Theon International Plc · EURONEXT:THEON
Theon International — Investor Day (November 2025)
66 slides from Theon International's investor day presentation, Nov 6, 2025
Slide 1: Theon Capital Markets Day
THEON CAPITAL MARKETS DAY EMPOWERING VISION. WHEN IT MATTERS. 6 NOVEMBER 2025 theon.com
Slide 2: Agenda of the Day
AGENDA OF THE DAY Session One 15:00 Session Two 16:00 Session Three 17:00 Q&A Session 17:30 Dinner at Papaioannou 18:30 In-between: Coffee Breaks THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 2
Slide 3: Welcome: Doing a CMD Now!
WELCOME DOING A CMD NOW! What’s NEXT? Now presenting the evolution of our strategy, moving to the next level. We renew our commitment 19 months consistently to create value for our delivering everything we shareholders. IPO in promised in all fronts: Feb 2024 Organic growth Vertical integration Capa
Slide 4: Meet Our Speakers
WELCOME MEET OUR SPEAKERS Theon Speakers Guest Speakers Christian Hadjiminas Philippe Mennicken Dimitris Parthenis George Papageorgiou Michael Murray Founder/ Group CEO BD Director/ Deputy Group CEO Group CFO CEO Theon Sensors Chairman, President & CEO KOPIN Dr. Dimitris Mandridis Dr. Nikos Vasiliad
Slide 5: Session One
SESSION ONE Introduction Market Analysis & Business Opportunities Operations THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 5
Slide 6: Introduction
Introduction EMPOWERING VISION. WHEN IT MATTERS. theon.com
Slide 7: A Record of Results Built on Precision and Accountability
INTRODUCTION A RECORD OF RESULTS BUILT ON PRECISION AND ACCOUNTABILITY What we promised What we delivered What we target Capture > €1 bn new Announced > €1.7 bn new Longer term framework opportunities orders and options agreements Revenue increase in line Revenue increased faster New product lines w
Slide 8: A Record of Results Built on Precision and Accountability
INTRODUCTION A RECORD OF RESULTS BUILT ON PRECISION AND ACCOUNTABILITY What we promised What we delivered What we target Revenue from Platform Organic sales + Acquisition New contracts earlier products by 2027 of Kappa than 2027 Enough capacity to Expansion in Belgium, New production facility contin
Slide 9: Theon's Strategy
INTRODUCTION ΤΗΕΟΝ’S STRATEGY We design We deliver We invest We grow & develop New product Customer Verticalization Cement our development satisfaction & synergies position in NV2 Adoption of Shareholder New tech & Increase Total digital & AR1 value innovation Addressable enablers Market (TAM) 1. Au
Slide 10: Key Milestones Since IPO
INTRODUCTION KEY MILESTONES SINCE IPO ORDER INTAKE 2024: €466 m JUNE OCTOBER JULY JULY AUGUST Introduced Acquisition of Established Acquisition stake Launch of A.R.M.E.D & Harder Digital Theon Latvia in Andres Industries THEON Next Platform based strategic initiative Products SEPTEMBER FEBRUARY JULY
Slide 11: Key Milestones Since IPO
INTRODUCTION KEY MILESTONES SINCE IPO AUGUST ORDER INTAKE YTD Launch of THEON NEXT An initiative to advance soldier systems with cutting-edge digital technologies, (up to 4 Nov): strategic initiative beyond traditional night vision towards augmented reality (AR) and networked situational awareness t
Slide 12: Market Analysis & Business Opportunities
Market Analysis & Business Opportunities EMPOWERING VISION. WHEN IT MATTERS. theon.com
Slide 13: Dynamic Geopolitical Landscape
MARKET ANALYSIS & BUSINESS OPPORTUNITIES DYNAMIC GEOPOLITICAL LANDSCAPE Accelerating defense spending Europe Emerging Multipolarity Ongoing impact from the Russia – Ukraine Potential for EU in the global conflict defense scene APAC Regional Conflicts and Japan, Korea, Taiwan Instability and Australi
Slide 14: Changing Warfare
MARKET ANALYSIS & BUSINESS OPPORTUNITIES CHANGING WARFARE The connected Battlefield- Intelligent Mass THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 14
