Tonies Se Class A · XETR:TNIE
Tonies Se Class A — Investor Day (June 2026)
135 slides from Tonies Se Class A's investor day presentation, Jun 18, 2026
Slide 1: 2026 Capital Markets Day
2026 Capital Markets Day June 18, 2026
Slide 2: Disclaimer
Disclaimer This document (the “Presentation”) is for information purposes only and must not be relied upon for any purpose. It does not purport to contain all information required to evaluate tonies SE (the “Company”) and its subsidiaries (collectively, the “Group”) and/or its financial position. Th
Slide 3: Welcome to tonies!
Welcome to tonies ! ® Introduction With Moritz Verleger, Head of Investor Relations tonies® 3
Slide 4: Our agenda for today
Our agenda for today 1 Arrival & Welcoming 10:00 – 10:15h Building a global icon (incl. opening remarks) 2 How we move from category creator to global icon Shaping the future of childhood 3 The tonies® experience Break 11:30 – 11:45h Scaling the growth engine 4 How we win internationally, US-first I
Slide 5: tonies ® 5
tonies® 5
Slide 6: Building a global icon
Building a global icon How we move from category creator to global icon With Tobias Wann, CEO tonies® 6
Slide 7: tonies ® 7
tonies® 7
Slide 8: Childhood is changing – it’s all over the news these days
Childhood is changing – it’s all over the news these days. Phone bans in school are American parents said Screen time is both a spreading worldwide as social media and screen cause and symptom of the policy debate rages time are top-health kids’ bad behavior on concerns for their kids Jonathan Haidt
Slide 9: Over the last 10 years, we built the largest interactive audio platform for children
Over the last 10 years, we built the largest interactive audio platform for children. Ears-first by design. tonies® 9
Slide 10: Magic – not machinery. Exploration – not consumption.
Magic – not machinery. Exploration – not consumption. Ears-first. Child-led. Built to grow with them. tonies® 10
Slide 11: The team that brings the mission to life
That’s the mission that drew me – and all of us – to tonies®. The team that brings it to life: Our Management Board… Tobias Wann Ginny McCormick Christoph Frehsee Hansjörg Müller Chief Executive Officer Chief Experience Officer Chief Revenue Officer Chief Financial Officer …supported by incredible 6
Slide 12: tonies is an ecosystem business with subscription-like behavior
tonies® is an ecosystem business. Our platform model drives subscription-like behavior. 1,500+ figurines, 3,500+ digital titles, 350+ licensing partners It all starts with …triggering ~20 …and further potential a box… figurine purchases… to be tapped Content experiences, The ecosystem entry point In
Slide 13: We are a recognized leader in toy across markets
We are a recognized leader in toy across markets. #1 Gaining #1 Gaining #1 Gaining #1 Gaining Property Property Property Property in US in Germany in UK in France Preschool Toys1 Preschool Toys1 Preschool Toys1 Preschool Toys1 is a leader in providing data to fast-moving consumer packaged goods #2 #
Slide 14: tonies goes far beyond toys
tonies® goes far beyond toys. We are a category creator, intersecting multiple markets. Tactile-first, durable product with subscription-like economics of media or tech First mover advantage vs. established brands in key verticals Customer trust in the tonies® brand as key success factor in attracti
Slide 15: The opportunity to grow in these markets is massive
The opportunity to grow in these markets is massive. Global TAM 2025, €bn estimated Further expansion potential (>€100bn TAM) Current expansion trajectory (>€100bn TAM) Early tonies® core (>€100bn TAM) >220 >75 >50 >25 >5 Toy Technology Gaming Education Media streaming Source: Global consumer discre
Slide 16: tonies is the throughline in how a generation grows up
tonies® is the throughline in how a generation grows up. …that’s ~7% of awake time >12m >165m ~280mins Tonieboxes Tonies weekly listening Note: Box usage statistics calibrated against typical awake time of 3–5-year-old children (according to, e.g., American Academy of Sleep Medicine, National Sleep
Slide 17: Three priorities to build a global icon
Three priorities to build a global Build an ecosystem that compounds value: Shaping the future of childhood. icon. Win internationally, US-first: Leverage tonies® global product-market fit and make our leadership count: Extend our story of reliable, profitable growth: Building on our resilient finan
Slide 18: Three priorities to build a global icon
