Tonies Se Class A · XETR:TNIE
Tonies Se Class A — Investor Presentation (August 2025)
70 slides from Tonies Se Class A's investor presentation, August 2025
Slide 1: Company Presentation tonies SE | August 2025
Company Presentation tonies SE | August 2025
Slide 2: Content
Content Introduction to tonies SE H1 2025 Results FY 2024 Results Sustainability Appendix tonies® 2
Slide 3: Introduction to tonies SE
Introduction to tonies SE
Slide 4: We have built the largest interactive audio experience platform for children
tonies: We have built the largest interactive audio experience platform for children in the world We are the #1 audio platform for kids globally We have unparalleled stickiness Families in > 100 countries have activated a > 95 million ~274 min NPS of 77 Toniebox Tonieboxessold AW 4 @ weekly playtime
Slide 5: Subscription-like cohorts
Subscription-like cohorts • • •
Slide 6: Key investment highlights
Key investment highlights Huge market Newly created multi-billion Euro product category tapping into adjacent connected opportunity audio, streaming as well as kids gaming and toys segments brand loyalty and differentiating value proposition, leveraging first-mover ‘co Differentiating Pioneer with c
Slide 7: New multi-billion Euro category at the intersection of four consumer markets
Market | Positioning Business model Brand Financial track-record | Growth opportunities We have created a new multi-billion Euro category in the i intersection of four huge consumer markets et Ht: a 5 fora won’ Gaming and Gam, “°a - N eo es py a { ~S wy! C PO, <a Connected toys market ‘ EUR 136bn EU
Slide 8: Superior content distribution requires proprietary tech platform
Market | Positioning Business model Brand Financial track-record | Growth opportunities Superior content distribution requires proprietary rv tech platform tonies® 8
Slide 9: Toniebox is the first connected device to enter the child's room
Market Positioning Business model Brand Financial track-record | Growth opportunities Toniebox is the first connected device to enter the i child's room a £ @ & ’ Ox: Repiox | Gaming a 23 0 SE tonies’ Streaming Wa first-mover advantage va ° ideo 2 rime Diop NETFLIX. Prime Note(s}: Not recommended fo
Slide 10: Tech-driven, scalable DTC platform leveraging our proprietary ecosystem
Market Positioning Business model Brand Financial track-record | Growth opportunities Our business model is based on a tech-driven, highly ws scalable DTC platform, leveraging our proprietary ecosystem a i Toniebox af af Central platform for the ecosystem a4 | ™ EUR Third party 1-95 |Audiolibrary ||
Slide 11: Starterset Rot mit Kreativ-Tonie
Starterset Rot mit Kreativ-Tonie Kreativ-Tonie Superheldin
Slide 12: Licenses relevant for majority of Tonies figurines revenue
Third party Market Positioning Business model | Brand Financial track-record Growth opportunities icenses relevant for majority of Tonies-figurines revenue — share of own productions rises Audio-Content Licensed Figurine Own Licensed tonies® 12
Slide 13: Distribution: Strong omni-channel mix with increasing DTC share
Market Positioning Business model Brand Financial track-record | Growth opportunities Distribution: Strong omni-channel mix with increasing DTC- i share Channel Mix Wholesale Direct-to-Consumer Strong Retail Partners | Own Website | | Own Website | Amazon Marketplace & — tonies © Ov 8a8 ia BARNES. N
Slide 14: Content-driven flywheel provides comprehensive customer data
Market Positioning Business model Brand Financial track-record Growth opportunities | tonies’ content-driven flywheel provides comprehensive tf customer data... Thanks to being data-driven, more conten t we understand our users ..what they listen for, where and when .. how often and how long they li
Slide 15: Truly excited customers actively seek inspiration about our products
Market Positioning Business model Brand Financial track-record We have truly excited customers that actively seek Growth opportunities inspiration and information about our products Guys. These tonieboxes are life-changing. We got our four year old one for Christmas, and | have more than I'll admit
Slide 16: tonies is a highly recognized brand
Market Positioning Business model Brand Financial track-record Growth opportunities tonies is a highly recognized brand rv \\ \ irl best selling German brand on amazon.com! / J \\y7 LICENSING | // INTERNATIONAL GERMANY AWARDS “Licensee of the Year 2023" “Discover Imagination" 360 campaign
