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theon.com THEON H1 2026 Results EMPOWERING VISION. WHEN IT MATTERS. September 2026
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EMPOWERING VISION. WHEN IT MATTERS. 2 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 documents which it files with the Cyprus Securities and Exchange Commission, 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 ended December 31, 2025, the six months period ended June 30, 2026, and the FY 2026 guidance provided by the Company and to-date thereafter. The Information for the fiscal years ended December 31, 2024, and December 31, 2025, is audited in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union. The Information for the period ended June 30, 2026 is in the process of being audited and subject to update, revision, amendment, verification, correction, completion and change without notice. 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" , "aims" , "believes" , "expects" , "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 many risks, uncertainties and assumptions, at the time they are made. If any of these beliefs 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 link 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.
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EMPOWERING VISION. WHEN IT MATTERS. 3 Agenda H1 2026 Highlights Christian Hadjiminas Founder & CEO Business & Defence Market Update Philippe Mennicken BD Director & Deputy CEO Financial Performance Dimitris Parthenis CFO Guidance & Outlook Christian Hadjiminas Founder & CEO
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H1 2026 Highlights EMPOWERING VISION. WHEN IT MATTERS. 4
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EMPOWERING VISION. WHEN IT MATTERS. 5 H1 2026 highlights Maintaining a disciplined and consistent outlook, supported by strong business momentum and an enhanced strategic platform H1 2026 RESULTS PRESENTATION • Consistent performance with record first-half revenue across THEON’s products and book-to-bill of c.1.0x • Order intake increased 38.5% YoY; stronger order intake expected in Q4 2026, due to industry seasonality, with further acceleration expected from early 2027 • Continued diversification of product mix, with Non- Night Vision revenue at c.15% and expected to reach c.20% by FY26 • Strong revenue visibility thanks to backlog level leading to 2.4x coverage ratio1; demand in Europe remains robust for THEON Order intake: €232.5m +38.5% vs H1 2025 Soft backlog: €1.46bn €902m contractual options Revenue: €248.7m +35.4% vs H1 2025 Adj. EBIT margin: 26.2% vs 25.8% in H1 2025 (1) Based on the upper-end of the FY2026 revenue guidance
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EMPOWERING VISION. WHEN IT MATTERS. 6 Key strategic milestones in H1 2026 Successful M&A execution delivered in line with market commitments, expanding THEON’s addressable market to approximately €8bn H1 2026 RESULTS PRESENTATION May 2026 80% stake Accelerate entrance into UxVs Establish presence in France BD & R&D already identified potential synergies Expected closing Q3/Q4 2026 May 2026 Minority stake - $3m investment JV to develop, commercialise and deploy bespoke AI solutions Expand footprint in the US while accessing the AI sector June 2026 MoU to establish a JV JV to design and produce gimbals for UAVs Controlled 51% by THEON and 49% by Safran Part of the production to take place in Greece June 2026 100% stake EV c.€300m Accelerate entrance into the C-UAV market & leverage HGH’s proprietary software capabilities Margin accretive by year 1 post closing Expected closing in early Q1 2027
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EMPOWERING VISION. WHEN IT MATTERS. 7 Strategy update Focusing on organic investments and realisation of synergies H1 2026 RESULTS PRESENTATION • Initial investment of $30m • Expanding the co-operation in Kopin’s facility in the East Coast, focusing on man-portable solutions • Establishing new presence in the West Coast, leveraging in-house unmanned portfolio and developing new partnerships • Hiring new executives in BD and product development teams Organic Expansion in US • Paused the application process to pursue a Board seat and potential ownership stake increase • Maintaining a current strategic investment position in our key supplier • Continuing close collaboration to capture new opportunities Exosens Stake • Expecting closing of Merio and finalisation of JV with Safran before the year end • Management teams remain in place and focus on driving business growth • Phased integration approach prioritising BD and R&D synergies • Optimising efficiency of working capital across Group companies • Adopting a common treasury management system across Group entities and streamlining of processes • Reinforcing key Group functions Focus on Integration
