Europe remains THEON’s largest market, accounting for 80% of the group’s total revenue in the nine months to 2026. Sales in the region rose to €307.7m, from €205.9m in the same period of 2025.
In the nine months, group revenue increased by 37.1% to €382.8m, while adjusted operating profit (EBIT) rose by 44.4% to €100.2m. In the third quarter, revenue increased by 40.4% to €134.1m and adjusted operating profit by 59.5% to €35.1m.
Sales in other markets
Asia was the second-largest market, contributing 13% of revenue in the nine-month period. Sales in the region fell to €48.3m from €54.4m. In the Americas, which accounted for 6% of revenue, sales rose to €23.7m from €18.9m. The rest of the world accounted for 1% of revenue.
New orders total €285.2m
New orders rose by 22.5% in the nine months to €285.2m, from €232.7m. At the end of September, the order backlog stood at €1.377bn, compared with €1.456bn at the end of June.
Revenue by product
Night-vision systems remained the largest category, accounting for 82% of THEON’s total revenue in the nine months to 2026. Sales rose to €315.5m, from €259.5m in the same period of 2025.
However, the share of revenue from products outside night vision increased to 17.6%, from 7.1% in the nine months to 2025. THEON says its broader product portfolio and Kappa’s increased contribution supported the rise in group revenue.
Digital Man-Portable systems generated €30.7m, up from €18.9m, while intelligence, surveillance and reconnaissance (ISR) systems contributed €26m. The other category, which includes services and spare parts, among other items, accounted for €10.6m.
Fourth-quarter outlook and targets
According to THEON’s announcement, the fourth quarter is expected to see further acceleration in business activity and new orders, in line with industry seasonality and the group’s performance in previous years.
The company says its ability to respond quickly to customer needs supports this momentum, while it sees new opportunities in key geographic markets and for its newer products and technologies.
THEON also reaffirms its 2026 guidance, which it upgraded in September when it published its first-half results. It expects revenue of around €600m, at the top end of its previous forecast range, and an adjusted EBIT margin of about 26%, which now serves as the new benchmark.
Capital expenditure is estimated at around €25m for 2026, compared with a previous forecast of about €30m, as some planned investment is shifted to 2027. The company says key investment projects are progressing on schedule, including the new Athens facility for ISR products, which is expected to begin operations in the second quarter of 2027, and the expansion and upgrade of Harder Digital.
In the medium term, THEON is raising its target for annual organic revenue growth to more than 20%, from more than 15% previously. The company attributes the increase to growing commercial activity, better visibility on future revenue and growth opportunities created by the expansion of its product portfolio.