Annual Report 2024 Back to Table of Contents 1 FOR THE YEAR ENDED 31 DECEMBER 2024 Annual Report 2024 theon.com

Annual Report 2024 2 Forward to Table of Contents 00. About THEON KEY MILESTONES ACHIEVED DURING 2024: Theon listed on Euronext Amsterdam. 15.4 million ordinary shares placed (including over-allotment), corresponding to 22% of the Company’s issued share capital. Gross proceeds amounted to €154 million. Feb 24 OCCAR signs 2nd amendment to night vision capability program with additional goggles for Germany and Belgium. This adds 3,500 night vision goggles for Belgium, as well as 16,041 night vision goggles and 8,423 Head Mounting Systems for Germany. The contract also includes an option for up to 25,000 additional night vision goggles each for Belgium and Germany. Jan 24 3rd option of the OCCAR Night Vision contract. The original contract was signed in July 2021 and the construction of 49,550 Mikron BNVG (with 16 mm Exosens tubes) has already been contractually assigned for delivery to the German and Belgian Armed Forces. According to the new amendment, the Consortium will continue to deliver several thousand Mikron binocular night vision systems from Theon to Germany. Dec 24 Theon to supply Estonian defence forces with Argus night vision monocular. On 27th March, Theon delivered the first 2,000 ARGUS FS Mk2 night vision monocular systems to the Estonian Defense Forces as part of contract to equip 10,000 soldiers. Theon won an international tender in which 16 companies participated. The contract includes a fast delivery of more than 8,000 ARGUS FS Mk2 and an option to deliver several thousands, of c. €35 million and > €20 million, respectively. Apr 24 Theon with Sunrock to supply the French ministry of interior with Argus night vision under a 4-year Framework Agreement. Through this newly signed contract, the French National Police, the French National Gendarmerie, the French Customs and the Security & Defence Cooperation Directorate can procure up to 8,500 units. Theon included in FT’s Europe’s 1,000 fastest growing companies 2024. Over the 4-year period 2019-2022, the Company grew at a c. 50%p.a. achieving very high profitability, recording a 2020-2022 CAGR of 64.9%, while achieving an EBIT margin of 27.8%, among the highest in the industry globally. Mar 24 Theon joins Euronext tech leaders initiative for high-growth tech companies. Launched in June 2022, the Euronext Tech Leaders initiative aims to recognize and support top-tier tech companies listed on Euronext markets. It features a segment of over 110 European high-growth and leading companies. Introduced A.R.M.E.D ecosystem of connected devices. At Eurosatory in Paris, Theon introduced its A.R.M.E.D. (Augmented Reality Modular Ecosystem of Devices) ecosystem that addresses the modern soldiers’ requirements for enhanced situational awareness, fused imagery and interconnectivity. Theon displayed and presented its state-of-the-art Heads-Up Display “THEA”, its new fused binoculars “ORION”, as well as its Thermal Clip-On “IRIS-C”. Theon has already secured its first orders for the new A.R.M.E.D ecosystem products, and all three products have already received NATO stock numbers. Jun 24 Acquisition of Harder Digital. Theon acquired a 60% controlling stake in Harder Digital, a specialised manufacturer of Image Intensifier Tubes (IIT) mainly operating in Germany, through a cash injection of €34 million. More detail can be found on page 153. Theon and Exosens sign longer-term commercial agreement. Running from 2025-2026, with an option for 2027, the agreement covers both Theon’s existing orders with Exosens and the projected demand during that period. It allows better coordination of production and delivery schedules which not only secures supply but will also reduce lead times, further enhancing one of Theon’s major competitive advantages. Sep 24 Nov 24

Annual Report 2024 Back to Table of Contents 3 Table of Contents 4 6 10 34 52 57 59 91 94 102 105 107 109 112 1. MESSAGE FROM THE CHAIR 2. MESSAGE FROM THE CEO 3. MANAGEMENT REPORT 4. CORPORATE GOVERNANCE REPORT 5. REMUNERATION REPORT 2024 6. BOARD OF DIRECTORS AND OTHER PRINCIPAL OFFICERS 7. NON-FINANCIAL REPORTING 8. DECLARATION BY THE MEMBERS OF THE BOARD OF DIRECTORS AND THE COMPANY OFFICIALS RESPONSIBLE FOR THE DRAFTING OF THE CONSOLIDATED FINANCIAL STATEMENTS 9. INDEPENDENT AUDITORS’ REPORT 10. CONSOLIDATED STATEMENT OF FINANCIAL POSITION 11. CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 12. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 13. CONSOLIDATED STATEMENT OF CASH FLOWS 14. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS PAGES PAGES

Back to Table of Contents 4 Annual Report 2024 Global Security and Defense Outlook 2024 In 2024, the world witnessed a further escalation of military conflicts, challenging geopolitical conditions and reshaping strategic priorities. Many of these conflicts were driven by political, ideological, and economic rivalries, as well as regional crises and civil disputes. Their ripple effects extended far beyond their immediate regions, influencing global geopolitics and security dynamics. The geographical spread of these conflicts reached an unprecedented scale. From Nigeria to the Democratic Republic of Congo and Sudan, to the shores of the Gaza Strip, Lebanon and Syria, armed hostilities persisted throughout the year. The war in Ukraine entered its third year, inflicting heavy human casualties and widespread infrastructure destruction on both sides. Conflicts also continued in the Western Horn of Africa and along the Afghanistan-Pakistan border, while Myanmar’s deadly civil war, which began in 2021, showed no signs of resolution. Meanwhile, the long-standing rivalry between Israel and Iran reached an unprecedented level of risk for global security, with both sides engaging in multiple missile and airstrikes against each other’s territories. Additionally, Houthi forces continued to target military and merchant vessels in the Red Sea using missiles and unmanned surface vessels (USVs), threatening freedom of navigation. These attacks prompted retaliatory strikes by the U.S. and U.K. armed forces, which carried out airstrikes on multiple Houthi targets in Yemen. Evolving Defense Strategies and NATO Commitments The newly elected President of the United States has signaled a shift in U.S. security strategy across Europe, the Middle East, and Asia. The administration has called on NATO member states to increase their defense budgets beyond the 2% of GDP target set at the 2014 Wales Summit, urging them to commit well beyond that for defense investment. While NATO member states reaffirmed their 2% defense spending commitment in 2014, progress has been slow. By 2021 - one year before Russia’s full-scale invasion of Ukraine - only six NATO members had met the target. Since then, defense spending has increased significantly, with 10 member states reaching the target in 2023 and 23 in 2024. However, years of underinvestment have created capability gaps that cannot be filled overnight. The new U.S. administration’s approach to NATO and European security appears to be a catalyst for immediate structural changes in defense and security policies across Europe, affecting both NATO and non-NATO states. This shift is expected to drive a substantial and sustained increase in annual defense spending among European nations. NATO member states are projected to raise their defense budgets well beyond the 2% GDP threshold. According to the European Defence Agency (EDA), the total defense expenditure of the 27 EU member states (almost all of whom are also NATO MESSAGE FROM THE CHAIR 01 1/2

Back to Table of Contents 5 Annual Report 2024 members) is estimated to reach €326 billion in 2024, equivalent to 1.9% of the EU’s GDP. The EDA projects that EU member states’ defense spending will increase by more than €100 billion in real terms between 2021 and 2027. Furthermore, the European Commission estimates that EU defense spending will require an additional €500 billion over the next decade. However, the funding mechanism and financial structure to support this initiative have yet to be determined. In the Indo-Pacific, the continued expansion of China’s military capabilities and North Korea’s advancing nuclear weapons program have heightened security concerns. This has led to significant defense spending increases in key regional economies, including Japan, Taiwan, South Korea, and Australia. THEON’s Growth and Strategic Investments Since February 2024, THEON has been listed on the regulated market of Euronext Amsterdam, successfully raising nearly €100 million. The capital raised has been strategically allocated for new acquisitions and investments, including the acquisition of a 60% stake in Harder Digital - a Germany-based manufacturer specializing in image intensifier tubes, as well as the construction of a state-of-the-art production facility in Greece. THEON continuously monitors international technological developments in the field of electro-optics, analyzes battlefield lessons from conflicts worldwide, and invests in cutting-edge research and production facilities to develop innovative products. We are actively expanding our presence and increasing our market share across Europe, the Middle East, and the United States, strengthening existing contracts, onboarding new clients and penetrating new markets. In 2024, THEON achieved revenue of €352.4 million, up 61.1%. Looking ahead to 2025, we anticipate another year of growth, with projected revenue in the range of €410–430 million. The remarkable growth of our company is the result of carefully planned business initiatives, a methodical organization of production capabilities, highly skilled and dedicated personnel, innovative and reliable products, and a corporate culture that prioritizes the long-term needs of our current and future clients. Kolinda Grabar-Kitarović Chair of the Board of Directors MESSAGE FROM THE CHAIR 01 2/2

