tonies SE ($TNIE)

Good morning, and good afternoon to -- from wherever you are joining us virtually today. And welcome to the tonies' earnings call for the first quarter 2026, highlighting once again a great start to the year. With me today are our CEO, Tobias Wann; and CFO, Hansjorg Muller. As always, Tobias will walk you through last quarter's business highlights. Hansjorg will walk you through the financials before we finish with the confirmation of our full year 2026 guidance. After the presentation, we will continue with the Q&A session, and we invite you to submit your written questions through the Q&A function during the presentation already. We have an exciting story to share with you today. So without further ado, I will hand the floor over to Tobias to kick things off.

Thank you, Moritz. A warm welcome from me as well. Let me start where we always start, with the platform we've built, because that platform keeps getting stronger and stronger. We've sold around 12.2 million Tonieboxes activated in more than 100 countries, and there are more than 165 million tonies out there. If every tonies were a person, they would form one of the 8 most populous countries on the planet. This is the world's leading platform for kids' audio, and this platform grows quarter after quarter, year after year. Every Toniebox we sell is a gateway to a trusted relationship that lasts for years to come, a product that genuinely earns its place in family life almost 5 hours a week every single day. The first quarter is usually our smallest by revenue but Q1 tells us a lot about the state of our business. Q1 2026 tells us that the momentum we built in '25 is carrying forward. In the first 3 months of 2026, we grew revenue by 35% in constant currency to EUR 126 million. Every single market delivered high double-digit growth: DACH grew 28%; North America grew 34%; rest of world grew 53%. As our platform grows, our installed base grows, we lock in future revenue. With a strong start to the year, we are fully on track to deliver our full year guidance. 2026 is shaping up to be another year of strong profitable growth for tonies. We've had a busy and productive first quarter. Let's have a look at what stood out. Q1 was a quarter of strong execution across our business. In North America, we continued our remarkable growth trajectory. In DACH, we showed once again that our most established markets still has significant room to expand. And in Rest of World, we are building on the same momentum we've seen in our bigger markets not too long ago. We continue to grow through partnerships that open up new territory. One standout example, a collaboration with the German Professional Football League. Our DFL game adds a new genre to the Tonieplay roster sports. In addition, our products are being recognized by the industry's most respective voices, including not one, but 2 recent Red Dot awards, one for the Toniebox, the other for Tonieplay. On top of this, we have further strengthened our leadership team. A month ago, Mark McColgan joined us as General Manager, North America. He previously served as General Manager of Mattel U.S., one of the biggest roles in our industry. Mark joining tonies shows that we are competing at the highest level and underscores our ambition of becoming a global icon. Our strong start to the year goes beyond business success because what's behind these numbers are countless moments of joy in millions of family households around the globe. At tonies, we spark magic moments for our little listeners. I only lead one tonie figurine to prove this. This incredibly cute puppy cannot only sing and rhyme. He also has sparked more than 200 million minutes of joy in Q1 alone. That is more than 4 years of listening time every single day from January 1 to March 31. I know these numbers are hard to grasp, but they are all the more rewarding when you imagine what they mean for children and parents alike, peace of mind. Let's return to more tangible business highlights, starting in North America. Only 1 year ago, we were the #6 company in U.S. preschool toys, 6. In Q1 2026, we've risen to #2 behind only PAW Patrol. And not only that, no other company has added more revenue year-over-year in preschool toys. We are the top gaining property and manufacturer in the category. From 6 to 2 within 12 months, that's a giant leapfrog. And it reflects what we have built in the U.S. over the past years, a brand that families love, a product that time and time again has earned its place in family homes and a retail presence that puts us exactly where parents shop. Yes, we are growing fast in North America. Yet when you consider how many households we haven't yet reached, there is even so much more potential in this market. Turning to DACH, our most established region where brand awareness stands at 80%. In Germany, tonies is the #1 preschool toy property in manufacturing. And we are not just leading, we are adding more revenue than any other property or manufacturer. In other words, we are leading by miles and pulling further ahead. We have held the #1 position for more than 12 consecutive quarters, and we intend to hold it for much longer because we will keep delivering with new products, new