Slides
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theon.com THEON CAPITAL MARKETS DAY EMPOWERING VISION. WHEN IT MATTERS. 6 NOVEMBER 2025
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 2 AGENDA OF THE DAY Session One 15:00 Session Two 16:00 Session Three 17:00 Q&A Session 17:30 Dinner at Papaioannou 18:30 In-between: Coffee Breaks
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 3 WELCOME DOING A CMD NOW! IPO in Feb 2024 19 months consistently delivering everything we promised in all fronts: Organic growth Vertical integration Capability expansion Shareholder returns What’s NEXT? Now presenting the evolution of our strategy, moving to the next level. We renew our commitment to create value for our shareholders.
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 4 MEET OUR SPEAKERS WELCOME Christian Hadjiminas Founder/ Group CEO Guest SpeakersTheon Speakers Dr. Nikos Vasiliadis Director of Electronics Department Dimitris Parthenis Group CFO Philippe Mennicken BD Director/ Deputy Group CEO Dr. Dimitris Mandridis CTO/ Head of Optical Engineering George Papageorgiou CEO Theon Sensors Michael Murray Chairman, President & CEO KOPIN Sebastian Vreeman CEO KAPPA Nikos Malesiotis Head of Investor Relations
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SESSION ONE Introduction Market Analysis & Business Opportunities Operations THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 5
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Introduction EMPOWERING VISION. WHEN IT MATTERS. theon.com
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 7 A RECORD OF RESULTS BUILT ON PRECISION AND ACCOUNTABILITY INTRODUCTION What we promised What we target What we delivered Capture > €1 bn new opportunities Revenue increase in line with the market Mid-twenties EBIT Margin 30-40% Dividend payout Expanding product portfolio Announced > €1.7 bn new orders and options Revenue increased faster than the market EBIT Margin c. 25% 35-40% Dividend payout A.R.M.E.D. + Platforms introduced in 2024 Longer term framework agreements New product lines Similar profitability levels Continuous dividend distribution FCS1 + more Platform products 1. Fire Control Systems
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 8 A RECORD OF RESULTS BUILT ON PRECISION AND ACCOUNTABILITY INTRODUCTION What we target New contracts earlier than 2027 New production facility in Greece Increasing R&D efforts Continuous M&A pipeline Normalisation expected at around 35-40% of Revenue Revenue from Platform products by 2027 Enough capacity to continue growing Double the R&D department M&A to grow and secure the supply chain Working Capital at pre-2022 levels What we promised Organic sales + Acquisition of Kappa Expansion in Belgium, S. Korea and Denmark Doubled the R&D department 2 majority acquisitions & 5 minority investments Slowdown in working capital normalisation due to strong growth and demand dynamics What we delivered
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 9 INTRODUCTION ΤΗΕΟΝ’S STRATEGY We deliver Customer satisfaction Shareholder value We grow Cement our position in NV2 Increase Total Addressable Market (TAM) We invest Verticalization & synergies New tech & innovation enablers We design & develop New product development Adoption of digital & AR1 1. Augmented Reality; 2. Night Vision
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JULY Established Theon Latvia AUGUST Launch of THEON Next strategic initiative FEBRUARY Awarded the IDZ contract JULY Established Theon Belgium AUGUST Acquisition of Kappa Optronics1 JULY Acquisition stake in Andres Industries SEPTEMBER Announcement of commercial agreement with Exosens JUNE Introduced A.R.M.E.D & Platform based Products OCTOBER Acquisition of Harder Digital ORDER INTAKE 2024: €466 m THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 10 KEY MILESTONES SINCE IPO INTRODUCTION 1. Pending Regulatory Approval