Three priorities to build a global Build an ecosystem that compounds value: Shaping the future of childhood. icon. Ginny McCormick – Chief Experience Officer Win internationally, US-first: Leverage tonies® global product-market fit and make our leadership count. Christoph Frehsee – Chief Revenue Off
Slide 19: Three priorities to build a global icon
Three priorities to build a global Build an ecosystem that compounds value: Shaping the future of childhood. icon. Win internationally, US-first: Leverage tonies® global product-market fit and make our leadership count. Extend our story of reliable, profitable growth: Building on our resilient finan
Slide 20: tonies is not just about ‘the box’
tonies® ecosystem Digital experience tonies® is not Accessories just about Above-the-Box ‘the box’. portfolio Device tonies® 20
Slide 21: Our Above-the-Box portfolio
Our OurAbove-the-Box Above-the-Boxportfolio portfolio 2016 2016 2023 Format launch year tonies® is not just about ‘the box’. 2024 2025 2025 2026 tonies® 21
Slide 22: We cover children’s favorite IPs – all in one ecosystem
We cover children’s favorite IPs – all in one ecosystem. Source: 2025 License Global Report tonies® 22
Slide 23: We cover children’s favorite IPs – all in one ecosystem
We cover children’s favorite IPs – all in one ecosystem. Stay tuned for more – we are working on it! Source: 2025 License Global Report tonies® 23
Slide 24: So far, we said ‘device’
Our transition to a multi-experience ecosystem So far, we Upgrade in 2025 said ‘device’. Device tonies® 24
Slide 25: In the future, we’ll say devices
Our transition to a multi-experience ecosystem Our hero player with premium We are proud to announce the features and interactive audio play launch of Toniebox Lite this year. In the future, we’ll say devices. The signature tonies® listening experience, made accessible to more families Launch in sel
Slide 26: Toniebox Lite unlocks significant strategic value
Toniebox Lite unlocks significant strategic value for tonies®. What remains foundational… …what Toniebox Lite will add Extensive Independent, content for SAM expansion intuitive every age & interest listening More compact design Tactile Peace of experience for mind for active parents Multi-device ow
Slide 27: Stay tuned for details…
Stay tuned for details… More information will be shared upon launch. tonies® 27
Slide 28: Three priorities to build a global icon
Three priorities to build a global Build an ecosystem that compounds value: Shaping the future of childhood. icon. Win internationally, US-first: Leverage tonies® global product-market fit and make our leadership count. Extend our story of reliable, profitable growth: Building on our resilient finan
Slide 29: Existing markets: There’s much to capture at home
Existing markets: There’s much to capture at home. Note: Household penetration measured as percentage of households with children 0-9y captured (churn-adjusted). tonies® 29
Slide 30: Existing markets: There’s much to capture at home
Existing markets: There’s much to capture at home. Note: Household penetration measured as percentage of households with children 0-9y captured (churn-adjusted). tonies® 1
Slide 31: DACH story shows: Even mature markets continue to grow
YoY net revenue growth rate DACH, in % 30% Toniebox 2 & Tonieplay DACH story 25% introduction shows: First global campaign Where will listening take you? Even 20% New channels established (TikTok, grocery) Pocket & Book Tonies markets 15% introduction continue to 10% Q1 2026 (+28% YoY) has already g
Slide 32: Existing markets: In RoW, all markets still expand at rapid pace
Net revenue, in €m and share of total in % 141 Existing +103% markets: CAGR 86 In RoW, all 22% markets still 55 expand at 35 18% 15% rapid pace. 6 17 13% 2 2019 2020 2021 2022 2023 2024 2025 Market entry timing Source: tonies® segment reporting tonies® 32
Slide 33: New markets: used in 100+ countries
New markets: Children and parents love our product – it is used in 100+ countries. There’s 570m+ households with children aged in our targeted age range globally. Note: Activated Tonieboxes, global, per April 2026. tonies® 33
Slide 34: Many of you asked me: You have proven demand in >100 markets
Many of you Expand in Europe asked me: You have proven demand in >100 markets. Expand in Asia / APAC Why not go to… Enter LatAm tonies® 34
Slide 35: We will continue internationalization of the business in 2027
We will By the end of 2027 we plan to continue build on this momentum, launching at internatio- least 2 new markets… nalization of the business …and we plan to be in all major in 2027. regions by 2030. tonies® 35
