Theon International Plc · EURONEXT:THEON
Theon International — H1 2025 Earnings Presentation
24 slides from Theon International's earnings presentation, Sep 4, 2025
Slide 1: 1H 2025 Results
Confidential 1H 2025 Results 4 September 2025
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 Acquisition of Kappa Optronics and Recent Strategic Initiatives 2 Christian Hadjiminas, Chief Executive Officer Philippe Mennicken, Deputy CEO & Business Development Director Market & Business Update 3 Philippe Mennicke
Slide 4: Overview & Key Highlights
Overview & Key Highlights Christian Hadjiminas, Chief Executive Officer 3
Slide 5: H1 2025 Overview
H1 2025 OVERVIEW Another solid set of results, with strong financial performance coupled with tangible progresses in delivering on strategy Strong H1 performance Healthy order book with Delivering on strategy underpinned by high high visible pipeline of across M&A1, product growth and industry contr
Slide 6: Continued Strong Financial Performance
CONTINUED STRONG FINANCIAL PERFORMANCE Revenue visibility, strong growth and profitability, and solid balance sheet €622.2 m Soft €167.9 m Order intake order backlog €183.7 m Revenue 0.9x book-to-bill ratio 1.4x revenue guidance 20.6% growth y-o-y for FY251 €47.4 m Adj. EBIT €34.7 m Net cash €23.8 m
Slide 7: Acquisition of Kappa Optronics
Acquisition of Kappa Optronics Philippe Mennicken, Deputy CEO & Business Development Director 6
Slide 8: Kappa Optronics: Overview
KAPPA OPTRONICS: OVERVIEW Germany-based specialist in aviation and land optronics Geographical Footprint Established in 1978 with HQ in Göttingen, Germany and presence in the USA and Spain Germany Spain USA Approx. 200 employees, with 60 highly skilled engineers HQ, Göttingen Madrid Grantham, NH R&D
Slide 9: Kappa Optronics: Strategic Rationale
KAPPA OPTRONICS: STRATEGIC RATIONALE Acquisition of proven and advanced technologies in the platform segment, strengthening THEON presence in core geographies Accelerated entry into the platforms business and diversification of product portfolio, with an AI-ready integration potential Access to robu
Slide 10: Kappa Optronics: Acquisition Financials and Structure
KAPPA OPTRONICS: ACQUISITION FINANCIALS AND STRUCTURE Acquisition of 100% of share capital for cash1 Enterprise Value of €75 m – Consideration Value of €69 m High-single digit EV / EBITDA 2025 KAPPA is on track to exceed €37 m in revenue in FY 2025, with an EBITDA of approximately Valuation €8
Slide 11: Recent Strategic Initiatives
Recent Strategic Initiatives Christian Hadjiminas, Chief Executive Officer 10
Slide 12: Recent Strategic Initiatives
RECENT STRATEGIC INITIATIVES Recent strategic investment and partnerships, for a combined considerations of €25 m, to accelerate on the product development and innovation path Part of THEON NEXT1 2 3 3 3 3 Country 10% strategic equity $7 m interest Renewable Strategic €5 m convertible stak
Slide 13: Market & Business Update
Market & Business Update Philippe Mennicken, Deputy CEO & Business Development Director 12
Slide 14: Defence Spending Outlook per Region
DEFENCE SPENDING OUTLOOK PER REGION Global defence spending outlook reflects evolving threats, driven by modernisation efforts. A consistent ~5% growth rate globally is expected over decade North America Europe The United States is continuing Russian threat set in Northern to position its milita
Slide 15: Focus on European Defence Spending
FOCUS ON EUROPEAN DEFENCE SPENDING EU countries not yet meeting NATO’s 2% target in 2023–24 are expected to significantly increase spending to catch up with Allies European defence budget growth outlook NATO countries have agreed to raise the target for ‘core defence requirements’ from 2% to 5% by 2
Slide 16: Total Addressable Market: Regions and Products
TOTAL ADDRESSABLE MARKET: REGIONS AND PRODUCTS Total Addressable Market is expected to grow by 13% CAGR over the next 5 years Regional Breakdown (€ m) Product breakdown (€ m) 10,079 10,079 10,011 10,011 531 9,136 9,136 520 8,822 8,822 2,070 394 3,757 7,883 376 1,968 7,883 3,888 323 1,448 1,601 817 3
Slide 17: Total Addressable Market: Dismounted and Vehicles
TOTAL ADDRESSABLE MARKET: DISMOUNTED AND VEHICLES Dismounted market expected to grow by 11% CAGR over the next 5 years, while vehicles market by 12% Dismounted product category breakdown (€ m) Vehicles product category breakdown (€ m) 2,835 4,456 2,704 4,098 4,026 209 3,999 167 2,345 231 184 150 188
Slide 18: H1 2025 Results & Outlook
H1 2025 Results & Outlook Dimitris Parthenis, Chief Financial Officer 17
Slide 19: >20% Revenue Growth Leads to Record Results
>20% REVENUE GROWTH LEADS TO RECORD RESULTS Order intake (€ m) Revenue (€ m) Commentary Increased order intake, which is +118.1% +20.6% expected to accelerate in H2, in line with traditional weighting and the 183.7 pending demand in the market 152.4 Strong revenue growth driven both by 167.9 new
Slide 20: Soft Backlog Provides Visibility
SOFT BACKLOG PROVIDES VISIBILITY Soft backlog and options (€ m) Commentary Soft backlog of €622.2m at the end of H1 2025, 45% higher than in H1 2024, provides solid visibility for the year ahead with an additional €378.2 million of contractual options providing further headroom for ~378 ~1,000 gro
Slide 21: Strong Profitability – Higher Margins Compared to Last Year
STRONG PROFITABILITY – HIGHER MARGINS COMPARED TO LAST YEAR Adj. EBITDA (€ m) Adj. EBIT (€ m) Commentary Strong H1 performance, with step-up +25.7% +24.4% in profitability vs last year Margins in line with mid-twenties 25.7% 26.8% 25.0% 25.8% guidance Asset-light business model resulting 49.2
Slide 22: Solid Balance Sheet
SOLID BALANCE SHEET Net debt / (cash) (€ m) Commentary Net cash position of €34.7 m, with slight decrease primarily as a result of dividend payment of €23.8 m in June (35% of the Net Income of FY 2024, in line with the IPO prospectus and guidance) Bank debt of €97.1 m (incl. leases), (35.0) (34.
Slide 23: Outlook – Guidance Confirmed
OUTLOOK – GUIDANCE CONFIRMED 2025 target Medium term target Organic growth >15%, in line with expected Revenue €430 m annual growth in defence spending of the major NATO countries, supported by M&A EBIT margin Mid-twenties Mid-twenties Capex €20 m 3.5% of revenue €23.8 m Dividend paid Dividend payou
Slide 24: Q&A
Q&A