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EMPOWERING VISION. WHEN IT MATTERS. 8 Post-merger integration track record Recent strategic acquisitions already delivering strong results H1 2026 RESULTS PRESENTATION CO-DEVELOPMENTCOMMERCIAL GROWTH Secured c.€30m contract with support from Theon and delivered above initial revenue target Expected outperformance of both revenue and profitability target supported by delivered Group synergies Aligned financial reporting in accordance with IFRS Immersive VR goggles co-development with THEON & Varjo Co-development of the PHYLAX stabilized multi sensor system to be supplied to RHEINMETALL - initial committed value in excess of €40m Co-development of HELIOS, a remote weapon station camera, with strong pipeline of opportunities Production capacity increase c.3x since acquisition Improvement in IIT quality from c.1,800 FOM to c.2,000 FOM Significant new contract win from a defence prime Consistent improvement in profitability Share capital increase to support expansion completed, 65% ownership reached CAPACITY & CAPABILITY
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Business & Defence Market Updates EMPOWERING VISION. WHEN IT MATTERS. 9
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EMPOWERING VISION. WHEN IT MATTERS. 10 Creating the next generation ISR ecosystem While our focus remains on soldier systems, we are now strongly moving into Air, Land and Sea ISR, leveraging the capabilities of our newly acquired companies H1 2026 RESULTS PRESENTATION DESIGNER SOFTWARE DEVELOPER SYSTEM INTEGRATOR END-SYSTEM PROVIDER ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ PORTFOLIO COMPANIES & CAPABILITIESTHEON ISR ECOSYSTEM LAND SEA AIR
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EMPOWERING VISION. WHEN IT MATTERS. 11 Merio: Enabler for THEON’s growth in UxVs H1 2026 RESULTS PRESENTATION Merio is a French manufacturer of UAV payloads with cooled EO/IR cameras for ISR activities, operating a similar asset- light business model to THEON. Building a strong reputation across France and the EU, Merio has delivered proven products deployed by major UAV programs and developmental projects. Highlights: • Rapid last 5-year growth profile: 3x headcount, 8x revenue, 10x capacity • 57 active customers across 23 countries • Short time to market using selection of COTS components Expediting entry into the evolving air domain In-house Optics (THEON) Electronics Mechanics Embedded software Assembly & testing Core Competencies Expected Synergies Cross selling opportunities Leverage of THEON’s BD network Expanding presence in France Accelerator of the Safran JV Joint R&D efforts Scalability of operations Improved supply chain costs Sourced Cameras Sensors Designators Image 1 Image 2
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EMPOWERING VISION. WHEN IT MATTERS. 12 Merio: Enabler for THEON’s growth in UxVs While Merio has already a proven track record of delivering results, they are expected to benefit from synergies as part of the THEON ecosystem H1 2026 RESULTS PRESENTATION Capabilities Merio (Pre-integration) Merio (Post-integration) Peer 1 Peer 2 Peer 3 Weight DRI1 Selling price Global reach Production capacity Portfolio breadth (1) DRI = Detection Recognition Identification Source: THEON analysis
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• Global defence spending reached $2.9tn in FY2025, +41% increase from 2016 levels • 11th consecutive year of global defence spending growth • Europe +14% YoY in 2025 - Fastest expansion of defence budgets in decades, driven by NATO readiness and replenishment programs • Army modernisation programs launching in all regions create supportive momentum EMPOWERING VISION. WHEN IT MATTERS. 13 Structural drivers supporting growth Source: IMF World Economic Outlook (global growth outlook) April 2026, SIPRI 2025 Military Expenditure Database (defence spending) 8–12% EUROPE Fastest growth · NATO 5% GDP pledge 6–9% ASIA-PACIFIC Naval & Land modernisation 5–8% MIDDLE EAST Air defence & territorial sovereignty 3–5% UNITED STATES Largest market globally Projected 2026 defence spending growth H1 2026 RESULTS PRESENTATION Defence procurement remains in an expansion cycle