Slide 36: Three priorities to build a global icon
Three priorities to build a global Build an ecosystem that compounds value: Shaping the future of childhood. icon. Win internationally, US-first: Leverage tonies® global product-market fit and make our leadership count. Extend our story of reliable, profitable growth: Building on our resilient finan
Slide 37: The past: We’ve always delivered
Group net revenue, in €m Guidance Actuals 630 >600 >480 481 The past: We’ve >354 361 always >250 258 delivered. 172 188 2021 2022 2023 2024 2025 (Over-)delivery vs. guidance tonies® 37
Slide 38: The present: We continue to deliver
The present: We continue to deliver. FY 2026 Guidance reiterated Results Guidance FY 2025 FY 2026 EUR >760m Group revenue EUR 630 million (>20% YoY in cc) North America revenue EUR 276 million >30% YoY (in cc) Adjusted EBITDA margin (%) 8.6% 9.0-11.0% Based on the assumptions that there will be no
Slide 39: Acquired cohorts yield predictable future revenue
x Cohort year (Year of attach sales – €m / absolute) 2020 21 22 23 24 25 26 27 28 29 30 31 32 33 34 2035+ 2020 2021 Cohorts are getting more valuable over 2022 time as size Acquired 2023 increases cohorts yield 2024 predictable 2025 ^ 2026 future revenue. <40% >60% ∑ Historic acquired cohorts: Histo
Slide 40: AI is on everyone’s mind
AI productivity is about AI Saves Employees 5 How AI will divide the to become visible and Hours A Week — But best from the rest investable Who Really Benefits? AI is on everyone’s mind. Superagency in the Companies Are Using workplace: AI Changed Work It’s also on Forever in 2025 AI for Efficiency.
Slide 41: We’ll benefit from AI throughout the value chain
Quality inspection Market demand planning Customer issue resolutions Production forecasting AI driven recommendations We’ll benefit from AI: We Supply Chain Marketing & Customer Product & Category capitalize on & Operations Sales Happiness Management it throughout the value Competitive and market in
Slide 42: There’s real reason to be bullish on AI in our category
There’s real reason to be bullish on AI in our category. ~ 90% ~ 90% ~ 66% …of parents believe …of parents see selected …of mothers report using AI knowledge of AI will be applications of AI in for themselves for crucial in their child’s career. education as enhancing parenting tips or product outco
Slide 43: We’ll not compromise on our core value proposition over AI
However, we’ll not compromise on our core value proposition over AI. ~ 70% ~ 75% ~ 80% …of parents worry about the …of parents are concerned …of parents advocate for impact AI has on creativity that AI toys might say stricter guardrails on AI development of children something inappropriate, usage fo
Slide 44: We’ll not compromise on our core value proposition over AI
However, we’ll not compromise on our core value proposition over AI. Key takeaways ~ 90% …of parents see ~ 90% …of parents believe ~ 66% …of mothers report using We consider ourselves to be at the forefront of the AI opportunity selected applications knowledge of AI will be AI for themselves for of
Slide 45: Our profitable growth story is expected to continue
Our profitable growth story is expected to continue. In 2025… €630m 8.6% topline Adj. EBITDA margin tonies® 45
Slide 46: Mid-term, we target >€1.4bn topline and 16-18% margin
Our profitable growth story is expected to continue. …mid-term, we target >€1.4bn 16-18% topline Adj. EBITDA margin tonies® 46
Slide 47: Building a global icon
What we’re doing at tonies® is much more: Building a global icon. tonies® 47
Slide 48: Shaping the future of childhood
Shaping the future of childhood The tonies® experience With Ginny McCormick, CXO tonies® 48
Slide 49: Why we are uniquely positioned to lead
Why we are uniquely positioned to lead Differentiated content through tonies® Studio Families stay in the ecosystem. Here’s why. tonies® 49
Slide 50: Today’s parental paradox
Today’s parental paradox Children’s access Parental paradox to technology Foster growth & and content independency while Broader and deeper having concerns over access than any screen time & generation before overstimulation Why? Millennial and Gen Z are the first wave of parents who grew up with mo
Slide 51: Excessive use of screens comes with developmental trade-offs
Research Screen Time and Cognitive Electronic Screen Use and Excessive use of Development: Understanding the Children’s Social Emotional Problems: screens comes Psychological Impact on Children in the Digital Age A Systematic Review and Meta- Analysis of Longitudinal Studies with Springer Nature Swi