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An initiative to advance soldier systems with cutting-edge digital technologies, beyond traditional night vision towards augmented reality (AR) and networked situational awareness through strategic partnerships and acquisitions THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 11 KEY MILESTONES SINCE IPO INTRODUCTION OCTOBER Definitive agreement to acquire stake in Exosens NOVEMBER Acquisition of stake in ShockEOS1 AUGUST Launch of THEON NEXT strategic initiative Partnership with eMAGIN Investment in VARJO Partnership with ALEREON Acquisition of stake in KOPIN ORDER INTAKE YTD (up to 4 Nov): >€370 m NEW OPTIONS YTD (up to 4 Nov): >€440 m TOTAL BACKLOG + OPTIONS YTD (as of 4 Nov) c.€700 m+ €720 m =€1.42 bn 1. Pending Regulatory Approval
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Market Analysis & Business Opportunities EMPOWERING VISION. WHEN IT MATTERS. theon.com
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 13 DYNAMIC GEOPOLITICAL LANDSCAPE MARKET ANALYSIS & BUSINESS OPPORTUNITIES Emerging Multipolarity Potential for EU in the global defense scene Regional Conflicts and Instability Hotspots in Middle East, South Asia, LatAm and parts of Africa Europe Ongoing impact from the Russia – Ukraine conflict APAC Japan, Korea, Taiwan and Australia redefining regional security policies Accelerating defense spending
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. CHANGING WARFARE The connected Battlefield- Intelligent Mass MARKET ANALYSIS & BUSINESS OPPORTUNITIES 14
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 15 DISMOUNTED ADDRESSABLE MARKET MARKET ANALYSIS & BUSINESS OPPORTUNITIES Growth driven by: Increased penetration rate, increased personnel and increased lethality Countries moving towards long term agreements to secure supply of equipment for the coming 3-5 years 1,063 1,072 1,071 1,059 1,181 1,257273 253 206 236 256 286180 244 303 316 341 380198 349 543 734 926 912 2025 2026 2027 2028 2029 2030 Helmet-Mounted Weapons Scopes Targeting Fire Control Systems 1,715 1,919 2,124 2,345 2,704 2,835 Source: RSA analysis (excluding Russia, China, North Korea, Iran and other embargoed countries) 419 552 649 742 899 922 1,071 1,145 1,150 1,232 1,264 1,326104 82 95 99 102 119 113 132 222 266 433 461 2025 2026 2027 2028 2029 2030 Europe Americas MENA APAC Other Dismounted Total Addressable Market by Region (€ m) Dismounted Product Category Breakdown (€ m) 1,715 1,919 2,124 2,345 2,704 2,835
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 16 PLATFORMS ADDRESSABLE MARKET MARKET ANALYSIS & BUSINESS OPPORTUNITIES Growth driven by: Growth mainly driven by large European Armored vehicle programs as well as MENA starting in 2026 Main focus on Armored Fighting Vehicles using RWS1/ turrets with advanced optronics 1,636 2,475 2,841 2,888 2,843 2,964 490 656 709 595 664 928 176 186 226 210 219 188 162 191 231 184 150 209 2025 2026 2027 2028 2029 2030 Armoured Fighting Vehicle Protected Patrol Vehicle Light Utility Vehicle Reconaissance / EW Vehicle Other 2,514 3,578 4,098 3,999 4,026 4,456 883 1,438 1,590 1,698 1,706 1,538470 463 496 544 543 597 372 766 909 854 933 1,086 685 802 950 855 797 1,187 2025 2026 2027 2028 2029 2030 Europe Americas MENA APAC Other 2,514 3,578 4,098 3,999 4,026 4,456 Vehicle-Mounted Total Addressable Market by Region (€ m) Vehicle-Mounted Product Category Breakdown (€ m) 1. Remote Weapon Stations; Note: EW = Electronic Warfare | Source: RSA analysis (excluding Russia, China, North Korea, Iran and other embargoed countries)
