PRESS RELEASE

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

A multi-million-euro investment that strengthens Belgium’s and Europe’s defense industrial base
Production of IRIS-C thermal imaging clip-on systems in Zaventem for the Belgian and German Armed Forces under the OCCAR framework contract from 2025
Local industrial participation and partnerships with Belgian manufacturers support supply chain resilience, create tech-driven jobs, and enhance national and European production defense capacity

31 March 2026, Belgium. THEON International Plc inaugurated its 100% owned subsidiary THEON Belgium and its state-of-the-art production facility in Zaventem, in the presence of Belgian Minister of Defense Theo Francken, marking a significant step in the Company’s European expansion.
The new facility represents a multi‑million‑euro investment and constitutes a strategic step in THEON’s further strengthening of its position as a leading European defense technology company with growing international reach and a proven ability to support large-scale multinational programs.
The new facility will produce the IRIS-C thermal imaging clip-on system for the Belgian and German Armed Forces under the pan-European OCCAR IRCOD framework contract, signed in September 2025. The initial order is for c.€50 million, with an embedded option of c.€150 million, and mainly requires deliveries in 2026-2027. THEON expects all options to be exercised.
Following the establishment of THEON Belgium on 29 July 2025, THEON has established cooperation agreements with leading Belgian manufacturers in the electro‑optic, metal, and electronics sectors. “This investment strengthens local production, bolsters supply chain resilience, creates tech-driven jobs, and enhances European production capacity, reflecting the rising global demand for our A.R.M.E.D. product line. For me personally, it is a proud moment to return to Belgium after 25 years abroad and contribute to the establishment of a state-of-the-art facility in my home country,” Philippe Mennicken, Deputy CEO and Business Development Director of THEON, added.
Christian Hadjiminas, Founder and CEO of THEON, said: “The high-tech production hub of THEON Belgium in Zaventem combines Belgian industrial know-how in thermal and digital technologies with THEON’s proven electro-optical expertise. Our investment in Zaventem illustrates the advantages of joint procurement programs that strengthen Europe’s operational readiness while creating industrial value across Member States. This is the kind of cooperation Europe should pursue more decisively to reinforce both its defense readiness and its industrial base.”
Theo Francken, Belgium’s Minister of Defense, stated: “THEON’s investment in Zaventem is a meaningful addition to Belgium’s defense industrial base. By establishing local production capacity for IRIS-C in Belgium, this facility leverages domestic capabilities, strengthens Europe’s supply chain resilience, and contributes to closer defense cooperation across Europe.”

Video highlights from the official inauguration here

From left to right: Daniela Horn, Policy Officer for Cross-Sectional Materials at the German Ministry of Defense; Luc Ruyssinck, Program Manager at OCCAR; Christian Hadjiminas, Founder and CEO of THEON; Marion Zekorn, Chief of Division at the German Ministry of Defense; Theo Francken, Belgian Minister of Defense; and Philippe Mennicken, Deputy CEO and Business Development Director at THEON.

Photo captions for the accompanying images are provided below:

Christian Hadjiminas, Founder and CEO of THEON
Theo Francken, Belgian Minister of Defense
From left to right: Daniela Horn, Policy Officer for Cross-Sectional Materials at the German Ministry of Defense; Luc Ruyssinck, Program Manager at OCCAR; Christian Hadjiminas, Founder and CEO of THEON; Marion Zekorn, Chief of Division at the German Ministry of Defense; Theo Francken, Belgian Minister of Defense; and Philippe Mennicken, Deputy CEO and Business Development Director at THEON
5. 6. 7. Snapshots from the inauguration ceremony

For inquiries, please contact:

Investor Relations
Nikos Malesiotis
E-Mail: ir@theon.com
Tel: +30 210 6772290

Media Contact
Elli Michou
E-Mail: press@theon.com
Tel: +30 210 6728610

About THEON GROUP

THEON 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 270,000 systems in service with Armed and Special Forces in 72 countries around the world, 26 of which are NATO countries. In 2025 the company won the largest single procurement tender of Night Vision Goggles in the history of a European NATO member, for over 100,000 NVGs to Belgian and German Armed Forces, valued at ~€1 billion. ΤΗΕΟΝ ΙΝΤΕRNATIONAL PLC has been listed on Euronext Amsterdam (AMS: THEON) since February 2024.

About OCCAR
OCCAR - Organisation for Joint Armament Cooperation is an independent intergovernmental organisation managing cooperative defense equipment programmes across their entire life cycle on behalf of its six member states: Belgium, France, Germany, Italy, Spain, and the United Kingdom. Read more here: www.occar.int

Attachments

This item of content is a press release from a third party provider who make no warranties or representations in connection with this content and therefore PA can make no warranties in respect of its use.

Images

Tags

More Like This

THEON expands global footprint by establishing Theon Belgium and investing in ANDRES

THEON signs a sizeable new contract with OCCAR for its new generation thermal clip-on IRIS-C

THEON accelerates strategic expansion in the Baltic Region

THEON receives a new order from a Northern European country for the thermal clip-on IRIS -C and swiftly converts soft backlog to hard backlog

THEON receives new orders of c.€70 million and continues acceleration on all fronts

THEON Invited by OCCAR to Sign Contract Revision

THEON secures new orders of c.€50 million and is pre-selected for several higher-value contracts and options

THEON secures c.€41 million new firm orders and additional c.€40 million options