Annual Report 2024 Back to Table of Contents 6 MESSAGE FROM THE CEO THEON INTERNATIONAL PLC (THEON), a prominent manufacturer of Night Vision and Thermal Imaging systems for defense and security applications, proudly presents its 2024 Annual Report. This report highlights THEON’s exceptional financial performance, adaptability, long-term strategic planning, dedication to innovation, and after-sales customer support policy, marking a year of unprecedented success and setting new industry standards. Founded in Greece in 1997, THEON has become a global leader in its field. The company has a significant international presence with offices in Greece, Cyprus, the USA, the Gulf States, Switzerland, Singapore, Denmark, Belgium, and South Korea along with seven production facilities located in Athens, Germany, Serbia, the Baltics and the USA. Through its extensive network of companies, offices, and facilities worldwide, THEON has deployed over 200,000 systems with Armed and Special Forces worldwide. The company’s expanding customer base now includes 71 countries, with 26 NATO members among them. In 2024, THEON’s order intake reached €466 million, while the soft order backlog stood at €654 million, marking a 20% year-on-year increase. Additional embedded options of €301 million provide THEON with strong visibility going into 2025. In 2024, THEON achieved €352.4 million in revenue, marking year- on-year growth of 61.1%, with adjusted EBIT of €88.4 million, growth of 56.5%. This represents a best-in-class margin of 25.1%. Over the last 5 years, the company has been growing at an average annual growth rate of 59.7%, while maintaining its very high profitability level. The net cash position of €41.7 million enables THEON to execute both its organic and inorganic growth strategies. At the end of 2024, working capital was elevated, primarily due to increased receivables from ad-hoc orders that required quick deliveries. This proves that the decision to strategically build our inventory of key components through long-term agreements was the correct choice for the business. Normalization of working capital began in early January 2025. The strong financial performance achieved during 2024 provided the board with confidence to approve a 2024 dividend of €14.44 million, up from €10.00m in 2023. On February 7, 2024, THEON listed its shares on the regulated market of Euronext Amsterdam, achieving the fourth listing and first Initial Public Offering on Euronext markets in 2024, a move that enabled THEON to raise approximately €100 million. On the day of its listing on Euronext Amsterdam, THEON’s market capitalization was €686 million, while as of the 7th of February 2025, a year later, the company’s capitalization reached €1.043 billion, marking an increase of 52.04%. 02 1/4

Annual Report 2024 Back to Table of Contents 7 In the summer of 2024, THEON joined the Euronext Tech Leaders initiative for high-growth and leading tech companies, gaining access to an extensive ecosystem tailored to the tech sector. This includes engagement with a broad, international investor base financing tech companies of varying growth stages. The funds THEON raised from Euronext Amsterdam are already being used to accelerate the company’s growth trajectory through acquisitions of other companies and the development of new products. In October 2024, THEON completed its first major acquisition, securing a 60% controlling stake in Harder Digital, a specialist manufacturer of Image Intensifier Tubes, a key component in THEON’s supply chain. The acquisition of Harder Digital enabled THEON to vertically integrate by insourcing this critical component, securing its supply chain, and gaining access to niche technologies that enhance its in-house R&D capabilities and support the development of new products. This supplemented earlier action to secure THEON’s supply chain taken in September 2024 through the signing of a long- term commercial agreement with Exosens, a high-tech company specializing in mission and performance-critical amplification, detection, and imaging devices. The partnership with Exosens also enables THEON to reduce delivery times for new orders which is a key competitive advantage. During the year, as well as continuing to market THEON’s family of Stabilized Platform-based Multisensory products, “TALOS/TRITON MR” Electro-optical systems (Day/LLL Camera, Cooled MWIR Camera, and Ranger Laser Finder) for Land and naval applications, introduced in 2023, THEON also made significant progress with its internal R&D. Aligned with its vision and broader strategy for organic growth and diversification, THEON invested €10 million in developing the Stabilized Platform-based Multisensory products of the “TALOS SR/MR/LR” family of systems: TALOS/TRITON SR (Day/LLL Camera, Uncooled LWIR Camera, and Ranger Laser Finder) for Land and Naval applications, and TALOS LR (Day/LLL Camera, Cooled MWIR/SWIR Camera, and Ranger Laser Finder) for Border and Coastal Surveillance applications. These two new families of Stabilized Platform-based Multisensory products were introduced at Eurosatory in June 2024, alongside the introduction of THEON’s cutting-edge A.R.M.E.D. (Augmented Reality Modular Ecosystem of Devices) ecosystem of devices. The products within the A.R.M.E.D. ecosystem are designed to meet the modern soldier’s needs for enhanced situational awareness, fused imagery, and seamless interconnectivity. Today, this includes devices, such as the integrated fused night vision binocular “ORION”, the Thermal Clip-On device “IRIS-C” and the Heads-Up Display “THEA”. The integrated fused night vision binocular “ORION” provides a fused intensified and thermal image in one integrated device, enabling the modern fighter to have better detection capabilities, even under adverse light conditions. MESSAGE FROM THE CEO 02 2/4

Annual Report 2024 Back to Table of Contents 8 The first contract was awarded in March 2024 by the Estonian Army and included the procurement of about 8,000+2,000 (option) “ARGUS FS Mk2” Night Vision monocular systems. The second order was awarded in March 2024 by the French Ministry of Interior and included a four-year Framework Agreement for the supply of up to 8,500 units of “ARGUS” and “ARGUS PANOPTES” Night Vision systems. In December 2024, OCCAR-EA awarded the 3rd Contract Amendment to the Consortium Hensoldt Optronics GmbH and THEON on behalf of Belgium and Germany. This amendment includes the procurement of an additional 25,000 “MIKRO” Night Vision Goggle Sets for Germany. Finally, at the beginning of 2025, THEON announced new orders from 12 countries totaling €53 million, with the bulk of these orders (including the sizeable option) coming from the German Army, as part of the ongoing “Soldier of the Future” (IdZ) program, regarding the procurement of the Heads-Up Display system “THEA” and THEON’s Smart Gateway, both part of the A.R.M.E.D. ecosystem of devices. According to a recent announcement, by 2030 the German Army will receive a maximum number of 368 IdZ-ES platoon systems. Besides the notable contract with the German Army for the “Future Soldier Program (IdZ-ES)”, THEON has already secured more orders for the new A.R.M.E.D ecosystem products, and all three products have received NATO Stock Numbers. THEON expects further orders from countries that have enacted similar “Soldier of the Future” programs. As an alternative to “ORION”, THEON presented the thermal Clip- On device “IRIS-C” which can be mounted on all THEON Night Vision Goggles such as the “MIKRON”, “NYX” or “ARGUS”, but also on any other night vision goggle in the market. Similar to the “ORION”, the “IRIS-C” provides fused imagery and can display critical augmented reality data to the user. For daytime use, the A.R.M.E.D. ecosystem of devices include the state-of-the-art Heads-Up Display “THEA”, which displays tactical augmented reality data and any video input to the user. All three systems are connected to THEON’s Smart Battery Pack or, alternatively, to THEON’s Smart Gateway, which are the power/ processing units that interface with Battle Management Systems (BMS) such as the SCYTALYS “MIMS Ranger” coupled by its SCYTALYS Combat Tablet, the “ATAK” BMS, and other similar systems. During the year, our factories, in collaboration with our partners Elbit Systems of America and Hensoldt Optronics GmbH (Germany), began production on two significant contracts signed at the end of 2023. These include a five-year, $500 million IDIQ contract to supply Squad Binocular Night Vision Goggle systems to the US Marine Corps, and the 2nd Contract Amendment for an additional 19,500 Night Vision Goggles for the Belgian and German Armies. These very important contracts were followed by three more notable orders. MESSAGE FROM THE CEO 02 3/4

Annual Report 2024 Back to Table of Contents 9 4/4 Christianos Hadjiminas Chief Executive Officer (CEO) & Vice Chairman of the Board of Directors €100 million in gross proceeds In addition, THEON signed its first export contract for the “TALOS SR” family of systems. Due to significant organic growth and the acquisition of Harder Digital, THEON’s workforce has grown from 297 to 618 employees. This expansion includes adding 19 highly skilled engineers to the R&D team. The company remains dedicated to employee development, providing 2,100 hours of training last year, up from 391 hours in 2023. Additionally, the proportion of women in THEON’s workforce has increased to 37%, up from 23% at the end of 2023, thereby enhancing the diversity of its workforce. THEON’s performance and commitment to corporate culture have been recognized through several awards. In 2024, THEON received the Great Place to Work® Certification for the second consecutive year, following an evaluation by Great Place to Work® Hellas. THEON was the only defense company included in the Financial Times & Statista’s list of the 1000 Fastest Growing Companies in Europe for 2024. The company was also honored at the Kouros Awards 2024 for its outstanding performance in the International Economic Area and at the Growth Awards, organized by Grant Thornton and Eurobank, where THEON was named Growth Winner in recognition of its business excellence and strategic growth. In 2024, the company made significant strides that dramatically enhanced its presence in international markets. Key milestones included THEON’s stock market debut, strategic acquisitions, expansion of existing strategic partnerships with associated suppliers, the launch of innovative products, and establishment of THEON’s presence in key strategic markets, all of which were pivotal in shaping the company’s future development. For FY2025, despite the fluid international geopolitical and economic environment, THEON anticipates another year of growth, expecting revenues in the range of €410-430 million, targeting a sustained mid-twenties EBIT margin. I want to express my gratitude for the professionalism and hard work of all our employees. I also extend my thanks to our shareholders for their trust in THEON and its management team, and their unwavering support. We recognize that 2024’s achievements heighten our responsibility to our customers, the capital market, and society and constitute our legacy for an even more successful future.

