PRESS RELEASE Bloomberg (THEON:NA) / Reuters (THEON.AS) 24 February 2026 – Theon International Plc (THEON) (ISIN: CY0200751713) entered on 21st January 2026, into a Liquidity Contract with Kepler Cheuvreux (the "Liquidity Agreement"). Under the Liquidity Agreement, an initial amount of €1 million and 33,000 Shares were made available to Kepler Cheuvreux, to enhance the liquidity of the Shares in THEON on the regulated market of Euronext Amsterdam. On February 18, 2026, Parties have agreed that THEON will m ...

Group 1 - Theon International Plc has secured new firm orders totaling approximately €41 million from European NATO member states and Middle Eastern countries, including night vision goggles and thermal clip-on devices [2][3] - The majority of the new orders are part of a framework agreement with a European NATO country, which includes additional options worth around €40 million [2] - The company has also received a new order under the Squad Binocular Night Vision Goggle program for the United States Marine Corps, marking the fourth delivery order under a multi-year ID/IQ contract awarded in 2023 [3] Group 2 - Philippe Mennicken, Deputy CEO, highlighted the strong commercial momentum at the start of 2026, indicating that the new orders will further add to the company's backlog [4] - The company is actively pursuing global opportunities, aiming for an order intake that will exceed expected deliveries in 2026 [4] Group 3 - Theon Group develops and manufactures advanced night vision and thermal imaging systems for defense and security applications, with a significant global presence [6] - The company has over 250,000 systems in service with armed and special forces across 72 countries, including 26 NATO countries [6] - Theon International Plc has been listed on Euronext Amsterdam since February 2024 [6]

PRESS RELEASE Bloomberg (THEON:NA) / Reuters (THEON.AS) Transformative year leading to a materially enhanced strategic platformOrder intake up over 180%, supported by c.€1 bn firm order through OCCARRevenue and Adj. EBIT up c. 26% and 28% respectively vs FY 2024, with Adj. EBIT margin >26%Have entered 2026 with strong momentum from structural growth trends, historically high backlog and expanded product portfolioSmall bolt-on M&A envisaged in FY 2026 without the need for a new Share Capital Increase 16 Feb ...

Corporate Updates - Theon International Plc (THEON) is accelerating investment in Harder Digital to boost capacity and improve quality metrics due to increasing global demand for Image Intensifier Tubes (IIT) [3][4] - The forecasted profitability of Harder Digital is expected to increase from 2027 onwards, with the segment projected to account for 8-10% of THEON's target of €1 billion revenues by 2029-2030 [4] Acquisition - On January 14, 2026, THEON completed the acquisition of Kappa Optronics GmbH (KAPPA) for €69.9 million, which is expected to contribute approximately €40 million to THEON's revenues in FY 2026 [5] Partnerships and Initiatives - THEON is collaborating with Team Wendy Ceradyne on a U.S. Army-funded initiative to develop a next-generation Integrated Multi-Threat Headborne System (IMHS) prototype, enhancing situational awareness for soldiers [6][7] Sustainability Commitment - THEON has joined the United Nations Global Compact (UNGC) as of January 6, 2026, demonstrating its commitment to human rights, labor, environment, and anti-corruption principles [8] Recognition - At the Euronext Amsterdam Annual Awards 2025, THEON was recognized as the 'Best Performer of the Next 20 Index' based on share price performance, highlighting effective execution and strategic direction [9] Financial Calendar - THEON will announce FY 2025 Preliminary Results on February 16, 2026, and the Q1 2026 Trading Update will be published on May 5, 2026 [11]