content, new reasons for families to join, to stay and to come back. And then Rest of World, 3 markets, different stages of maturity, but one shared result, tonies is the brand families reach for, especially in preschool toys. In this category, we are the #1 property in the U.K., in France and in Australia. #1. we're just getting started, a very rare combination. Because in each of those markets, we are also adding more revenue than all other properties. The picture is the same for manufacturer rankings. We are leading in France, one of Europe's most competitive markets. And in Australia, we've reached the top within just 18 months. That's the result of our playbook and that is global icon material. What excites me most is how early we still are in each of those territories. The positions we hold today are the foundation, not the ceiling. Our brand thrives most at major commercial events. With an earlier Easter this year, Q1 gave us the chance to show what tonies is capable of when we show up globally, one voice, one campaign across every market at once. This spring, we dialed up the joy, the same creative direction, the same spring energy tailored to each channel and market. In DACH alone, we distributed around 500,000 catalogs to our retail partners. That kind of reach at that kind of scale is only possible because we've built the retail presence, the partnerships and the brand recognition to make it land, a global campaign with a local feel generating more than 12 million impressions from Melbourne to London, from Paris to Los Angeles. And families responded exactly as we hope. Easter boosted our revenues on 3 continents. Now let's talk about partnerships. Partnerships can open up entirely new territories. Our collaboration with the DFL, the German Football League, does exactly that. Together, we have launched the first ever Tonieplay sports game, Stadion Duell: Bundesliga. It's a multiplayer experience available across all our markets with the added appeal of a favorite team experience in DACH. It's a new game mechanic designed to travel to other leagues and to other sports. This is not just a licensing deal. It's another proof of concept for what Tonieplay is, a platform for interactive play that starts with audio and reaches far beyond it. So we are now in sports and in a way, that's a logical next step because tonies and sports go way back. We've been supporting the Minnesota Timberwolves at the NBA and our local Bundesliga team, Fortuna Dusseldorf, for quite some time. With more and more collaborations, we're extending that spirit globally beyond the game itself. In Minneapolis, we've had in-arena brand activations with the Timberwolves who are currently making a deep playoff run. In Auckland, creator and local tonies star Emma Memma joined more than 1,000 families for a picnic at Eden Park, New Zealand's National Stadium. In Dusseldorf, we hosted a children's press conference together with Fortuna Dusseldorf, the kids asked all the questions. And I was joined by Mario Gotze, World Cup winner and tonies fan himself, for a visit to Clementine Children's Hospital in Frankfurt, where we gave away tonies product. Q1 is also the season of industry events. This year, again, we showed up with energy. Nuremberg, London, New York, Las Vegas, tonies was everywhere, winning some of the most prestigious awards our industry has to offer, like the ToyAward for My First Tonies in Nuremberg. Across every booth, our childhood-long product journey was front and center. Whether it's My First Tonies, Cuddle Tonies or Tonieplay, the industry is paying attention. Retail partners have just been as excited as families. Feeling this buzz is -- to kick off the year is never getting old to me. And our products are award-winning even beyond our industry. This quarter, we want to highlight not one, but 2 awards for our design. The Red Dot Design Award is one of the most respected design recognitions in the world. Toniebox 2 received the Red Dot Award. Tonieplay received Red Dot Best of the Best, the highest distinction this honor offers. Two products, 2 awards, one clear signal. We are not just building great experiences, we are building them in a smart and beautiful way. Advancing our business also means setting up the organization the right way. And the right way starts with the right people. I'm excited that 4 weeks ago, Mark McColgan joined us as our new General Manager, North America. Mark spent more than 25 years at Mattel, most recently as GM for their U.S. business, which generates revenue of more than $5 billion. This appointment shows the appeal of our platform, our vision and our strategy, not only to consumers and investors, but to top talent in our industry. North America is key to our global growth strategy and Mark brings a track record of creating affinity for beloved brands. That's exactly what we need to scale our next phase of growth in the U.S. And with this appointment also comes an important transition. Christoph Frehsee, who joined our Management Board last year, will now fully focus on his Chief Revenue Officer role, driving commercial excellence across all our markets. With that, I hand over to Hansjorg, who will present you the details of our Q1 results.

