Tonies Se Class A · XETR:TNIE
Tonies Se Class A — Investor Presentation (September 2026)
102 slides from Tonies Se Class A's investor presentation, September 2026
Slide 1: Company Presentation
Company Presentation tonies SE September 2026
Slide 2: Content
Content Introduction to tonies SE H1 2026 Results FY 2025 Results tonies® 2
Slide 3: Introduction to tonies SE
Introduction to tonies SE tonies® 3
Slide 4: Toniebox is the first connected device to enter the child's room
Toniebox is the first connected device to enter the child’s room Age: 0+ 1+ 3+ 5+ 8+ Video Gaming Audio Streaming Kids tonies‘ first-mover Video advantage Streaming tonies® 4
Slide 5: We have built the largest interactive audio experience platform for children in the world
We have built the largest interactive audio experience platform for children in the world We are the #1 audio platform for kids globally… …and have unparalleled stickiness. Families in >100 countries ~12.6 million >173 million ~280 min have activated a Toniebox Tonieboxes sold1 Tonies sold1 Ø weekly
Slide 6: H1 2026 performance at a glance: tonies delivered on all targets
H1 2026 performance at a glance: tonies® delivered on all targets Toniebox platform grows …fueling the predictable exponentially every year... repeat purchases of Tonies. Revenue H1 2026: Cumulative Tonieboxes sold (Q4’16-Q2’26, #) Cumulative Tonies over customer lifetime €243m (+41% cc) • DACH: EUR
Slide 7: Key investment highlights
Key investment highlights Huge market Newly created multi-billion Euro product category tapping into adjacent connected audio, streaming as well as kids 1 opportunity gaming and toys segments Differentiating Pioneer with category-defining offering as first device in the kid’s room, high brand loyalt
Slide 8: We have created a new multi-billion Euro category in the intersection of four huge consumer markets
We have created a new multi-billion Euro category in the intersection of four huge consumer markets Global consumer €77bn discretionary spend for children, 2024 Connected toys market €6bn EURbn 40 €51bn 40 35 22% CAGR (2025A-30E) 30 25 20 16 15 10 7 5 0 €23bn €228bn 2020A 2025A 2030E Source(s): Lead
Slide 9: Superior content distribution requires proprietary tech platform
Superior content distribution requires proprietary tech platform Gaming Video Audio tonies® 9
Slide 10: Our business model is based on tech-driven, highly scalable DTC platform
Our business model is based on tech-driven, highly scalable DTC platform, leveraging our proprietary ecosystem EUR 119.99+1 Toniebox 2 Central platform for the ecosystem EUR EUR EUR EUR EUR EUR Tonies 9.99 – 17.99 Tonieplay 9.99 - 16.99 19.99 – 29.99 Third party 14.99 – 39.90 Audio library 4.99 – 7.
Slide 11: Proven business model with clear focus on value creation
Proven business model with clear focus on value creation Hardware Data-driven content production Distribution Contract Third party Proprietary Go-to-market manufacturing licensing content creation … … Deep design expertise, Strong licensor Competitive edge Brand with patented product (incl. relation
Slide 12: Licensed Figurine
Third party licenses relevant for majority of Tonies- figurines revenue – share of own productions rises Audio-Content Own Licensed Own Figurine Licensed tonies® 12
Slide 13: Tonies' content-driven flywheel provides comprehensive customer data
Tonies’ content-driven flywheel provides comprehensive customer data… Thanks to being data- driven, we understand our users …what they listen to, where and when …how often and how long they listen …how many users share a box Most frequent …how intense they Toniebox usage engage with the platform dur
Slide 14: We have truly excited customers that actively seek inspiration and information
We have truly excited customers that actively seek inspiration and information about our products >1.7 million followers globally tonies® 14
Slide 15: Across our markets: TB2 is kids' & parents' #1 choice
Across our markets: TB2 is kids’ & parents’ #1 choice… #1 in the US #1 in DACH #1 in UK #1 in FRA tonies was the most- downloaded app this holiday season, across all categories and markets! Note: Status as of Dec 25, 2025, ~23.00h local times tonies® 15
Slide 16: …and we have received numerous awards and accolades
…and we have received numerous awards and accolades CES 2026 Innovation Award in Best EdTech category for our Toniebox 2 Spotlighted as one of Top Rival 50 brands in 2025 for our Marketing 2025 Australian Toy Association Awards in Overall Product of the Year and Product of the Year: Infant/pre-schoo
Slide 17: Our highly loyal and continuously growing customer base drives sustainable revenue growth
