tonies continues profitable growth in H1 and issues confident 2025 guidance

tonies continues profitable growth in H1 and issues confident 2025 guidance

• Group revenue in H1 2025 increased by 20.3% YoY to EUR 176.6m in constant currency (“cc”)
• Sustained growth dynamic in North America (+28.3% YoY to EUR 70.9m) and Rest of World (+76.4% YoY to EUR 34.9m), DACH at EUR 70.8m (-1.3% YoY) due to phasing (all in cc)
• Continued positive adjusted EBITDA margin of 2.1% in H1 2025 (EUR 3.8m) due to operational excellence in volatile environment, compensating investments in H2 tariff mitigation, product and international expansion through improved contribution margin
• Guidance for FY 2025 signals strong profitable growth: revenue growth of > 25% at Group level, > 30% in North America, adjusted EBITDA margin of 6.5% to 8.5% (all figures in cc)

LUXEMBOURG, August 21, 2025 // tonies SE (“tonies“), the globally leading digital audio platform for children with the award-winning Toniebox, delivered a strong first half of the year 2025 with revenue growth of 20.3% (cc) year-over-year to EUR 176.6 million (H1 2024: EUR 146.8 million) and sustained profitability with a positive adjusted EBITDA margin of 2.1%. The strong topline performance was mostly driven by increased market penetration in international regions and continued launches of strong products.

Tobias Wann, CEO of tonies, comments: "The first half of 2025 has proven once again that our strategy is delivering results. Having navigated a volatile market, we are entering the second half of the year from a position of strength, with a positive momentum across regions and product categories. In fact, tonies is increasingly turning into a company that has the power to move markets: In Australia and New Zealand, we have driven growth in the overall toy market by introducing our platform, and in France we expanded our installed base by 20% in just six months. In addition, our US business proved beyond resilient – we continued to grow rapidly and significantly improved profitability despite tariff challenges. Our unique concept of age-appropriate, child-led entertainment is popular among children and parents around the globe, and it translates into sustained high and recurring demand. Our forecast for the full year underlines our confidence to continue our path of profitable growth with increasing momentum across all markets."

Jan Middelhoff, CFO of tonies, adds: "More than 20% organic revenue growth and profitability levels on prior year levels show the strength of tonies and our ability to manage a volatile and uncertain market environment. DACH picked up sequential momentum in Q2 and contributed strongly to our EBITDA as our most profitable region. With a strong topline increase and a profitable EBITDA in North America and exceptional growth in our Rest of World region, we further built our track record of scaling our platform globally. More retail presence and more active Tonieboxes than ever in the market make our platform poised for future growth. We are in a strong financial and strategic position to capture this potential and accelerate our momentum once again to deliver another strong second half and fiscal year of high growth."

tonies strengthens position as global category leader: international revenues now at 60%

Since Q1 2025, tonies reports revenue growth on a constant currency basis using average exchange rates from the prior-year period, reflecting the growing impact of currency fluctuations.

Group revenue increased by 20.3% to EUR 176.6 million in the first half of 2025 in constant and nominal currencies (H1 2024: EUR 146.8 million). The share of revenue from markets beyond the DACH region increased by 9 percentage points to approximately 60% (vs. 51% in H1 2024). This shows tonies’ continued success in expanding its position as global category leader and executing an ambitious international growth strategy.

North America continued its dynamic growth track by achieving a year-over-year (“YoY”) revenue growth of 28.3% to EUR 70.9 million (cc, and +27,9% to EUR 70,6 million nominal). The revenue increase was driven by both the direct-to-consumer and the wholesale channel. As major retailers’ confidence in tonies continues to grow, increased shelf space and a higher number of points of sale supported the very strong wholesale performance of +40%.

In DACH, tonies has successfully paved the way for continued strong growth with the launch of Book Tonies in DACH in Q2 2025, which increases engagement with children aged 5+. While revenues totaled EUR 70.8 million in the first half of 2025 (-1.3% YoY) due to early ordering from wholesale partners in the fourth quarter of 2024 affecting the first quarter of 2025, the segment returned as expected back to a growth trajectory in Q2 2025 despite some cut-off and phasing effects.

In the Rest of World region, revenue grew by 76.4% YoY to EUR 34.9 million (cc, and +77.8% to EUR 35.2 million nominal), driven by the very strong growth in France and a positive development in UK. In Australia & New Zealand, tonies continued to build on the successful market launch last year: by increasing the number of points of sale (POS) from around 250 at launch to 450 by the end of July 2025 product accessibility across the region was enhanced significantly within a short period of time.