Annual Report 2024 Back to Table of Contents 10 Management Report 03 Annual Report 2024 The Board of Directors of Theon International Plc (the “Company”) presents to the members its Management Report accompanied by the audited consolidated financial statements of the Company and its subsidiaries (the “Group”) for the year ended 31 December 2024, prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union (EU) and the requirements of the Cyprus Companies Law, Cap 113. Business at a glance Business Model Key Competitive Advantages Investment case Strategy for Growth Our Markets Existence of branches Share capital Board of Directors Dividends Significant events for the year ended 31 December 2024 Review of operations Financial highlights Capital expenditure Research and development Selected Performance, Capital Structure and Liquidity Indicators Significant related party transactions Principal risks and uncertainties Events after the reporting date Back to Table of Contents 10 11 12 13 14 15 16 19 19 19 19 20 23 23 26 26 26 27 27 32

Annual Report 2024 Back to Table of Contents 11 Theon International Plc (THEON) is a leading developer and manufacturer of customizable night vision and thermal imaging systems for military and security applications in Europe, with a global footprint spanning 71 countries, including 26 NATO countries. Theon 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. Business at a glance +28 years of expertise 200,000 systems sold > 50% 6-year reve- nue CAGR ~25% 2024 adjusted EBIT margin 30-40% dividend pay- out ratio > 1.6x FY24 cover ratio > 11.5% addressable market growth > €94m raised at Feb 2024 IPO¹ 1 net of fees Set up in 1997 as a supplier to its domestic market in Greece Theon won a public tender for Swedish Army that finally lead to 14,500 monoculars delivered over five years First international contract awarded for the supply of night driver viewers to the Australian Defence Force Theon launched the NYX night vision binocular in response to the global trend of switching to binocular Established a German subsidiary, and celebrated breakthrough with the US Marine Corps contract Partnership with HARRIS US for marketing and local assembly of the NYX binocular in the US Acquisition of Harder Digital 3rd option of the OCCAR Night Vision contract 1997 2004 2010 2013 2016 2019 Theon opened its new US subsidiary, further expanding its global reach 2020 Won the largest tender in Europe for NV goggles run through OCCAR in consortium with Hensoldt 2022 The expansion of the production site in Greece to a total size of 8,300 m2 was finalised 2023 Award of second US Marines Corps contract and OCCAR Tranche 2 2023 Theon International listed on Euronext Amsterdam 2024 Included into FT 1000 Europe’s Fastest Growing Companies 2024 Theon to supply Estonian defence forces with Argus night vision monocular Introduced ARMED ecosystem of connected devices Theon joins Euronext tech leaders initiative for high-growth tech companies 2024 2024 Theon and Exosens announce the signing of a longer-term commercial agreement 2024 Europe Largest provider of night vision goggles US Fastest growing Department of Defence supplier MENA Market leader in GCC nations DIVERSIFIED REVENUE GLOBAL PRESENCE Europe Americas Rest of the World 11% 8% 82% 82% 7% 10% 2023 2024 PROCESS & PRODUCTION CAPABILITY Research, Design & Prototyping Testing & Evaluation Product Development & Enhancement Aftermarket Support & Modernization Enhanced Automation & Technology THEON MANUFACTURING FACILITIES Woltersdorf, Germany 2,500 sqm Nis, Serbia 6,000 sqm Riga, Latvia 6,000 sqm Original Athens facility 3,500 sqm New Athens facility 4,800 sqm Wetzlar facility (Hensoldt JV) 300 sqm Plymouth facility (EOTECH) 100 sqm ADDITIONAL SITES ACQUIRED THROUGH THE ACQUISITION OF HARDER DIGITAL 03. Management Report

Annual Report 2024 Back to Table of Contents 12 THEON INTERNATIONAL, is a leading developer and manufacturer of customizable night vision and thermal imaging systems for military and security applications The main product lines 1 are: • Night Vision Monoculars and Binoculars, • Thermal Stand-alone and Clip-on uncooled Sights and • Vehicle and Platform based thermal imaging systems THEON has a disruptive business model that leverages technological and engineering expertise with fully integrated processes, ranging from design and production to business development. This vertical integration allows us to firmly oversee engineering and production, resulting in high-quality, cost-efficient solutions. Large Scale Leading in the man-portable night vision segment, with over 50% market share in Europe. Attractive Operating Model Disruptive and vertically integrated, with an agile corporate structure and competitive cost base due to Greek- based operations. Advanced Product Offering Continually developing and improving mission-critical products to stay ahead of the competition. Strong Financial Profile Fast-growing with clear growth visibility, lean cost structure, high- profitability, strong cash conversion and low leverage. International Presence Utilizing a global supply chain and establishing co-production facilities in strategic regions. Technology Deep technological know-how and engineering expertise at the core of our operations. Established Client Base Long-standing relationships in attractive markets, leading to repeat business and low churn People & Culture Highly skilled workforce of c.600 employees, recognized as one of the top companies to work for in Greece by the Great Place To Work Certification Business model Strengths of Our Model 1 See more on our products on p[xx]. DESIGN/D&D The D&D department uses modern state of the art computer- aided design tools PRODUCTION THEON’s CNC workshop is equipped with multi- axis CNC machines, which can cut metal and plastics ASSEMBLY The assembly of optical components is being done in class 100 (FED-STD- 209E) flow-boxes which are located in a 10.000 class clean room TESTING THEON ulitizes Advanced testing facilities for electro-optical and thermal systems MARKET Global network of carefully selected agents. Flexibility and full customization 03. Management Report

Annual Report 2024 Back to Table of Contents 13 Key Competitive Advantages Long - standing relationships with a diversifies global customer base leading to low churn and high repeat business Customisation Our ability to customize products is a key competitive advantage. We have a fast-track design and prototyping procedure, enabling us to promptly respond to modification requests. Our focus on customisation has led to long- standing relationships globally, some spanning over 10 years. Customer engagement We engage continuously in educating our clients; tendering, and executing contracts, and improving our products based on our clients’ input and respective needs. Selected Key Customers Other Key Customers Latvia Brazil Denmark UAE Saudi Arabia Italy OCCAR Since 2021 US Marine Corps Since 2019 UK Ministry of Defence Since 2021 Armasuisse Since 2018 Swedish Army Since 2010 Austrian Armed Forces Since 2019 Revenue model Theon generates revenue by selling products primarily to government procurement agencies, armed forces, defence primes and law enforcement agencies worldwide. Revenue is earned through long term contracts, the majority of which include additional options which expand the value of those contracts over time. The contracted nature of our revenue provides strong visibility and security over our forward income stream. At the end of 2024, we had already secured a soft backlog of €654 million covering 80% of the lower end of our FY25 revenue guidance range. 03. Management Report

Annual Report 2024 Back to Table of Contents 14 Leading reputation with an established track-record of more than 28 years of expertise Customers across 71 countries (26 NATO), including multiple MoDs and Armed Forces Market-leading innovation and in- house design and manufacturing capabilities Capability to provide full product customization based on customer requirements Limited direct competition and high barriers to entry Product innovation and diversification supporting new contracts, contract uplifts, and increasing order sizes Organic growth into new markets, expanding the addressable opportunity Strong pipeline of potential partnerships and M&A. This includes enhancing our existing capabilities, expanding into new areas and vertical integration opportunities to further solidify the supply chain All supported by strong underlying growth in our markets with defence electronics spending projected to grow at a 13% 1 CAGR 2024-2027. Solid order backlog with a significant number of contractual options, providing good visibility on future revenues High and sustainable margins, with an EBIT margin around the mid-twenties Low capex requirements and asset-light business model Well-invested platform (facilities) with existing capacity to support growth High operational leverage, strong cost- efficiency and well controlled R&D spending 1 More detail can be found on page 17. Focused on delivering shareholder value and maximising returns Robust balance sheet, provides the ability to both execute on the growth strategy and provide shareholder returns Progressive dividend policy in place with a 30 - 40% payout ratio Market leading expertise with a global footprint: Strong growth strategy: High margin, cost efficient business: Growing shareholder returns: Investment case 03. Management Report

Annual Report 2024 Back to Table of Contents 15 Strategy for growth Theon operates in markets with strong underlying growth. Overall global defence spending is forecast to grow at a 5% CAGR from 2022-2027, with the defence optronics market expected to grow at over twice that pace at a 12% 1 CAGR. Product Innovation Product innovation is central to our business strategy. We are constantly designing more sophisticated and technologically advanced products to complement and add to our existing product set. We intend to leverage these products to enter new markets, sell additional products to our existing customers and build relationships with new ones. During 2024, Theon launched new products within the A.R.M.E.D. ecosystem that integrate with battle management systems and provide enhanced situational awareness and interconnectivity for soldiers. These products include heads-up displays, thermal clip-ons, and fused goggles, all poised to play a key role in modern warfare. Fused imagery, interconnectivity and digital capabilities are expected to become standard equipment over time for the future soldier. On top of man-portable products, we also focus on cutting-edge multisensory platform- based products, which are anticipated to be a larger contributor to future growth. More information on these products can be found on page 62. New products are developed by our own in-house R&D teams, supplemented by strategic acquisitions. Strengthening our supply chain Theon consistently works to strengthen its supply chain by establishing long-term commercial agreements with key suppliers, including those that produce image intensification tubes, an essential component of night vision goggles. As an example, during 2024 we established a long-term commercial agreement with Exosens for 2025-2026 and with an option for 2027. The agreement covers all of Theon’s existing orders with Exosens, as well as the projected demand for the period. The agreement enables Theon to better coordinate production and delivery schedules which is essential, not only to secure our supply but also to our ability to reduce lead times on new orders for our customers which is one of our major competitive advantages in the Night Vision market. Strategic M&A Product Innovation Strengthening our Supply Chain Geographic Expansion Geographic Expansion Theon has already established a strong global footprint, but there are significant opportunities to expand worldwide, both in Night Vision and in adjacent products, particularly in markets like the USA, the Middle East and the Far East where there are large and growing defence budgets. Supporting growth driven by the momentum in our markets is our growth strategy which will enable us to increase our market share organically and inorganically. Our growth strategy is focused in 4 key areas: Notes: 1) These market figures likely underestimate the projected increase in defence spending given the anticipated increase in defence budgets across Europe, following recent macro developments. Strategic M&A Theon will accelerate its organic growth through strategic M&A activities in the near to medium term. Our focus is to acquire companies in both our core and adjacent markets to gain complementary products, innovative technologies, extended capabilities, and broader geographic reach. We aim to expand our product portfolio in our core man-portable markets, where we will pursue vertical integration of key components and critical parts, as well as grow product portfolio with new offerings such as day sights, laser targeting systems, and fire-control systems. For platforms, we intend to acquire key capabilities that, combined with our internal R&D and outsourced design resources, will expedite new product development and market entry. During 2024, Theon completed the strategic acquisition of a 60% stake in Harder Digital. Harder Digital is a specialised manufacturer of Image Intensifier Tubes (IIT) mainly operative in Germany, through a cash injection of €34 million. This acquisition was in line with the strategic priorities communicated during the IPO process and brings multiple benefits to THEON, including: • Enabling THEON to vertically integrate by insourcing a critical component of the Night Vision value chain, enhancing operational security and flexibility. • Giving THEON access to a niche technology, supporting the development of new products through additional in-house R&D capabilities. The cash injection will be mostly used to upgrade Harder Digital production facilities and triple the capacity of 3rd generation IIT manufacturing lines by 2027, primarily in Germany but also in Serbia and Latvia. Key Products Gen II IIT Gen III IIT Custom IIT Detectors 03. Management Report