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EMPOWERING VISION. WHEN IT MATTERS. 14 Structural drivers supporting growth Source: Open source data from c.20 defence industry representatives incl. primes, subcontractors, components manufacturers and technology integrators; THEON analysis +20% Revenue growth +54% Order intake growth +33% EBIT growth 1.61x Book-to-Bill H1 2026 RESULTS PRESENTATION Sector fundamentals indicate robust demand with expanding margins • Sector characterized by sustained growth, strong order momentum and expanding backlog visibility • Faster growth in margins than revenues shows that the defence industry is growing sustainably • Growth in order intake and growing book-to-bill ratio demonstrate long-term demand • THEON operates at the intersection of rising defence expenditures, in favourable industry trends, while constantly expanding its addressable market Sector average YoY metrics for the 6 months period ended on 30 June 2026
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EMPOWERING VISION. WHEN IT MATTERS. 15 Structural drivers supporting growth Source: Company information; open-source defence budget data H1 2026 RESULTS PRESENTATION Drones have transformed warfare, but they cannot replace soldiers! 55-60% EUROPE More countries joining OCCAR 15-20% ASIA-PACIFIC Future soldiers programs launching across APAC 15-20% MIDDLE EAST - AFRICA Lands mobile fleet modernisation 10-15% AMERICAS Largest market globally • Major budget allocations worldwide for UAS and C-UAS systems, which we are targeting with our new ISR capabilities • Continuous procurements for night vision goggles especially in Europe but also APAC with countries moving at the same time into procurements for NV and thermal sights • AR enabled vision systems allowing a direct link between the soldier and UAS / C-UAS systems • ISR modernisation programs making ground vehicles real battlefield sensors THEON’s mid term addressable opportunity split by region
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Financial Performance EMPOWERING VISION. WHEN IT MATTERS. 16
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183.7 248.7 H1 2025 H1 2026 Maintaining solid momentum and consistent delivery EMPOWERING VISION. WHEN IT MATTERS. 17 H1 2026 highlights Financial Highlights Revenue reached €248.7 million, up 35% reflecting the Group’s ongoing momentum Maintained best-in-class margins in line with medium-term guidance Revenue €m Adj. EBIT €m Operational & Strategic Continued improving performance of Harder Digital, increasing quality and output Rapid entry and acceleration of technologies and capabilities in Drones and AI Corporate Agreement to acquire HGH for an enterprise value of c.€300m1 Investment in MERIO1, announced JVs with Safran and Twin Prime +35% 47.4 65.1 H1 2025 H1 2026 +38% 25.8% 26.2% Margin Margin H1 2026 RESULTS PRESENTATION (1) Pending conclusion of transaction and customary closing conditions, including regulatory approvals.
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EMPOWERING VISION. WHEN IT MATTERS. 18 H1 2026 RESULTS PRESENTATION Product mix beginning to change towards mid-term targets Strong growth through diversified revenue mix 167.9 232.5 H1 2025 H1 2026 Order Intake (€m) Revenue (€m) ~85% ~15% Night Vision Non Night Vision ~80% ~6% ~14% Europe Americas RoW 183.7 248.7 H1 2025 H1 2026 2026 Revenue Breakdown (%) By Product By Region +35%+38%
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EMPOWERING VISION. WHEN IT MATTERS. H1 2026 RESULTS PRESENTATION Longer-term framework agreements increasing visibility beyond typical 18-month horizon Soft backlog supports long-term growth Options of c. €902m which can be exercised any time at customers’ discretion ~1,222 ~1,456 ~2,358 ~234 ~902 Backlog Secured Soft Backlog Options on Soft Backlog Soft Backlog & Options Soft Backlog & Options (€m) as at 30-Jun-26 1. Backlog is defined as the value of the order book at the respective reporting date by keeping record of customer orders start ing from the opening stock and taking into account revenue and adjustments for the respective reporting period, and ending with the final stock; 2. Awarded contracts resulting in expected incoming order intake volume, subject to contract finalization and ratification by national parliaments in certain cases; 3. Soft backlog is defined as the sum of the backlog as of 30 June 202 6 (as set forth in footnote¹) plus the newly awarded contracts (as set forth in footnote 2); 4. Company estimates for ~€902m of potential options on soft backlog; 5. Total of soft backlog (as set forth in footnote 3) plus potential options on soft backlog (as set forth in footnote 4) 1 2 3 4 • 2.4x coverage ratio supports long-term visibility • Part of the options is expected to be exercised in FY2026 • c.€0.5bn from soft backlog already scheduled to be delivered in FY2027 Comments 19