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 17 MARKET ANALYSIS & BUSINESS OPPORTUNITIES “Cement our leading position in Europe and capture strong demand” STRONGHOLD EUROPE Opened liaison office in Brussels in Q3 2025 Europe Customer shift to long term supply agreements Mandate towards joint procurements (OCCAR, NSPA, NORDEFCO) expected to reach 40% by 2030, from 20% today Number of Soldiers ~1.5 m today +300 k by 2030 Regional Penetration1 of Night Vision Goggles ~30% Opportunities on Radar €2.30 bn EU financing for short term procurements and medium-term technological developments 1. Refers to active-duty soldier count | Source: RSA; THEON analysis (excluding Russia, China, North Korea, Iran and other embargoed countries)
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 18 MARKET ANALYSIS & BUSINESS OPPORTUNITIES “Strong geographical reach” AWAKENING GIANTS Number of Soldiers ~1.8 m active ~7.5 m reserves Regional Penetration1 of Night Vision Goggles ~20% APAC Large NVG procurements expected to start in 2026 Focus on key US allies Expand industrial presence in the region starting with S. Korea Opportunities on Radar €1.35 bn 1. Refers to active-duty soldier count | Source: RSA; THEON analysis (excluding Russia, China, North Korea, Iran and other embargoed countries)
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 19 MARKET ANALYSIS & BUSINESS OPPORTUNITIES “Expand our capabilities in the region” STEADY OPPORTUNITIES MENA Focus on KSA and UAE Expand industrial capabilities in the region with a focus on platform optronics Capture KSA vehicle market Number of Soldiers ~3.0 m +1.0 m by 2030 Regional Penetration1 of Night Vision Goggles ~10%2 Opportunities on Radar €1.30 bn 1. Refers to active-duty soldier count | Source: RSA; THEON analysis (excluding Russia, China, North Korea, Iran and other embargoed countries) 2. Excl. UAE, where Market Penetration rate is >70%
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 20 MARKET ANALYSIS & BUSINESS OPPORTUNITIES “Ongoing expansion of industrial presence in N. America” MADE IN USA Number of US Soldiers ~1.3 m Active ~760 k National Guard Regional Penetration1 of Night Vision Goggles ~100% in US >10% in S. America Americas Preference to rely on domestic technology and production in the US US remains the biggest defense spender Regional conflicts in LatAm Sources: US Dept of War, GlobalMilitary.net Remaining Region ~1.0 m Active ~1.3 m Reserves Replacement of old PVS-14 monos with binos under way Opportunities on Radar €1.2 bn (excl. 2/3 of NVGs – inaccessible tubes) 1. Refers to active-duty soldier count | Source: RSA; THEON analysis (excluding Russia, China, North Korea, Iran and other embargoed countries)
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Operations EMPOWERING VISION. WHEN IT MATTERS. theon.com
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 22 OPERATIONS GROUP GLOBAL PRESENCE Belgium (Subcontractor for thermal products) Total Facility Area: 450 sqm Current Manpower1: 2 FTEs; (12 by Q2 2026) Projected Production Utilization: 80% (by Q2 2026) S. Korea (Subcontractor covering regional needs) Total Facility Area: 2,270 sqm Current Manpower1: 8 FTEs Current Production Utilization: c. 40% Denmark (Repair and Maintenance Hub) Total Facility Area: 248 sqm Current Manpower1: 3 FTEs Theon Sensors, Athens Greece HQ and Main Facility Total Facility Area: 8,472 sqm Current Manpower1: 194 FTEs Current Production Utilization: 69% Germany (JV with Hensoldt) Total Facility Area: 300 sqm Current Manpower1: 15 FTEs Current Production Utilization: 89% Germany South Africa 1. Refers to manpower only for assembly and packaging - excludes Admin, R&D etc.
