Tonies (TNIE) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue grew 35% in constant currency to EUR 126 million, with all regions and product categories delivering strong double-digit growth.

• Maintained leadership in key markets: #1 in Germany for over 12 quarters, #2 in US preschool toys, and leading in UK, France, and Australia/New Zealand.

• Toniebox sales surged over 54% year-over-year, and Tonies figurines revenue grew 25% to nearly EUR 100 million.

• Leadership team strengthened with the appointment of Mark McColgan as General Manager, North America.

• Confirmed guidance for FY 2026, targeting over EUR 760 million group revenue and 9–11% adjusted EBITDA margin.

Financial highlights

• Q1 2026 revenue: EUR 126 million (+35% constant currency), with DACH at EUR 50 million (+28%), North America at EUR 48 million (+34%), and Rest of World at EUR 28 million (+53%).

• Toniebox revenue grew over 54% year-over-year; Tonies figurines up 25%; Accessories & Digital up 15%.

• International revenue share remained at 60%, consistent with the prior year.

• FY 2025 revenue was EUR 630 million (+36% constant currency), with adjusted EBITDA margin at 8.6%.

• Free cash flow for FY 2025 was -EUR 11.9 million, impacted by inventory build-up for new product launches.

Outlook and guidance

• FY 2026 guidance confirmed: group revenue expected to grow over 20% to above EUR 760 million, with North America revenue projected to grow over 30% in constant currency.

• Adjusted EBITDA margin guided between 9%–11%.

• Profitability and revenue expected to be back-end loaded, with Q4 as the primary driver.

• Guidance assumes stable consumer sentiment and no force majeure events.