Theon International: Revenue Up 35.4% in H1 and €325M Financing
Theon International published its half-year report on September 7, 2026 for the six months ended June 30, 2026, confirming the figures presented on July 27 in its activity update.
Beyond revenue and earnings growth, the group announced the establishment of a €325 million syndicated financing facility coordinated by Alpha Bank, which strengthens its liquidity position as it integrates several recently acquired companies.
Revenue at €248.7 Million and Adjusted EBIT Margin at 26.2%
In the first half of 2026, Theon recorded revenue of €248.7 million, up 35.4% compared to €183.7 million in the first half of 2025. Order intake reached €232.5 million, up 38.5% year-on-year, with a book-to-bill ratio maintained around 1.0x.
Adjusted EBITDA stood at €70.0 million, up 42.2%, and adjusted EBIT at €65.1 million, up 37.5%. The adjusted EBIT margin was 26.2%, compared to 25.8% a year earlier, representing an increase of 0.4 percentage points.
Capital expenditures amounted to €11.8 million, compared to €6.7 million in the first half of 2025. The cash conversion rate was 83.2%, compared to 86.3% a year earlier.
Order Backlog of €1.46 Billion and Net Debt Slightly Up
As of June 30, 2026, the order backlog reached €1,455.9 million, up 2.5% compared to March 31, 2026, to which is added €902.0 million in options. Net debt stood at €237.9 million, compared to €228.2 million at the end of March, representing an increase of 4.3%.
Financial leverage was 1.7x compared to 1.8x at the end of March. Theon also indicated that it has expanded its addressable market to nearly €8 billion following its expansion into adjacent activities.
The €325 million syndicated financing facility established on September 7, 2026, coordinated by Alpha Bank, aims according to the group to strengthen its liquidity and financing flexibility, in particular to continue the integration of acquired companies.
2026 Guidance of Approximately €600 Million in Revenue
For the 2026 fiscal year, Theon announced a revenue target of approximately €600 million, an adjusted EBIT margin above 26% and capital investments of €30 million. In the medium term, the group targets organic growth above 15% per year and a dividend payout ratio of between 20% and 30% of net income.
The dividend paid for the 2025 fiscal year was €24.1 million, corresponding to 30% of 2025 net income. A review of 2026 guidance and medium-term outlook is scheduled during a webcast for analysts and investors on September 8, 2026.
For comparison, 2025 revenue was €443.4 million: the target of approximately €600 million for 2026 would represent growth compared to that fiscal year.