Slide 17: Loyal and growing customer base drives sustainable revenue growth
Market | Positioning | Business model | Brand | Financial track-record| Growth opportunities | Our highly loyal and continuously growing customer base i drives sustainable revenue growth Revenue growth (EURm) } Growth rate ian. 9 = 36% 480 481 Note(s *FY 2019 incl, growth 2019 based on German GAAP (
Slide 18: We replicate our proven DACH success story globally
Market | Positioning | Business model | Brand | Financial track-record| Growth opportunities | We replicate our proven DACH success story globally i Development of global revenue mix For the first time: North America is tonies largest market North America 4 UK 2% 2019 2024 Note(s): 2019: Audited Ger
Slide 19: Strong and highly predictable cohorts drive growth
Market | Positioning | Business model Brand Financial track-record| Growth opportunities | Strong and highly predictable cohorts drive growth J (as of June 30, 2025) Cumulative Tonies figurines purchased per Toniebox Sales since launch in Q4 2016 25. Our average Customer buys ~20 Tonies figurines wi
Slide 20: Strong unit economics are the backbone of our profitable business model
Market | Positioning | Business model Brand Financial track-record| Growth opportunities | Our strong unit economics are the backbone of our i profitable business model Unit economics in EUR ~290 (Box Purchase] [ Year 1 Tt Year 2 )f Year 3 \f Year4 —|[_ Year 5-6 if Customer lifetime Notels): Shown f
Slide 21: Scalable business model will drive future profitability
Market Positioning Business model Brand Financial track-record| Growth opportunities Our scalable business model will drive future profitability es (medium term targets from IPO) 2019(HGB) 2020(IFRS) 2021 (IFRS) 2022(IFRS) 2023 (IFRS) 2024 (IFRS) TO sG Tou medium-term GiceS iene tia 44.6% 50.1% 54.1
Slide 22: Ready to capture multi-dimensional growth opportunities
Market Positioning Business model Brand Financial track-record | Growth opportunities We are ready to capture multi-dimensional id growth opportunities DACH penetration International Product and platform expansion expansion expansion Ruin Expand own content offering (‘Originals’) and extend depth/br
Slide 23: US with continued excellent traction since launch
Market | Positioning | Business model Brand Financial track-record | Growth opportunities US with continued excellent traction since launch = rv We were in the US even Since then, we have conquered all ..and significantly increased our before market launch | 50 states... | | market penetration | Jan
Slide 24: We have proven product fit in North America
Market We have proven product fit in North America Positioning Business model Brand Revenue growth (EURm) Financial track-record Growth opportunities (3 Growth rate @® Pan @® Actuals 140 116 191 210 tonies® 24
Slide 25: North America is our largest market now
Market Positioning Business model Brand Financial track-record Growth opportunities | Just as planned: North America is our largest market now ws Installed base in North America ~119% CAGR’ - strong growth L trajectory since launch EBITDA breakeven in 2024, while growing revenue 50% yoy — Tonies Hl
Slide 26: North America: growing wholesale channel through POS and shelf space
Market North America: we grow our wholesale channel through POS and Shelf Space expansion to fuel volume growth Positioning A channel mix... Business model Brand Financial track-record | Growth opportunities .. shifting with a growing wholesale presence Wholesale KOHLS OF Walmart >\< BARNES “-NOBLE
Slide 27: US wholesale expanding continuously: Target and Walmart
Market Positioning Business model Brand Financial track-record | Growth opportunities US wholesale is expanding continuously: We have = i successfully proven our potential to Target and Walmart © TARGET. Exemplifying our successful retail evolution 2020 2021 2022 2023 2024 Online only Seasonal listi
Slide 28: Improving platform and product offering is key to strategic roadmap
Market | Positioning | Business model Brand | Financial track-record | Growth opportunities | Improving our platform and product offering to satisfy and grow our fanbase is a key element of our strategic roadmap Toniebox Next generation Alternative materials Toniebox and target and category group ex
Slide 29: H1 2025 Results
Hi 2025 Results
Slide 30: We've completed a strong first half of 2025
