continues. As well here, we are a little bit late. We have onboarded now the Dutch team during the year. We have onboarded the Polish team. We have a team in Nordics, but we are we wanted to have a full team in The UK already.

We are a bit late with that, but that is all opportunities for Q4 or for the next year. We have as well a small delay in some product developments. We are compensating that and sell more of other products. That's a big chance for next year because the products definitely will come. We have a higher daily cloud activation that is above the revenue.

So if the revenue is 33% growth and the cloud activation, 45%, that shows that there is no jam in the traffic jam or selling jam in the channels and that more and more customers use our cloud. That is as well a very positive trend. Number of premium app subscribers is increasing. We confirm the guidance, and I repeat that we are very comfortable with the analysts' expectations. We continue to work on reducing our working capital.

On the other hand, we do not want to risk not to make revenue. So we continue planning with a comfortable level of chipsets so that we are not running in any risk here. New product categories that Dmitar talked about will support the growth in 2026 and give some upside potential. Smart circuit breakers that will be available in the market in Q1 next year. For us, it's not only a new product category, it's a very big entrance door into the pro market.

That's one of our key markets for the future that is already increasing from 30% to 35% share. But with this, these smart circuit breakers, not from one day to another, but over time, we expect that this will have the doors wide open into the distribution for for the electricians and in other channels. Anyhow, we see that more and more electricians in more and more regions talk very positively about us. I had a a podcast with an energy platform podcast, and this guy titled the podcast, Shelley, the the darling of the electricians, which shows that we are no longer seen as a as a brand that is for just for do it yourself and for geeks. It's a brand that everyone can use in in professional installations and in big buildings, office buildings, and that's as well something that we are very proud of, and that is something that that gives a lot of positive push for the future.

So that's all. We are now ready for questions, answers, and whatever you wanna know additionally.

Moderator: Yes. Thank you very much, and we will now move on to the q and a session for a dynamic conversation. Dear participants, we kindly ask you to ask questions via the audio line. To do so, click on the raise your hand button. If you have dialed in by phone, please use the key combination Star9 followed by Star6.

However, if you do not have the possibility to speak freely, please place your question in our chat box. And as you can see, we got a QR code, and you guys can scan this and get the presentation from this event right away on your devices. So we move to the q and a session. And, Bastian Brah, you should be able to speak now and place your question.

Bastian Brah, Analyst: Thank you. Very good with that, guys. So let me have, like, two or three questions on that. First, on the EBIT margin, which was, yeah, really outstanding and much higher than you usually guide for with your 25% in q three. Of course, we discussed the US dollar weakening and the positive impact on that.

But were there any one offs positive, or what was the reason for this high EBIT margin in, in q three? My my second one is on the outlook in 2026. Do you, yeah, expect to open, another country office in in, like, other regions, where you operate right now, or will you slow down, like, the pace from this year where you opened, like, three new offices? And then also on the, product road map, especially on the locks and camera, where should we expect a meaningful impact financially already in h one, or is this more back end loaded for the year 2026? Thank you.

Wolfgang Kirsch, Co-CEO, Shelley SE: Yeah. Bastian, as usual, lot of questions. I have to be careful that in my age, I don't forget all the questions before answering them. So the first question, there was no positive one off. So this was coming from some part of this is coming from the dollar euro exchange rate.

Some part of this is coming from some supply chain optimizations. We started shipping the first products not with air freight, but with train. And we see that this gives significant economies on logistics side. And we have as well some very fruitful discussions with chip manufacturers and with the factory about reducing the cost of the goods. So all this has an effect.

And if you see as well, we have some cost advantages because we optimized our costs a little bit or did not spend everything that we plan to. So there is no one off. There is no onetime effect. On the other hand, that's why I wanted to manage a little bit the expectations for the future. Our plan is 25% and not 30%.

So if the thirties happen, that's fine, but it's nothing that we plan. We want to invest the money in growth and not invest the money in a better EBIT margin. And for the next quarter or for the current quarter, we know that or you know this is the Black Friday quarter, so we have to be aggressive in pricing. We will as well invest a lot in marketing activities in a lot of countries to be visible, not only on our website and on Google, but as well on a lot of events and a lot of promotions in all the countries. So that's why I try to manage expectations a little bit, but we think that that we have a positive trend on that.