Our highly loyal and continuously growing customer base drives sustainable revenue growth Growth rate Actuals Plan Revenue growth, EURm 35% 630 CAGR (2021-25) >600 480 481 354 361 250 258 172 188 2021 2022 2023 2024 2025 +36% in 40% 37% 40% 33% 31% cc Note(s): 2021 IFRS, Revenue for 2020 in German G
Slide 18: We replicate our proven DACH success story globally
We replicate our proven DACH success story globally Development of global revenue mix 2019 2025 RoW DACH 22% 98% North America became tonies’ DACH EUR 102m 34% EUR 630m largest market North in 2024 America UK 44% 2% Note(s): 2019: Audited German GAAP financials. Source: Company information. tonies®
Slide 19: Strong and highly predictable cohorts drive growth
Strong and highly predictable cohorts drive growth (as of December 31, 2025) Cumulative Tonies figurines purchased per Toniebox Sales since launch in Q4 2016 24 Our average customer buys ~20 Tonies 22 figurines within 4.51 years 20 ~156m 18 Tonies figurines sold 16 Subscription- like cohorts 14 12 1
Slide 20: Our strong unit economics are the backbone of our profitable business model
Our strong unit economics are the backbone of our profitable business model Unit economics, EUR ~290 48 53 52 50 49 38 Box Purchase Year 1 Year 2 Year 3 Year 4 Year 5-6 Customer lifetime Note(s): Shown figures refer to a basket comprising 1 Toniebox, 24 Tonies, 2 Accessories and 2 episodes of mytoni
Slide 21: Our scalable business model will drive future profitability
Our scalable business model will drive future profitability (Updated medium-term targets from CMD) Group 2020(IFRS) 2021(IFRS) 2022(IFRS) 2023 (IFRS) 2024 (IFRS) 2025 (IFRS) medium-term Gross margin before 50.1% 54.1% 53.9% 61.6% 62.1% 62.8% ~70% licenses Licensing costs -17.8% -18.7% -12.3% -10.1%
Slide 22: We are ready to capture multi-dimensional growth opportunities
We are ready to capture multi-dimensional growth opportunities DACH penetration Product and platform expansion International expansion expansion Future Expand own content offering (“Originals”) and extend Scale up successful market depth/breath of the portfolio entries and enter further into adjacen
Slide 23: US wholesale is expanding continuously
US wholesale is expanding continuously: We have suc- cessfully proven our potential to Target and Walmart Exemplifying our successful retail evolution 2020 2021 2022 2023 2024 2025 Online Seasonal listings in >1,000 stores with >1,500 stores with >1,750 st & doubling 1.5X shelf-space to only 400 sto
Slide 24: NA: We have further built a strong foundation for a successful 2026
NA: We have further built a strong foundation for a successful 2026 2020: Online only Amazon Prime Day Results 2021: Seasonal listings in (July 8-11) selected physical stores in Q4 News: 2024: >1,750 stores (100% of We are now stores) transitioning into 1.5x the Toy category YoY total unit growth H2
Slide 25: Improving our platform and product offering is a key element of our strategic roadmap
Improving our platform and product offering to satisfy and grow our fanbase is a key element of our strategic roadmap Accessories/ Toniebox Tonies Own content Merchandise Next generation Alternative materials and Signature content and Adjacent products to Toniebox and target category innovation stor
Slide 26: Earnings Presentation H1 2026
Earnings Presentation H1 2026 tonies SE | Aug 20, 2026
Slide 27: 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 28: Who you have on the call today
Who you have on the call today Tobias Wann Hansjörg Müller CEO CFO tonies® 28
Slide 29: Agenda
tonies SE | Earnings Presentation Agenda Welcome to tonies® Business highlights H1 2026 Financial results H1 2026 Outlook FY 2026 Q&A tonies® 29
Slide 30: Welcome to tonies
Welcome to tonies®
Slide 31: We have built the largest interactive audio experience platform for children in the world
We have built the largest interactive audio experience platform for children in the world We are the #1 audio platform for kids globally… …and have unparalleled stickiness. Families in >100 countries ~12.6 million >173 million ~280 min have activated a Toniebox Tonieboxes sold1 Tonies sold1 Ø weekly
Slide 32: H1 2026 performance at a glance: tonies delivered on all targets
H1 2026 performance at a glance: tonies® delivered on all targets Toniebox platform grows …fueling the predictable exponentially every year... repeat purchases of Tonies. Revenue H1 2026: Cumulative Tonieboxes sold (Q4’16-Q2’26, #) Cumulative Tonies over customer lifetime €243m (+41% cc) • DACH: EUR
Slide 33: Business highlights H1 2026
Business highlights H1 2026
Slide 34: tonies has delivered another successful H1!
