Tonies (1K) | Buy | Still early in the growth journey

研报英文原文证据摘录

Tonies (1K) | Buy | Still early in the growth journey

sible device, designed to broaden the

addressable market and support multi-device ownership within households. While details

remain limited for now, this confirms that Tonies is moving from a single-device proposition

towards a broader multi-device ecosystem.

Content and IP partnerships: Tonies Studio is becoming a key strategic asset, combining

storytelling, child-development expertise and an audio-first approach. The company now

works with more than 350 partners and is increasingly viewed as a creative partner rather

than only a distribution platform. Pokémon, Bluey, Hasbro and Sleepy Friends illustrate how

Tonies can combine global IPs with proprietary content development. The Pokémon launch

this summer should be an important milestone, with four exclusive collectible Tonies and a

dedicated audio-first storytelling approach.

International expansion: International expansion remains the largest growth driver. The US

is the biggest near-term opportunity, with only c.12% household penetration versus c.58% in

DACH. The global opportunity remains significant, with more than 570m addressable

households worldwide. Tonies plans to launch in at least two new markets by the end of 2027

and aims to be present across all major regions by 2030. That said, the 2030 revenue ambition

is expected to be driven mainly by existing markets and new products, while new market

launches should contribute more gradually given the time required to build the installed base.

US opportunity: The US playbook appears increasingly repeatable. Tonies has built a strong

retail footprint with Target, Walmart and Amazon, which together cover a large share of the US

preschool market.