Theon International Plc · EURONEXT:THEON
Theon International — H1 2026 Earnings Presentation
27 slides from Theon International's earnings presentation, September 2026
Slide 1: THEON H1 2026 Results
THEON H1 2026 Results EMPOWERING VISION. WHEN IT MATTERS. September 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 H1 2026 Highlights Christian Hadjiminas Founder & CEO Business & Defence Market 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: H1 2026 Highlights
H1 2026 Highlights EMPOWERING VISION. WHEN IT MATTERS. 4
Slide 5: H1 2026 highlights
H1 2026 RESULTS PRESENTATION H1 2026 highlights Maintaining a disciplined and consistent outlook, supported by strong business momentum and an enhanced strategic platform Order intake: €232.5m • Consistent performance with record first-half revenue +38.5% vs H1 2025 across THEON’s products and book-
Slide 6: Key strategic milestones in H1 2026
H1 2026 RESULTS PRESENTATION Key strategic milestones in H1 2026 Successful M&A execution delivered in line with market commitments, expanding THEON’s addressable market to approximately €8bn May May June June 2026 2026 2026 2026 80% stake Minority stake - $3m MoU to establish a JV 100% stake Accele
Slide 7: Strategy update
H1 2026 RESULTS PRESENTATION Strategy update Focusing on organic investments and realisation of synergies Organic Expansion in US Exosens Stake Focus on Integration • Initial investment of $30m • Paused the application process to • Expecting closing of Merio and • Expanding the co-operation in Kopin
Slide 8: Post-merger integration track record
H1 2026 RESULTS PRESENTATION Post-merger integration track record Recent strategic acquisitions already delivering strong results Production capacity increase c.3x since Secured c.€30m contract with support Co-development of the PHYLAX acquisition from Theon and delivered above initial stabilized mu
Slide 9: Business & Defence Market Updates
Business & Defence Market Updates EMPOWERING VISION. WHEN IT MATTERS. 9
Slide 10: Creating the next generation ISR ecosystem
H1 2026 RESULTS PRESENTATION Creating the next generation ISR ecosystem While our focus remains on soldier systems, we are now strongly moving into Air, Land and Sea ISR, leveraging the capabilities of our newly acquired companies THEON ISR ECOSYSTEM PORTFOLIO COMPANIES & CAPABILITIES SOFTWARE SYSTE
Slide 11: Merio: Enabler for THEON's growth in UxVs
H1 2026 RESULTS PRESENTATION Merio: Enabler for THEON’s growth in UxVs Expediting entry into the evolving air domain Merio is a French manufacturer of UAV Core Competencies Expected Synergies payloads with cooled EO/IR cameras for In-house ISR activities, operating a similar asset- Cross selling opp
Slide 12: Merio: Enabler for THEON's growth in UxVs
H1 2026 RESULTS PRESENTATION Merio: Enabler for THEON’s growth in UxVs While Merio has already a proven track record of delivering results, they are expected to benefit from synergies as part of the THEON ecosystem Merio Merio Capabilities Peer 1 Peer 2 Peer 3 (Pre-integration) (Post-integration) We
Slide 13: Structural drivers supporting growth
H1 2026 RESULTS PRESENTATION Structural drivers supporting growth Defence procurement remains in an expansion cycle Projected 2026 defence spending growth EUROPE 8–12% Fastest growth · NATO 5% GDP pledge • Global defence spending reached $2.9tn in FY2025, +41% increase from 2016 levels ASIA-PACIFIC
Slide 14: Structural drivers supporting growth
H1 2026 RESULTS PRESENTATION Structural drivers supporting growth Sector fundamentals indicate robust demand with expanding margins Sector average YoY metrics for the 6 months period ended on 30 June 2026 +20% Revenue growth • Sector characterized by sustained growth, strong order momentum and expan
Slide 15: Structural drivers supporting growth
H1 2026 RESULTS PRESENTATION Structural drivers supporting growth Drones have transformed warfare, but they cannot replace soldiers! THEON’s mid term addressable opportunity split by region EUROPE 55-60% More countries joining OCCAR • Major budget allocations worldwide for UAS and C-UAS systems, whi
Slide 16: Financial Performance
Financial Performance EMPOWERING VISION. WHEN IT MATTERS. 16
Slide 17: H1 2026 highlights
H1 2026 RESULTS PRESENTATION H1 2026 highlights Maintaining solid momentum and consistent delivery Financial Highlights Operational Revenue reached €248.7 million, up 35% reflecting the Group’s ongoing momentum & Strategic Maintained best-in-class margins in line with medium-term guidance Continued
Slide 18: Strong growth through diversified revenue mix
H1 2026 RESULTS PRESENTATION Strong growth through diversified revenue mix Product mix beginning to change towards mid-term targets Order Intake (€m) Revenue (€m) 2026 Revenue Breakdown (%) +38% +35% ~15% ~14% 248.7 232.5 ~6% 183.7 167.9 By Product By Region ~85% ~80% H1 2025 H1 2026 H1 2025 H1 2026
Slide 19: Soft backlog supports long-term growth
H1 2026 RESULTS PRESENTATION Soft backlog supports long-term growth Longer-term framework agreements increasing visibility beyond typical 18-month horizon Soft Backlog & Options (€m) as at 30-Jun-26 Comments ~902 ~2,358 • 2.4x coverage ratio supports long-term visibility • Part of the options is exp
Slide 20: Growing profitability
H1 2026 RESULTS PRESENTATION Growing profitability High conversion from EBITDA to EBIT thanks to Theon’s asset-light business model Adj. EBITDA (€m) Adj. EBIT (€m) Net Income (€m) Highlights / Drivers Margin 25.8% Margin 26.2% 18.4% Margin 29.9% Adj. EBITDA and Adj. EBIT margin 26.8% 28.1% +130bps +
Slide 21: Increasing investment to fund future growth
H1 2026 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 increase reflects mostly organic expansion in Belgium and % of % of acceleration of Harder Digital capacity increase
Slide 22: Growing cash generation from operations
H1 2026 RESULTS PRESENTATION Growing cash generation from operations Increased efficiency of working capital across Group companies Adj. NWC Absorption1 (%) Cash Conversion2 (%) Operating Cash Flow (€m) Highlights / Drivers Lower Net Working Capital absorption, a Mid-term target of ~ 35% substantial
Slide 23: Strong balance sheet position
H1 2026 RESULTS PRESENTATION Strong balance sheet position Mid-term leverage target: Net Debt/ EBITDA < 2.5x RCF Highlights / Drivers Net Debt at €237.9m (1.7x Net Debt/ LTM EBITDA) €400 million Signed Oct 2025 Well-funded by leading Greek and International banks – 5-year tenure – Maturity 2030 – Co
Slide 24: Strong balance sheet position
H1 2026 RESULTS PRESENTATION Strong balance sheet position Fast deleveraging is expected Deleverage Plan Deleverage Drivers Leverage forecast 1 Fast top-line growth to reach our mid-term targets Pro forma Leverage (x) 2 Successful integration of recently acquired companies <2.5x c.3.0x Pro forma Lev
Slide 25: Guidance & Outlook
Guidance & Outlook EMPOWERING VISION. WHEN IT MATTERS. 25
Slide 26: Upgrading guidance to reflect growing confidence
H1 2026 RESULTS PRESENTATION Upgrading guidance to reflect growing confidence 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 c.€600m Organic Growth >1
Slide 27: Q&A
pe Advanced Optronics 4 Q&A theon.com