Annual Report 2024 Back to Table of Contents 16 Our Markets Theon International holds a leading position in the European Night Vision Market and is well-positioned to take advantage of significant opportunities in the defence optronics sector globally. The optronics market is forecast to grow twice as fast as overall defence spending. GLOBAL DEFENCE SPENDING The global defence budget is expected to grow at >5% CAGR from 2022 to 2027. This is driven by sustained geopolitical tensions, which continue to increase uncertainty, coupled with rapid advances in technology creating a need for increased investment by militaries worldwide. Total spend surpassed $1.9trn in 2024 and is expected to reach over $2.2trn by 2027. While North America represents the highest defence budget with spend of >$900m during 2024, growth is driven by increased spending across all major geographies. A record number of European countries scaled their defence spending in 2024 and an increasing proportion of NATO countries are meeting their defence expenditure targets annually, with 23 out of 32 members now meeting the target vs just 6 in 2021. In 2024, this translated into defence spending from NATO countries increasing by 18% vs a rise of 9% in 2023. These sizable growth rates both significantly surpass the 2014-2022 average annual increase which was a muted 3%. The steep increase in spend during 2023 & 2024 was largely driven by an increased focus on upgrading technology, as a direct response to the increased security risk in the wake of the Russia-Ukraine war and follows a Global defense budget by region (USD bn) period of previous underinvestment. This has led European countries to procure new equipment from organisations such as OCCAR (the organisation for joint armament cooperation) and the EDF (the European commission’s defence fund). Germany, in particular, is expected to be a key driver of growth in Europe due to its €100bn ‘special fund’ focused on improving the equipment available to the German military. Defence spending in the Asia Pacific region is anticipated to grow at a rate ahead of both Europe and the US, driven by a need to modernise military equipment following security challenges, for example in areas such as South China. Notes: 1) These market figures likely underestimate the projected increase in defence spending given the anticipated increase in defence budgets across Europe, following recent macro developments. Source: IPO prospectus, Renaissance Strategic Advisors 803 879 904 945 972 994 347 368 389 410 431 452 300 324 352 383 414 444 193 199 204 212 220 229 2022 2023 2024 2025 2026 2027 North America Eu rope Asia Pacific MENA Other 1,722 1,853 1,934 2,040 2,131 2,217 5% 03. Management Report

Annual Report 2024 Back to Table of Contents 17 51 48 48 46 44 38 37 36 36 36 36 34 34 34 32 31 30 30 30 30 29 29 28 27 27 24 22 22 21 19 15 Poland Hung ary Albania Finland Luxembourg Czechia Latvia Neth erlan ds United Kingdom Gr ee ce Mo nten eg ro Tur key Sw ede n Estonia Bu lgar ia Romania Spain Nor way United S tates Denmark Nor th Mace do nia Ge rman y Fran ce Slo ve nia Slo vak Re pu blic Croatia Italy Portugal Lit huania Cana da Be lgium Our Markets DEFENCE ELECTRONICS SPENDING Within overall defence spending, the defence electronics market, which includes systems and technologies focused on communication, surveillance and navigation, is a core area of focus for this increased spend. Growth in the defence electronics market is forecast to outpace overall defence spending, with a CAGR of >10% from 2022 to 2027. This is driven by historic underinvestment, as well as rapidly advancing technology, creating the necessity for increased spend in this area and is clearly illustrated by the change in the proportion of NATO defence spending focused on equipment, which has increased significantly across almost all members. Equipment expenditure as a share of total defense expenditure among Nato states (%) Nato 20% guideline Notes: 1) These market figures likely underestimate the projected increase in defence spending given the anticipated increase in defence budgets across Europe, following recent macro developments. Source: NATO press release “Defence Expenditure of NATO Countries (2014-2024)” 2014 2024 03. Management Report

Annual Report 2024 Back to Table of Contents 18 1,308 1,476 1,638 1,768 1,996 2,040 2,098 2,453 2,723 3,137 371 385 399 414 674 972 1,094 1,374 1,380 1,466 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Platform Dismounted 4,603 1,679 1,861 2,037 2,182 2,670 3,012 3,192 3,827 4,103 Our Markets DEFENCE OPTRONICS SPENDING Theon specialises in a subsegment of the electronics market, the defence optronics market, which focuses on electro-optical and infra-red technology, including weapon sights and scopes, night vison goggles, cameras and monitors. The defence optronics market is growing at twice the rate of overall defence spending due to a widespread need to upgrade the technology in this area. Having grown at a 12% CAGR from 2018 to 2023, this growth is forecast to accelerate to a 13% CAGR between 2024-2027, reaching $4.6bn by 2027. Following the Russia-Ukraine war, there has been a noticeable shift in miliary procurement methods. Where previously, equipment was ordered on an as-needed basis, depending on the status of global threat levels, countries have now transitioned towards providing night vision equipment to soldiers on a 1:1 basis. This delivers more stable growth going forward as militaries focus on upgrading their equipment and enhancing the readiness of their soldiers. Theon has already established a leading position in European Night Vision market, which provides a strong and sustained growth opportunity. However, there is significant opportunity to expand further in underpenetrated markets including the Asia Pacific and the MENA region which all have sizable defence spending programmes in place. Penetration is high in the USA; however, a transition from old monoculars to binoculars has begun and is expected to continue for the next decade.The defence optronics market is split between Platform and Dismounted capabilities. Theon has a strong market position and track record in the Dismounted space but expansion in the Platform market forms a key part of our growth strategy going forward (see p.15) and significantly expands our addressable market opportunity, with increasing military spend in this area fuelling its forecast 14% CAGR from 2024 to 2027. This is being driven by increased acquisition of armoured vehicles which utilise platform based infra-red and electro-optical systems by militaries worldwide and the proliferation of unmanned guided vehicles which require optical guidance systems, as examples. Defense optronics - Theon’s addressable market USD (m) Notes: 1) These market figures likely underestimate the projected increase in defence spending given the anticipated increase in defence budgets across Europe, following recent macro developments. Theon is well positioned to benefit from these market dynamics with its best-in-class products, secure supply chain, its continued focus on new product development and its strategic acquisitions which bring enhanced capacity, diversified R&D capabilities and expanded geographic reach. Addressable market by region USD (m) 2024 – 2027 CAGR 14% 10% Source: IPO prospectus, Renaissance Strategic Advisors Source: IPO prospectus, Renaissance Strategic Advisors 511 575 547 463 780 904 980 1,195 1,172 1,179 421 542 605 724 786 1,012 1,132 1,443 1,585 1,821 398 345 439 420 512 502 449 491 574 628 274 322 389 477 505 501 592 629 693 796 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 North America Eu rope MENA Asia Pacific Other 1,678 1,861 2,036 2,181 2,670 3,012 3,193 3,828 4,103 4,602 13% 13% 12% 03. Management Report

Annual Report 2024 Back to Table of Contents 19 According to the World Bank’s mid-year update, global GDP growth is estimated at 2.6% for the year, reflecting a slight deceleration from the previous year. 03. Management Report Dividends On 14 June 2024, the Company, during its General Meeting, approved a dividend distribution totaling €14.44 million (2023:€10.00 million). Existence of branches Head Office – Branch Country of the Branch 1 ) Theon Sensors AG – REPRESENTATION OFFICE ABU DHABI (dissolved on 06.06.2024) United Arab Emirates (UAE) 2) Theon Sensors MEA FZC – BRANCH OFFICE DUBAI (DMCC BRANCH) United Arab Emirates (UAE) Share capital Changes to share capital are disclosed in Note 29 of the consolidated financial statements. Board of Directors The members of the Company’s Board of Directors as at 31 December 2024 and at the date of this report are presented on page 58. In accordance with the Company’s Articles of Association all Directors presently members of the Board continue in office. There were no significant changes in the assignment of responsibilities and remuneration of the Board of Directors. Free float 20.84% Venetus 69.66% CHRE Investments 9.50% BY THE END OF 2024, SHAREHOLDER STRUCTURE IS AS FOLLOWS: SHAREHOLDER INFORMATION

Annual Report 2024 Back to Table of Contents 20 03. Management Report Significant events for the year ended 31 December 2024 A. On 26 January, the European intergovernmental organization for Joint Armament Cooperation (OCCAR) signed the second amendment to an existing contract in Bonn, securing night vision devices for Belgium and Germany through the consortium HENSOLDT Optronics GmbH and Theon Sensors SA. This amendment includes 3,500 devices for Belgium and 16,041 devices along with 8,423 head-mounted systems for Germany, valued at approximately €150 million. The contract also allows for an option to purchase up to 25,000 additional devices for each country. B. On 7 February, Theon International Plc, announced its listing on the regulated market of Amsterdam (Euronext), marking one of the first public offerings (IPO) in Europe this year. The private placement involved 15.4 million shares, including 1.4 million shares from the over- allotment option, amounting to 22% of the Company’s share capital. The final offer price was set at €10 per share through the bookbuilding process. The net proceeds from the newly issued shares will be utilized to accelerate the Group’s growth through acquisitions. C. In March, Theon Sensors SA signed a four- year Framework Agreement with the French Ministry of Interior and its Law Enforcement market partner, SUNROCK, for the supply of up to 8,500 units of ARGUS and ARGUS PANOPTES systems. Part of these night vision devices were used by the French National Police, National Gendarmerie, Customs, and the Security & Defense Cooperation Directorate, having arrived timely for the Paris 2024 Olympic Games. The Group’s robust production capacity and efficient supply chain enable rapid delivery of high-quality, cost-effective solutions, meeting market demands swiftly. Prior to this agreement, Theon Sensors SA and SUNROCK had already supplied hundreds of ARGUS devices to French security forces, including the Presidential close protection unit, showcasing the trust and confidence placed in its products. Back to Table of Contents 20