No onetime effect. The second question oh, I forgot already. The second question was

Bastian Brah, Analyst: On on the outlook 2026 on regional expansion, and the second one was

Wolfgang Kirsch, Co-CEO, Shelley SE: on the will continue. And I mentioned during the presentation that we are a little bit late. So we have onboarded Netherlands with four people. We have onboarded Poland with five people. We have in the pipeline, we have Spain and The UK with a little delay, but we have identified the leadership teams for both countries.

And we will start soon, so latest in Q1 next year. And this time, we are 100% sure because we have identified the people. We are looking for someone for France because we had a change there. We had to, unfortunately, take someone out of our team. And then we are more or less everywhere in Europe.

And in Italy, have two people now. We are in process hiring one or two more. And in Nordics as well, we will expand the team because it's not a country, it's a region. And currently, we have four people working there. We need two or three more to be really present physically as well in Sweden and Norway and Finland a bit more and to localize things more.

We see that the localization, especially in professional business pays back. And we see as well that in Nordics, we have a very high success in the professional channel. So if you ask me about the pro and do it yourself mix in Nordics, I would say we are more on sixty-forty or maybe 50 five-forty five, so 45% share of professionals already. That's really, really a very strong achievement. And that gives a lot of hope for the future.

So yes, we will continue and we will soon have in all big countries or regions like Netherlands is taking care for Benelux. Spain will take care for Iberia, so Spain and Portugal. And then we will have people everywhere on the ground in all our regions.

Dimitar Dimitrov, Co-CEO, Shelley SE: Yeah. How about the third question? Let me Right. Answer for when we expect the revenue from the new products, especially cameras, walks, okay, for the end of breakers. For me, this is separated.

What we could expect be the for the cameras, we expect to showing some results in the first half of next year. This is book because the camera is the pure retail prod product as the other ones. We can start we will continue to sell we'll selling them through the existing channels. And, also, the production cycle is not so sophisticated. So it's usual wine cells we do.

There is no third parties the additional third parties, which we need to expect something for them. And for cameras, we're expecting to results to to to happens h one. Probably something, but very limited in the q one and much more significant in q two next year. Very similar with the walks. For the walks, we're expecting to showing the results in the in the first half of the year.

For the breakers, we'll be opposite. Maybe second half of the year, there is maybe two reasons. The first one, we just finished certification, and production time is quite long for the breakers because a lot of the a lot of the much more components, Third parties, for the breakers as is it, not the con no communication controlling part. So we expect the first manufacturer of the the first batch of the breakers to be available to be in the in the March, the QR. But this is only the first batch, not the the main.

No. This is not the main quantity. Even 100,000, 200,000 is not serious quantity. So after that, we will start selling them, But maybe the the the peak will be second half of the year, and then then we can present something. The second why yeah.

The second reason for this one is the breakers coming through different channels. So there is a much more professional installation. Maybe some of the retail customers can buy them, can try them, but it's mainly oriented to professional installation. Usually, professional channels are bit lazy, and they react slower to the new products. And even the huge interest and demands we see as we see now, we know that this this is not coming one to the next day.

They we this will take a time. And this is yeah. For this one, we expect for the breakers to have a a really results in the second half of the year. Okay.

Wolfgang Kirsch, Co-CEO, Shelley SE: Yeah. Just just to add something to the to the breakers because it fits to the first quest the second question, We are now starting hiring dedicated people in the countries where we already have teams that are concentrating only on smart breakers and on the pro channel. And that that, of course I mean, we still have some time because if the product arrive in March, we will have the preparation in Q1 to have serious talks with the channels. The first feedbacks are very positive. But we will as well invest in people because we know that this is a completely different business than retail business.

And one more to the locks. We have updated the lock, and we have when the year is over, we will have sold roundabout 10,000 pieces of the existing one with some small updates. The lock that will arrive now in December is new one with or it's the same form factor, but will close and open in two seconds. So that's absolute state of the art, so not this long movement of the of the lock anymore. And the other thing is that we found out that production time and preparation time, because it's metal parts that takes much longer than we thought at the beginning coming from our plastic world and easier products.

