Theon International PLC (THEON:Euronext Amsterdam) delivered a comprehensive investor update highlighting strong company performance, robust financial results, and a clear growth strategy driven by global defence demand. The defence technology group, a global leader in night vision systems and military optronics, reported record revenue of €443.5 million in 2025, representing more than 25% year on year growth and exceeding guidance, while maintaining market leading profitability with adjusted EBITDA margins of 26.2%. The company also achieved record order intake of €1.3 billion, supported by a landmark contract for 100000 night vision goggles and driving a total order book of approximately €2.3 billion including options, providing significant revenue visibility. Theon continues to benefit from rising global defence spending, particularly in Europe, Asia Pacific and the Middle East, where penetration rates for soldier night vision equipment remain relatively low, creating a substantial long term market opportunity. The group’s strategy focuses on expanding its core night vision leadership, scaling its ARMed digital ecosystem of augmented reality and fused vision solutions, and entering the fast growing platform based optronics market for vehicles, drones and naval systems. Strategic acquisitions and investments including Harder Digital, Kappa Optronics and Exosens have strengthened supply chain security, enhanced technology capabilities and accelerated product development. With secured access to critical image intensifier tubes and expanding global production capacity, Theon expects continued strong growth, guiding revenue of €570 million to €600 million for 2026 with mid twenties EBITDA margins. Supported by a growing product portfolio, expanding international footprint and active M&A strategy, the company targets €1 billion in annual revenue ahead of its original 2030 timeline while positioning itself as a leading global defence optoelectronics provider.