Thank you, Tobias. Let me take you through the numbers now. But before turning to Q1 2026, let me briefly recap our full year 2025 performance, not to repeat what we've already covered in April, but because the profitability trajectory is an important context for everything that follows. Our focus is on scaling tonies sustainably and profitably. Last year, we achieved strong pipeline growth whilst expanding our margin above our guidance range despite macro headwinds. This achievement shows what tonies is capable of. We're scaling and we're accelerating margin growth simultaneously. Our business model is designed to fuel exactly that. Conscious will only report our margins again in August, we foresee such a development for this year, too. Now let's look at Q1 2026. It's been a great start and our top line growth shows strong momentum, but let's also put the size of particularly Q1 and Q2 into perspective. With 50% of our business conducted in Q4, we are, of course, happy with our Q1 results and they confirm our outlook on the year. Group revenue came in at EUR 126 million. This growth of 35% in constant currency was the result of high double-digit contributions from all regions. The one number that really stands out here is our DACH growth rate of 28%. It's an outstanding result in such an established market. We're now up to EUR 50 million in Q1 revenue as momentum and adoption of product innovation continued and the shift of Easter into Q1 provided an additional tailwind. North America delivered EUR 48 million, up 34% in constant currency. So in our most important growth market, we're continuing the momentum we built through 2025. Quite literally, that is because our new customers that joined our ecosystem in Q4 showed particularly high engagement during the first months of 2026, actively building their collections and driving long-term value. Rest of world surged by 53% to EUR 28 million. This was driven by increased market penetration, retail expansion and new product launches. Tobias has already discussed how fast we're growing across the individual markets, it's clearly reflected in our top line. Together, our markets outside DACH make up 60% of our revenue share. This is on par with last year's level and that's despite the strong performance in DACH and headwinds from unfavorable FX on the top line. tonies is a global company with a global footprint. The next slide contains one of my favorite figures. Looking at our category split, Toniebox revenue grew over 60% year-over-year in constant currency. What you see here is the Toniebox 2 impact in full force, but also considering that in Q1 2025, the Toniebox 2 launch was already known to retail and the environment. So sales were already slowing down. So not entirely comparable like-for-like versus the prior year. It's a great result, nevertheless, I have to point out, and it reinforces the strength of our business model, once again, the box growth locking in future revenue from above this box sales. At the same time, we've seen strong demand for tonies with 30% growth and close to EUR 100 million in revenue this quarter. Accessories and Digital grew 18% and remained a steady contributor as our platform expands. As a result, our revenue mix shifted slightly with Tonieboxes gaining share due to the reasons just mentioned. This shift is as planned and as mentioned, specific to Q1 from a year-on-year perspective and the margin mix implications from this shift are as expected and will be shared as we report H1 in August. Talking just about growth across all areas wouldn't point a complete picture of what we've been working on over the past few months. Because in the current macro environment, I think it's very important for us to emphasize resilience as well. It's a structural feature of our business. Whilst the situation around fluctuating tariffs may have stabilized to an extent, we are closely monitoring a range of macro effects. We are using our toolbox to optimize production costs and we're watching carefully how consumer sentiment and FX effects develop. But here's what we do know. On tariffs, we have a stable response in place with sourcing flexibility across our production network and commercial levers that we have proven effective before. On memory chip prices resulting from demand and supply peaks due to the industry's focus on AI, we have flexibility and choice in memory technology and box production. We've secured box and memory inventory positions. And if necessary, we have pricing options at hand to protect margins so that further volatilities can be covered from within our guidance. With regards to consumer sentiment, our category is and remains resilient. Families do not compromise on quality experiences for their children. Our platform drives loyalty and our pipeline -- our IP pipeline gives us lots of reasons to be optimistic about even stronger customer acquisition and engagement in the months to come. And finally, as I mentioned on previous calls, on FX effects, whilst we do see effects on the top line, on the bottom line, our business model and distribution of currencies across revenue and cost provides natural hedges. Our financing -- And our financing structure gives us flexibility on working capital. To recap, our transition from last year to this year, 2025 proved we can execute in volatile conditions. 2026 shapes up to be no different. And with that, back to Tobias and our outlook.

