Q2 2026 tonies SE Earnings Call

August 20, 2026

Speaker #1: Good morning and good afternoon to from wherever you are joining us virtually today. And welcome to the Tony's Earnings Call for the second quarter and the first half of 2026.

Speaker #1: Highlighting once again continued strong growth halfway through the year. With me today are our CEO, Tobias Vann, and CFO, Hansjörg Møller. As always, Tobias will start with last quarter's business highlights, Hansjörg will walk you through the financials, before we finish with the confirmation of our full-year 2026 guidance.

Speaker #1: After the presentation, we will continue with the Q&A session, and we invite you to submit your written questions through the Q&A function during the presentation already.

Speaker #1: We have an exciting story to share with you today, so without further ado, I will hand the floor over to Tobias to kick things off.

Speaker #2: Thank you, Moritz. Warm welcome from my side as well. As always, let me start with an update on where we stand in building Tony's into a global icon.

Speaker #2: Let's quickly recap: we built the category of interactive audio for children. We are leading it. We are continuing to shape it and innovate it.

Speaker #2: In less than a decade, we sold around 12.6 million Tony boxes, and more than 173 million Tonys. What's even more important, we continue to grow household penetration in more than 100 countries every quarter every year.

Speaker #2: The families, who join us, stay with us. Their kids engage with their Tony box for nearly 5 hours per week. We are an essential part of daily family life, and as you will see today, that continuously pays off.

Speaker #2: So, what does the first half of 2026 tell us? With 243 million euros in revenue and increase of 41% in constant currency, we are firmly on track to meet our annual goals.

Speaker #2: We delivered in every single market, North America, DACH, and the rest of the world, all with impressive double-digit growth. And underneath that top line, the flywheel is accelerating.

Speaker #1: Welcome to Zoom. Enter your meeting ID, followed by pound. Enter your participant ID. You have joined the meeting as an attendee and will be muted throughout the meeting.

Operator: Welcome to Zoom. Enter your meeting ID followed by pound. Enter your participant. You have joined the meeting as an attendee and will be muted throughout the meeting.

Speaker #2: In the first half of the year, we sold more than 830,000 Tony boxes. An increase of 54% compared to the first 6-month in 2025.

Speaker #2: In addition, our customers bought roughly 17 million Tonys 4 million more than in the first half of the prior year. With that, we continued our momentum.

Speaker #2: Double-digit growth. And underneath that top line, the flywheel is accelerating. In the first half of the year, we sold more than 830,000 Tonieboxes.

Tobias Wann: Double-digit growth. Underneath that top line, the flywheel is accelerating. In H1, we sold more than 830,000 Tonieboxes, an increase of 54% compared to the first six months in 2025. In addition, our customers bought roughly 17 million Tonies, 4 million more than in H1 of the prior year. With that, we continued our momentum. More boxes, more Tonies, deeper relationships. Let's look at some of this year's highlights so far. For us at tonies, 2026 is another year of innovation. The announcement of Toniebox Lite marks our second device launch within one year. It's a milestone for our ecosystem strategy because Toniebox Lite will be a major driver of additional growth. We also continued to build exciting partnerships. Our Pokémon figurines, very excited, launched yesterday, and it's already a smashing success. Bluey created unprecedented buzz already upon our announcement in June.

Speaker #2: More boxes, more Tonys, deeper relationships. Let's look at some of this year's highlights so far. For us, the Tony's 2026 is another year of innovation.

Speaker #2: An increase of 54% compared to the first six months of 2025. In addition, our customers bought roughly 17 million Tonies—4 million more than in the first half of the prior year.

Speaker #2: The announcement of Tony box Lite marks our second device launch within 1 year. It's a milestone for our ecosystem strategy because Tony box Lite will be a major driver of additional growth.

Speaker #2: With that, we continued our momentum: more boxes, more Tonies, deeper relationships. Let's look at some of this year's highlights so far. For us, the Tonies in 2026 is another year of innovation.

Speaker #2: We also continue to build exciting partnerships. Our Pokémon figurines—very excited—launched yesterday. And it's already a smashing success. Bluey created unprecedented buzz already upon our announcement in June.

Speaker #2: The announcement of Toniebox Lite marks our second device launch within one year. It's a milestone for our ecosystem strategy because Toniebox Lite will be a major driver of additional growth.

Speaker #2: We also continued to build exciting partnerships. Our Pokémon figurines—very exciting—launched yesterday, and they're already a smashing success. Bluey created unprecedented buzz already upon our announcement in June.

Speaker #2: Our new Hasbro games are fueled Tony play with true classics: Tony Fight for our ecosystem. And we just landed another big partner, I don't know if you can see it, with FC Bayern Munich.

Speaker #2: We've not only added a great name, we've deepened our reach in the sports vertical. And with it, we are introducing serialized content to DACH, a major format innovation beyond the box.

Speaker #2: Our new Hasbro games fueled Tonie play with true classics: Tonie fight for our ecosystem. And we just landed another big partner—I don't know if you can see it—with FC Bayern Munich.

Tobias Wann: Our new Hasbro games fuel Tonieplay with true classics tonified for our ecosystem. We just landed another big partner. I don't know if you can see it, with FC Bayern Munich. We've not only added a great name, we've deepened our reach in the sports vertical. With it, we are introducing serialized content to DACH, a major format innovation beyond the box. Wins like these are the foundation of our continued growth, and the results speak for themselves. 57% top-line growth in North America, 26% in DACH, and over 40% in rest of world. We are clearly continuing our momentum, strong, profitable, and sustainable growth. In H1, we also held our very first Capital Markets Day. I was very happy to see many of you in London on 18 June, when we laid out a bold ambition.

Speaker #2: Winds like these are the foundation of our continued growth. And the results speak for themselves: 57% top-line growth in North America, 26% in DACH, and over 40% in the rest of the world.

Speaker #2: We've not only added a great name, we've deepened our reach in the sports vertical. And with it, we are introducing serialized content to DACH—a major format innovation beyond the box.

Speaker #2: We are clearly continuing our momentum. Strong, profitable, and sustainable growth. In the first half of the year, we also held our very first capital market days.

Speaker #2: I was very happy to see many of you in London on June 18, when we laid out a bold ambition. We are aiming to roughly double our top line and our margin.

Speaker #2: We are clearly continuing our momentum: strong, profitable, and sustainable growth. In the first half of the year, we also held our very first Capital Market Days.

Speaker #2: That means 1.4 billion euros in revenue by 2030, and an adjusted EBITDA margin between 16 and 18%. The mid-term ambition is clearly rooted in our three strategic priorities.

Speaker #2: I was very happy to see many of you in London on June 18, when we laid out a bold ambition. We're aiming to roughly double our top line and our margin.

Tobias Wann: We are aiming to roughly double our top line and our margin. That means EUR 1.4 billion in revenue by 2030 and an adjusted EBITDA margin between 16% and 18%. The midterm ambition is clearly rooted in our three strategic priorities. First, we are building an ecosystem that compounds value for tonies and for families alike, shaping our industry and the future of childhood. Second, we remained focused on winning internationally, particularly in the US, where we still have major room to grow. Third, we prioritize reliable, profitable growth. Our model is designed to extend our track record year after year. Over the past few months, we've made good progress in each of these areas. Let's take a closer look at this. Let me remind you, tonies is bigger than the box. This becomes crystal clear when we take into account the growing needs of modern families.

Speaker #2: First, we are building an ecosystem that compounds value. For Tony's and for families alike, shaping our industry and the future of childhood. Second, we remained focused on winning internationally, particularly in the US, where we still have major room to grow, and third, we prioritize reliable profitable growth.

Speaker #2: That means €1.4 billion in revenue by 2030, and an adjusted EBITDA margin between 16% and 18%. The midterm ambition is clearly rooted in our three strategic priorities.

Speaker #2: First, we are building an ecosystem that compounds value for Tonies and for families alike, shaping our industry and the future of childhood. Second, we remain focused on winning internationally, particularly in the U.S., where we still have significant room to grow. Third, we prioritize reliable, profitable growth.

Speaker #2: Our model is designed to extend our track record year after year. Over the past few months, we've made good progress in each of these areas.

Speaker #2: Let's take a closer look at this. Let me remind you, Tony's is bigger than the box. This becomes crystal clear when we take into account the growing needs of modern families.

Speaker #2: Our model is designed to extend our track record year after year. Over the past few months, we've made good progress in each of these areas.

Speaker #2: Important and sometimes overdue social discussions around what good entertainment for kids looks and sounds like are providing clear tailwinds for our business. We have a great opportunity ahead of us.

Speaker #2: Let's take a closer look at this. Let me remind you: Tonies is bigger than the box. This becomes crystal clear when we take into account the growing needs of modern families.

Speaker #2: To realize Tony's full potential, we are building an ecosystem that spans experiences throughout the childhood. Be it our rich and ever-expanding above-the-box portfolio, just what I showed you, or our range of accessories or digital experiences.

Tobias Wann: Important and sometimes overdue social discussions around what good entertainment for kids looks and sounds like are providing clear tailwinds for our business. We have a great opportunity ahead of us. To realize tonies' full potential, we are building an ecosystem that spans experiences throughout the childhood. Be it our rich and ever-expanding above-the-box portfolio, just what I showed you, or our range of accessories or digital experiences. For the first time, we also have a device ecosystem, thanks to Toniebox Lite. Toniebox Lite complements our flagship product, Toniebox 2, perfectly. Each is designed for different family needs. Still, they are running on one unified platform and one vast portfolio of curated content. The tonies ecosystem is built to grow with families across products and over time. Keep in mind that our ecosystem is self-compounding. No single layer alone creates the value.

Speaker #2: Important, and sometimes overdue, social discussions around what good entertainment for kids looks and sounds like are providing clear tailwinds for our business. We have a great opportunity ahead of us.

Speaker #2: To realize Tonies' full potential, we are building an ecosystem that spans experiences throughout childhood. Be it our rich and ever-expanding above-the-box portfolio—just what I showed you—or our range of accessories or digital experiences.

Speaker #2: And now, for the first time, we also have a device ecosystem, thanks to Tony box Lite. Tony box Lite complements our flagship product, Tony box 2, perfectly.

Speaker #2: Each is designed for different family needs. Still, they are running on one unified platform. And one vast portfolio of curated content. The Tony's ecosystem is built to grow with families across products and over time.

Speaker #2: And now, for the first time, we also have a device ecosystem, thanks to Toniebox Lite. Toniebox Lite complements our flagship product, Toniebox 2, perfectly.

Speaker #2: And keep in mind that our ecosystem is self-compounding. No single layer alone creates the value. Real value is created in the interaction between them.

Speaker #2: Each is designed for different family needs. Still, they are running on one unified platform and one vast portfolio of curated content. The Tonies ecosystem is built to grow with families across products and over time.

Speaker #2: Content drives engagement. Engagement drives habit. Habit drives repeat participation. The discipline we apply is simple: everything we build must fit and compound within this ecosystem.

Speaker #2: And keep in mind that our ecosystem is self-compounding. No single layer alone creates the value. Real value is created in the interaction between them.

Tobias Wann: Real value is created in the interaction between them. Content drives engagement. Engagement drives habit. Habit drives repeat participation. The discipline we apply is simple. Everything we build must fit and compound within this ecosystem. Then there's the international potential. Our ambition is global, and it's big. Growth is not just a game of new markets. Yes, expansion does include new markets, and we are excited for that, but there's a lot left to win in our existing markets as well. Just take North America, our largest market already. North America grew 57% year over year in the first 6 months of 2026. That's possible because while we are winning already, our household penetration is still just around 12%. Compare that 12% to nearly 60% in DACH, where we're also still growing by double digits, and you get the idea.

Speaker #2: And then, there's the international potential. Our ambition is global, and it's big. Growth is not just a game of new markets. Yes, expansion does include new markets, and we are excited for that.

Speaker #2: But there's a lot left to win in our existing markets as well. Just take North America. Our largest market already: North America grew 57% year over year in the first 6 months of 2026.

Speaker #2: And then there's the international potential. Our ambition is global, and it's big. Growth is not just a game of new markets. Yes, expansion does include new markets, and we are excited for that.

Speaker #2: That's possible because while we are winning already, our household penetration is still just around 12%. Compare that 12% to nearly 60% in DACH, where we also still growing by double digits and you get the idea.

Speaker #2: But there's a lot left to win in our existing markets as well. Just take North America—our largest market already. North America grew 57% year over year in the first six months of 2026.

Speaker #2: That's possible because while we're winning already, our household penetration is still just around 12%. Compare that 12% to nearly 60% in DACH, where we are also still growing by double digits, and you get the idea.

Speaker #2: It tells you everything about the vast potential we'll still have in our existing markets. The same dynamic, by the way, applies to the rest of the world.

Speaker #2: Having said that, growth will also come from new markets. We will be bringing Tony's to two of them by the end of 2027, at least two.

Speaker #2: It tells you everything about the vast potential we still have in our existing markets. The same dynamic, by the way, applies to the rest of the world.

Tobias Wann: It tells you everything about the vast potential we still have in our existing markets. The same dynamic, by the way, applies to the rest of the world. Having said that, growth will also come from new markets. We will be bringing tonies to two of them by the end of 2027, at least two. By 2030, we are aiming to be present across all major regions of the world. The markets we are looking at are already taking into account in our path to EUR 1.4 billion in revenues, and they will further fuel our proven economic model. Cohorts make our business quite predictable by design. You can see it here. Every box that enters our ecosystem leads to 20-plus Tonies sold over its lifetime. We've been observing that behavior across all markets across time. Every cohort of new families is larger than the one before.

Speaker #2: And by 2030, we are aiming to be present across all major regions of the world. The markets we are looking at are already taking into account, in our path to 1.4 billion euros in revenues.

Speaker #2: Having said that, growth will also come from new markets. We will be bringing Tonies to at least two of them by the end of 2027.

Speaker #2: And they will further fuel our proven economic model. Cohorts make our business quite predictable by design. You can see it here. Every box that enters our ecosystem leads to 20 plus Tony's sold over its lifetime.

Speaker #2: And by 2030, we are aiming to be present across all major regions of the world. The markets we are looking at are already taken into account in our path to €1.4 billion in revenues.

Speaker #2: And they will further fuel our proven economic model. Cohorts make our business quite predictable by design. You can see it here: every box that enters, 20-plus Tonies sold over its lifetime.

Speaker #2: We've been observing that behavior across all markets, across time. larger than the one before. Every new cohort increases in value and generates subscription-like attached revenues for years to come.

Speaker #2: More than 60%. More than 60% of the lifetime value of cohorts acquired since 2020 is still, for us, to take. I'm talking about future purchases from boxes that are in homes already today, as we speak.

Speaker #2: We've been observing that behavior across all markets, across time. Every cohort of new families is larger than the one before. Every new cohort increases in value and generates subscription-like, attached revenues for years to come.

