Core Viewpoint - Theon International Plc reported strong performance in H1 2025, characterized by robust order intake, achievement of financial targets, and solid progress in its growth strategy [1] Financial Summary - Order intake reached €167.9 million in H1 2025, a significant increase of 118.1% compared to €77.0 million in H1 2024 [2] - Revenue for H1 2025 was €183.7 million, up 20.6% from €152.4 million in H1 2024, marking the strongest H1 performance in the company's history [2] - Adjusted EBIT increased by 24.4% to €47.4 million, with an adjusted EBIT margin of 25.8%, up from 25.0% in H1 2024 [2] - Earnings per share rose to €0.48, reflecting a 17.1% increase from €0.41 in H1 2024 [2] - Capital expenditures (Capex) increased to €6.7 million, a 31.4% rise from €5.1 million in H1 2024 [2] - Soft backlog at the end of H1 2025 was €622.2 million, a 45% increase from H1 2024 [2] Operational and Strategic Highlights - Theon secured new orders from multiple countries, contributing to a book-to-bill ratio of 0.9x [6] - The company is experiencing strong traction in Q3 2025, with additional orders expected to be announced soon [6] - Theon plans to expand its global footprint with a new manufacturing facility in Latvia focused on critical components [6] - The company is actively pursuing several acquisition targets to enhance its technology and product offerings [7] - Theon expects to realize material contributions from its product diversification strategy starting FY 2026, with revenue from A.R.M.E.D. and Thermal Imaging products projected to double to approximately 20% by FY 2026 [8][9] Growth Strategy and Market Outlook - The overall addressable market for Theon's products is projected to exceed €2.8 billion by 2030, driven by increasing demand for advanced night vision and digital products [10] - The company anticipates strong revenue growth, with guidance for FY 2025 set at the top-end of €410-430 million [12] - Theon plans to host a Capital Markets Day in Q4 2025 to outline its future vision and strategy [11]