THEON International has secured new orders worth around 70 million euros, further strengthening its order backlog and underscoring the momentum it is enjoying in the European defence market.
According to the company, a significant portion of the new contracts comes from Germany’s Rheinmetall under the German armed forces’ “Soldier of the Future” programme (Infanterist der Zukunft – IdZ).
The new orders also include binding agreements and purchase options for products within THEON’s A.R.M.E.D. ecosystem, the company’s new digital applications platform designed for the modern soldier.
More orders expected
THEON’s management said additional orders could materialise later this year through further purchase options included in the IdZ programme, where the company plays a central role in digital vision systems and military augmented reality applications.
Following the latest contracts, the value of orders secured during the second quarter has reached approximately 153 million euros, while an additional 27 million euros relates to purchase options. Since the beginning of the year, new orders have totalled around 223 million euros, with a further 68 million in purchase options.
The company expects commercial activity to accelerate further in the second half of the year, particularly towards the end of the fourth quarter, reflecting the traditional seasonality of the defence industry.
THEON also reaffirmed its 2026 guidance that new orders will exceed invoiced sales, maintaining a book-to-bill ratio above one.
Chief Executive Philippe Mennicken said the latest contracts demonstrated customers’ confidence in the company’s technological capabilities and further strengthened its position in next-generation soldier systems.
Expansion plans in Greece
The contracts come in a period of intense corporate activity for THEON.
Last week, the company announced a memorandum of understanding with French defence group Safran to establish a joint venture in the unmanned systems sector. The proposed venture is expected to be 51% owned by THEON and 49% by Safran, with part of its operations planned to be developed in Greece.
THEON has also disclosed an exclusivity agreement to acquire France’s HGH Systèmes Infrarouges in a deal valuing the company at approximately 300 million euros.
HGH specialises in electro-optical and infrared systems, as well as drone detection and counter-drone technologies. According to THEON’s management, the acquisition is expected to significantly enhance the group’s product portfolio and generate synergies through the use of advanced artificial intelligence applications.
The acquisition is expected to be financed through bank borrowing. Management estimates that net debt-to-EBITDA will temporarily rise to around three times before gradually declining to approximately 2.5 times by 2027.
Investing in new technologies
THEON is also expanding its presence in emerging technology markets through investments in MERIO and Twin Prime, aiming to broaden its platform-based systems capabilities and diversify revenue streams.
The company, one of Europe’s fastest-growing groups in night vision and thermal imaging systems, is seeking to further strengthen its position in the European defence industry at a time of rising military spending and significant investment programmes across NATO and European Union member states.
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