tonies extends lead in North America and increases global revenue by 41% in H1 2026 – exceptional demand for Toniebox 2 fuels strong growth dynamic

tonies extends lead in North America and increases global revenue by 41% in H1 2026 – exceptional demand for Toniebox 2 fuels strong growth dynamic

• Group revenue grew by 38% yoy (+41% in constant currency/”cc”) to EUR 242.9m, with exceptional demand for Toniebox 2 driving growth across all markets
• North America showed extraordinary momentum and was both the largest and fastest-growing market in H1, with revenue up 48% yoy (+57% cc) to EUR 104.3m
• DACH grew 26% yoy (+26% cc) to EUR 88.9m due to the ongoing success of Toniebox 2 and recent product innovations, reflecting tonies’ ability to deliver strong growth even in established markets
• Rest of World grew 41% yoy (+43% cc) to EUR 49.7m, driven by increased household penetration across regions
• Adjusted EBITDA margin of 0.7% reflects shift in product mix towards Toniebox sales and timing of US tariffs, partially offset by operational efficiency gains
• tonies confirms guidance for FY 2026, expecting yet another year of strong, profitable growth

LUXEMBOURG, 20 August 2026 // tonies SE ("tonies"), the globally leading interactive audio platform for children, delivered another period of strong, profitable growth across segments and product categories in the first half of 2026. tonies recorded an outstanding topline performance, particularly in North America, its most important growth market. Exceptionally strong global demand for Tonieboxes continues to support tonies' ambition to scale sustainably by expanding its installed base. The period also saw the company reach meaningful strategic milestones, including the announcement of Toniebox Lite to grow its ecosystem and plans for further international expansion in 2027.

Tobias Wann, CEO of tonies, comments: "The first half of 2026 was strong across every segment, across every category, and with 41% group-level growth. That is the result of a strong team performance and clear strategic priorities: growing internationally, expanding our ecosystem, and deepening our relationships with families. The ongoing success of Toniebox 2 shows we brought the right product to market at the right time. We have once again significantly extended our installed base, laying the groundwork for future growth and evolving tonies into a global icon. With Toniebox Lite, we now have a second device in international markets for the first time, reaching even more families. Thanks to outstanding partnerships, including Bluey, Pokémon and Hasbro, and the strongest pipeline we have had in years, we head into the second half with real confidence."

Hansjörg Müller, CFO of tonies, adds: "We are very pleased with our performance in the first half of the year, growing tonies dynamically, profitably, and sustainably. North America particularly illustrates the massive opportunity still ahead of us. Our largest market is growing fastest at 57%, while household penetration still is in the low double digits. The adjusted EBITDA margin reflects a planned change in timing of our product mix and US tariffs. While selling more Tonieboxes resulted in a temporarily lower gross margin, a growing installed base is the foundation to generate high-margin attach revenue in the years to come. Structurally, that is exactly the path we want to be on. We go into the second half of the year with conviction and confirm our 2026 guidance."

Revenue: tonies grows strongly in all segments and raises international revenue share to 63%

Supported by a strong second quarter, tonies grew across all regions and product categories in H1 2026, with the share of international revenues continuing to increase.

Group revenue in H1 2026 grew 38% yoy (+41% cc) to EUR 242.9 million. Revenue share from markets outside DACH rose by 3 percentage points to 63% (H1 2025: 60%), reflecting the ongoing execution of tonies' international growth strategy and continued geographic diversification. In Q2, tonies grew group revenue 48% yoy (+49% cc) to EUR 117.3 million.

North America remains the primary growth engine. tonies' largest market also recorded the fastest growth in the group in H1, with revenue up 48% yoy (+57% cc) to EUR 104.3 million. Continued expansion of retail partnerships, a growing household penetration, and strong Toniebox demand were the principal drivers. The dynamics in Q2 were even stronger: between April and June, revenue grew 83% yoy (+85% cc) to EUR 56.5 million. With a relatively low current household penetration, there is still substantial headroom for growth in the North American market.

