Tonies (TNIE) Q1 2025 earnings summary

Executive summary

• Q1 2025 group revenue reached EUR 97.2 million, up 24% year-over-year (22.1% at constant currency), driven by international expansion and robust consumer engagement, especially in North America and Rest of World.

• Over 9.3 million Tonieboxes and 119 million Tonies have been sold globally, with high engagement and a Net Promoter Score of 77 in the U.S.

• International markets, notably the US, UK, France, Australia, and New Zealand, showed significant growth and now contribute 60% of total revenue.

• No full-year 2025 guidance issued due to ongoing tariff volatility and global trade uncertainties, but management remains confident in continued profitable growth.

• ANZ market launch in August 2024 was the most successful in company history, with rapid retail expansion and awards.

Financial highlights

• Q1 2025 revenue: EUR 97.2 million (+24% year-over-year, +22.1% constant currency); North America revenue grew 42%, DACH declined 3%, Rest of World up 81%.

• FY 2024 revenue: EUR 481 million (+33% year-over-year), with North America becoming the largest market.

• Adjusted EBITDA margin for FY 2024: 7.5% (+3.5pp year-over-year); free cash flow EUR 33 million, net income EUR 13 million.

• Over 7 million Tonies sold in Q1, reflecting strong repeat purchases and high activation rates.

• Tonieboxes revenue grew 8% (cc) to EUR 16.5 million; Tonies figurines up 26.3% (cc) to EUR 76.5 million; Accessories & Digital up 12% (cc) to EUR 4.2 million.

Outlook and guidance

• No full-year 2025 guidance provided due to ongoing global tariff uncertainties; guidance will be issued once visibility improves.

• Management remains confident in profitable growth for 2025, citing strong fundamentals, product innovation, and financial flexibility.

• Production in Vietnam and price adjustments on Tonies since May 1, 2025, are part of mitigation strategies.