Tonies on Thursday disclosed preliminary financial results for fiscal year 2025, posting revenue of €630 million, a 31% increase versus the prior year and ahead of its guidance calling for more than 25% growth in constant currency.
Geographic performance was uneven but strong overall. North America recorded particularly rapid expansion, with sales rising 40% in constant currency and becoming the company's largest region at 44% of total revenue. The established DACH market - Germany, Austria and Switzerland - saw growth of 16%, generating €214 million. Sales in Rest of World territories surged 64% to €141 million.
The fourth quarter contributed disproportionately to the year, with sales up 31% to €313 million and representing half of annual revenue. Management highlighted that momentum carried through the key Black Friday and Christmas trading period.
On profitability, company executives signalled they expect adjusted EBITDA margin to reach the upper bound of prior guidance at about 8.5%. Management attributed the improvement - roughly a 100 basis point increase from earlier levels - to operational efficiency gains and a favourable product mix.
Product development played a role in results, with the introduction of Toniebox 2 during the third quarter of 2025 cited as a contributing factor to the year’s performance.
In the equity market, Kepler Cheuvreux kept a Buy rating on the company and set a target price of €11.50, which the firm said implies around 8.5% upside from the then-current share price of €10.60.
The company plans to publish the complete set of audited results on April 14.
Context and implications
- Revenue growth outpaced guidance, driven by strong retail performance over the holiday quarter and sustained demand in North America.
- Profitability is expected to improve via a mix of efficiency and product mix effects, with management targeting roughly an 8.5% adjusted EBITDA margin.
- The roll-out of Toniebox 2 in Q3 2025 is cited as a material contributor to the company’s product momentum.
What remains to be seen
- The market will receive full audited results on April 14, which will provide more detail on the drivers of growth and margin trends.