Theon International Plc · EURONEXT:THEON
Theon International — FY2024 Earnings Presentation
20 slides from Theon International's earnings presentation, Apr 15, 2025
Slide 1: FY24 Results
FASTEST GROWING sxcts, | 1000 EUROPE’S |2e2s Ly COMPANIES & 2025 FY24 Results 15 April 2025 ff THEON = INTERNATIONAL LISTED EURONEXT Advanced Optronics
Slide 2: Disclaimer
DISCLAIMER Important - please read the following before continuing. This document has been prepared by Theon International PLC (the "Company”) solely for discussion purposes in relation to the Company and its subsidiaries (together, the "Group"), for information and background purposes only (the "In
Slide 3: Agenda
AGENDA Overview & Key Highlights 1 Christian Hadjiminas, Chief Executive Officer 2 Market & Business Update Philippe Mennicken, Deputy CEO, Business Development Director FY 2024 Results & Guidance 3 Dimitris Parthenis, Chief Financial Officer FY 2025 Targets 4 Christian Hadjiminas, Chief Executive O
Slide 4: Overview & Key Highlights
Overview & Key Highlights Christian Hadjiminas, Chief Executive Officer 3
Slide 5: FY 2024 Business Overview
FY 2024 BUSINESS OVERVIEW Strong business growth with excellent financial performance, driven by clear progress in line with our strategic objectives Strong profits Healthy order book Delivering on strategy +61% revenue growth with Robust visibility Organic product innovation, industry leading profi
Slide 6: FY 2024 Milestones
FY 2024 MILESTONES Strong progress in each area of our growth strategy fueled FY24 performance Listing on 4-year Euronext agreement with Joined Exercise of the Successful Acquisition of Amsterdam. French Euronext Tech 3rd OCCAR placing of c.3.2 m Harder Digital Net proceeds of Ministry to Leaders op
Slide 7: Market & Business Update
Market & Business Update Philippe Mennicken, Deputy CEO Business Development Director 6
Slide 8: Post US elections the world has changed; old values and alliances no longer guaranteed
POST US ELECTIONS THE WORLD HAS CHANGED; OLD VALUES AND ALLIANCES NO LONGER GUARANTEED PROVIDING OPPORTUNITY This has an impact on all regions in the world to a lesser or greater extent Americas Europe MENA APAC • Defense expense review • Defense spending super cycle • Continued strong defense • Str
Slide 9: Low penetration provides significant headroom for growth in all regions
LOW PENETRATION PROVIDES SIGNIFICANT HEADROOM FOR GROWTH IN ALL REGIONS Momentum is accelerating in the NV market as regions globally focus on moving closer to a 1:1 ratio of NVG to soldiers. THEON’s leading position means we are well placed to capture this increasing demand North America ~100% Euro
Slide 10: A new wave of procurement for next gen man-portable products has just been initiated
A NEW WAVE OF PROCUREMENT FOR NEXT GEN MAN-PORTABLE PRODUCTS HAS JUST BEEN INITIATED WITH STRONG EARLY DEMAND THEON has a diversified product portfolio to capture additional opportunities The A.R.M.E.D. ecosystem of connected devices increase tactical situational awareness, effectiveness, and surviv
Slide 11: FY 2024 Results & Outlook
FY 2024 Results & Outlook Dimitris Parthenis, Chief Financial Officer 10
Slide 12: Attractive financial profile: high growth, high profitability and dividend distribution
ATTRACTIVE FINANCIAL PROFILE CHARACTERISED BY HIGH GROWTH, HIGH PROFITABILITY AND DIVIDEND DISTRIBUTION €466 m Order intake €654 m Soft order backlog €352.4 m Revenue 1.3x book-to-bill ratio 1.9x revenue 61.1% growth y-o-y €88.4 m Adj. EBIT €10.7 m Capex €41.7 m Net cash1 25.1% margin 40.1% growth y
Slide 13: Backlog provides visibility
BACKLOG PROVIDES VISIBILITY Soft backlog and options (€ m) Commentary Soft backlog is up c.21% year on year Approx. 50% of the soft backlog is expected to be invoiced in 2025, 40% ~301.0 ~955.0 in 2026 and 10% from 2027 onwards ~236.0 ~654.0 Part of the Options expected to be exercised in 2025
Slide 14: Consistent strong performance
CONSISTENT STRONG PERFORMANCE Orders/ Backlog (€ m) Revenue (€ m) Commentary Significant value of new orders led to +21.1% increased soft backlog. 654 High soft order backlog gives good visibility over the 2025-2026 period 540 +61.1% Revenue growth beyond the top end of guided range driven by
Slide 15: Sustained best-in-class margin with continuous investments
SUSTAINED BEST-IN-CLASS MARGIN WITH CONTINUOUS INVESTMENTS Adj. EBIT (€ m) Capex (€ m) Commentary Strong adjusted EBIT growth driven by Margin 25.8% 25.1% revenue growth and disciplined cost management +56.5% Maintained strong, industry leading margins, in line with guidance +40.1% Asset-light
Slide 16: Significant increase in working capital but still with a strong net cash position
SIGNIFICANT INCREASE IN WORKING CAPITAL BUT STILL WITH A STRONG NET CASH POSITION Working Capital (€ m) Net Cash (€ m)1 Commentary Working capital increased from €67.9 +143.7% m in 2023 to €165.5 m in 2024; WC absorption increased due to the high top-line growth and the delivery of large part of a
Slide 17: Guidance
GUIDANCE 2025 M e d i u m - Te r m Organic growth in line with addressable Revenue €410 - 430 m market EBIT Margin Mid-twenties Mid-twenties Capex €20 m 3.5% of Revenue Dividend c.€0.34 FY 2024 dividend to be proposed 30-40% of Net Income Payout at the AGM (payout ratio of 35%) Source: Company infor
Slide 18: Outlook
Outlook Christian Hadjiminas, Chief Executive Officer 17
Slide 19: FY 2025 Targets
FY 2025 TARGETS Significant opportunity ahead to drive continued strong growth Capitalize on rising demand for conventional products Enhance M&A efforts to fuel growth and Create new reference expansion products in the Man- Portable market Form new partnerships to gain additional Accelerate entry in
Slide 20: Q&A
Q&A