PRESS RELEASE
Bloomberg (THEON:NA) / Reuters (THEON.AS)
5 Would possibly 2026 – Theon World % (THEON) publishes its Q1 2026 Buying and selling Replace. The effects and task mirror some other era of constant supply on guarantees, with THEON last extremely assured in its FY 2026 Steering and Medium-Time period Objectives.
Theon has entered Q2 2026, actively pursuing actively pursuing a large number of alternatives throughout more than one spaces to maintain top natural enlargement, consistent with its Medium-Time period natural enlargement dedication of above 15%. THEON is assured in keeping up its Guide-to-Invoice Ratio of above 1.0x and powerful backlog, with structural enlargement traits and the transfer against longer-term framework agreements to supply larger visibility than traditionally.
In parallel, inorganic enlargement contributes to THEON’s enlargement trajectory; Monday’s announcement of MERIO is the newest construction, with an energetic pipeline of acquisitions and strategic partnerships anticipated to be finalized all the way through the yr.
Monetary Abstract
€mQ1 2026Q1 20251ChangeOrder intake70.0117.9-40.6p.cRevenue120.190.8+32.3p.cAdjusted EBITDA31.824.7+28.5p.cAdjusted EBIT30.023.8+26.2p.cAdjusted EBIT Margin25.0p.c25.3%-0.3 p.p.Profits In line with Percentage (EPS)€0.692€0.25+175.3p.cNWC Absorption(% of LTM Revenues)41.1p.c41.1%+0.0 p.p.Capex3.93.3+15.6%% Money Conversion387.8p.c86.5%+1.3 p.p. €m31 Mar-2631 Dec-25ChangeSoft Backlog1,420.31,414.3+0.4p.cOptions on Cushy Backlog896.9856.4+4.7p.cInternet Debt/ (Money)228.2(126.9)4n/a
1 Displays a transformation in accounting coverage to incorporate the Team’s proportion of earnings from core equity- accounted investees inside running benefit, followed in Q2 2025 – efficient from 1 January 2025.
2 Internet source of revenue and EPS of Q1 2026 come with the affect of the mark‑to‑marketplace valuation of our funding in Exosens, which is classed as a monetary asset measured at honest price via benefit or loss.
3 Outlined as (Adjusted EBITDA – Capex) / Adjusted EBITDA
4 Comprises web proceeds of €147.7 million from the rights factor providing finished in December 2025
Key Highlights
Monetary Highlights
Order consumption reached €70m, down c.40% year-on-year, essentially because of seasonality. As well as, a complete of €40m in choices were added, contributing to the Team’s long run attainable. Yr‑to‑date order consumption quantities to €102m, with an excellent mixture of NVGs and the brand new virtual merchandise, whilst speeded up order consumption is anticipated within the coming quarters.Revenues higher to €120.1m, representing 32.3% enlargement in comparison to Q1 2025, reflecting the Team’s ongoing momentum. THEON continues rising quicker than the addressable marketplace, whilst KAPPA is contributing to top-line enlargement and supporting speeded up access within the Platforms-based marketplace.Adj. EBIT Margin of 25% displays top resilience and nonetheless best-in-class margins in spite of the mixing of recent companies.Cushy Backlog of €1,420m reflecting the consolidation of Kappa Optronics GmbH. Regardless of top enlargement in Q1, backlog stays solid. Workout of choices is anticipated to have important contribution to reserve consumption and backlog in 2026.EPS upper by means of 189%, strengthened by means of the appreciation of strategIc stake in Exosens.Steadiness sheet stays sturdy, with leverage (Internet Debt/LTM EBITDA) of one.8x and money era offering headroom to enhance significant funding in natural enlargement (capability, geographical footprint, native achievement, and product construction) in addition to additional small strategic bolt-on acquisitions to proceed being on the state-of-the-art of technological developments.