tonies® has delivered another successful H1! Our value levers Today’s focus Capital Markets Day: Recap Toniebox Lite launch update Market highlights H1 Build an ecosystem that compounds >€1.4b We’ve shared our Staggered value Net revenue updated mid- launch since term ambition – July 27 – NA: Accele
Slide 35: Recap CMD: Our financial mid-term ambition is clear and bold
Recap CMD Toniebox Lite Partnership highlights Market highlights Net revenue Adj. EBITDA margin 16-18% >€1.4bn Recap CMD: Our financial mid-term ambition is 8.6% €630m clear, and bold 2025A 2030E 2025A Mid-term We target to approximately 2X both net revenue and adj. EBITDA margin Note: In addition t
Slide 36: Our mid-term ambition is supported by clear business priorities
Recap CMD Toniebox Lite Partnership highlights Market highlights Build an ecosystem that compounds value: Shaping the future of childhood. Our mid-term ambition is supported by Win internationally, US-first: Leverage tonies® global product-market fit and make our leadership count. clear business pri
Slide 37: Multi-experience ecosystem
Recap CMD Toniebox Lite Partnership highlights Market highlights tonies® ecosystem Multi- Digital experience experience Accessories ecosystem: tonies® is not Above-the-Box portfolio just about ‘In the future, we’ll say ‘devices’. ‘the box’ Device More on Toniebox Lite later in this presentation. ton
Slide 38: We have bold ambitions for international growth
Recap CMD Toniebox Lite Partnership highlights Market highlights We have bold ambitions for international growth – both in existing and new markets Our ambition… Significant headroom in existing markets (e.g., US penetration ~12%) Two new growth markets launched within 2027 Presence in all major reg
Slide 39: Our plan is supported by predictable cohort economics
Recap CMD Toniebox Lite Partnership highlights Market highlights 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 Our plan is 2022 time as size increases 2023 supported by 2024 predictable 2025
Slide 40: Toniebox Lite announced on Jul 27 for NA, UK and ANZ launch
Recap CMD Toniebox Lite Partnership highlights Market highlights Toniebox Lite announced on Jul 27 for NA, UK and ANZ launch The Toniebox Lite, a The 'it' toy for smaller, travel-friendly Christmas 2026 audio player […] allows dropped today (and it'll a more wallet-friendly News coverage: 500m+ reac
Slide 41: Toniebox Lite introduces a multi-device ecosystem
Recap CMD Toniebox Lite Partnership highlights Market highlights Toniebox Lite introduces a multi-device ecosystem Toniebox 2 Listening + interactive gaming Toniebox Lite Remains our hero player with Listening-focused premium features and added interactive audio play Introduces the signature tonies®
Slide 42: Toniebox Lite sits on shelves next to Toniebox 2
Recap CMD Toniebox Lite Partnership highlights Market highlights Toniebox Lite sits Toniebox 2 Toniebox Lite on shelves next to Designed for Kids 1-9+ Toniebox 2, our Product Design Soft fabric shell Hard-shell, with add-on sleeves hero product. Use with Tonies Use with Tonieplay Wifi & Bluetooth co
Slide 43: Toniebox Lite unlocks strategic value for tonies
Recap CMD Toniebox Lite Partnership highlights Market highlights Toniebox Lite unlocks 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 ex
Slide 44: Toniebox Lite drives acquisition and retention
Recap CMD Toniebox Lite Partnership highlights Market highlights Toniebox Lite drives acquisition and retention For families new-to-tonies®… For tonies® families… Price is #1 barrier not to Positioned to enable multi-device ownership… purchase a Toniebox1 Toniebox Lite reduces barrier across markets
Slide 45: Our 2026 tentpole launches
Recap CMD Toniebox Lite Partnership highlights Market highlights Fully immersive launch event at NZs largest mall… Our 2026 Pre-buy at Target in US …exclusive shelf-space tentpole Launch in NZ with our key retail launches Jul 19 More to come for our partner… start to drop global launch… x ...and wid
Slide 46: Our 2026 tentpole launches
Recap CMD Toniebox Lite Partnership highlights Market highlights Tailored campaigns in collaboration with Hasbro Media buzz created Our 2026 across markets tentpole launches start to drop Clear booster for upper age range x portfolio (5+ | 7+) tonies® 46
Slide 47: As for our Pokémon launch – stay on board
Recap CMD Toniebox Lite Partnership highlights Market highlights As for our Pokémon launch – stay on board… tonies® 47