And we don't want to make mistakes and compromises. That's why this takes a little bit longer. But next year, we think that we can make a a huge jump in revenue with the locks, similar to the cameras. Yeah.

Bastian Brah, Analyst: Okay. Thank you. One add on question on the EBIT margin. So, yeah, if you say no positive one offs and more like supply chain chain improvements, this, yeah, sounds like a structural better EBIT margin. And if you want to like, not want to go down but might aim for 25% again, would you invest this rather in additional marketing or in better pricing or in additional product development?

What is your thinking behind that?

Dimitar Dimitrov, Co-CEO, Shelley SE: No. I think let me answer this one. I think it's a mix of the of the everything which we can do. If you see more EBIT, then mean that maybe we can do something else. Let's say it could be a different approach.

The new product definitely is coming, but maybe we can speed up the original expansion, not to waiting a bit because, anyhow, as a public company, we need to balancing between the profit, between the investments and everything just to to keep the the the the promises and to and to to show the good results and much more predictable business and stability. But could be a little bit on marketing, but marketing also related, for example, to in some countries where we're not present to invest more and to to be much more recognizable as a brand. We need we could expand the teams. Also, we can go start working on the verticals, which we're talking every day and every month with the Vogun when we can go to the verticals, for example, just with the shading manufacturers or we talk in or we talk only for the water pump manufacturers because there is a huge business itself, but we need to concentrate too. This need the people.

This need the materials. This need everything. So this is something which we're working for this one, for in this direction when we've seen that there is opportunity to make it further, not to postpone it, for example, for the second half of the year. Yeah. It's this is the main issue.

Nothing to add. Yeah.

Bastian Brah, Analyst: Okay. Thank you very much.

Moderator: Well, thank you for your question. And we got some other participants raising their hand, but on the chat box, we got some questions as well. I will read one out for you. What are your thoughts regarding Black Friday or some Cyber Monday now, which is a huge event especially at Amazon? Are you expecting lower Black Friday results this year due to the situation with Amazon?

And there are some other questions relating to the current situation to Amazon. Will you release numbers for Black Friday sales like in the past years? Yeah. That's a habit already.

Wolfgang Kirsch, Co-CEO, Shelley SE: So we will release Black Friday results. We will see after Black Friday how Black Friday was. So far, we were able to compensate whatever we did not sell to to Amazon as our numbers prove. And we are we are well prepared for Black Friday, and we will not change our Amazon policy if this is one of the follow-up questions. So we see that what we are doing there is is very well received from other channels.

We are able to compensate. And for us, it's more important to be stronger in the in other retail channels and pro channels than to get the last million of revenue done with a desperate movement that we would make. We will not do that. So what is the effect on Amazon in sorry, in on Black Friday in total? I can tell you after Black Friday.

We are well prepared, and we expect good numbers. Will this be a huge boost? We will see. On the other hand, we are as well compensating with being stronger in the pro market. That's a more constant and a straight development and not having these peaks as the Black Friday sales and the retail sales, we will see.

So we are still positive with q four. That's what I said. Otherwise, we would not we would have to change our guidance, but we will not do desperate things to to make the last euro revenue that we could do.

Dimitar Dimitrov, Co-CEO, Shelley SE: And I also don't know. This is important. Our products is still available with Amazon. They're they're through our partner network. They're working with Amazon.

The difference is that we are not actively selling as a vendor to Amazon, but there is other ways. And I think at the moment, maybe we've seen some such of the balancing, then the Amazon is fine with that. We're fine with that, and the process is there. The only which is the big difference is not crazy prices for our products in Amazon, which is important for us. And this is our target from the very beginning to have a much more flat pricing and offers in the all around the market.

And there do not be somebody which has dropped the price significantly because this caused a huge additional impact and complaints for our other distributor distributors. So no don't work with Amazon. Doesn't think that there that you cannot buy the products from Amazon. This is mean that we work on a different procedure, which is, for us, is much more healthy for the for the future development of the Shared products and wise. Yeah.

Moderator: Well, thank you very much, and we therefore move on to one of the participants raising their hand. Alexandre Desprey, you should be able to speak now.

Alexandre Desprey, Analyst, Wadell Europe: Yes. Thank you. Alexandre Desprey from Wadell Europe. I have a question regarding also to to Amazon situation. We know that you usually have a kind of dependency on the two major distributors.