Thank you, Hansjorg. Our outlook is indeed the last agenda item. Before we head into the Q&A, I can be very brief on this. We are confirming our full year guidance for 2026. We expect another year of strong profitable growth with group revenue growing more than 20% to above EUR 760 million. In North America, our most important growth market, we expect revenue growth of more than 30% in constant currency. And we are guiding an adjusted EBITDA margin between 9% and 11%. I often say that we at tonies are just getting started. That is especially true when we're talking about Q1. We are off to a strong start, but as always, the year will be one in the back half, particularly in Q4. There are a lot of reasons to be confident. We at tonies know how to execute when it matters. We've done it year after year and we are building towards that again. On that note, back to you, Moritz.

Thank you, Tobias. As a reminder, if you have any questions please post them to the Q&A function. And the first questions are already in. Your guidance implies adding over EUR 130 million in absolute revenue this year. With this strong start into the year, don't you think your current guidance is a bit too conservative?

Thank you for the question. Let me take this one. So let me start with this. As you said, yes, we had a strong start into the year, driven by really, really great execution across all our markets. That said, it's really important to keep Q1 in perspective. It is historically our smallest quarter, so the results should not be extrapolated linearly to the full year. Our revenue profile remains heavily weighted towards the second half. So Q3 and Q4 will again be primary drivers for our 2026 performance. The year-over-year comparison also benefits from timing. We had Easter early this year in Q1 and we had in Q2 of 2025, so we pulled some seasonal demand forward. But even if you're accounting for all that, we're very pleased with where we stand. This quarter, as Hansjorg and I have said, show real brand resilience. And we show this resilience in a macroeconomic environment that remains challenging, let's be clear, and with consumer sentiment still be subdued.

Thank you. The next question is on warrant expiration and dilution. The noncash revaluation of your public warrants heavily impacted the reported net profit or EPS in full year 2025 as the share price appreciated. With these warrants set to expire in November 2026, what is management's projected dilution scenario for the capital structure if they are fully exercised in the coming months?

This is a good one for you, Hansjorg.

Yes, we can talk, I think, half hour on this. But let me recap first. The exercise of the warrants actually requires a share price to exceed EUR 11.50. And whilst I can't predict the share price, this then also means that there is also a scenario where the warrants expire without value, meaning without any consequence to cash or treasury shares for us. So that's just one scenario. In a potential exercise scenario where there could be potential dilution, so in case the share price exceeds the strike price, I would recommend to evaluate this to 2 distinct lenses. So the impact on total issued share capital versus the impact on shares currently outstanding and we report these numbers. So based on our total shares or issued share capital of approximately 126 million shares, the exercise of warrants will not result in an issuance of new shares. And as a result, there is no dilutive effect on the currently outstanding shares. Based on our -- from a perspective of shares outstanding, which excludes treasury shares, the exercise of warrants could result in a dilutive effect for existing shareholders as treasury shares are transferred to free float. Overall, though, I really want to point out that all of this is a positive dynamic for us because this will clean up our capital structure by the end of the year. It will make our financing costs much more transparent, meaning we will not have to go through revaluations or noncash revaluations of financial instruments that are dependent on share price. So simplification for us going forward, plus ability to satisfy any obligation via our existing treasury shares. That's probably the key message.

