Tonies delivered a strong Q2, with group revenue of € 117m, +49% yoy (cc) ahead of consensus (€108m). TB2 momentum remained exceptional, and figurine demand is accelerating, a reassuring signal for the recurring-revenue engine. The group margin dip (H1 adj. EBITDA margin -1.4pp yoy) was largely due to US tariffs and a product-mix shift toward lower-margin boxes.
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