European Growth Leaders 2026

Annual ranking data providerLSEG WorkspaceUsed with permission · acknowledgements

An independent research observatory tracking Europe’s listed growth companies.

Francesco Castellaneta, Full Professor of Strategy and Entrepreneurship, SKEMA Business School – Université Côte d’Azur (GREDEG) · Scientific Committee Diego Zunino and Jackie Krafft

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Annual rank12

Bulgaria · Technology

Shelly Group AD

Develops products for remote control and automation, including energy management for electrical appliances.

+220%revenue growth
FY2022–FY2025
+182%net-income growth
FY2022–FY2025
+450%stock return
FY2022–FY2025
+11%2026 stock return
current context only

Company profile

From a wall box to an open energy platform

Shelly Group makes compact connected devices that sit behind switches, on DIN rails or in wall sockets, turning existing lights, appliances, heating, doors and energy circuits into controllable systems. Users can operate them locally, through Shelly Smart Control or through open integrations such as Home Assistant. The same hardware-software architecture spans do-it-yourself retrofits, installer-led buildings and solar-energy partnerships.

Products at the electrical edge

Tiny retrofit relays sit beside professional panel controls

Shelly 1PM Mini Gen4 fits behind existing switches or sockets, meters power and speaks Wi-Fi, Zigbee, Bluetooth and Matter. At the panel, Pro 4PM gives installers four metered channels with LAN and a display; LOQED adds smartphone, PIN and touch access for European doors. The range adds intelligence to existing electrical infrastructure rather than requiring every appliance or fitting to be replaced.

A real installation

One solar array shares its surplus between two homes

An official customer-project page documents a system that measures one home's PV output with Shelly Pro 3EM, tracks the second home with Shelly EM Gen3, then switches appliances by priority through Shelly Plus 1PM and Plug S Gen3. Shelly Smart Control provides monitoring and manual override. For professionals, Shelly Academy turns similar know-how into a Bronze-to-Gold installer certification path.

Software and integrations

Control can stay local, move to the cloud or cross ecosystems

Devices can run on a local network, expose embedded web interfaces and support protocols such as MQTT, while Shelly Smart Control adds cloud-stored energy views and automation. Home Assistant auto-discovers Shelly devices and communicates locally without requiring the cloud. EcoFlow's co-branded Plug S Gen3 and Pro 3EM extend the architecture into solar generation, storage and consumption management across both companies' platforms.

Markets and growth positioning

The professional channel is widening an international DIY base

Shelly serves DIY and professional users in more than 100 countries, with sales organisations across Europe as well as the United States and China. The 12 August H1 update reported an installer network of 8,600, after local teams had been established in the United Kingdom, Iberia, France and Italy. An August partnership with ALSO adds pan-European access to resellers, system integrators and professional installers, alongside joint marketing, technical training and sales enablement; the release gives no revenue, volume, exclusivity or country commitments. The model combines device sales, cloud applications, trained installers and technology partnerships.

Official profile sources: Shelly Group Expects Record Year with Over 10 Million Newly Registered Devices · Product series | Shelly Group

Current 2026 update

What is changing at Shelly Group AD in 2026?

Shelly is moving on three separate tracks: preliminary Schneider discussions leave ownership unresolved; Q2 launches turn part of the product roadmap into delivered products; and the professional route to market is widening through 8,600 installers and a pan-European distribution partnership.

Latest official evidence Pan-European ALSO partnership Published 19 August 2026

The change in one sentence

Control, portfolio delivery and professional distribution are changing on different clocks.

The takeover discussion remains uncertain, product launches can be separated from the H2 roadmap, and the professional channel has concrete new reach. None of those facts proves a formal offer, future product delivery or sales generated through ALSO.

Four lenses on 2026

The same four-quadrant format used in the Company profile.

01 · The control question

Schneider discussions remain preliminary, with no formal offer disclosed

On 29 July, Shelly confirmed preliminary discussions with Schneider Electric regarding a potential tender offer. The issuer said there was no certainty that an offer would be made and no certainty about terms or timing. The official ad-hoc feed contains no later takeover announcement through the 28 August cutoff; that absence does not prove that discussions ended or progressed.

  • Current signalPreliminary discussions · no formal offer disclosed through cutoff
  • Why it mattersA formal offer could change control, but the current evidence supports only an unresolved process, not a transaction.
  • Schneider talks Shelly Group · 2026-07-29

02 · Product delivery versus roadmap

Three Q2 launches are real; cameras, mini breakers and entry TRVs remain planned

Shelly says the Pro Circuit Breaker, LOQED Pure Smart Lock and Flood Sensor launched successfully in Q2, following Plug M and BLU Presence Sensor in Q1. The Indoor Camera, AI-powered Outdoor Camera, Mini Circuit Breaker series and affordable entry-level smart TRVs are planned for H2. Separately, Shelly exercised a call and acquired the remaining 24% of Shelly Tech for EUR 0.9 million, bringing ownership to 100%; the report calls the subsidiary important to product development and the technology ecosystem but does not attribute specific launches or revenue to it.

  • Current signal3 Q2 launches · 4 H2 product lines planned · Shelly Tech now 100%
  • Why it mattersLaunch status shows which roadmap items reached market, while full ownership of the technology subsidiary is an organisational fact rather than proof of product or revenue contribution.
  • H1 products and channel Shelly Group · 2026-08-12
  • Shelly Tech ownership Shelly Group · 2026-07-27

03 · The professional channel

Installer growth is joined by a pan-European distributor

The 12 August H1 update reported Shelly's installer network at 8,600, up from 6,700 after Q1. Local teams had already been established in the United Kingdom, Iberia, France and Italy. On 19 August, Shelly announced an agreement with ALSO that provides access to its European network of resellers, system integrators and professional installers, combined with joint marketing, technical training and sales enablement. The release gives no revenue, volume, exclusivity or country commitments.

04 · What to watch

Three questions for the next disclosures

Three questions separate unresolved ownership, product delivery and channel conversion.

  • Offer outcomeDoes Schneider submit a formal offer, and what terms, timetable and conditions are disclosed?
  • H2 launchesWhich planned cameras, mini breakers and entry TRVs become commercially available, and on what dates?
  • Channel conversionDoes Shelly disclose installer activity or sales volumes attributable to ALSO and the four local market teams?
Sources:Schneider talks H1 products and channel Shelly Tech ownership Q1 products and teams ALSO partnership

Annual record

Ranking history

Future editions add rows; they do not rewrite the 2026 record.

EditionMeasurement periodRankRevenue growthNet-income growthStock return
2026FY2022–FY202512+220%+182%+450%