THEON INTERNATIONAL PLC - Investor Presentation

Theon International delivered a positive investor update, highlighting strong financial performance, sustained revenue growth and a clear strategy to become a global leader in defence electro-optics. Management reaffirmed FY2026 revenue guidance of €570–600m and its target to exceed €1bn in revenue by 2029, supported by a record €1.4bn order backlog, long-term framework agreements and growing demand for advanced defence technologies. The company reported FY2025 revenue of €443m, up 26%, while maintaining industry-leading EBITDA margins above 25%, underpinned by its asset-light business model and strong cash generation. Theon outlined an ambitious growth strategy centred on expanding beyond its market-leading night vision business into intelligence, surveillance and reconnaissance (ISR), drones, AI-enabled defence systems and digital soldier technologies through targeted acquisitions, strategic partnerships and organic innovation. Recent investments, including the acquisitions of HGH and Mario, alongside a joint venture with Safran, significantly expand the group’s addressable market, product portfolio and international footprint. Management expects platform-based and digital products to contribute around 50% of group revenue over the medium term, enhancing diversification while maintaining best-in-class profitability. With strong operational execution, increasing revenue visibility, disciplined capital allocation and a robust pipeline of defence opportunities across Europe, North America and other international markets, Theon believes it is well positioned to deliver sustainable double-digit organic growth, expanding margins and long-term shareholder value.