THEON announces Q2 2026 / H1 2026 Trading Update

This section is Partnership Content suppliedThe content in this section is supplied by GlobeNewswire for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content. by GlobeNewswire Article contentPRESS RELEASESign In or Create an AccountEmail AddressContinueor View more offersArticle contentStrong Q2 2026 performance with revenue growth of c.

38%, sustained industry-leading profitability and book-to-bill of c.1.0x.

Inorganic expansion into higher-growth adjacencies including UAV gimbals and AI-enabled software, further expanding THEON’s addressable market to nearly €8bn across rapidly growing defence and security segments.Entering H2 2026 with solid momentum underpinned by a €1.46bn soft backlog and a robust pipeline of business opportunities.

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Browse here.Article content27 July 2026 – Theon International Plc (THEON) is pleased to announce its Q2 2026 / H1 2026 Trading Update, for the period ended 30 June 2026, delivering sustained commercial and financial performance.Article contentTHEON maintained its growth momentum during the first half of 2026 and continued to deliver profitability in the mid-twenties and a book-to-bill ratio of c.

1.0x. The Group continues to benefit from resilient demand fundamentals, providing confidence in the achievement of its FY 2026 Guidance.

Article contentFurther acceleration of activity and order intake is expected in the second half of the year, in line with the sector’s typical seasonality and THEON’s historical business pattern. Continued opportunities across key geographies, combined with the introduction of new products and technologies within THEON’s ecosystem, are expected to support further growth and materially enhance the Group’s total addressable market.Article contentTHEON continued to execute its M&A strategy during Q2 2026, announcing its largest acquisition to date.

Despite the increased inorganic investment activity, the Group maintains a healthy balance sheet with year-end leverage expected to remain at sustainable levels.Article contentArticle contentTHEON again reiterates both its FY 2026 Guidance and Medium-Term Targets, which include maintaining a book-to-bill ratio above 1.0x for FY 2026 and reaching €1 billion revenue by 2029.

Article contentFinancial SummaryArticle content€mQ2 2026Q2 2025ChangeRevenue128.692.9+38.

4%Adjusted EBIT35.124.3+44.

3%Adjusted EBIT Margin27.3%26.2%+1.

1 p.p.Article content€mH1 2026H1 2025ChangeOrder Intake232.

5167.9+38.5%Revenue248.

7183.7+35.4%Adjusted EBITDA69.

049.2+40.2%Adjusted EBIT65.

147.4+37.5%Adjusted EBIT Margin26.

2%25.8%+0.4 p.

p.NWC Absorption (% of LTM Revenues)39.3%43.

1%-3.8 p.p.

Capex11.86.7+74.

7%% Cash Conversion182.9%86.3%-3.

4 p.p.Article content€m30-June-2631–March-26ChangeSoft Backlog1,455.

91,420.3+2.5%Options on Soft Backlog902.

0896.9+0.6%Net Debt / (Cash)234.

3228.2+2.7%Financial Leverage21.

7x1.8x-0.1xArticle content1Definedas(AdjustedEBITDA–Capex)/AdjustedEBITDA.

Article content2 Defined as Net Debt/ LTM Adj. EBITDAArticle contentKey HighlightsArticle contentFinancial HighlightsArticle contentOrder intake increased by 38.5% to €232.

5 million in H1 2026, reflecting continued demand across THEON’s expanding portfolio of night vision, digital man-portable and ISR (Intelligence Surveillance Reconnaissance) products. The Company maintained a book-to-bill ratio of c.1.

0x while entering the seasonally busier second half of the year with a robust pipeline of business opportunities.Revenue increased by 35.4% (24.

7% organic) in H1 2026 to €248.7 million, significantly outpacing underlying market growth. The contribution from KAPPA and the increasing diversification of THEON’s product portfolio further support the Group’s strategy of expanding beyond traditional soldier systems into advanced and higher-growth ISR segments.

Adjusted EBIT margin remained at industry-leading levels, further increasing vs H1 2025, demonstrating the resilience of THEON’s business model, despite the ongoing investments and the integration of acquired businesses.Soft backlog increased to €1.46 billion (2.

4x forward-looking coverage based on the top end of FY 2026 revenue guidance), providing visibility for future growth. In combination with the €902 million of associated options, THEON continues to benefit from multi-ye