tonies continues profitable growth with record results in 2025, expects strong momentum for full year 2026 – expansion of ecosystem around Toniebox 2 proves a global success

tonies continues profitable growth with record results in 2025, expects strong momentum for full year 2026 – expansion of ecosystem around Toniebox 2 proves a global success

• Group revenue increased by 31% yoy (+36% in constant currency, cc) to EUR 630m, as all markets continued or accelerated growth momentum
• Adjusted EBITDA margin expanded to 8.6%, as favorable product mix shift towards Tonies figurines drives profitability, operational efficiency strengthens resilience in challenging macroenvironment
• North America sustained growth rate above group average: revenue increased by 31% yoy (+40% cc) to EUR 276m
• Toniebox revenue rose by 18% yoy (+21% cc) to EUR 161m; growing installed base creates powerful foundation for subscription-like revenue growth and ecosystem expansion
• FY 2026 guidance underscores confidence in continued profitable growth: Group revenue growth of >20% (cc) to EUR >760m, North America revenue growth of >30% (cc), adjusted EBITDA margin between 9% and 11%

LUXEMBOURG, 14 April 2026 // tonies SE (“tonies”), the globally leading interactive audio platform for children, recorded strong growth at record profitability in 2025. The strategy to address new target groups and existing customers with a broader portfolio following the launch of Toniebox 2 resonated globally and fueled strong growth in the second half of the year. With expanded retail and licensing partnerships as well as growing household penetration, tonies deepened the footprint in its international markets North America, UK, France, Australia and New Zealand. Product innovation drove faster growth in the more established DACH region. As a result, tonies fully delivered on all aspects of its full-year guidance.

Tobias Wann, CEO of tonies, says: “In 2025, we delivered innovation with real impact – for families and for our business. Despite macroeconomic uncertainty, we continued our profitable growth with record results across all markets. The innovation in our portfolio around Toniebox 2, Tonieplay, and landmark partnerships drive the cultural relevance of our platform. tonies resonates with families worldwide. With a deeper footprint across the world, and two thirds of revenue stemming from international markets, we evolve tonies into a true global icon. I am looking ahead to 2026 with excitement for what we have planned, and confidence that we’re in a stronger position than ever.”

Hansjörg Müller, CFO of tonies, adds: “Our focus is to grow tonies profitably and sustainably. In 2025, we proved our ability to deliver exactly that at scale. We grew revenue by over 30% while expanding our margin – despite volatile markets. Broadening our Toniebox installed base is the key predictor for recurring figurine and other ecosystem revenue: The category performance, boosted by Toniebox 2, shows we are making the right moves to deliver future growth. Despite investing to deliver our biggest ever launch with Toniebox 2, we maintained financial discipline and improved efficiency across the organization. The resilience we’ve shown is proof of our business model’s potential, and the strong fourth quarter once again underscoresour execution capability for key commercial moments. This foundation positions us well for continued profitable growth in 2026.”

Broader portfolio and sustained international expansion drives double-digit revenue growth across all markets

With a strong performance throughout the year and particularly in the second half, tonies grew its topline in all regions. tonies’ evolution into a truly global ecosystem is demonstrated by the increased revenue share from international markets, which now accounts for approx. 66% of total revenue, up from 62% in 2024.

Full year Group revenue rose by 31% yoy (+36% cc) to EUR 630 million (FY 2024: EUR 481m). The fourth quarter generated EUR 313 million, half of the annual revenue, supported by the launch of Toniebox 2 and Tonieplay. Once again, tonies capitalized on major commercial events such as Black Friday, Cyber Monday, and the holiday season, increasing Q4 revenues by 31% (+39% cc) compared to the prior year’s quarter (FY 2024: EUR 238m).

North America strengthened its position as tonies’ largest market and key growth engine, with revenues increasing 31% yoy (+40% cc) to EUR 276 million for FY 2025. Partnerships with major retailers such as Target and Walmart led to ongoing wholesale expansion, supporting the growth driven by a strong direct-to-consumer performance and successful new product launches including My First Tonies and the Ms. Rachel Tonie. tonies’ ability to mitigate tariff impacts through strategic sourcing shifts and selective price adjustments proved central to delivering uninterrupted growth in a challenging environment. This underscores both the resilience and flexibility of tonies’ supply chain and the loyalty of its customer base.

The DACH market recorded a revenue increase of 16% yoy to EUR 214 million, accelerating significantly from 11% in FY 2024. This development demonstrates that tonies' most established market still offers significant growth potential through ecosystem expansion, new product categories including Toniebox 2 and Tonieplay, content innovation, and increased attach rates.

In the Rest of World region, encompassing the UK, France, Australia and New Zealand, revenue surged by 64% yoy (+68% cc) to EUR 141 million (FY 2024: EUR 86m). Across all markets, the tonies brand increased its visibility, while partnerships with the largest retailers drove market penetration. In the UK, the installed base grew to over 1 million Tonieboxes. In France, tonies was the fastest growing pre-school toy manufacturer and the Toniebox the fastest growing pre-school property of the year. In Australia and New Zealand, points of sale expanded from around 250 at launch to now more than 500, including the world’s first ever tonies pop-up shop. First regional content partnerships further embedded tonies in the cultural sphere Down Under.

