On November 12th, tonies will publish its Q3 trading statement (sales by region and category). We expect group sales of € 174m, +20% yoy (cc: +19%). The slowdown versus Q2 (+48% yoy) is largely a base effect: Q3 25 was the launch quarter of the Toniebox 2, when retailers restocked with the new box after holding back orders in H1 25. Underlying demand should remain healthy. Keep in mind that Q3 is driven by retailer sell-in ahead of the holiday season, so the figures say more about trade confidence in the Christmas assortment than about end-consumer demand.
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