Slide 15: Dismounted Addressable Market
MARKET ANALYSIS & BUSINESS OPPORTUNITIES DISMOUNTED ADDRESSABLE MARKET Dismounted Total Addressable Market by Region (€ m) Dismounted Product Category Breakdown (€ m) 2,835 2,835 2,704 2,704 461 912 2,345 433 2,345 926 2,124 119 2,124 266 102 734 1,919 99 1,919 222 543 1,715 132 95 1,715 82 349 380
Slide 16: Platforms Addressable Market
MARKET ANALYSIS & BUSINESS OPPORTUNITIES PLATFORMS ADDRESSABLE MARKET Land Vehicles Platforms Total addressable market by Vehicle-Mounted Product Category Breakdown Region (€ m) (€ m) 4,456 4,456 4,098 4,098 4,026 209 3,999 4,026 3,999 231 184 150 188 3,578 1,187 3,578 797 226 210 219 950 855 191 92
Slide 17: Stronghold Europe €2.30 bn
MARKET ANALYSIS & BUSINESS OPPORTUNITIES STRONGHOLD EUROPE “Cement our leading position in Europe and capture strong demand” Europe Customer shift to long term supply agreements Opened liaison office in Brussels in Mandate towards joint procurements Q3 2025 (OCCAR, NSPA, NORDEFCO) expected to reach
Slide 18: Awakening Giants €1.35 bn
MARKET ANALYSIS & BUSINESS OPPORTUNITIES AWAKENING GIANTS “Strong geographical reach” APAC Large NVG procurements expected to start in 2026 Focus on key US allies Expand industrial presence in the region starting with S. Korea Regional Penetration1 of Night Vision Goggles ~20% Opportunities on Radar
Slide 19: Steady Opportunities €1.30 bn
MARKET ANALYSIS & BUSINESS OPPORTUNITIES STEADY OPPORTUNITIES “Expand our capabilities in the region” MENA Focus on KSA and UAE Expand industrial capabilities in the region with a focus on platform optronics Capture KSA vehicle market Regional Penetration1 of Night Vision Goggles ~10% 2 Opportunitie
Slide 20: Made in USA €1.2 bn
MARKET ANALYSIS & BUSINESS OPPORTUNITIES MADE IN USA Regional Penetration1 of Night Vision Goggles “Ongoing expansion of industrial presence in N. America” ~100% in US Replacement of old PVS-14 monos with binos under way >10% in S. America Americas Preference to rely on domestic technology and produ
Slide 21: Operations
Operations EMPOWERING VISION. WHEN IT MATTERS. theon.com
Slide 22: Group Global Presence
OPERATIONS GROUP GLOBAL PRESENCE Denmark Germany (Repair and (JV with Hensoldt) S. Korea Maintenance Hub) (Subcontractor Total Facility Area: covering regional needs) Total Facility Area: 300 sqm Germany 248 sqm Total Facility Area: Current Manpower1: 2,270 sqm Theon Sensors, Current Manpower1: 15 F
Slide 23: Group Global Presence
OPERATIONS GROUP GLOBAL PRESENCE USA U.S Co-production at EOTech KSA Co-production capabilities UAE Co-production capabilities THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 23
Slide 24: Main Production Facilities
OPERATIONS MAIN PRODUCTION FACILITIES Koropi, Greece Factory size doubled in 2017 with further expansion into the second production facility in 2023 8,472 sqm Current main facilities size THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 24
Slide 25: Existing ISR Production Facilities
OPERATIONS EXISTING ISR PRODUCTION FACILITIES Koropi, Greece Dedicated ISR lab Personnel: space of 150 sqm 2 Assembly engineers Additional expansion space of 55 sqm 7 Design and Development engineers 3 systems monthly production capacity 1 Product Manager Note: ISR = Intelligence, Surveillance and R
Slide 26: 3rd Expansion of Production Facilities
OPERATIONS 3RD EXPANSION OF PRODUCTION FACILITIES Koropi, Greece Fast-paced construction schedule • Final permit already obtained • Estimated budget ~ €10 m (20% subsidized) 3rd Factory • Estimated completion by Q1- Q2 of 2027 already scheduled to Reaching up to a total facilities size be constructe
Slide 27: 3rd Expansion of Production Facilities
