Company Overview - Theon International PLC develops and manufactures advanced night vision and thermal imaging systems for defense and security applications, with a global presence [21] - The company began operations in 1997 in Greece and has since established a significant international footprint, including subsidiaries and production facilities in various countries [21] - Theon International PLC has over 240,000 systems in service with armed and special forces across 71 countries, including 26 NATO member countries [21] - The company has been listed on Euronext Amsterdam since February 2024 [21] Offering Details - Theon International PLC announced the conclusion of a rump placement as part of its issuance of 8,624,645 new ordinary shares [4][5] - During the subscription period, 8,522,058 new shares were subscribed, and all remaining 102,587 rump shares were sold in the placement [5][8] - The rump shares were placed at a price of €29.20 per share, with proceeds going to the company [5] - The entire amount of 8,624,645 new shares offered has been subscribed for by investors [5][8] - The issuance and listing of the new shares are scheduled for December 18, 2025 [8]

Core Viewpoint - Theon International PLC successfully concluded a Rights Issue, with approximately 99% of the offered new shares subscribed, raising around €148 million [4][9]. Group 1: Rights Issue Details - The subscription period for the Rights Issue ran from December 2 to December 15, 2025, during which 68,176,464 Rights were exercised for 8,522,058 New Shares [4]. - The majority shareholders, Venetus Limited and CHRE Investments Limited, committed approximately €107 million to the New Shares, exercising their pro-rata entitlement [5]. - A total of 102,587 New Shares, representing about 1% of the total offered, will be available for sale to institutional investors through a Rump Placement [6][9]. Group 2: Rump Placement and Listing - The Rump Placement will begin immediately and is expected to conclude by December 16, 2025, before market opening [7][9]. - The issuance of the New Shares is scheduled for December 18, 2025, with the listing on Euronext Amsterdam occurring at 09:00 CET on the same day [7][9]. Group 3: Underwriting and Lock-Up Agreements - The Offering is underwritten by certain investment banks, while the Committed Shares are not underwritten [8]. - The Company and the Committing Shareholders have agreed to lock-up agreements that will expire 180 days after the Closing Date, with certain exceptions [10]. Group 4: Company Overview - Theon Group develops and manufactures advanced night vision and thermal imaging systems for defense and security applications, with a global presence [24]. - Theon Group has over 240,000 systems in service with armed and special forces across 71 countries, including 26 NATO member countries [25].

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].

Core Points - Theon International Plc is launching a rights offering to raise approximately €150 million through the issuance of 8,624,645 new ordinary shares at a subscription price of €17.40 per share, which represents a discount of 30.8% to the theoretical ex-rights price [3][4][10] - The majority shareholders, Venetus Limited and CHRE Investments Limited, have committed to subscribe for approximately €107 million of new shares, representing about 71.0% of the offering [5][6] - The proceeds from the rights offering are intended to partially finance the acquisition of a 9.8% stake in Exosens SA for €268.7 million, positioning Theon as the second-largest shareholder in Exosens [6][8][7] Offering Details - The rights offering will allow existing shareholders to receive 1 right per ordinary share held as of the record date, with 8 rights required to subscribe for 1 new share [4][9] - The subscription period will run from December 2, 2025, to December 15, 2025, with rights trading occurring from December 2 to December 11, 2025 [12][13] - Any unsubscribed shares will be offered to eligible institutional investors through private placements [15] Financial Context - The subscription price of €17.40 per share is based on a closing price of €26.10 per ordinary share, indicating a significant discount [10] - The expected net proceeds from the offering are approximately €146 million, which will be utilized for the Exosens acquisition [8] Company Background - Theon Group specializes in developing and manufacturing advanced night vision and thermal imaging systems for defense and security applications, with a global presence [34] - The company has been listed on Euronext Amsterdam since February 2024 and has over 240,000 systems in service across 71 countries, including 26 NATO member countries [34]

Core Insights - Theon International Plc has secured a new order exceeding €100 million from a European NATO member as part of a €300 million framework agreement, which includes the delivery of thousands of Night Vision Goggles (NVGs), monoculars, and binoculars scheduled for 2026, 2027, and 2028 [2][3] - Year-to-date order intake has surpassed €370 million, with additional options totaling €441 million, leading to a soft backlog of approximately €700 million and total options of around €720 million as of November 4 [3][4] - The company anticipates an acceleration in demand for military equipment, driven by European nations seeking to enhance their military capabilities, which is expected to increase the backlog and visibility for future orders [4] Company Overview - Theon Group develops and manufactures advanced night vision and thermal imaging systems for defense and security applications, with a global presence and operations starting in Greece in 1997 [7] - The company has over 220,000 systems in service with armed and special forces across 71 countries, including 26 NATO member states, and has been listed on Euronext Amsterdam since February 2024 [7]

