Listed on Euronext Amsterdam (AMS: THEON) since February 2024, THEON is a leading developer and manufacturer of customizable night vision, thermal imaging and Electro-Optical ISR systems for defence and security applications in Europe, with a global footprint.
The company boasts one of the highest export-to-sales ratios, over 97%, with more than 240,000 systems in service in 71 countries around the world, 26 of which being NATO countries.
Our international presence through subsidiaries and production facilities extends from Greece, Cyprus, Germany, the Baltics, Denmark, Belgium to Singapore and South Korea to the Gulf States, Switzerland and the USA.
Additionally, we have been:
- Awarded the 2025 Star of Innovation in the European Small and Mid-cap awards1
- Recognized as one of Europe’s 1000 Fastest Growing Companies in both 2024 and 2025 and ranked 23rd among Europe’s Long-Term Growth Champions 20262 - the only company from the Aerospace & Defense sector!
Our core message is that Europe can only succeed by fostering a collaborative environment and a level playing field for both established, large market leaders and fast-emerging innovators, often from Europe’s “periphery.”
Leveraging a newly established Brussels Liaison Office in September, THEON advocates for EU policies that bolster European industrial, ITAR-free excellence and sovereignty, supporting these through incentivizing increased joint procurement and long-term framework contracts in the EU defence space – within a genuinely reformed, streamlined, and cost-efficient regulatory landscape at both EU and Member State levels.
European Industrial, ITAR-free Excellence
Founded in 1997 in Greece, where our main production is located, our manufacturing, assembly, maintenance, and R&D operations now expand to Germany, Belgium, Latvia, Denmark, as well as the UK, South Africa, and USA, with strategic investments in deep-tech and critical component manufacturers in Finland and France respectively.
Our journey has always been driven by relentless in-house design and innovation. Unlike many defence suppliers relying primarily on a single customer, our business model is geared to serve markets.
A pivotal moment in our journey was in 2011 when THEON designed its first night vision monocular with a revolutionary helmet mount. It caught Europe by surprise, as Argus became the monocular of choice in Sweden, the Netherlands, Denmark, but also the UAE and beyond. A few years later, we introduced the NYX and MIKRON binoculars, which outperformed dominant US goggles technically, selling not only to the US Marine Corps but also to Germany and OCCAR.
Today, THEON diversifies by supplying Germany’s Future Soldier Program (IdZ)] 3 and winning this year’s largest man-portable tender for next-generation thermal clip-on IRIS-C through OCCAR for Germany and Belgium, while holding several Outline Agreements with NSPA, for the supply of man portable optronics.
We are boldly entering the platform-mounted optronics segment, through a joint R&D collaboration with a non-European, non-US SME that led to an initial order for ITAR-free sample units from a European Defence Prime. This example is also illustrative of THEON’s R&D focused strategy, addressing the needs of the most demanding European and international customers.
European Sovereignty through incentivising Joint Procurement and long-term Framework Contracts
All these and other examples showcase how key European customers can maintain Sovereignty, Preparedness and Resilience while overcoming sirens of national protectionism. Pooling national requirements towards Joint Procurement through OCCAR and NSPA and setting long-term Framework Contracts that are open to expansion to other countries is possible, incl. through SAFE funds.
Speaking of SAFE, THEON is perfectly placed to meet its stringent requirements: our ITAR-free products can be modified at the request of European customers without request for a foreign license.
We are delighted to contribute to this special defence edition of The Parliament Magazine by sharing the perspective of an innovative European mid-cap, distinguished by made-in-Europe capabilities and a global footprint, in the ongoing dialogue on Europe’s evolving defence policy and regulatory framework
We are confident to contribute to the incoming European Defence Industry Programme; the future possible European Defence Projects of Common Interest (EDCPI) and Structures of European Armaments Cooperation (SEAP); and the future European Competitiveness Fund in 2028-2034.
We are actively pursuing discussions with innovators across Europe to identify synergies including the EU’s four flagship programmes announced under the EU Defence Readiness 2030 roadmap.
Such discussions will provide inputs to various Member States as they will strive to come together to ensure interoperability and economies of scale through (more) Joint Procurement and long-term Framework Contracts.
A revamped and simplified regulatory landscape at the EU level and across the EU Member States for uniform, streamlined and cost-efficient processes
Overall, THEON supports the reform of the policy & regulatory landscape at both EU and national levels to boost Europe’s Productivity and Competitiveness through creating high added-value jobs.
In defence, we welcome the European Commission’s recent “Military Schengen” initiative and Defence Transformation roadmap, outcomes of long dialogue with the European Defence Agency and Member States.
If adopted, the Military Mobility package will harmonize national procedures and enable the pooling and maintenance of joint defence capabilities. The Greek ecosystem, experienced in NATO contracts relating to firefighting plane maintenance, is well placed to support this framework.
THEON also advocates revising the intra-EU transfers Directive to cut unnecessary red tape, especially for Small and Mid-caps, by properly implementing existing provisions (General Transfer Licenses) and avoiding over-regulation (such as requesting Import Licenses when the end customer is a European Army).
Finally, regarding the Defence Transformation roadmap, we fully support the Commission’s call for a fundamental mindset shift toward agility, speed, collaboration, and risk-taking at all levels: Member States, industry and EU institutions.
The company also backs the upcoming launch of an up to €1 billion Fund of Funds, led by the Commission, EIB, and EIF, to provide growth capital for innovative defence SMEs and scale-ups, consolidating supply chains with private fund support by Q1 2026. Greece and Europe’s start-up ecosystems stand to benefit greatly, and THEON, actively seeking partnerships in various forms (M&A, JVs, technology transfers, minority acquisitions), expects to leverage this new instrument.
List of references
1. European Commission, https://europeansmallandmidcapawards.eu/the-winners
2. Financial Times & Statista.
3. Components of THEON’s concept of Augmented Reality Modular Ecosystem of Devices (A.R.M.E.D) will soon be integrated into the IdZ, the German army's Future Soldier program, with THEA and the Smart-Gateway being supplied to Rheinmetall Electronics.
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