From a product category perspective, Tonieboxes revenue was relatively stable at EUR 32.3 million (cc, and up 5.2% to 34.7 million nominal), partly due to order phasing effects. Since launching in 2016, tonies has sold more than 9.5 million Tonieboxes worldwide.

Revenue of Tonies figurines increased strongly by 27.9% YoY to EUR 136.7 million (cc, and up 25.6% to 134.3 million nominal), driven by the company’s strategy focused both on licensed third-party Tonies as well as Tonies Originals with in-house produced content and own design such as tonies’ successful own license brand “Sleepy Friends”. tonies’ IP pipeline was strengthened with extensions of successful franchises and is prepared for launches of additional franchises and characters in the months and years to come. Since launch in 2016, 125 million figurines have been sold globally.

In Accessories & Digital, revenue grew by 9.6% YoY to EUR 7.6 million (cc, and 9.6% to EUR 7.6 million, nominal), mainly led by sales of Night Light Tonies, electronics (mainly headphone and chargers), Digital Content and transport solutions.

tonies continues to grow revenues across distribution channels: In the first half of 2025, the share of revenue from direct-to-consumer channels increased slightly from 41% to 42%. Direct-to-consumer includes Amazon marketplace, on which tonies was able to deliver on special commercial moments again, e.g. during the most recent Prime Day in the US. To enable wholesale growth, tonies continued to evolve major retail partnerships in key markets.

Continued profitable growth despite volatile macro-economic trade environment

Adjusted EBITDA was almost stable at EUR 3.8 million (2.1% of revenue, nominal) compared to EUR 3.9 million (2.6% of revenue, nominal) in H1 2024, representing the company's ability to grow profitably in volatile macro-environments. All regions show substantial EBITDA improvements, including North America which contributed positively for the first-time in the first half of the year. This development was particularly attributable to a substantial increase in gross margin, from 67.2% to 70.9%, supported by lower purchase and logistics costs, a favourable USD/EUR exchange rate, and an improved product and channel mix. The contribution margin rose from 37.4% to 42.9%, reflecting lower relative costs of goods sold and further efficiency gains. As a result, contribution profit grew by 38.3% to EUR 75.8 million in the first half of 2025 (H1 2024: EUR 54.8 million). tonies also continued to invest in international and product growth, as well as in its supply chain and US tariffs mitigation measures.

New Management Board composition reflects tonies’ global growth ambitions

In July, tonies announced a transition on the CFO position and the appointment of its first Chief Revenue Officer to accelerate international growth. Coming with more than 25 years of international experience across finance and strategy at global consumer and technology companies, Hansjörg Müller will assume the role of CFO and succeed Jan Middelhoff. To ensure a smooth and coordinated transition, Jan Middelhoff will stay with the company in an advisory role until the end of the year. As of September 1, 2025, tonies’ Management Board will consist of the following four members across Germany and the US: CEO Tobias Wann will work together with CFO Hansjörg Müller, Chief Experience Officer (CXO) Ginny McCormick and Chief Revenue Officer (CRO) Christoph Frehsee. Frehsee, a long-standing leader at tonies who played a key role in developing the North American business into the company’s largest market, was appointed to the Board effective July 1, 2025.

In addition to the new composition of the Management Board, tonies’ co-founder Patric Fassbender joined the company’s Supervisory Board effective May 28, 2025, following a leave of absence as planned in context of the CEO transition in 2024. In his new role, he will support the company’s further development in an advisory capacity.

2025 expected to be another year with strong profitable growth

With a good performance in the first six months of 2025, strong indications for continued high market demand in the second half of the year, especially the important year-end quarter, as well as higher visibility into the global impact of US tariffs, tonies is guiding for strong and profitable growth in FY 2025. The guidance is subject to the global tariff and trade environment as of the publication date of this report.

tonies expects Group revenue growth of more than 25% (cc) compared to last year’s figure of EUR 480.5 million to above EUR 600 million and revenue growth in North America of more than 30% in cc. This significant further increase in revenue is stemming from growth in all regions but expected to be primarily attributable to continued international expansion, particularly in North America.

Despite high investments in future growth and impacts from US tariffs, tonies again expects strong profitability in full-year 2025 and an adjusted EBITDA margin in the 6.5 to 8.5% range, compared to 7.5% in 2024.

The forecast is based on the assumptions that there will be no further material deterioration of consumer sentiment or additional US tariff impacts in 2025. Furthermore, it includes possible effects from product innovations in the second half of the year.

tonies SE will hold a presentation on its H1 2025 results today, Thursday, 21 August, at 11.00 am CET. To register for the webcast, please go to our website through Financial Calendar.