Annual Report 2024 Back to Table of Contents 21 03. Management Report D. On 27 March, Theon Sensors SA delivered the first 2,000 ARGUS FS Mk2 night vision monocular systems to the Estonian Defense Forces under a contract that will eventually equip 10,000 soldiers with night fighting capability. Theon Sensors SA won an international tender involving 16 companies, excelling in technical performance, price, and delivery time criteria. The contract includes the rapid delivery of over 8,000 ARGUS FS Mk2 systems, with an option for several thousand more, valued at approximately €35 million and €20 million, respectively. The handover ceremony was attended by high-ranking officers of the Estonian Defense Forces, representatives from Theon Sensors SA and local media. The Estonian Centre for Defense Investments (ECDI) noted that the ARGUS FS Mk2 systems will significantly enhance the nocturnal combat capabilities of both the Defense Forces and the voluntary Defense League. E. At EUROSATORY in Paris, 17-21 June, 2024, the Group introduced its A.R.M.E.D. (Augmented Reality Modular Ecosystem of Devices) ecosystem, designed to meet modern soldiers’ needs for enhanced situational awareness, fused imagery, and connectivity. This setup enables real-time display of critical data, such as friend-foe recognition and geo-location information, directly in the user’s view. The Group announced securing its first orders for these products, which have received NATO stock numbers. Additionally, the Group displayed its full range of night vision and thermal imaging systems, and platform-based optronics. F. In June, the Company joined Euronext Tech Leaders segment as part of the initiative dedicated to fostering high-growth and leading Tech companies. This includes engagement with a broad, international investor base financing tech companies of varying growth stages. Significant events for the year ended 31 December 2024

Annual Report 2024 Back to Table of Contents 22 H. In September, Theon Sensors SA and EXOSENS signed a long-term supply agreement, securing their business relationship until 2026, with an option for 2027. The agreement aims to streamline production and delivery schedules for critical night vision components, ensuring Theon’s supply of Image Intensification Tubes, a key element in maintaining its market leadership. This partnership is expected to enhance operational efficiency and reduce lead times, further strengthening the Group’s competitive edge in the defense market. J. In December, the German Parliament approved the exercise of the third consecutive option under the OCCAR Night Vision contract, placing an order for several thousand additional Mikron Binocular Night Vision Goggles (BNVG) from the consortium of HENSOLDT Optronics GmbH and Theon Sensors SA. This new order substantially enhances visibility for 2025 and 2026, with projected double-digit growth. 03. Management Report G. In July, Theon Sensors SA acquired a 3,600 square meter plot of land in the industrial zone of Koropi, adjacent to the main facility. This acquisition is intended to potentially expand the company’s production capacity for its various products. I. In November, Theon International Plc ratified and approved the acquisition of 60% of the shares and voting rights in Harder Digital group. The acquisition was performed through a share capital increase of €34 million. The German government has approved the foreign direct investment (FDI), with effect from 7 October 2024. Significant events for the year ended 31 December 2024

Annual Report 2024 Back to Table of Contents 23 Review of operations Financial highlights The Group had a stellar 2024, achieving record sales and profitability. Sales grew by 61.10%, reaching €352.36 million, and net profit attributable to shareholders soared to €67.44 million. Adjusted EBIT saw a 56.52% rise, reaching €88.39 million with a margin of 25.08%. Despite a decline in operating cash flow, the Group’s commitment to international markets and innovative products remains strong. The Group’s results for the year 2024 are presented on page 106. The net profit attributable to the shareholders of the Group amounted to € 67.44 million (2023: €36.10 million). On 31 December 2024, the total assets of the Group were € 392.44 million (31 December 2023: €210.52 million) and its net assets were € 236.20 million (31 December 2023: €77.36 million). The revenue for the year was € 352.36 million (2023: €218.72 million), while the operating profit amounted to €86.85 million (2023: €55.74 million). Adjusted EBIT increased to €88.39 million, representing a 56.52% rise compared to the last year. This equates to an adjusted EBIT margin of 25.08%, that remain largely consistent to the 25.82% margin recorded in 2023. Revenue from night vision devices, which constitute 91% of total revenue, increased from €202.67 million in 2023 to € 321.00 million in 2024. This growth is primarily due to new contract awards and the exercise of options under existing contracts. Europe remains the leading market in sales, while other geographic markets have also seen significant growth. The Group remains committed to international markets, striving to capture greater market share through innovative products and ongoing customer support. Sales in the Greek market represent a mere 0.21% of the total turnover. As at 31 December 2024, the soft backlog stands at €654.2 million, reflecting a 21.10% increase compared to €540.2 million on 31 December 2023. The soft backlog includes the remaining contract value of existing and anticipated contracts. The Operating Cash Flow declined from €37.69 million in 2023 to -€26.12 million in 2024. This decline is primarily driven by a substantial increase in sales, which led to a corresponding rise in receivables. Additionally, net cash flow from investing activities declined significantly due to the allocation of net IPO proceeds into longer-term deposits. These proceeds also contributed to a notable increase in financing activities. Following the net profit increase for the year compared to the previous year, earnings per share (EPS) have also increased by 63.33% , primarily driven by higher sales. 03. Management Report

Annual Report 2024 Back to Table of Contents 24 Financial highlights 03. Management Report Soft backlog (in € m) +21.1% 540.2 654.2 2023 2024 Revenue (in € m) 218.72 352.36 2023 2024 +61.1% Revenue Breakdown 11% 8% 82% 82% 7% 10% 2023 2024 Americas Rest of the World Europe Adjusted EBIT (in € m) 56.47 88.39 2023 2024 +56.52% Adjusted EBITDA (in € m) 57.74 90.90 2023 2024 +57.42%

Annual Report 2024 Back to Table of Contents 25 Financial highlights 03. Management Report Adjusted EBITDA margin -0.6p.p. 26.4% 25.8% 2023 2024 Adjusted EBIT margin -0.07p.p. 25.8% 25.1% 2023 2024 Earnings per Share 0.60 0.98 2023 2024 +63.33% Dividend per ordinary share 0.17 0.21 2023 2024 +25.25% The IPO proceeds resulted in an even lower leverage ratio -12.3% in 2024 compared to -0.1% in 2023. The Board of Directors aims to maintain a strong capital base to sustain investor, creditor, and market confidence and to support future expansion efforts. Throughout the reporting period, the Group’s approach to capital management remained consistent. As at 31 December 2024, an amount of €30.00 million is held in fixed-term deposits with maturities exceeding three months, classified within current assets but not recognised as cash and cash equivalents. The net cash position, excluding fixed-term deposits in the calculations, would be -€5.05 million, with a corresponding leverage ratio of -1.8%. Detailed information on the calculation of total capital employed and leverage ratio is available in Note 38.f. Order intake (in € m) -7.91% 506.0 466.0 2023 2024 Capital Expenditute (CapEx) (in € m) +40.13% 7.66 10.73 2023 2024

Annual Report 2024 Back to Table of Contents 26 Capital expenditure Research and development The Group’s total investments for the reporting year amounted to €10.73 million. The Group’s Management team will continue to dynamically implement the budgeted €20 million investment program in 2025, placing emphasis on state-of-the-art platform-based products to capture further revenue opportunities. The Group invests significant amounts in research and development of optical systems with emphasis on new innovative products that ensure a competitive edge. In 2024, the expenditure of the research and development department amounted to €4.80 million representing a 71.0% increase from the previous year, which amounted to €2.81 million. This increase is attributed mainly to the development of new products, the acquisition of licensing fees for advanced software tools for product designing purposes, as well as to the recruitment of 17 new engineers with high levels of training in different specialties. 03. Management Report Selected Performance, Capital Structure and Liquidity Indicators Debt ratio = = = Debt Debt + Equity 82,755,544 318,958,165 0.26 65,519,772 142,877,280 = 0.46 Net Debt-to-EBITDA ratio = = = Net Debt Adjusted EBITDA -35,049,876 90,896,347 -0.39 -119,295 57,741,171 = 0.00 Current ratio = = = Current assets Current liabilities 331,494,697 107,552,997 3.08 188,781,343 100,094,344 = 1.89 Return on Equity (ROE) = = = Net profit after tax Equity 67,438,995 236,202,621 0.29 36,095,588 77,357,508 = 0.47 2024 2023 Quick Ratio Current assets - inventories 255,597,614 125,167,881 = = = Current liabilities 107,552,997 2.38 100,094,344 = 1.25 IN EURO Adjusted EBITDA margin = = = Adjusted EBITDA Revenue 90,896,347 352,364,019 0.26 57,741,171 218,722,904 = 0.26 Adjusted EBIT margin = = = Adjusted EBIT Revenue 88,386,186 352,364,019 0.25 56,471,087 218,722,904 = 0.26 ROCE = = = Adjusted EBIT Invested capital 88,386,186 284,882,444 0.31 56,471,087 110,426,545 = 0.51

Annual Report 2024 Back to Table of Contents 27 03. Management Report Significant related party transactions Principal risks and uncertainties The commercial transactions of the Group with related parties during 2024, were realized under the common commercial terms. The Group or any of its related parties has not entered into any transactions that were not in an arm’s length basis, and do not intent to participate in such transactions in the future. No transaction was made under any special terms and conditions. The tables included in Note 37 present the transactions and balances, among the Group and its related parties as at 31 December 2024. Risks and risk management are integral aspects of the Group’s operations. A thorough understanding of these risks and continuous monitoring of changes in the risk profile are essential for informed decision- making, thereby enhancing the Group’s ability to achieve its strategic objectives. Effective operations management necessitates ongoing risk analysis and the implementation of appropriate measures to mitigate significant negative impacts on Theon’s objectives. The Group conducts a comprehensive assessment of the overall risk exposure, categorizing risks into three main areas: business/operational risks, legal risks, and financial risks. The following sections provide an overview of the most significant risks (without prioritization) and the corresponding management strategies. Detailed information on financial risks is available in Note 38.

