CMD feedback: Music to the ears, raising ests and PT

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CMD feedback: Music to the ears, raising ests and PT

Consumer

tonies SE (TNIE GR)

EQUITY RESEARCH Company Update

June 19, 2026

CMD feedback: Music to the ears, raising ests and PT Price: €12.52

Price Target: €20.00 (From €18.00) Product innovation, IP growth and international expansion should be the

Rating: Overweight key growth drivers for a 17% sales CAGR to at least 1.4bn sales 25-30E.

Key Statistics: With a TAM of 570m+ households with children in the target age range

Symbol XETRA: TNIE GR globally and >12m Tonieboxes in homes today (alongside >165m Tonies

52-Week Range 5.55 - 13.16 sold), there is substantial room to grow. During the CMD, Toniebox Lite was

Market Cap 1,588.1 announced - a smaller, compact version of the classic Toniebox, positioned ADV (3 mo) 163,623

as an accessible, lower-priced entry point launching later this year, suited to Shares Out (M) 126.8

travel and on-the-go use, second locations (e.g. grandparents, living room).

In our view, cannibalisation effects are seen to be limited as Toniebox Lite Research Analysts:

should be added to the existing installed base, lowering the barrier to entry. Christian Salis

Cantor Europe In fact, it should further enhance customer engagement through higher

+49 173 913 8242 weekly playtime and multi-device ownership. IP growth is increasingly

Christian.Salis@cantor.com

driven by exclusive content such as Bluey (the #1 streamed show across

Sales (€) all content in the US, launch in Q3), representing another blockbuster

following Pokémon. Finally, regional expansion into two new markets in FYE Dec 2026E 2027E 2028E

Year 784(M)E 957(M) 1.2(B) 2027 (eCF: Spain/LatAm) looks set to further support the growth trajectory.

EBITDA (€) The US market serves as blueprint for further market entries. Chief