Slide 52: Introducing the tonies Global Advisory Group
Introducing the tonies® Michael Levine Chrissy Lawler Dr. Ellen Wartella Meredith Halpern-Ranzer Global Advisory Media for kids & education policy expert Sleep expert & founder of 'the peaceful sleep' Media for kids & technology expert Audio-first kids media & storytelling expert Group: where scienc
Slide 53: tonies ® 53
tonies® 53
Slide 54: What independent research says about tonies
What independent research says about tonies®. 92% Of parents say the +53%Improvement in 66% Of kids improved their Toniebox makes bedtime kids’ attention rating2 vocabulary level2 easier1 +32% Higher scores in emergent -25% Drop in excessive screen +13% Average increase in literacy by children who t
Slide 55: Why we are uniquely positioned to lead
Why we are uniquely positioned to lead Differentiated content through tonies® Studio Families stay in the ecosystem. Here’s why. tonies® 55
Slide 56: A child's relationship with audio evolves as they grow
Illustrative A child's relationship with audio evolves as they grow… 6-9+ years 3-6 years • More complex logic and rationale topics • Emotional depth 1-3 years • Independent choice • Interactive experiences • Routine & habit making (e.g., • Kid-led peer-to-peer waking up & falling asleep) connection
Slide 57: Natural progression across our portfolio
Illustrative …creating natural progression across our portfolio. 6-9+ years 3-6 years 1-3 years Book Tonies Pocket Tonies Cuddle Tonies My First Tonies Tonieplay Creative Tonies Classic Tonies tonies® 57
Slide 58: tonies Studio – Our creative engine
tonies® Studio – Our creative engine. Music Scripting Post-production Recordings studio Our proprietary approach combing storytelling, child development expertise and ears-first design. tonies® 58
Slide 59: The trusted home for the world’s leading entertainment brands
The trusted home for the world’s leading entertainment brands. Global brands choose tonies® Making tonies® More families more valuable for trust and discover partners tonies® 350+ partners tonies® 59
Slide 60: A content system that learns from every listen
A content system that learns from every listen. Create Stories, pacing, emotional arcs Mastery Every title improves the next studio Listen Learn Replay & routines What families love, skip, and revisit tonies® 60
Slide 61: Sleepy Friends: From a single Tonie to a favorite bedtime brand
Sleepy Friends: From a single Tonie to a favorite bedtime brand. x Original content series launched in 2022 to create positive bedtime routines with loveable characters, soothing stories and natural soundscapes Strategic brand extension: Partnering with Carlsen to launch Sleepy Friends children’s bo
Slide 62: Why we are uniquely positioned to lead
Why we are uniquely positioned to lead Differentiated content through tonies® Studio Families stay in the ecosystem. Here’s why. tonies® 62
Slide 63: See how our portfolio grows as the child ages
Illustrative See how our portfolio grows as the child ages… Purchases by age1 >7y 5-6y 3-4y <2y 100% My First Tonies Classic Tonies Tonieplay Book & Pocket Tonies 1) Based on Q1 2026 (households with reported age only) tonies® 63
Slide 64: …and how we grow within each stage
…and how we grow within each stage. Relevance Routine Seasonal Serialized moments experiences Ms. Rachel ranked #1 in Families that own at least The Grinch and Advent “Today with tonies” playbacks in the US and one Sleep Tonie Calendar drove podcast #2 in UK after launch purchase ~2x as much Decembe
Slide 65: Slide 65
Slide 66: Bluey comes exclusively to tonies
Bluey comes exclusively Toniebox 2 Sets to tonies®. Starter Sets Play Set Classic Tonies Tonieplay Accessories Game Toniebox 2 Listen & Sleeve Go Bag tonies® 66
Slide 67: Evergreen content becomes more valuable as we scale
Evergreen content becomes more valuable as we scale. Launch year 2021 2022 2023 Favorite Children Gabby's Spidey Songs Dollhouse Playbacks1 Top 5% Top 20% Top 5% 1) Median playbacks in first 6 months after initial download, reporting period Q1 2026 tonies® 67
Slide 68: Average tonies households are just the beginning
Average tonies® households are just the beginning. Average tonies® families1 tonies® Super Fans2 Average weekly playtime ~280 minutes ~600 minutes Average boxes at home ~1.4 Tonieboxes ~2.2 Tonieboxes Tonies library size3 ~20 Tonies 50+ Tonies 1) Include Super Fans | 2) Defined as households activat
Slide 69: We have confidence in the category, our model and our ability