OPERATIONS 3RD EXPANSION OF PRODUCTION FACILITIES Koropi, Greece Fast-paced construction schedule • Final permit already obtained • Estimated budget ~ €7 m • Estimated completion by 3rd Factory Q1- Q2 of 2027 already scheduled to Reaching up to a total facilities size be constructed 11,300 sqm THEON
Slide 28: Growing Workforce
OPERATIONS GROWING WORKFORCE 16% Greece Germany >30% MSc/PhD holders 20% Split per 48% Rest of EU country Rest of the World 16% Headcount evolution 934 Male 30% Females 213 Split per gender 633 721 70% 243 R&D 13% 20% 390 Production 12% BD/Marketing 303 Split per 247 Finance/Legal/Admin capability 1
Slide 29: Key Employees Incentivization Plan
OPERATIONS KEY EMPLOYEES INCENTIVIZATION PLAN Creating greater linkages to long-term value creation while increasing the commitment, retention, and attraction of executives, will support the overall objective of high performance that is built into the program Start date KPIs 01/01/2025 Relative Tota
Slide 30: Session Two
SESSION TWO Strategy and M&A Technology and Product Roadmap THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 30
Slide 31: Strategy and M&A
Strategy and M&Α EMPOWERING VISION. WHEN IT MATTERS. theon.com
Slide 32: M&A Strategy Going Forward
STRATEGY AND M&A M&A STRATEGY GOING FORWARD Capability & Technology Focus Geographic Expansion Fire Control Systems Integrated sighting & targeting solutions USA Expansion Expand local presence in world’s largest defense market (c. $900B p.a.) Platforms/ UAVs/ Vehicles System-level solutions & inter
Slide 33: M&A and Investments Track Record
STRATEGY AND M&A M&A AND INVESTMENTS TRACK RECORD Part of THEON NEXT Andres Industries AG OCTOBER AUGUST Part of THEON NEXT AUGUST NOVEMBER 2024 JULY 2025 AUGUST 2025 OCTOBER 2025 • 60% stake 2025 • 100% acquisition for €69 m consideration 2025 • €5 m investment through convertible 2025 • 30% alread
Slide 34: Exosens
STRATEGY AND M&A EXOSENS Deal Overview & Rationale 9.8% Further secure our supply chain In discussions to extend the Unlocking new horizons through closer collaboration Acquired to become the second (in continuation to commercial largest shareholder/ the only • Increase common addressable market acq
Slide 35: Kopin
STRATEGY AND M&A KOPIN A leading provider of Microdisplays and specialized application-specific optical solutions for high performance and mission critical AR and VR applications Unique Market Position Market Opportunity Industry Leader Tier 1 Customer Base Only player in the market that Large and g
Slide 36: Kopin and Theon
STRATEGY AND M&A KOPIN AND THEON A Better Together Strategy Kopin is expected to bring the sovereign leading edge Microdisplay technologies to Theon in both the United States and in Europe (ITAR-free) Together, Theon and Kopin will work to integrate the latest in display technology into existing and
Slide 37: Harder Digital
STRATEGY AND M&A HARDER DIGITAL Key products Vertically integrated IIT manufacturer providing customized solutions and components Established in 1999 Global customer base with HQ in Woltersdorf, across more than Gen II IIT Gen III IIT 30 countries Germany and presence in Serbia and Latvia 281 ITAR-f
Slide 38: Harder Digital
STRATEGY AND M&A HARDER DIGITAL HQ Riga, Latvia Woltersdorf, Germany 450 20 sqm employees End product facility 2,000 sqm 2,500 55 sqm employees Nis, Serbia Components production 6,000 206 sqm employees THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 38
Slide 39: Harder Digital
STRATEGY AND M&A HARDER DIGITAL 1 machine in place Annual capacity: ~6,000 IIT Average FOM: 1,800 Before Theon’s investment Note: IIT = Image Intensifier Tube; FOM = Figure of Merit THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 39
Slide 40: Harder Digital
STRATEGY AND M&A HARDER DIGITAL 1 machines in place 2 machines in place Annual capacity: Annual capacity: ~6,000 IIT ~14,000 IIT Average FOM: Average FOM: 1,800 2,000 >60% of production absorbed by Theon Before Theon’s investment Today Note: IIT = Image Intensifier Tube; FOM = Figure of Merit THEON
