Tonies delivered a strong Q1 2026, with group revenue of € 126m, +35% yoy in constant currency, largely in line with eNuW and consensus of € 123m. Reported growth was slightly lower at 29% due to USD/EUR headwinds (should fade from June onwards). Next to an earlier Easter providing a modest timing tailwind, Toniebox 2 hardware momentum remains exceptional, with box revenues up 54% yoy at € 25m; figurines +25% yoy at € 95m. Full-year guidance confirmed. Management expects >€ 760m revenue (eNuW: 793m, eCons € 778m) and 9-11% adj. EBITDA margin (eNuW: 10.0%, eCons 10.4%).
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