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Theon International (THEON) investor relations material
Theon International Investor update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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