Growing installed base and above-the-box momentum drive recurring revenue model

Revenue from Tonieboxes rose by 18% yoy (+21% cc) to EUR 161 million (FY 2024: EUR 137m), positively impacted by the successful launch of Toniebox 2 and related phasing effects.

In September 2025, tonies celebrated the milestone of 10 million Tonieboxes sold worldwide. The growing installed base creates a powerful foundation for recurring revenue and ecosystem expansion.

Revenue from Tonies figurines increased by 37% yoy (+43% cc) to EUR 447 million (FY 2024: EUR 325m). This growth was driven by the introduction of new formats including My First Tonies for children aged 1 and up and interactive Tonieplay games as well as ongoing demand for the well-balanced mix of licensed third-party Tonies and successful own franchises.

Revenue in the Accessories & Digital category increased by 23% yoy (+25% cc), reaching EUR 22 million (FY 2024: EUR 18m). Night Light Tonies, electronics including headphones and chargers, digital content, and transport solutions all contributed to this growth.

Record profitability driven by product mix and operational efficiency

Adjusted EBITDA margin improved by 1.1 percentage points yoy to 8.6%, surpassing the high end of the guidance range. The improvement in profitability was driven by efficiency gains and a beneficial product mix shift, despite significant headwinds from US tariffs. All markets improved their adjusted EBITDA margins.

Free cash flow declined to EUR -11.9m in 2025 (FY 2024: EUR 33.1 m). This was due to the strategically increased inventory levels to ensure global availability and maximize the commercial impact of the rollout of Toniebox 2 and new content categories.

A year of innovation headlined by Toniebox 2

The successful launch of Toniebox 2 and Tonieplay marked tonies' biggest innovation since the market entry of Toniebox 1 in 2016. The introduction of Tonieplay created an entirely new product category – interactive, screen-free games for solo and multiplayer experiences – expanding the platform beyond audio and deepening engagement, especially among older target groups.

Building on this momentum, tonies announced major licensing partnerships: Together with Hasbro, global board game classics – including Monopoly – will debut in new Tonieplay formats. In collaboration with Pokémon, tonies will launch a special edition Toniebox 2 as well as introduce a dedicated audio-first storytelling for the world’s largest media franchise.    

The introduction of My First Tonies, a range of soft, squeezable characters for children aged 1 and up, successfully extended the brand's age range to younger children. Strong launch performance in North America and the UK after introduction in 2025 demonstrated the category’s potential. My First Tonies  were launched in the remaining markets in the first quarter of 2026.

Outlook for FY 2026: Continued and sustainable profitable growth

Building on the momentum from 2025 and the global appeal of its platform, tonies provides the following guidance for FY 2026:

• Group revenue growth: More than 20% in constant currency to more than EUR 760m
• North America revenue growth: More than 30% in constant currency
• Adjusted EBITDA margin: 9 to 11%

The guidance is based on the assumptions that there will be no material deterioration of consumer sentiment or force majeure events. Adjusted EBITDA guidance is based on an assumed EUR/USD exchange rate of USD 1.20.

tonies SE will hold a presentation on its FY 2025 results today, Tuesday, 14 April 2026, at 3:00 pm CEST. To register directly for the webcast, please go to our website through Financial Calendar.

All documents are available on tonies’ Investor Relations website under Publications. The company will hold a Capital Markets Day in London on 18 June 2026. You may add the Save the Date to your calendar. All further details, including the registration form and agenda, will be shared by mid-May.

Figures at a glance

Adjusted P&L

Operating segments FY 2025* (nominal)

*NA = North America, Operational segments shown in local GAAP; Adjustments on EBITDA only on group level (share-based payments), Reclasses include transfer prices, IFRS effects, Group provisions

Investor Relations Contact: 
Moritz Verleger  
Head of Investor Relations  
Phone: +49 151 5784 6012  
Mail: ir@tonies.com

Media Contact: 
Christian Steinhof  
Head of Global Corporate Communications  
Phone: +49 171 121 0279  
Mail: christian.steinhof@tonies.com

About tonies  
tonies® is the globally leading interactive audio platform for children redefining how children aged 1 to 9+ play, learn and grow independently without screens. Since its founding in Germany in 2014, around 11.8 million Tonieboxes and around 156 million Tonies have been sold worldwide. tonies employs more than 630 people and is listed in the SDAX of the Frankfurt Stock Exchange (tonies SE).

This document contains forward-looking statements  
Certain statements included in this document are forward-looking statements. Forward-looking statements can typically be identified by the use of words such as "expects", "may", "will", "could", "should", "intends", "plans", "predicts", "envisages" or "anticipates" or other words of similar meaning. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the tonies SE. They are not historical or current facts, nor are they guarantees of future performance.

Disclaimer
By their nature, forward-looking statements involve several risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described in this document. These forward-looking statements speak only as of the date of this announcement. Except as required by any applicable mandatory law or regulation, the tonies SE expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document to reflect any change in the tonies SE's expectations with regard thereto or any change in events, conditions, or circumstances on which any such forward-looking statements are based. Neither tonies SE nor any other person accepts any responsibility for the accuracy of the opinions expressed in this document or the underlying assumptions. For the definition of the alternative performance measures used, please refer to the published Annual Report as of December 31, 2025 and the Half-Year Report 2025, or by using the following link to our website: APM.