Theon International (THEON) Q3 2026 TU earnings summary

Executive summary

• Q3 revenue grew 40.4% YoY to €134.1m; adjusted EBIT margin reached 26.2%, up 3.1 p.p. YoY.

• 9M revenue rose 37.1% YoY to €382.8m, with adjusted EBIT margin of 26.2%; FY26 guidance was reconfirmed.

• Medium-term organic revenue growth guidance increased to >20% p.a. from >15%, reflecting stronger momentum and a broader product mix.

Financial highlights

• Q3 adjusted EBIT was €35.1m versus €22.0m YoY, up 59.5%; Q3 revenue was €134.1m versus €95.5m.

• 9M adjusted EBITDA rose 48.4% to €107.3m; adjusted EBIT increased 44.4% to €100.2m.

• 9M order intake increased 22.5% to €285.2m; book-to-bill was 0.74x, with Q4 acceleration expected to support a FY26 target of c.1.0x.

• Non-night-vision revenue contribution reached 17.6% in 9M 2026, versus 7.1% in 9M 2025.

Outlook and guidance

• FY26 revenue guidance remains c.€600m, with an adjusted EBIT margin baseline of 26%.

• FY26 capex is now expected at c.€25m versus prior guidance of c.€30m, reflecting investment phasing; the balance shifts into FY27.

• Medium-term targets include organic revenue growth >20% p.a., adjusted EBIT margin >26%, and capex c.4% of revenue.

• Further order-intake acceleration is expected in Q4, in line with seasonal patterns; strong momentum is expected to continue into early 2027.