All documents are available on tonies’ Investor Relations website under Publications.

 

Figures at a glance

Revenue (in constant currency)

in EURm	Q2 2025	Q2 2024	Change	H1 2025	H1 2024	Change
Revenue	81.0	68.5	18.3%	176.6	146.8	20.3%
by region
DACH	31.8	31.5	0.8%	70.8	71.8	-1.3%
North America	32.6	27.4	19.0%	70.9	55.2	28.3%
Rest of World	16.6	9.5	74.2%	34.9	19.8	76.4%
by product category
Tonieboxes	18.5	17.8	3.9%	32.3	33.0	-2.1%
Tonies figurines	59.1	50.0	18.1%	136.7	106.9	27.9%
Accessories & Digital	3.5	0.6	516.3%	7.6	6.9	9.6%

 Adjusted P&L

			H1 2025					H1 2024			Change
					EURm	% of revenue		EURm	% of revenue		EURm
Revenue					176.6	100.0%		146.8	100.0%		29.8
COGS					-51.4	-29.1%		-48.1	-32.8%		-3.3
Gross profit					125.1	70.9%		98.7	67.2%		26.4
Licensing costs					-21.3	-12.1%		-18.4	-12.5%		-2.9
Gross profit after licensing costs					103.8	58.8%		80.3	54.7%		23.5
Fulfilment					-28.2	-16.0%		-25.5	-17.4%		-2.7
Contribution profit					75.8	42.8%		54.8	37.4%		21
Marketing					-17.8	-10.1%		-12.2	-8.3%		-5.6
SG&A					-64.5	-36.5%		-44.9	-30.0%		-19.6
thereof personnel					-33.5	-18.9%		-26.3	-17.3%		-7.2
thereof OPEX					-31.1	-17.6%		-18.6	-12.7%		-12.5
Own work capitalized					0.8	0.4%		0.8	0.6%		0.0
Other result					9.1	5.2%		4.4	3.0%		4.7
EBITDA					3.2	1.8 %		2.9	2.0 %		0.3
Adjustments					0.6	0.3 %		1.0	0.7		-0.4
Adjusted EBITDA					3.8	2.1%		3.9	2.6%		-0.1

Operating segments*
(nominal)

in EURm	DACH	NA	RoW	Segments total	Corp.	Reconc.	tonies group (IFRS)
Revenue	70.8	70.6	35.2	176.6	0	0	176.6
Licensing costs	-11.8	-7.9	-4.0	-23.6	2.3	0	-21.3
Contribution margin	37.8%	38.7%	32.1%	37.0%	-	-	42.9%
EBITDA	11.7	0.9	-2.8	9.9	-5.4	-1.3	3.2
EBITDA margin	16.5%	1.3%	-7.8%	5.6%	-	-	1.8%

*NA = North America, Operational segments shown in local GAAP; Adjustments on EBITDA only on group level (share-based payments), Reclasses include transfer prices, IFRS effects, Group provisions

 

About tonies

tonies® is the world’s largest interactive audio platform for children with more than 9.5 million Tonieboxes and approx. 125 million Tonies sold. The intuitive and award-winning audio system has changed the way young children play and learn independently with its child-safe, wireless, and screen-free approach. Tonieboxes have been activated in over 100 countries, the content portfolio includes more than 1,300 Tonies in several languages.

Investor Relations Contact
Peter Dietz
Manager Investor Relations
Phone: +491739018573
Mail: ir@tonies.com

Media Contact
Christian Steinhof
Head of Global Corporate Communications
Phone: +491711210279
Mail: christian.steinhof@tonies.com  

This document contains forward-looking statements

Certain statements included in this document are forward-looking statements. Forward-looking statements can typically be identified by the use of words such as "expects", "may", "will", "could", "should", "intends", "plans", "predicts", "envisages" or "anticipates" or other words of similar meaning. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the tonies SE. They are not historical or current facts, nor are they guarantees of future performance.

Disclaimer

By their nature, forward-looking statements involve several risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described in this document. These forward-looking statements speak only as of the date of this announcement. Except as required by any applicable mandatory law or regulation, the tonies SE expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document to reflect any change in the tonies SE's expectations with regard thereto or any change in events, conditions, or circumstances on which any such forward-looking statements are based. Neither tonies SE nor any other person accepts any responsibility for the accuracy of the opinions expressed in this document or the underlying assumptions. For the definition of the alternative performance measures used, please refer to the published Annual Report as of December 31, 2024 and the Half-Year Report 2025, or by using the following link to our website: APM.