Slide 41: Harder Digital
STRATEGY AND M&A HARDER DIGITAL 1 machines in place 2 machines in place 4 machines in place Annual capacity: Annual capacity: Annual capacity: ~6,000 IIT ~14,000 IIT >20,000 IIT Average FOM: Average FOM: Average FOM: 1,800 2,000 >2,200 >60% of production absorbed by Theon Before Theon’s investment T
Slide 42: Harder Digital
STRATEGY AND M&A HARDER DIGITAL 1 machines in place 2 machines in place 4 machines in place Annual capacity: Annual capacity: Annual capacity: ~6,000 IIT ~14,000 IIT >20,000 IIT Average FOM: Average FOM: Average FOM: 1,800 2,000 >2,200 >60% of production absorbed by Theon Before Theon’s investment T
Slide 43: ShockEOS
STRATEGY AND M&A ShockEOS Key products Established in 2023 Initial co-development Key Products • R&D Design House project of €10 m in July • Product development 2024 • Testing and QA labs • 40 engineers Know-how & experience Platform Enabled us to design in land and airborne military grade gimbals t
Slide 44: Kappa Optronics
STRATEGY AND M&A KAPPA OPTRONICS HQ Gleichen, Germany 3,900 171 sqm FTEs Mountainside, NJ, USA Madrid, Spain 207 5 614 14 sqm FTEs sqm FTEs THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 44
Slide 45: Kappa Optronics
STRATEGY AND M&A KAPPA OPTRONICS Key Products Established in 1978 Unique expertise with HQ in Gleichen, in functional Germany and presence safe design in Spain and in the USA 190 FTEs Acting as 1st Tier supplier to most QuadBox DVE Switchgear Cameras +20 exp. in 2026 of European defense OEMs c.€40 m
Slide 46: Technology and Product Roadmap
Technology and Product Roadmap EMPOWERING VISION. WHEN IT MATTERS. theon.com
Slide 47: R&D and Production Overview
TECHNOLOGY AND PRODUCT ROADMAP R&D AND PRODUCTION OVERVIEW Proprietary technological capabilities in a fully integrated production set-up The R&D department uses Theon has a vast network All products are qualified, Strong Quality and Testing modern and state of the art of suppliers assembled adjuste
Slide 48: Theon's Portfolio Evolution 2004 to 2024
TECHNOLOGY AND PRODUCT ROADMAP THEON’S PORTFOLIO EVOLUTION 2004 to 2024 Acceleration after IPO 2004 2008 2011 2012 2013 2018 2019 2021 2022 2023 2024 TITAN NV Drivers URANIA Barrel THERMON Thermal Driver TALOS ISR Periscopes Cameras Periscope Family Vehicles & ISR ARGUS NV NYX NV MIKRON NV NYX-47 NV
Slide 49: Theon's Portfolio Evolution 2025 and beyond
TECHNOLOGY AND PRODUCT ROADMAP THEON’S PORTFOLIO EVOLUTION 2025 and beyond 2025 Planned Future Developments Gimbal HELIOS Stabilized RWS Camera Synergies with Vehicles & Kappa and ShockEOS Pan-tilt ISR Holistic Approach to AR Integration in Vehicles Segment vehicle ISR MIKRON Mk2 NYX Mk2 NV Binocula
Slide 50: Night Vision
Operational Need: TECHNOLOGY AND PRODUCT ROADMAP • Operate at night ANALOG DEVICES • Significant advantage IIT esign com ma NIGHT VISION D po in ~65% of cost it cs ne nt p O 16 mm & 18mm 100% (Agreement to acquire 9.8%) THEON chanical Design 18mm Tube (60% owned) agnostic 18mm 100% THEON Me 18mm Tub
Slide 51: Digital Thermal Family of Weapon Sights
Operational Need: TECHNOLOGY AND PRODUCT ROADMAP • De-camouflage & night operation DIGITAL THERMAL • See through obscurants Micro esign -Bo FAMILY of WEAPON SIGHTS D lom it cs e p Lynred te O 100% THEON r Image Processing by THEON (7 Engineers) chanical Design Mic ro-Display s 100% THEON (20 Enginee
Slide 52: ISR Platforms Multi-Spectral
Operational Need: TECHNOLOGY AND PRODUCT ROADMAP • Digital vision ISR PLATFORMS • See through obscurants, night, day, zoom esign SW MULTI-SPECTRAL D /A it cs I p O THEON + ShockEOS 100% THEON (9 Engineers) (3 Engineers) chanical Design Designators THEON + ShockEOS Co-development (25 Engineers) Me le
