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Tonies (TNIE) investor relations material

Tonies Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary21 Aug, 2025

Executive summary

  • Revenue grew 20% year-over-year in constant currency to €177M in H1 2025, driven by strong international expansion, especially in North America (+28%) and Rest of World (+76%), with DACH stable and returning to growth in Q2.

  • North America achieved profitability for the first time in H1, with expanded retail presence and successful price increases; Rest of World saw exceptional growth, notably in Australia, New Zealand, and France.

  • Platform engagement remains high, with over 9.5M boxes sold, children averaging 4.5 hours of weekly use, and positive product impact on literacy and screen time.

  • Robust innovation pipeline with significant new product launches (BookTonys, CleverTonys, Miss Rachel), and 65% of planned 2025 launches still to come.

  • Leadership transition underway: new CFO (Hans Joerg Muller/Hansjörg Müller) and CRO (Christoph Frazee/Frehsee) appointed, co-founder joined Supervisory Board.

Financial highlights

  • Group revenue reached €177M (+20% YoY); North America and ROW grew 28% and 76% respectively, DACH declined 1% but returned to growth in Q2.

  • Adjusted EBITDA margin at 2.1% (down from 2.6% YoY); EBITDA margin at 1.8%, reflecting resilience amid investment and tariff headwinds.

  • Contribution margin improved to 42.9% (up 5.6pp YoY), driven by better sourcing, product mix, and licensing rates.

  • Cash position strong at €39M, with €121M available including credit lines, supporting investments and risk mitigation.

  • Net loss narrowed to €-1.1M from €-15.7M YoY, with free cash flow stable at €-31.8M.

Outlook and guidance

  • FY 2025 revenue expected to grow over 25% in constant currency, surpassing €600M.

  • North America revenue forecasted to grow over 30% YoY; adjusted EBITDA margin guided between 6.5–8.5%.

  • H2 expected to feature strong innovation launches, higher box sales, and continued investment in product and market expansion.

  • Guidance assumes stable consumer sentiment and no further US tariff impacts.

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Frequently asked questions

Tonies SE is a Luxembourg-based company that specializes in audio entertainment for children. The company’s flagship product, the Toniebox, is a screen-free audio player designed for kids, used in combination with collectible figurines called Tonies that play stories, music, and educational content. Tonies SE develops and licenses content in collaboration with global entertainment brands and also offers original programming. Tonies SE is headquartered in Luxembourg City, Luxembourg, and its shares are listed on the Frankfurt Stock Exchange.

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