Core Insights - Team Wendy Ceradyne and Theon International have formed a strategic partnership to develop an Integrated Multi-Threat Headborne System (IMHS) prototype aimed at enhancing soldier protection and situational awareness under a U.S. Army-funded initiative [2][3][4] Company Overview - Team Wendy Ceradyne specializes in advanced combat helmets for the U.S. Department of Defense and is focused on preventing traumatic brain injury (TBI) [9][10] - Theon International Plc is a global leader in electro-optical systems, including night vision and augmented reality technologies, with a significant presence in the defense sector [7][5] Project Details - The IMHS will integrate Team Wendy Ceradyne's ballistic protection technologies with Theon's electronic systems, creating a modular head-borne architecture that supports mission-critical technologies [4][5] - The project is conducted under a shared-cost model between the U.S. government and industry partners, emphasizing collaboration in advancing soldier protection [4][6] Future Evaluation - The IMHS prototype will be evaluated by the DEVCOM Soldier Center in the fourth quarter of FY26 during a Soldier Touchpoint to assess performance and gather user feedback for future design phases [6]

Core Viewpoint - Theon International Plc has completed the acquisition of a 9.8% stake in Exosens SA for €268.7 million, reinforcing its position as the second largest shareholder and continuing a long-standing commercial partnership [2][3]. Group 1: Acquisition Details - The acquisition was finalized following the completion of all required regulatory notifications, with a cash consideration of €268.7 million, equating to €54.0 per share [2]. - This transaction positions Theon as the second largest shareholder in Exosens, highlighting the strategic importance of this investment [3]. Group 2: Strategic Importance - Theon and Exosens have a long-established commercial relationship, evidenced by the extension of their long-term supply agreement through to 2030 and a new contract for 100,000 night vision goggles (NVGs) for the German Bundeswehr [3]. - The CEO of Theon emphasized the significance of securing the supply chain in a high-growth market, which is crucial for maintaining a leading position in the defense sector [4]. Group 3: Market Outlook - The recent market and geopolitical developments have reinforced confidence in the strategic decision behind the acquisition and the positive outlook for the defense industry [4]. - Theon Group has a global presence with over 240,000 systems in service across 71 countries, including 26 NATO member countries, indicating a strong market position [5].

Core Insights - THEON International Plc has concluded a transformative year in 2025, with record revenue and profit expected, alongside a significant backlog of approximately €2.4 billion, indicating strong future visibility [3][4][18] - The company has successfully reinstated profit guidance for FY 2025 and FY 2026, maintaining a market-leading adjusted EBIT margin in the mid-twenties [3][21] Strategic Progress - THEON has significantly broadened its strategic platform, achieving an order intake more than three times the expected 2025 revenue, and more than doubling the total backlog compared to the end of 2024 [6][18] - The company secured a pivotal contract revision for the largest single procurement of night vision goggles in the history of a European NATO member, enhancing its market position [6][18] - Strategic investments and partnerships, including a 9.8% stake in Exosens, have been made to drive the development of next-generation soldier systems [11][13] Financial Performance - THEON upgraded its FY 2025 revenue guidance to between €435 million and €445 million, marking the strongest top-line performance in the company's history [17] - The successful completion of a €150 million Rights Issue has strengthened the company's balance sheet and facilitated a reduction in net debt to below the target of Net Debt/EBITDA <2.5x [15][16] Market Dynamics - Demand for night vision and thermal imaging solutions is being driven by defense modernization across NATO and allied countries, with supply constraints highlighting the importance of long-term supply arrangements [20] - Contracts are shifting towards longer-term agreements, providing a stable revenue outlook and reinforcing THEON's strategic market position [19] Future Outlook - The company anticipates a 30% year-over-year revenue growth for FY 2026, with 20% expected to be organic, supported by a robust product portfolio and market dynamics [6][22] - Revenue contributions from new digital products are expected to more than double year-over-year in FY 2026, reaching approximately 25% with the inclusion of Kappa [6][22]

