Tonies SE reported first-half 2026 revenue of EUR 243 million, a 41% increase in constant currency, as expanding household penetration and new product launches outweighed margin pressure. The audio-toy maker’s quarterly revenue growth accelerated to 49% in constant currency during Q2 2026, with North America leading at 85% year-over-year growth.
North America revenue rose 57% in H1 2026, while the DACH region grew 26% and the Rest of World segment increased 43%. Toniebox hardware sales reached EUR 57 million, up 69% in constant currency, with more than 830,000 units sold during the period—a 54% year-over-year increase. Tonies figurine revenue totaled EUR 177 million, up 36% in constant currency, with about 17 million units sold.
Gross margin declined to 64.3% from 70.9% a year earlier due to tariff volatility on imported products, while adjusted EBITDA margin stood at 0.7% for the half. Corporate headquarters costs rose to EUR 20.1 million. The company maintained a conservative balance sheet with a current ratio of 1.46 and a debt-to-equity ratio of 0.1.
Tonies lifted its full-year 2026 revenue guidance to at least EUR 760 million, implying growth of at least 20% in constant currency, and set an adjusted EBITDA margin target of 9% to 11%. Longer-term ambitions include EUR 1.4 billion in revenue and an EBITDA margin of 16% to 18% by 2030, according to management’s midterm outlook presented at a capital markets day in London on June 18.
Shares fell 4.23% to $11.78 in pre-market trading, extending declines from the prior session’s close of $12.30. The stock remains 12.2% below its 52-week high of $13.42 but 105.7% above its 52-week low of $5.73. Analyst price targets range from $18.71 to $22.22.
North America household penetration reached about 12%, while the DACH region neared 60%. International sales now account for 63% of group revenue, up three percentage points year-over-year. The company highlighted that every Toniebox sold generates lifetime value equivalent to more than 20 Tonies, with over 60% of future revenue from cohorts acquired since 2020 still unrealized. Children’s average weekly engagement with the Toniebox stands at nearly five hours.