Slide 48: Innovation continues in Above-the-box
Recap CMD Toniebox Lite Partnership highlights Market highlights Germany’s ‘Record Champion’ in Serialized content drives engagement: 18 football Innovation sequential releases à ~11 minutes content Joint 3rd rank for major European trophies won continues in ~75k official Kid’s Club members, Above-t
Slide 49: UK: We aired the 1,000th episode of Today with tonies
Recap CMD Toniebox Lite Partnership highlights Market highlights Key highlights statistics … higher engagement frequency vs. average Tonie1 UK: We aired … more total playtime for owners vs. non-owners1 Serialized content drives routine the 1,000th … more Tonies purchased for owners vs. non owners1 e
Slide 50: Market highlights NA and DACH: Innovation with retail partners drives incrementality
Recap CMD Toniebox Lite Partnership highlights Market highlights Market highlights NA and DACH: Innovation with retail partners drives incrementality tonies® loyalty programs … first ever introduced with major retail partner, Migros 800 additional POS unlocked with out-of-aisle placements with Tonie
Slide 51: Financial results H1 2026
Financial results H1 2026
Slide 52: Strong H1 2026 topline driven by all segments and product categories
Strong H1 2026 topline driven by all segments and product categories H1 Revenue DACH: EUR 89m, +26% (cc) Topline driven by all segments, with accelerating growth in EUR 243m NA: EUR 104m, +57% (cc) NA and in the DACH region despite exceptional household penetration. YoY acceleration in Toniebox reve
Slide 53: P&L: Gross margin driven by timing of tariffs & product mix
P&L: Gross margin driven by timing of tariffs & product mix, partially offset by operating leverage H1 2026 H1 2025 +/- EURm % of revenue EURm % of revenue EURm pp Revenue 242.9 100.0% 176.6 100.0% 66.3 - COGS -86.7 -35.7% -51.4 -29.1% -35.3 -6.6 pp Gross profit 156.2 64.3% 125.1 70.9% 31.1 -6.6 pp
Slide 54: H1 2026 revenue: Accelerating growth in DACH and NA
H1 2026 revenue: Accelerating growth in DACH and NA Revenue by region, in EURm Revenue split, in EURm H1 2025 International +41% in cc H1 2026 243 DACH 243 177 177 63% +57% +26% in cc 60% in cc +43% 104 89 in cc 71 71 50 35 37% 40% Group DACH North America Rest of World H1 2025 H1 2026 Note: Growth
Slide 55: Strong Toniebox sales increasing installed base
Strong Toniebox sales increasing installed base Revenue by product category, in EURm Revenue split, in EURm +41% H1 2025 Accessories & Digital in cc H1 2026 243 Tonies 4% Tonieboxes 243 +36% in cc 177 177 177 4% 73% 134 +69% 76% in cc +15% 57 in cc 35 24% 8 9 20% Group Tonieboxes Tonies Accessories
Slide 56: Q2 revenues driven by outstanding growth in NA
Q2 revenues driven by outstanding growth in NA Revenue by region, in EURm Revenue by product category, in EURm +49% Q2 2025 +49% Q2 2025 in cc Q2 2026 in cc Q2 2026 117 117 +43% in cc 79 +85% 79 82 in cc +23% in cc 57 +76% 58 +31% in cc 39 in cc 32 31 32 +12% 22 18 in cc 17 3 4 Group DACH North Amer
Slide 57: Segment reporting: DACH margin improving further
Segment reporting: DACH margin improving further on high base and NA stable despite timing of tariffs & product mix Total North Rest of tonies in EURm DACH operating Corporate HQ Reconciliation America World group1 segments Revenue (external) 88.9 104.3 49.7 242.9 0.0 0.0 242.9 Licensing costs -11.0
Slide 58: Adjusted EBITDA Margin influenced by timing of tariffs and product mix
Adjusted EBITDA Margin influenced by timing of tariffs and product mix, partially offset by operating leverage Adjusted EBITDA margin bridge, in % of revenue Increased COGS, mainly resulting 2.1% Driven by higher share of from product-mix-shift to Toniebox sales, resulting in lower gross margin To
Slide 59: We successfully managed macroeconomic challenges throughout H1 2026
We successfully managed macroeconomic challenges throughout H1 2026 Challenges Strategic outcomes Tariff situation has stabilized and was supported through US tariffs diversification of suppliers Flexibility in technology and production allowed to secure Memory chip supply supply for the remainder o
Slide 60: Outlook 2026
Outlook 2026
Slide 61: FY 2026 Guidance reiterated: Profitable growth continues
FY 2026 Guidance reiterated: Profitable growth continues 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 materia
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Slide 63: Meet us at upcoming roadshows and conferences!
