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Original-Research: Shelly Group SE - from Montega AG

11.09.2025 / 09:57 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

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Classification of Montega AG to Shelly Group SE

Company Name: Shelly Group SE

ISIN: BG1100003166

Reason for the research: Update

Recommendation: Buy

from: 11.09.2025

Target price: 61.00 EUR

Target price on sight of: 12 Month

Last rating change: -

Analyst: Bastian Brach

IFA-Feedback: Product Offensive Expected to Lead to Increased Dynamics in

the Christmas Quarter

Shelly used this year's IFA to impressively expand its product portfolio and

reinforce its position as one of the innovation leaders in the market. With

one of the largest booths in the Smart Home area and strong visitor

interest, the company once again succeeded in clearly setting itself apart

from the competition.

New Products with High Market Potential: At the center of the product

innovations were the new Wall Display Gen4 and the room sensor Shelly

Presence Gen4. The Wall Display, presented in a larger and more modern

version, functions as a central control unit for the entire Smart Home

ecosystem. With the larger display, more powerful hardware, and a more

intuitive user interface, Shelly creates an attractive interface for end

users, significantly improving both functionality and design. Also

noteworthy is the new room sensor, which, using radar technology, can detect

not only the location but also the number of people present in a room

without making video recordings. This opens up application possibilities,

especially in sensitive areas such as hospitals or nursing homes, that go

far beyond the classic Smart Home.

With the Shelly Flood Gen4, water leaks caused by defective washing

machines, pipe bursts, or leaky heating systems can also be detected. In

combination with cloud connectivity, the user can be immediately alerted via

smartphone and, with appropriate equipment, initiate automated

countermeasures such as shutting off water pumps or activating valves. The

sensor also offers significant advantages in the commercial sector, a

consequential damage caused by water can be prevented early. This not only

enhances the attractiveness of Shelly's product portfolio but also

strategically expands it with security solutions that offer clear measurable

customer benefits. The high interest in the innovations is also evident a

the digital product presentation on YouTube reached 40k views within the

first four days, further underscoring the relevance of the Shelly community.

Medium-Term Goals Realistic: We see the consistent development of the

product portfolio, both in terms of quality and breadth, as the foundation

for achieving the medium-term goal of 200 million EUR in sales next year. If

Shelly meets our expectations for the current fiscal year, a growth rate

just below 35% would be necessary for 2026. Given the recent product

launches, which are available in time for Black Friday and the Christma

business, we expect a more dynamic increase in revenues in the coming

quarters compared to the first half of the year (H1: +29.3% yoy). Thi

tailwind is likely to continue into the next year, as we position ourselve

above the medium-term forecast with revenues of EUR 211.1m.

Conclusion: Shelly has used the attention of the IFA to present numerous new

fourthgeneration products. This should position the Smart Home provider well

for the important final quarter with Christmas business and Black Week to

increase the growth rate as planned compared to H1. We reaffirm our buy

recommendation with a target price of 61.00 EUR.

+++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschlu

bestimmter Börsengeschäfte. Bitte lesen Sie unseren RISIKOHINWEIS /

HAFTUNGSAUSSCHLUSS unter http://www.montega.de +++

Über Montega:

Die Montega AG ist eines der führenden bankenunabhängigen Researchhäuser mit

klarem Fokus auf den deutschen Mittelstand. Das Coverage-Universum umfasst

Titel aus dem MDAX, TecDAX, SDAX sowie ausgewählte Nebenwerte und wird durch

erfolgreiches Stock-Picking stetig erweitert. Montega versteht sich al

ausgelagerter Researchanbieter für institutionelle Investoren und fokussiert

sich auf die Erstellung von Research-Publikationen sowie die Veranstaltung

von Roadshows, Fieldtrips und Konferenzen. Zu den Kunden zählen langfristig

orientierte Value-Investoren, Vermögensverwalter und Family Offices primär

aus Deutschland, der Schweiz und Luxemburg. Die Analysten von Montega

zeichnen sich dabei durch exzellente Kontakte zum Top-Management, profunde

Marktkenntnisse und langjährige Erfahrung in der Analyse von deutschen

Small- und MidCap-Unternehmen aus.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=f6532203c921fc085670e87685f32d55

Contact for questions:

Montega AG - Equity Research

Tel.: +49 (0)40 41111 37-80

Web: www.montega.de

E-Mail: research@montega.de

LinkedIn: https://www.linkedin.com/company/montega-ag

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