THEON International Plc (THEON) and Andres Industries AG (ANDRES) secured a significant new contract through OCCAR for THEON’s thermal clip-on IRIS-C in Germany and Belgium, with an initial order of c.€50 million and an embedded option of €150 million. IRIS-C is expected to become a crucial upgrade for existing NVGs globally. THEON anticipates a doubling of revenue contribution from A.R.M.E.D. and Thermal Imaging products to approximately 20% in 2026, with further growth thereafter. This new contract underscores THEON’s commitment to innovation and diversification of its product portfolio. Europe and the Middle East are key markets for THEON’s expansion.

THEON CEO Christian Hadjiminas emphasized the significance of winning the major man-portable tender in Europe, showcasing the company’s product quality and engineering expertise. THEON’s Deputy CEO Philippe Mennicken highlighted the company’s strong client relationships and reputation for delivering robust, high-performance products tested in extreme conditions. THEON will provide a Q3 trading update on November 3rd and host a Capital Markets Day on November 6th in Athens to discuss the company’s future vision and strategy.

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