We have confidence in • the relevance of the category • strength of our model • our ability to be a global icon tonies® 69
Slide 70: Scaling the growth engine
Scaling the growth engine How we win internationally, US-first With Christoph Frehsee, CRO tonies® 70
Slide 71: How my tonies story started
How my tonies® story started tonies® 71
Slide 72: How we’ve successfully grown, internationally
How we’ve successfully grown, internationally Our repeatable, scalable growth engine Significant growth opportunities remain ahead tonies® 72
Slide 73: Used in 100+ countries, many more than we serve actively
Children and parents love our product – it is used in 100+ countries, many more than we serve actively. Note: Activated Tonieboxes, global, per April 2026. tonies® 73
Slide 74: Our growth has been sequenced and intentional
Our growth has been sequenced and intentional. 2016 2017 2018 2019 2020 2021 2022 2023 2024 As of today: 2 home countries, 5 markets, 10 countries in total Note: DACH comprises Germany, Austria, and Switzerland; NA comprises the United States and Canada; RoW comprises all other countries. tonies® 74
Slide 75: International expansion fueled 6x revenue growth
International expansion fueled 6x revenue growth – while improving profitability. Net revenue 2019–2025, in €m >6X 2020-2025 CAGR, in % 630 22% 86% 481 18% Rest of World 361 15% 44% 258 44% 13% 150% 188 39% 137 9% 25% 11% 102 2% 5% North America 38% 34% 93% 80% 61% 46% 98% 2019 2020 2021 2022 2023 2
Slide 76: Our international growth has been ‘US-first’ by design
The world's largest and most demanding children's market. Our # of children born p.a. international 5.0X growth has Serviceable been + lifetime spend ‘US-first’ by p. child (€) 1.5X design. Total market opportunity = 7.5X (€) Source: Oxford Economics, Euromonitor, World Bank tonies® 76
Slide 77: If tonies could win in the US, we could win anywhere
Largest Biggest IP Scalable, consumer landscape demanding market retail space If tonies® The largest, most engaged market on Where the world's biggest IP comes to play. Huge country, surprisingly small front could win in earth. One shared language, door. The retail landscape is the US, we deep diver
Slide 78: Five years later, our US results speak for themselves
Five years later, our US results +$300m ~7,500 net revenue point of speak for growth sales themselves. in 5 years in North carrying tonies® America products in 2025 #2 ranking and top gaining Corporate Manufacturer in Preschool Toys in US for Q1 2026 vs. Q1 2025 1) Source: Circana, LLC, Retail Track
Slide 79: Five years later, our US results speak for themselves
Five years later, our US results +$300m ~7,500 net revenue point of speak for growth sales themselves. in 5 years in North carrying tonies® America products in 2025 #2 ranking and And still, we top gaining are only at 12% Corporate penetration Manufacturer of households with in Preschool Toys in US
Slide 80: We declared the US our second home market
Newly established headquarter in Boston We declared the US our second home market. >100 Tonies working in the US tonies® 80
Slide 81: Our retail strategy worked
4ft 8ft 12ft Our retail strategy worked. >1,900 Target stores in the US tonies® 81
Slide 82: Our retail strategy worked
>1,800 Walmart stores in the US Our retail strategy worked. >1,900 Target stores in the US tonies® 82
Slide 83: Our retail strategy worked
Our retail strategy worked. tonies® 83
Slide 84: We built cultural relevance
We built cultural relevance. tonies® 84
Slide 85: We built cultural relevance
We built cultural relevance. tonies® 85
Slide 86: Our growth model is driven by two compounding levers
Household acquisition Lifetime value Our growth model is driven by two com- pounding levers. A function of… TAM / SAM Strength of experiences Distribution IP partnerships Brand awareness Customer insights tonies® 86
Slide 87: Install base + attach: The compounding growth formula
Install base + attach: The compounding growth formula. Install base cumulative Tonies sold cumulative +104% +139% CAGR1 CAGR1 2021 2025 2021 2025 Note: Tonieboxes and Tonies units are depicted on two different scales. Scales are proportionately accurate. | 1) Unit volume tonies® 87
Slide 88: How we’ve successfully grown, internationally
How we’ve successfully grown, internationally Our repeatable, scalable growth engine Significant growth opportunities remain ahead tonies® 88
Slide 89: Three channels, three roles, one integrated distribution engine
