tonies: profitable growth with record results in 2025
tonies delivered strong growth and record profitability in 2025, meeting all annual guidance targets. Its strategy to expand the product portfolio around Toniebox 2 and engage both new and existing audiences gained global traction, driving particularly strong growth in the second half of the year. Expanded retail and licensing partnerships, along with increasing household penetration, strengthened the company’s presence across North America, the UK, France, Australia, and New Zealand, while product innovation accelerated growth in the DACH region.
Innovations that create value
CEO Tobias Wann commented: “In 2025, we delivered innovations that create real value for families and our business. Despite macroeconomic uncertainty, we continued profitable growth with record results across all markets. Innovations around Toniebox 2 and Tonieplay, along with strong partnerships, are strengthening our cultural relevance globally. With a growing international footprint and two-thirds of revenue coming from abroad, tonies is becoming a truly global icon. We are well positioned for another strong year in 2026.”
Focus on sustainable growth
CFO Hansjörg Müller added: “Our focus remains on profitable, sustainable growth. In 2025, we proved we can deliver this at scale, increasing revenue by over 30% while expanding margins despite volatile markets. Our growing installed base of Tonieboxes is a key driver of recurring revenue, supported by Toniebox 2 and a broader ecosystem. Despite major investments in our largest product launch to date, we maintained cost discipline and improved efficiency. Our strong fourth quarter highlights our ability to deliver during key commercial periods and positions us well for continued profitable growth in 2026.”
Revenue grew across all regions
Revenue grew across all regions, with international markets accounting for 66% of total revenue (2024: 62%), reflecting tonies’ evolution into a global ecosystem. Group revenue increased by 31% (+36% constant currency) to EUR 630 million, with half generated in Q4 (EUR 313 million), supported by the launch of Toniebox 2 and Tonieplay and strong performance during Black Friday, Cyber Monday, and the holiday season.
North America: fastest-growing market
North America remained the largest and fastest-growing market, with revenue up 31% (+40% cc) to EUR 276 million, driven by retail partnerships (including Target and Walmart), strong direct-to-consumer performance, and successful product launches such as My First Tonies. The DACH region grew 16% to EUR 214 million, showing accelerating momentum. The Rest of World segment (UK, France, Australia, New Zealand) saw revenue increase by 64% (+68% cc) to EUR 141 million, supported by rising brand awareness and retail expansion.
Toniebox 2
Revenue from Tonieboxes rose 18% to EUR 161 million, boosted by the Toniebox 2 launch, while Tonies figurines grew 37% to EUR 447 million, driven by new formats such as My First Tonies and Tonieplay, as well as strong demand for licensed and proprietary content. Accessories & Digital revenue increased 23% to EUR 22 million.
Adjusted EBITDA margin improved by 1.1 percentage points to 8.6%, exceeding guidance, driven by efficiency gains and a favorable product mix despite tariff headwinds. Free cash flow declined to EUR -11.9 million due to higher inventory levels supporting global product availability.
2025 marked a major innovation milestone with the launch of Toniebox 2 and Tonieplay, introducing a new category of interactive, screen-free games. Partnerships with Hasbro and Pokémon will further expand the platform, while My First Tonies successfully extended the brand to younger children.
Forecast for 2026
For 2026, tonies expects continued profitable growth, with revenue projected to exceed EUR 760 million (>20% growth in constant currency), North America growing over 30%, and an adjusted EBITDA margin of 9–11%, assuming stable consumer sentiment and no major external disruptions.
Source: Press Release tonies