Tonies Se Stock Earnings Reports

Tonies delivered a landmark 2025: Group revenue was EUR 630m (36% growth at constant currency), driven by strong performance across regions (North America +40%, DACH +16%, Rest of World +68%). Installed base reached ~11.8 million Tonieboxes in 100+ countries and 156 million Tonies sold to date (43 million in 2025). Toniebox 2 launched successfully (≈80% of Q4 Toniebox sales) and expanded the addressable audience and product-led flywheel via new categories: Tonieplay (interactive, screen-free gaming), My First Tonies (ages 1–3), Plush/Cuddle Tonies and Book Tonies. Engagement is high (c. 5 hours/week listening) and newer formats show stronger session metrics versus classics. Profitability improved: adjusted EBITDA margin rose to 8.6% (above guidance) with contribution margin up to 37%. Management intentionally built higher inventory ahead of TB2 and new categories, which caused a negative free cash flow in 2025 but is presented as one-time, strategic. Key risks/mitigants: U.S. tariffs and memory-chip cost pressure were managed via price adjustments, supply diversification and inventory; management believes these factors are covered in 2026 guidance. Guidance for FY2026: >20% constant-currency revenue growth to above EUR 760m and adjusted EBITDA margin of 9–11%. Capital position: cash + unused credit lines ~EUR 138m.