Tonies SE

Investor Presentation • Aug 28, 2025

New Product Announcement

August 28, 2025

Disclaimer

This document contains forward-looking statements. Forward-looking statements can typically be identified by the use of words such as "expects", "may", "will", "could", "should", "intends", "plans", "predicts", "envisages" or "anticipates" or other words of similar meaning. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the tonies SE. They are not historical or current facts, nor are they guarantees of future performance.

By their nature, forward-looking statements involve several risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described in this document. These forward-looking statements speak only as of the date of this announcement. Except as required by any applicable mandatory law or regulation, the tonies SE expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document to reflect any change in the tonies SE's expectations with regard thereto or any change in events, conditions or circumstances on which any such forwardlooking statements are based. Neither tonies SE nor any other person accepts any responsibility for the accuracy of the opinions expressed in this document or the underlying assumptions.

This presentation includes key performance indicators (KPI), including adjusted EBITDA margin, contribution margin and free cash flow which are not measures of liquidity or financial performance under International Financial Reporting Standards (IFRS). Adjusted EBITDA is calculated from EBITDA by adjusting for various effects to create a metric for the underlying profitability of the business. EBITDA was historically adjusted for the following non-recurring effects: (i) effects of share-based compensation, (ii) own software development (as this is not currently capitalized), (iii) special projects and bonuses, and (iv) costs and effects related to tonies IPO / business combination. The adjusted EBITDA margin is defined as adjusted EBITDA in percent of revenue. Contribution margin is the contribution profit in percent of revenue. The contribution profit is calculated from the gross profit after licensing costs less various revenue-related costs that are together aggregated as fulfilment (mostly freight and logistics costs, fees for online marketplaces, costs of payments and certain variable sales costs). Contribution profit and contribution margin show how much is available for coverage of fixed costs such as personnel, other expenses and marketing. Free cash flow is defined as the sum of cash flow from operating activities and cash flow from investing activities and represents the Group's cash efficiency and enables an assessment of profitability.

For the definition of the alternative performance measures used, please refer to the published Annual Report as of December 31, 2024, or tonies website: https://ir.tonies.com/publications/

Today's presenters

Tobias Wann CEO

Ginny McCormick CXO

Dr. Jan Middelhoff CFO

Agenda for Today

A new platform is born!

The right product at the right time

Implications and outlook

Q&A

Agenda for Today

A new platform is born!

The right product at the right time

Implications and outlook

Q&A

Introducing our biggest innovation since launch in 2016

Toniebox 2 empowers kids to grow, through independent listening, touch, and play.

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Acres Comments

Toniebox 2 will build on our winning formula of Toniebox 1 – being the #1 audio platform for kids globally

Toniebox 2:

Opening a door to a playful interactive world beyond linear listening Full backwards compatibility

A whole new way to play and experience your Toniebox, unlocking a wide range of experiences for kids and the whole family

With the launch of Toniebox 2 and Tonieplay we extend our value proposition and unlock new growth vectors

Illustrative

Agenda for Today

A new platform is born!

The right product at the right time

Implications and outlook

Q&A

Toniebox 2 is uniquely positioned for today's tech-saturated childhood

Children's access to technology and content that is broader and deeper than any generation before

overstimulation E.g., Parents had access to ~30 TV shows via cable TV¹ when they were young vs. children today have access to 8000+ titles on Netflix in the US alone (2024)

Parent's paradox: Foster growth & independence

Concerns over screen time &

vs.

We offer safe, screen-free access to selected, age-appropriate digital audio content and interactive audio experiences

Toniebox 2 empowers kids to grow, through independent listening, touch and play

For every age and stage	Play their way	Wake-up to wind down	Interactive listening	Peace of mind for parents
Durable design made • to last	UX puts children in • control	Content categories for • the full day1	Audio-based games & • quizzes	THE screen-free • standard for kids
Tailored content • library aged 1-9+	Multi-sensory, tactile • interaction	Engaging IP – both own • and licensed	Active input to audio • content	Save & independent • play
Built to grow with our • children	Independence and • confidence	Collectability and • constant newness	Kids lead and respond •	More control via the • tonies app

We are further pushing the boundaries of our category with the launch of Toniebox 2

We build on what families love…

Compatibility with all Tonies¹

Screen-free entertainment encouraging imaginative play

Durability, portability, easy and intuitive controls

Stories, music, learning content via different above-the-box categories²

Freedom for kids & peace of mind for parents

…and are pushing the boundaries of our category further again

	Toniebox 1	Toniebox 2
Designed for	Kids 3+	Kids 1+
Tonies compatibility	Works with all Tonies1 Works with all Tonies1
Use with Tonieplay	🚫	✔ Tonieplay as
Sunrise Alarm	🚫	incremental use ✔ case for
Sleep Timer	🚫	Toniebox 2 ✔
Dynamic Light Ring	🚫	✔
Battery Life	Up to 7 hours	Up to 8 hours
App Features	Set-up, account, product visibility	Tonie playback control, battery level status, set timer, system notifications etc.
Storage Capacity	8G	32G

…additional features for TB2 can be expected on our continuous release plan

1) Toniebox 1: Suggested to be used with 3+ Tonies only, 2) E.g., Creative Tonies, Classic Tonies, Book Tonies, Clever Tonies

Tonieplay will add additional value to our product ecosystem next to Tonie figurines…

Extends age and use cases

making the Toniebox 2 the ultimate audio companion during the day

Creates a new category next to Tonies

in the highly lucrative market of interactive entertainment

Fosters family routines

by unlocking a wide range of experiences for the whole family

What is Tonieplay?

