Tonies (TNIE) Company presentation summary

Market leadership and platform growth

• Maintains the largest interactive audio platform for children, active in over 100 countries with more than 12 million Tonieboxes and 165 million Tonies sold as of Q1 2026.

• Achieved #1 position in preschool toys across the US, DACH, UK, France, and ANZ, with strong brand loyalty and high user engagement averaging 280 minutes weekly playtime.

• Expanded international revenue share to 66% in 2025, with North America becoming the largest market.

• Demonstrated highly predictable, subscription-like customer cohorts, with an average of 20 Tonies purchased per Toniebox over 4.5 years.

• Received multiple awards, including CES 2026 Innovation Award and Red Dot Design Awards for Toniebox 2 and Tonieplay.

Financial performance and profitability

• FY 2025 revenue reached €630m (+36% cc), with DACH at €214m (+16% cc), NA at €276m (+40% cc), and ROW at €141m (+68% cc).

• Q1 2026 revenue was €126m (+35% cc), with strong growth across all regions and product categories.

• Adjusted EBITDA margin improved to 8.6% in 2025, driven by higher contribution margin and favorable product/channel mix.

• All regions reported positive EBITDA in 2025, with DACH at 24.6%, NA at 9.3%, and ROW at 3.8%.

• Free cash flow was temporarily negative due to strategic inventory build-up for new product launches.

Product innovation and ecosystem expansion

• Launched Toniebox 2, a new platform device with interactive play features, full backwards compatibility, and enhanced engagement for ages 1+.

• Introduced Tonieplay, an audio-based interactive play category, and My First Tonies for younger children, expanding the addressable market.

• TB2 accounted for ~80% of box sales in Q4 2025, with strong customer adoption and positive reviews.

• Developed a scalable, tech-driven DTC business model with a growing ecosystem of content, accessories, and digital experiences.

• Strengthened partnerships with major licensors and retailers, including Disney, Target, Walmart, and Amazon.