Annual Report 2024 Back to Table of Contents 28 Business/Operational Risks 1. The Group’s and its affiliates’ core customers are government agencies, supranational organizations, and their armed and security forces and therefore Company’s revenues depend, directly and indirectly, on their defense and security spending Due to the nature of the sector the Group operates into, its operating profit mostly derives either directly or indirectly from government agencies, armed and security forces and therefore is connected to the public military expenditure and in turn to the geopolitical and economic developments and conditions. Substantial changes either to the public defense spending or global geopolitical status may have a detrimental effect on the Group’s business and operations. RISK MITIGATION: The Group thoroughly observes and monitors the international economic and geopolitical evolutions and proceeds with necessary strategic adjustments involving the engagement with various stakeholders and counterparties in different markets and regions. 2. The Group’s financial results and growth depend on the award of defense contracts Considering that most of the Group’s profits and cash flows derives from the defense contracts, these are heavily contingent on the awarding of the contracts. Unexpected delays to the receipt of orders and receivables during the contracts award would negatively affect the Group’s reported financial year forecasts and results. In addition, challenges and legal actions in the context of awarded contracts would also cause delays in the receipt of orders. RISK MITIGATION: The Group constantly examines and evaluates new market opportunities and potential customers around the globe. Additionally, possible synergies and strategic partnerships with other counterparties with a view to developing, expanding and marketing additional products and services to clients are being explored by the Group on an ongoing basis. 3. The Group’s activities and supply chains are subject to sales and export restrictions and controls that may involve government approvals The Group’s products qualify as dual-use goods or military services which are subject to export control rules and regulations and consequently sales and export restrictions. Regularly, special governmental approvals should be granted to the Group in addition, before it proceeds with imports or exports of goods. Such limitations lead to additional costs and compliance risks for the Group, and, in some cases, restrict or prevent the Group’s access to certain markets or customers. Non – compliance with the applicable sales and export restrictions and controls could possibly lead the Group to face penalties and fines negatively affecting its business and activities. RISK MITIGATION: The Company considers it essential to ensure the conformity with the national and European export controls legislation. Therefore, the compliance department overseen by the legal department in coordination with the contracts and purchasing department, arestrictly monitoring an ongoing basis the regulatorydevelopments that may affect the Group’s contractual obligations and day to day business. 4. The Group operates in a very competitive sector The Group offers customizable night vision and thermal imaging systems based on customer requests. The Group operates in a highly competitive sector, in which several players offer similar goods and products could pose a significant risk of reducing its orders and consequently profits. RISK MITIGATION: To be able to maintain its competitive advantages in the market sector, the Group tries to keep the high level of its products’ innovation. To achieve this, the Group invests in R&D and highly depends on its key executives and personnel that in turn requires competitive compensation and a fair corporate environment. In addition, the Group constantly examines new M&As opportunity to expand its technology. Back to Table of Contents 28

Annual Report 2024 Back to Table of Contents 29 5. The Group is exposed to infrastructure and data breaches, attacks, or disruptions to its IT systems risks The Group, being an advanced technology-based solutions provider, handling national security and similar highly confidential information faces risks of a security breach or disruption from unauthorized access to its IT networks. RISK MITIGATION: The Group’s information systems conform to ISO27001 standards and cyber essentials scheme certified by IASME, incorporating best practices for security. Biannual training on phishing and performance of comprehensive penetration testing yearly, in addition to monthly automated vulnerability scans of the Group’s external IPs and website secure the Group from external cybersecurity threats. The Group maintains also an asset monitoring system operating around-the-clock protecting its IT infrastructure. 6. The Group’s growth strategy involves mergers, acquisitions, and other industrial cooperation initiatives to enhance its market position and capabilities. However, integrating newly acquired businesses or merging operational units presents inherent challenges and risks that may impact the Group’s efficiency and profitability The complexity of integrating different corporate cultures, IT systems, supply chains, and operational processes can lead to inefficiencies, delays, or disruptions in business operations. Failure to successfully integrate acquired businesses may result in increased costs, lower-than- expected synergies, or an inability to fully realize the anticipated benefits of the integration. Additionally, unforeseen regulatory, legal, or compliance hurdles may emerge during the integration process, leading to further operational risks. RISK MITIGATION: The Group has established a structured business integration framework, ensuring thorough due diligence, strategic planning, and clear transition roadmaps before undertaking any mergers or acquisitions. Internal and external teams follow best practices and oversee the alignment of corporate cultures, IT systems and business processes to minimize risks. Business/Operational Risks Back to Table of Contents 29

Annual Report 2024 Back to Table of Contents 30 Financial Risks 1. Credit risk: Credit risk derives from a possible failure to comply with the counterparty’s contractual terms. The Group’s exposure to credit risk is limited to the financial assets (instruments), comprising mainly of trade receivables. RISK MITIGATION: The Group and its affiliates provide goods and services solely to established, solvent counterparties. It is the Group’s policy that all clients to whom goods and services are provided on credit must undergo credit checks. In addition, trade receivables are constantly being monitored to minimize risk from bad debt. 2. Currency risk: The Group’s and its affiliates’ results of operations are exposed to currency exchange rate fluctuations due to its buying and selling products in foreign currencies. The exchange rate risk derives primarily from existing or expected cash flows in foreign currency and from foreign investments. RISK MITIGATION: The Group normally concludes its contracts and transactions with its customers and suppliers in the reporting currency to address the currency risk. Additionally, for surplus cash in USD, it is the Group’s practice to enter forward contracts to hedge the exchange rate risk. 3. Liquidity risk: The Group has incurred, and may as part of future expansion, incur upfront investments in connection with its long-term projects which could pressure its and its affiliates’ liquidity. In addition, the Group’s activities require substantial expenditures for R&D, which may not be recovered. RISK MITIGATION: To ensure that there is sufficient liquidity to meet its payment obligations, the Group receives sufficient funding through bank lending. In addition, the Group holds adequate cash reserves to meet its needs. 4. Interest rate risk: The Group’s bank lending and bond loans increase the interest rate risk due to any fluctuation in the market interest rates. An increased interest rate may have a deteriorating effect on the Group’s financial results. RISK MITIGATION: The Group is not usually investing in interest-bearing assets that may pose its operating profit dependent on interest rate changes. 5. Price risk: The Group and its affiliates are exposed to the risk that might arise due to increases in commodity prices and more specifically in the value of the raw materials which the Group depends its production on. Also, the limited number of the Group’s suppliers for sourcing the necessary components for the Group’s production eliminates the flexibility of the Group to negotiate pricing terms. RISK MITIGATION: By entering into sales and supply agreements at fixed prices, the Group ensures its operating income is not sensitive to fluctuation of commodity prices. 03. Management Report

Annual Report 2024 Back to Table of Contents 31 1. Group’s operations are subject to complex and volatile regulatory environment The Group’s operations are subject to compliance risks with respect to various rules and regulations, including, among other things, capital markets, public procurement, international sanctions, anti-corruption, antimoney laundering antitrust and state aid laws. Due to the Group’s product portfolio and regulations, which include, to a large extent,military equipment, the Group is subject to international, European, and national export control and foreign trade laws and regulations. In addition, antitrust rules and regulations in certain jurisdictions, including merger control laws and regulations, may impose restrictions on the Group’s ability to carry out certain acquisitions or enter into cooperations and partnerships, thus limiting the Group’s ability to grow inorganically, or require forced divestments or other measures. The Group is also subject to corporate and other tax rules in Cyprus where the Theon International PLC is incorporated, in the Netherlands where Theon International PLC shares are listed for trading as well as the jurisdictions where the Group conducts its business operations. In addition to the laws and regulations described Legal Risks above, the Group is subject to new laws and regulations or changes in the interpretation of existing laws and regulations. The implementation of these changes, contingent to its operations and activities, may prove time-consuming and may cause the Group to be forced to adjust internal procedures, which could also affect its business operations. Non-compliance with the abovementioned rules and regulations and any change in the regulatory framework the Company is subject to could have a material effect on the Group’s business, assets, results of operations, financial condition. RISK MITIGATION: The Group has implemented a structured set of guidelines setting out its organization’s processes, standards, and best practices to aggregate and harmonize its operations with the applicable established regulations and legislation, which is enforced and overseen by the Legal Department of the Group in coordination with the other teams involved. External advisors and counsels are also on an ad-hoc basis engaged by the Group to provide tailored-made advice and solutions and support when bespoke solutions are required. Back to Table of Contents 31

Annual Report 2024 Back to Table of Contents 32 Events after the reporting date On 13 January 2025, the Group, through Theon International Plc, acquired 100% of the shares of NVT Sensor General Trading LLC, incorporated in Dubai, for a total consideration of AED 101,000 (approximately €27 thousand) in order to expand the Group’s operations. On 20 January 2025, the Group, through Theon International Plc, acquired 100% of the shares of Focus Optech Co., LTD, a company incorporated under the laws of South Korea, for a total consideration of €356 thousand, in order to expand the Group’s operations. The company was renamed Theon Korea Co., Ltd. on 01 April 2025. On 20 January 2025, Theon International Plc founded the subsidiary Theon Optronics Equipment Manufacturing -L.L.C –S.P.C in Abu Dhabi, in which it owns 100% of its share capital, in order to expand the Group’s operations. The above company’s main operations will be the manufacturing of security and surveillance equipment. In January 2025, the German Parliament approved the procurement of the German Future Soldier Program (IdZ), with Rheinmetall Electronics GmbH as the prime contractor. Theon Sensors SA is the largest supplier for this program, which is expected to serve as a key reference for similar initiatives being developed in various countries worldwide. During the same month, Theon Sensors SA received new orders totaling €53 million, with the bulk of these new orders coming from the German Army as part of the ongoing (IdZ) program. In February 2025, Theon Sensors SA concluded the refinancing of a €12 million short term loan with a €20 million bond loan with the option for repurchase and reissuance of the Bonds (REVOLVING) with favorable terms. On 14 March 2025, Theon International Plc’s majority shareholder, Venetus Limited, completed the sale of approximately 3.2 million shares (4.5% of the Company’s share capital) through an accelerated bookbuilding process at €17.7 per share, reducing its stake to 65.8% and increasing the Company’s free float. There are no other material events after the reporting period which have a bearing on the understanding of the consolidated financial statements. 03. Management Report

