23 Jun 2026
THEON secures €70M in new orders
- RE+D Magazine
THEON International Plc announced new orders amounting to approximately €70 million, with a significant portion of these orders originating from Rheinmetall within the framework of the Bundeswehr’s “Infantryman of the Future” programme (Infanterist der Zukunft – IdZ), combined with a new binding order and purchase options for various products within the A.R.M.E.D. ecosystem.
Additional orders for the IdZ programme may be placed later in the year through additional purchase options. This new order further expands THEON’s central role in the soldier digital vision system within the IdZ programme and underscores the company’s overall ambition to achieve a leading position in Augmented Reality (AR) applications for the soldier.
The value of new orders in the second quarter of the year, as expected, reached approximately €153 million in Q2, with an additional €27 million in purchase options, bringing the total order value since the beginning of the year to approximately €223 million, with a further approximately €68 million in purchase options.
THEON expects further acceleration in the second half of the year, mainly towards the end of Q4, in line with the company’s typical seasonality, and reaffirms its target for new orders to exceed billings (book-to-bill ratio above 1.0x) for the full year 2026.
Philippe Mennicken, Deputy CEO and Business Development Director of THEON, stated: “THEON is at the core of next-generation soldier systems. These new orders demonstrate customers’ trust in THEON’s innovative capabilities and reflect the strong confidence placed in the company’s technological excellence and execution capabilities.”
Strategic Acceleration
THEON continues to accelerate across all fronts, as demonstrated by its recent strategic corporate initiatives. The company is intensifying its entry into drone technologies following last week’s announcement of a joint venture with Safran. The joint venture, currently at the MoU stage, will be controlled 51% by THEON and 49% by Safran, with equal 50/50 management rights, and forms part of THEON’s response to evolving demand in the defence sector and the changing nature of warfare.
The CEO role within the joint venture will rotate between the two companies every three years (with the first appointment made by THEON), while part of the venture’s activities will be conducted in Greece in order to maintain the Group’s operational base and its competitive low-cost advantage.