Tonies: Conference feedback; Investment case in full swing - NuWays AG Research
We hosted tonies at our Madrid conference. The key takeways fully underpin our positive view on the investment case:
ANNONS
US expansion, a textbook example for execution. North America sales have compounded at a ~60% CAGR since 2022, reaching € 276m in FY25, and we expect constant-currency growth of 32% this year. Retail execution is a key driver: tonies is now listed in every Target store with shelf space recently increased by 50%, only few brands command more real shelf space in the toys section. Walmart coverage already stands at roughly half of all locations, still leaving meaningful room to grow. In the US (but also UK), TikTok Shop is emerging as attractive distribution channel at significantly lower commissions than traditional wholesale margins, a notable margin tailwind versus brick-and-mortar. In order to support the NA growth journey, tonies hired Mark McColgan as new NA General Manager, a former executive at Mattel US.
