Theon International Plc
AEX:THEON
Theon International Plc
Theon International Plc is a CY-based company operating in industry. Theon International Plc is a Cyprus-based manufacturer of advanced optronics. The firm specializes in the development and production of customizable night vision and thermal imaging systems for military and security applications in Europe. The main product lines of the Company are Night Vision Monoculars and Binoculars, Family of Night Vision Sights, Clip-on Night Sights, Night Driver’s Viewers, Digital day and night Cameras and upgrade kits for armored vehicles, Thermal Stand-alone and Clip-on uncooled Sights, Vehicle and Platform based thermal imaging systems, Optical and Mechanical customized design, ILS and Maintenance Services.
Theon International Plc is a CY-based company operating in industry. Theon International Plc is a Cyprus-based manufacturer of advanced optronics. The firm specializes in the development and production of customizable night vision and thermal imaging systems for military and security applications in Europe. The main product lines of the Company are Night Vision Monoculars and Binoculars, Family of Night Vision Sights, Clip-on Night Sights, Night Driver’s Viewers, Digital day and night Cameras and upgrade kits for armored vehicles, Thermal Stand-alone and Clip-on uncooled Sights, Vehicle and Platform based thermal imaging systems, Optical and Mechanical customized design, ILS and Maintenance Services.
Revenue Growth: THEON reported first-half 2025 revenue of EUR 183–184 million, up more than 20% year-on-year, with strong top-line momentum and visibility.
Profitability: Adjusted EBIT reached EUR 47–47.4 million, with EBIT margin expanding to 25.8% from 25% in the previous year.
Order Intake & Backlog: Order intake surged 118% to EUR 168 million, while the soft backlog rose 45% to EUR 622 million, supporting future growth.
Strategic Acquisitions: THEON completed several key acquisitions and investments, including Kappa Optronics and Harder Digital, within its 18-month IPO promise.
Guidance Maintained: Management reiterated its 2025 revenue target of EUR 430 million and mid-20s EBIT margin, with about 42% of annual revenue already delivered.
Dividend & Cash: THEON paid a EUR 0.34 per share dividend (EUR 23.8 million total) and ended H1 with a net cash position of EUR 34.7 million.
CapEx & Expansion: H1 CapEx was EUR 6.7 million, with full-year guidance of EUR 20 million to support growth and new product development.
Outlook: Management expects accelerated order intake in Q4, continued focus on integration and innovation, and further small acquisitions to expand geographic and technology footprint.