Meet us at upcoming roadshows and conferences! Results Roadshows and conferences • Sep 1: Berenberg Stockholm Seminar • Sep 2: Commerzbank & Oddo BHF Corporate Conference, Frankfurt Q3 2026 • Sep 21: Berenberg and Goldman Sachs 15th German Corporate Conference, Munich • Nov 17-19: US-Roadshow; New Y
Slide 64: Key takeaways: Strong confidence in H2 '26 – and beyond
Key takeaways: Strong confidence in H2 ‘26 – and beyond Our mid-term ambition is backed by a value-compounding ecosystem, successful international growth, and a I resilient financial model: >€1.4bn revenue by 2030 and 16–18% Adj. EBITDA mid-term. Toniebox Lite expands SAM and unlocks additional pote
Slide 65: Earnings Presentation FY 2025
Earnings Presentation FY 2025 tonies SE | April 14, 2026
Slide 66: Disclaimer
Disclaimer This document contains 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-
Slide 67: Who you have on the call today
Who you have on the call today Tobias Wann Hansjörg Müller CEO CFO tonies® 67
Slide 68: Agenda
tonies SE | Earnings Presentation Agenda Welcome to tonies Business highlights 2025 Financial results 2025 Outlook FY 2026 Q&A tonies® 68
Slide 69: Welcome to tonies
Welcome to tonies
Slide 70: We have built the largest interactive audio experience platform for children in the world
We have built the largest interactive audio experience platform for children in the world We are the #1 audio platform for kids globally… …and have unparalleled stickiness. Families in >100 countries ~11.8 million ~156 million ~280 min have activated a Toniebox Tonieboxes sold1 Tonies sold1 Ø weekly
Slide 71: FY 2025 performance at a glance: tonies delivered on all targets
FY 2025 performance at a glance: tonies delivered on all targets Toniebox platform grows …fueling the highly predictable exponentially every year… repeat purchases of Tonies. Revenue 2025: Cumulative Tonieboxes sold (Q4’16-Q4’25, #) Cumulative Tonies over customer lifetime €630m (+36% cc) • DACH: EU
Slide 72: Business highlights 2025
Business highlights 2025
Slide 73: 2025 has been a year full of business highlights
2025 has been a year full of business highlights Our value levers Today’s focus Product innovation Market insights Partnerships Internationalization Our biggest innovation since 2016: TB2 has successfully landed… NA: Strong momentum, Gross margin 40% YoY (cc) profitable expansion growth, despite tar
Slide 74: Toniebox 2 is built on the winning formula of Toniebox 1
Toniebox 2 is built on the winning formula of Toniebox 1 – the #1 audio platform for kids globally #1 audio platform for kids globally Key highlights ~11.8 million Tonieboxes sold1 ~156 million Tonies sold1 ~280 min Toniebox 2 is our new Ø weekly playtime2 central platform device, replacing Toniebox
Slide 75: Toniebox 2: Opening a door to a playful interactive world
Toniebox 2: Linear audio Interactive play Opening a door to a playful interactive world beyond linear Full backwards compatibility of Tonies Toniebox 2 enabling listening new experience and launch of new 1+ Tonieplay certified My First Tonies Toniebox 2 A whole new way to play and experience your To
Slide 76: Toniebox 2 has already taken over in our markets
Toniebox 2 has already taken over in our markets Box share sold that was Toniebox 2 (TB2), in % of total TB2 launched on Sep 15 and became our ‘flagship’ ~80% of boxes sold in Q4 box were TB2 ~60% of boxes sold in Q3 were Customer reviews continue to show very positive TB2 sentiment 0% of boxes sold
Slide 77: With the launch of Toniebox 2, we extend our value proposition
With the launch of Toniebox 2, we extend our value proposition and unlock new growth vectors Illustrative Tonies Tonieplay Full backwards Opportunities for new partners and Toniebox 2 attractiveness compatibility licensing agreements Cross- / upsell TB2 1+ certification and potential launch of My Fi
Slide 78: The TB2 ecosystem offers unique levers for lower age range extension
