The insight: Lego continues to outperform the toy industry by delivering products that appeal to both children and adults while expanding brand awareness in Asia.

• Revenues rose 12% YoY in H1 2025 to a record DKK 34.6 billion ($5 billion)—more than Mattel and Hasbro combined.
• Lego gained share in all geographies during the first half, a testament to the strength of its brand as well as its store expansion strategy.

Optimally situated: Lego’s business is ideally positioned to capitalize on the two trends driving toy sales: “kidults” and IP-driven merchandise.

• Lego’s latest partners include Formula 1, children’s TV show “Bluey,” and anime “One Piece,” while the fruits of a multiyear partnership with Pokemon will hit shelves next year.
• The company’s wide array of products means that shoppers of all ages can find something that aligns with their interests, whether it’s Harry Potter or botanicals. The latter is an especially effective entry point into the Lego brand, CEO Niels Christiansen told CNBC, as customers increasingly seek outlets to relieve stress and express themselves.

Heading east: Lego sees Asia as the next frontier to conquer, given the rapid growth of the middle class in markets like China and India.

• “There are a lot of children in Asia, and living standards are going up,” Christiansen said in a Bloomberg interview. “That makes Lego more relevant.”
• The toy company recently opened its first stores in India, as well as a factory in Vietnam intended to support the region.
• With brand awareness in Asia still limited, Lego’s store expansion strategy in the region will be crucial for building connections with local consumers.