Theon International Plc · EURONEXT:THEON
Theon International — FY2025 Earnings Presentation
21 slides from Theon International's earnings presentation, Apr 21, 2026
Slide 1: THEON FY 2025 Results
THEON FY 2025 Results EMPOWERING VISION. WHEN IT MATTERS. 21 April 2026 theon.com
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 FY 2025 Highlights Christian Hadjiminas Founder & CEO Defense Market & Business Update Philippe Mennicken BD Director & Deputy CEO Financial Performance Dimitris Parthenis CFO Guidance & Outlook Christian Hadjiminas Founder & CEO EMPOWERING VISION. WHEN IT MATTERS. 3
Slide 4: FY 2025 Highlights
FY 2025 Highlights EMPOWERING VISION. WHEN IT MATTERS. 4
Slide 5: Highlights: Transformative year leading to enhanced strategic platform
FY 2025 RESULTS PRESENTATION FY 2025 Highlights Transformative year leading to a materially enhanced strategic platform Financial Highlights Operational Order intake reached record-high €1.3 billion, supported by the largest ever order for NVGs & Strategic Overdelivered on guidance, beating consensu
Slide 6: Defense Market & Business Update
Defense Market & Business Update EMPOWERING VISION. WHEN IT MATTERS. 6
Slide 7: Continued global turbulence
FY 2025 RESULTS PRESENTATION Continued global turbulence Accelerated (and elevated) defense spending is expected to continue Europe Emerging Multipolarity Potential for EU in the global Ongoing impact from defense scene after years of the Russia – Ukraine conflict underinvestment Regional Conflicts
Slide 8: Roadmap to success on Platforms business
FY 2025 RESULTS PRESENTATION Roadmap to success on Platforms business FY 2027 Construction of new facility in Koropi increasing capability and capacity to FY 2026 address the upcoming demand Today Design of additional new products through combining forces with ShockEOS New cooperation with Top-line
Slide 9: Developments on THEON NEXT
FY 2025 RESULTS PRESENTATION Developments on THEON NEXT Already using the new technology blocks we have New products to be introduced in the coming quarters, which are access to through our recent M&A and partnerships expected to bring us one step closer to the ARMED NEXT with Alereon and Varjo prot
Slide 10: Significant Revenue Growth and Diversification
FY 2025 RESULTS PRESENTATION Significant Revenue Growth and Diversification Significant revenue growth and diversification, with non Night Vision products targeted to account for c.50% of revenue in the medium term Revenue Diversification Target Highlights / Drivers Remain a global leader in Night V
Slide 11: Financial Performance
Financial Performance EMPOWERING VISION. WHEN IT MATTERS. 11
Slide 12: Delivered transformative year
FY 2025 RESULTS PRESENTATION Delivered transformative year Leading to a materially enhanced strategic platform Order Intake (€m) Revenue (€m) Order intake reached a record-high €1.3 billion, supported by the largest single order ever placed for night-vision man-portable equipment 1,313.9 443.4 +182.
Slide 13: Securing new business and delivering on time
FY 2025 RESULTS PRESENTATION Securing new business and delivering on time Book-to-bill ratio of 3.0x Order Intake (€m) Revenue (€m) 2025 Revenue Breakdown (%) +182% +26% 1,314 443.4 ~7% ~19% 352.4 ~6% By Product By Region 466 ~75% ~93% 2024 2025 2024 2025 Night Vision Non Night Vision Europe America
Slide 14: Soft backlog provides good visibility
FY 2025 RESULTS PRESENTATION Soft backlog provides good visibility Longer-term framework agreements increasing horizon beyond typical 18-month Soft Backlog & Options (€m) as at 31-Dec-25 Soft Backlog Breakdown (%) ~2,271 ~856 21% 26% ~248 ~1,414 ~1,166 By Delivery Year 25% 1 2 28% Backlog Secured So
Slide 15: Superior profitability, in-line with guidance
FY 2025 RESULTS PRESENTATION Superior profitability, in-line with guidance High conversion from EBITDA to EBIT due to Theon’s asset-light business model Adj. EBITDA (€m) Adj. EBIT (€m) Net Income (€m) Highlights / Drivers Margin 25.8% Margin 26.2% 19.1% Margin 18.3% Adj. EBITDA and Adj. EBIT margin
Slide 16: Increasing investment to fund future growth
FY 2025 RESULTS PRESENTATION Increasing investment to fund future growth Additional capacity and new products in the pipeline Capex1 (€m) Expensed R&D (€m) Highlights / Drivers Capex mostly directed to expanding the capacity of Harder Digital and % of % of setting up the new facilities in Denmark, S
Slide 17: Efficient use of working capital
FY 2025 RESULTS PRESENTATION Efficient use of working capital Leading to a step change in operating cash flow NWC Absorption (%) Cash Conversion1 (%) Operating Cash Flow (€m) Highlights / Drivers Lower NWC absorption, a substantial Mid-term target of ~ 35% Step change in OCF step towards mid-term ta
Slide 18: Strong Balance Sheet Position
FY 2025 RESULTS PRESENTATION Strong Balance Sheet Position Supported by good cash flow generation Net Cash Bridge (€m) Highlights / Drivers Kappa Optronics and Exosens Net Rights Issue proceeds of €147.7m used to partially 147.7 transactions closed post period- fund the Exosens transaction end, brin
Slide 19: Guidance & Outlook
Guidance & Outlook EMPOWERING VISION. WHEN IT MATTERS. 19
Slide 20: Reiterating guidance
FY 2025 RESULTS PRESENTATION Reiterating guidance THEON expects to achieve its €1bn revenue target by 2029 through organic growth, to be complemented by targeted bolt-on acquisitions FY 2025 (Reported) FY 2026 Guidance Medium Term Revenue €443.4m €570-600m Organic Growth >15% p.a. complemented by ta
Slide 21: Building momentum
FY 2025 RESULTS PRESENTATION Building momentum Entered 2026 with strong momentum from structural growth trends, historically high backlog and expanded product portfolio Ambition in the medium-term of growing from being a leader in Night Vision Where we are going to being a leader in the Defense Opto