We've completed a strong first half of 2025 — more to come in H2 2025... Our value levers: Internationalization T&S Gross margin expansion ys ye Own content/IP killa LOY Product/channel mix Operating leverage 1) Effective as of September 1, 2025 Today’s focus: Market Insights Product US Tariffs Lead
Slide 31: Stay tuned for an exciting H2 2025
Stay tuned for an exciting H2 2025
Slide 32: RoW: ANZ success story continues and strong H1 2025 in France
RoW: ANZ success story continues after market launch in rv 2024 and exceptional H1 2025 performance in France Ba Australian Toys Market Update! 43 Strong H1 performance in France H1 2024 vs. H1 2025 eS) ~375k ~3.4m Tonieboxes sold Tonies sold since since market entry market entry G2.5X) Australia To
Slide 33: US Tariffs: tonies is in a good position to mitigate impact
US Tariffs: Despite tariff impact, tonies is in a good position rv to mitigate impact at best due to a toolbox at hand Max tariffs Current tariff announced? agreements 145% j | 30% Our toolbox at hand pocenccrnenrere Sourcing Options Key Sourcing Countries zp China a diversified supply chain for box
Slide 34: Sourcing Options: Vietnam mass production is running
Sourcing Options: Vietnam mass production is running since April 1, 2025 _ (Vietnam production for Tonieboxes is fully up and running since April 2025: Full Toniebox production capacity available since April'25 a, VeApy Capacity ramp-up potential to 1.8m Tonieboxres pa. by EO 2025 > 33 Ok boxes ship
Slide 35: Pricing Power: Successful figurine price increases in North America
Pricing Power: Successful implementation of selected rv figurine price increases in North America since May 1, 2025 Partners understood the rationale behind the change We have seen full normalization of volumes between May & July Partners across all channels have now implemented new prices Customer
Slide 36: Dynamic growth in North America and RoW
Dynamic growth in North America and ROW — DACH rv effected by baseline effect from strong Q4 2024 (+21%) Revenue by region tin Eurand constant currency) Revenue split (in eur) (120%) Ml H1 2024 Mi International MM Hi 2025 MM DACH 176.6 DACH with strong G4 2024 growth of 21% - partly due to earlier w
Slide 37: Particularly strong growth of Tonies figurines
... with particularly strong growth of Tonies figurines! eo Revenue by product category iin euRmand constant currency) Revenue split by product category ii: eurm) Ml H1 2024 HN Tonieboxes MM +1 2025 Hl Tonies 176.6 Hl Accessories & Digital Due to phasing effects in H2 Group Tonieboxes Tonies Accesso
Slide 38: Q2 2025 revenue: All segments growing
Q2 2025 revenue: All segments growing incl. DACH after a baseline effect in Q1 2025 Revenue by region {in eurmand constant currency) Ml ce 2024 MM 2 2025 DACH North America Rest of World 1) Baseline effect due to reclassification in Hi. 2024, leading to low reported Accessories revenue in Hi 2024 Gr
Slide 39: Segment Reporting: All segments on track
Segment Reporting: All Segments on track — Positive EBITDA rv in DACH and N. America, strongly improved EBITDA in RoW North 6 neem tonies America P 3 group! in EURM segments Revenue (external, nominal) 70.8 70.6 @ 35.22 176.6 ie) (0) 176.6 Licensing costs -11.8 79 -4 -23.6 23 0 -213 Contribution mar
Slide 40: Adjusted EBITDA: continued positive result despite planned investments
Adjusted EBITDA: continued positive result despite planned investments in future growth as well as tariff mitigation Adjusted EBITDA margin bridge tin pp) TDA margin %, non-adjusted COGS Adj. EBITDA margin H1 2024 Licensing Fulfilment Marketing Personnel costs Opex Own work Other capitalized Adj. Ad
Slide 41: Sound financial situation despite high investments in future growth
Sound financial situation despite high investments in future growth Cash bridge tin EuRm) om 50 available incl. unused credit lines SZ Cashasof Operating CF Investing CF Financing CF FX effects Cash as of 31 Dec 2024 30 Jun 2025 Operating Cashflow (CF) positively impacted by efficient working capita
Slide 42: Guidance FY 2025: Profitable growth story continues
Guidance FY 2025: Profitable growth story continues Group revenue North America revenue Adjusted EBITDA margin (%) Results FY 2024 EUR 481 million EUR 210 million 7.5% Guidance FY 2025 >25% YoY to above EUR 600m in constant currency >30% YoY in constant currency 6.5 - 8.5% - Based on the assumption
Slide 43: Key takeaways: tonies delivers growth in any environment