Annual Report 2024 Back to Table of Contents 33 CEO & Vice Chairman of the Board of Directors Christianos Hadjiminas Nicosia, 14 April 2025 03. Management Report

Annual Report 2024 Back to Table of Contents 34 Annual Report 2024 Corporate Governance Report 04 Part A Introduction Part B General – compliance with Codes Board of Directors A Note on each Director Shareholders’ Involvement in Company’s business and operations Corporate Governance Framework Part C Corporate Social Responsibility (CSR) Part D Declaration by Directors ANNEX Back to Table of Contents 34 35 50 51 37 37 43 46 48 51

Annual Report 2024 Back to Table of Contents 35 Introduction Corporate Governance Report 04 Annual Report 2024 Theon International Plc (“the Company” and together with its subsidiaries, the “Group”) is a public limited company, existing under the laws of Cyprus in accordance with Cyprus Companies Law Cap. 113, as amended (the “Law”). The Company was incorporated as a private limited liability company on August 10, 2021 before being converted to a public limited company as of September 15, 2021. The Company has registration number: HE 424549 and registered office address at 5 Agiou Antoniou Street, Muskita Building 2, 1st floor, apartment 102, 2002 Strovolos, Nicosia, Cyprus. The memorandum of association of the Company, setting out the Company’s operating scope and objectives, was first approved on its incorporation on August 10, 2021. It has been widely drawn to cover all operations and envisaged operations of the Company while, if the need presents itself for any reason, it can be amended to cover any future cause. The latest version of the articles of association (“AOA”) of the Company, the key instrument setting out the regulatory framework for the Company’s internal governance, was approved during the Company’s annual general meeting of 2024 – mainly implementing changes which were introduced consequentially to the Company’s conversion to a public company and the subsequent listing of its shares on Euronext Amsterdam. The Company and the Group, as applicable, comply with the Law, other mandatory Cypriot company law, and mandatory rules and regulations applicable to a Cypriot public limited company governing certain matters of corporate governance. Back to Table of Contents 35

Annual Report 2024 Back to Table of Contents 36 Introduction Corporate Governance Report 04 Annual Report 2024 Aligning with its admission to trade on Euronext Amsterdam, the Company’s shareholders approved the establishment of new corporate governance policy incorporating new provisions according to the regulatory framework and guidelines of the Cyprus Stock Exchange Corporate Governance Code and certain principles and best practices set out in the Dutch Corporate Governance Code. The Group generally abides by the principles of the Cypriot Corporate Governance (the “Cypriot Code”) code on a voluntary basis, also taking into account and implementing certain best practices and principles of the Dutch Corporate Governance Code (the “Dutch Code” and together with the Cypriot Code, the “Codes”) regarding for example criteria of board members’ independence or remuneration policy. The Cypriot Code is available at the LINK: (https://www.cse.com.cy/en-GB/regulated- market/listing/corporate-governance/Editions- Governance-Code/Editions-Governance- Code/) The Dutch Code is available at the LINK: ( https://www.mccg.nl/ documenten/2022/12/20/dutch-corporate- governance-code-2022) Back to Table of Contents 36

Annual Report 2024 Back to Table of Contents 37 04. Corporate Governance Report General – compliance with Codes Board of Directors The Company and where applicable, the Group, comply with the Cypriot Code on matters falling under the principles and best practices of the Cypriot Code, and/ or, where applicable, with the Dutch Code regarding matters governed by the principles and best practices of the Dutch Code. Earlier to its admission to trade on Euronext Amsterdam, the general meeting of the Company elected a one-tier board structure consisting of the following three Executive Directors (“Executive Directors”) and four Non-Executive Directors (“Non-Executive Directors” and together with the Executive Directors, the “Directors” or the “Board”): Name Age Position Appointed on Appointed until Christianos Hadjiminas 64 Founder, Vice-Chair of the Board, CEO and Executive Director September 2021 January 2027 Stelios Anastasiou 68 Executive Director September 2021 January 2027 Philippe Mennicken 48 Business Development Director and Executive Director January 2024 January 2027 Stathis Potamitis 68 Non-Executive, non-independent Director January 2024 January 2027 Hans Peter Bartels 63 Non-Executive, non-independent Director January 2024 January 2027 Kolinda Grabar-Kitarović 56 Chair of the Board and non-Executive, independent Director January 2024 January 2027 Maria Athienitou Anastasiou 48 Non-Executive, independent Director January 2024 January 2027

Annual Report 2024 Back to Table of Contents 38 04. Corporate Governance Report The Board confirms that in forming its current composition, it determined that the independence requirements referred to in best practice provisions of Sections 2.1.7 to 2.1.9 of the Dutch Code have been fulfilled as regards ‘independent’ directors while the provisions and guidance under the Effective Management and Supervision chapter of the Dutch Code have been read together with the formation of the Board, its functions and the operations’ structure. Moreover, the driving force behind the current Board composition is that it consists of learned individuals, each of unique expertise and varied professional experience and academic backgrounds. Moreover, the Company sees this diversity as a means to optimising business opportunities and an extra layer of security over the Group’s, and investors’ best interests. At all times, the minimum number of Directors, Executive Directors or Non-Executive Directors, shall be three (3) and the maximum number shall be nine (9). The term of their office on the Board should be three (3) years and the AOA vests the option for Directors to offer themselves for re-election upon expiration of their office. Before any new appointments to the Board can be made, the NRC (defined and referred to in more detail below) will provide a full description of the role, including time commitments expected and further, it shall prepare recommendations and set up procedures for interviewing the candidates. The recommendation that the NRC will provide will mainly describe a balance of skills, experience, independence, knowledge and diversity expected from new appointments. Ms. Kolinda Grabar who is an independent, non-Executive Director, has been appointed as chairperson of the Board, an office that is accordingly deemed held by a Senior Independent Director. The discussion on remuneration and the implementation of the remuneration policy is included in the separate remuneration report. Executive Directors implement the long-term value-creation strategy, they regularly discuss and re-visit strategy, its implementation and the principal risks associated with it. In doing so, Executive Directors align and where there is a need, obtain advice from in-house or external advisors so that the relevant provisions in the Dutch Code regarding the observance of sustainability principles are followed. Non-Executive Directors observe and oversee the operations conducted by the Executive Directors – a function that aims alignment with the One-tier governance structure on which, the Dutch Code in particular provides guidance. Equally, Executive Directors are responsible for the Company and the Group’s day-to-day management while Non-Executive Directors supervise and give input over the general affairs, policy making and business performance. Board of Directors Back to Table of Contents 38 1/5

Annual Report 2024 Back to Table of Contents 39 04. Corporate Governance Report Matters of compliance with the Codes have been delegated by the Board to the in-house legal team of the Group, while Mr. Nikolaos Malesiotis (email: ir@theon.com), Head of IR and M&A of the Group serves as the communication person among shareholders and the Company. In addition to the tasks allocated to the Board, the Company has established the Audit and Risk Committee (“ARC”) and the Nominations and Remuneration Committee (“NRC” and together with ARC, the “Committees”), with a view of infusing further expertise and creating more impartiality on specific, reoccurring and significant matters. The Board is responsible for the election of each Committee member while the Board further draws up what specific powers and duties the Committees will have. Committees’ appointments, procedural rules and scope of powers are set out in the AOA. The ARC, in compliance with the duties listed under each Code, provides input and makes suggestions to the Board on matters of financial reporting. Their work includes coordinating the preparation of the annual financial statements. The ARC further regularly reviews and assesses the Company’s internal financial systems and controls, accounting policies, internal audit, whistleblowing and fraud systems in place, risk management systems as well as of the In general terms, the scope of powers and duties of the Board are mainly found in the Law and the AOA. Specific responsibilities for the Chairperson of the Board, further details on procedures for holding meetings, decision making and overall functioning of the Board, including maintaining internal governance arrangements, processes and mechanisms that are consistent, well-integrated and conducive to the alignment of the respective business objectives, strategies and risk management framework of the Company and its Group are set out in the Company’s AOA. Except for powers and duties explicitly vested to other bodies by law or the AOA (such as, the shareholders or any of the committees mentioned further below), the Directors are responsible for the carrying out of the business of the Company and where applicable, the Group. Numerous provisions in the Law, the AOA and under legal principles applicable to the Cypriot jurisdiction and the Company offer further protection and guidance as to the manner in which the Directors will conduct the Company and the Group’s business. In short, Directors have a duty of care to always act towards the Company’s best interests. Directors who have personal interests (directly or indirectly) in any of the Company’s business arrangements or are in any way conflicted to take part in any decision making of the Company, are required to disclose the conflict or declare the interest. Equally, they cannot participate in the voting process of any such business matter. With the aforesaid framework protecting the Company from Directors not acting in concert with the Company’s interests, the AOA allows Directors to hold other functions or hold any profitable position in the Group apart from being Director (of the Company). The powers and duties of the current CEO and Business Development Director who also sit on the Board are exercised accordingly. Noting that within this context, no loans or guarantees are provided to Directors or other Group directors, nor does the Company or the rest of the Group, have any receivable amounts from any other entity in which a Director or any related party of theirs, is involved. Board of Directors procedures used to confirm the accuracy, completeness and validity of the information provided to investors. Notably, the preparation of this report, including the financial statements, in accordance with Directive 2007/36/RC (Shareholders rights directive) has been made under the coordination and supervision of the ARC. References on the preparation basis of this report can be found across its sections and provisions, as relevant. In connection with internal audit in specific, the Company and the Group has outsourced the relevant function to PwC, while there are appropriate measures in place that ensure that the services obtained within this scope fulfill independence criteria. External auditing is carried out by KPMG (which, do not provide any additional services of internal control or other significant non-audit/consulting services) while the Company and wider Group have practices in place that have been prepared also taking into account the relevant principles the Dutch Code sets out in respect of the appointment and assessment of the external auditor. 2/5

