Shelly Group SE Reports Strong Q1 Results Amid Challenges

In a recent update by Montega AG, Shelly Group SE has been recommended as a "buy" due to a surprising start to the fiscal year 2026. Despite anticipated challenges, Shelly's preliminary Q1 results showed a revenue growth of 26% year-over-year, reaching EUR 33.4 million, surpassing expectations. This success occurred even with delayed new product launches, as existing product lines were prioritized in late 2025.

The company's cash position has improved, with steps taken to address high trade receivables. This is a key strategy aimed at boosting free cash flow, projected at EUR 19.7 million for the year. Shelly's recent inclusion in the SDAX index stands as a significant step, boosting its visibility and liquidity in the market.

Overall, these developments suggest a strong demand foundation and a positive outlook for Shelly's growth trajectory throughout the year. The target price remains at EUR 79.00.