Strong Growth Anticipated for tonies SE in Q2

Tonies SE is poised for a robust Q2, driven by high demand for the Toniebox 2. A forecasted 37% year-on-year rise in group sales, reaching €109 million, underscores this momentum. The North American market, witnessing a 60% increase, remains a significant growth driver. This surge follows the successful Q3'25 launch of the Toniebox 2. Concurrently, figurine demand remains strong, supporting the ecosystem's expansion.

An expanding installation base is expected to enhance profitability in the second half (H2), despite a slight impact on the H1 margin. Key content launches, including Pokémon and Bluey, align with this growth projection. Management aims for sales exceeding €1.4 billion by FY30, alongside a 16-18% EBITDA margin. The stock retains a "BUY" recommendation, with a target price of €18.5.