PRESS RELEASE
Bloomberg (THEON:NA) / Reuters (THEON.AS)
5 May 2026 – Theon International Plc (THEON) publishes its Q1 2026 Trading Update. The results and activity reflect another period of consistent delivery on promises, with THEON remaining highly confident in its FY 2026 Guidance and Medium-Term Targets.
Theon has entered Q2 2026, actively pursuing actively pursuing numerous opportunities across multiple areas to sustain high organic growth, in line with its Medium-Term organic growth commitment of above 15%. THEON is confident in maintaining its Book-to-Bill Ratio of above 1.0x and strong backlog, with structural growth trends and the move towards longer-term framework agreements to provide greater visibility than historically.
In parallel, inorganic growth contributes to THEON’s growth trajectory; Monday’s announcement of MERIO is the latest development, with an active pipeline of acquisitions and strategic partnerships expected to be finalized throughout the year.
Financial Summary
| €m | Q1 2026 | Q1 20251 | Change |
| Order intake | 70.0 | 117.9 | -40.6% |
| Revenue | 120.1 | 90.8 | +32.3% |
| Adjusted EBITDA | 31.8 | 24.7 | +28.5% |
| Adjusted EBIT | 30.0 | 23.8 | +26.2% |
| Adjusted EBIT Margin | 25.0% | 25.3% | -0.3 p.p. |
| Earnings Per Share (EPS) | €0.692 | €0.25 | +175.3% |
| NWC Absorption (% of LTM Revenues) | 41.1% | 41.1% | +0.0 p.p. |
| Capex | 3.9 | 3.3 | +15.6% |
| % Cash Conversion3 | 87.8% | 86.5% | +1.3 p.p. |
| €m | 31 Mar-26 | 31 Dec-25 | Change |
| Soft Backlog | 1,420.3 | 1,414.3 | +0.4% |
| Options on Soft Backlog | 896.9 | 856.4 | +4.7% |
| Net Debt/ (Cash) | 228.2 | (126.9)4 | n/a |
1 Reflects a change in accounting policy to include the Group’s share of profits from core equity- accounted investees within operating profit, adopted in Q2 2025 - effective from 1 January 2025.
2 Net income and EPS of Q1 2026 include the impact of the mark‑to‑market valuation of our investment in Exosens, which is classified as a financial asset measured at fair value through profit or loss.
3 Defined as (Adjusted EBITDA - Capex) / Adjusted EBITDA
4 Includes net proceeds of €147.7 million from the rights issue offering completed in December 2025
Key Highlights
Financial Highlights
- Order intake reached €70m, down c.40% year-on-year, primarily due to seasonality. In addition, a total of €40m in options have been added, contributing to the Group’s future potential. Year‑to‑date order intake amounts to €102m, with a very good mix of NVGs and the new digital products, while accelerated order intake is expected in the coming quarters.
- Revenues increased to €120.1m, representing 32.3% growth compared to Q1 2025, reflecting the Group’s ongoing momentum. THEON continues growing faster than the addressable market, while KAPPA is contributing to top-line growth and supporting accelerated entry in the Platforms-based market.
- Adj. EBIT Margin of 25% reflects high resilience and still best-in-class margins despite the integration of new businesses.
- Soft Backlog of €1,420m reflecting the consolidation of Kappa Optronics GmbH. Despite high growth in Q1, backlog remains stable. Exercise of options is expected to have significant contribution to order intake and backlog in 2026.
- EPS higher by 189%, reinforced by the appreciation of strategIc stake in Exosens.
- Balance sheet remains strong, with leverage (Net Debt/LTM EBITDA) of 1.8x and cash generation providing headroom to support meaningful investment in organic growth (capacity, geographical footprint, local fulfillment, and product development) as well as further small strategic bolt-on acquisitions to continue being at the cutting-edge of technological advancements.
Operational and Strategic Highlights
- Continued improving performance by Harder Digital, supported by acceleration of investment, to increase product quality towards average FOM >2,000 and boost annual capacity output of Gen III 18mm tubes by >20% in FY 2026 compared to FY 2025.