Slide 53: Fire Control Systems
Operational Need: TECHNOLOGY AND PRODUCT ROADMAP • Night operation FIRE CONTROL • Increase hit accuracy New sign SYSTEMS NEW FAMILY it cs De De vic e p s O 100% More products to THEON follow chanical Design Balli stic calculator 100% Organic THEON Me development Future FCS ? Products le E c 100% SW
Slide 54: Technology and Product Roadmap Continued
Technology and Product Roadmap Continued EMPOWERING VISION. WHEN IT MATTERS. theon.com
Slide 55: A.R.M.E.D. Ecosystem
Operational Need: TECHNOLOGY AND PRODUCT ROADMAP • Enhanced Vision • Connectivity & Situational Awareness A.R.M.E.D. ECOSYSTEM ADDRESSING THE REQUIREMENTS on Electro OF THE DIGITAL WARFIGHTER lizati -Op oca tic al rL S ys e Us te Theon HW Based on Theon ms and SW existing and new S Connection EO sys
Slide 56: A.R.M.E.D. NEXT
TECHNOLOGY AND PRODUCT ROADMAP TIER 1 PARTNER A.R.M.E.D. NEXT Ballistic Protection Helmet THEON TECHNOLOGY Multi Spectral Vision Enhancement Sensor Suite THEON TECHNOLOGY Headborne Computer and Power Supply Intra soldier network UWB Synthetic Environments and Immersive AR applications TIER 1 SUPPLIE
Slide 57: Session Three
SESSION THREE Financial Performance Outlook THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 57
Slide 58: Financial Performance & Outlook
Financial Performance & Outlook EMPOWERING VISION. WHEN IT MATTERS. theon.com
Slide 59: Overview
FINANCIAL PERFORMANCE OVERVIEW Strong Profitable Efficient Capex Capability-led Backlog Growth and R&D Investments Lean Cost Structure/ Sensible Continuous Share Competitive Cost Base Leverage Dividend Buyback THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 59
Slide 60: Soft Backlog of c.€700 m
FINANCIAL PERFORMANCE SOFT BACKLOG OF c.€700 M Snapshot and breakdown as of 4 November 2025 8% 21% 19% 11% 35% By Region By Product By Delivery 22% 59% Year 79% 46% Europe MENA APAC Americas NVG Other 2025 2026 2027+ + Options of c.€720 m which can be exercised any time at customers’ discretion1 1.
Slide 61: Evolution of Key Financials
FINANCIAL PERFORMANCE EVOLUTION OF KEY FINANCIALS Consistently profitable growth Actual Guidance Target Revenue EBITDA EBIT €m €m €m Mid- 91 twenties c.1bn 58 88 570-590 42 435-445 56 352 40 219 143 2022 2023 2024 2025 2026 Mid-Term 2022 2023 2024 2022 2023 2024 Mid-Term THEON NEXT | EMPOWERING VISI
Slide 62: Accelerated Investment Plan
FINANCIAL PERFORMANCE ACCELERATED INVESTMENT PLAN Historically efficient use of funds with multiple new products % of Revenues introduced to the market X% Capex R&D Immediate focus in in € m in € m the coming years: Further expanding the 2.6% 3.5% 3.0% ~5% ~5% 1.4% 1.3% 1.4% 1.2% 1.4% capacity of Ha
Slide 63: Strong Balance Sheet Provides Stability and Growth Potential
FINANCIAL PERFORMANCE STRONG BALANCE SHEET PROVIDES STABILITY AND GROWTH POTENTIAL Leverage target: Net Debt/ EBITDA < 2.5x Debt breakdown Deleverage plan in € m Unused Pro-forma 1.50 credit lines peak at 2.9x 0.80 210 Newly acquired subs debt -0.50 RRF Loan 114 RCF Used 2024A 2025A 2026E 2027E 2028
Slide 64: Capital Allocation Overview
FINANCIAL PERFORMANCE CAPITAL ALLOCATION OVERVIEW Disciplined capital allocation focused on shareholder value and strategic growth M&A to Further Enhance Efficient Use of Growing R&D Continuous Capabilities Capex Efforts Dividends Strong track record of Efficient use of funds is Heightened focus on
Slide 65: Guidance/ Targets
OUTLOOK GUIDANCE/ TARGETS 2025 Guidance 2026 Target Medium Term Target Revenue €435-445 m €570-590 m Organic Growth >15% Adj. EBIT Margin Not provided Mid-twenties Capex €20 m €30 m c.4% of Revenue Dividend Payout €23.8 m Dividend Paid 20-30% 20-30% (35% of Net Income of FY24) Effective Tax Rate 23-
Slide 66: Q&A Session
Q&A session EMPOWERING VISION. WHEN IT MATTERS. theon.com