Tonies Se Class A · XETR:TNIE
Tonies Se Class A — Tonies Se Reg A — FY 2025 Earnings Presentation
41 slides from Tonies Se Class A's earnings presentation, Apr 14, 2026
Slide 1: Earnings Presentation FY 2025
Earnings Presentation FY 2025 tonies SE | April 14, 2026
Slide 2: 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 3: Who you have on the call today
Who you have on the call today Tobias Wann Hansjörg Müller CEO CFO tonies® 3
Slide 4: tonies SE Agenda
tonies SE | Earnings Presentation Agenda Welcome to tonies Business highlights 2025 Financial results 2025 Outlook FY 2026 Q&A tonies® 4
Slide 5: Welcome to tonies
Welcome to tonies
Slide 6: 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 7: 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 8: Business highlights 2025
Business highlights 2025
Slide 9: 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 10: 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 11: 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 12: 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 13: Toniebox 2 extends our value proposition and unlocks new growth vectors
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 14: The TB2 ecosystem offers 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 15: …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 16: 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® 16
Slide 17: …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 18: NA – tonies has delivered profitable 40% YoY (CC) 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 19: 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 20: 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 21: 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 22: 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 23: We are a force for good – and we engage our communities
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 24: 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 25: Peak season powerhouse: We delivered successfully again in Q4
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 26: Financial results 2025
Financial results 2025
Slide 27: tonies is now in the SDAX
tonies is now in the SDAX tonies® 27
Slide 28: 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 29: 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 30: 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% FY 2024 International +31% in cc 630 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 31: …with acceleration in Toniebox sales growth
…with acceleration in Toniebox sales growth Revenue by product category, in EURm Revenue split, in EURm +36% FY 2024 Accessories & Digital +31% in cc 630 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 32: 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 33: 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 34: 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% costs, despite negative tariff 8.6% 0.7% impact 7.5 Licensing costs favorably Driven by non-recurring one-off
Slide 35: 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 36: Outlook 2026
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Slide 37: 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 38: Q&A
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Slide 39: Meet us at upcoming roadshows and conferences
Meet us at upcoming roadshows and conferences Results Roadshows and conferences • Apr 16: Metzler Small Cap Days, Frankfurt • Apr 23: Münchner Kapitalmarkt Konferenz, Munich • Apr 14: FY 2025 • Apr 28: nuways European MidCap • May 13: Q1 2026 Conference, Madrid Q2 2026 • May 19: Berenberg European •
Slide 40: 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
Slide 41: 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