- Official opening of THEON Belgium’s new state-of-the-art product facility in Zevantem, further expanding capacity and European footprint.
- As communicated during the FY2025 earnings call, THEON expects to be ready to introduce its first integrated visual augmentation system prototype under the ARMED NEXT initiative before the end of 2026, much faster than what was orginally communicated during the CMD.
- Post period-end, strategic agreement signed with Rheinmetall marking a highly significant milestone in THEON’S expansion into platform-based products, with platform products targetted to represent 20% of group revenues in the medium-term.
Corporate Highlights
- Completed previously announced acquisitions in Exosens (€268.7m, with the 9.8% stake having been secured at €54.0 per share) and Kappa Optronics (€69.9m, with Kappa expected to contribute c. €40m to group revenues in FY 2026).
- Exercised convertible loan option in Varjo Technologies Oy, committing an additional €5m (taking total investment to €10m).
- Post the period-end, completed the acquisition of a 30% equity interest in the holding company of ShockEOS which has already resulted in the introduction of the PHYLAX system. THEON intends to exercise its option to acquire a majority stake in the company in the coming quarters.
- Accepted as a member of the United Nations Global Compact (UNGC) from January 2026, reflecting commitment to aligning with the Ten Principles of the UNGC and dedication to the advancement of the UN Sustainable Development Goals (SDGs).
- Included in the Amsterdam Mid-Cap (AMX) Index, and ranked among Europe’s Fastest Growing Companies by The Financial Times for the third consecutive year.
- Earlier this week, entered into an exclusive agreement with the sole shareholder of Merio SAS (MERIO), RPL Développement, to acquire upfront an 80% stake of MERIO. The conclusion of the transaction is subject to consummation of long-form documentation and customary closing conditions, including regulatory approvals.
The full Q1 2026 Trading Update is available on the Company’s website and can be found here
Group Outlook
Guidance remains unchanged, and is per the below:
| FY 2026 Guidance | Mid-Term Targets | |
| Revenue | €570-600m | Organic Growth >15% per annum, supported by bolt-on M&A |
| Adjusted EBIT Margin | Mid-twenties | |
| Capex | €30m | c.4% of Revenue |
| Dividend | €24.4 m proposed at forthcoming AGM (30% of FY 2025 Net Income) | 20-30% of Net Income |
Christian Hadjiminas, Founder and CEO of THEON, stated: “Q1 2026 demonstrates once again the resilience, diversification and huge growth potential of our business. While order intake was softer year-on-year due to market seasonal patterns and phasing of contracts, momentum is building and strong inflow of orders is expected over the coming quarters. On our 32% revenue growth, this represented both increased product and geographic diversification, with platform products now contributing to our top line, in line with our commitment to our investors. On M&A, we remain highly active, our agreement to acquire 80% of MERIO is a strategically significant move, giving THEON a direct presence in the drone and light aerial platform segment as warfare tactics continue to evolve rapidly. Looking ahead, we will continue to advance our technological capabilities and execute on our growth strategy, progressing toward our €1 billion revenue target by 2029.”
For inquiries, please contact:
| Investor Relations Nikos Malesiotis E-Mail: ir@theon.com Tel: +30 210 6772290 | Media Contact Elli Michou E-Mail: press@theon.com Tel: +30 210 6728610 |
About THEON GROUP
THEON GROUP of companies develops and manufactures cutting-edge night vision and thermal imaging systems for Defense and Security applications with a global footprint. THEON GROUP started its operations in 1997 from Greece and today occupies a leading role in the sector thanks to its international presence through subsidiaries and production facilities in Greece, Cyprus, Germany, the Baltics, the United States, the Gulf States, Switzerland, Denmark, Belgium, Singapore and South Korea. THEON GROUP has more than 280,000 systems in service with Armed and Special Forces in 72 countries around the world, 26 of which are NATO countries. ΤΗΕΟΝ ΙΝΤΕRNATIONAL PLC has been listed on Euronext Amsterdam (AMS: THEON) since February 2024.
www.theon.com
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