The TB2 ecosystem offers unique levers for lower age range extension… Illustrative My First Tonies with c. +10% higher engagement rate1 with 1- year-olds compared to Classic Toniebox 2 attractiveness Tonies C. +7pp higher Toniebox 2 activation for ≤2-year-olds compared to Toniebox 1 Enhanced offerin
Slide 79: …as well as for upper age range extension
…as well as for upper age range extension Illustrative ~50% Tonieplay activation share among TB2 upgrader households with 6+-year-olds Toniebox 2 attractiveness since launch Pocket and Book Tonies now account for ~60% of the Tonies portfolio for kids 7+ Book Tonies achieve up to c. +25% higher engag
Slide 80: Across our markets: TB2 is kids' & parents' #1 choice
Across our markets: TB2 is kids’ & parents’ #1 choice… #1 in the US #1 in DACH #1 in UK #1 in FRA tonies was the most- downloaded app this holiday season, across all categories and markets! Note: Status as of Dec 25, 2025, ~23.00h local times tonies® 80
Slide 81: …and we have received numerous awards and accolades
…and we have received numerous awards and accolades CES 2026 Innovation Award in Best EdTech category for our Toniebox 2 Spotlighted as one of Top Rival 50 brands in 2025 for our Marketing 2025 Australian Toy Association Awards in Overall Product of the Year and Product of the Year: Infant/pre-schoo
Slide 82: NA – tonies has delivered profitable 40% YoY growth in 2025
NA – tonies has delivered profitable 40% YoY (CC) growth in 2025, against challenging macro-environment NA net revenue, in EURm A few highlights… Deep-dive follows +40% TB2: We’ve driven significant cultural relevance and excitement in cc through our launch 276 Portfolio Key US-first IPs: We’ve leve
Slide 83: NA – We have mastered the omnichannel formula
NA – We have mastered the omnichannel formula tonies is in an omni-channel game… …and we are continuously scaling our (retail) footprint with our Tier-1 partners. DTC Moved to toy, premium Trendpod placements Wholesale Scaled from 8ft to 12ft nationwide Continued substantial POS expansion Marketplac
Slide 84: DACH – New products and more reach, fueling 16% YoY growth
DACH – New products and more reach, fueling 16% YoY growth in our most established market DACH net revenue, in EURm A few highlights… TB2: We created unmatched buzz with our blockbuster launch, including a high-impact retailer roadshow Growing portfolio Above-the-box: We created instant new ‘fan fav
Slide 85: RoW – Category-leading growth across our international markets
RoW – Category-leading growth across our international markets RoW net revenue, in EURm A few highlights… Deep-dive follows Market share gain: tonies was #1 gaining Corporate Manufacturer and #1 gaining property in France Preschool Toys for 2025 vs. FR 20241 +68% in cc 141 Market share gain: tonies
Slide 86: RoW – A world-first tonies store in ANZ
RoW – A world-first tonies …and proof-point of our store in ANZ… strong retail presence Added 3 key retailers in 2025… >500 newly launched stores • >200sqm, located in the heart of Sydney ...and our store also piloted unique customer experiences like ‘Meet-and-Greets’ with core IP- • Major brand bui
Slide 87: We are a force for good – and we engage our communities across markets
We are a force for good – and we engage our communities across markets Our tonies London Cab chauffeuring St. Nic around the city delivered presents to hospitals during holiday season tonies participated in the 121st Toronto Santa Claus parade visited by 750k spectators, with excited kids and parent
Slide 88: Partnerships – Launch of Cuddle Tonies with partners like Disney
Partnerships – Launch of Cuddle Tonies proves our innovation potential with existing partners like Disney What are Cuddle Tonies? Cuddle Tonies • Plush audio toys that combine comforting form with character-led Crafted for calm storytelling to create playful Soothing content for transitional moments
Slide 89: Peak season powerhouse: We delivered successfully during our most important quarter