Tobias Wann: Every new cohort increases in value and generates subscription-like attached revenues for years to come. More than 60% of the lifetime value of cohorts acquired since 2020 is still for us to take. I'm talking about future purchases from boxes that are in homes already today as we speak. The majority of what those families will spend with us is still ahead of us, and the compounding effect only increases as we are acquiring new and larger cohorts. This gives us great confidence for the years ahead. Now, let's turn to one of the most important milestones of 2026. A few weeks ago, on 27 July, we announced Toniebox Lite. The buzz around the launch was electrifying. It meets family needs, and we've seen a high level of excitement among our communities as well as a lot of praise in media.

Speaker #2: The majority of what those families will spend with us is still ahead of us. And the compounding effect only increases as we are acquiring new and larger cohorts.

Speaker #2: This gives us great confidence for the years ahead. Now, let's turn to one of the most important milestones of 2026, a few weeks ago on July 27, we announced Tony box Lite.

Speaker #2: The majority of what those families will spend with us is still ahead of us, and the compounding effect only increases as we are acquiring new and larger cohorts.

Speaker #2: The buzz around the launch was electrifying. It meets family needs and we've seen a high level of excitement among our communities as well as a lot of praise in media.

Speaker #2: This gives us great confidence for the years ahead. Now, let's turn to one of the most important milestones of 2026: a few weeks ago, on July 27, we announced Toniebox Lite.

Speaker #2: Tony box 2, let's be very clear, is and remains our flagship device. The full Tony Play experience with a range of premium features includes Tony Play and more.

Speaker #2: The buzz around the launch was electrifying. It meets family needs, and we've seen a high level of excitement among our communities, as well as a lot of praise in the media.

Speaker #2: Tony box Lite complements it. It delivers our signature listening experience in a more compact format, and importantly, at a more accessible price. We'll speak on our strategic implications in a moment, but first, I want to share a brief overview with you.

Speaker #2: Toniebox 2, let's be very clear, is and remains our flagship device. The full Tonie Play experience, with a range of premium features, includes Tonie Play and more.

Tobias Wann: Toniebox 2, let's be very clear, is and remains our flagship device. The full Tonieplay experience with a range of premium features including Tonieplay and more. Toniebox Lite complements it. It delivers our signature listening experience in a more compact format, and importantly, at a more accessible price. We'll speak on our strategic implications in a moment, but first, I want to share a brief overview with you. Here you have, at a glance, both boxes side by side. This overview shows how they complement each other rather than compete. If you want the full experience, you go for Toniebox 2. Priced at a little under $130 US, it includes the full range of features, including sunrise alarm, dynamic lighting, and of course, Tonieplay. Toniebox Lite opens the door at already less than $80 and provides the opportunity to listen to all of your favorite figurines.

Speaker #2: Tonies Box Lite complements it. It delivers our signature listening experience in a more compact format—and, importantly, at a more accessible price. We'll speak about our strategic implications in a moment, but first I want to share a brief overview with you.

Speaker #2: Here, you have at a glance both boxes side by side. This overview shows how they complement each other rather than compete. If you want the full experience, you go for Tony box 2.

Speaker #2: Priced at a little under $130, it includes the full range of features, including sunrise alarm, dynamic lighting, and of course, Tony Play. Tony box Lite opens the door at already less than $80 and provides the opportunity to listen to all of your favorite figurines.

Speaker #2: Here, you have at a glance both boxes side by side. This overview shows how they complement each other rather than compete. If you want the full experience, you go for Toniebox 2.

Speaker #2: Priced at a little under $130, it includes the full range of features, including sunrise alarm, dynamic lighting, and of course, Tonieplay. Toniebox Lite opens the door at already less than $80 and provides the opportunity to listen to all of your favorite figurines.

Speaker #2: While it's more compact, I think it's clear it's unmistakenly Tony's. This device differentiation is by design and it unlocks strategic value. Expanding our ecosystem means two things.

Speaker #2: On the one hand, you're sticking to the foundations of our success. On the other hand, you're adding a new opportunity. Tony's main premise, an ears-first experience, a vast curated content portfolio at tactile and intuitive platform that fosters independent play and peace of mind for parents all of that stays in place.

Speaker #2: While it's more compact, I think it's clear it's unmistakably Tonies. This device differentiation is by design, and it unlocks strategic value. Expanding our ecosystem means two things.

Tobias Wann: While it's more compact, I think it's clear it's unmistakably tonies. This device differentiation is by design, and it unlocks strategic value. Expanding our ecosystem means two things. On the one hand, we're sticking to the foundations of our success. On the other hand, we're adding a new opportunity. tonies' main premise, an ears-first experience, a vast curated content portfolio, a tactile and intuitive platform that fosters independent play and peace of mind for parents, all of that stays in place. We are not diluting our platform. We are not stretching our abilities. What we are doing, we're opening up. We're opening up our serviceable, addressable market. More families can now start their tonies journey. More families on the platform mean more attached revenue. Second, the compact design and portability opens up new moments for tonies. Toniebox Lite goes wherever childhood goes.

Speaker #2: On the one hand, we're sticking to the foundations of our success. On the other hand, we're adding a new opportunity. Tonies' main premise—an ears-first experience, a vast curated content portfolio, a tactile and intuitive platform that fosters independent play, and peace of mind for parents—all of that stays in place.

Speaker #2: We are not diluting our platform. We are not stretching our abilities. What we are doing, we are opening up. We are opening up our serviceable, addressable market.

Speaker #2: More families can now start their Tony's journey. More families on the platform. Mean more attached revenue. Second, the compact design and portability opens up new moments for Tony's.

Speaker #2: We are not diluting our platform. We are not stretching our abilities. What we are doing is opening up. We're opening up our serviceable, addressable market.

Speaker #2: Tony box Lite goes wherever childhood goes. And let me tell you, we are constantly listening to our customers, and we've heard it many, many times from so many families when multiple children are in the house, I would love a second box.

Speaker #2: More families can now start their Tonies journey. More families on the platform mean more attached revenue. Second, the compact design and portability open up new moments for Tonies.

Speaker #2: One we can leave at another place, at grandmas, or when we are traveling. Tony box Lite makes life easier for those families. As a result, it creates value in two directions.

Speaker #2: Toniebox Lite goes wherever childhood goes. And let me tell you, we're constantly listening to our customers, and we've heard it many, many times from so many families—when multiple children are in the house, 'I would love a second box.'

Tobias Wann: Let me tell you, we are constantly listening to our customers, and we've heard it many, many times from so many families when multiple children are in the house, "I would love a second box, one we can leave at another place, at grandma's, or when we are traveling." Toniebox Lite makes life easier for those families. As a result, it creates value in two directions. First, it expands who we can reach. For families new to tonies, price was sometimes the primary barrier. Toniebox Lite removes it. These are families who were not going to purchase, not going to join our ecosystems at all. So we are talking now net new to tonies ecosystem. Second, Toniebox Lite deepens engagement with families already on our platform.

Speaker #2: First, it expands so we can reach for families new to Tony's price was sometimes the primary barrier. Tony box Lite removes it. These are families who were not going to purchase, not going to join our ecosystems at all, so we're talking now net new to Tony's ecosystem.

Speaker #2: One we can leave at another place, at Grandma's, or when we're traveling. Toniebox Lite makes life easier for those families. As a result, it creates value in two directions.

Speaker #2: First, it expands so we can reach families new to Tonies—price was sometimes the primary barrier. Toniebox Lite removes it. These are families who were not going to purchase, not going to join our ecosystem at all, so we're talking now net new to the Tonies ecosystem.

Speaker #2: Second, Tony box Lite deepens engagement with families already on our platform. For existing customers, the question is no longer, is the second device worth the full investment?

Speaker #2: And critically, neither benefit comes at the cost of the platform itself. The same content, the same Tony's, the same ecosystem. And beyond today, the pricing flexibility Tony box Lite creates is a structural asset.

Speaker #2: Second, Toniebox Lite deepens engagement with families already on our platform. For existing customers, the question is no longer, is the second device worth the full investment?

Tobias Wann: For existing customers, the question is no longer, "Is a second device worth the full investment?" Critically, neither benefit comes at the cost of the platform itself, the same content, the same Tonies, the same ecosystem. Beyond today, the pricing flexibility Toniebox Lite creates is a structural asset, one that we can leverage in existing markets and those we will be entering in the future. Now, let's go above the box again. I want to start with a partnership that genuinely excited our whole community and genuinely excited me. I'm talking about Bluey. Here it is again, wonderful little Bluey. Bluey is the most beloved children's franchise in the world right now. Of course, such a character belongs on the Toniebox. Now she is. Families all around the world continue to ask for her and her furry friends.

Speaker #2: One that we can leverage in existing markets and those we will be entering in the future. Now, let's go above the box again. I want to start with a partnership that genuinely excited our whole community and genuinely excited me.

Speaker #2: And, critically, neither benefit comes at the cost of the platform itself—the same content, the same Tonies, the same ecosystem. And beyond today, the pricing flexibility Toniebox Lite creates is a structural asset.

Speaker #2: One that we can leverage in existing markets and those we will be entering in the future. Now, let's go outside the box again. I want to start with a partnership that genuinely excited our whole community and genuinely excited me.

Speaker #2: I'm talking about Bluey. Here it is again. Wonderful little Bluey. Bluey is the most beloved children's franchise in the world right now. Of course, such a character belongs on the Tony box.

Speaker #2: Now she is. Families all around the world continue to ask for her in her furry friends. Over the past few years even, Bluey was by far the most requested IP for us here at Tony's.

Speaker #2: I'm talking about Bluey. Here it is again—wonderful little Bluey. Bluey is the most beloved children's franchise in the world right now. Of course, such a character belongs on the Toniebox.

Speaker #2: Statistically, I've been looking into this, her coming to the Tony box was requested every single day. We did the math on this one here.

Speaker #2: Now she is. Families all around the world continue to ask for her and her furry friends. Over the past few years even, Bluey was by far the most requested IP for us here at Tonies.

Speaker #2: Our first launch impressions show that the excitement is real. In New Zealand, for example, close to Bluey's home country, Australia, we hosted an immersive event at the country's largest shopping mall.

Tobias Wann: Over the past few years even, Bluey was by far the most requested IP for us here at tonies. Statistically, I have been looking into this, her coming to the Toniebox was requested every single day. We did the math on this one here. Our first launch impressions show that the excitement is real. In New Zealand, for example, close to Bluey's home country, Australia, we hosted an immersive event at the country's largest shopping mall. In the US, the launch of Bluey was powerful enough to expand our shelf at Target, and the sell-in is really strong. Our fans noticed, and media fully understood the dimension of what such a partnership means in our industry. It is a truly landmark one. When a launch lands like this, you feel it. The global Bluey rollout has started and will continue. We are excited for what is to come. Then there is Hasbro.

Speaker #2: Statistically, I've been looking into this—her coming to the Toniebox was requested every single day. We did the math on this one here.

Speaker #2: In the US, the launch of Bluey was powerful enough to expand our shelf at Target, and the selling is really strong. Our fans noticed.

Speaker #2: A media fully understood that the dimension of what such a partnership means in our industry. It's a truly landmark one. When the launch lands like this, you feel it.

Speaker #2: In the U.S., the launch of Bluey was powerful enough to expand our shelf at Target, and the selling is really strong. Our fans noticed.

Speaker #2: The global Bluey rollout has started, and will continue. We're excited for what's to come. Then there's Hasbro. Here is the Hasbro Monopoly game that I hold in my hand.

Speaker #2: The media fully understood the dimension of what such a partnership means in our industry. It's truly a landmark one. When the launch lands like this, you feel it.

Speaker #2: This partnership represents a new growth vertical for Tony's because with our Hasbro games, Monopoly, as you just saw, Game of Life, Guess Who, you're able to Tony-fy classic board games.

Speaker #2: The global Bluey rollout has started, and it will continue. We're excited for what's to come. Then there's Hasbro. Here is the Hasbro Monopoly game that I hold in my hand.

Speaker #2: Titles that every family already knows and loves for generations. And now they can experience that in a new format on Tony Play. The Tony Play versions of these board games show the versatility of this new category on full display.

Tobias Wann: Here is the Hasbro Monopoly game that I hold in my hand. This partnership represents a new growth vertical for tonies, because with our Hasbro games, Monopoly, as you just saw, The Game of Life, Guess Who?, you are able to tonified classic board games. Titles that every family already knows and loves for generations, and now they can experience that in a new format on Tonieplay. The Tonieplay versions of these board games show the versatility of this new category on full display. Teaming up with such an iconic partner as Hasbro also levels up our campaigning power. Last, but certainly not least, we are exciting kids at the upper age range with games without screens. That is not all.

Speaker #2: This partnership represents a new growth vertical for Tonies because, with our Hasbro games—Monopoly, as you just saw, Game of Life, and Guess Who—you’re able to Tonify classic board games.

Speaker #2: Teaming up with such an iconic partner as Hasbro, also levels up our campaigning power. And last but certainly not least, we are exciting kids at the upper age range with games without screens.

Speaker #2: Titles that every family already knows and loves for generations. And now they can experience that in a new format on Tonie Play. The Tonie Play versions of these board games show the versatility of this new category on full display.

Speaker #2: And that is not all. When we look at this year's tentpole launches, if you happen to be in London today, and I know some of you are, you might actually see us on your way home.

Speaker #2: Teaming up with such an iconic partner as Hasbro also levels up our campaigning power. And last, but certainly not least, we're exciting kids at the upper age range with games without screens.

Speaker #2: Pokémon is launching, and we wouldn't be Tony's if we didn't celebrate in style. This buzz that you can see here is an ad, but it's also a testament to the two powerhouses that are joining forces here.

Speaker #2: And that is not all. When we look at this year's tentpole launches—if you happen to be in London today, and I know some of you are—you might actually see us on your way home.

Tobias Wann: When we look at this year's tentpole launches, if you happen to be in London today, and I know some of you are, you might actually see us on your way home. Pokémon is launching, and we wouldn't be tonies if we didn't celebrate in style. This bus that you can see here is an ad, but it is also a testament to the two powerhouses that are joining forces here. Finally, when we do partnerships, we always look at the right format for the right licenser. In some cases, this can add fantastic innovation to our content roster. Just days ago, we launched a partnership that we are extremely proud of. FC Bayern Munich is Germany's favorite team and record champion, as we say in German, "Der Rekordmeister." A partner like that, you want to do justice. This Pocket Tonie is true above-the-box innovation.

Speaker #2: Finally, when we do partnerships, we always look at the right licenser. In some cases, this can add fantastic innovation to our content roster. Just days ago, we launched a partnership that we are extremely proud of.

Speaker #2: Pokémon is launching, and we wouldn't be Tonies if we didn't celebrate in style. This bus that you can see here is an ad, but it's also a testament to the two powerhouses that are joining forces here.

Speaker #2: Finally, when we do partnerships, we always look for the right format for the right licensor. In some cases, this can add fantastic innovation to our content roster.