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EMPOWERING VISION. WHEN IT MATTERS. 20 H1 2026 RESULTS PRESENTATION High conversion from EBITDA to EBIT thanks to Theon’s asset-light business model Growing profitability 49.2 70.0 H1 2025 H1 2026 Adj. EBITDA (€m) Adj. EBIT (€m) 47.4 65.1 H1 2025 H1 2026 +38%+42% Net Income (€m) 33.8 74.3 H1 2025 H1 2026 +120% 26.8% 28.1%Margin +130bps 25.8% 26.2%Margin +40bps 18.4% 29.9%Margin +1,150bps Adj. EBITDA and Adj. EBIT margin increase, driven by gross margins expansion, disciplined cost management, operating leverage and improving product mix Profitability profile resilient despite the step up in acquisitions activity and consolidation Net income more than doubled, reflecting fair value gain on financial assets Highlights / Drivers
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EMPOWERING VISION. WHEN IT MATTERS. 21 Additional capacity and new products in the pipeline Increasing investment to fund future growth 6.7 11.8 H1 2025 H1 2026 Capex1 (€m) Expensed R&D (€m) 2.6 5.6 H1 2025 H1 2026 +118%+74.7% 3.7% 4.7%% of Revenue 1.4% 2.3% Capex increase reflects mostly organic expansion in Belgium and acceleration of Harder Digital capacity increase during H1 Increasing R&D on accelerated efforts to introduce new products in order to capture rising demand in adjacent product categories and qualification of use of new materials to decrease reliance on critical minerals Combined Capex and R&D increase, in line with guidance, following the group’s growth trajectory Highlights / Drivers % of Revenue H1 2026 RESULTS PRESENTATION (1) Including capitalised R&D
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EMPOWERING VISION. WHEN IT MATTERS. 22 Increased efficiency of working capital across Group companies Growing cash generation from operations 43.1% 40.0% H1 2025 H1 2026 Adj. NWC Absorption1 (%) Cash Conversion2 (%) 86.3% 83.2% H1 2025 H1 2026 (320 bps) (310 bps) Operating Cash Flow (€m) 29.6 30.7 H1 2025 H1 2026 +4% Lower Net Working Capital absorption, a substantial step towards mid-term target of c.35% Cash conversion slight decline, reflecting capex acceleration, however still robust levels Operating Cash Flow growth moderated by working capital build Highlights / Drivers Mid-term target of ~ 35% H1 2026 RESULTS PRESENTATION (1) NWC of H1 2026 is adjusted for €6m prepayments for investments (2) Defined as (Adj. EBITDA – Capex)/ Adj. EBITDA
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EMPOWERING VISION. WHEN IT MATTERS. H1 2026 RESULTS PRESENTATION Mid-term leverage target: Net Debt/ EBITDA < 2.5x Strong balance sheet position RCF €400 million Signed Oct 2025 5-year tenure – Maturity 2030 – Competitive terms Term Loan €325 million Signed Sep 2026 5-year tenure – Maturity 2031 – Further improved terms Other financing Total debt of c. €24m across the Group entities Debt facilities maturities up to 20391 Net Debt at €237.9m (1.7x Net Debt/ LTM EBITDA) Well-funded by leading Greek and International banks – no imminent need to raise additional debt RCF provides significant financial flexibility, with funds available when needed and repayment any time during facility’s tenure Financing at very competitive terms - Term Loan terms further improved vs the RCF Highlights / Drivers (1) Maturity at 2039 refer to the RRF facility held by Theon Sensors SA 23
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EMPOWERING VISION. WHEN IT MATTERS. 24 H1 2026 RESULTS PRESENTATION Fast deleveraging is expected Strong balance sheet position Deleverage Plan Deleverage Drivers Fast top-line growth to reach our mid-term targets Successful integration of recently acquired companies Operating leverage leading to higher profitability Efficient use of Capex and R&D Improving cash flow generation c.1.2x -0.5x 0.8x c.3.0x <2.5x <2.0x c.1.1x <1.0x <0.5x 2024A 2025A 2026E 2027E 2028E Leverage forecast Pro forma Leverage (x) Pro forma Leverage (x) after monetising liquid assets 1 2 (1) As-is state, with the Merio and HGH deals closing in Q3/Q4 2026 and Q1 2027 respectively (2) Assuming closing of the HGH and Merio deals before the end of 2026 (3) At current values as of 30/06/2026 3
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Guidance & Outlook EMPOWERING VISION. WHEN IT MATTERS. 25
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>26% €443.4m EMPOWERING VISION. WHEN IT MATTERS. 26 THEON expects to achieve its €1bn revenue target by 2029 through organic growth, to be complemented by targeted bolt-on acquisitions Upgrading guidance to reflect growing confidence €18.7m €23.8m Dividend (paid) (35% of Net Income of FY 2024) Adj. EBIT Margin Capex Dividend Payout Revenue FY 2025 (Reported) FY 2026 Guidance Medium Term c.€600m €30m Organic Growth >15% p.a. complemented by targeted bolt-on M&A c.4% of Revenue 20-30% 26.2% €24.1m Dividend (paid) (30% of Net Income of FY 2025) H1 2026 RESULTS PRESENTATION Guidance upgrade
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theon.com Q&A