THEON announces FY 2025 preliminary results with record revenue and profit

THEON reported preliminary results for the year ended 31 December 2025, citing record revenue and profit, order intake of €1.3 billion and an Adj. EBIT margin above 26%. The company reiterated medium-term organic revenue growth guidance of at least 15% per year and provided FY 2026 guidance including a c.30% revenue increase.

THEON announced preliminary results for the 12 months ended 31 December 2025 and described 2025 as a transformative year for its strategic platform. The statement reports record revenue and profit for the company and notes a historically high backlog going into 2026. THEON also described a sequence of acquisitions and investments completed around the year end and set out FY 2026 guidance and medium-term growth targets. The company said it will publish its 2025 Annual Report on 20 April 2026 and host a webcast on 21 April 2026. Key facts: - Order intake reached a record €1.3 billion, supported by the largest single order for night‑vision man‑portable equipment placed through OCCAR for the German Armed Forces, and was reported as up over 180% versus the prior year. - Revenue and Adjusted EBIT were reported as approximately 26% and 28% higher versus FY 2024, respectively, with an Adjusted EBIT margin above 26%. - THEON completed strategic transactions including the acquisitions of Kappa Optronics and a 9.8% stake in Exosens, and reported formal closings in January 2026; Kappa is expected to contribute about €40 million to FY 2026 revenues. - Balance sheet and financing actions included a completed €150 million rights issue (net proceeds reported as €147.7 million) and a €300 million revolving credit facility announced in October 2025; pro‑forma net debt and leverage figures were reported in the release. - FY 2026 guidance cited an expected c.30% revenue increase on FY 2025 (more than 20% organic), growth in revenue from new digital products toward c.20–25% including Kappa, capex guidance of €30 million and continuation of small bolt-on M&A without issuing new shares. Summary: THEON presented FY 2025 as a year of record commercial and financial performance and described a stronger backlog and expanded product portfolio entering 2026. The company reiterated medium-term organic revenue growth guidance of at least 15% per year and provided FY 2026 targets that include a c.30% revenue increase and higher contribution from new digital products. THEON also noted recent financing and acquisition activity and said it will publish the full 2025 Annual Report on 20 April 2026 and host a related webcast on 21 April 2026.