Tonies (TNIE) Company Presentation summary

Market position and business model

• Holds the leading position as the largest interactive audio platform for children, with over 9.3 million Tonieboxes and 119 million Tonies sold globally, and presence in more than 100 countries.

• Created a new multi-billion euro product category at the intersection of toys, gaming, connected audio, and streaming, leveraging a tech-enabled, asset-light, scalable DTC platform.

• Business model centers on a proprietary ecosystem with recurring revenue from Tonies figurines, accessories, and digital content, supported by strong licensor relationships and data-driven content creation.

• Demonstrates high customer engagement, with an average of 270 minutes weekly playtime and strong brand loyalty, reflected in a US NPS of 77.

• Distribution is balanced between DTC and wholesale, with a growing DTC share and strong retail partnerships worldwide.

Financial performance and growth

• Achieved FY 2024 revenue of €481m (+33% YoY), with North America becoming the largest market and international sales accounting for 62% of total revenue.

• Q1 2025 revenue reached €97m (+24% YoY), driven by international expansion, especially in North America (+42%) and Rest of World (+81%).

• All regions reported positive EBITDA in 2024, with DACH at 23.1%, North America at 2.5%, and Rest of World at 2.6%.

• Adjusted EBITDA margin improved to 7.5% in 2024, with net income and free cash flow turning positive for the first time.

• Strong unit economics and predictable, subscription-like customer cohorts, with an average of 20 Tonies purchased per Toniebox over 4.5 years.

International expansion and market highlights

• North America saw rapid growth, with over 2.5 million Tonieboxes and 20 million Tonies sold since launch, and EBITDA breakeven achieved in 2024.

• UK surpassed 1 million Tonieboxes sold, France achieved market leadership within three years, and ANZ saw a 71% increase in POS since launch.

• US is now the 2nd largest dollar growth property and corporate manufacturer in Preschool Toys for 2024, with significant shelf space expansion in major retailers.

• Wholesale channel in North America expanded through increased POS and shelf space, with a shift toward a higher wholesale revenue share.

• Product innovation and own IPs, such as Sleepy Friends and Pocket Tonies, are key growth drivers across all markets.