Speaker #2: FC Bayern Munich is Germany's favorite team, and record champion, as we say in German, der Rekordmeister. A partner like that, you want to do justice.

Speaker #2: This pocket Tony is true above the box innovation. There's two reasons it matters so much. Let me explain this to you. First, it's the debut of serialized sports content.

Speaker #2: Just days ago, we launched a partnership that we are extremely proud of. FC Bayern Munich is Germany's favorite team and record champion—as we say in German, der Rekordmeister.

Speaker #2: A partner like that, you want to do justice. This pocket Tonie is true above-the-box innovation. There are two reasons it matters so much.

Speaker #2: We'll feature 18 sequential releases with Bayern Munich throughout the 26 and 27 season. And you probably did the math. There is 18 home games that every team plays, so there is a certain logic behind that.

Tobias Wann: There are two reasons it matters so much. Let me explain this to you. First, it is the debut of serialized sports content. We will feature 18 sequential releases with Bayern Munich throughout the 2026 and 2027 season. You probably did the math. There are 18 home games that every team plays, so there is a certain logic behind that. This format keeps engagement high and opens up new ways to think about our content portfolio. Probably strategically more important, it secondly deepens our footprint in sports. We believe that sports content can be a meaningful new growth vector for us across leagues, across markets. It deeply connects to local culture, it offers opportunity for real-life immersion and for great partnerships, and it fascinates kids and adults alike. Whenever we engage in new kinds of partnerships, we want to get it right from the get-go.

Speaker #2: Let me explain this to you. First, it's the debut of serialized sports content. We'll feature 18 sequential releases with Bayern Munich throughout the '26 and '27 seasons.

Speaker #2: This format keeps engagement high and opens up new ways to think about our content portfolio. And probably strategically more important, it secondly deepens our footprint in sports.

Speaker #2: And you probably did the math. There are 18 home games that every team plays, so there is a certain logic behind that. This format keeps engagement high and opens up new ways to think about our content portfolio.

Speaker #2: We believe that sports content can be a meaningful new growth vector for us across leagues, across markets. It deeply connects to local culture. It offers opportunity for real-life immersion and for great partnerships.

Speaker #2: And probably, strategically more important, it secondly deepens our footprint in sports. We believe that sports content can be a meaningful new growth vector for us across leagues and across markets.

Speaker #2: And it fascinates kids and adults alike. Whenever we engage in new kinds of partnerships, we want to get it right from the get-go. And for serialized sports content in DACH, we are literally kicking it off with the best possible partner there is, one of the top clubs in Europe and quite possibly in the world.

Speaker #2: It deeply connects to local culture. It offers opportunities for real-life immersion and for great partnerships. And it fascinates kids and adults alike. Whenever we engage in new kinds of partnerships, we want to get it right from the get-go.

Speaker #2: Speaking of serialized content, another very proud moment for me and for us in 2026. We already have a blueprint, so most of you know probably that, in our content portfolio that demonstrates why both our little listeners and we as Tony's share a love for recurring formats.

Speaker #2: And for serialized sports content in DACH, we are literally kicking it off with the best possible partner there is—one of the top clubs in Europe and quite possibly in the world.

Tobias Wann: For serialized sports content in DACH, we are literally kicking it off with the best possible partner there is, one of the top clubs in Europe and quite possibly in the world. Speaking of serialized content, another very proud moment for me and for us in 2026. We already have a blueprint, so most of you know probably that, in our content portfolio that demonstrate why both our little listeners and we as tonies share a love for recurring formats. In the UK, our daily podcast, Today with tonies, aired its thousandth episode less than three weeks ago. Today with tonies drops every morning and is a great example not only for content kids love, but how we retain and deepen loyalty with our community. Seven out of 10 listeners tune in every single day. Picture this.

Speaker #2: Speaking of serialized content, another very proud moment for me and for us in 2026—we already have a blueprint. Most of you probably know that, in our content portfolio, we have formats that demonstrate why both our little listeners and we as tonies share a love for recurring formats.

Speaker #2: In the UK, our daily podcast Today with Tony's aired its thousands episode last less than three weeks ago. Today with Tony's drops every morning and is a great example not only for content kids' love, but how we retain and deepen loyalty with our community.

Speaker #2: In the UK, our daily podcast 'Today with Tonies' aired its thousandth episode less than three weeks ago. 'Today with Tonies' drops every morning and is a great example, not only of content kids love, but also of how we retain and deepen loyalty with our community.

Speaker #2: Seven out of 10 listeners tuned in every single day. Picture this. And even more remarkable, households that own this Tony Today with Tony podcast Tony have both higher playtime and purchased more above the box items in general.

Speaker #2: Seven out of ten listeners tune in every single day. Picture this. And even more remarkable, households that own the Tonie today with the Tonie podcast Tonie have both higher playtime and purchase more above-the-box items in general.

Speaker #2: All indicators suggest that this award-winning daily show for kids drives brand loyalty towards Tony. And by the way, it is one of many productions by our very own Tony's studios, which demonstrates the powerful capabilities of our in-house content team.

Tobias Wann: Even more remarkable, households that own this Tonie, Today with tonies podcast Tonie, have both higher playtime and purchase more above-the-box items in general. All indicators suggest that this award-winning daily show for kids drives brand loyalty towards tonies. By the way, it is one of many productions by our very own tonies studios, which demonstrates the powerful capabilities of our in-house content team. I am very proud of this team. I want to say big thank you to this team here in this call as well. Both serialized formats and sports are verticals that offer additional opportunities for us. Today with tonies and our partnership with Bayern Munich illustrates just two of the paths that are possible. I can tell you we are already exploring more. Stay tuned. Let me close our strategic highlight session with two examples of successful retail innovation.

Speaker #2: All indicators suggest that this award-winning daily show for kids drives brand loyalty towards Tonies. And by the way, it is one of many productions by our very own Tonies Studios, which demonstrates the powerful capabilities of our in-house content team.

Speaker #2: And I'm very proud of this team when I say big thank you to this team here in this, in this call as well. Both serialized formats and sports are verticals that offer additional opportunities for us.

Speaker #2: Today with Tony's and our partnership with Bayern Munich illustrates just two of the paths that are possible. And I can tell you we are already exploring

Speaker #2: And I'm very proud of this team, and I want to say a big thank you to this team here on this call as well. Both serialized formats and sports are verticals that offer additional opportunities for us.

Speaker #1: More Stay tuned . Let me close our strategic highlight session with two examples of successful retail innovation The first is from North America , where we already have a broad network of points of sale .

Speaker #2: Today, with Tonies and our partnership with Bayern Munich, illustrates just two of the paths that are possible. And I can tell you, we are already exploring more.

Speaker #1: As you know , collaborating in the best sense of the word with every major retailer Tony Box Light . I keep showing it to you because I'm so proud of this product .

Speaker #2: Stay tuned. Let me close our strategic highlight session with two examples of successful retail innovation. The first is from North America, where we already have a broad network of points of sale, as you know, collaborating in the best sense of the word with every major retailer.

Speaker #1: Tony Box Light opened up an additional path for that , working with Walmart , we agreed upon an exclusive and gained 800 additional points of sale with out of aisle placements for the launch .

Tobias Wann: The first is from North America, where we already have a broad network of points of sale, as you know, collaborating in the best sense of the word with every major retailer. Toniebox Lite, I keep showing it to you because I am so proud of this product. Toniebox Lite opened up an additional path for that. Working with Walmart, we agreed upon an exclusive and gained 800 additional points of sale with out-of-aisle placements for the launch. If you are in the US, I encourage you to visit your local Walmart to actually look at it yourself. We are exploring even more options to drive innovation in retail. The second example is from DACH, our established market, in this case, specifically from Switzerland. It comes with a loyalty program, so-called retail loyalty program, which is yet another driver of incremental growth for us.

Speaker #1: And if you are in the US , I encourage you to visit your local Walmart to actually look at it yourself . And we're exploring even more options to drive innovation in retail .

Speaker #2: Toniebox Light—I keep showing it to you because I'm so proud of this product. Toniebox Light opened up an additional path for that, working with Walmart.

Speaker #2: We agreed upon an exclusive and gained 800 additional points of sale with out-of-aisle placements for the launch. And if you are in the U.S., I encourage you to visit your local Walmart to actually look at it yourself.

Speaker #1: The second example is from our established market . In this case , specifically from Switzerland . It comes with a loyalty program , so-called retail loyalty program , which is yet another driver of incremental growth for us We recently partnered with leading Swiss retailer Micro Together , we developed exclusive Pocket Tony's and accessories , each featuring content in Swiss , German , French and Italian .

Speaker #2: And we are exploring even more options to drive innovation in retail. The second example is from DACH, our established market—in this case, specifically Switzerland.

Speaker #2: It comes with a loyalty program, a so-called retail loyalty program, which is yet another driver of incremental growth for us. We recently partnered with leading Swiss retailer Migros.

Speaker #1: Our collaboration also includes a loyalty program designed to drive incremental reach . These are just two of several examples of how we look at creating new shelf space in all the different types of markets that we're in , and reach that we did not exist before With this , I hand it to Hans-jürg for the financial details Hans-jürg .

Tobias Wann: We recently partnered with leading Swiss retailer, Migros. Together, we developed exclusive Pocket Tonies and accessories, each featuring content in Swiss German, French, and Italian. Our collaboration also includes a loyalty program designed to drive incremental reach. These are just two of several examples of how we look at creating new shelf space in all the different type of markets that we are in, and reach that we did not exist before. With this, I hand it to Hansjörg for the financial details. Hansjörg?

Speaker #2: Together, we developed exclusive pocket Tonies and accessories, each featuring content in Swiss German, French, and Italian. Our collaboration also includes a loyalty program designed to drive incremental reach.

Speaker #2: These are just two of several examples of how we look at creating new shelf space in all the different types of markets that we're in.

Speaker #1: Thank you . Yes . Let me start by giving you an overview of what you are about to hear . The first half of 2026 was a period of outstanding growth for Tony's .

Speaker #2: And regions that we did not exist in before. With this, I hand it over to Hans Jörg for the financial details. Hans Jörg.

Speaker #1: We saw strong momentum in all segments , particularly driven by accelerated Tony box sales Let me take you through the numbers group revenue came in at €243 million .

Speaker #1: Thank you, Tobias. Let me start by giving you an overview of what you are about to hear. The first half of 2026 was a period of outstanding growth for tonies.

Hansjörg Müller: Thank you, Tobias. Let me start by giving you an overview of what you are about to hear. The H1 2026 was a period of outstanding growth for tonies. We saw strong momentum in all segments, particularly driven by accelerated Toniebox sales. Let me take you through the numbers. Group revenue came in at EUR 243 million. That is a top-line growth of 41% in constant currency. We are pleased to see that North America and DACH accelerated their growth with the rest of world segment continuing its momentum. In regards to EBITDA margin, we expected a lower margin for this half year versus the prior year. This is mainly because of Tonieboxes growing stronger than figurines, but also due to the timing of tariffs. Let me double-click on that last year's Toniebox baseline a bit.

Speaker #1: That's a top line growth of 41% in constant currency . We're pleased to see that North America and Dutch accelerated their growth with the rest of the world segment continuing its momentum in regards to EBITDA margin .

Speaker #1: We saw strong momentum in all segments, particularly driven by accelerated Toniebox sales. Let me take you through the numbers. Group revenue came in at €243 million.

Speaker #1: We expected a lower margin for this half year versus the prior year . This is mainly because of Tony boxes growing stronger than figurines , but also due to the timing of tariffs Let me double click on that .

Speaker #1: That's a top-line growth of 41% in constant currency. We're pleased to see that North America and DACH accelerated their growth, with the Rest of World segment continuing its momentum.

Speaker #1: Last year's Tony Box baseline a bit . That was artificially low last year when retailers were delaying their purchases in anticipation of Tony Box two .

Speaker #1: With regard to EBITDA margin, we expected a lower margin for this half year compared to the prior year. This is mainly because Toniebox is growing stronger than figurines.

Speaker #1: So also contributing to this product mix shift from a year on year perspective So our product mix developed as planned while we do not provide a specific quarterly guidance on that , the structural mix directly supports the half year financial results we published today .

Speaker #1: But also, due to the timing of tariffs. Let me double-click on last year’s Tony Box baseline a bit. That was artificially low last year, when retailers were delaying their purchases in anticipation of Tony Box, too.

Hansjörg Müller: That was artificially low last year when retailers were delaying their purchases in anticipation of Toniebox 2. So also contributing to this product mix shift from a year-on-year perspective. Our product mix developed as planned. While we do not provide a specific quarterly guidance on that, the structural mix directly supports the half year financial results we published today and keeps us fully on track to achieve our full year guidance. The actual result of 0.7% adjusted EBITDA is in line with our margin expansion prediction for the full year as per our guidance. Now let me comment on our free cash flow. It was driven by the typical seasonal working capital buildup amplified to support our Tonies launches, some of which are occurring earlier in 2026 this year than compared to 2025.

Speaker #1: So, also contributing to this product mix shift from a year-on-year perspective, our product mix developed as planned. While we do not provide specific quarterly guidance on that, we are satisfied with the progress.

Speaker #1: And keeps us fully on track to achieve our full year guidance . So the actual result of 0.7% adjusted EBITDA is in line with our margin expansion prediction for the full year .

Speaker #1: As per our guidance Now , let me comment on our free cash flow . It was driven by the typical seasonal working capital build amplified to support our tentpole launches .

Speaker #1: The structural mix directly supports the half-year financial results we published today and keeps us fully on track to achieve our full-year guidance. So the actual result of 0.7% adjusted EBITDA is in line with our margin expansion prediction for the full year, as per our guidance.

Speaker #1: Some of which are occurring earlier in 2026 . This year than compared to 2025 . For example , these included Bluey , Hasbro and Pokemon as well , as well as the Tony Box Light launch .

Speaker #1: Now let me comment on our free cash flow. It was driven by the typical seasonal working capital buildup, amplified to support our tentpole launches—some of which are occurring earlier in Q2 2026 this year than compared to Q2 2025.

Speaker #1: This half year one is where we had only 20 bucks , two in last half , year two . So different earlier timing of launches than last year .

Speaker #1: And for the full year , we expect free cash flow to be positive . Now let's approach the line items in our PNL that require a bit of context .

Speaker #1: For example, these included Bluey, Hasbro, and Pokémon as well, as well as the Tony Box Light launch this half year one where we had only Tony Box two in last half year.

Hansjörg Müller: For example, these included Bluey, Hasbro, and Pokémon as well, as well as the Toniebox Lite launch this H1 is where we had only Toniebox 2 in last H2. So different earlier timing of launches than last year. For the full year, we expect free cash flow to be positive. Now, let us approach the line items in our P&L that require a bit of context. Our margin. Gross margin came in at 64.3% versus 70.9% in the prior year. This is mainly driven by the dynamic I just mentioned. First is the timing of tariffs. In last H1, we sold products that were imported at zero tariff, and this H1, the product sold were imported at a time when tariffs were still volatile and high before they actually settled to a more stable baseline just earlier this year.

