Greek company Theon International already has €2.4 billion in future orders for 2026 and beyond.

On December 22, 2025, Theon International Plc confirmed a combined backlog and options of approximately €2.4 billion entering 2026, a commercial and industrial momentum supported by elevated demand, secured component supply, and reinforced financing.

On December 22, 2025, the Greek company Theon International Plc announced that it closed the year with a significantly expanded commercial and industrial momentum, supported by elevated demand, secured component supply, and reinforced financing. The company said it entered 2026 with a combined backlog and options of about €2.4 billion, unchanged profitability expectations, and confidence in its ability to sustain growth across its core product lines.
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Theon also confirmed expectations for record revenue and profit for FY 2025, reinstated profit-related guidance after completing a December rights issue, and published its FY 2026 financial calendar. (Picture source: Theon)

Theon International was founded in 1997 in Greece as a defence-oriented electro-optical systems company, with its operational roots and main production facilities historically based near Athens, and its corporate headquarters is currently based in Nicosia, Cyprus. The company was established to design and manufacture night vision and thermal imaging equipment for military and security applications, and over the ensuing decades, it expanded its product lines to include a broad range of customizable electro-optical devices for both man-portable use and platform-mounted intelligence, surveillance, and reconnaissance (ISR) roles, sold into dozens of international armed forces.

Over time, Theon also established offices and production facilities beyond Greece (including locations in Cyprus, Germany, the United States, and others) and by the mid-2020s had delivered systems to armed forces in more than 70 countries, including numerous NATO members. After growing substantially in scale and geographic reach, THEON International’s shares were listed on Euronext Amsterdam in February 2024, marking its transition to a publicly traded company.

During 2025, Theon reported that order intake exceeded three times expected FY 2025 revenue, compared with an earlier expectation of around two times, while its total backlog, including options, reached about €2.4 billion, more than double the level recorded at the end of 2024; this increase occurred despite what the company called a record year in deliveries. A key commercial development was a December 2025 contract revision between OCCAR and the Theon Hensoldt consortium covering 100,000 night vision goggles (NVGs), which Theon described as the largest single NVG procurement ever conducted by a European NATO member state. Theon also cited a multi-year framework agreement with another European NATO member state for NVGs and IRIS-C thermal clip-on systems.

Theon linked its 2025 performance to a broader shift toward longer-term procurement cycles, with customers increasingly favoring framework agreements over shorter-duration contracts. It said this trend supports visibility and production planning while contributing to sustained demand into 2026 and beyond. The company connected this momentum to ongoing defense modernization programs in NATO and allied countries, particularly in the area of night vision and thermal imaging capabilities. At the same time, it noted that supply constraints remain for certain critical components, reinforcing the importance of securing long term supply arrangements and expanding internal and partner production capacity. Theon also intends to pursue organic growth above the forecast 15% industry growth rates, while also indicating it expects mergers and acquisitions to complement that trajectory.

Supply chain security and industrial scaling were often described as central priorities by the company in 2025. For instance, Theon said it extended a long-term commercial agreement with Exosens and delivered capacity increases at both Harder Digital and Exosens during the year. It also reported that Harder Digital secured a €25 million order for Gen 3 image intensifier tubes, which the company linked to increased confidence in Harder’s production ramp-up and output quality following recent investments. In parallel, Theon announced the construction of a new facility dedicated to platform-based products, following a first order for a newly introduced vehicle-mounted stabilized system from a leading armored vehicle manufacturer. In Belgium, Theon also established a new subsidiary in July 2025, Theon Belgium, which includes a production facility in Zaventem and a liaison office in Brussels.

On strategic development, Theon said it launched its Theon Next initiative in 2025 to support next-generation soldier systems through targeted investments, collaborations, and co-development projects. The company highlighted partnerships in the United States and Europe with Kopin, eMagin, Varjo, and Alereon, aimed at expanding capabilities in digital and augmented reality-related technologies. The company also said it agreed to acquire 100 percent of Kappa Optronics and a 30 percent minority stake in ShockEOS, with an option to increase that holding to a majority position, as part of its broader expansion into adjacent technology areas. Furthermore, on the same day that it announced the opening of a subsidiary in Belgium, Theon also acquired 10% of the German company Andres Industries to expand both its digital and thermal capabilities.

More recently, in October 2025, Theon said it agreed to acquire a 9.8 percent equity stake in Exosens, with completion expected in January 2026, subject to customary regulatory notifications. This investment was paired with an extension of the existing supply agreement through 2030, including increased volume commitments for image intensifier tubes. On financing, the company said it signed a new €300 million senior facility agreement in October 2025 with a syndicate of nine international and Greek banks, intended to refinance a short-term debt and support corporate activity, including potential larger acquisitions. Finally, in December 2025, Theon raised about €150 million through a rights issue, with majority shareholders Venetus Limited and CHRE Investments Limited subscribing about €107 million.

For guidance and scheduling, Theon said the rights issue resulted in the issuance of 8,624,645 new shares, bringing the total number of ordinary shares to about 78.6 million, and was aimed at strengthening the balance sheet and supporting deleveraging to well below its target net debt to EBITDA ceiling of 2.5 times. For guidance, it reiterated FY 2025 revenue expectations of €435 million to €445 million and introduced FY 2026 revenue guidance of €570 million to €600 million, with adjusted EBIT margins described as mid twenties for both years. It also outlined capex of €20 million for FY 2025 and €30 million for FY 2026, dividend guidance of 20 to 30 percent of net income for FY 2026, and confirmed key FY 2026 dates including preliminary results on February 16, 2026, trading updates through November 2026, and the H1 2026 report on September 7, 2026, while stating that more than 240,000 systems are in service across 71 countries, including 26 NATO members, supported by operations in Europe, North America, the Middle East, and Asia.

Written by Jérôme Brahy

Jérôme Brahy is a defense analyst and documentalist at Army Recognition. He specializes in naval modernization, aviation, drones, armored vehicles, and artillery, with a focus on strategic developments in the United States, China, Ukraine, Russia, Türkiye, and Belgium. His analyses go beyond the facts, providing context, identifying key actors, and explaining why defense news matters on a global scale.