PRESS RELEASE
Bloomberg (THEON:NA) / Reuters (THEON.AS)
3 December 2025 – Theon International Plc (THEON) and Exosens are pleased to announce an extension to their existing long-term commercial agreement for the supply of Image Intensifier Tubes (IITs) by an additional three years, now covering deliveries through to the end of 2030.
This extension secures an even higher annual supply of tubes to THEON, compared to the existing agreement in place spanning 2025-2027. The agreement ensures that THEON will be able to serve the projected increasing demand for Night Vision systems across Europe but also in the MENA and APAC region in the coming years. THEON will exercise its option for 2027 and 2028 into firm orders before the end of the year, ensuring an even greater, proportionally, absorption of EXOSENS’ recently announced capacity increase starting in 2027, giving it further competitive advantage.
The global availability of IITs is expected to remain at a delicate balance, with global supply over the coming years falling materially short of demand, despite the recently announced capacity increases by both Exosens and Harder Digital, in which THEON owns a 60% controlling stake. Such capacity increases were driven by Theon’s increasing order intake, and prospects input, including over the last few months. THEON will provide updated details of its total order intake following the official signing of a sizable OCCAR Contract Revision on December 10, 2025 (after market close), with this revision expected to materially increase THEON’s backlog.
Following THEON’s recent acquisition of 9.8% of EXOSENS, making it the company’s largest strategic investor, this extended agreement strengthens production and delivery schedules coordination between the two companies, supporting delivery of each other’s medium-term growth ambitions and increased collaboration between the two companies.
Overall, THEON expects to procure well over 400,000 tubes in the next five years through this supply agreement, reinforcing its leading position in the global Night Vision market and enabling it to rapidly respond to customers’ demands.
Christian Hadjiminas CEO of THEON commented: "Extending our partnership with Exosens until 2030 is a strategic milestone for THEON and Exosens. This further solidified partnership for IIT supply will ensure THEON can meet accelerating global demand for Night Vision in the years ahead. By working to support expanded capability with both Exosens and Harder Digital, and locking in higher proportional volumes, we are ensuring that THEON remains at the forefront to respond to global demand trends. THEON’s anticipation to continue growing faster than the market in Night Vision and the shift to longer term and frame agreements by our customers and end users, underscore the importance of our increased collaboration with Exosens, including through the recently announced strategic stake.”
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About THEON GROUPTHEON GROUP of companies develops and manufactures cutting-edge night vision and thermal Imaging systems for Defense and Security applications with a global footprint. THEON GROUP started its operations in 1997 from Greece and today occupies a leading role in the sector thanks to its international presence through subsidiaries and production facilities in Greece, Cyprus, Germany, the Baltics, the United States, the Gulf States, Switzerland, Denmark, Belgium, Singapore and South Korea. THEON GROUP has more than 240,000 systems in service with Armed and Special Forces in 71 countries around the world, 26 of which are NATO countries. ΤΗΕΟΝ ΙΝΤΕRNATIONAL PLC has been listed on Euronext Amsterdam (AMS: THEON) since February 2024.www.theon.com
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