SFC Energy Sales Jump 73.3% in Record Quarter as Shelly Revenue Growth Accelerates
Key Facts
Shelly Group and SFC Energy posted strong sales growth in the third quarter of 2026, according to data released by the companies on November 11. Shelly revenue rose 29.8% in the first nine months to 112.8 million euros, while SFC sales jumped 73.3% in the third quarter to 50.432 million euros. SFC said the quarter was the strongest in its history by sales. SFC’s published profitability figures show an improvement over the nine-month period, not just in quarterly earnings. Shelly said its nine-month figures were unaudited.
Shelly’s growth accelerated to 35.1% year over year in the third quarter, with quarterly revenue reaching 44.5 million euros. The quarter’s growth rate thus exceeded the pace for the first nine months, which was 29.8%. The company attributed the acceleration to expanding distribution channels in the do-it-yourself home products and professional sectors, and to strengthening its international presence. It added that its network of professional installers grew by more than 2,700 during the quarter, reaching about 11,300 members. The co-CEO said revenue and profit growth gained further momentum in the third quarter, and that the network more than doubled over the year.
Shelly’s nine-month profitability improved, with net profit rising 28.5% to 23.8 million euros, compared with 18.5 million in the same period of 2025. Earnings per share increased to 1.30 euros from 1.01 euros. Operating profit before interest and taxes rose 25.4% to 27.5 million euros, but its margin declined to 24.3% from 25.2%. In the third quarter, this profit was 9.7 million euros, the same level as in the year-earlier period. The company said the comparative quarter’s result benefited from currency effects and revenue-recognition adjustments.
SFC’s nine-month results also improved: sales increased 29.3% to 132.784 million euros, from 102.709 million in the same period. Consolidated net income turned to a profit of 14.267 million euros, after a loss of 1.215 million a year earlier. The company linked the earnings improvement to significant expansion in its defense business, particularly the Ukraine program, as well as the product mix. It said the third quarter included additional deliveries under the first Ukraine program. These figures distinguish the quarterly sales record from the published financial results for the period since the start of the year.
Improved cash performance was reflected in Shelly’s figures, with operating cash flow of 26.2 million euros in the first nine months, compared with 6.9 million in the same period of 2025. Cash and cash equivalents reached 31.1 million euros on September 30, 2026, up 127.4% from the end of 2025, when they stood at 13.7 million. The company reaffirmed its 2026 fiscal-year outlook, forecasting revenue of between 195 and 205 million euros and operating profit before interest and taxes of between 47 and 52 million. It expects strong seasonal activity in home products to support the fourth quarter, alongside Black Friday and the Christmas season. The co-CEO said the strong fourth-quarter product program and solid financial position put the company, in his words, in a good position to achieve its annual targets.
SFC kept its 2026 sales forecast at between 166 and 175 million euros, and on October 29 raised its forecast for adjusted earnings before interest, taxes, depreciation and amortization to a range of 36–38 million euros. It also raised its forecast for adjusted operating profit before interest and taxes to 25.5–27.5 million euros. Management expects the fourth-quarter product mix to include a larger share of civil products, reducing the profit contribution compared with the previous two quarters. It also cited higher enterprise resource planning project costs in the final part of the year. Shelly was scheduled to discuss its unaudited nine-month results on an online call on November 11, 2026, at 9:00 a.m. Central European Time.