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 23 OPERATIONS GROUP GLOBAL PRESENCE UAE Co-production capabilities KSA Co-production capabilities U.S Co-production at EOTech USA
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 24 OPERATIONS Koropi, Greece MAIN PRODUCTION FACILITIES Factory size doubled in 2017 with further expansion into the second production facility in 2023 8,472 sqm Current main facilities size
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 25 OPERATIONS Koropi, Greece EXISTING ISR PRODUCTION FACILITIES Dedicated ISR lab space of 150 sqm Additional expansion space of 55 sqm 3 systems monthly production capacity Personnel: 2 Assembly engineers 7 Design and Development engineers 1 Product Manager Note: ISR = Intelligence, Surveillance and Reconnaissance
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 26 OPERATIONS Koropi, Greece 3RD EXPANSION OF PRODUCTION FACILITIES Fast-paced construction schedule • Final permit already obtained • Estimated budget ~ €10 m (20% subsidized) • Estimated completion by Q1- Q2 of 2027 Reaching up to a total facilities size 11,300 sqm 3rd Factory already scheduled to be constructed
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 27 OPERATIONS Koropi, Greece 3RD EXPANSION OF PRODUCTION FACILITIES Fast-paced construction schedule • Final permit already obtained • Estimated budget ~ €7 m • Estimated completion by Q1- Q2 of 2027 Reaching up to a total facilities size 11,300 sqm 3rd Factory already scheduled to be constructed
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GROWING WORKFORCE OPERATIONS 48% 16% 20% 16% Greece Germany Rest of EU Rest of the World Split per country THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 28 70% 30% Male Females Split per gender 20% 55% 12% 13% R&D Production BD/Marketing Finance/Legal/AdminSplit per capability Total: 934 Headcount evolution 135 183 247 303 390 721 243 213 2020 2021 2022 2023 2024 Σεπ-25 >30% MSc/PhD holders 934 633 of which >300 Engineers
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Start date 01/01/2025 Pay-Out method Treasury shares Max total cost c. €4 million over 9 years KPIs Relative Total Shareholder Return Adj. EBITDA ESG composite index Number of employees c. 40 THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 29 OPERATIONS Creating greater linkages to long-term value creation while increasing the commitment, retention, and attraction of executives, will support the overall objective of high performance that is built into the program KEY EMPLOYEES INCENTIVIZATION PLAN Objectives Long-term value creation & high performance Sustainability, beyond financial metrics Retain and attract high performance executives Program Overview 3 rolling cycles with a multi-year accrual period, gradual vesting, and a retention period, while hurdle rates are designed to reward overperformance beyond the 110% threshold.
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SESSION TWO Strategy and M&A Technology and Product Roadmap THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 30
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Strategy and M&Α EMPOWERING VISION. WHEN IT MATTERS. theon.com
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 32 STRATEGY AND M&A M&A STRATEGY GOING FORWARD Fire Control Systems Integrated sighting & targeting solutions Platforms/ UAVs/ Vehicles System-level solutions & interoperability THEON NEXT Digital, AR-enabled soldier systems Geographic Expansion USA Expansion Expand local presence in world’s largest defense market (c. $900B p.a.) Building APAC Strengthen footprint via entry into additional strategic locations Capability & Technology Focus
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 33 M&A AND INVESTMENTS TRACK RECORD STRATEGY AND M&A OCTOBER 2024 • 60% stake • Cash injection of €34 m to upgrade production • Enhance security of supply chain • Access to IIT tech JULY 2025 • 10% stake for €1.1 m • Option to raise stake at 24.99% for additional €4.5 m • Added maintenance capabilities and total support solutions Andres Industries AG AUGUST 2025 • 100% acquisition for €69 m consideration value (pending closing) • Expanding product offering for airborne & vehicle applications • Accelerating R&D capabilities • Enabling ISR synergies • Accessing elite client base OCTOBER 2025 • 9.8% stake for €263 m (pending closing) • Enhance security of supply chain • Expanding synergies in sensor technologies NOVEMBER 2025 • 30% already acquired with a call option to reach majority • Co-development of gimbals and stabilization mechanisms • Accelerate Platform strategy AUGUST 2025 • 49% stake in KOPIN Scotland through $8 m SCI 1 • Additional €7 m convertible for 1.3% stake • September 2025 Additional €8 m for 2.1% stake PIPE agreement • Accessed new optics technology AR 2 product co- development Part of THEON NEXT AUGUST 2025 • €5 m investment through convertible loan • Option for additional €5 m • Enabled virtual and mixed reality synergies Part of THEON NEXT 1. Share Capital Increase; 2. Augmented Reality