Core Insights - THEON International Plc has concluded a transformative year in 2025, with record revenue and profit expected, alongside a significantly broadened strategic platform and a total backlog of approximately €2.4 billion, providing strong visibility for future growth [2][3][5] Strategic Progress - The company has achieved an order intake more than three times the expected 2025 revenue, with a total backlog more than double that of year-end 2024, indicating robust demand and revenue visibility [5][16] - A significant contract revision with OCCAR for 100,000 Night Vision Goggles (NVGs) marks the largest single procurement in the history of a European NATO member [5][16] - Strategic investments and partnerships, including a 9.8% stake in Exosens, have been made to enhance supply chain security and support the development of next-generation soldier systems [5][11][12] Financial Performance - THEON has upgraded its FY 2025 revenue guidance to between €435 million and €445 million, which would represent the strongest top-line performance in the company's history [15] - The company successfully completed a €150 million Rights Issue, supported by major shareholders, to strengthen its balance sheet and reduce leverage [13][14] - Profitability guidance remains unchanged, with an expected adjusted EBIT margin in the mid-twenties for FY 2025 and FY 2026 [2][19] Market Dynamics - Demand for night vision and thermal imaging solutions is driven by defense modernization across NATO and allied countries, with long-term supply arrangements becoming increasingly important [18] - The company is entering 2026 with strong momentum, supported by favorable market dynamics and a diversified product portfolio [7][8] Future Outlook - FY 2026 is projected to see a revenue growth of 30% year-over-year, with 20% of that being organic growth, and a significant contribution from new digital products [5][20] - The company anticipates that revenue from new digital products will more than double year-over-year in FY 2026, reaching approximately 25% of total revenue with the inclusion of Kappa [5][20]

Core Points - Theon International Plc (THEON) has signed a Contract Revision with OCCAR for the supply of an additional 100,000 Night Vision Goggles (NVGs) to the German Bundeswehr and 4,000 NVGs to the Belgian Armed Forces, marking a significant increase in military procurement [4][5][13] - The total value of the contract is approximately €1 billion, representing the largest single procurement of NVGs in the history of a European NATO member [5][10] - With this order, the total number of NVGs under contract, including options, reaches around 200,000, solidifying THEON's position as the largest supplier of Night Vision equipment in Europe [6][9] Contract Details - The Contract Revision includes a Facility of Services valued at approximately €100 million and is part of a gradual implementation option [5] - Previous orders through OCCAR included 66,000 NVGs for the German Bundeswehr and 8,000 for the Belgian Armed Forces, with most already delivered [6] - The contract requires deliveries of the Mikron binocular, powered by Exosens 16 mm tubes, with THEON securing over 400,000 Image Intensifier Tubes (IIT) through a Long-Term Commercial Agreement with Exosens [7] Operational Strategy - Part of the assembly will occur in Germany at the Hensoldt Theon NightVision facility, with plans to triple the workforce by the end of 2026 [8] - THEON's order intake for 2025 stands at €1.3 billion, with total backlog including options reaching approximately €2.4 billion, indicating strong demand and growth potential [9][13] - The company anticipates continued growth in the man-portable segment, driven by increasing defense spending in Europe and the APAC region [10]

Core Viewpoint - Theon International Plc's subsidiary, Harder Digital, has received a record order of €25 million for Image Intensifier Tubers, indicating strong demand and improved production capabilities [1][7]. Group 1: Order and Production - Harder Digital's recent order intake is the largest in its history, with deliveries scheduled for 2026-2027, which will significantly enhance its profitability [1][7]. - The production capacity of Harder Digital has more than doubled since 2024 due to the addition of two new production lines, leading to improved quality and higher average selling prices for IIT [2]. Group 2: Financial Performance and Strategy - Operational improvements at Harder Digital are expected to bring its financial performance closer to that of Theon International in the coming years [2]. - Theon International plans to utilize only half of the tubes produced by Harder Digital, selling the remainder to third parties, which is part of its strategy to optimize profitability [2][3]. Group 3: Management Commentary - Christian Kohlstock, Managing Director of Harder Digital, emphasized that the new orders reflect successful production scaling and the company's commitment to meet global demand [3]. - Dimitris Parthenis, CFO of Theon, expressed satisfaction with the rapid rewards from the revamp of Harder Digital's production and the focus on optimizing profitability through third-party sales [3].