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Theon International (THEON) investor relations material
Theon International H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary4 Sep, 2025
Executive summary
Achieved strong H1 2025 results with revenue up 20.6% year-over-year to €183.7m, robust profitability, and a healthy order book, driven by demand for night vision products, strategic acquisitions, and the TheoNext initiative.
Completed €125m in investments and acquisitions within 18 months of IPO, including Kappa Optronics, Harder Digital, and international expansion in South Korea and Dubai.
Major contract wins included the German Future Soldier Programme and €160m in H1 order intake, with a soft backlog of €622.2m at period end.
Two successful share placings increased free float to 30%, supporting liquidity.
Financial highlights
H1 2025 revenue reached €183.7m, up 20.6% year-over-year; adjusted EBIT was €47.4m (25.8% margin); adjusted EBITDA was €49.2m (26.8% margin).
Net profit: €33.8m (+19.2% YoY); EPS: €0.48 (+17.1% YoY); dividend per share: €0.34 (+62.9% YoY).
Net cash position at €34.7m after €23.8m dividend payment in June.
Order intake reached €167.9m (+118% YoY); backlog at €622.2m, up 45% YoY; book-to-bill ratio at 0.9x.
CapEx for H1 at €6.7m, on track for €20m full-year target; R&D expenditure: €5.0m (+115.5% YoY).
Outlook and guidance
2025 revenue guidance confirmed at €430m, with mid-twenties EBIT margin and €20m capex.
Organic growth target above 15%, aligned with major NATO countries' defense spending growth.
Plans to invest over €300m by end-2026 in international ventures, product portfolio expansion, and technology acquisitions.
Midterm expectations: EBIT margin in mid-20s, CapEx max 3.5% of revenue, and 30–40% dividend payout ratio.
Outline THEON Next initiative's key investments
How will new subsidiaries support market share?
How does Theon manage its supply chain risks?
Beyond current M&A, what drives future acquisitions?
What is the growth trajectory for A.R.M.E.D. products?
How will THEON overcome US 'design products' bias?
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Next Theon International earnings date
Q3 2025 TU3 Nov, 2025
Next Theon International earnings date
Q3 2025 TU3 Nov, 2025
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Frequently asked questions
Theon International Plc is a Malta-based company specializing in the design, manufacturing, and distribution of advanced optical and night vision systems. The company serves sectors such as defense, security, and law enforcement, providing high-performance solutions tailored to demanding operational environments. The company is headquartered in Birkirkara, Malta, and its shares are listed on the Malta Stock Exchange.
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