Three channels, three roles, one integrated distribution engine. 1. tonies.com 2. Wholesale 3. Marketplaces tonies® 89
Slide 90: Three channels, three roles, one integrated distribution engine
Three channels, three roles, one integrated distribution engine. 1. tonies.com “Home of tonies®” Initiation & personalization Retention engine tonies® 90
Slide 91: Three channels, three roles, one integrated distribution engine
Three channels, three roles, one integrated distribution engine. 1. tonies.com “Home of tonies®” Initiation & personalization Retention engine tonies® 91
Slide 92: Three channels, three roles, one integrated distribution engine
Three channels, three roles, one integrated distribution engine. 2. Wholesale Leverage national reach and trust Drive acquisition and impulse-led collection building. Build category familiarity and conversion at POS tonies® 92
Slide 93: Retailers prioritize tonies because of high-value customers and repurchase
Retailers prioritize tonies® because we combine high- value customers with frequent and consistent repurchase. >25k POS globally, each building their native install base. Premium Higher retailer customer profile loyalty tonies® shoppers are more Next generation Higher-income households with above-av
Slide 94: Our first-party activation data changes the retail conversation
Illustrative Our first-party activation data changes the retail conversation. A retailer’s view… …is complemented by our first-party data view. On a tonies® household view, only a share of the 50k Tonieboxes sold customer demand was captured by this single retailer… – the native installed base …the
Slide 95: The result: tonies wins in all retail formats
The result: tonies® wins in all retail formats. Book stores Department stores Pure toy stores Grocers Drug stores Specialty baby stores Electronic stores Vending machines Pop-up stores tonies® 95
Slide 96: Our US retail track record eases and accelerates global expansion
Our US retail track record eases and accelerates global expansion. Key retail partners in new markets After just 1 year: ~90% coverage – 8 ft. After just 1 year: 5 years to build Target to all ~85% coverage 1,950 US stores – 12ft. – 8 ft. 2 years to build Walmart to After just 1 year: ~1,800 US stor
Slide 97: Three channels, three roles, one integrated distribution engine
Three channels, three roles, one integrated distribution engine. 3. Marketplaces Strategic reach booster Acquisition & lifetime value engine Control, efficiency & insights tonies® 97
Slide 98: Marketplaces extend our reach and strengthen customer lifetime value
Marketplaces extend our reach and strengthen customer lifetime value. Meeting parents where they shop: 50%+ of US product searches start on Amazon, over 70% of US adults subscribe to Prime The endless aisle drives lifetime value: Unlimited assortment supports discovery, attach, repeat purchases, and
Slide 99: Three boosters make our growth engine difficult to replicate
Three boosters make our growth engine difficult to replicate. 1. tonies.com Booster 2: First party data / CRM Booster 1: tonies® app 2. Wholesale 3. Marketplaces Booster 3: Real-world fandom tonies® 99
Slide 100: Boosters turbo-charge the flywheel
Boosters turbo-charge the flywheel. Booster 2: Booster 3: Booster 1: tonies® app First party data / CRM Real-world fandom A Permanent place on parents’ phones. Every interaction generates Live experiences create lasting Tailored to every child’s age and first-party data. creating value memories. tur
Slide 101: The engine is powerful. Three boosters make it stronger
The engine is powerful. Three boosters make it stronger. 1. tonies.com Booster 2: First party data / CRM Booster 1: tonies® app 2. Wholesale 3. Marketplaces Booster 3: Real-world fandom tonies® 101
Slide 102: How we’ve successfully grown, internationally
How we’ve successfully grown, internationally Our repeatable, scalable growth engine Significant growth opportunities remain ahead tonies® 102
Slide 103: Significant growth opportunities remain in existing markets and new geographies
Significant growth opportunities remain in existing markets and new geographies. Served today Already finding us The opportunity 570m+ 5 markets, 12m boxes, addressable 10 countries 100+ countries households1 1) Indicative estimate of households with at least one child aged up to 9 years old across
Slide 104: We evaluate strategic and tactical aspects for new markets
