THEON International Plc has announced new order intake of approximately €70 million, further strengthening its position in the rapidly evolving defence technology sector. A significant portion of the new business originates from Rheinmetall under the German Bundeswehr’s Future Soldier programme (Infanterist der Zukunft – IdZ), where THEON will supply a range of products from its A.R.M.E.D ecosystem portfolio through a combination of firm orders and exercised options.

The latest contract reinforces THEON’s role as a key provider of digital vision solutions for modern soldiers and supports the company’s ambition to become a leading player in Augmented Reality (AR) applications for military personnel. Additional orders related to the IdZ programme may follow later this year through further option exercises.

The company reported a strong acceleration in order intake during the second quarter of 2026, reaching approximately €153 million, together with an additional €27 million in options. Total order intake for the first half of the year has now reached around €223 million, accompanied by a further €68 million in options. These figures also reflect the full consolidation of recently acquired businesses Kappa and Harder Digital.

Commenting on the development, Philippe Mennicken, Deputy CEO and Business Development Director of THEON, stated that the company remains at the centre of next-generation soldier systems and that the latest contracts demonstrate both customer confidence in THEON’s innovative technologies and trust in its ability to deliver advanced solutions.

Beyond its operational performance, THEON has continued to pursue an ambitious strategic expansion programme aimed at broadening its technological capabilities and strengthening its position in emerging defence sectors.

One of the most significant developments announced recently was the company’s planned joint venture with French aerospace and defence group Safran. The partnership, currently at the Memorandum of Understanding stage, will focus on drone technologies and is intended to address growing demand driven by the changing nature of modern warfare. Under the proposed structure, THEON will hold a 51 percent stake while Safran will retain 49 percent, with governance shared equally between the two companies. Part of the venture’s activities are expected to be based in Greece, helping maintain THEON’s operational footprint and cost competitiveness.

At the same time, THEON has entered into an initial agreement to acquire French company HGH Systèmes Infrarouges for an enterprise value of approximately €300 million. The acquisition marks THEON’s entry into the rapidly expanding counter-drone market. HGH’s advanced thermal imaging technologies and artificial intelligence software are expected to create significant synergies across THEON’s broader portfolio, including both platform-based and man-portable systems.

The acquisition is expected to be financed entirely through debt, with leverage projected to reach approximately 3.0 times net debt to EBITDA before gradually declining to around 2.5 times by 2027.

Together with recent investments in MERIO and Twin Prime, these initiatives demonstrate THEON’s determination to expand beyond its traditional night vision and soldier systems business and establish itself as a broader defence technology group active in areas including drones, counter-drone systems, artificial intelligence and advanced battlefield digitisation.