Speaker #1: Our margin gross margin came in at 64% , 64.3% versus 70.9% in the prior year . This is mainly driven by the dynamic I just mentioned First is the timing of tariffs in last half year one , we sold products that were imported at zero tariff .

Speaker #1: Two. So, different earlier timing of launches than last year. And for the full year, we expect free cash flow to be positive. Now, let's approach the line items in our P&L that require a bit of context.

Speaker #1: Our gross margin came in at 64.3%, versus 70.9% in the prior year. This was mainly driven by the dynamic I just mentioned.

Speaker #1: And this half year one , the product sold were imported at a time when tariffs were still volatile and high , before they actually settled to a more stable baseline just earlier this year So previously imported product that still needs to flow through the PNL and then second , the product mix shift from Toni's to Tony boxes versus the prior year .

Speaker #1: First is the timing of tariffs. In last half of year one, we sold products that were imported at zero tariff. And this half, year one, the products sold were imported at a time when tariffs were still volatile and high.

Speaker #1: Also influencing the gross margin As mentioned , please keep in mind that the baseline for comparison , Tony book sales during the first half of last year was rather low because of H1 half one of 2025 retailers had reduced Tony Box one orders as they waited for 20 bucks to to hit their shelves .

Speaker #1: Before they actually settled to a more stable baseline just earlier this year. So, previously imported product still needs to flow through the P&L.

Hansjörg Müller: Previously imported product that still needs to flow through the P&L. Then second, the product mix shift from Tonies to Tonieboxes versus the prior year, also influencing the gross margin. As mentioned, please keep in mind that the baseline for comparison, Toniebox sales during the H1 of last year was rather low. Because of H1 of 2025, retailers had reduced Toniebox 1 orders as they waited for Toniebox 2 to hit the shelves. In contrast, in the H1 of this year, we had the full benefit of Toniebox 2 availability. So quite some timing impacts. Whilst this had a slightly unfavorable impact on this period's gross margin, each box sold increases the installed base of Tonieboxes in the market. Ultimately, that is what lays the foundation for future profitable above-the-box sales.

Speaker #1: And then second, the product mix shift from Tonies to Tonieboxes versus the prior year also influenced the gross margin. As mentioned, please keep in mind that the baseline for comparison—Toniebox sales during the first half of last year—was rather low.

Speaker #1: In contrast , in the first half of this year , we had the full benefit of Tony Box two availability . So quite some timing impacts .

Speaker #1: And whilst this had a slightly unfavorable impact on this period's gross margin , each box sold increases the installed base of Tony boxes in the market .

Speaker #1: Because of H1, F1 of 2025, retailers had reduced Toniebox One orders as they waited for Toniebox Two to hit the shelves. In contrast, in the first half of this year, we had the full benefit of Toniebox Two availability.

Speaker #1: Ultimately , that is what lays the foundation for future profitable above the box sales . Another positive sign our operating leverage partially offset the impact of this product mix shift , particularly through efficiencies and fulfillment .

Speaker #1: So, quite some timing impacts. And whilst this had a slightly unfavorable impact on this period's gross margin, each box sold increases the installed base of Tonieboxes in the market.

Speaker #1: Marketing . And a . And as a result , our adjusted EBITDA margin was less affected , came in at 0.7% . These results , as I already said , are in line with our plan as we remain on track to deliver our full year guidance for both top and bottom line Now let me focus on the top line .

Speaker #1: Ultimately, that is what lays the foundation for future profitable above-the-box sales. Another positive sign: our operating leverage partially offset the impact of this product mix shift, particularly through efficiencies in fulfillment, marketing, and SG&A.

Hansjörg Müller: Another positive sign, our operating leverage partially offset the impact of this product mix shift, particularly through efficiencies in fulfillment, marketing, and SG&A. As a result, our adjusted EBITDA margin was less affected, came in at 0.7%. These results, as I already said, are in line with our plan as we remain on track to deliver our full year guidance for both our top and bottom line. Now let me focus on the top line. It has been a great H1. With revenues up 41% in constant currency, we accelerated our growth rate at group level, increasing our growth rate to +26% in DACH shows that we can deliver outstanding progress and innovation even in established markets. In North America, our biggest segment, we grew by an exceptional 57% in constant currency. Let me repeat this.

Speaker #1: And as a result, our adjusted EBITDA margin was less affected and came in at 0.7%. These results, as I already said, are in line with our plan, as we've remained on track to deliver our full-year guidance for both the top and bottom line.

Speaker #1: It's been a great first half year with revenues up 41% in constant currency . We accelerated our growth rate at group level , increasing our growth rate to plus 26% in dark shows that we can deliver outstanding progress and innovation even in established markets in North America .

Speaker #1: Now let me focus on the top line. It's been a great first half-year, with revenues up 41% in constant currency. We accelerated our growth rate at group level.

Speaker #1: Our biggest segment we grew by an exceptional 57% in constant currency . Let me repeat this 57% revenue growth in constant currency in our biggest market , which also is our most important growth market .

Speaker #1: Increasing our growth rate to plus 26% in DACH shows that we can deliver outstanding progress and innovation even in established markets. In North America, our biggest segment, we grew by an exceptional 57% in constant currency—let me repeat this—57% revenue growth in constant currency in our biggest market.

Speaker #1: That is an incredible momentum , especially against the potential we still have . We saw a similar development in our rest of World segment , which has been growing both fast and sustainably At 43% year over year in constant currency .

Hansjörg Müller: 57% revenue growth in constant currency in our biggest market, which also is our most important growth market. That is some incredible momentum, especially against the potential we still have. We saw a similar development in our rest of world segment, which has been growing both fast and sustainably at 43% year over year in constant currency. While DACH continues to be a major success story for tonies, our strong performance outside our home market continues to drive our internationalization. Against this backdrop, our share of international revenues increased by 3 percentage points to 63%. That is a start to build on this year. Moving on. We already touched upon the product mix when we discussed our key margin drivers. Let us go a bit more into detail. Toniebox revenue increased by 69% year over year in constant currency, reaching EUR 57 million.

Speaker #1: Which also is our most important growth market. That is incredible momentum, especially given the potential we still have. We saw a similar development in our Rest of World segment, which has been growing both fast and sustainably at 43% year over year in constant currency.

Speaker #1: So while dark continues to be a major success story for Tony's , our strong performance outside our home market continues to drive our internationalization .

Speaker #1: Against this backdrop , our share of international revenues increased by three percentage points to 63% . That's a start to build on this year Moving on .

Speaker #1: So, while DACH continues to be a major success story for Tonies, our strong performance outside our home market continues to drive our internationalization. Against this backdrop, our share of international revenues increased by 3 percentage points to 63%.

Speaker #1: We already touched upon the product mix when we discussed our key margin drivers . Let's go a bit more into detail Tony Box revenue increased by 69% year over year in constant currency , reaching €57 million .

Speaker #1: That's a start to build on this year. Moving on, we already touched upon the product mix when we discussed our key margin drivers. Let's go a bit more into detail.

Speaker #1: As I already pointed out , this exceptional growth rate was also driven by a low comparable base during last year's period , when retailers were waiting for the new box launch .

Speaker #1: Tony Box revenue increased by 69% year over year, in constant currency, reaching €57 million. As I already pointed out, this exceptional growth rate was also driven by a low, when retailers were waiting for the new box launch.

Speaker #1: But it does pay testament to the fact that Tony Box two was the right product at the right time . Announced almost a year ago to this very day , our flagship device continues to fuel our installed base of Tony boxes .

Hansjörg Müller: As I already pointed out, this exceptional growth rate was also driven by a low comparable base during last year's period when retailers were waiting for the new box launch. But it does pay testament to the fact that Toniebox 2 was the right product at the right time. Announced almost a year ago to this very day, our flagship device continues to fuel our install base of Tonieboxes. Let us not forget our other segments as they showed a strong performance as well. Tonies, that is above-the-box, revenue increased by 36% to EUR 177 million, and accessories grew by 15% year over year, both in constant currency. Now let me spend a moment on Q2. Q2 had a major impact on our strong performance in the H1.

Speaker #1: Let's not forget our other segments as they showed a strong performance as well . Tony's that is above the box revenue increased by 36% to €177 million , and accessories grew by 15% year over year , both in constant currency Now let me spend a moment on Q2 .

Speaker #1: But it does pay testament to the fact that Toniebox 2 was the right product at the right time. Announced almost a year ago to this very day, our flagship device continues to fuel our install base of Tonieboxes.

Speaker #1: Let's not forget our other segments, as they show strong performance as well. Tonies—that is, above the box—revenue increased by 36%, to €177 million.

Speaker #1: Q2 major impact on our strong performance in the first half of the year In the second quarter , group revenue increased by 49% in constant currency , with North America recording an astonishing 85% top line growth .

Speaker #1: And accessories grew by 15% year over year, both in constant currency. Now, let me spend a moment on Q2. Q2 had a major impact on our strong performance in the first half of the year.

Speaker #1: Revenues from Tony boxes accelerated in the second quarter as well , compared to the start of the year . You can see here that the segment grew by 76% .

Speaker #1: In the second quarter, group revenue increased by 49% in constant currency, with North America recording an astonishing 85% top-line growth. Revenues from Tonieboxes accelerated in the second quarter as well, compared to the start of the year.

Hansjörg Müller: In the Q2, group revenue increased by 49% in constant currency, with North America recording an astonishing 85% top-line growth. Revenues from Tonieboxes accelerated in the Q2 as well compared to the start of the year. You can see here that the segment grew by 76%, further strengthening our installed base, which again is a driver for future above-the-box sales. On both points I just made, let us not forget the low prior year baseline due to the Toniebox 2 launch. On the next slide, I will take a look at our segment performance. You can see here that many of the dynamics you are already familiar with have continued in the H1 2026. Namely, DACH remains the segment with the highest profitability and margin improvement goes hand-in-hand with dynamic growth.

Speaker #1: Further strengthening our installed base , which again is a driver for future above the box sales . On both points I just made .

Speaker #1: Let's not forget the prior year baseline due to the Tony box to launch on the next slide , I'll take a look at our segment performance .

Speaker #1: You can see here that the segment grew by 76%, further strengthening our installed base, which again is a driver for future above-the-box sales.

Speaker #1: You can see here that many of the dynamics you already familiar with have continued in the first half of 2026 , namely , that remains the segment with the highest profitability and margin improvement goes hand in hand with dynamic growth .

Speaker #1: On both points I just made, let's not forget the low prior-year baseline due to the Toniebox 2 launch. On the next slide, I'll take a look at our segment performance.

Speaker #1: So our EBITDA margin improved by nearly eight percentage points to 24.4% in half . Year one 2026 , driven by the revenue growth and operating leverage , including marketing and sG&A efficiencies .

Speaker #1: You can see here that many of the dynamics you're already familiar with have continued in the first half of 2026. Namely, DACH remains the segment with the highest profitability, and margin improvement goes hand in hand with dynamic growth.

Speaker #1: North America achieved a stable margin performance year on year . That is a remarkable given that our box heavy sales mix negatively impacted the gross margin here .

Speaker #1: So our EBITDA margin improved by nearly 8 percentage points to 24.4% in half-year one 2026, driven by the revenue growth and operating leverage, including marketing and SG&A efficiencies.

Hansjörg Müller: Our EBITDA margin improved by nearly 8 percentage points to 24.4% in H1 2026, driven by the revenue growth and operating leverage, including marketing and SG&A efficiencies. North America achieved a stable margin performance year-on-year. That is remarkable given that our box-heavy sales mix negatively impacted the gross margin here, in addition to the timing of tariffs, which of course applies 100% to North America. Meaning none in the prior period and relatively higher tariffs in the product sold in this H1, as I explained previously. Efficiency gains across fulfillment, marketing, and SG&A also offset the unfavorable gross margin impact here, allowing us to grow fast and profitably. Then there is the rest of world segment. Keep in mind that this already grew profitably in the full year of 2025.

Speaker #1: In addition to the timing of tariffs , which of course applies 100% to North America , meaning none in the prior period . And relatively high tariffs in the products sold in this half year .

Speaker #1: North America achieved a stable margin performance year on year. That is remarkable, given that our box-heavy sales mix negatively impacted the gross margin here, in addition to the timing of tariffs, which of course applies 100% to North America.

Speaker #1: One , as I explained previously , efficiency gains across fulfillment , marketing and sG&A also offset the unfavorable gross margin impact . Here , allowing us to grow fast and profitably .

Speaker #1: And then there's the rest of world segment . Keep in mind that this is all that this already grew profitably in the full year of 2025 .

Speaker #1: Meaning none in the prior period and relatively high tariffs in the products sold in this half-year, as I explained previously. Efficiency gains across fulfillment, marketing, and SG&A also offset the unfavorable gross margin impact here, allowing us to grow fast and profitably.

Speaker #1: So seeing further margin improvements after six months of 2026 is very encouraging . Sign for us in what is still an early high growth base .

Speaker #1: So great performance across the operating segments for a half year , one . And remember , this is our low volume , low revenue half of the year Moving on to headquarter costs there are worth mentioning because we had positive one off effects last year that do not reoccur in 2026 .

Speaker #1: And then there's the Rest of World segment. Keep in mind that this already grew profitably in the full year of 2025.

Speaker #1: So, seeing further margin improvements after six months of 2026 is a very encouraging sign for us, in what is still an early, high-growth phase.

Hansjörg Müller: Seeing further margin improvements after 6 months of 2026 is a very encouraging sign for us in what is still an early high growth phase. Great performance across the operating segments for a H1. Remember, this is our low volume, low revenue half of the year. Moving on to headquarter costs. They are worth mentioning because we had positive one-off effects last year that do not reoccur in 2026. Instead, we had negative one-off cost effects in this reporting period. They are in part stemming from the timing of contracts that will not reoccur going forward. They do not structurally affect our performance in the segments, which is exactly why they are accounted for at group level, to provide a transparent assessment of segment performance for our steering.

Speaker #1: Instead , we had negative one off cost effects . This reporting period . They are in part stemming from the timing of contracts that will not reoccur .

Speaker #1: So, great performance across the operating segments for half year one. And remember, this is our low volume, low revenue half of the year.

Speaker #1: Going forward . They don't structurally affect our performance in the segments , which is exactly why they are accounted for at group level .

Speaker #1: Moving on to headquarter costs. These are worth mentioning because we had positive one-off effects last year that do not reoccur in 2026. Instead, we had negative one-off cost effects in this reporting period.

Speaker #1: To provide a transparent assessment of segments performance for our steering for the full year , our headquarter costs is on a similar trajectory as last year and in line with our expectations Now that we're on the right track structurally also becomes visible when we look at our adjusted EBITDA margin , bridge , the increased cogs primarily result from the before mentioned product mix shift to Tony boxes with lower gross margins and the timing of tariffs .