To ensure we scale efficiently into new markets, we evaluate both strategic and tactical aspects. Strategic considerations Tactical considerations Market Language Operational Organic size leverage fit traction How big is the addressable Does the language unlock Can we serve from Are families already
Slide 105: We entered new markets with different, replicable blueprints
We know how it’s done: We entered new markets with different, replicable blueprints. Culturally distinct, High-similarity, Pre-seeded, PAST LAUNCH existing category adjacent country high-similarity Full market team on Managed by existing Dedicated country Team ground team launchers Content and asset
Slide 106: Our road ahead to €1.4 billion by 2030
Our road ahead to €1.4 billion by 2030. Only 12% household penetration in the US tonies® 106
Slide 107: Our road ahead to €1.4 billion by 2030
Our road ahead to €1.4 billion by 2030. Only 12% household penetration in the US Expand in Europe Expand in Asia / APAC Enter LatAm tonies® 107
Slide 108: Our road ahead to €1.4 billion by 2030
Our road ahead to €1.4 billion by 2030. Grow further in existing markets Two new markets in 2027 In all major regions by 2030 tonies® 108
Slide 109: Our 2030 ambition is built on a proven growth engine
Our 2030 ambition is built on a proven growth engine. That ambition does not require us to reinvent the model. + Our fandom compounds + Proven Our distribution credibility compounds in every market we + Our localization capabilities compound have touched. + Our licensor relationships compound + Our
Slide 110: Our resilient financial model
Our resilient financial model How we keep delivering on our promises With Hansjörg Müller, CFO tonies® 110
Slide 111: Ecosystem economics and mid-term ambition
The basis: Ecosystem economics tonies® continuously delivers What to expect: Mid-term ambition tonies® 111
Slide 112: The ecosystem flywheel: What makes the tonies model stand out
The ecosystem flywheel: What makes the tonies® model stand out. We are taking the best out of toy… …sparking joy and magic moments …fostering child development …giving parents peace of mind tonies® 112
Slide 113: The ecosystem flywheel: What makes the tonies model stand out
The ecosystem flywheel: What makes the tonies® model stand out. …and combining it with the uniqueness of diverse business models. The box purchase is merely the entry into an ecosystem. tonies® 113
Slide 114: Our track record in subscription-like cohorts improve predictability
Our track record in subscription-like cohorts improve predictability. Year 1 Year 3 Year 5 Year 7 Average attach units (#) sold per Toniebox, Year 2 Year 4 Year 6 Year 8+ by cohort vintage and year of lifetime 1 2 3 4 First P 2021 1 Year 2022 2 All recent cohorts demonstrated similar Forecast Second
Slide 115: Our track record in subscription-like cohorts improve predictability
Our track record in subscription-like cohorts improve predictability. Year 1 Year 3 Year 5 Year 7 Average attach units (#) sold per Toniebox, Year 2 Year 4 Year 6 Year 8+ by cohort vintage and year of lifetime 1 2 3 4 2021 It is designed to work any time: All recent cohorts showed highly stable beha
Slide 116: Nobody enters younger. We are the first device in a child’s room
Nobody enters younger. We are the first device in a child’s room. Toniebox first-time activations, What it means… by child age Blue ocean: Other form of device-based kids entertainment typically can’t move this young ~79% Early entry, high longevity: Some boxes activated 2016 still active today capt
Slide 117: Acquired cohorts yield predictable future business
x Cohort year (Year of attach sales – €m / absolute) 2020 21 22 23 24 25 26 27 28 29 30 31 32 33 34 2035+ 2020 2021 Cohorts are getting more valuable over 2022 time as size Acquired 2023 increases cohorts yield 2024 predictable 2025 ^ 2026 future business. ~€1.0bn - €1.5bn ∑ Historic acquired cohort
Slide 118: Ecosystem economics and mid-term ambition
The basis: Ecosystem economics tonies® continuously delivers What to expect: Mid-term ambition tonies® 118
Slide 119: We’ve always delivered
Group net revenue, in €m Guidance Actuals 630 >600 >480 481 We’ve >354 361 always delivered. >250 258 172 188 2021 2022 2023 2024 2025 Source: tonies® (Over-)delivery vs. guidance tonies® 119
Slide 120: Despite facing headwinds
Deep-dive Tariffs, FX headwinds, consumer caution Continued influence of Middle-east inflation and crisis and consumer Despite Ukraine war, inflation, raw material price hikes sentiment facing Covid-19 and consumer sentiment headwinds. global supply chain crisis disruptions 2021 2022 2023 2024 2025
Slide 121: Resilience driven by a repeatable playbook
