THEON announces FY 2025 Preliminary Results

Core Insights - Theon International Plc (THEON) reported record revenue and profit for FY 2025, aligning with its upgraded guidance from November 2025 [1][2] - The company anticipates a revenue increase of approximately 30% for FY 2026, with over 20% expected to be organic growth [2][3] Financial Highlights - FY 2025 revenue reached €443.5 million, a 25.9% increase from €352.4 million in FY 2024 [5] - Adjusted EBIT for FY 2025 was €116.1 million, up 27.9% from €90.8 million in FY 2024, with an adjusted EBIT margin of 26.2% [5][6] - Order intake surged to a record €1.3 billion, a 182% increase compared to the previous year, driven by significant contracts including a major order for night-vision equipment [5][11] Operational and Strategic Highlights - The company has a historically high backlog of €1.4 billion, reflecting strong demand and visibility for future revenue [7][11] - THEON is expanding its product portfolio and entering new markets, aiming to transition from a leader in Night Vision to a leader in Defense Optoelectronics [3][11] - The company plans to maintain a mid-twenties EBIT margin while investing in new product development and capacity expansion [12][14] Medium-Term Guidance - THEON projects organic revenue growth of over 15% per annum, supported by bolt-on acquisitions [3][12] - The company aims to achieve a revenue target of €1 billion ahead of the original 2030 projection [3][12] - Capex for FY 2026 is estimated at €30 million, focusing on new facility construction and product development [12][14]