Tonies (TNIE) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue surged 52.3% year-over-year to EUR 145.2m, driven by the global launch of Toniebox 2 and Tonieplay, expanding into new product categories and geographies.

• 9M 2025 revenue reached EUR 321.8m (constant currency), up 32.9% year-over-year, with international markets comprising up to 60% of revenue.

• Over 10 million Tonieboxes and 134 million Tonies sold worldwide, with activations in over 100 countries.

• Major innovation and partnerships, including Hasbro and My First Tonies, broadened the platform's appeal and age range.

• Global brand visibility increased through major multimedia campaigns and high-profile partnerships.

Financial highlights

• Q3 2025 revenue grew 52.3% year-over-year to EUR 145.2m; 9M 2025 revenue up 32.9% to EUR 321.8m (constant currency).

• DACH revenue up 15.6% to EUR 132.1m; North America up 36.0% to EUR 125.3m; Rest of World up 80.4% to EUR 64.4m.

• Tonieboxes revenue up 24.7% to EUR 72.7m; Tonies figurines up 36.1% to EUR 236.0m; Accessories & Digital up 26.2% to EUR 13.0m.

• International revenues (outside DACH) rose to 59% of total, up six percentage points year-over-year.

• Tonies category revenue grew 36% year-over-year, driven by new products and licensing partnerships.

Outlook and guidance

• FY 2025 guidance confirmed: group revenue expected to grow over 25% in constant currency, surpassing EUR 600m.

• Adjusted EBITDA margin guided at 6.5%–8.5% for 2025.

• North America expected to deliver over 30% growth in constant currency.

• Q4 anticipated to be the strongest quarter, with nearly half of annual revenues typically generated.

• Guidance is subject to global tariff and trade environment.