Theon International Secures €42M in Orders in Q2 2026, Plus €27M in Options

Contract for Armored Vehicle Vision Systems

The group secured a main order for Kappa Optronics (KAPPA) tactical detection systems for several hundred armored vehicles destined for a European Union country. The funding will be provided through the SAFE (Security Action For Europe) mechanism, which allows other countries to join the contract under the same terms, thus creating additional business potential.

Deliveries will be staggered from 2026 to 2028. This move comes just over four months after Theon completed the acquisition of Kappa Optronics.

Order Book Rises to 144 Million Euros

As of June 1, 2026, the group has recorded 144 million euros in new orders and 67 million euros in options. These results reflect a sustained momentum in both the historical activity (night vision) and more recently developed products.

Theon maintains its target for an order book to revenue ratio of over 1.0x for the fiscal year 2026. The majority of the year's orders are typically realized in the second half, with a particular concentration in the fourth quarter, due to the seasonality of the business.

Confirmation of Target Annual Revenue Increase

The group reaffirms its full confidence in its guidance for the fiscal year 2026, which anticipates a revenue increase of about 30% compared to 2025, with more than 20% expected in organic growth.

Philippe Mennicken, Deputy CEO and Director of Business Development at Theon, stated that this Kappa order represents more than 50% of its current annual revenues and illustrates the commercial synergies achievable through the integration of acquired companies, leveraging the group's business development network and customer trust.