Speaker #1: They are, in part, stemming from the timing of contracts that will not reoccur going forward. They don't structurally affect our performance in the segments, which is exactly why they are counted at group level to provide a transparent assessment of segment performance for our steering.

Speaker #1: For the full year, our headquarter cost is on a similar trajectory as last year and in line with our expectations. Now that we’re on the right track structurally, this also becomes visible when we look at our adjusted EBITDA margin bridge.

Hansjörg Müller: For the full year, our headquarter cost is on a similar trajectory as last year and in line with our expectations. Now, that we are on the right track structurally also becomes visible when we look at our adjusted EBITDA margin bridge. The increased COGS primarily results from the before-mentioned product mix shift to Tonieboxes with lower gross margins and the timing of tariffs, as I just explained. At the same time, we achieved licensing efficiencies, also partly driven by the product mix shift towards Tonieboxes. Fulfillment costs were positively impacted by a favorable channel mix as our ongoing point of sale expansion comes with lower fulfillment costs than other channels. Then the before-mentioned operating leverage. Here we show efficiencies in marketing and SG&A expenses.

Speaker #1: As I just explained . At the same time , we achieved licensing efficiencies , also partly driven by the product mix shift towards Tony boxes fulfillment work , positive fulfillment costs were positively impacted by a favorable channel mix .

Speaker #1: The increased COGS primarily result from the aforementioned product mix shift to Tonieboxes, which have lower gross margins, and the timing of tariffs, as I just explained.

Speaker #1: As our ongoing point of sale expansion comes with lower fulfillment costs than other channels . Then , the before mentioned operating leverage . Here we show efficiencies in marketing and sG&A expenses As you know , we came into 2026 with a number of macroeconomic challenges , ongoing uncertainty around the US tariffs , challenges in component sourcing , in particular memory chips and foreign exchange volatility being amongst them .

Speaker #1: At the same time, we achieved licensing efficiencies also partly driven by the product mix shift towards Tony Boxes. Fulfillment work positive fulfillment cost were positively impacted by a favorable channel mix as our ongoing point of sale expansion comes with lower fulfillment cost than other channels.

Speaker #1: Then, the aforementioned operating leverage—here, we show efficiencies in marketing and SG&A expenses. As you know, we came into 2026 with a number of macroeconomic challenges.

Speaker #1: However , we have established ways to work with those , starting with tariffs . While the situation has stabilized compared to where we were a year ago , we've also continued to lean on the sourcing flexibility we've built up over the past several years , including the diversification of production , which has led us to manage our exposure without disrupting supply chains .

Hansjörg Müller: As you know, we came into 2026 with a number of macroeconomic challenges, ongoing uncertainty around US tariffs, challenges in component sourcing, in particular memory chips, and foreign exchange volatility being amongst them. However, we have established ways to work with those, starting with tariffs. While the situation has stabilized compared to where we were a year ago, we have also continued to lean on the sourcing flexibility we have built up over the past several years, including the diversification of production, which has let us manage our exposure without disrupting supply chains. It is the same playbook we described on previous calls, and it continues to work as intended. Second, memory chip supply. We have maintained flexibility in both the underlying technology and our production footprint, which has allowed us to secure supply, not just for the remainder of this year, but also with visibility well into the next year. Third, FX.

Speaker #1: Ongoing uncertainty around US tariffs, challenges in component sourcing—in particular, memory chips—and foreign exchange volatility are among them. However, we have established ways to work with those, starting with tariffs. While the situation has stabilized compared to where we were a year ago, we've also continued to lean on the sourcing flexibility we've built up over the past several years.

Speaker #1: It's the same playbook we described on previous calls , and it continues to work as intended Second , memory chip supply . We've maintained flexibility in both the underlying technology and our production footprint , which has allowed us to secure supply not just for the remainder of this year , but also with visibility well into the next year Third , FX we've mitigated the impact through what we'd call natural hedges , matching revenue and cost exposure in the same currencies .

Speaker #1: Including the diversification of production, which has allowed us to manage our exposure without disrupting supply chains. It's the same playbook we described on previous calls, and it continues to work as intended.

Hansjörg Müller: It is the same playbook we described on previous calls, and it continues to work as intended. Second, memory chip supply. We have maintained flexibility in both the underlying technology and our production footprint, which has allowed us to secure supply, not just for the remainder of this year, but also with visibility well into the next year. Third, FX.

Speaker #1: Second, memory chip supply. We've maintained flexibility in both the underlying technology and our production footprint, which has allowed us to secure supply not just for the remainder of this year, but also with visibility well into next year.

Speaker #1: Where possible , mainly in US dollar . And lastly , we refinanced our syndicated loan , which was due to mature in September 2026 .

Speaker #1: Our new facility features a nominal amount of €150 million , an extended maturity to 2029 and significantly improved terms . Whilst this is in excess of what we actually need today , it does provide us with access to seasonal financing for the years to come .

Speaker #1: Third, FX. We've mitigated the impact through what we'd call natural hedges, matching revenue and cost exposure in the same currencies where possible, mainly in US dollars.

Hansjörg Müller: We've mitigated the impact through what we'd call natural hedges, matching revenue and cost exposure in the same currencies where possible, mainly in USD. Lastly, we refinanced our syndicated loan, which was due to mature in September 2026. Our new facility features a nominal amount of EUR 150 million, an extended maturity to 2029, and significantly improved terms. Whilst this is in excess of what we actually need today, it does provide us with access to seasonal financing for the years to come without having to administer new vehicles every year. With that, I'm handing back to Tobias for our outlook.

Speaker #1: And lastly, we refinanced our syndicated loan, which was due to mature in September 2026. Our new facility features a nominal amount of €150 million, an extended maturity to 2029, and significantly improved terms.

Speaker #1: Without having to administer new vehicles every year And with that , I'm handing back to Tobias for our Thank you . Hansgeorg . Thank you for walking us through these numbers They clearly underscore the Tony's had a strong first half of the year .

Speaker #1: While this is in excess of what we actually need today, it does provide us with access to seasonal financing for the years to come without having to administer new vehicles every year.

Speaker #1: We delivered a performance that puts us right on track of our guidance . Before I get there , allow me a few words on the shape of our business .

Speaker #1: And with that, I'm handing back to Tobias for our outlook.

Speaker #2: Thank you, Hans Jörg. Thank you for walking us through these numbers. They clearly underscore that tonies had a strong first half of the year.

Tobias Wann: Thank you, Hans-Jörg. Thank you for walking us through these numbers. They clearly underscore that tonies had a strong H1 of the year. We delivered a performance that puts us right on track of our guidance. Before I get there, allow me a few words on the shape of our business. More than two-thirds of our full year revenue and a disproportionately larger share of our profitability is generated in Q3 and Q4. The year is therefore not decided in the H1 of the year. It is decided during the holiday season. What we can do in the H1 is prepare for it. We can build the install base, secure the range, get the product into retail, and we've done that. We've done it well, but preparing for the quarter that decides the year is not the same as having delivered.

Tobias Wann: Thank you, Hansjörg. Thank you for walking us through these numbers. They clearly underscore that tonies had a strong H1 of the year. We delivered a performance that puts us right on track of our guidance. Before I get there, allow me a few words on the shape of our business. More than two-thirds of our full year revenue and a disproportionately larger share of our profitability is generated in Q3 and Q4. The year is therefore not decided in the H1 of the year. It is decided during the holiday season. What we can do in the H1 is prepare for it. We can build the install base, secure the range, get the product into retail, and we've done that. We've done it well, but preparing for the quarter that decides the year is not the same as having delivered.

Speaker #1: More than two thirds of our full year revenue and a disproportionately larger share of our profitability is generated in Q3 and Q4 , the year is therefore not decided in the first half of the year .

Speaker #2: We delivered a performance that puts us right on track with our guidance. Before I get there, allow me a few words on the shape of our business.

Speaker #1: It is decided during the holiday season what we can do in the first half is prepare for it . We can build the install base , secure the range , get the product into retail and we've done that .

Speaker #2: More than two thirds of our full-year revenue, and a disproportionately larger share of our profitability, is generated in Q3 and Q4. The year is therefore not decided in the first half of the year.

Speaker #1: We've done it well . But preparing for the quarter that decides the year is not the same as having delivered it . And that is why it would be premature to draw any conclusions on land for the full year That said , we confirm our guidance for the full Tony's expects another year of profitable growth in constant currencies .

Speaker #2: It is decided during the holiday season. What we can do in the first half is prepare for it. We can build the install base, secure the range, get the product into retail, and we've done that.

Speaker #2: We've done it well. But preparing for the quarter that decides is as important as having delivered it. And that is why it would be premature to draw any conclusions on where we land for the full year.

Speaker #1: We target to grow at least 20% at group level , achieving more than €760 million in revenue in North America . We plan to continue our strong momentum with annual constant currency growth of more than 30% year over year .

Tobias Wann: That is why it would be premature to draw any conclusions on where we land for the full year. That said, we confirm our guidance for the full year. tonies expects another year of profitable growth. In constant currencies, we target to grow at least 20% at group level, achieving more than EUR 760 million in revenue. In North America, we plan to continue our strong momentum with annual constant currency growth of more than 30% year-over-year. At the same time, we expect our adjusted EBITDA margin to come in between 9% and 11%. Our confidence is based not only on the success we already had, but also on what's to come until the end of the year with Toniebox Lite in the market, a strong content pipeline, and our ongoing preparations for the ever-important peak season.

Speaker #2: That said, we confirm our guidance for the full year. Tonies expects another year of profitable growth. In constant currencies, we target to grow at least 20% at group level, achieving more than €760 million in revenue.

Speaker #1: At the same time , we expect our adjusted EBITDA margin to come in between 9 and 11% . Our confidence is based not only on the success we already had , but also on what's to come until the end of the year .

Speaker #2: In North America, we plan to continue our strong momentum with annual constant currency growth of more than 30% year over year. At the same time, we expect our adjusted EBITDA margin to come in between 9% and 11%.

Speaker #1: With Tony Box Light in the market , a strong content pipeline , and our ongoing preparations for the ever important peak season . So I'm looking forward to what's to come in 26 and beyond .

Speaker #1: But first , I am looking forward to any questions you might have today . With that , over to you , Moritz

Speaker #2: Our confidence is based not only on the success we have already had, but also on what's to come until the end of the year, with Toniebox Light in the market, a strong content pipeline, and our ongoing preparations for the ever-important peak season.

Speaker #2: Thank you Tobias As a reminder , if you have any questions , please post them through the Q&A function . And the first questions I see are already in the first one is on tablet Y .

Speaker #2: So I'm looking forward to what's to come in 2026 and beyond. But first, I am looking forward to any questions you might have. With that, over to you, Moritz.

Tobias Wann: I'm looking forward to what's to come in 2026 and beyond, but first, I am looking forward to any questions you might have today. With that, over to you, Moritz.

Speaker #2: Will the tablet not be launched in Dark or France ? Given your high penetration in the dark region , don't you think this is a great way to increase multi-device ownership

Speaker #1: Thank you, Tobias. As a reminder, if you have any questions, please post them through the Q&A function. And the first questions I see are already in.

Moritz Verleger: Thank you, Tobias. As a reminder, if you have any questions, please post them through the Q&A function. The first questions I see are already in. The first one is on Toniebox Lite. Why will the Toniebox Lite not be launched in DACH or France? Given your high penetration in the DACH region, don't you think this is a great way to increase multi-device ownership?

Speaker #1: Yeah , I'm happy to take this one . Thank you Of course , this is something that we have thought about very carefully .

Speaker #1: The first one is on TB light. Why will the TB light not be launched in DACH or France? Given your high penetration in the DACH region, don't you think this is a great way to increase multi-device ownership?

Speaker #1: We are indeed launching tablet in North America . So that's the US and Canada . In the UK , in Australia and in New Zealand , New Zealand and I , I mean the idea really is to give every household there all the new .

Tobias Wann: Happy to take this one. Thank you. Of course, this is something that we have thought about very carefully. We are indeed launching Toniebox Lite in North America, so that's the US and Canada, in the UK, in Australia, and in New Zealand. The idea really is to give every household there, old and new, this listening experience in a smaller, lighter format and at a more accessible price point, as I also just said in the presentation. This will give us a really good environment to validate the consumer response before we potentially roll out this wonderful Toniebox Lite to other markets, other existing or potential new markets. On the multi-device point specifically, I think there's also some other important aspect that you need to look at. We already have a relatively high penetration of Toniebox 1 and 2 within the same household in the DACH region.

Speaker #2: Yeah, happy to take this one, thank you. Of course, this is something that we have thought about very carefully. We are indeed launching TB Light in North America—so that's the US and Canada—in the UK, in Australia, and in New Zealand.

Speaker #1: This listening experience in a smaller , lighter format and at a more accessible price point . I just said in the presentation , this will give us a really good environment to validate the consumer response before we potentially roll out this wonderful Tony box light to other markets , other existing or potential new markets on the multi-device point specifically , I think there's also some other important aspect that you need to look at .

Speaker #2: And I mean, the idea really is to give every household there all the new—this listening experience in a smaller, lighter format and at a more accessible price point, also just as said in the presentation.

Speaker #2: This will give us a really good environment to validate the consumer response before we potentially roll out this wonderful Toniebox Light to other markets.

Speaker #1: The already have a relatively high penetration of Tony box one and two within the same household in the dark region . So families who want or need a second or third box are largely already finding their way to that today within our existing setup in this market .

Speaker #2: The existing or potential new markets. On the multi-device point specifically, I think there's also another important aspect that you need to look at.

Speaker #2: We already have a relatively high penetration of Toniebox one and two within the same household in the DACH region. So families who want or need a second or third box are largely already finding their way to that today within our existing setup in this market.

Speaker #1: So that gives us the confidence that we are not leaving obvious multi-device demand on the table in those markets where we are initially not launching Tony Box Light .

Tobias Wann: Families who want or need a second or third box are largely already finding their way to that today within our existing setup in this market. That gives us the confidence that we are not leaving obvious multi-device demand on the table in those markets where we are initially not launching Toniebox Lite. Great question. Thank you.

Speaker #1: Great question . Thank you .

Speaker #2: Okay . The next one is on free cash flow . Free cash flow was significantly lower compared to the end of June 2025 .

Speaker #2: So that gives us the confidence that we are not leaving obvious multi-device demand on the table in those markets where we are initially not launching Toniebox Light.

Speaker #2: What specifically explains that ? And is it fully reversed by year end ?

Speaker #1: Do you want to take that ? I think you mentioned that also in the presentation , but maybe . Absolutely . Yeah . Again , yeah , just building .

Speaker #2: Great question. Thank you.

Speaker #1: Okay. The next one is on free cash flow. Free cash flow was significantly lower compared to the end of June 2025. What specifically explains that, and is it fully reversed by Jens?