And in the past two years, you managed to broaden your distribution channels. So my question is simple. Have you managed to reduce the dependency on the on it as well, or is this Amazon situation has created a further dependency on on it?

Wolfgang Kirsch, Co-CEO, Shelley SE: In Allnet, I Allnet is our biggest distributor and is our main distributor for the biggest region. So that's why the revenues with Allnet are growing. But I would not call this dependency because we have a balanced way of working together. So that's not something like if Allnet tomorrow makes something completely crazy, we would have a problem. So we are working a very close partnership, and I would say that we are equally depending on each other.

So that's a bit different with Amazon. On the other hand, we are working on balancing that out. We have a very strong Italian distributor. We have a I'm just coming back from a trip to London where we talked to our main distributor for The UK, still on a low level with very high expectations for the futures. So everyone is for the future, everyone is positive about what can happen in The UK.

Still this year and in the next year, in The Nordics, we are widely distributed without being depending on someone. So I would say, in general, we are reducing the dependency significantly and not only to Amazon. So balancing this more out over more countries and more distributors, and that's quite a positive trend.

Alexandre Desprey, Analyst, Wadell Europe: Okay. Thank you.

Moderator: Well, thank you for your question, and we move on to one question out of the chat box. You make reference to an average market growth of 10% to 15%. What companies are you comparing with, and what is the estimate composed of?

Wolfgang Kirsch, Co-CEO, Shelley SE: Yeah. So, basically, first, we take market data that is available from Statista and from there's a Nordics company called Berg Insights. They publish some numbers, and then you have you read newspapers and and everyone is talking about this 10 to 15%. Now the the other question that is a bit detached from that, what are our competitors? That's a question that comes every now and then.

So, of course, we have our famous competitor in Nordics in Sweden, Plate. Everyone is talking about Plate as well because Plate is is as well public listed, whereas other companies are not public listed. In Germany, one of our main competitor in most of the areas where we are in would be Hometic, a company that is already twenty five, thirty years in the business. They are making more revenues than we do. Then we have in heating control, we have Taro.

Taro is not public. Hometik is not public, so complicated to get some numbers. But whatever we hear from the market that leads to this number of 10% to 15% and more on the 10% than 15% in this year, it was already end of last year, a little bit below the 15%. But in general, everyone sees as well, Statista sees the market in average growth for the next years on 15%. That's why we have this number.

And then then there are a lot of players in the market that are smaller, that are not really on our market screen, where it's complicated to get data, but we know that a lot of them are not doing well. And we think as well that a lot of them will not exist in the next two to three years because there will be a consolidation going on. And we plan to lead that consolidation without talking about acquisitions, but some companies simply will not be on the market anymore because they make significant losses and there is no change of that. And one day, investors will say they don't they pull out the money.

Moderator: Okay. Thank you very much. And there's another participant raising his hand. Ben, you should be able to speak now and place your question.

Ben Spes, Analyst, Berenberg: Morning. Welcome to Spes from Berenberg. Once again, one for you, Wolfgang. On the competition side, do you see moves from the mass market producers in China regarding their pricing? Or is this, let's say, pretty stable?

And the second question would be for Imita and the impressive product pipeline. Do you still believe that your development team is large and strong enough? Or is there a need to ramp that that up to also have, let's say, new developments for the years beyond 2026?

Wolfgang Kirsch, Co-CEO, Shelley SE: So first question, when I look as well to Dimitar, we don't see aggressive movements from Chinese competitors. We see that the typical players are in the market like SwitchBot and Sonoff and Tado and sorry, Tado, TP Link. And there is no big movement from their side. We see other players coming to the market, like IKEA just announced that they will be strong in bulbs, which is not one of our core competencies. Currently, we don't have bulbs.

So very simple product, so we don't see a big threat coming from there. But what we see is that and of course, we talk to some of these competitors that obviously no one is really happy with their with the profit. So somehow we have found a formula with excellent products, with a very good reputation at low prices, competitive prices and an excellent quality that a lot of other companies have problems to follow. So that is our one of our big differentiators. And so we do not see a threat coming from this angle currently.