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 34 STRATEGY AND M&A EXOSENS Deal Overview & Rationale 9.8% Acquired to become the second largest shareholder/ the only strategic investor on the register Further secure our supply chain (in continuation to acquisition of Harder Digital) In discussions to extend the commercial agreement’s duration and volume Funding Bridge loan to be taken out by combination of debt and equity Unlocking new horizons through closer collaboration • Increase common addressable market • Co-development opportunities Next steps Capital increase targeted to take place by January 2026
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 35 KOPIN A leading provider of Microdisplays and specialized application-specific optical solutions for high performance and mission critical AR and VR applications STRATEGY AND M&A Unique Market Position Only player in the market that offers solutions addressing applications requiring leading edge expertise in MicroDisplays and optics Market Opportunity Large and growing MicroDisplay market forecasted to reach $6.0B in 2028 at 20% CAGR with strong funding for key defense programs with high barriers to entry Industry Leader #1 MicroDisplay provider for attractive end markets in defense, enterprise & industrial and consumer sectors, serving as sole source supplier on several key programs Tier 1 Customer Base Deeply ingrained, long-tenured relationships with global market leaders with strategic focus on existing and emerging high- performance defense (90%), enterprise & industrial and consumer applications (10%) 3 NASDAQ: KOPN Share Price1 $3.12 Market Cap1 $600M TTM Revenue2 $50.3M Debt $0 Shares Outstanding2 163M Employees2 160 1. Close on 11/06/2025; 2. As of 6/28/25; 3. LTM ended 6/28/25
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 36 KOPIN AND THEON A Better Together Strategy STRATEGY AND M&A Kopin is expected to bring the sovereign leading edge MicroDisplay technologies to Theon in both the United States and in Europe (ITAR-free) Together, Theon and Kopin will work to integrate the latest in display technology into existing and new Theon products while engineering future products which enable more of Theon capabilities Theon will receive early access to our newest display technologies, providing Theon an advantage in time to market, innovation and cost Our goal is to drive significant revenue growth for both companies Integration of NeuralDisplay , a bi-directional, AI powered software for adaptive, dynamic eye tracking and pupil sizing µLED MicroDisplay OLED MicroDisplay DayVAS DarkWave
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 37 HARDER DIGITAL Key products STRATEGY AND M&A DetectorsCustom IIT Gen II IIT 281 employees Vertically integrated IIT manufacturer providing customized solutions and components Global customer base across more than 30 countries Established in 1999 with HQ in Woltersdorf, Germany and presence in Serbia and Latvia ITAR-free tubes Gen III IIT Note: IIT = Image Intensifier Tube
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 38 HARDER DIGITAL STRATEGY AND M&A Nis, Serbia Components production 6,000 sqm HQ Woltersdorf, Germany End product facility 55 employees Riga, Latvia 450 sqm 20 employees 206 employees 2,500 sqm 2,000 sqm
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 39 STRATEGY AND M&A HARDER DIGITAL 1 machine in place Annual capacity: ~6,000 IIT Average FOM: 1,800 Before Theon’s investment Note: IIT = Image Intensifier Tube; FOM = Figure of Merit
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 40 STRATEGY AND M&A HARDER DIGITAL Today 2 machines in place Annual capacity: ~14,000 IIT Average FOM: 2,000 >60% of production absorbed by Theon 1 machines in place Annual capacity: ~6,000 IIT Average FOM: 1,800 Before Theon’s investment Note: IIT = Image Intensifier Tube; FOM = Figure of Merit
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2 machines in place Annual capacity: ~14,000 IIT Average FOM: 2,000 >60% of production absorbed by Theon THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 41 STRATEGY AND M&A HARDER DIGITAL Goal by the end of 2027Today 4 machines in place Annual capacity: >20,000 IIT Average FOM: >2,200 1 machines in place Annual capacity: ~6,000 IIT Average FOM: 1,800 Before Theon’s investment Note: IIT = Image Intensifier Tube; FOM = Figure of Merit
