Yahoo Finance

THEON 's integrated fused night vision binocular ORION

PRESS RELEASE

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

14 April 2025 – Theon International Plc (THEON) today publishes its FY 2024 Annual Report for the 12 months ended 31 December 2024, with the results demonstrating a very strong performance and achievement of significant milestones throughout the year.

Financial Highlights

• Order intake of €466 m, reflecting a book-to-bill ratio of 1.3x

• Soft backlog at €654 m, up 21.1% y-o-y, equivalent to 1.9x revenue, providing robust visibility

• Revenue up 61.1%, driven by the scaling of existing contracts and the successful securing of many new contracts with customers globally

• Maintaining a best-in-class adjusted EBIT margin of 25.1%, in-line with the targeted mid-twenties

• Increased Capex of €10.7 m to support continued future growth, primarily aimed at expanding the capacity of Harder Digital and new product innovation

• Net cash of €41.7 m, providing significant headroom to deliver on both organic and inorganic growth strategies

• Proposed dividend of €0.34 to be paid in 2025, representing a 35% payout ratio of FY 2024 Net Income

Operational and Strategic Highlights

In 2024, THEON made significant operational and strategic progress across all areas of its growth strategy.

A pivotal moment for THEON was its successful listing on Euronext Amsterdam in February 2024, through which it raised approximately €94 million (net proceeds) to support both organic and inorganic growth.

Among the major achievements were several contract wins globally, including the extension of the OCCAR contract and a new contract with the Estonian Defense Forces, as well as the introduction of the cutting-edge A.R.M.E.D. (Augmented Reality Modular Ecosystem of Devices) ecosystem.

THEON also acquired Harder Digital, to insource a critical component of its value chain, delivering enhanced operational security. Additionally, a long-term commercial agreement was signed with Exosens to further fortify the supply chain.

Post Period End and Outlook

Looking ahead, THEON has already seen a strong start to 2025 with new contracts and participation in significant programs like the German Future Soldier Program (IdZ). The Company secured new orders, boosting coverage for FY 2025 guidance to around 90% and improving visibility for the upcoming years. With increasing international traction for the A.R.M.E.D products as well as building on the still low penetration of Night Vision Goggles globally, THEON anticipates further orders and is in advanced stages of several large tenders, confidently predicting strong growth for the years ahead.