THEON International PLC

THEON International designs and builds night vision, thermal imaging and electro-optical surveillance systems, and it has grown from a small Athens optics firm founded in 1997 into one of Europe's larger suppliers of soldier vision equipment. The group's two production plants are at Koropi outside Athens, one of them holding NATO security clearance, with the parent company registered in Cyprus and offices and co-production sites in a network of other countries. It reports more than 300,000 systems delivered to 73 countries, 26 of them NATO members, and over 930 employees. The shares listed on Euronext Amsterdam in February 2024 under the ticker THEON, the first initial public offering on Euronext that year, priced at 10 euros for a market value near 700 million euros. The main facility runs to 8,500 square metres, and the group counts about thirty years of electro-optics work behind it.

The catalogue divides into man-portable equipment and platform based optronics. Night vision devices run from the ARGUS FS Mk2 and compact ARGUS 16 monoculars through the modular ARGUS PANOPTES FS Mk2 binocular to the NYX and MIKRON-D dedicated binoculars, with the ARTEMIS weapon sight and the DAMON MR clip-on covering weapon mounted use. A production ready NYX-BiNOD built to United States Army specification was launched at DSEI in 2025. Thermal imaging is anchored by the THERMIS Mk2 family, sold as a weapon sight and as a clip-on with extended range versions of each. Fused and augmented reality devices sit under the A.R.M.E.D ecosystem, a software driven architecture linking sensors, operators and command platforms, and take in the IRIS-C thermal clip-on, ORION, the THEA head up display and 18mm image intensifier tubes. Production is vertically integrated, with qualification, assembly, adjustment and testing all done in house.

Three further lines address vehicles and fixed sites. Fire control systems cover the TH-60 and TH-100 clip-ons and the DSA. ISR optronics cover the TALOS and TRITON short and medium range multi-sensor gimbals with stabilisation and automated target tracking, while the long range members of the same families serve border and coastal surveillance from fixed masts. Vehicle driver viewers and cameras cover TITANS, URANIA and THERMON. Growth has come by acquisition as much as by product. The group owns the German tube maker Harder Digital, opened a Belgian plant at Zaventem in 2026, holds close to ten percent of Exosens and 30 percent of ShockEOS, and has agreed terms for HGH Systemes Infrarouges and MERIO. It signed a roughly one billion euro OCCAR contract for 100,000 night vision goggles in December 2025 and works with Rheinmetall on the PHYLAX stabilised multi sensor system and with Safran on drone optronics. Order intake has run hot, with roughly 70 million euros of new orders in June 2026, about 42 million in June 2025 plus a further 27 million in options, and a German contract in November 2025 for up to 25,000 thermal clip-on sights worth more than 100 million euros.