Tonies (TNIE) Q2 2026 earnings summary

Executive summary

• Achieved EUR 243 million in revenue for H1 2026, up 41% in constant currency, with double-digit growth across all regions and international markets contributing 63% of revenue.

• Launched Toniebox Lite and Toniebox 2, expanding the device ecosystem and targeting new customer segments and affordability.

• Strengthened partnerships with major IPs like Bluey, Pokémon, Hasbro, and FC Bayern Munich, driving content innovation and engagement.

• Confirmed full-year 2026 guidance, targeting at least 20% group revenue growth and adjusted EBITDA margin of 9%-11%.

• North America became the largest and fastest-growing market, with revenue up 57% in constant currency to EUR 104.3 million.

Financial highlights

• Group revenue grew 41% year-over-year in constant currency to EUR 243 million; DACH: EUR 88.9 million, North America: EUR 104.3 million, Rest of World: EUR 50.2 million.

• Adjusted EBITDA margin at 0.7% for H1, down from 2.1% in H1 2025, impacted by product mix and US tariffs.

• Gross margin declined to 64.3% from 70.9% due to product mix shift and tariff timing.

• Free cash flow was negative at EUR -64.3 million, reflecting early inventory buildup for major launches.

• Cash at period end was EUR 33 million, down from EUR 87.8 million at year-end 2025.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: revenue growth of at least 20% (EUR 760 million+) and adjusted EBITDA margin of 9%-11%.

• North America expected to grow over 30% year-over-year in constant currency.

• Midterm ambition: EUR 1.4 billion revenue and 16%-18% adjusted EBITDA margin by 2030.