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 42 STRATEGY AND M&A HARDER DIGITAL Goal by the end of 2027Today 2 machines in place Annual capacity: ~14,000 IIT Average FOM: 2,000 >60% of production absorbed by Theon 4 machines in place Annual capacity: >20,000 IIT Average FOM: >2,200 1 machines in place Annual capacity: ~6,000 IIT Average FOM: 1,800 Before Theon’s investment Note: IIT = Image Intensifier Tube; FOM = Figure of Merit
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 43 ShockEOS Key products Key Products STRATEGY AND M&A Laser Test Bench Established in 2023 • R&D Design House • Product development • Testing and QA labs • 40 engineers Total acquisition stake 30% Initial co-development project of €10 m in July 2024 Platform Enabled us to design military grade gimbals to offer a total integrated solution for vehicle mounted platforms Know-how & experience in land and airborne optronics Call option to reach majority ShockEOS Facility New GimbalΕΩS
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 44 KAPPA OPTRONICS STRATEGY AND M&A Madrid, Spain 614 sqm Mountainside, NJ, USA 5 FTEs HQ Gleichen, Germany 3,900 sqm 171 FTEs 14 FTEs 207 sqm
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Key Products THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 45 KAPPA OPTRONICS STRATEGY AND M&A Air Platforms QuadBox DVE Established in 1978 with HQ in Gleichen, Germany and presence in Spain and in the USA Vision System integrator serving aviation, defense land and power industry Unique expertise in functional safe design Acting as 1st Tier supplier to most of European defense OEMs 190 FTEs +20 exp. in 2026 c.€40 m Targeted contribution to revenues in FY 2026 Switchgear Cameras
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Technology and Product Roadmap EMPOWERING VISION. WHEN IT MATTERS. theon.com
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 47 R&D AND PRODUCTION OVERVIEW TECHNOLOGY AND PRODUCT ROADMAP Proprietary technological capabilities in a fully integrated production set-up The R&D department uses modern and state of the art computer-aided design tools Theon has a vast network of suppliers All products are qualified, assembled adjusted and tested at Theon Strong Quality and Testing team to ensure product specifications Quality Control & Testing Production & Assembly Outsourced Manufacturing Research & Development
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 48 THEON’S PORTFOLIO EVOLUTION 2004 to 2024 TECHNOLOGY AND PRODUCT ROADMAP A.R.M.E.D. Acceleration after IPO IRIS-C Thermal clip-on ORION Fused Goggle Smart Battery Packs 2004 2008 2011 2012 2013 2018 2019 2021 2022 2023 2024 Vehicles & ISR TITAN NV Drivers Periscopes URANIA Barrel Cameras THERMON Thermal Driver Periscope TALOS ISR Family NV Goggles Continuous improvement (ergonomics, FoV, weight…) ARGUS NV Monocular NYX NV Binocular MIKRON NV Binocular NYX-47 NV Binocular ARGUS Mk2 NV Monocular THEA HUD Weapon Systems ARTEMIS NV Weapon Sights DAMΩN NV Weapon Sights THERMIS Thermal Weapon Sights THERMIS Mk2 Thermal Weapon Sights DSA Multi-Spectral Clip-On Note: ISR = Intelligence, Surveillance and Reconnaissance; NV = Night Vision
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Constant Evolution THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 49 THEON’S PORTFOLIO EVOLUTION 2025 and beyond TECHNOLOGY AND PRODUCT ROADMAP 2025 Evolution of ARMED Planned Future Developments Integration of FCS technology in vehicle ISR AR Integration in vehicle ISR Synergies with Kappa and ShockEOS Holistic Approach to Vehicles Segment Gimbal Stabilized Pan-tilt HELIOS RWS Camera MIKRON Mk2 NV Binocular NYX Mk2 NV Binocular New Product Family FUSED Sights THERMIS FCS DARK-I Thermal Clip-On THEA Mk2 HUD VAS System A.R.M.E.D. NEXT Vehicles & ISR NV Goggles Weapon Systems + FCS +UWB +Mixed Reality +μLED Displays ? Cooled Sniper Sights ? Day Scope FCS ? THEON NEXT Note: ISR = Intelligence, Surveillance and Reconnaissance; RWS = Remote Weapon Station; FCS = Fire Control System; UWB = Ultra-Wideband; VAS = Visual Augmentation System
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ANALOG DEVICES NIGHT VISION THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 50 100% THEON 100% THEON 100% THEON Operational Need: • Operate at night • Significant advantage TECHNOLOGY AND PRODUCT ROADMAP ~65% of cost FoV: 400 - 500 (Agreement to acquire 9.8%) (60% owned) Tubes: 16 mm – 18 mm 25 different variants Note: IIT = Image Intensifier Tube; SW = Software 16 mm & 18mm 18mm 18mm 18mm
