Theon International Secures €70M in Orders, Including a Major Contract from Rheinmetall for the Bundeswehr
Theon International announced on Monday approximately €70 million in new orders, a significant portion of which comes from Rheinmetall for the Bundeswehr's IdZ program. Concurrently, the group is advancing its strategic expansion with the announcement of a joint venture with Safran in drone technology and the initiation of an anti-drone systems acquisition.
Order Book Accelerates in the Second Quarter
Theon recorded an order book of €153 million in the second quarter, supplemented by €27 million in options, the group reported on Monday. For the first half of 2026, the total order volume amounts to approximately €223 million, with an additional €68 million in options. These figures fully incorporate the recent acquisitions of Kappa and Harder Digital.
The new €70 million order notably includes a contract from Rheinmetall for the Infantryman of the Future (IdZ) program intended for the Bundeswehr. This order combines a new firm purchase and the exercise of an option for various products from Theon's A.R.M.E.D portfolio. According to the group, other options related to the program may be exercised in the coming months.
Expansion through Acquisitions and Strategic Partnership
Theon is consolidating its diversification strategy through two major recently announced operations. The group is entering a joint venture with Safran, currently at the memorandum of understanding stage, to develop electro-optical and infrared systems mounted on drones. The joint venture will be controlled 51% by Theon and 49% by Safran, with a 50/50 shared governance. The CEO position will alternate between the two companies every three years, with Theon making the first appointment. A portion of the activity will be based in Greece, to preserve the operational base and competitive advantage of the group.
Concurrently, Theon has initiated an agreement to acquire HGH Infrared Systems for an enterprise value of approximately €300 million, marking its entry into anti-drone systems. The group plans to finance this operation through debt, with a projected leverage of about 3.0x net debt to EBITDA before reducing to 2.5x by 2027.
Positioning in Next-Generation Soldier Vision Systems
Theon emphasizes its central positioning in next-generation combatant systems. According to Philippe Mennicken, Deputy CEO and Director of Business Development, 'these new orders demonstrate the clients' conviction in Theon's innovative capabilities and reflect the trust placed in its technological expertise and execution capacity.'
The group anticipates further acceleration in the second half of 2026, particularly towards the end of the fourth quarter, in line with the usual seasonality of its business. Theon reiterates its goal to maintain an organic book-to-bill ratio above 1.0x for the fiscal year 2026.