Key takeaways: tonies delivers growth in any environment Strong H1 performance better than expectations International expansion with continued strong traction (and growth investments!) Uniquely resilient business model Despite overall concems, tonies has seen in H1 and anticipates for H2 healthy dem
Slide 44: FY 2024 Results
FY 2024 Results
Slide 45: 2024 has been a year full of business highlights
2024 has been a year full of business highlights Our value levers: , Internationalization Gross margin expansion Delivered the expected North America has become strong Q4 performance, our largest market within just contributing to achievement of four years of launch “tN all FY targets as usual ye Ow
Slide 46: Scaling with demand: accelerate growth in peak times
Scaling with demand: we have the institutional knowledge to rv accelerate growth in peak times With a proven concept for scaling... In Q4 2024 alone, we sold... v Strong retail visibility v Established D2C operations v Warehouses stocked >1.4m v Focus on customer satisfaction Teniigineras ...we deli
Slide 47: Flags represent market launch
54% FLAGS REPRESENT MARKET LAUNCH1
Slide 48: North America is our largest market now
Just as planned: North America is our largest market now a Installed base in North America ~119% CAGR’ - strong growth L trajectory since launch EBITDA breakeven in 2024, while growing revenue 50% yoy — Tonies Hl Tonieboxes r Penetration still low — we still have major room to grow! FY 2024 >11m >11
Slide 49: DACH: our proven blueprint for our core markets
DACH: our proven “blueprint” for our core markets | Within a stable product and channel mix... ...we grow revenue while optimizing margins. . Revenue by product category Il Tonieboxes = Hl Tonies +57 , Hl Accessories fever } & Digital 2020 2021 2022 2023 2024 Revenue share Wholesale vs. D2C! HM Whol
Slide 50: Rest of World: strong growth continues in all markets
Rest of World: Wherever we are, we are successful — rv strong growth continues in all markets =a Ww ake we as Successful cnc a Expansion of Strong growth in ANZ UK market in France * Largest ever launch portfolio * Record year-over-year POS growth * Established as the #1 audio platform * Winner of P
Slide 51: Product innovation: strong demand for own franchises and Pocket Tonies
Product innovation: Customer excitement delivered - strong demand for our own franchises and Pocket Tonies Own IPs strengthen our content platform... ..and new products expand consumer groups tonies® originals Pocket Tonies Lalalinos Clever Tonies 4 AVinnunas sie nt * Successfully launched in DACH w
Slide 52: Sustainability: Our new vision
Sustainability: Our new vision — filled with life cbs we | | "Listen, learn, and grow responsibly“ | 2 a (GG Refining our sustainability strategy and assessing our current position to create \ \) transparency and establish a solid foundation for future improvements. We are happy to voluntarily publi
Slide 53: Building a more sustainable tonies: eco-friendly materials and circular economy
Building a more sustainable tonies: Implementing eco-friendly wg materials and Circular Economy principles Pocket Tonies With bio-circular material Bio-Circular Materials * Ever since conception, the housing of all Pocket Tonies is made with a Li | material based on up to 50% bio-circular feedstocks
Slide 54: Major financial milestones achieved in FY 2024
Major financial milestones achieved in FY 2024 Revenue EUR 481m Adj. EBITDA’/ EBITDA margin 7.5% 17.0% YoY: +3 / +4. Free cash flow EUR 33 Other 23.1% DACH, 2.5% North America, 2.6% ROW EBITDA Margin Growth driven by international markets, particularly North America, and continued very strong growth
Slide 55: P&L: Key numbers and margins (adjusted)
P&L: Key numbers and margins (adjusted) FY 2024 EURm % of revenue 2023 % of revenue REVENUE mmmmnmnnnnininninnnnnlf ne LOGS... GIOSS PHOfit umn Licensing costs... .Contribution profi ond CESONNEL OPEX Other result 36.1 EBITDA... Adjusted EBITDA Gross profit after licensing costs 480.5 1908 a 8 MAPKC
Slide 56: FY 2024 revenue: Double digit growth in all regions
FY 2024 revenue: Double digit growth in all regions... eo Revenue by region jin cur) Revenue split +33% MM FY 2023 480.5 Hl International t Ml DACH Group DACH North America Rest of World FY 2023 FY 2024 f= tonies® 56
Slide 57: Balanced growth across all categories