Moritz Verleger: Okay, the next one is on free cash flow. Free cash flow was significantly lower compared to the end of June 2025. What specifically explains that, and is it fully reversed by year-end?

Speaker #1: Building what I presented earlier , the free cash flow was driven by this typical seasonal working capital buildup that we , in fact , occur every year .

Speaker #1: And what a strengthened this or make make this more pronounced this year is the fact that it is supporting tentpole launches that are occurring earlier this year than in the comparative last year .

Speaker #2: Hans Jörg, do you want to take that? I think you mentioned that also in the presentation, but maybe you could elaborate.

Tobias Wann: Hans-Jörg, do you want to take that? I think you mentioned that also in the presentation, but maybe-

Tobias Wann: Hansjörg, do you want to take that? I think you mentioned that also in the presentation, but maybe-

Speaker #3: Absolutely. Yeah. Just building on what I presented earlier, the free cash flow was driven by this typical seasonal working capital buildup that we, in fact, incur every year.

Hansjörg Müller: Absolutely. Just building what I presented earlier, the free cash flow was driven by the typical seasonal working capital buildup that we, in fact, occur every year. What has strengthened this or made this more pronounced this year is the fact that it is supporting tentpole launches that are occurring earlier this year than in a comparative last year, for example. What did we have last year? Toniebox 2, but relatively speaking, towards the end of the year. This year, we already had significant launches like Bluey, Hasbro, Pokémon, followed quickly by TB Lite. Look at this as a timing effect where we need to prepare with inventory buildup early in the year. There are smaller impacts coming from strategic choices where we wanted to ensure component security and supply, right? That also means earlier intervention.

Speaker #1: For example . So what did we have last year ? Tony Box two , but relatively speaking , towards the end of the year , this year we already had significant launches with Bluey , Hasbro , Pokemon , followed quickly by TB light .

Speaker #3: And what strengthened this, or made this more pronounced this year, is the fact that it is supporting 10 pole launchers that are occurring earlier this year than in a comparable period last year, for example.

Speaker #1: So look at this as a timing effect where we need to prepare with inventory build up early in the year . There are smaller impacts coming from strategic choices where we wanted to ensure component security and supply , right ?

Speaker #3: So what did we have last year? Toniebox 2, but relatively speaking, towards the end of the year. This year, we've already had significant launches: Bluey, Hasbro, and Pokémon, followed quickly by TB Light.

Speaker #1: That's all . That also means . Earlier intervention . But for the full year , we expect cash flow to be positive in line with what we communicated earlier today .

Speaker #3: So look at this as a timing effect, where we need to prepare with inventory buildup early in the year. There are smaller impacts coming from strategic choices, where we wanted to ensure component security and supply, right? That also means earlier intervention. But for the full year, we expect cash flow to be positive, in line with what we communicated earlier today.

Speaker #2: Okay . The next one is some memory chips . Guidance assumes a flat memory chip cost environment and stable FX rates . Given memory chip pricing has been volatile , how much margin risks exist for the rest of the year ?

Hansjörg Müller: But for the full year, we expect cash flow to be positive in line with what we communicated earlier today.

Speaker #2: And going into 2027 ?

Speaker #1: Yes , I , I actually did expect a question like that . And , and certainly the memory chip situation has been a curve ball for many in the consumer electronics industry in general .

Speaker #1: Okay, the next one is some memory chips. Guidance assumes a flat memory chip cost environment and stable FX rates. Given memory chip pricing has been volatile, how much margin risk exists for the rest of the year and going into 2027?

Moritz Verleger: Okay. The next one is on memory chips. Guidance assumes a flat memory chip cost environment and stable FX rates. Given memory chip pricing has been volatile, how much margin risks exist for the rest of the year and going into 2027?

Speaker #1: But I mean , hopefully you see , I am sitting here relatively relaxed , answering this question , telling you that we have secured absolutely sufficient volume for this year's sales and production .

Tobias Wann: Yes. I actually did expect a question like that. Certainly, the memory chip situation has been a curveball for many in the consumer electronics industry in general. Hopefully you see I am sitting here relatively relaxed answering this question, telling you that we have secured absolutely sufficient volume for this year's sales and production and even beyond. We are confirming the volumes as we speak for 2027. That gives us certainty for both volume and price. Let me be also clear, when I am saying this has been and is covered in our guidance for 2026.

Speaker #2: Yes, I actually did expect a question like that. And certainly, the memory chip situation has been a curveball for many in the consumer electronics industry in general.

Speaker #1: And even beyond . We are confirming the volumes as we speak for 2027 , and that gives us certainty for both volume and price .

Speaker #2: But I mean, hopefully you see I am sitting here relatively relaxed answering this question, telling you that we have secured absolutely sufficient volume for this year's sales and production and even beyond. We are confirming the volumes as we speak for 2027, and that gives us certainty for both volume and price. And let's be very clear when I'm saying this: this has been and is covered in our guidance for 2026.

Speaker #1: And let's be very also clear when I'm saying this , this has been and is covered in our guidance for 2026 .

Speaker #2: Next one on Q2 Q2 alone grew 49% versus 41% in H1 . Is that quarterly acceleration mostly Q2 TB two driven or a genuine trend you expect to continue into Q3 , Q4

Speaker #1: Next one on Q2. Q2 alone grew 49%, versus 41% in H1. Is that quarterly acceleration mostly queued TB2-driven or a genuine trend you expect to continue into Q3 and Q4?

Moritz Verleger: Next one on Q2. Q2 alone grew 49% versus 41% in H1. Is that quarterly acceleration mostly Toniebox 2-driven or a genuine trend you expect to continue into Q3, Q4?

Speaker #1: Let me make sure I understand the question . So I think I have already mentioned that the the segment's generally benefited from a low comparison base , especially in Tony box sales during the first six months of last year .

Speaker #1: The reason for that is we had obviously spoken to all retailers across the world about the introduction of Tony Box two under embargo , and they knew that it would come and be presented in Q3 .

Tobias Wann: Let me make sure I understand the question. I think we have already mentioned that the segments generally benefited from a low comparison base, especially in Toniebox sales during the first six months of last year. The reason for that is we had obviously spoken to all retailers across the world about the introduction of Toniebox 2 under embargo. They knew that it would come and be presented in Q3. What they did not do knowing this, is ordering old Tonieboxes, Toniebox 1 specifically in the second quarter of 2025. While this period was heavily driven by Toniebox sales growth, let us make sure and to look at that comparison, but also let us make sure that we not forget the strong 43% constant currency figurine growth that we have seen in this quarter.

Speaker #2: Let me make sure I understand the question. So, I think we've already mentioned that the segments generally benefited from a low comparison base, especially in Toniebox sales during the first six months of last year.

Speaker #1: So what they did not do , knowing this is ordering olde Tony boxes . Tony Box one in specifically in the second quarter of 2025 .

Speaker #2: The reason for that is they had obviously spoken to all retailers across the world about the introduction of Toniebox 2 under embargo, and they knew that it would come and be presented in Q3.

Speaker #1: So While this period was heavily driven by Tony box sales growth , let's make sure . And to look at that comparison . But also let's make sure that we're not forget the strong 43% constant currency figurine growth that we've seen in this quarter .

Speaker #2: So what they did not do—knowing this—is ordering old Tonie Boxes to Tonie Box One, specifically in the second quarter of 2025.

Speaker #2: So while this period was heavily driven by Tony Box sales growth let's make sure and to look at that comparison but also let's make sure that we not forget the strong 43% constant currency figuring growth that we've seen in this quarter.

Speaker #1: I think this is I , I'm understanding the question , but I think we should not get too much on it because it is it's a it's a temporary effect .

Speaker #1: What we are showing all of you is a very strong underlying metric with our 20 box sales . And this is also what I mentioned in the presentation when I talked about the flywheel , the ever accelerating flywheel , the more boxes we have out there , the more continued business from figurines we can expect in the next 4 to 5 years with our subscription , like cohorts .

Speaker #2: I think this is I I'm here I'm understanding the question but I think we should not get hinged too much on it because it is it's a it's a temporary effect what we are showing all of you is a very strong underlying metric with our Tony Box sales and this is also what I mentioned in the presentation when I talked about the flywheel the ever accelerating flywheel the more boxes we have out there the more continued business from figurines we can expect in the next four to five years with our subscription like court and let's also say again 43% figuring growth this quarter is a very strong number.

Tobias Wann: I am understanding the question, but I think we should not get hinged too much on it because it is a temporary effect. What we are showing all of you is a very strong underlying metric with our Toniebox sales. This is also what I mentioned in the presentation when I talked about the flywheel and the ever-accelerating flywheel. The more boxes we have out there, the more continued business from figurines we can expect in the next four to five years with our subscription-like cohort. Let us also say it again, 43% figurine growth this quarter is a very strong number.

Speaker #1: And let's also say again . 43% figurine growth . This quarter is a very strong number

Speaker #2: Okay , the next one is on this football club called Bayern Munich . The Bayern Munich pocket . Tony seems to sell very well .

Speaker #2: Is sports licensing a new recurring content category ? And are there any differences in margin economics ?

Speaker #1: Okay , you may know more than I do , but we just started the sales . So yes , the initial the initial demand is I think we sold out our pre presale amount , but we will see how it will perform over the next couple months and quarters .

Speaker #1: Okay. The next one is on this football club called Bayern Munich. The Bayern Munich pocket Tony seems to sell very well. Is sports licensing a new recurring content category, and are there any differences in margin economics?

Moritz Verleger: Okay, the next one is on this football club called Bayern Munich. The Bayern Munich Pocket Tonie seems to sell very well. Is sports licensing a new recurring content category? Are there any differences in margin economics?

Speaker #1: But I am let's be clear , I am absolutely confident that it will sell very well . But let me quickly talk about the real important message behind all this sports licensing represents a significant future content driver .

Speaker #2: Okay. You may know more than I do but we just started the the sales so yes the initial the the initial demand is I think we sold out our pre pre sale amount but we will see how it will perform over the next couple months and quarters but I am let's be clear I am absolutely confident that it will sell very well.

Tobias Wann: Okay. You may know more than I do, but we just started the sale. Yes, the initial demand is, I think we sold out our presale amount. We will see how it will perform over the next couple months and quarters. Let's be clear, I am absolutely confident that it will sell very well. Let me quickly talk about the real important message behind all this. Sports licensing represents a significant future content driver. All of you who followed, obviously, the FIFA World Cup this summer or who follow other sports event know this is literally bringing the entire family together over a long period of time, and everybody's very emotionally attached to sports. With this, obviously, there's a key attractable interest among our target audience as well.

Speaker #1: And all of you who followed . Obviously , the FIFA World Cup this summer , or who follow other sports events . No .

Speaker #1: This is literally bringing the entire family together over a long period of time on . And everybody is very emotionally attached to sports .

Speaker #2: But let me quickly talk about the real important message behind all this. Sports licensing represents a significant future content driver, and all of you who follow, obviously, the FIFA World Cup this summer or who follow other sports events know this is literally bringing the entire family together over a long period of time, and everybody is very emotionally attached to sports.

Speaker #1: And with this , obviously there's a clear , trackable interest among our target audience as well . And Tony's as an ecosystem , the platform serves as an ideal platform for fostering fandom and , and also providing education .

Speaker #1: Maybe for more complex sports or an introduction into certain sports for children . Right . And obviously , what we do offer is a very unique off screen insight into teams , into stars , players whatsoever .

Speaker #2: And with this, obviously, there's a clear, trackable interest among our target audience as well. And Tonies, as an ecosystem, the platform serves as an ideal platform for fostering fandom.

Tobias Wann: Tonies, as an ecosystem, the platform serves as an ideal platform for fostering fandom and also providing education maybe for more complex sports or an introduction into certain sports for children. Right? Obviously what we do offer is a very unique off-screen insight into teams, into stars, players, whatsoever. This is an exciting vertical for us that we are looking to do a lot more, and we will be seeing pretty fascinating partnerships over the next years to come, I'm pretty sure.

Speaker #1: So this is a , this is a exciting vertical for us that we are looking to do a lot , lot more . And we will be seeing a pretty fascinating partnerships over the next years to come .

Speaker #2: And also providing education, maybe for more complex sports or an introduction to certain sports for children, right? And obviously, what we do offer is a very unique off-screen insight into teams, into star players, or whatsoever.

Speaker #1: I'm pretty sure I want to add , if I may expand on the margin economics . That was part of the question . And of course , we have a variety of margin implications across the portfolio , but that's the whole point .

Speaker #2: So, this is an exciting vertical for us that we are looking to do a lot more in, and we will be seeing pretty fascinating partnerships over the next years to come, I'm pretty sure.

Speaker #1: It's a portfolio and a much more important is that this helps us to satisfy more listening needs of our little listeners . That helps us with portfolio expansion , helps us with engagement and the small variations in margins are well covered with our higher expectation of margins for above the box and lower expectation of margins for the box .

Speaker #3: I want to add, if I may, and expand on the margin economics that were part of the question. Of course, we have a variety of margin implications across the portfolio.

Hansjörg Müller: I want to add, if I may expand on the margin economics, that was part of the question. Of course, we have a variety of margin implications across the portfolio, but that's the whole point. It's a portfolio. Much more important is that this helps us to satisfy more listening needs of our little listeners. That helps us with portfolio expansion, helps us with engagement, and the small variations in margins are well-covered with our higher expectation of margins for above-the-box and lower expectation of margins for the box.

Speaker #3: But that's the whole point. It's a portfolio. Much more important is that this helps us to satisfy more listening needs of our little listeners.

Speaker #1: Thank you . Antioch . Great . Good catch .

Speaker #3: That helps us with portfolio expansion, helps us with engagement, and the small variations in margins are well covered with our higher expectation of margins for above the box and lower expectation of margins for the box.

Speaker #2: Okay , the next one is slightly longer on guidance based on revenue of at least 760 million for the full year and adjusted EBITDA margin of roughly 13 to 16% , and adjusted EBITDA margin of roughly 13 to 16% is required for H2 to achieve the full year guidance range of 9 to 11% .

Speaker #2: Thank you. Great. Good catch.

Tobias Wann: Thank you, Hans-Jörg. Great. Good catch.

Tobias Wann: Thank you, Hansjörg. Great. Good catch.

Speaker #1: Okay. The next one is slightly longer on guidance. Based on revenue of at least $760 million for the full year and an adjusted EBITDA margin of roughly 13% to 16%, an adjusted EBITDA margin of roughly 13% to 16% is required for H2 to achieve the full year guidance range of 9% to 11%.

Moritz Verleger: The next one is slightly longer on guidance. Based on revenue of at least EUR 760 million for the full year, an adjusted EBITDA margin of roughly 13% to 16% is required for H2 to achieve the full year guidance range of 9% to 11%. What are the main assumptions behind the lower and the upper ends of your EBITDA guidance range? This is the first part. The second part is there a risk that box sales in H2 will dominate the sales mix to a degree that the margin guidance comes under threat given the new Toniebox Lite launch?