And we do not see much lower prices coming from China, beside the fact that we are we saw the gap to Chinese competitors shrinking in the last years because they increased the prices, and we did not. So there is no big trouble coming from from this area. So now about r and d.

Dimitar Dimitrov, Co-CEO, Shelley SE: Yeah. About me. Okay. In general, developers is never enough. So that's that's in general.

If there is a thousand here, believe me, I can found a job for everyone, everyone of them, and we can speed up like crazy in development in different areas, verticals, helping other peoples. But this is the first one. Organization needs to be must to be ready for for for the go for the such a such a rapidly growth. The next one, the AI is here, and even the AI is still not capable to do nothing alone, but this is the good right hand for for our existing developers to speed up a little bit the process coding, helping them to solve some issues. Yeah.

We'll continue hiring new developers from the hardware side, from the software side, but nothing nothing significant. I think for the next year, it's additional forty, fifty people. If there is some huge opportunity, if the which we need to follow, then then we can we can move for more people. But I think this is something quite a stable growth as as as we do this year, especially from development side.

Ben Spes, Analyst, Berenberg: Thanks a lot.

Dimitar Dimitrov, Co-CEO, Shelley SE: Yeah.

Moderator: Thank you. And there is one question in our chat. How is your outlook for The US market for 2026? Will you be focusing more on expanding in The US market, and how important would be Amazon in that case?

Wolfgang Kirsch, Co-CEO, Shelley SE: I have I I thought I have answered this during the presentation because I said we might have some very positive news beginning of the year when we talk about the full year 2025. So U. S. Market is growing over proportionally or we are growing over proportionally in The United States or in North And South America. So that's quite positive.

We have a couple of very interesting talks and negotiations going on with some key retailers that could really be an accelerator. But even without that, we see a very positive trend. But it's a bit too early now to talk individually about The United States. Let us do that next year and see how this year finishes. It looks much more or much better than it looked a couple of months or a year ago.

Dimitar Dimitrov, Co-CEO, Shelley SE: And there's also a couple of new product which is coming, especially for for US, which is the in different price segments and different categories, mainly plug and play categories because for US, we are not have so many plug and play products here on the on the affordable pricing. Now we're targeting this this segment, but it's too early to know, you know, there's some kind of experiments, and we can we have a plan, but, really, it's hard to to to stay behind the some concrete numbers.

Wolfgang Kirsch, Co-CEO, Shelley SE: It's a bit too early. So we see light at the at the end of the famous tunnel, and we hope that this is not the train that is coming in our direction. That's really the end of the tunnel. And on the other hand, there was a question about Amazon. We are on Amazon Marketplace, so we control the pricing on Amazon 100%.

But in this year, especially, we see a much faster growth in on our own website compared to the growth that we have on Amazon. We see as well a very nice development on still a very small level in the B2B segment in The U. S. Market. And as I already said, we are in discussion with a U.

S. Distributor that is very strong in a couple of U. S. Retail chains, and we have sent them samples. They have discussed this with their customers.

That looks very positive now, but still not signed, and that's why I don't want to create too too much imagination here and fantasies about what will go on in The US next year. We try to manage a little bit expectations as well on this side.

Moderator: Thank you. And regarding the product road map, you previously mentioned there were some delays. Could you share the current status and what customers and investors should expect in terms of upcoming product launches and future rollouts?

Dimitar Dimitrov, Co-CEO, Shelley SE: No. No. I can tell. When we talk about the delays, the first one, let's say, we're thinking that the first the breakers will be there end of this year, but because certification is quite longer, the first time we do, we work with them. It take a little bit more time, and certifications happens not in September, happens now November.

Then production will start now, but the first breakers will be available on the market for the next quarter. So I think for for the cameras, it's very, very similar situation. We start with idea that maybe for the Christmas, we could have some very limited numbers of the cameras. Not which not be important for the revenue at all because even if you sell on the further 10 or 20,000 cameras on the pricing, this this now will not be significant part of the revenue. But, also, we move them for the beginning of next year because the the development, because the other things is coming.

So but but this is usual. Don't know. Nobody can expect because we do the new things, which before that is doesn't exist. And we're targeting something to start on time, but there is sometimes delays. The good is delay is not everywhere because as we promised, for example, and as we're targeting the the the strip, the power strip is there and selling very well.

