Tonies (TNIE) Q2 2025 earnings summary

Executive summary

• Achieved 20.3% year-over-year revenue growth at constant currency in H1 2025, reaching €176.6–177 million, driven by strong international expansion, especially in North America (+28–28.3%) and Rest of World (+76–78%).

• Over 9.5 million Tonieboxes and 125 million Tonies sold globally, with high engagement, strong brand trust, and positive impact on children's literacy and screen time.

• DACH region maintained profitability with a 16.5% EBITDA margin, saw flat to slightly declining revenue due to order phasing, but returned to growth in Q2 with innovation such as Book Tonies.

• North America delivered 28–28.3% revenue growth at constant currency, achieved first half-year profitability, and expanded retail presence with successful price increases.

• Management strengthened with new CFO Hans-Jörg Müller, new CRO Christoph Frisé/Frehsee, and co-founder joining Supervisory Board.

Financial highlights

• Adjusted EBITDA margin at 2.1% (down from 2.6% YoY); EBITDA margin at 1.8%; DACH delivered 16.5% EBITDA margin; North America achieved positive EBITDA margin (1.3%) for the first time.

• Gross margin improved to 70.9% (up from 67.2%); contribution margin rose to 42.9% (up from 37.4%).

• Cash position at €39–39.2 million, with total available liquidity of €121 million, including unused credit lines.

• Free cash flow stable at €-31.8 million; net loss narrowed to €-1.1 million from €-15.7 million YoY.

• International business now represents 60% of total revenue.

Outlook and guidance

• Full-year 2025 group revenue expected to grow over 25% year-over-year in constant currency, surpassing €600 million.

• North America revenue forecasted to grow over 30% year-over-year, targeting above €210–273 million.

• Adjusted EBITDA margin guidance set between 6.5% and 8.5% for FY 2025.

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

• DACH and U.S. both expected to return to growth for the full year.