Theon International Plc (THEON) announces new orders totaling €42 million for the second quarter of 2026 to date, with an additional €27 million in purchase options.
The majority of the new orders are for land vehicle electro-optical systems (Vehicle Awareness Systems) from Kappa Optronics (KAPPA), which will equip hundreds of armored vehicles in a European Union member state, with the delivery schedule spanning from 2026 to 2028.
KAPPA’s order will be funded through the European SAFE (Security Action For Europe) mechanism, allowing other countries to join the same contract, creating prospects for new sales and boosting orders. Together with the recently announced order for the PHYLAX system, KAPPA’s new order strengthens THEON’s penetration in the electro-optical platform systems sector, as well as its broader strategy to grow and diversify its revenue.
From the beginning of the year to date, the value of new orders and additional purchase options totals €144 million and €67 million, respectively, reflecting continued momentum across all product categories. For Fiscal Year 2026, THEON has set a target for new orders to exceed billings (book-to-bill ratio above 1.0x).
Ongoing geopolitical developments and Europe’s commitment to defense spending continue to support demand for defense equipment, as well as THEON’s expanded product portfolio.
THEON reaffirms its forecasts for Fiscal Year 2026, projecting revenue growth of approximately 30% compared to Fiscal Year 2025, with over 20% of that growth coming from organic growth.
Philippe Mennicken, Deputy CEO and Business Development Director at THEON, stated: “This specific order from KAPPA represents more than 50% of its current annual revenue and was secured just five months after the completion of its acquisition by THEON.
The combination of KAPPA’s product portfolio with THEON’s commercial reach has led to a substantial increase in our order backlog. This development is clear evidence of the revenue synergies we can achieve through our recent acquisitions, leveraging the strong network of our Business Development team and the trust of our customers.
We expect to further strengthen our penetration of these platforms through our investment in MERIO, as well as other targeted initiatives and business opportunities.”