Why crazy? And we are very happy with this one. The the other products, the other products which we're about, they're they're on time on the market. But for these new trends, it's it's for example, there is a a month delay or a month and a half delay for the open, for certification, and this is the this is from where it's coming. But believe me, it's usual.

Sometimes I think for even without this close with you, there's a product we deliver six months for what I remember a year ago just because we are fighting with the physics and the real issues how to make it work properly and good. But this is not there there is no single product or single one which is dependent to. There is a many as I can remind you that Wolfgang has said before, if everything happens as we showing and as we planning, then next year will be better. Revenue will be. Yeah.

Wolfgang Kirsch, Co-CEO, Shelley SE: Not say any number.

Dimitar Dimitrov, Co-CEO, Shelley SE: Yeah. Yeah. I cannot say any number, but really, really completely different. But because we know that all the time, there's a different issue, channel issue, selling key or or or some supply chain issue or even with development delays. But something else is happened, then this is the much this is the reason to showing not what we expect based of the 100% success.

Yeah.

Moderator: Thanks. And you talked about the Nordic expansion earlier on, and there's one question about the process and the progress, especially the improvements following the partnership with AllCell. And can you give some flavor on the competitive landscape? Are there any regions or products that experienced higher competition? Also, you elaborate on competition with Plate?

Wolfgang Kirsch, Co-CEO, Shelley SE: Yeah. So Plate is is a very strong brand, very very well positioned in the Swedish market especially, but has some trouble to get food on the ground in rest of Europe, a little bit as well in Norway. But in the rest of Europe, they have trouble to lend. In Sweden itself, they are very strong and dominant in lighting business. They now have as well some downlights or some LED spots.

I would not say that they are a full competitor because they do not offer the full range that we have. But there are some that's a company we look at, we say, wow, they are doing a good job. They have good products. Our products can do much more, just they have a very strong position in the pro channel. And this is something that with the wholesalers, Alser, Rexel and others in all Nordic countries, but especially in Sweden, where these wholesalers really help us.

They are very open, much more open than in other regions of Europe because they are looking desperately for an alternative to dominant players like Plate. And we are one of these alternatives, and that's why they help us. So we are pushing they are pushing together with us installer trainings, presence in the stores. But this all is something we know that the professional market is not reacting from one day to another. Dimitat just said earlier, a bit lazy, so slow moving.

And this will that's something that will pay back for us in the next year, in 'twenty seven, 'twenty eight. We don't want to stop business in near future, so we need some positive developments. But in general, Nordics for us is, especially in Q2 and Q3 this year, is a region that or, yeah, a region that is growing significantly over proportionally. So that's one of the regions that really help us to develop in way as we do.

Dimitar Dimitrov, Co-CEO, Shelley SE: I think about the competitors because this is the main question different. Every everywhere there is a competitor. For the small company, big companies, there everywhere there is a competitor, but this is something which is more important. At the moment, we we doesn't see in our rather the competitor which coming close to the numbers which we make. Forget about the device and profit, but 2,000 daily new households connected to our quote to our quote.

We know that a thousand more is connected to third party quotes using our devices. So this is the in total, it's 3,000 new households in Europe. There is no players. I mean, compared with the biggest names, Legrand or or ABB or everybody we're going working in that direction, they're far away from these numbers. So there is no other way, no other place which can cover this one.

Maybe some of them make 2,000 installation, although from their devices, we talk here about the 15,000 devices daily, 3,000 devices, 3,000 news households daily. And believe me, at the moment, we cannot say on the other company which can make one third of what we're doing in Europe. Maybe all of them together do something, but even the strong strongest competitors in different countries, they're limited, and they cannot really going close to what we're doing.

Moderator: Thank you very much. And we have participants raising their hand. Viren Kirilov, you should be able to speak now and place your question.

Viren Kirilov, Analyst/Investor: Hello. Thank you for the great result. I have a few questions. One to mister Wolfgang. Can you give us your prediction about China?

How do you expect China to grow for Shelley? Just roughly, not numbers. What is your feeling about China?

Wolfgang Kirsch, Co-CEO, Shelley SE: Very positive. Very positive. So we have a very good team there. And without big efforts needed from here, the team is performing very well. They understand the local market, and our products are very well appreciated as a high quality product.

