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Original-Research: Shelly Group SE - from Montega AG

15.04.2026 / 16:37 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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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: 15.04.2026
Target price: 79.00 EUR
Target price on sight of: 12 Monaten
Last rating change: -
Analyst: Bastian Brach

Preliminary Q1 Results Surprise to the Upside

Shelly reported a strong start to the year with preliminary Q1 figures,
delivering revenue growth above our expectations in what was anticipated to
be a more challenging quarter. In addition, the company further strengthened
its cash position, underlining the improving financial profile.

[Table]

Top line development better than expected despite timing effects: Revenue in
Q1 reached EUR 33.4m, slightly above our estimate (MONe: EUR 32.3m),
corresponding to a growth rate of 26.0% yoy. This performance is
particularly noteworthy given the previously communicated timing effects
related to product launches. As a reminder, several key new products were
delayed by a few months, leading to a stronger focus on selling existing
product lines to distributors in Q4 2025. This resulted in temporarily
elevated inventory levels at distributors, which we had expected to weigh on
order activity in Q1. Against this backdrop, the reported growth exceeds
expectations and supports our view that underlying demand remains strong. We
continue to expect a further acceleration in growth momentum over the course
of the year as new product launches gain traction.

Improved cash position and focus on working capital: Shelly reported a
noticeable increase in its cash position, primarily driven by improved
accounts payable. At the same time, management has initiated measures to
address the elevated level of trade receivables, which had been a key
concern among investors following the year-end figures. According to the
company, receivables are expected to normalize over the coming quarters. A
successful reduction in receivables would have a particularly positive
impact on free cash flow generation. For FY26, we currently forecast a free
cash flow of EUR 19.7m, which still assumes a moderate increase in
receivables, albeit below the revenue growth rate.

SDAX inclusion enhances visibility and liquidity: Since April 10, Shelly has
been included in the SDAX, marking the first listing of a Bulgarian company
in the index. This milestone reflects the company's strong operational
development in recent years and the increasing relevance of the stock in the
capital markets. The index inclusion should further improve trading
liquidity and enhance visibility among institutional investors.

Conclusion: Overall, the Q1 figures provide a positive signal, demonstrating
resilient demand despite temporary headwinds from product timing effects.
Combined with the improving cash profile and increased capital market
visibility, we see Shelly well positioned to deliver accelerating growth
over the remainder of the year and reaffirm our buy rating and price target
of EUR 79.00.

+++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte. Bitte lesen Sie unseren RISIKOHINWEIS /
HAFTUNGSAUSSCHLUSS unter http://www.montega.de +++

Über Montega:

Die Montega AG ist eine innovative Investment-Banking-Boutique mit klarem
Fokus auf den Mittelstand und agiert als Plattformanbieter für den Austausch
zwischen börsennotierten Unternehmen und institutionellen Investoren.
Montega erstellt hochwertiges Equity Research, veranstaltet vielfältige
Kapitalmarktevents im In- und Ausland und bietet eine umfassende
Unterstützung bei Eigen- und Fremdkapitalfinanzierungen. Die Mission:
Emittenten und Investoren zusammenbringen und für Transparenz im
Börsenumfeld sorgen. Dabei konzentriert sich Montega auf jene
Marktteilnehmer, deren Sprache die Mittelstandsexperten am besten
beherrschen: Small- und MidCaps auf der einen sowie Vermögensverwalter,
Family Offices und Investment-Boutiquen mit einem Anlagefokus im
Nebenwertebereich auf der anderen Seite.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=0fd6b2bb8532812963adc78170337abc

Contact for questions:
Montega AG - Equity Research
Tel.: +49 (0)40 41111 37-80
Web: www.montega.de
E-Mail: info@montega.de
LinkedIn: https://www.linkedin.com/company/montega-ag

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