Operational and Strategic Highlights
Endured bettering efficiency by means of More difficult Virtual, supported by means of acceleration of funding, to extend product high quality against reasonable FOM >2,000 and spice up annual capability output of Gen III 18mm tubes by means of >20% in FY 2026 in comparison to FY 2025.Professional opening of THEON Belgium’s new state of the art product facility in Zevantem, additional increasing capability and Ecu footprint.As communicated all the way through the FY2025 income name, THEON expects to be in a position to introduce its first built-in visible augmentation device prototype below the ARMED NEXT initiative prior to the tip of 2026, a lot quicker than what used to be orginally communicated all the way through the CMD.Publish period-end, strategic settlement signed with Rheinmetall marking a extremely important milestone in THEON’S growth into platform-based merchandise, with platform merchandise targetted to constitute 20% of workforce revenues within the medium-term.
Company Highlights
Finished up to now introduced acquisitions in Exosens (€268.7m, with the 9.8% stake having been secured at €54.0 according to proportion) and Kappa Optronics (€69.9m, with Kappa anticipated to give a contribution c. €40m to workforce revenues in FY 2026).Exercised convertible mortgage choice in Varjo Applied sciences Oy, committing an extra €5m (taking overall funding to €10m).Publish the period-end, finished the purchase of a 30% fairness pastime within the keeping corporate of ShockEOS which has already resulted within the advent of the PHYLAX device. THEON intends to workout its approach to achieve a majority stake within the corporate within the coming quarters.Authorized as a member of the United International locations International Compact (UNGC) from January 2026, reflecting dedication to aligning with the Ten Ideas of the UNGC and willpower to the development of the UN Sustainable Building Objectives (SDGs).Incorporated within the Amsterdam Mid-Cap (AMX) Index, and ranked amongst Europe’s Quickest Rising Firms by means of The Monetary Occasions for the 3rd consecutive yr.Previous this week, entered into an unique settlement with the only real shareholder of Merio SAS (MERIO), RPL Développement, to obtain prematurely an 80% stake of MERIO. The belief of the transaction is matter to consummation of long-form documentation and common ultimate prerequisites, together with regulatory approvals.
The total Q1 2026 Buying and selling Replace is to be had at the Corporate’s web page and can also be discovered right here
Team Outlook
Steering stays unchanged, and is according to the beneath:
FY 2026 GuidanceMid-Time period Objectives Income€570-600mOrganic Enlargement >15% according to annum, supported by means of bolt-on M&AAdjusted EBIT MarginMid-twentiesCapex€30mc.4% of RevenueDividend€24.4 m proposed at imminent AGM(30% of FY 2025 Internet Source of revenue)20-30% of Internet Source of revenue
Christian Hadjiminas, Founder and CEO of THEON, mentioned: “Q1 2026 demonstrates once again the resilience, diversification and huge growth potential of our business. While order intake was softer year-on-year due to market seasonal patterns and phasing of contracts, momentum is building and strong inflow of orders is expected over the coming quarters. On our 32% revenue growth, this represented both increased product and geographic diversification, with platform products now contributing to our top line, in line with our commitment to our investors. On M&A, we remain highly active, our agreement to acquire 80% of MERIO is a strategically significant move, giving THEON a direct presence in the drone and light aerial platform segment as warfare tactics continue to evolve rapidly. Looking ahead, we will continue to advance our technological capabilities and execute on our growth strategy, progressing toward our €1 billion revenue target by 2029.”
For inquiries, please touch:
Investor RelationsNikos MalesiotisE-Mail: ir@theon.comTel: +30 210 6772290Media ContactElli MichouE-Mail: press@theon.comTel: +30 210 6728610
About THEON GROUP
THEON GROUP of businesses develops and manufactures state-of-the-art evening imaginative and prescient and thermal imaging methods for Protection and Safety packages with an international footprint. THEON GROUP began its operations in 1997 from Greece and lately occupies a number one position within the sector because of its global presence via subsidiaries and manufacturing amenities in Greece, Cyprus, Germany, the Baltics, the USA, the Gulf States, Switzerland, Denmark, Belgium, Singapore and South Korea. THEON GROUP has greater than 280,000 methods in provider with Armed and Particular Forces in 72 international locations world wide, 26 of that are NATO international locations. ΤΗΕΟΝ ΙΝΤΕRNATIONAL PLC has been indexed on Euronext Amsterdam (AMS: THEON) since February 2024.www.theon.com
Theon Q1 26 Buying and selling Replace vF