Thank you. Now we have 2 questions on freight and supply chain and the situation in the Middle East. The first one is, this global energy shock has more than doubled the price of oil and gas. How significantly have fuel surcharges and shipping bottlenecks impacted your freight costs in Q1? And is this elevated logistics baseline fully baked into your 9% to 11% adjusted EBITDA guidance for the full year? And then the second one, do you think profitability could be burdened should the conflict in the Middle East hold on for the rest of the year in terms of energy, freight, transactional FX effects? And how are you already seeing broad uncertainty spreading to your key markets that is waiting on demand?

Okay. Great questions, which I at least generally expected. So let me take them. First of all, yes, global energy costs have gone up and that always affects freight. But the material impact on our logistics is contained. Our sea freight costs are in line with what we planned. And we monitor those surcharges very closely. The key point is you can fit several hundred thousands of figurines into one single container. So even when the freight rate moves, the per unit on a figurine is negligible. And on routing, we have already made the strategic decision a while ago to ship via the Cape of Good Hope. And that decision literally quarters ago has now shielded us from any volatility around the Suez Canal. So I can tell you today, our goods are flowing steadily, no delays, and we continue to work under long-term shipping contracts with our partners. And we always continuously benchmark those terms and rates to make sure they remain competitive. And to add to the second question, as I said, I mean, with regards to the impact, situation in the Middle East, I can very confidently say that we do not see negative impact from depressed consumer sentiment right now. And I mean, this again highlights the resilience that we also described in the presentation and the independence of our business model in challenging economic environments.

Thank you. The next one is on the convertible buyback. You bought back your convertible bond. Why is that? Aren't there better uses for excess cash? What is the impact on your financing costs?

Hansjorg?

I don't think capital structure was such an exciting topic, but happy to expand on this. And actually, similar to the warrant question, there is basically good news and simplification for us in this as a net result, but if I go step by step here for the convertible buyback. So we received the conversion notice from the convertible holder and in accordance to the notes and the terms of that instrument. The convertible bond was then redeemed through settlement of treasury shares. And as a result of that, the transaction actually didn't involve any material cash outflow from the company's perspective. But what this does then do, this redemption contributes to even further simplification of our capital structure, just like the explanation for the warrants end of this year. So greater clarity on the equity base, simultaneously reducing our overall leverage, reducing future interest expense associated with the coupon payments. So all in all, a good event for us.

Next one on the international expansion and Pokemon. Could the Pokemon market launch in summer be a good facilitator to enter the Japanese market?

Yes. So yes, let me be clear, Pokemon is or was initially a Japanese IP. But what's absolutely fascinating for everyone who follows Pokemon and that IP is how this has now actually arrived at a global scale, how big the global pool of this IP is. So do not forget Pokemon is the highest grossing IP globally. It is majorly attractive in all of our current markets, all of them. And clearly, that's I think, where you're leading beyond the markets that we're in. So we expect this, as we call it, tempo launch to be one of many cornerstones of our customer acquisition and retention success in 2026. It pulls in both little listeners who are starting to engage with our products and as well as triggering nostalgia memories for the parent generation. That will be really, really interesting. So -- But to come back to your question, please understand I cannot comment here today on our internationalization road map. But I invite you, whoever asked that question and everyone else, to come to our Capital Market Day in London where we will actually share a bit more about our plans to expand further globally.

Okay. The next question is on Tonieplay. Can you share early attach rates among TB 2 households? You mentioned 50% Tonieplay activation among 6 years and older households in full year 2025. Has that held or improved in Q1?

Yes. I -- So we have shared this in earlier communications, but we also shared that it will take time to build an installed base for TB2, right? You need Toniebox 2 for Tonieplay. I confirm Tonieplay has shown strong engagement metrics with users. So the people who buy it, love it. And we see attachment rates that are very strong, exactly in that age range where we want them to be strong. We've confirmed this trend in -- throughout Q1. But please understand that at this point, we will not share any dedicated segment metrics for Tonieplay.