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DIGITAL THERMAL FAMILY of WEAPON SIGHTS THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 51 Operational Need: • De-camouflage & night operation • See through obscurants TECHNOLOGY AND PRODUCT ROADMAP Lynred Image Processing by THEON100% THEON (7 Engineers) 100% THEON (20 Engineers) 100% THEON (43 Engineers) Note: SW = Software
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ISR PLATFORMS MULTI-SPECTRAL THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 52 Co-development Operational Need: • Digital vision • See through obscurants, night, day, zoom TECHNOLOGY AND PRODUCT ROADMAP THEON + ShockEOS (9 Engineers) THEON + ShockEOS (25 Engineers) THEON + ShockEOS (50 Engineers) 100% THEON (3 Engineers) Note: SW = Software; LRF = Laser Rangefinder
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FIRE CONTROL SYSTEMS NEW FAMILY THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 53 100% THEON 100% THEON 100% THEON Operational Need: • Night operation • Increase hit accuracy TECHNOLOGY AND PRODUCT ROADMAP Organic development Sourced Externally Future FCS Products? More products to follow
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Technology and Product Roadmap EMPOWERING VISION. WHEN IT MATTERS. theon.com Continued
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TECHNOLOGY AND PRODUCT ROADMAP Based on Theon existing and new EO systems Theon HW and SW, Expandable with Customer Apps Theon Design, Open Interfaces THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 55 A.R.M.E.D. ECOSYSTEM ADDRESSING THE REQUIREMENTS OF THE DIGITAL WARFIGHTER Theon SW based on supplier’s SDK Theon SW Graphics Engine Theon HW and SW Operational Need: • Enhanced Vision • Connectivity & Situational Awareness Note: HW = Hardware; SW = Software; SDK = Software Development Kit; EO = Electro-Optics
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 56 A.R.M.E.D. NEXT TECHNOLOGY AND PRODUCT ROADMAP Ballistic Protection Helmet TIER 1 PARTNER Multi Spectral Vision Enhancement Sensor Suite THEON TECHNOLOGY Intra soldier network UWB Headborne Computer and Power Supply THEON TECHNOLOGY Digital HeadSet TIER 1 SUPPLIER Synthetic Environments and Immersive AR applications See-through Immersive AR Glasses THEON TECHNOLOGY High-Brightness MicroLED Note: UWB = Ultra-Wideband; AR = Augmented Reality
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SESSION THREE Financial Performance Outlook THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 57
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Financial Performance & Outlook EMPOWERING VISION. WHEN IT MATTERS. theon.com
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Strong Backlog Profitable Growth Efficient Capex and R&D Capability-led Investments Lean Cost Structure/ Competitive Cost Base Sensible Leverage Continuous Dividend Share Buyback THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 59 OVERVIEW FINANCIAL PERFORMANCE
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19% 46% 35% 2025 2026 2027+ 79% 21% NVG Other 59%22% 11% 8% Europe MENA APAC Americas THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 60 FINANCIAL PERFORMANCE Snapshot and breakdown as of 4 November 2025 SOFT BACKLOG OF c.€700 M By Region By Product By Delivery Year + Options of c.€720 m which can be exercised any time at customers’ discretion1 1. Guidance will be met through orders in Q4/25 and 2026 options exercise
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Consistently profitable growth Guidance THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 61 EVOLUTION OF KEY FINANCIALS FINANCIAL PERFORMANCE 143 219 352 435-445 570-590 c.1bn 2022 2023 2024 2025 2026 Mid-Term 42 58 91 2022 2023 2024 40 56 88 Mid- twenties 2022 2023 2024 Mid-Term Revenue € m EBITDA € m EBIT € m TargetActual
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 62 ACCELERATED INVESTMENT PLAN Historically efficient use of funds with multiple new products introduced to the market FINANCIAL PERFORMANCE Capex in € m R&D in € m 3.9 7.7 10.7 <20.0 <30.0 2022 2023 2024 2025 2026 1.98 2.80 4.80 c.5.0 c.8.0 2022 2023 2024 2025 2026 Immediate focus in the coming years: Further expanding the capacity of Harder Digital Internal development and co-development of new products New facility in Koropi for Platforms Global expansion ~5%~5%3.0%3.5%2.6% 1.4%1.2%1.4%1.3%1.4% X% % of Revenues
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 63 FINANCIAL PERFORMANCE STRONG BALANCE SHEET PROVIDES STABILITY AND GROWTH POTENTIAL Deleverage planDebt breakdown in € m 114 210 2024A 2025A 2026E 2027E 2028E -0.50 0.80 1.50Pro-forma peak at 2.9x Leverage target: Net Debt/ EBITDA < 2.5x Unused credit lines Newly acquired subs debt RRF Loan RCF Used Note: RRF = Recovery and Resilience Fund; RCF = Revolving Credit Facility
