THEON has reported strong first-half 2026 results, driven by growing demand for its defence optronics portfolio, strategic acquisitions and continued expansion into AI-enabled technologies, ISR and counter-UAS capabilities.
THEON International has reported a strong trading performance for the first half of 2026, delivering double-digit growth in revenue and profitability while continuing to expand its presence across high-growth defence technology markets.
For the six months ending 30 June 2026, revenue increased 35.4% year-on-year to €248.7 million, while order intake rose by 38.5% to €232.5 million. Adjusted EBIT reached €65.1 million, maintaining an industry-leading margin of 26.2%, with the company also reporting a book-to-bill ratio of approximately 1.0x.
THEON entered the second half of the year with a soft backlog of €1.46 billion, alongside a further €902 million in associated options, providing significant visibility for future growth. Financial leverage remained at 1.7x despite continued investment in acquisitions and product development.
Expanding capabilities across defence technologies
Operationally, the company continued to benefit from strong global demand for its night vision systems, while broadening its portfolio into intelligence, surveillance and reconnaissance (ISR), drone technologies, counter-UAS capabilities and AI-enabled defence solutions. The company said these adjacent markets have expanded its total addressable market to almost €8 billion, more than doubling the opportunity available a year ago.
During the quarter, THEON also strengthened its strategic ecosystem through partnerships, acquisitions and investment. At Eurosatory 2026, the company showcased an expanded product portfolio covering soldier systems, vehicle awareness technologies, ISR capabilities and electro-optical payloads, attracting more than 1,000 visitors to its stand.
The exhibition also saw THEON sign a memorandum of understanding with Safran Electronics & Defence to establish a joint venture focused on airborne electro-optical and infrared systems for unmanned aerial vehicles.
Strategic investments support long-term growth
The company agreed to acquire an 80% stake in French gimbal manufacturer MERIO and announced the acquisition of HGH, expanding its capabilities into counter-drone systems and AI-enabled software. It also invested US$3 million in US-based frontier AI laboratory Twin Prime and opened a new facility in Bangladesh as part of a technology transfer programme with the Bangladesh Army.
Looking ahead, THEON reiterated its full-year guidance of €570-600 million in revenue while maintaining its medium-term ambition of reaching €1 billion in annual revenue by 2029. Founder and CEO Christian Hadjiminas said the company’s expansion into advanced sensing, artificial intelligence, autonomous systems and ISR technologies was already generating commercial opportunities and new orders, reinforcing confidence in both its 2026 outlook and longer-term growth strategy.
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