Okay. The next one on EBITDA margin. Should we expect EBITDA margin to exceed prior year already in H1? Or will margin expansion be back-end loaded towards H2 given the current macro headwinds and tariff impact?

Hansjorg, sounds like a question for you.

I'll happily take it. Yes, I think there is already a part of the answer in the question, which -- Q1, Q2, smaller quarters, smaller baseline also in prior year, more volatility. Typically, we generate most of our revenue volume and also profitability towards the latter quarters. A similar pattern applies to this year. So I don't want to guide for H1 profitability right now, but I would view this in the same principle. And of course, independent from H1 for the full year, of course, where -- as we've indicated in our full year guidance, we are aiming to show operating leverage, improved profitability. So for H1, just a couple of call-outs. Of course, now Q1, Q2, there are 100% of tariffs applicable in North America. This was not the case in Q1 last year. So there are some year-on-year impacts that will shape that. But for the full year, which I'd much rather look at, this balances out much better, and we will see a year-on-year profitability increase.

Next one is on licensing. What are typical barriers to licensing agreements? How do Creative Tonies substitute for official tonies releases?

Yes. Actually, I mean, I can clearly tell you, we don't really have barriers when it comes to licensing. And maybe just to tell you, we have a licensing pipeline that is built 24 months in advance. So it shows you how we think about licensing and how our IP license partners think about tonies. And that said, there is currently no IP we cannot publish. The theoretical only barrier could be that there are conditions asked that we, as tonies, would consider unreasonable or off-market rates. But usually, I have to tell you it's the other way around. I mean it is a lot more IP license holders that want to get into the tonies ecosystems that we then can actually carry forward.

The next one is on Google Trends. tonies is very cyclical. If you look at something like Google Trends, what are the plans to reduce this cyclicality?

Hansjorg, I think you could take this one.

Yes. I think some of the initiatives were -- about here are already visible, right? This is largely portfolio and product dependent, right? So we have various initiatives. We've seen a bigger -- slightly bigger Easter impact this year, but also we are through our age group expansion now present in more, call it, use cases. So with that, we have more variety in product, which is applicable on a more continuous basis as just in a holiday period. That's probably my general view on that, but happy to chime in, Tobias.

No, I agree with this. Nothing to add.

Next one is also on internationalization. Can you provide more details on your road map for entering additional countries, specifically, which markets are of highest priority? And when do you expect additional market entries?

Yes, I completely understand the question. I mean every quarter, every full year presentation, we're showing you the map of the 100 -- plus 100 countries where the Tonieboxes are activated. But as I just said, I think, 2 or 3 questions before, today I don't want to comment on this specific question, but we will clearly speak to this during our Capital Market Day in London.

Okay. Next one on marketing. You have mentioned a lot of marketing brand investments into sports events. Can you elaborate on the evolution of marketing expenses in 2026?

Okay. Let me -- Maybe let me get that straight that those sponsorships, these are very, very, very small numbers compared to our marketing budget. Actually, we are doing this not so much from a commercial point of view. There is also -- as we had said, Fortuna Dusseldorf is our local hero club, and we are a Dusseldorf-based company. So don't look at this as a full-blown Bundesliga sponsorship. But I think in general, obviously, all of our costs, marketing costs have been factored into our financial planning and clearly into our guidance. So at this very moment and during this point in time, we do not offer any specific info for marketing spending. But as I said, it's in line. It's exactly -- we are progressing exactly as we are planning. And so to basically sum this up, you always prioritize brand and category branding and you've seen -- hopefully seen that we've been very, very efficient at doing this.

Okay. Next one is on Pokemon again. Could you already comment on the initial performance and wholesale uptake of your Pokemon licensed content?

So if anyone on this call has any doubts about the pull factor for Pokemon, I think the amount of questions are clearly proving the opposite. But as I said, it's too early. It's too early to comment in detail about Pokemon. It's coming. We are very excited. I think I've said on the full year call a couple of weeks ago, we are the very first company ever in this -- I mean, biggest global IP. But still, we are the first company ever to actually produce and then obviously have audio content for the Pokemon figurine. So it will be very, very exciting. But I ask you for a couple more weeks until it hits the shelves and then I assume a couple of more months until we'll be able to talk about it.

