Tonies reports strong and profitable growth in first half of 2026
Tonies SE reported strong and profitable growth across its segments and product categories in the first half of 2026. Group revenue increased by 38% year over year, or 41% on a constant-currency basis, to €242.9 million. International markets accounted for 63% of revenue, up from 60% in the first half of 2025.
North America
North America remained the company’s main growth driver. Revenue in the region increased by 48%, or 57% in constant currency, to €104.3 million. In the second quarter, revenue rose 83%, or 85% in constant currency, to €56.5 million. Tonies said continued retail partnerships, increasing household penetration and strong demand for Tonieboxes supported the development.
DACH
DACH revenue increased by 26% to €88.9 million in the first half, while the Rest of World region, comprising the UK and Ireland, France, Australia and New Zealand, grew 41% to €49.7 million.
Growth was recorded across all product categories. Toniebox revenue increased 65% to €57.2 million, supported by continued demand for the Toniebox 2. The company plans to introduce the Toniebox Lite in the second half of 2026. With a smaller format and lower entry price, the new device is intended to reach additional target groups and expand tonies’ addressable market.
Revenue from Tonies figurines increased 32% to €177.1 million. The company attributed the development to the growing installed base of Tonieboxes and increasing attach sales. New partnerships and products, including Bluey, Pokémon and “tonified” versions of board game classics such as Monopoly, are also supporting growth.
Revenue from Accessories & Digital rose 13% to €8.6 million
Tonies’ adjusted EBITDA margin decreased by 1.4 percentage points year over year to 0.7%. The company said the decline was influenced by new U.S. tariffs and the disproportionate growth of Toniebox sales, which carry a temporarily lower gross margin but expand the installed base and support higher-margin attach revenue over time. Operational efficiency gains in fulfillment, marketing and SG&A partly offset the impact.
Free cash flow was -€64.3 million in the first half, primarily due to seasonal inventory build-up for major product launches, including Bluey, Hasbro, Pokémon and the Toniebox Lite. Tonies continues to expect positive free cash flow for the full year.
41% growth across segments and categories
CEO Tobias Wann said the company had delivered 41% growth across segments and categories and highlighted the expansion of the installed base, the Toniebox Lite and new partnerships as key elements of its strategy.
CFO Hansjörg Müller said North America continues to offer significant growth potential, with household penetration still in the low double digits. He also confirmed that tonies remains confident in its outlook for the second half of the year.
Full-year 2026 guidance
Tonies has confirmed its full-year 2026 guidance. The company expects currency-adjusted revenue growth of more than 20% to above €760 million, currency-adjusted revenue growth of more than 30% in North America and an adjusted EBITDA margin of 9% to 11%.
The guidance assumes no significant deterioration in consumer sentiment or force majeure events and is based on an assumed EUR/USD exchange rate of 1.20.
Source: Press Release tonies