Core Points - Theon International Plc has secured a €300 million senior facility agreement with a syndicate of 9 banks, which can be upsized to €400 million if needed [2][4] - The funds will be utilized for refinancing existing short-term debt, supporting general corporate purposes, and potentially financing larger acquisitions [2] - Theon Group is a leader in developing and manufacturing night vision and thermal imaging systems for defense and security applications, with a global presence [6] Financial Details - The revolving credit facility has a tenor of 5 years [2] - Theon Group's CFO highlighted the favorable terms of the agreement, which enhances financial flexibility and supports growth ambitions [4] Company Background - Theon Group has been operational since 1997 and has a significant international presence with subsidiaries and production facilities in multiple countries [6] - The company has over 220,000 systems in service with armed and special forces in 71 countries, including 26 NATO countries [6] - Theon International Plc has been listed on Euronext Amsterdam since February 2024 [6]

Group 1 - Theon International Plc (THEON) will initiate a buyback of up to 1,400,000 ordinary shares until June 5, 2026, to fulfill obligations under a planned long-term employee incentive plan [2][3] - The buyback program was approved by shareholders at the General Meeting held on June 5, 2025 [2] - Venetus Limited, the majority shareholder, received an exemption from launching a mandatory takeover bid due to the passive increase of its voting rights resulting from the buyback [3] Group 2 - The company plans to implement the buyback program under the 'safe harbour' exemption in accordance with Article 5 of the Market Abuse Regulation [4] - Ongoing share repurchase information will be available on the company's website [4] - Theon Group develops and manufactures advanced night vision and thermal imaging systems for defense and security applications, with a global presence [5]

Core Viewpoint - Theon International Plc has successfully completed a share placement, increasing its free float to enhance liquidity and attract investor interest [2][3][4]. Group 1: Share Placement Details - Venetus Limited sold approximately 3.73 million shares, representing about 5.3% of Theon's share capital, with the placement priced at Euro 31.1 per share [2][4]. - Theon will not receive any proceeds from this placement, which was executed to improve the liquidity of its shares [3][4]. - Following the placement, Venetus and CHRE Investment Limited will hold approximately 70.0% of the company's share capital, while the free float will increase to 30.0% [4]. Group 2: Market Response and Future Outlook - The placement was oversubscribed, indicating strong interest from both existing and new investors, with demand nearly double that of a previous placement [6]. - The CEO expressed confidence that the increased free float will enhance trading liquidity and support the company's long-term growth strategy [6]. Group 3: Company Background - Theon Group specializes in developing and manufacturing advanced night vision and thermal imaging systems for defense and security applications, with a global presence [8]. - The company has over 200,000 systems in service across 71 countries, including 26 NATO member countries, and has been listed on Euronext Amsterdam since February 2024 [8].

Core Viewpoint - Theon International Plc (THEON) demonstrated strong financial performance and achieved significant milestones in FY 2024, with a focus on growth strategies and operational advancements [1][3]. Financial Highlights - Order intake for FY 2024 was €466 million, reflecting a book-to-bill ratio of 1.3x [11]. - Revenue increased by 61.1% to €352.4 million, driven by scaling existing contracts and securing new ones [12]. - Adjusted EBIT rose by 56.5% to €88.4 million, maintaining a margin of 25.1% [11][12]. - Proposed dividend per share is €0.34, representing a 35% payout ratio of FY 2024 net income [12]. Operational and Strategic Highlights - Successful listing on Euronext Amsterdam in February 2024 raised approximately €94 million for growth [3]. - Major contract wins included extensions and new agreements with global defense forces, enhancing operational security [4][5]. - Acquisition of Harder Digital aimed at insourcing critical components and strengthening the supply chain [5]. Post Period End and Outlook - Strong start to 2025 with new contracts and participation in significant programs, boosting FY 2025 guidance coverage to around 90% [6]. - Anticipation of further orders due to increasing international traction for A.R.M.E.D products and low global penetration of night vision goggles [6]. - The company is in advanced stages of several large tenders, predicting strong growth in the coming years [6]. Additional Information - THEON placed approximately 3.2 million shares in March 2025, broadening its investor base [7]. - Included in FT Europe's 1,000 fastest-growing companies for the second consecutive year [7]. - Initiated the process to participate in the United Nations Global Compact, emphasizing commitment to sustainable practices [7].