DACH demonstrated tonies’ healthy growth potential in a more established market, once again. In H1, the region significantly accelerated its growth trajectory, with revenue up 26% yoy (+26% cc) to EUR 88.9 million. The performance reflects both the structural dynamic of higher attach sales from a growing installed base and the successful ecosystem expansion through Toniebox 2, format innovations, and new licensing partnerships. In Q2, DACH grew 23% yoy (+23% cc) to EUR 39.0 million.

Rest of World, comprising the United Kingdom & Ireland, France, Australia & New Zealand, increased revenue 41% yoy (+43% cc) to EUR 49.7 million. In Q2, the segment grew 31% yoy (+31% cc) to EUR 21.8m. The segment’s performance is developing according to plan: growing brand awareness and household penetration are supported by globally relevant product launches. With further market entries indicated, tonies will continue its international expansion in 2027.

Growing Toniebox base and strong Tonies revenue drive success

Growth in H1 2026 was broad-based across all product categories: Tonies figurines remain by far the largest category and grew significantly, while Tonieboxes delivered the highest growth rate. The Accessories & Digital category also achieved double-digit growth.

Toniebox revenue grew 65% yoy (+69% cc) in H1 to EUR 57.2 million. Sustained strong demand for Toniebox 2 drove a further step-change in Q2, with growth of 75% yoy (+76% cc) against a relatively low prior-year base as retailers anticipated the launch of Toniebox 2 in Q3 2025. Now, the launch of Toniebox Lite in the second half of 2026 adds a second device to the category and extends tonies' versatile audio ecosystem. A more compact format at a lower entry price point, Toniebox Lite opens tonies’ platform up to additional target groups and expands its addressable market.

Tonies revenue grew 32% yoy (+36% cc) in H1 to EUR 177.1 million. In Q2, the category grew 41% yoy (+43% cc). This acceleration is a further sign of the compounding ecosystem dynamics of attach revenue from a growing installed base. Contributing factors include new, globally compelling content partnerships which, over the past few weeks, saw the additions of Bluey, Pokémon, and "tonified" versions of Hasbro board game classics for Tonieplay, such as Monopoly.

Accessories & Digital revenue grew 13% yoy (+15% cc) to EUR 8.6 million with new Tabletop Shelves, Bluetooth headphones, and Night Light attach resonating particularly well with tonies’ community. 

Product mix and US tariffs impact margins, partly offset by operational efficiency gains

In H1, the adjusted EBITDA margin declined by 1.4 percentage points yoy to 0.7%. It was affected by the timing of US tariffs and a temporary disproportionate growth in Toniebox revenue. The latter influenced gross margin in H1 2026 while expanding the installed base that generates high margin attach revenue over time. At the operating level, tonies achieved efficiency gains in fulfillment, marketing, and SG&A, partially offsetting the gross margin effects from Toniebox sales.

Regional profitability reflects tonies' growing operational efficiency: the EBITDA margin in DACH improved by 7.9 percentage points yoy to 24.4%; in North America, a stable margin of 1.3% reflects the greater operational maturity of the most important growth market despite an unfavorable timing of product mix and tariffs; and the EBITDA margin in the Rest of World segment improved by 3.7 percentage points yoy.

Free cash flow in H1 2026 was EUR -64.3 million, reflecting the seasonal build-up of inventory supporting the tentpole launches of Bluey, Hasbro, Pokemon, and Toniebox Lite. For the full year 2026, tonies continues to expect positive free cash flow.

Outlook for FY 2026 confirmed: continued and sustainable profitable growth

tonies reiterates its full guidance range for FY 2026, expecting sustainable and profitable growth, resilient against the currently challenging macroeconomic environment. With most of the revenue and profitability being generated toward year-end, the company expects

• Group revenue growth: more than 20% in constant currency to over EUR 760m;
• North America revenue growth: more than 30% in constant currency;
• an adjusted EBITDA margin of 9% to 11%.

The guidance is based on the assumptions that there will be no material deterioration of consumer sentiment or force majeure events. Adjusted EBITDA guidance is based on an assumed EUR/USD exchange rate of USD 1.20.

