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THEON 's integrated fused night vision binocular ORION

Press Release

Bloomberg (THEON:NA) / Reuters (THEON.AS)

28 April 2025 – Theon International Plc (THEON) today publishes its Q1 2025 Trading Update, achieving excellent performance and continued strong growth, in line with guidance.

Financial Summary

Financial Highlights

• Strong order intake continues with new orders reaching €117.9 million in Q1 2025, 202% higher than in Q1 2024, coming from multiple countries worldwide. Our order intake represents a book-to-bill ratio of 1.3x, which goes above 2x when including the approximately €100 million of new options, with a very high probability of conversion to backlog.

• Soft backlog of €668.6 million at the end of Q1 2025, provides solid visibility for the year ahead with an additional €289.0 million of contractual options which provide further headroom for growth.

• Revenue reached €90.8 million in Q1 2025, a record performance driven by continued strong market demand and consistent new contract wins.

• Adjusted EBIT of €23.0 million over the same period, 34.2% higher vs Q1 2024, with an Adjusted EBIT margin of 25.3% (vs 22.6% in Q1 2024), maintaining industry leading margins, in line with guidance.

• Earnings per share grew 39% to €0.25 cents per share.

• Capex was €3.3 million, in line with our strategy and enabling THEON to continue delivering consistent growth by expanding our capacity and creating innovative new products.

Operational Highlights

• Several recent contract wins, including the one for the German Future Soldier Program (IdZ) where THEON provides its newly launched Heads-Up Display system, part of the A.R.M.E.D ecosystem of products.

• Continued strong international traction for the A.R.M.E.D products.

• Participation in several larger tender processes as demand for night vision products continues to increase globally.

• THEON’s majority shareholder placed c.3.2 million shares (4.5% of issued share capital) in March 2025, broadening THEON’s investor base and improving stock liquidity.

• THEON was also included in the FT Europe 1,000 fastest growing companies list for the second year.

• Finally, THEON initiated the process of becoming a participant in the United Nations Global Compact, demonstrating its commitment to sustainable and ethical practices across its operations.