Tonies, the German audio toy company, reported first-half 2026 revenue of €630 million, a 38% increase year-over-year, driven by sustained demand for its Toniebox devices and figurines. The company, listed under the ticker TNIE, also reported 41% revenue growth on a constant-currency basis, according to a presentation at the German Select VIII Conference on August 25, 2026.
Tonies achieved adjusted EBITDA profitability for the first time in 2023 and now expects a full-year 2026 adjusted EBITDA margin of 9% to 11%, up from a negative margin in prior years. First-half 2026 free cash flow was negative €64 million, though the company maintained its guidance for positive full-year free cash flow. For the 12 months ended June 30, 2026, Tonies reported revenue of $796 million, a 36.5% increase, and adjusted EBITDA of $45 million.
The company set a 2030 revenue target of €1.4 billion and an adjusted EBITDA margin target of 16% to 18%. Tonies also plans to enter at least two new territories in 2027, following its recent expansion into the U.S. via an exclusive partnership with Walmart. The company’s Toniebox Lite, a smaller and lower-cost version of its flagship device, was launched exclusively through Walmart, adding 800 point-of-sale locations in the U.S.
Tonies has distributed more than 12.6 million Tonieboxes and over 173 million figurines worldwide, with 70% to 80% of all boxes sold remaining active. Customers typically purchase about 20 figurines within the first 4.5 years after buying a box, providing predictable revenue streams. The company’s gross profit margin stands at approximately 51%, while its current ratio is 1.51. Tonies trades at an enterprise value-to-EBITDA multiple of 34x.
Moritz Verleger, Head of Investor Relations at Tonies, highlighted the company’s subscription-like revenue model, noting that once a box is sold, predictable figurine purchases follow. He also emphasized the flexibility of the company’s cloud-based content model, which allows for rapid updates to figurines without physical inventory risks. Verleger added that secondary-market prices for certain figurines have surged due to limited supply, with some reselling for triple or quadruple their original price.
