THEON presents its Q1 2025 Trading Update

Press Release

Bloomberg (THEON:NA) / Reuters (THEON.AS)

 

28 April 2025 – Theon International Plc (THEON) today publishes its Q1 2025 Trading Update, achieving excellent performance and continued strong growth, in line with guidance.

Financial Summary

	Q1 2025	Q1 2024	Change
Order intake	€117.9 m	€39.0 m	+202.3%
Revenue	€90.8 m	€75.8 m	+19.8%
Adjusted EBIT	€23.0 m	€17.2 m	+34.2%
Adjusted EBIT margin	25.3%	22.6%	+2.7 p.p.
Earnings per share	€0.25	€0.18	+38.9%
Capex	€3.3 m	€2.5 m	+33.7 %

 

	Mar 2025	Dec 2024	Change
Soft backlog	€668.6 m	€654.2 m	+2.2%
Net working capital	€160.0 m	€165.5 m	-3.3%
Net cash	€61.2 m	€41.7 m	+46.8 %

Financial Highlights

• Strong order intake continues with new orders reaching €117.9 million in Q1 2025, 202% higher than in Q1 2024, coming from multiple countries worldwide. Our order intake represents a book-to-bill ratio of 1.3x, which goes above 2x when including the approximately €100 million of new options, with a very high probability of conversion to backlog.
• Soft backlog of €668.6 million at the end of Q1 2025, provides solid visibility for the year ahead with an additional €289.0 million of contractual options which provide further headroom for growth.
• Revenue reached €90.8 million in Q1 2025, a record performance driven by continued strong market demand and consistent new contract wins.
• Adjusted EBIT of €23.0 million over the same period, 34.2% higher vs Q1 2024, with an Adjusted EBIT margin of 25.3% (vs 22.6% in Q1 2024), maintaining industry leading margins, in line with guidance.
• Earnings per share grew 39% to €0.25 cents per share.
• Capex was €3.3 million, in line with our strategy and enabling THEON to continue delivering consistent growth by expanding our capacity and creating innovative new products.

Operational Highlights