Speaker #2: What are the main assumptions behind the lower and the upper ends of your EBITDA guidance range ? This is the first part . The second part is is there a risk that box sales in H2 will dominate the sales mix to a degree that the margin guidance comes under threat , given the new TB like launch

Speaker #1: What are the main assumptions behind the lower and the upper ends of your EBITDA guidance range? This is the first part. The second part is: is there a risk that box sales in H2 will dominate the sales mix to a degree that the margin guidance comes under threat?

Speaker #1: Yeah , that's a meaty one . Let me try to unpack this . First of all , the assumptions in this question are right .

Speaker #1: And I'm thankful for the person who asked the question , because that obviously tells me you do perfectly understand our business model . And that's also what I try to say on the slide when I reconfirmed our our guidance , you all know we do say it again , more than two thirds of revenue in the second half and about 50% in the fourth quarter .

Speaker #1: Given the new TB Light launch.

Tobias Wann: Hmm. Yeah, that's a meaty one. Let me try to unpack this. First of all, the assumptions in these questions are right, and I'm thankful for the person who asked the question because that obviously tells me you do perfectly understand our business model, and that's also what I tried to say on the slide when I reconfirmed our guidance. You all know we do, I say it again, more than two-thirds of revenue in the second half and about 50% in the fourth quarter. That said, I want to repeat it. We are very confident in our guidance, and we have said it many times, and also the margin goals that we've put in there are the goals that we are very confident in sticking to.

Speaker #2: Yeah. That's a meaty one. Let me try to unpack this. First of all, the assumptions in this question are right. And I'm thankful for the person who asked the question because that obviously tells me you do perfectly understand our business model, and that's also what I tried to say on the slide when I reconfirmed our guidance.

Speaker #1: So what we are preparing for in H1 is really what we're earning in H2 when , when , when the sales , the real sales period starts .

Speaker #1: So That said , I want to repeat it . We are very confident in our guidance and we have said it many times and also the margin goals that we've put in there are the goals that we are very confident in sticking to the launch of Tony Box Light , of course , is included in there , and we knew that when we came out with the budget for 2026 and when we came out with the guidance and everything , we obviously knew that we will have Toni Box Light being launched and presented in the third quarter of this year .

Speaker #2: You all know we do—say it again—more than two thirds of revenue in the second half, and about 50% in the fourth quarter.

Speaker #2: So, what we are preparing for in H1 is really what we're earning in H2, when the real sales period starts.

Speaker #2: So, that said, I want to repeat it. We are very confident in our guidance, and we have said it many times. Also, the margin goals that we've put in there are goals that we are very confident in sticking to.

Speaker #2: The launch of Toniebox Light, of course, is included in there, and we knew that when we came out with the budget for 2026. When we came out with the guidance and everything, we obviously knew that we would have Toniebox Light being launched and presented in the third quarter of this year, right.

Tobias Wann: The launch of Toniebox Lite, of course, is included in there, and we knew that when we came out with the budget for 2026, and when we came out with the guidance and everything. We obviously knew that we will have Toniebox Lite being launched and presented in the Q3 of this year. The range, I think this is what you're specifically asking for. It's just reflective of the fact that we have had a very strong H1 and we are confident in our H2 with a strong pipeline in Q3 and Q4 revenues. There is lots of profitability drivers, and we'll then see how they all play out, but we are very confident that we'll land in this range.

Speaker #1: Right ? So the range , I think this is what you specifically asking for is just reflective of the fact that we have had a very strong H1 , and we are confident in our H2 , H2 with a strong pipeline , and Q3 and Q4 revenues .

Speaker #1: So there is lots of profitability drivers , and we'll then see how they all play out . But we are very confident that we'll land in this range

Speaker #2: So the range, I think this is what you're specifically asking for, is just reflective of the fact that we have had a very strong H1, and we are confident in our H2—with a strong pipeline and Q3 and Q4 revenues. So there are lots of profitability drivers, and we'll then see how they all play out, but we are very confident in the range.

Speaker #2: Okay .

Speaker #3: If I may add also here , because there's a ask a mention of risk . And is there a risk that box sales would dominate the sales mix here ?

Speaker #3: I would just add , of course , we appreciate to drive in install base . That's what we want . At the same time , install base doesn't double overnight .

Speaker #1: Okay.

Moritz Verleger: Okay.

Speaker #3: If I may add also here, because there's an ask or mention of risk— is there a risk that box sales would dominate the sales mix here? I would just add, of course, we appreciate driving install base; that's what we want. At the same time, install base doesn't double overnight, so it doesn't really come at a risk that, suddenly or surprisingly, for example, box sales would be dominating our sales.

Hansjörg Müller: If I may add also here, because there's an ask or mention of risk. Is there a risk that box sales would dominate the sales mix? Here I would just add, of course, we appreciate to drive install base. That's what we want. At the same time, install base doesn't double overnight, so it doesn't really come at a risk that suddenly or surprisingly, for example, dominating our sales. We're talking in margins here.

Speaker #3: So it doesn't really come at a risk that suddenly or surprisingly , for example , dominating our sales , we are we're talking in margins here .

Speaker #1: Thank you

Speaker #2: Okay , next one on segments , all segments showed , quote , nice operating leverage in H1 . However , corporate headquarter costs were up four X year over year to 20.1 million .

Speaker #2: Can you elaborate a bit what the drivers here were and how we should expect corporate HQ costs to develop in H2 and beyond ?

Speaker #3: We're talking in margins here.

Speaker #2: Thank you.

Tobias Wann: Thank you, Hans-Jörg.

Tobias Wann: Thank you, Hansjörg.

Speaker #1: Okay, next one on segments. All segments showed, quote, nice operating leverage in H1. However, corporate headquarter costs were up 4x year-over-year to €20.1 million.

Moritz Verleger: Okay, next one on segments. All segments showed, quote, "Nice operating leverage in H1." However, corporate headquarter costs were up 4x year-over-year to EUR 20.1 million. Can you elaborate a bit what the drivers here were and how we should expect corporate HQ costs to develop in H2 and beyond?

Speaker #1: Yeah , I think you spoke about that . So I give it back to you so you can maybe repeat what . Yeah .

Speaker #3: In fact , I saw the question pop up in the live stream before we actually got to the slide . So I think I covered it , but let me repeat .

Speaker #1: Can you elaborate a bit on what the drivers here were, and how we should expect corporate HQ costs to develop in H2 and beyond?

Speaker #3: So again , we had last year , one of benefits that didn't reoccur this year . We have this year , one of expense that our timing driven weren't there last year , nor going forward , most of it related to fixed term contracts and fixed projects that are independent of the structural performance of our segments .

Speaker #2: Yeah, I think, Hans, you spoke about that, so I'll give it back to you so you can maybe repeat what that was.

Tobias Wann: Yeah. I think Hans-Jörg, you spoke about that, so I give it back to you so you can maybe repeat what that is.

Tobias Wann: Yeah. I think Hansjörg, you spoke about that, so I give it back to you so you can maybe repeat what that is.

Hansjörg Müller: Yeah. In fact, I saw the question pop up in the live stream before we actually got to the slide. I think I covered it, but let me repeat. Again, we had last year one-off benefits that did not reoccur this year. We have this year one-off expenses that are timing driven, were not there last year, nor for going forward, most of it related to fixed term contracts and fixed projects that are independent of the structural performance of our segments. That is why we keep these in the corporate HQ bucket for exactly that purpose, so we can clean and transparently steer our segments. To the question, what do we expect for the year? We expect a similar dynamic as last year. We are on the same trajectory, and again, we are covered for our headquarter costs in our guidance. Hope that explains.

Speaker #3: Yeah. In fact, I saw the question pop up in the live stream before we actually got to the slide, so I think I covered it, but let me repeat.

Speaker #3: So again, we had last year one-off benefits that didn't reoccur this year. We have this year one-off expenses that are timing-driven, which weren't there last year nor going forward.

Speaker #3: That's why we keep these in the corporate HQ bucket for exactly that purpose . So we can clean and transparently steer our segments .

Speaker #3: But to the question , what do we expect for the year ? We expect a similar dynamic as last year . We're in the same trajectory .

Speaker #3: Most of it relates to fixed-term contracts and fixed projects that are independent of the structural performance of our segments. That's why we keep these in the corporate HQ bucket.

Speaker #3: And again , we're covered for our headquarter costs in our guidance . Hope that explains

Speaker #3: For exactly that purpose, so we can clean and transparently steer our segments. But to the question—what do we expect for the year? We expect a similar dynamic as last year.

Speaker #2: Okay , the next one is also longer . One . I will split it in three parts . Interest expense increased significantly in H2 due to changes in the fair value measurement of the warrants .

Speaker #3: We're on the same trajectory, and again, we're covered for our headquarter cost in our guidance. Hope that explains.

Speaker #2: Where these provisions build for the warrants as they are in the money now , this is the first question on provision .

Speaker #1: I'm just want to quickly take this one .

Speaker #1: Okay. The next one is also longer one. I will split it in three parts. Interest expense increased significantly in H2 due to changes in the fair value measurement of the warrants.

Moritz Verleger: Okay, the next one is also a longer one. I will split it in three parts. Interest expense increased significantly in H2 due to changes in the fair value measurement of the warrants. Were these provisions built for the warrants as they are in the money now? This is the first question on provision.

Speaker #3: Happy to do that . So I think as already talked to in prior calls , yes , we have the so-called warrants on our balance sheet and they revalue every half year .

Speaker #1: Were these provisions built for the warrants, as they are in the money now? This is the first question on provision.

Speaker #3: It's in fact an externally validated valuation . We don't do this ourselves that we have to perform . And as share price increases , our liability , our warrant liability increases as we had share price increases over the last half year , our warrant liability increased .

Tobias Wann: Hans-Jörg, you want to quickly take this one?

Tobias Wann: Hansjörg, you want to quickly take this one?

Speaker #2: Hans, do you want to quickly take this one?

Speaker #3: Happy to do that. So I think, as already mentioned in prior calls, yes, we have the so-called warrants on our balance sheet, and they are revalued every half year.

Hansjörg Müller: Happy to do that. I think as already talked to in prior calls, yes, we have the so-called warrants on our balance sheet, and they revalue every half year. It is, in fact, an externally validated valuation, we do not do this ourselves, that we have to perform. As share price increases, our warranty liability increases. As we had share price increases over the last half year, our warrant liability increased. That has a negative P&L effect. This is what we see at the end of H1. To the question, is there any risk behind it for the year? My clear answer is no. Why no? Because our intention is to settle these warrants with already existing treasury shares. Again, there are simulations on how we will do this exactly. So this will have a very limited effect on our corporate structure and our financing structure.

Speaker #3: That has a negative effect . This is what we see at the end of half year one . So the question is there any risk behind it for the year ?

Speaker #3: It's, in fact, an externally validated valuation. We don't do this ourselves; that we have to perform. And as share price increases, our liability—our warrant liability—increases.

Speaker #3: My clear answer is no . Why no ? Because our intention is to settle these warrants with already existing Treasury shares . And again , there's simulations on how we will do this .

Speaker #3: As we had share price increases over the last half year, our warrant liability increased. That has a negative P&L effect. This is what we see at the end of half year one.

Speaker #3: Exactly . So this will have a very limited effect on our corporate structure and our financing structure . In fact , it will simplify it from a personal perspective .

Speaker #3: To the question, is there any risk behind it for the year? My clear answer is no. Why no? Because our intention is to settle these warrants with already existing treasury shares.

Speaker #3: Again , as this liability warrant liability will then go to zero when they are in the money or are they expire . This will reverse the PNL effect and this will mean for the year it will be a positive net income driver for the year .

Speaker #3: And again, there are simulations on how we will do this exactly. So, this will have a very limited effect on our corporate structure and our financing structure.

Speaker #3: But after that we will have no more volatility from this . So no liquidity risk related to this . And in fact , no , there's PNL volatility due to the revaluation .

Speaker #3: In fact, it will simplify it. From a P&L perspective, again, as this warrant liability will then go to zero when they are in the money or either expire.

Hansjörg Müller: In fact, it will simplify it from a P&L perspective, as this warrant liability will then go to zero when they are in the money or either expire. This will reverse the P&L effect, and this will mean for the year, it will be a positive net income driver for the year. But after that, we will have no more volatility from this. No liquidity risk related to this, and in fact, there is P&L volatility due to the revaluations. But for the year, we are expecting net positive impact.

Speaker #3: But for the year we're expecting net positive impact .

Speaker #3: This will reverse the P&L effect, and this will mean that for the year, it will be a positive net income driver. But after that, we will have no more volatility from this.

Speaker #2: Okay . Perfect . So you already covered the follow up questions on liquidity and net income . Let's move on to one question on the tbe light again would you argue that the customer demographic for the Tbe light is fundamentally different from tbe two , meaning going beyond the family that is merely seeking a product that is more accessible from a financial perspective .

Speaker #3: So, no liquidity risk related to this, and in fact, no, there's P&L volatility due to the revaluations, but for the year we're expecting a net positive impact.

Speaker #1: Okay, perfect. So, you already covered the follow-up questions on liquidity and net income. Let's move on to one question on the TB light again.

Moritz Verleger: Okay, perfect. You already covered the follow-up questions on liquidity and net income. Let us move on to one question on the Toniebox Lite again. Would you argue that the customer demographic for the Toniebox Lite is fundamentally different from Toniebox 2, meaning going beyond the family that is merely seeking a product that is more accessible from a financial perspective? If so, how? What makes you confident that cannibalization of these sales can be prevented?

Speaker #2: And if so , how ? What makes you confident that cannibalization of these sales can be prevented

Speaker #1: Would you argue that the customer demographic for the TB Light is fundamentally different from TB2, meaning going beyond the family that is merely seeking a product that is more accessible from a financial perspective? And if so, how? What makes you confident that cannibalization of these sales can be prevented?

Speaker #1: I'm happy to take this one . So tbe light . As I said , sits at a different price point and serves a different use case at 20 bucks to .

Speaker #1: It's important to understand , right ? It's not only the price , it's a use case and the price . So the use case is , as I said , second box in the household , something that is more compact , lighter on the go A gifting occasion then rather like for like replacement that you would probably normally see when you when you look at the family primary box , our research that we have done in a large extent , this is real conviction that a meaningful share of demand is coming from households and price segments that we weren't able to fully serve with .

Tobias Wann: Happy to take this one. Toniebox Lite, as I said, sits at a different price point and serves a different use case at Toniebox 2. It is important to understand. It is not only the price, it is a use case and the price. The use case is, as I said, second box in the household, something that is more compact, lighter, on the go, a gifting occasion, rather than like for like replacement that you would probably normally see when you look at the family primary box. Our research that we have done in large extent, gives us real conviction that a meaningful share of demand is coming from households and price segments that we were not able to fully serve with Toniebox 2 alone. There is a natural overlap by design, as you see that with any line extension, I believe.

