Tonies (TNIE) Q4 2025 earnings summary

Executive summary

• Achieved a landmark year in 2025 with group revenue up 36% in constant currency to €630m, surpassing guidance and driven by international expansion and major product launches like Toniebox 2.

• Toniebox 2 launch was the biggest innovation since 2016, rapidly becoming the flagship product and expanding the installed base and product portfolio to new age groups.

• All regions delivered double-digit revenue growth: North America up 40%, DACH up 16%, Rest of World up 68%, with significant engagement and 11.8 million Tonieboxes activated in over 100 countries.

• Adjusted EBITDA margin improved to 8.6% (+1.1pp YoY), with all regions achieving profitability and North America showing significant margin expansion.

• Secured major partnerships and licensing deals, including Disney, Pokémon, and Hasbro, and won multiple industry awards for innovation.

Financial highlights

• Group revenue reached €630m, with North America contributing €276m, DACH €214m, and Rest of World €141m.

• Adjusted EBITDA was €54.1m (8.6% margin), up from €36.1m (7.5%) in 2024.

• Gross profit margin increased to 62.8% (+0.7pp YoY), and contribution margin rose to 37% (+2.5pp YoY).

• Q4 revenue was €313m–€330m, representing about half of annual revenue, with double-digit growth in every market.

• Free cash flow was -€11.9m due to strategic inventory buildup for new product launches, with cash available at year-end of €138m including unused credit lines.

Outlook and guidance

• FY 2026 guidance: group revenue growth >20% in constant currency to above €760m, North America growth >30%, and adjusted EBITDA margin between 9% and 11%.

• Guidance assumes stable consumer sentiment and no force majeure events.

• Confident in continued double-digit growth and expanding profitability, supported by new product innovations and franchise launches.