CEO Tobias Wann and CFO Hansjörg Müller will present tonies’ H1 2026 results in a webcast today, Thursday, 20 August, at 3:00 pm CET. To register, please click here. All documents are available on tonies’ Investor Relations Website under Publications.
Results at a glance

in EUR million   Q2 2026 Q2 2025 Change Change (cc) H1 2026 H1 2025 Change Change (cc) Revenue  117.3 79.4 47.8% 48.9% 242.9 176.6 37.5% 41.4% by region                       DACH  39.0 31.8 22.6% 22.6% 88.9 70.8 25.6% 25.6%      North America  56.5 30.9 82.5% 85.5% 104.3 70.6 47.6% 56.6%      Rest of World  21.8 16.6 31.3% 31.3% 49.7 35.2 41.3% 42.6% by product category                       Tonieboxes  31.8 18.2 74.8% 75.6% 57.2 34.7 64.8% 68.6%      Tonies 81.7 57.8 41.4% 42.7% 177.1 134.3 31.9% 35.8%      Accessories & Digital  3.8 3.4 11.3% 11.7% 8.6 7.6 13.2% 15.0%

 

Adjusted P&L

			H1 2026				H1 2025			Change
				EURm	% of revenue		EURm	% of revenue		EURm
Revenue				242.9	100.0%		176.6	100.0%		66.3
COGS				-86.7	-35.7%		-51.4	-29.1%		-35.3
Gross profit				156.2	64.3%		125.1	70.9%		31.1
Licensing costs				-27.1	-11.2%		-21.3	-12.1%		-5.8
Gross profit after licensing costs				129.1	53.1%		103.8	58.8%		25.3
Fulfillment				-37.3	-15.4%		-28.0	-15.9%		-9.3
Contribution profit				91.8	37.8%		75.8	42.9%		15.9
Marketing				-19.3	-8.0%		-17.8	-10.1%		-1.5
SG&A				-76.2	-31.4%		-59.6	-33.7%		-16.7
thereof personnel				-40.3	-16.6%		-33.5	-19.0%		-6.8
thereof OPEX				-35.9	-14.8%		-26.1	-14.8%		-9.8
Own work capitalized				0.0	0.0%		0.8	0.5%		-0.8
Other result				3.4	1.4%		4.0	2.3%		-0.6
EBITDA				-0.4	-0.1%		3.2	1.8%		-3.6
Adjustments				2.1	0.9%		0.6	0.3%		1.5
Adjusted EBITDA				1.8	0.7%		3.8	2.1%		-2.0

Operating segments* H1 2026 (nominal)

in EURm	DACH	NA	RoW	Segments total	Corporate HQ + reconciliation	tonies group (IFRS)
Revenue	88.9	104.3	49.7	242.9	0.0	242.9
Licensing costs	-11.0	-10.7	-5.1	-26.8	-0.3	-27.1
Contribution margin	41.0%	32.0%	32.4%	35.4%	0.0	37.8%
EBITDA	21.7	1.3	-2.1	21.0	-21.3	-0.4
EBITDA margin	24.4%	1.3%	-4.1%	8.6%	0.0	-0.1%

*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

Investor Relations Contact:
Moritz Verleger
Head of Investor Relations
Phone: +49 151 5784 6012
Mail: ir@tonies.com

Media Contact:
Christian Steinhof
Head of Global Corporate Communications
Phone: +49 171 121 0279
Mail: christian.steinhof@tonies.com

 

About tonies

tonies® is the globally leading interactive audio platform for children redefining how children starting as early as 1 play, learn, and grow independently without screens. Since its founding in Germany in 2014, around 12.6 million Tonieboxes and over 173 million Tonies have been sold worldwide. tonies employs more than 630 people, achieved EUR 630 million in group revenue in fiscal year 2025 (+31% yoy), and is listed in the SDAX segment of Frankfurt Stock Exchange (tonies SE).

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, 2025 and the Half-Year Report 2026, or by using the following link to our website: APM