Speaker #2: Happy to take this one. So TB Light, as I said, sits at a different price point and serves a different use case than Tony Box 2.

Speaker #2: It's important to understand right it's it's it's not only the price it's a use case and the price. So the use case is as I said second box in the household something that is more compact lighter on the go a gifting occasion then rather like for like replacement that you would probably normally see when you when you look at the family primary box.

Speaker #1: Tony Box two alone . So there is a natural overlap by design . And you , as you see that with any line extension , I believe .

Speaker #2: Our re our research that we have done in in in in in large extent gives us real conviction that a meaningful share of demand is coming from households and price segments that we burned able to fully serve with Tony Box 2 alone.

Speaker #1: But we do expect a net effect on the ecosystem . And that is something that is clearly positive for us . I want to want to make this very clear .

Speaker #1: There's a clear net positive effect with the introduction of Tony Box light .

Speaker #2: So, there is a natural overlap by design, and you would see that with any line extension, I believe. But we do expect a net effect on the ecosystem, and that is something that is clearly positive for us.

Speaker #2: Okay . And one follow up on tbe light with TV light price below TV two to remove the price barrier , doesn't that pressure blended gross margin and average sales price further into H2 and 2027 ?

Tobias Wann: We do expect a net effect on the ecosystem, and that is something that is clearly positive for us. I want to make this very clear. There is a clear net positive effect with the introduction of Toniebox Lite.

Speaker #2: I want to make this very clear: there's a clear net positive effect with the introduction of Toniebox Light.

Speaker #1: Do you want to take that one ?

Speaker #3: Pricing ? Great question . Again . And again , I approach this more from how does the business model work right ? Every portfolio expansion initiative that helps us drive , install base in this case , with our second box in the ecosystem is something that we highly welcome .

Speaker #1: Okay. And one follow-up on TB Light. With TB Light priced below TB2 to remove the price barrier, doesn't that pressure blended gross margin and average sales price further into H2 and 2027?

Moritz Verleger: Okay, and one follow-up on Toniebox Lite. With Toniebox Lite priced below Toniebox 2 to remove the price barrier, doesn't that pressure blended gross margin and average sales price further into H2 in 2027?

Speaker #2: Hans, do you want to take that one on pricing?

Tobias Wann: Hans-Jörg, you want to take that one pricing?

Tobias Wann: Hansjörg, you want to take that one pricing?

Speaker #3: Of course , we do not want to lose margin on the box , and we do not . Right ? So even even on the box , we don't have a negative margin , but yes , it's a lower margin than on the Tony's or the figurines .

Hansjörg Müller: Great question. Again, I approach this more from how does the business model work. Every portfolio expansion initiative that helps us drive install base, in this case, with our second box in the ecosystem, is something that we highly welcome. Of course, we do not want to lose margin on the box, and we do not. So even on the box, we don't have a negative margin. But yes, it's a lower margin than on the Tonies or the figurines. That is the business model, meaning we factored that in. We've planned for that as we continue to build out install base. Toniebox 2 and Toniebox Lite have structurally a lower margin profile than the attach. But it's not that because of the introduction of Toniebox Lite, this would deteriorate our overall or average portfolio. No.

Speaker #3: Great, great question. Again and again, I approach this more from how does the business model work, right? Every portfolio expansion initiative that helps us drive install base—in this case with our second box in the ecosystem—is something that we highly welcome.

Speaker #3: That is the business model , meaning we factored that in . We planned for that as we continue to build out install base .

Speaker #3: Tony box two and TV light have structurally a lower margin profile than the attach , but it's not that because of the introduction of TV light , this would deteriorate or our overall or average portfolio .

Speaker #3: Of course, we do not want to lose margin on the box, and we do not, right? So even on the box, we don't have a negative margin.

Speaker #3: But yes, it's a lower margin than on the Tonies or the figurines. That is the business model, meaning we factored that in. We've planned for that as we continue to build out the install base.

Speaker #3: No , it is as planned . Part of our portfolio expansion strategy and beautifully contributing to our very profitable cohort sales in the future .

Speaker #3: Tony Box 2 and TB Light have structurally a lower margin profile than the Attach, but it's not that, because of the introduction of TB Light, this would deteriorate our overall or average portfolio. No, it is as planned—part of our portfolio expansion strategy and beautifully contributing to our very profitable cohort sales in the future.

Speaker #2: Okay . Due to timing , one last question . Sorry we couldn't answer all questions . If they are still important , feel do please feel free to follow up .

Hansjörg Müller: It is as planned, part of our portfolio expansion strategy, and beautifully contributing to our very profitable cohort sales in the future.

Speaker #2: If you don't follow up . We we assume it's not that important . Last one is on EBITDA in North America . Why did the EBITDA margin in North America decrease in H1 despite higher volumes

Speaker #1: Okay. Due to timing, one last question. Sorry we couldn't answer all questions. If there are still important ones, please feel free to follow up. If you don't follow up, we assume it's not that important.

Moritz Verleger: Okay, due to timing, one last question. Sorry we could not answer all questions. If they are still important, please feel free to follow up. If you do not follow up, we assume it is not that important. Last one is on EBITDA in North America. Why did the EBITDA margin in North America decrease in H1 despite higher volumes?

Speaker #1: And good tradition ? I'm happy to take the last one and I have to say that's not quite correct . I appreciate the question , but if you remember what Hans-joerg had shown , the EBITDA margin in North America did not materially change year on year .

Speaker #1: The last question is on EBITDA. In North America, why did the EBITDA margin decrease in H1 despite higher volumes?

Speaker #1: Remember that in the segment reporting that showed . And so the question is probably more like , why did you not see improved year on year margins in North America ?

Speaker #2: Yeah. In good tradition, I'm happy to take the last one. And I have to say that's not quite correct. I appreciate the question, but if you remember what Hans Jörg had shown, the EBITDA margin in North America did not materially change year on year.

Tobias Wann: In good tradition, I am happy to take the last one. I have to say that is not quite correct. I appreciate the question, but if you remember what Hansjörg had shown, the EBITDA margin in North America did not materially change year-on-year. You remember that slide in the segment reporting that Hansjörg showed. The question is probably more like, why did you not see improved year-on-year margins in North America? There is a clear explanation to this. One, as Hansjörg had also mentioned, the tariff impacts. We are not seeing any of those tariff impacts in H1 2025. The products we sold in H1 2025 in North America, the country with the tariffs, were products that we had produced and shipped and sold to the North American consumers and retailers without tariffs.

Speaker #1: And there is a clear explanation to this one . As Sanjit also mentioned , the tariff impacts . We were not seeing any of those tariff impacts in the in each one of 2025 .

Speaker #2: You remember that slide in the segment reporting that Hans Jörg showed. So the question is probably more like, why did you not see improved year-on-year margins?

Speaker #1: So the products we sold in H1 2025 in North America , the country with the tariffs were products that that we had produced and shipped and sold to the North American consumers and retailers without tariffs .

Speaker #2: In North America, and there is a clear explanation to this. One, as Hans Jörg had also mentioned, is the tariff impacts. We were not seeing any of those tariff impacts in the first half of 2025.

Speaker #1: And then there's a second element that we probably talked about a lot today , which which you by now also know is the product mix , right ?

Speaker #2: So, the products we sold in H1 2025 in North America, the country with the tariffs, were products that we had produced and shipped and sold to the North American consumers and retailers without tariffs.

Speaker #1: So we , we have had a product mix shift to boxes in H1 2026 . And this might temporarily , I'm using this word by design temporarily have an impact on EBITDA margin , but this is a good thing for us as a business .

Speaker #2: And then there's a second element that we probably talked about a lot today, which, by now, you also know is the product mix, right?

Tobias Wann: Then there is a second element that we probably talked about a lot today, which you by now also know is the product mix. We had a product mix shift to boxes in H1 2026. This might temporarily, I am using this word by design, temporarily have an impact on EBITDA margin, but this is a good thing for us as a business. This is, as I like to say, a sign of very healthy growth for the periods to come. Love this question. It is a good question to end on. Thank you, Moritz.

Speaker #1: This is , as I like to say , a sign of very healthy growth for the periods to come . Love this question .

Speaker #2: So, we have had a product mix shift to boxes in H1 2026. This might temporarily—I'm using this word by design, temporarily—have an impact on EBITDA margin, but this is a good thing for us as a business.

Speaker #1: It's a good question to end on . Thank you . Moritz

Speaker #2: Okay , so this concludes our Q&A session . As already mentioned , in case of open questions , please do feel free to follow up before Tobias finishes with the key takeaways .

Speaker #2: This is, as I like to say, a sign of very healthy growth for the periods to come. Love this question. It's a good question to end on.

Speaker #2: Let me quickly highlight the next events to come on September 1st , we will be at the Stockholm Seminar . Yes , in Stockholm .

Speaker #2: Thank you Moritz.

Speaker #2: And this is followed by the corporate conference organized by Commerzbank and Otto in Frankfurt on September 2nd . We finished off the September conferences with the Bernbach and Goldman German Corporate Conference in Munich on September 21st , and in November we will organize the US road show together with Cantor in New York and Oddo in Boston and Chicago .

Speaker #1: Okay, so this concludes our Q&A session. As already mentioned, in case of open questions, please do feel free to follow up. Before Tobias finishes with the key takeaways, let me quickly highlight the next events to come.

Moritz Verleger: Okay, this concludes our Q&A session. As already mentioned, in case of open questions, please do feel free to follow up. Before Tobias finishes with the key takeaways, let me quickly highlight the next events to come. on 1 September, we will be at the Berenberg Stockholm Seminar, yes, in Stockholm. This is followed by the corporate conference organized by Commerzbank and Oddo BHF in Frankfurt on 2 September. We finish off the September conferences with the Berenberg and Goldman Sachs German Corporate Conference in Munich on 21 September. In November, we will organize the US roadshow together with Cantor Fitzgerald in New York and Oddo BHF in Boston and Chicago. So feel free to reach out to any of these brokers to schedule a meeting. Tobias, please take over again for the key takeaways and final remarks.

Speaker #1: On September 1st, we will be at the Bernbrook Stockholm seminar—yes, in Stockholm. This is followed by the corporate conference organized by Commerzbank and Odo in Frankfurt on September 2nd.

Speaker #2: So feel free to reach out to any of these brokers to schedule a meeting . So to be us , please take over again for the key takeaways and final remarks .

Speaker #1: We finish off the September conferences with the Bernbrook and Goldman German Corporate Conference in Munich on September 21st. In November, we will organize the US roadshow together with Kanto in New York and Odo in Boston and Chicago, so feel free to reach out to any of these brokers to schedule a meeting.

Speaker #1: Thank you . Moritz and again , in good tradition , let me close today's call with the five key takeaways . I want you to take home here .

Speaker #1: First , we shared a bold mid-term ambition at our first capital market days in June . We had said we would do more than 1.4 billion in revenues by 2030 , and an adjusted EBITDA margin of 16 to 18% .

Speaker #1: So, Tobias, please take over again for the key takeaways and final remarks.

Speaker #2: Thank you, Moritz, and again, in good tradition, let me close today's call with the five key takeaways I want you to take home here.

Tobias Wann: Thank you, Moritz. Again, in good tradition, let me close today's call with the five key takeaways I want you to take home here. First, we shared a bold midterm ambition at our first Capital Markets Day in June. We had said we would do more than EUR 1.4 billion in revenues by 2030 and an adjusted EBITDA margin of 16% to 18% midterm. These ambitions are rooted in our clear priorities that are all progressing as planned. Second, Toniebox Lite is out there. It will drive acquisition and retention, and it changes the shape of our market. Two devices on the shelf mark the beginning of our true multi-device ecosystem. Third, our IP pipeline is probably the strongest we ever had going into the H2. The impact of Bluey, Pokémon, and our Hasbro games will be felt going forward.

Speaker #1: Mid-Term . These ambitions are rooted in our clear priorities that are all progressing as planned . Second box light is out there . It will drive acquisition and retention , and it changes the shape of our market .

Speaker #2: First, we shared a bold midterm ambition at our first Capital Markets Day in June. We said we would achieve more than €1.4 billion in revenues by 2030, and an adjusted EBITDA margin of 16% to 18% midterm.

Speaker #1: Two devices on the shelf marked the beginning of our true multi-device ecosystem . Third , our IP pipeline is probably the strongest we ever had going into the second half .

Speaker #2: These ambitions are rooted in our clear priorities that are all progressing as planned. Second, Tony Box light is out there; it will drive acquisition and retention, and it changes the shape of our market. Two devices on the shelf mark the beginning of our true multi-device ecosystem.

Speaker #1: The impact of Bluey Pokemon and our Hasbro games will be felt going forward . And there's , for the first time , serialized sports content with Bayern Munich .

Speaker #1: And so much more to come above the box . Fourth , we are growing strong and profitably . DAC grew 26% with a household penetration of approximately 60% .

Speaker #2: Third, our IP pipeline is probably the strongest we’ve ever had going into the second half. The impact of Bluey, Pokémon, and our Hasbro games will be felt going forward.

Speaker #1: If our most established market can do that every other market has even more runway , and our half year results prove it . And fifth , quite simply , Tonies delivers .

Speaker #2: And it is for the first time serialized sports content with Bayern Munich, and so much more to come above the box. Fourth, we're growing strong and profitably.

Tobias Wann: There is, for the first time, serialized sports content with Bayern Munich, and so much more to come above-the-box. Fourth, we are growing strong and profitably. DACH grew 26% with a household penetration of approximately 60%. If our most established market can do that, every other market has even more runway, and our half year results prove it. Fifth, quite simply, tonies delivers. The team is ready for a very strong finish to 2026. We are confirming our guidance and building our ecosystem and building up our international footprint and further building our financial model. We are building even more what I always like to say, we are building a global icon. Thank you for your attention and your interest in our company. Looking forward to catching up with you soon. Have a great rest of your day.

Speaker #1: The team is ready for a very strong finish to 2026 . We are confirming our guidance in building our ecosystem and building up our international footprint in further building our financial model .

Speaker #2: DACH grew 26%, with a household penetration of approximately 60%. If our most established market can do that, every other market has even more runway.

Speaker #1: We are building even more . What I always like to say , we are building a global icon . Thank you for your attention and your interest in our company Looking forward to catching up with you soon .

Speaker #2: And our half-year results prove it. And fifth, quite simply, Tonies delivers. The team is ready for a very strong finish to 2026. We are confirming our guidance and building our ecosystem, building up our international footprint, and further building our financial model. We are building even more—what I always like to say, we are building a global icon.

Speaker #2: Thank you for your attention. And your interest in our company. Looking forward to catching up with you soon. Have a great rest of your day.

Operator: Goodbye

Operator: Goodbye.

Browse all earnings call transcripts

Q2 2026 tonies SE Earnings Call

Request TrialDemo

tonies

Earnings