The financial results for the first half of 2025, covering the period ending June 30, 2025, were announced by Theon International Plc (THEON) (AMS: THEON). This announcement follows the First Half 2025 Trading Update, which was published on July 28, 2025. Additionally, the company will hold a webcast for analysts and investors on September 4, 2025, at 3:00 PM Greece time (EEST) / 1:00 PM UK time (BST).
Access details for the webcast are available HERE.
Theon International Plc: First half 2025 overview
The company’s performance in H1 2025 was characterized by strong order intake, achievement of financial targets, and substantial progress in THEON’s growth strategy.
- Revenue reached €183.7 million, marking the strongest first half in THEON’s 28-year history.
- Strong order intake continued, with new orders worth €167.9 million, up 118% compared to H1 2024, coming from multiple countries internationally.
- Order backlog reached €622.2 million at the end of H1 2025, up 45% compared to the same period last year, with an additional €378.2 million in supplementary purchase options.
- Adjusted operating profit (adjusted EBIT) reached 25.8%, confirming industry-leading levels and in line with management forecasts for profitability around 25%.
- Signing of multiple contracts for cutting-edge night vision systems as well as new digital systems, while several tender processes for various products are at advanced stages.
- Transition to an enriched and broader product portfolio through the recently developed A.R.M.E.D. augmented reality product ecosystem, as well as immediate expansion into platform-based optronic products.
- Launch of the new “THEON Next“ initiative and strategy, reflecting the company’s goal to develop innovative Augmented Reality (AR) solutions for next-generation optronic systems that will ensure operational superiority in the field.
- Rapid building of a next-generation soldier systems development platform through acquisitions, targeted investments, partnerships, and co-evolution initiatives.
Christian Hatziminas, Founder and CEO of THEON, commented on the H1 2025 results:
“The historically high revenues of the first half are proof of the strength of our business model and the trust our customers show us. The recent acquisition of Kappa Optronics, the signing of several pioneering agreements, as well as the launch of our THEON Next strategy, constitute strategic milestones in our journey, strengthening our capabilities and growth momentum.”
Financial results summary
|
(Amounts in €) |
H1 2025 |
H1 2024 |
Change |
|
New Orders |
167.9 million |
77.0 million |
+118.1% |
|
Revenue |
183.7 million |
152.4 million |
+20.6% |
|
Adjusted EBIT1 |
47.4 million (45.9 million) |
38.1 million (36.9 million) |
+24.4% |
|
Adjusted EBIT margin1 |
25.8% (25.0%) |
25.0% (24.2%) |
+0.8 p.p. |
|
Earnings per Share |
0.48 |
0.41 |
+17.1% |
|
Capital Expenditures |
6.7 million |
5.1 million |
+31.4% |
|
|
|
|
|
|
(Amounts in €) |
June 2025 |
March 2025 |
Change |
|
Order Backlog |
622.2 million |
668.6 million |
-6.9% |
|
Net Working Capital |
165.4 million |
160.0 million |
+3.4% |
|
Net Cash Position2 |
38.1 million |
61.2 million |
-37.7% |
1Relates to a change in accounting policy to include results from strategic participations in associate companies and joint ventures in the Group’s operating results. Numbers in parentheses reflect results before the accounting policy change.
2Excluding the share buyback obligation of €3.4 million/€6.7 million in H1/Q1 2025.
All numbers remain unchanged compared to those published during the H1 2025 Financial Results announcement.
THEON’s H1 2025 Financial Report is now available HERE.
