Theon International was not a very well-known player in the equity field until a year ago. This changed when it appeared that the international defense budget is being substantially increased. Theon is an important player in the defense sector which caused its popularity and with it its share price to explode. By now, the initial hype and inevitable correction is behind us and it is time for a closer look at the company and time to determine if there are good opportunities in Theon for you as an investor.
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Theon International Plc.
Theon International specializes in the development and manufacture of night vision and thermal imaging systems plus advanced surveillance/targeting/observation equipment.
The company has been operating since 1997 and in that time it has become a major player in defense and security, with a global presence. It is headquartered in Athens but its legal office is in Cyprus.
With about 650 employees, Theon serves customers in more than 70 countries, including 26 NATO countries. They have multiple manufacturing, design sites and offices spread across Greece, Germany, the United States and the Baltic states, among others. More than 200,000 systems have since been delivered to armies and security forces worldwide.
Theon International has been listed on Euronext Amsterdam since February 2024. The introductory price was €9.35. Based on the current price around €30, the company has a market capitalization of about €2.5 billion.
What are the recent developments at Theon International?
In 2025, Theon closed a major contract deal in Germany: supply of up to 25,000 sets of thermal clip-on sights, representing a contract value of more than €100 million. Theon also extended a long-term supply agreement for "image intensifier tubes" with partner Exosens until 2030.
Reporting for the first half of 2025 was positive. Revenue reached € 183.7 million, the highest half-year result in Theon's 28-year history. Order inflow was € 167.9 million, an increase of + 118% over the first half of 2024. The "soft backlog" (current orders yet to be delivered) ended at € 622.2 million, which is 45% higher than a year earlier. On top of this were € 378.2 million in contractual options.
Theon indicated that the high backlog and order inflow, combined with multiple new contracts worldwide, provide a strong foundation for the rest of 2025. The company is diversifying product (expanding beyond traditional night vision/sensors) and expanding production capacity and geographic footprint to meet expected demand. For all of 2025, annual sales are still expected to be between approximately €410 million and €430 million.
What do the analysts of major international banks think of Theon International?
The technical and fundamental analysts consulted come up with an average 12-month price forecast around €34 to €37. The spread is considerable: some optimistic targets go up to around €43, while more conservative estimates are in the vicinity of
€24 - 27,50. This is lower than the current share price. In general, Theon shares are at "Buy / Buy".
Opinions vary due to a mix of structural opportunities and short-term risks:
Below is the price chart of Theon from its introduction in February 2024. At a glance, the arrows indicate the most likely scenario.
We are positive but expect considerable fluctuations. Thus, within six months the price may experience a rebound to €43 (+40%). Followed by the correction of about 25% to then rise further to our 12-month price target at €45. With a closing price below €22, the positive scenario will be eliminated.
As far as we are concerned, the positive technical scenario is supported by the favorable situation in which the company finds itself. Theon is firmly in a niche with high demand: modern night vision, thermal and ISR systems are strategically relevant for defense, border security and civilian applications. Large international presence and broad customer base: the global defense and security market can be stable even in changing geopolitical times. Recent contracts and expansion (such as the German Order & Exosens deal) show that Theon is actively growing and exploiting market opportunities.
Conclusion
You might consider including a small percentage of Theon International Plc. stock in your portfolio. The stock price is past the hype and correction. Theon is in good shape in a sector that will continue to pick up in the near future. As a result, the stock is ready for the next move up. Given the substantial potential (50%) and high volatility, a modest stake would be a calmer holding. Current share price is around €30. The 12-month price target €43 - €45 and we suggest you consider a stoploss at a closing price below €22.
On March 19, 2026, the annual figures 2025 will be reported.
Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts' own insights and experiences. They are therefore for educational purposes only.