Tonies targets 1.4 billion euro revenue by 2030

Tonies, the maker of audio entertainment boxes for children, has set a target to double its revenue to 1.4 billion euros by 2030. The company, currently valued at 1.8 billion euros with its stock up 40% this year, expects growth to come primarily from existing markets and product portfolios rather than new country launches. Hans-Jörg Müller, Tonies’ CFO, noted that the company has achieved approximately 60% penetration in households with children in Germany, compared to 10-15% in North America. The business model relies on a cohort dynamic where each sold box generates approximately 20 attached products over 4.5 years. Müller projects a near-doubling of adjusted EBITDA margins in the medium term, driven by product mix and scale effects. As the installed base grows, the number of high-margin attached products sold increases faster than low-margin boxes, improving overall profitability. He expects the profit increase to be split evenly between margin growth and scale effects. The company maintains a broad catalog with 300-400 licensing partners, including Disney and Monopoly, while keeping licensing costs at 27 million euros in the first half of the year against 250 million euros in revenue. Tonies launched the Tonybox 2, certified for children aged one and older, and introduced new lines such as 'My First Tonies' for toddlers. All attached products are backward compatible across box generations, avoiding the console-cycle dependency seen in competitors like Nintendo. In 2025, Tonies reported a negative EBIT of 7 million euros in the first half, but a positive EBIT of 30 million euros for the full year, reflecting the seasonal nature of the business.