So the Chinese that buy our product, and it's still on a small level. I mean, you have seen the total rest of the world region is still small. But they consider our products as very strong European quality brand, and this is something that gives a positive outlook for the future. So I see China and the Asian region very positive with a very good team on the ground there and with very good results.

Viren Kirilov, Analyst/Investor: Thank you very much. Mister Mit, good three questions for you. First one, AI and Shellikenu, are we enough careful of this future? Because everyone is talking about AI, you know, heating and expectation, etcetera, etcetera. Can you give us a little bit of your thoughts about the AI in Shelley?

Dimitar Dimitrov, Co-CEO, Shelley SE: I could tell. First, many things which everybody show is far away from the AI. Usually, this is machine warning or or machine yeah. And this is why they present AI because nobody talking anymore for machine warning, but 99% is something like that. What we're working on, especially for the customers, we have we have some tries.

Some our better customers already has access. Others will come in soon where we can make for the customers some complicated things easier. As example, if you need a scene not to go into make to to to choose the devices and touch on your displays many times, you can just talk. And you can just say, okay. I wanna when I come in the room, I wanna why is to switch it on?

When I leave, I wanna one minute later, so why is to be switched off? Yeah. And this will happen automatically because the AI will help to recognize what the customers want to and to make a sense for the customer. This is the something which we're doing now. The second thing, some with some of the devices we build in the AI, for example, the new the new sensor, the new presence sensors, which counting the people, there is some kind of there, maybe much closer to the machine warning is that, which also the account the people and make a procedure.

This is the this is the dog. This is the this is the cat, or this is somebody else. Especially for the cameras, I think this is the best what happened is here because for the cameras, we now try and testing AI, and it's working for, obviously, and working very good for the customer. No matter for the object recognition or face recognition, number plate recognition, some different situation detection, for example, fire or something from from the camera, then the AI has the best best approach. But, yeah, we're working on.

And in every team from the from the back end, front end, there is a specialized people which working, investigating, and thinking how how we can use it. Yeah.

Viren Kirilov, Analyst/Investor: Thank you very much. A couple more questions for you, Mitko. Mister Volgank is a world class player. Mister Viwane Kosov, he's a world class. You're a world class genius.

Don't you think it's a time we to add investor investment banker, like, from JPMorgan, Barclays, or BlackRock to the board?

Dimitar Dimitrov, Co-CEO, Shelley SE: No. No.

Viren Kirilov, Analyst/Investor: Okay. You cannot ask. No.

Dimitar Dimitrov, Co-CEO, Shelley SE: No. We have no idea.

Viren Kirilov, Analyst/Investor: Second one. Just think for

Dimitar Dimitrov, Co-CEO, Shelley SE: the Why we need them? What what what to what to do with them? Okay?

Viren Kirilov, Analyst/Investor: I don't know. I'm just Okay.

Dimitar Dimitrov, Co-CEO, Shelley SE: Same same from our side. Okay.

Viren Kirilov, Analyst/Investor: Okay. Thank you. And second thing, I checked with my lawyers. You are able to print on the box of every Shelley device a QR code which can lead to the etcetera. That that's not advertising.

Most of the countries allows you that. This also you can think as the idea because it's you don't ask the people to buy your shares. You just, you know, inform them that you are there.

Dimitar Dimitrov, Co-CEO, Shelley SE: Okay.

Viren Kirilov, Analyst/Investor: Thank you very much for the results, and good luck, guys.

Dimitar Dimitrov, Co-CEO, Shelley SE: Thank you very much.

Wolfgang Kirsch, Co-CEO, Shelley SE: Thanks. Thank you. Well,

Moderator: thank you. And there is one more participant raising their hand. And Rabachisky, you should be able to speak now, and I hope I pronounced this name slightly well. Well, there is no raised hands anymore. Well, yes, Georgi Rykov, you should be able to speak now.

Hello? Do you hear me?

Dimitar Dimitrov, Co-CEO, Shelley SE: Yes.

Moderator: I don't hear you for some reason. Sorry about that. So

Wolfgang Kirsch, Co-CEO, Shelley SE: if

Moderator: you hear me, I would like to know about Bulgarian factory. Is on track to start production. I believe that during the AGM in the summer, it was mentioned something around March 2026.

