Theon Records Record Revenue and Earnings in 2025
Greek specialist in night vision and thermal imaging systems, Theon International, announces preliminary results for the fiscal year 2025 in line with its updated guidance from November. The company reports record revenue and profit in its 28-year history.
Outstanding Financial Performance in 2025
Theon International has delivered its preliminary results for the fiscal year ending December 31, 2025, confirming the guidance it had raised last November. During this period, the group reported record revenue and net income in its 28-year history. Both revenue and adjusted EBIT have increased by more than 25 percent compared to the 2024 fiscal year. The recent integration of Kappa Optronics and the expansion of the group's product portfolio are the main drivers of this performance. For the 2026 fiscal year, Theon anticipates a revenue increase of about 30 percent, with more than 20 percent from organic growth and the remainder linked to the integration of Kappa Optronics. The group also reiterates its medium-term guidance, targeting a minimum organic growth of 15 percent per year, significantly outpacing the expected growth in military spending from major NATO member states. A historically high order book and a considerably expanded product portfolio support this commercial momentum.
Major Financial Operations During the Period
The group conducted several major financial operations during the period. A capital increase completed in December 2025 generated 147.7 million euros in net proceeds. Theon also acquired Kappa Optronics for 69.9 million euros and invested 268.7 million euros to acquire a 9.8 percent stake in Exosens. On a pro forma basis including these operations, the group would show a net debt position of 211.7 million euros, corresponding to a leverage ratio of 1.8x over the last twelve months' EBITDA. The integration of Kappa Optronics begins from 2026, marking the consolidation of a major acquisition. These operations are part of the group's diversification strategy, which aims to evolve from a leader in night vision to a leader in the defense optronics sector.
Annual Report and Upcoming Analyst Conference
Theon's 2025 annual report will be published on Monday, April 20, 2026, after market close. The group will hold a conference call for analysts and investors on Tuesday, April 21, 2026, with registration details to be communicated later. Theon International has been listed on Euronext Amsterdam since February 2024.
