Theon International (THEON) Investor update summary

Business overview and strategy

• Designs and manufactures high-tech military optronics, focusing on man-portable and platform-based equipment, with global leadership in night vision systems.

• Differentiates through fully customized solutions and strong customer relationships, enabling long-term contracts and trust.

• Operates globally with facilities in Greece, Germany, Belgium, Denmark, the U.S., UAE, Saudi Arabia, South Africa, and South Korea, employing nearly 1,000 people.

• Controls the full value chain from design to production, leveraging competitive costs and a reputation for on-time delivery.

Financial performance and outlook

• FY 2025 revenues reached €443.5 million, up 25.9% year-on-year, with adjusted EBIT of €116.1 million and a 26.2% margin.

• Record order intake of €1.3 billion and backlog of nearly €2.3 billion, driven by large framework agreements, especially in Germany.

• FY 2026 revenue guidance is €570–600 million, with expected mid-20s EBIT margins and CapEx of €30 million.

• Revenue from new digital products and platform optronics expected to double and reach 20–25% of total revenues in FY 2026.

• Medium-term organic growth targeted at over 15% per annum, supported by bolt-on M&A.

Backlog and visibility

• Backlog now provides visibility beyond the typical 18-month horizon, extending to 2029 due to longer-term framework agreements.

• As of December 31, 2025, soft backlog and options total approximately €2.26 billion.

• 88% of the backlog is for night vision goggles, with Europe as the largest regional contributor.