Theon International Reports Order Book of 2.4 Billion Euros
Theon International, a specialist in night vision and thermal imaging systems, has released a summary of the year 2025, marked by strategic diversification and a doubling of its order book. The group maintains its profitability forecasts with an adjusted EBIT margin at a mid-twenties percentage level.
Significant Increase in Order Book
According to the press release published on December 22, Theon International now has a total order book, including options, of approximately 2.4 billion euros, more than double the level of December 2024. This increase is mainly due to the revision in December 2025 of the contract between OCCAR and the Theon-Hensoldt consortium for 100,000 night vision goggles. The group describes this order as the most significant acquisition of night vision goggles ever made by a European NATO member. Additionally, the company has raised its revenue forecast for fiscal year 2025 to a range between 435 and 445 million euros, which would be a record level for the group founded in 1997. The company also notes that contracts are evolving towards medium and long-term agreements, as evidenced by a multi-year framework contract signed with a European NATO member country for night vision goggles and IRIS-C thermal sights.
Strategic Operations to Strengthen Market Position
Theon International has undertaken several strategic operations aimed at strengthening its access to critical components and expanding its product range. In particular, the group announced in October 2025 the acquisition of a 9.8% stake in Exosens to secure its supply of image intensifier tubes. This transaction, expected to be completed in January 2026 subject to regulatory notifications, was accompanied in December 2025 by an extension until 2030 of the long-term commercial agreement between the two companies, with increased volume commitments. Concurrently, the company finalized the acquisition of 100% of Kappa Optronics and took a minority stake of 30% in ShockEOS, with an option to achieve a majority position. These moves are part of the Theon Next initiative, launched in 2025, which aims to develop next-generation soldier combat systems through targeted investments and partnerships in the United States and Europe, including with Kopin, eMagin, Varjo, and Alereon.
Funding Growth Strategy
To finance its growth strategy, Theon International established a new senior bank loan of 300 million euros in October 2025 from a syndicate of nine international and Greek banks, aimed at refinancing short-term debt and supporting general operations as well as significant acquisitions. The group also raised approximately 150 million euros in December 2025 through a capital increase by issuing subscription rights. The operation, strongly supported by major shareholders Venetus Limited and CHRE Investments Limited who subscribed for about 107 million euros, resulted in the issuance of 8,624,645 new shares, bringing the total number of ordinary shares to about 78.6 million. Following the closure of this capital increase, the company reintroduced its forecasts for adjusted EBIT margin for 2025 and 2026, maintained at an unchanged mid-twenties percentage level. The group also adjusted its dividend policy for fiscal year 2026, setting the distribution rate between 20 and 30% of net income, a lower percentage rate but expected by the company to result in a higher absolute value dividend.