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M&A to Further Enhance Capabilities Strong track record of acquisitions across: • Majority stakes; • Bolt-on acquisitions; and • Strategic minorities with a clear path to majority THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 64 FINANCIAL PERFORMANCE CAPITAL ALLOCATION OVERVIEW Growing R&D Efforts Heightened focus on internal development and co-development of new products, further differentiating THEON’s portfolio Continuous Dividends Continuous and growing distribution of net profits, increasing total shareholder returns Disciplined capital allocation focused on shareholder value and strategic growth Efficient Use of Capex Efficient use of funds is expected to continue to support growth
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€435-445 m THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 65 OUTLOOK GUIDANCE/ TARGETS Not provided €20 m €23.8 m Dividend Paid (35% of Net Income of FY24) Adj. EBIT Margin Capex Dividend Payout Revenue 2025 Guidance 2026 Target Medium Term Target Effective Tax Rate €570-590 m €30 m 20-30% Organic Growth >15% Mid-twenties c.4% of Revenue 20-30% 23-24% Not provided
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Q&A session EMPOWERING VISION. WHEN IT MATTERS. theon.com
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THEON NEXT | EMPOWERING VISION. WHEN IT MATTERS. 67 DISCLAIMER Important - please read the following before continuing. This document has been prepared by Theon International PLC (the "Company”) solely for discussion purposes in relation to the Company and its subsidiaries (together, the "Group"), for information and background purposes only (the "Information"). The Information should be read together with any further disclosures the Company has made and may make in respect of the financial year ending December 31, 2025, up to full final audited results for the fiscal year ended December 31, 2024, which it files with the Cyprus Securities and Exchange Commission and the Dutch Authority for the Financial Markets or the Euronext Amsterdam. The Information contains various financial information of the Group, for the fiscal year ended December 31, 2024, the fiscal year ending December 31, 2025, the FY 2025 guidance provided by the Company and to-date thereafter. The Information for the fiscal year ended December 31, 2024, is audited in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union. The Information may constitute or include forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "plans" , "targets" , " a i m s ", "believes" , " e x p e c t s ", "anticipates" , "intends" , "estimates" , "will" , "may" , "continues" , "should" and similar expressions or other expressions that can be construed as ‘forward- looking’ according to the context they are set out under. Forward-looking statements reflect the Company's beliefs, intentions and current targets/aims concerning, among other things the Company's or the Group's results of operations, financial condition, liquidity, prospects, growth and strategies. These statements are subject to risks, uncertainties and assumptions, at the time they are made. If any of these materializes or if the assumptions underlying any of the Company's forward- looking statements prove to be incorrect, the actual results may be different from those the Company expresses or implies in such statements. The Company does not intend or assume any obligation to update forward-looking statements. Certain financial data included in this Information consists of non-IFRS financial standards. Similarly, titled standards made available by other companies in respect of such non-IFRS financial standards are coincidental and in no way linked with usage by the Company and should not be read or construed as an alternative to any definitions given in accordance with IFRS. Some of the financial information contained in this presentation is, as of date of this presentation, neither audited nor reviewed by auditors. Accordingly, such information presented herein is subject to change and should be treated as merely indicative of the performance of the Group. This document does not constitute an offer to exchange or sell or an offer to exchange or buy any securities. This document is also not for publication, release or distribution in any other jurisdiction where to do so, would constitute a violation of the relevant laws of such jurisdiction, nor should it be taken or transmitted into such jurisdiction, and persons into whose possession this document comes, should inform themselves about and observe any such restrictions.