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Bloomberg (THEON:NA) / Reuters (THEON.AS)
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28 April 2025 – Theon International Plc (THEON) today publishes its Q1 2025 Trading Update, achieving excellent performance and continued strong growth, in line with guidance.
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Financial Summary
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| Q1 2025 | Q1 2024 | Change | |
| Order intake | €117.9 m | €39.0 m | +202.3% |
| Revenue | €90.8 m | €75.8 m | +19.8% |
| Adjusted EBIT | €23.0 m | €17.2 m | +34.2% |
| Adjusted EBIT margin | 25.3% | 22.6% | +2.7 p.p. |
| Earnings per share | €0.25 | €0.18 | +38.9% |
| Capex | €3.3 m | €2.5 m | +33.7 % |
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| Mar 2025 | Dec 2024 | Change | |
| Soft backlog | €668.6 m | €654.2 m | +2.2% |
| Net working capital | €160.0 m | €165.5 m | -3.3% |
| Net cash | €61.2 m | €41.7 m | +46.8 % |
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Financial Highlights
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- Strong order intake continues with new orders reaching €117.9 million in Q1 2025, 202% higher than in Q1 2024, coming from multiple countries worldwide. Our order intake represents a book-to-bill ratio of 1.3x, which goes above 2x when including the approximately €100 million of new options, with a very high probability of conversion to backlog.
- Soft backlog of €668.6 million at the end of Q1 2025, provides solid visibility for the year ahead with an additional €289.0 million of contractual options which provide further headroom for growth.
- Revenue reached €90.8 million in Q1 2025, a record performance driven by continued strong market demand and consistent new contract wins.
- Adjusted EBIT of €23.0 million over the same period, 34.2% higher vs Q1 2024, with an Adjusted EBIT margin of 25.3% (vs 22.6% in Q1 2024), maintaining industry leading margins, in line with guidance.
- Earnings per share grew 39% to €0.25 cents per share.
- Capex was €3.3 million, in line with our strategy and enabling THEON to continue delivering consistent growth by expanding our capacity and creating innovative new products.
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Operational Highlights
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- Several recent contract wins, including the one for the German Future Soldier Program (IdZ) where THEON provides its newly launched Heads-Up Display system, part of the A.R.M.E.D ecosystem of products.
- Continued strong international traction for the A.R.M.E.D products.
- Participation in several larger tender processes as demand for night vision products continues to increase globally.
- THEON’s majority shareholder placed c.3.2 million shares (4.5% of issued share capital) in March 2025, broadening THEON’s investor base and improving stock liquidity.
- THEON was also included in the FT Europe 1,000 fastest growing companies list for the second year.
- Finally, THEON initiated the process of becoming a participant in the United Nations Global Compact, demonstrating its commitment to sustainable and ethical practices across its operations.
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