THEON launches 30 million investments in Greece in 2026 for a new platform product production facility
THEON announced a capital expenditure (capex) estimate of 30 million dollars to start construction work on a new facility in Greece for the production of platform products following the first order from a leading armored vehicle manufacturer. It should be noted that the production of platform products also concerns other defense sectors.
THEON’s management, in the context of the publication of the preliminary financial results for 2025, underlined that it was a landmark year in which the foundations were laid for the formation of an upgraded strategic platform for the Greek defense company and enters the new year with strong momentum and a historically high backlog of 1.4 billion euros and an expanded product portfolio. It is worth noting that the backlog now offers visibility beyond the usual 18-month horizon for the first time, up to and beyond 2029, as THEON has signed long-term framework agreements with some of its key customers.
In 2025, the company recorded an increase in incoming orders of over 180%, supported by a binding order of 1 billion euros through OCCAR. Revenue and adjusted EBIT increased by approximately 26% and 28% respectively compared to fiscal year 2024, with an adjusted EBIT margin of over 26%. The financial position remains strong, supported by positive cash flows, the share capital increase completed in December 2025 and the signing of the new 300 million euro Revolving Credit Facility, announced in October 2025.
According to Christian Hadjiminas, Founder and CEO of THEON, “the company recorded another year of excellent commercial and financial performance. Once again, we have exceeded our commitment. We intend to maintain this performance and continue to deliver only positive surprises in the future, which is why we maintain our forecast for growth of over 15% within a conservatively estimated range. We recorded an increase in new orders of over 180%, while Revenue and Adjusted EBIT increased by more than 25% compared to fiscal 2024. Many of our early-movers initiatives have paid off, such as the investment in Exosens, the hardening of our supply chain and targeted investments or partnerships with the right companies. All of these actions are aligned with our strategic goal of evolving THEON from a leading Night Vision company to a leader in Electro-Optical Defense Systems.”
2026 Estimate
The updated estimate for Fiscal Year 2026 (FY 2026) foresees revenue growth of approximately 30% compared to Fiscal Year 2025 (FY 2025), with over 20% coming from organic growth and the remainder from non-organic growth, as THEON begins the integration of Kappa Optronics. On a strategic level, the company is talking about small-scale complementary Mergers and Acquisitions activity in 2026, without the need for a new Share Capital Increase. Driven by organic growth and supported by targeted complementary acquisitions, THEON is expected to reach its revenue target of 1 billion euros earlier than initially forecast for 2030. In the same medium-term framework, the company aims to evolve from a leading force in the Night Vision sector to a leading player in the broader Defense Electro-Optical Systems industry. The expected orders for electro-optical systems platforms are expected to further extend THEON’s business cycle. On January 6, 2026, following significant preparatory work in 2025, THEON became a member of the United Nations Global Compact (UNGC).
The company underlined that the new orders are expected to cover the deliveries of the year, maintaining the order coverage ratio (book-to-bill) above 1.0x and enhancing revenue visibility. The contribution of new digital products to revenue is expected to more than double in 2026 to approximately 25% (including the contribution of Kappa). The 2026 Exosens and Kappa acquisitions were also officially completed in January 2026, with Kappa expected to contribute approximately 40 million to FY2026 revenue, accelerating THEON’s entry into the platform systems market.
