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PRESS RELEASE
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Bloomberg (THEON:NA) / Reuters (THEON.AS)
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07 September 2026 – Theon International Plc (THEON) is pleased to announce the publication of its H1 2026 Report for the six months ended 30 June 2026 which is now available on the IR website. This follows the H1 2026 Trading Update published on 27 July 2026, with the key financials reiterated.
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The Company is holding a live webcast for analysts and investors tomorrow (08 September 2026) at 3:00 PM EEST (1:00 PM BST). The webcast details are accessible here.
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H1 2026 Overview
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As previously announced, H1 2026 performance was characterised by strong revenue growth (35.4%), industry-leading profitability (Adjusted EBIT margin 26.2%), a sustained book-to-bill ratio of c 1.0x, and significant expansion of THEON’s addressable market to nearly €8 billion due to expansion into high-growth adjacencies.
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This positive momentum has continued into H2 2026 supported by the seasonal second half weighting, with further acceleration expected in the last quarter of 2026. THEON will be focusing on capturing new business opportunities, designing and developing new products and integrating successfully the newly acquired businesses.
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Furthermore, THEON has today secured a syndicated financing facility of €325m coordinated by Alpha Bank, a leading Greek bank. The facility further strengthens the Group’s liquidity position and funding flexibility, demonstrating the strong confidence that THEON commands among the banking and investment communities, while providing the Group with the resources to continue delivering consistently on our strategic objectives.
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Christian Hadjiminas, founder and CEO of THEON commented on the H1 2026 results:
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“Our strong H1 2026 performance demonstrates the continued momentum of THEON’s business and the successful execution of our growth strategy. Recent acquisitions and partnerships have broadened our technological capabilities and expanded our addressable market to nearly €8 billion. The market continues to grow rapidly as defence priorities evolve towards advanced ISR, autonomous systems and AI-enabled solutions. Our primary focus currently is on the integration of these new capabilities. The pace and progress achieved to date have been unprecedented, positioning THEON to accelerate profitable growth and deliver long-term value creation.”
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Financial Summary
Article content€mH1 2026H1 2025ChangeOrder Intake232.5167.9+38.5%Revenue248.7183.7+35.4%Adjusted EBITDA70.049.2+42.2%Adjusted EBIT65.147.4+37.5%Adjusted EBIT Margin26.2%25.8%+0.4 p.p.Adj. NWC Absorption (% of LTM Revenues)140.0%43.1%-3.1 p.p.Capex11.86.7+74.7%% Cash Conversion283.2%86.3%-3.1 p.p.