Dimitar Dimitrov, Co-CEO, Shelley SE: Yeah. Okay. To confirm, yes. Is this the pipeline is is exactly like that. We must to make it work to March.

Everything is going well. I think the building is already prepared. The some installation which we need around the machines is is still is under preparation and installment there. The the main the the main machines is coming and will be delivered January, February. And then we will make it we'll start we'll finishing the project in March.

But this is ongoing, and this is yeah, At the moment, everything is on track there. And I think we must because the European program, which financing this this project is also the the March is the deadline.

Moderator: Well, hopefully, mister Reichhoff could hear your answer. We move on to the last questions in our chat box. Well, are there any capacity constraints or bottlenecks based on current situation and expected strong growth going forward? Any significant investments expected in the coming one to two years? Thank you very much.

Wolfgang Kirsch, Co-CEO, Shelley SE: These were three questions. The answer is no, no, no. So no capacity constraints. We are constantly talking with our main factories. We have more than one partner factories.

And we are able to increase the capacity significantly in the next year if we want. We need a couple of months time to do that. So that's our partner is very flexible there. This does not need any investments from our side. On the other hand, we see that with the growing quantities, we have a lot of advantages because we can now have production lines per product.

So for the plug, one production line that is producing the same product the whole year. For our electrometers, the same. That will give us some cost advantages and support our strong bottom line growth, so EBIT growth or EBIT development. Once again, I want to manage expectations that

Bastian Brah, Analyst: the

Wolfgang Kirsch, Co-CEO, Shelley SE: world is now talking about 35% or so. And so we do not see any problems there. That's all under control and very positive. K. Something to add?

Moderator: No. No. Okay. And there's a question concerning the partnerships and the buildup on teams abroad. Can you tell us more about the work of the new team in Poland?

Are you managing to start working with the identified partners, or are there any difficulties?

Wolfgang Kirsch, Co-CEO, Shelley SE: There are always difficulties. But what we see is as soon as we have the teams on the ground, they they know much better what the market requires. They know the right wholesalers, the right retailers. And in Poland, because this was a specific question, we see that we have now contracts with much more than distributors than before. We are as well operating local trainings and local languages that support our growth in the professional channel.

We see in Q3, we see we already saw a very good development there in Q4. We expect accelerating that still on a low level, and we will see significant results in 'twenty six and 'twenty seven. And that is the same for every country. When we started to put the team in Nordics on the ground, it took a year or one point five to get benefits. And now we see that it's really taking expect the same in every country where we put people.

We have existing business, so we are not starting from zero. But the next level then will be to, let me say, to professionalize that, to go to the right distributors, to the right wholesalers, to identify the right influencers, to go to the local communities, the local tech magazines, where do we have to be. You can always do that much better if you speak the local language, know the right people in the country. And that's what's happening basically everywhere. And in Poland, we see the first steps in this direction.

A local team is always a small team at the beginning, and we we add people if we need if we see that we need to add people. And it usually consists of a technical support person, a marketing person, and one or two salespeople. And then we see what is next and what is needed.

Moderator: Great. And we got two questions from mister Volansky.

Dimitar Dimitrov, Co-CEO, Shelley SE: Yeah. But what is Let's just be to one question which you answer for because we can stay the whole day and answer the question. It is somehow a year our presentation. And then I think if there is additional questions, they can ask our investor relation department. Do so.

Okay.

Moderator: We will do so. Very much. Okay. Great. So with that said, I will copy them and send it directly to the investor relations department.

Ladies and gentlemen, thanks for your interest in Shelley SE. And with that, and concerning the time, we come to the end of today's earnings call. Should further questions arise at a later time, please feel free to contact Investor Relations. Thank you to you both for the presentation and answering the questions so far. I wish you all a lovely remaining week.

And I guess I hand over to mister Dimitra for some final remarks. Is that right?

Dimitar Dimitrov, Co-CEO, Shelley SE: Okay. Thank you very much for everybody for participating. Yeah. We do our best for the company and to deliver the results. Thank you for your trust.

And, yeah, as every time, we promise to to continue like that. Okay. Thank you.

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