Okay. Next one on growth drivers. Can you elaborate on what should be the main growth drivers in H2 regarding the difficult comps after the TB2 launch in H3 2025? What about growth drivers in 2027?

Difficult coms or comps?

Sorry, comparables.

Comparables. Hansjorg, do you want to take this one?

Sure, happy to. So remember, we're not just about box. It's also the entire ecosystem that surrounds that. So both from a penetration perspective, there is ample upside. And yes, we've had a, call it, box upgrade beat in 2025. But you've seen us build around that. In fact, we've actually launched 3 new categories around the new box, right? And all of them performing well. So what's happening beyond that, I think you already know that this year, we have, I call those super mega IP launches, that are significant growth vectors. And there's also some initiatives that we are -- that we have in the pipeline that we're, of course, not yet ready to talk to here. So couples -- coupling the penetration upside, the internationalization upside that you mentioned, plus the new range of categories that we continue to expand, provides ample upside and actually requires our focus to focus to tap into the most important and promising ones.

Okay. Let's finish with this one. Let's be honest, tonies is also for parents. When will you finally get a '90s tonies, Bravo Hits tonies or similar for parents?

Love it, I love the question. And I agree. I agree. It is also for us here, the parents, the adults, at least I have -- I don't know how many boxes I have at home, obviously, I probably don't count as average. But let me actually say this. We just talked about entering sports today and how interesting this is as a field for us to get into, right? Because you know how fascinating sports is all across the globe and throughout obviously, all the different disciplines. So we'll focus for now, obviously, in getting sports right and everything else we just talked about. But this is what I like about this question, music is also super interesting. And there may be a point in time where we will double down on music. When it's the time, we'll tell you, I promise.

Okay. This concludes our Q&A session. In case of open questions, we will follow up in the next couple of days. And before Tobias finishes with the key takeaways, let me quickly highlight the next events to come. On May 19, the 3 of us will be at the Berenberg European Conference in New York, followed by Hansjorg attending Cantor's European Summit in Hamburg on Thursday next week. On May 28, we will organize a Non-Deal Roadshow with Kepler in Paris, and I would join the virtual Nextcap's Forum presented by ODDO on June 12. Feel free to reach out to any of the brokers to schedule a meeting. The next big milestone on the event side will be our first Capital Markets Day since IPO on June 18 in London. We have a great agenda in mind with full Management Board attendance in person on that day. In-person registration is already possible through the Financial Calendar section on our IR website. So Tobias, please take over again for the key takeaways and final remarks.

Yes. And just let me say on the Capital Markets Day, I really hope I see many, many of you there. And as Moritz said, it will be also an opportunity to engage with the entire Management Board. So you know Hansjorg now and myself from many, many interactions, but we will have Ginny McCormick there, our Chief Experience Officer, and before mentioned, Christoph Frehsee, our Chief Revenue Officer. So it's really also a unique opportunity to meet and engage with us. That said, thank you all for the great questions, the engaging discussion. As always, let me close with a brief summary, 5 takeaways from a strong start to 2026. First, our Q1 performance was fueled by all segments and categories with standout results in DACH and in the Toniebox category. Second, we've strengthened our leadership team. Mark McColgan has joined us as General Manager, North America. Third, we are confirming our full year guidance as we deliver another year of profitable growth. Fourth, as I just said, at our Capital Market Day in June, we'll provide more details on our 2026 and beyond road map. And I'm really looking forward to seeing many of you in person at London's Science Museum. And fifth, tonies remains resilient and well positioned for 2026 and beyond. We have an outstanding product pipeline for the rest of the year with lots of exciting launches. We've entered the sports category. There will be Pokemon and there will be even more. Stay tuned. For now, thank you all for joining today's call, for your continued interest and for your trust in tonies. Take care, and goodbye.