Resilience driven by a repeatable playbook. 2025 for tonies®… The toolkit we applied +36% Installed-base-flywheel: Large tonies® fanbase continued to purchase subscription-like YoY CC net revenue +50% Supply chain: Flexible set-up and fast ramp-up of Vietnam capacities to diversify box supply YoY Gr
Slide 122: Ecosystem economics and mid-term ambition
The basis: Ecosystem economics tonies® continuously delivers What to expect: Mid-term ambition tonies® 122
Slide 123: Let’s unpack this: We already communicated our ambition earlier today
Net revenue Adj. EBITDA margin 16-18% >€1.4bn Let’s unpack this: We already communicated our ambition €630m 8.6% earlier today. 2025A 2030E 2025A Mid-term We target to approximately 2X both net revenue and Adj. EBITDA margin Note: In addition to the general information regarding the content of the p
Slide 124: Start with topline: By 2030, we target a >€1.4bn business
Start with topline: By 2030, we target a >€1.4bn business. Group net revenue, in € >€1.4bn Growth driven largely from the core 3 1 with existing products and markets 2 1 New device developments and ATB €630m 2 innovation drive additional planned growth New market launches contribute 3 meaningfully t
Slide 125: Turn to the bottom-line: Adjusted EBITDA of ~16-18% mid-term
Turn to the bottom-line: Our ambition is to bring Adjusted EBITDA to ~16-18% mid-term. Deep-dive next 2025A Mid-term ambition First mid-term ambition on topline – Net Revenue €630m >€1.4bn (by 2030) extending growth journey to 2030+ Clear step-up expected vs. current Gross Margin, % 62.8% ~68-70% le
Slide 126: We expect Gross Margin to significantly expand in coming years
Turn to the bottom-line: We expect Gross Margin to significantly expand in coming years. Main lever: It‘s all about the flywheel – as we continue to grow the installed base, and Product mix attach grows disproportionately, margins improve naturally Structural cost Major cost efficiency programme acr
Slide 127: Adjusted EBITDA ambition supported by gross margin and structural improvements
Adjusted EBITDA ambition supported by gross margin and structural improvements. Adjusted EBITDA margin, in % Gross margin improvement: ~50% of gains targeted from continued 1 3 16-18% product mix improvement and innovation 2 Operating leverage: ~50% of gains 1 targeted from structural 2 8.6% improve
Slide 128: Structurally, tonies is an efficient, CAPEX-light business
Structurally, tonies® is an efficient, CAPEX-light business. tonies® is and will remain structurally CAPEX-light – by design No owned manufacturing No owned distribution infrastructure Durable, long-cycle hardware platform Content scales at near-zero marginal CAPEX tonies® 128
Slide 129: Capital allocation: Guided by re-investment into core
Capital allocation: Guided by re-investment into core. Organic growth Balance sheet and ecosystem resilience scaling Further allocation Maintain low debt levels to Re-invest into global scaling of preserve financial flexibility pursued the core opportunistically Re-invest into CLV expansion / Levera
Slide 130: What you need to know about this ambition
What you need to know about this ambition. Our mid-term ambition: Net revenue (€) and Adj. EBITDA (%) The ambition already assumes: ü All planned product innovations – >€1.4bn1 from box to attach ü All planned market launches until 2030 ü Full current efforts to manage €630m bottom-line Further upsi
Slide 131: What gives me confidence in this plan
What gives me confidence in this plan. Subscription- Margin Proven Self-funded like economics expansion is playbook with growth drives drive mid-term structural multiple levers the flywheel predictability Operating leverage is Tested, repeatable, Capital discipline and only part of it: Some and adap
Slide 132: Closing remarks
Closing remarks tonies ® Capital Markets Day 2026 With Tobias Wann, CEO tonies® 132
Slide 133: Three priorities to build a global icon
Three priorities Build an ecosystem that compounds value: Shaping the future of childhood. to build a global From now on, we’ll say devices: Toniebox Lite launches this year. icon. It’s more than the box: Our portfolio and content expertise are unique. Win internationally, US-first: Leverage tonies®
Slide 134: Q&A
Q&A tonies ® Capital Markets Day 2026 tonies® 134
Slide 135: Confidentiality
Confidentiality All information within these slides are strictly confidential and can only be handed over or published to third persons with the prior written permission of tonies GmbH. © tonies GmbH, 2026 www.tonies.com