This article first appeared on GuruFocus .
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Revenue:Group revenue reached EUR243 million in H1 2026, up 41% in constant currency.
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Segment Revenue:North America grew 57%, DACH grew 26%, and Rest of World grew 43% in constant currency.
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Toniebox Revenue:Increased by 69% year-over-year in constant currency to EUR57 million.
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Tonies (Above-the-Box) Revenue:Increased by 36% to EUR177 million in constant currency.
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Accessories Revenue:Grew by 15% year-over-year in constant currency.
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Gross Margin:Came in at 64.3%, down from 70.9% in the prior year, impacted by tariffs and product mix shift.
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Adjusted EBITDA Margin:Reported at 0.7% for H1 2026, in line with expectations.
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Q2 Revenue:Group revenue increased by 49% in constant currency, with North America growing 85%.
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Q2 Toniebox Revenue:Grew by 76% in constant currency.
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DACH EBITDA Margin:Improved by nearly 8 percentage points to 24.4% in H1 2026.
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International Revenue Share:Increased by 3 percentage points to 63%.
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Full-Year Guidance:Confirmed at least 20% constant currency growth, more than EUR760 million in revenue, and adjusted EBITDA margin between 9% and 11%.
Release Date: August 20, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Q & A Highlights
Q: Based on revenue of at least EUR760 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 upper end of your EBITDA guidance range? 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? A: CEO Tobias Wann confirmed the guidance, stating that the assumptions in the question are correct and that the company is very confident in its targets. He reiterated that more than two-thirds of revenue is generated in H2, with about 50% in Q4, and that the Toniebox Lite launch was already factored into the 2026 budget and guidance. CFO Hansjorg Muller added that there is no risk of box sales dominating the mix, as the installed base does not double overnight, and the margin impact is planned for as part of the portfolio expansion strategy.
Q: Why will the Toniebox Lite not be launched in DACH or France, given the high penetration in the DACH region? Don't you think this is a great way to increase multi-device ownership? A: CEO Tobias Wann explained that the Toniebox Lite is initially launching in North America, the UK, Australia, and New Zealand to validate consumer response before a potential rollout to other markets. He noted that in DACH, there is already high penetration of multiple Tonieboxes per household, so families wanting a second or third box are already finding their way to that within the existing setup, giving confidence that no obvious multi-device demand is being left on the table.
Q: 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? A: CFO Hansjorg Muller explained that the lower free cash flow was driven by the typical seasonal working capital buildup, which was more pronounced this year due to tentpole launches occurring earlier than in the prior year, including Bluey, Hasbro, Pokemon, and Toniebox Lite. He noted that this is a timing effect related to inventory buildup, and for the full year, the company expects cash flow to be positive, in line with prior communication.
Q: 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? A: CEO Tobias Wann stated that the company has secured sufficient volume for this year's sales and production and is already confirming volumes for 2027, providing certainty for both volume and price. He emphasized that this is covered in the 2026 guidance, and the company is well-positioned to manage the memory chip situation.
Q: 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 and Q4? A: CEO Tobias Wann explained that the acceleration was partly due to a low comparison base, as retailers delayed orders of Toniebox 1 in Q2 2025 in anticipation of Toniebox 2. However, he highlighted the strong 43% constant currency figurine growth in the quarter, which demonstrates the underlying strength of the flywheel model, where more boxes in the market drive continued figurine sales for years to come.
Q: The Bayern Munich Pocket tonies seems to sell very well. Is sports licensing a new recurring content category? And are there any differences in margin economics? A: CEO Tobias Wann confirmed that sports licensing represents a significant future content driver, with the Bayern Munich partnership being the debut of serialized sports content. He noted that sports deeply connects to local culture and offers opportunities for real-life immersion. CFO Hansjorg Muller added that while there are margin variations across the portfolio, the small differences are well covered by the higher margins expected from above-the-box sales versus lower margins on the box itself.
Q: All segments showed nice operating leverage in H1. However, corporate headquarter costs were up 4 times year over year to EUR20.1 million. Can you elaborate on the drivers and how we should expect corporate HQ costs to develop in H2 and beyond? A: CFO Hansjorg Muller explained that last year had one-off benefits that did not reoccur this year, while this year had one-off expenses related to timing, including fixed-term contracts and projects independent of segment performance. He confirmed that for the full year, headquarter costs are on a similar trajectory as last year and in line with expectations, with these costs covered in the guidance.
Q: 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? A: CFO Hansjorg Muller confirmed that the warrants are revalued every half year through an externally validated valuation. As the share price increased, the warrant liability increased, creating a negative P&L effect. However, he clarified that the company intends to settle these warrants with existing treasury shares, which will have a limited effect on corporate and financing structure. For the year, this will be a net positive income driver, and after settlement, there will be no more volatility from this item.
Q: Would you argue that the customer demographic for the Toniebox Lite is fundamentally different from Toniebox 2, and what makes you confident that cannibalization of these sales can be prevented? A: CEO Tobias Wann explained that Toniebox Lite serves a different use case and price point, targeting second-box households, portability, and gifting occasions rather than being a like-for-like replacement. He noted that research gives conviction that a meaningful share of demand comes from households and price segments that were not fully served by Toniebox 2 alone, and while there is a natural overlap, the net effect on the ecosystem is clearly positive.
Q: 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 and 2027? A: CFO Hansjorg Muller explained that while the box has a lower margin profile than figurines, the company does not lose margin on the box itself. The introduction of Toniebox Lite is part of the planned portfolio expansion strategy, contributing to profitable cohort sales in the future. He emphasized that the lower margin on boxes is factored into the business model and does
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
