Theon International (THEON) Q2 2026 TU earnings summary

Executive summary

• Achieved strong Q2 2026 with revenue up 38% year-over-year and sustained industry-leading profitability.

• Expanded addressable market to nearly €8bn through acquisitions and entry into UAV gimbals and AI-enabled software.

• Entered H2 2026 with €1.46bn soft backlog and robust business pipeline.

• Maintained growth momentum and profitability in the mid-twenties, with a book-to-bill ratio of approximately 1.0x.

• Continued execution of M&A strategy, including largest acquisition to date.

Financial highlights

• Q2 2026 revenue rose to €128.6m (+38.4% YoY); H1 2026 revenue reached €248.7m (+35.4% YoY).

• Adjusted EBIT for Q2 2026 was €35.1m (+44.3% YoY); H1 2026 Adjusted EBIT was €65.1m (+37.5% YoY).

• Adjusted EBIT margin improved to 27.3% in Q2 and 26.2% in H1.

• Order intake for H1 2026 increased by 38.5% to €232.5m.

• Soft backlog at €1.46bn, up 2.5% sequentially; options on backlog at €902m.

Outlook and guidance

• FY 2026 revenue guidance of €570–600m, with organic growth >15% per annum.

• Adjusted EBIT margin expected in the mid-twenties; capex guidance at €30m (~4% of revenue).

• Dividend payout targeted at 20–30% of net income.

• Medium-term target to reach €1bn revenue by 2029 and maintain book-to-bill above 1.0x.