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]