Peak season powerhouse: We delivered successfully again during our most important quarter Revenue Q4 2024 vs. 2025, in EURm and % of FY Strong retail execution across our existing and newly onboarded +39% retail partners +31% in cc 313 238 Resilient, integrated supply chain with optimized production
Slide 90: Financial results 2025
Financial results 2025
Slide 91: tonies is now in the SDAX
tonies is now in the SDAX tonies® 91
Slide 92: We delivered on all our targets in FY 2025
We delivered on all our targets in FY 2025 against challenging macro-economic backdrop Revenue DACH: EUR 214m, +16% (cc) Growth driven by international markets, particularly NA, EUR 630m NA: EUR 276m, +40% (cc) and continued strong growth in DACH region despite exceptional household penetration. YoY
Slide 93: P&L: We continue to grow profitably
P&L: We continue to grow profitably FY 2025 FY 2024 +/- EURm % of revenue EURm % of revenue EURm pp Revenue 630.3 100.0% 480.5 100.0% 149.8 - COGS -234.4 -37.2% -182.2 -37.9% -52.3 0.7pp Gross profit 395.9 62.8% 298.4 62.1% 97.5 0.7pp Licensing costs -69.4 -11.0% -54.9 -11.4% -14.5 0.4pp Gross profi
Slide 94: FY 2025 revenue: Double-digit growth in all regions
FY 2025 revenue: Double-digit growth in all regions… Revenue by region, in EURm Revenue split, in EURm +36% +31% in cc FY 2024 630 International FY 2025 DACH 630 481 481 66% +40% +31% +16% in cc 62% +16% in cc +68% 276 +64% in cc 214 210 184 141 86 38% 34% Group DACH North America Rest of World FY 2
Slide 95: …with acceleration in Toniebox sales growth
…with acceleration in Toniebox sales growth Revenue by product category, in EURm Revenue split, in EURm +36% +31% in cc FY 2024 630 Accessories & Digital FY 2025 3% Tonies Tonieboxes 630 +43% +37% in cc 481 4% 481 447 71% +21% 326 68% +17% in cc +25% 137 161 +23% in cc 29% 26% 18 22 Group Tonieboxes
Slide 96: Strong Q4 revenues prove ability to flawlessly deliver
Strong Q4 revenues prove ability to flawlessly deliver Revenue by region, in EURm Revenue by product category, in EURm +39% Q4 2024 +39% Q4 2024 +31% in cc +31% in cc Q4 2025 Q4 2025 313 313 +50% +42% in cc 238 +43% 238 +30% in cc 216 +17% +60% +18% +17% in cc 154 +11% in cc 152 +54% in cc 118 88 +2
Slide 97: Segment reporting: All regions with positive EBITDA
Segment reporting: All regions with positive EBITDA – North America shows strong profitability improvement North Rest of Total operating Corporate HQ + tonies in EURm DACH America World segments reconciliation group1 Revenue (external) 213.8 275.7 140.8 630.3 0.0 630.3 Licensing costs -31.6 -28.0 -1
Slide 98: Adjusted EBITDA Margin supported by higher contribution margin
Adjusted EBITDA Margin supported by higher contribution margin Adjusted EBITDA margin bridge, in % of revenue 1.4% -1.4% COGS improvement driven by optimized sourcing and lower unit 0.4% 8.6% costs, despite negative tariff 0.7% impact 7.5% Driven by non-recurring Licensing costs favorably one-of
Slide 99: We have proven resilience across unpredictable macro effects in 2025
We have proven resilience across unpredictable macro effects in 2025, and continue to do so Tariffs did not go away – we have a stable response set-up with sourcing flexibility US tariffs across production and commercial levers proven effective in 2025 Production Despite memory cost challenges, we h
Slide 100: Outlook 2026
Outlook 2026
Slide 101: FY 2026 Guidance: Profitable growth continues
FY 2026 Guidance: Profitable growth continues 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 material deteriora
Slide 102: Key takeaways: Delivered in 2025, poised for strong 2026
Key takeaways: Delivered in 2025, poised for strong 2026 Very strong 2025 performance – profitable growth despite major macro-economic challenges I NA with +40% YoY growth (in cc) despite tariffs, DACH +16%, RoW +68%, margin expansion across markets Toniebox 2 has taken over and is a success with cu