• An audio-based interactive play category invented by tonies
• Tonieplay is an addition to our closed ecosystem
• We have full control over the games we launch
• It follows a similar business model compared to figurines

Recommended Retail Price (Tonieplay Games) 19.99 – 24.99€ | 19.99 – 24.99\$

…and will launch with a strong portfolio globally

Selected SKUs of the launch portfolio:

… strong game pipeline for the next months already confirmed

We will offer various Box and Play sets across different price points and age ranges

1) No Tonieplay Sets in DACH / UK / ANZ; 2) Recommended Retail Price

1+ Recommended age (physical material of Controller & Tonieplay games of the launch portfolio are certified as 1+)

My First Tonies is our new above-the-box category designed for our youngest listeners

My First Tonies

Sounds for the first words

Support little ones as they start learning with age-appropriate, screen-free fun

Soft and squeezable

Specifically created for kids 1+ to safely handle on their own

Trusted companion

By offering 100% own content, we ensure consistency in quality and content

What are My First Tonies?

• A new form factor and range of Tonies (next to e.g. Classic, Book and Clever Tonies)
• Created just for kids 1+ (squishy, squeezable design)
• Come in a variety of shapes and themes to explore

Recommended Retail Price (Set of 3 ¹ ) 34.99€ | 39.99\$

…resulting in a tonies ecosystem that spans from figurines to Tonieplay, digital experiences & accessories

Gradually growing ecosystem with our multi-year roadmap

It's a global launch with majority of markets launching September 15, followed by US on October 5

We are ready for launch and an exciting H2 2025...

Agenda for Today

A new platform is born!

The right product at the right time

Implications and outlook

Q&A

Toniebox 2 is the foundation for 2025+ platform success

Redefining the category we created

Pushing the boundaries of our category further by introducing interactive play

Expanding TAM for strong cohorts

Unlocking new growth vectors with age range extension and Tonieplay

Maintaining attractive margins

TB2 similar to TB1 (gradual improvement), growth vectors with new potential

Focus on ONE platform Gradual fade-out of TB1 (depending on market)

Full impact as of Q4 2025

TB2 is standard for new joiners during Christmas & upgrade opportunity for existing

Recap: H1 2025 showed launch effects of Toniebox 2

	H1 2025		H1 2024		+/-
	EURm	% of revenue	EURm	% of revenue	EURm	pp
Revenue	176.6	100.0%	146.8	100.0%	29.8	-
COGS	-51.5	-29.1%	-48.1	-32.8%	-3.4	3.6 pp
Gross profit	125.1	70.9%	98.7	67.2%	26.5	3.6pp 3.6 pp
Licensing costs	-21.3	-12.1%	-18.4	-12.5%	-2.9	0.5 pp
Gross profit after licensing costs	103.8	58.8%	80.3	54.7%	23.5	4.1 pp
Fulfilment	-28.0	-15.9%	-25.5	-17.4%	-2.5	1.5 pp
Contribution profit	75.8	42.9%	54.8	37.4%	21.0	5.6pp
Marketing	-17.8	-10.1%	-12.2	-8.3%	-5.6	-1.8pp
SG&A	-59.7	-33.8%	-44.0	-30.0%	-15.7	-3.8pp
Personnel	-33.5	-18.9%	-25.4	-17.3%	-8.1	-1.6 pp
OPEX	-26.2	-14.8%	-18.6	-12.7%	-7.4	-2.1 pp
Own work capitalized	0.8	0.4%	0.8	0.6%	-0.1	-0.2 pp
Other result	4.0	2.3%	4.4	3.0%	-0.4	-0.7 pp
EBITDA	3.2	1.8%	2.9	2.0%	0.3	-0.2 pp
Adjusted EBITDA	3.8	2.1%	3.9	2.7%	-0.1	-0.5 pp

H2 2025: TB2 product launch will impact P&L and most notably the Contribution Margin (lower) due to product mix¹ – Adj. EBITDA to benefit from leverage as usual

Recap Guidance FY 2025: Profitable growth continues with Toniebox 2 despite macro uncertainties!

	Results FY 2024	Guidance FY 2025
Group revenue	EUR 481 million	>25% YoY to above EUR 600m in constant currency
North America revenue	EUR 210 million	>30% YoY in constant currency
Adjusted EBITDA margin (%)	7.5%	6.5 - 8.5%

• Based on the assumption that there will be no further material deterioration of consumer sentiment or additional US tariff impacts in 2025.
• Furthermore, it includes possible effects from product innovations in H2 2025.
• Adjusted EBITDA guidance is based on an assumed EUR/USD exchange rate of USD 1.15.

FY 2025 Guidance provided during HY 2025 Earnings Call on August 21, 2025 remains unchanged

Agenda for Today

A new platform is born!

The right product at the right time

Implications and outlook

Q&A

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Key takeaways…

Biggest innovation since launch

Pushing the boundaries of our category

Unlocking new growth vectors – further upside expected 2026ff

Product innovations included in FY guidance

Launch: Sep 15: DACH, UK, FR, ANZ, other Oct 5: USA

Confidentiality

Agenda

All information within these slides are strictly confidential and can only be handed over or published to third persons with the prior written permission of tonies GmbH.

© tonies GmbH, 2025 www.tonies.com