Theon International Plc

Latest Results (17.10.2025):

Theon International Plc reported a strong performance in the first half of 2025 (H1 2025), marked by significant growth in order intake, revenue, and earnings. The company successfully met its financial targets and made substantial progress in its growth strategy, reinforcing its position in the defense and digital products market.

Robust Order Intake

Theon International Plc achieved a remarkable order intake of €167.9 million in H1 2025, representing a 118.1% increase compared to H1 2024. This surge in orders comes from multiple countries worldwide and includes over €100 million in options with a high likelihood of conversion to backlog.

Record Revenue Growth

Revenue for H1 2025 reached €183.7 million, marking the strongest first-half top-line performance in the company’s 28-year history. This growth reinforces Theon’s confidence in meeting its revised full-year guidance of €430 million.

Enhanced EBIT and Margins

Adjusted EBIT increased by 24.4% to €47.4 million in H1 2025, with the Adjusted EBIT margin improving to 25.8%. This demonstrates industry-leading margins and aligns with the company’s mid-twenties guidance.

Increased Earnings Per Share

Earnings per share rose by 17.1% to €0.48 in H1 2025, reflecting the company’s focus on operating leverage and efficiency as volumes continue to grow, supported by a diversified product strategy.

Strategic Capex Investments

Capital expenditures increased to €6.7 million in H1 2025, a 31.4% rise from the previous year, to support the acceleration of Theon’s growth strategy. Investments include capacity expansion and the development of new products, leveraging the expertise of approximately 80 in-house engineers.

Stable Soft Backlog and Working Capital

The soft backlog stood at €622.2 million at the end of H1 2025, providing solid visibility for future growth. Net working capital remained stable at €165.4 million, with expectations to reach the mid-term target of 35% in the coming quarters.

Operational and Strategic Milestones

Theon made significant strides operationally and strategically, including the deployment of a new production line, expansion of the global footprint through investment in Latvia, and progress in acquisition discussions to enhance technological capabilities and support global expansion.