... with balanced growth across all categories i Revenue by product category tin curm) Revenue split by product category *33%, Wl FY 2023 480.5 MB Tonieboxes Hl Tonies Hl Accessories & Digital Group Tonieboxes Tonies Accessories FY 2023 FY 2024 & Wa & Digital tonies® 57
Slide 58: Q4 2024 revenue: accelerated growth led by North America
Q4 2024 revenue: accelerated growth led by North America eo Revenue by region jin curm) Revenue by product category (in curm) +41% Hl a4 2023 +41% Revenue HB 04 2023 1 WM 4 2024 1 reclassification Hl 04 2024 increased Tonieboxes & Tonies revenue while decreasing Accessories & Digital revenue Group D
Slide 59: Segment Reporting: All regions with positive EBITDA
Segment Reporting: All regions with positive EBITDA — “blueprint” DACH shows strong profitability improvement Total operating in EURM segments Revenue (external) 184.3 2104 85.9 480.5 (0) (0) Licensing costs -276 -234 -9.0 -60.1 5.2 0 Contribution margin 38.3% 30.0% 29.6% 33.1% - - EBITDA 42.6 5.3 2
Slide 60: Adjusted EBITDA: margin has grown notably in 2024
Adjusted EBITDA: margin has grown notab Adjusted EBITDA margin bridge tin pp) y in 2024 meceeee —— One-off effect in “Om FY 2023 of EUR 3.3m had positive impact of ~0.9pp (release of licensing provisions) - 2 -04% COGS Licensing Fulfilment Marketing Personnel Opex Own work costs capitalized Adj. Adj
Slide 61: Adjusted EBITDA vs. EBITDA: Narrowing the spread over time
Adjusted EBITDA vs. EBITDA: Narrowing the spread over time eo Adjusted EBITDA vs. EBITDA =@®— Adjusted EBITDA margin * EBITDA historically adjusted for: —@ EBITDA margin co share-based compensation 75% o ownsoftware development © special projects and bonuses 9 “ols 7.0% © costs & effects related to
Slide 62: Cash: Strong operating performance led to high cash levels
Cash: Strong operating performance led to high cash levels at year-end Cash bridge (in EuRm) =~ 59.3 Cash as of Operating CF InvestingCF Financing CF FX effects Cash as of 31 Dec 2023 31 Dec 2024 Operating CF notably up due to increased profitability and more efficient working capital management Inv
Slide 63: Free cash flow & Net income: we turn breakeven & positive
Free cash flow & Net income: we turn breakeven & positive, rv marking major milestones for tonies Free cash flow and Net income in EURm) (FCF Key drivers of break-even: Hl Net income 33 * Revenue growth — driven by regional and product expansion * Margin expansion — through improved gross margin and
Slide 64: Financing: Improved syndicated loan facility secures further growth
Financing: Improved syndicated loan facility secures further i growth path and de-risks potential macro economic turmoil Significantly better financing Through fantastic partners * Strong consortium of top tier banks = Global top tier bank Citi joining proves ob NEW! global interest in tonies = Sign
Slide 65: Sustainability
Sustainability
Slide 66: Sustainability: We want to lead the change in our category
Sustainability: We want to lead the change in our category “Lead the change” to rise to in our category We set standards . We focus on sustainability We take a holistic approach to sustainability tonies® 66
Slide 67: Sustainability starts with our product
Sustainability starts with our product — the Toniebox is a rv sustainability cornerstone Conscious content Raising awareness for endangered species with "Conservation Crew"-Tonies mA No screen-time contributes to physical and mental well-being Durable 148x more play time than an average gifted toy**
Slide 68: Our sustainability goals have four pillars
Our sustainability goals have four pillars related to the ESG a areas: Planet, Play, People, Principles | Environmental I Social | Governance 0, ‘Qe Sp. SZ] NS © We prioritize strong andlong- / lasting relationships with { \ employees and suppliers and hold up non-negotiable standards Visit our new
Slide 69: Example: Our Planet goals translate into concrete actions
Example: Our “Planet” goals translate into concrete actions ee Materials Implementation of biobased or recycled materials in all tonies products. CO, reduction Packaging Reduction of CO3-emissions via ~~ a 100% recyclable or reusable optimization of operations packaging for Tonies and Tonieboxes Cir
Slide 70: Confidentiality and forward-looking statements
Confidentiality All information within these slides is strictly confidential and can only be handed over or published to third persons with the prior written consent of tonies SE. These slides contain forward-looking statements Certain statements included in this document are forward-looking stateme