Annual Report 2024 Back to Table of Contents 40 04. Corporate Governance Report Furthermore, the Group recently adopted, following collaboration and guidance from the ARC and in accordance with relevant guideline set out in the Dutch Code, an internal audit manual. The objective of the internal audit function is to give assurance to the Group on the adequacy of its risk management procedures, control processes and governance arrangements. One of the key functions of the internal audit function is to evaluate and improve these arrangements while safeguarding the Group’s assets and contributing to it achieving its goals. The internal audit function provides risk-based advice and insight based on the operations and practices the Group has in place from time to time. The following is a brief description of key risks the Company and the Group may expect and of the mitigating approach: a) Group’s financial results depend on being awarded defense procurements. Mitigated by thorough and constant examination of new market opportunities and potential customers, synergies or strategic partnerships; Back to Table of Contents 40 Board of Directors b) Group’s operations are subject to sales and export restrictions and controls. Mitigated by the establishment of dedicated and experienced legal and compliance professionals which oversee and strictly monitor all daily operations and developments; c) The sector of Group’s operations is competitive. Mitigated by solidly prioritizing the preservation of the high level of innovation the Group ’s products and feature offer / examining M&A’s opportunities that will facilitate expansion in the Company and the Group’s technology; d) Cyber-attacks. Mitigated by information and technology systems which are daily monitored and conform to ISO27001 standards, offering regular training to personnel on tackling phishing and scam and regular scanning and assessment of any vulnerability in the Group’s systems; e) Credit risk from potential breach of contractual terms by a counterparty. Mitigated by strict credit checks and provision of services and goods only to recognized, solvent counterparties; f) Liquidity risk caused by the Company and Group’s expansion plan and upfront investments in connection with its expansion plan. Mitigated by sufficient funding through corporate lending and preserving adequate cash reserves; g) Legal risks due to the complex regulatory environment the Group operates in. Mitigated by implementation of structured and informative guidelines across all involved teams and oversight of the Group’s practices from the in-house legal department as well as external advisors on ad hoc basis. More guidance on ARC’s work and further policy may be found in the Terms of Reference of the Audit Committee of the Company via the following LINK: LP_Terms_Of_Reference_Of_ The_Audit_Committee.pdf. 3/5

Annual Report 2024 Back to Table of Contents 41 The ARC is elected and overseen by the Board and comprises, to the majority of them, of independent, non-Executive Directors. It is currently chaired by Maria Athienitou and the other members are Kolinda Grabar-Kitarović, Dr. Hans-Peter Bartels. Ms. Athienitou has been chosen given her seat on the Board as an independent, non-Executive Director. Ms. Athienitou’s professional background showcases a wealth of experience in the sectors of audit and accounting, having worked for renowned international accounting firms. The NRC assists the Board in reviewing the structure, size and composition of the Board and proposes appointments and reappointments. It periodically assesses the functioning of individual Directors and is also responsible for reviewing the remuneration policy and succession plans for the Directors. The NRC is overseen by the Board which also elects NRC members. The current members of the NRC which have been elected in accordance with the Terms of Reference (LINK: LP-Terms_of_Reference_for_the_Nominations_ and_Remuneration_Committee1.pdf) (the “Terms”), to the majority of them including their chair, are independent, non-Executive Directors. The current members are Stathis Potamitis, Kolinda Grabar-Kitarovic and Maria Athienitou Anastasiou. Mr. Potamitis, who also chairs the NRC, is regarded due to his professional background, to have considerable knowledge and experience in the field of remuneration policy and according to the Terms, the NRC may also receive specialised advice in this regard from external consultants. 04. Corporate Governance Report 41 Board of Directors 4/5 Back to Table of Contents

Annual Report 2024 Back to Table of Contents 42 The Board as well as the Committees convened several times in 2024. The Board having held no less than 6 meetings while the ARC convened no less than 4 times and the NRC, 2. The overall policy is that meetings are held when a need is presented, or periodically for good measure. All major decisions concerning their respective expertise, were examined and approved pursuant to appropriate parameters determined by the Committees. Furthermore, legal, financial or tax advisors were called in whenever the Board determined that their expertise would benefit the decision-making procedures. All meetings have been convened and held in Cyprus where the Company is incorporated while there is flexibility for meetings to be held worldwide if this would be more appropriate or needed. No meetings overseas have been called to-date nor does the Company foresee any in the near future. Adding flexibility, Directors who wish to participate in meetings and cannot physically attend, have the option to participate via electronic conferencing. The remuneration of the Directors is described in the Company’s Remuneration Policy which, provides remuneration ranges and guidance on long-term and short-term incentives. At the Company’s 2024 annual general meeting (the “AGM”), the shareholders approved a payment of €245,000 for the Non-Executive Directors and each Non-Executive Director was, thereafter, remunerated in the corresponding amount provided for in its services agreement with the Company. Moreover, the Board was instructed during the AGM, to determine the remuneration for the Executive Directors based on Company’s policy and in line with market standards. 04. Corporate Governance Report 42 Board of Directors 5/5

Annual Report 2024 Back to Table of Contents 43 04. Corporate Governance Report A Note on each Director Earlier to its admission to trade on Euronext Amsterdam, the general meeting of the Company elected a one-tier board structure consisting of the following three Executive Directors (“Executive Directors”) and four Non-Executive Directors (“Non-Executive Directors” and together with the Executive Directors, the “Directors” or the “Board”): Board of Directors Christianos Hadjiminas Founder, Vice-Chair of the Board and CEO Christianos Hadjiminas graduated in 1981 from Columbia University with a B.A. in Economics (Magna Cum Laude) and in 1983 from Wharton Business School (University of Pennsylvania) with an MBA in Business and Finance. In 1987, he set up his first company in New York, after working as a Senior Trader at Phibro-Salomon Inc., and soon thereafter in 1989, he moved his business to Athens and established EFA VENTURES. Mr. Hadjiminas is also the founder of EFA GROUP, a “marketing” construct referring to a set of companies with a leading-edge position in the international market of Aerospace, Security, Defense, and Industrial cooperation, with over 30 years of experience in the fields. Mr. Hadjiminas is also the President of the Hellenic Entrepreneurs Association - EENE and Head of EENE International, as well as Founder and Honorary President of the Wharton Alumni Club of Greece. Appointed from September 2021 until January 2027 Stelios Anastasiou Executive Director Stelios Anastasiou graduated from LCCI Higher Stage with a degree in accounting and from the English College Commercial Department. He is a certified accountant technician, a member of the Association of Accounting Technicians and a licensed auditor by the Ministry of Finance of Cyprus. He worked at PwC in Nicosia (Cyprus) between 1987 and 1999, where he reached the role of Senior Manager. Since 1999, he work with Dynasource Consultancy Limited where he has been acting in his current positions as Director. Appointed from September 2021 until January 2027

Annual Report 2024 Back to Table of Contents 44 04. Corporate Governance Report Philippe Mennicken Executive Director and Business Development Director Philippe Mennicken graduated from Université de Liège, Belgium in 2000 with a B.A. in Mechanical Engineering, from College of Aeronautics, Cranfield University, UK in 2001 with an MSc in Aerospace Dynamics and in 2006, he obtained an MSc in Strategic Management from the Management Research Centre at the University of Bristol. After working as a product support engineer at Goodrich Aero and technical sales manager at SKF Aerospace in the UK, he worked as an Offset & Industrial Cooperation Manager at Epicos S.A. in Athens, to join Theon Sensors S.S. in Athens in April 2010 as Business Development Manager and has been acting as Business Development Director since January 2013. Hans-Peter Bartels Non-Executive Independent Director Hans-Peter Bartels graduated from the Max Planck School in Kiel in 1980. After he finished his military service, he began studying political science, sociology and folklore at the Christian Albrechts University in Kiel in 1981, which he completed in 1986 with a master’s degree. Bartels was a member of the German Bundestag from 1998 until his appointment as Defense Commissioner in 2015. From 2015 to 2020 he served as the Armed Forces Commissioner of the German Bundestag and has been President of the Society for Security Policy since May 2022. He has been a member of the supervisory board of ThyssenKrupp Marine Systems since 2023. Appointed from January 2024 until January 2027 Appointed from January 2024 until January 2027 Stathis Potamitis Non-Executive Director Stathis Potamitis graduated from University of Toronto (Canada) with a B.A. degree in 1997, an LL.B degree in 1986 and with an M.A. degree in 1991. He is the founder and managing partner of the independent law firm, Potamitisverkis based in Athens where he has been a managing partner since 1996 and senior partner since 2022. He is admitted to practice law in Athens, Thessaloniki and a qualified attorney at law in the State of New York. Appointed from January 2024 until January 2027

Annual Report 2024 Back to Table of Contents 45 04. Corporate Governance Report Appointed from January 2024 until January 2027 Kolinda Grabar-Kitarović Non-Executive Independent Director Kolinda Grabar-Kitarović graduated from the University of Zagreb with a B.A. degree in Arts in 1993 and with a M.A. degree in Arts in 2000. She became Minister Counsellor at the Ministry of Foreign Affairs in Croatia in 2001 and served as a Minister of European integration between December 2003 and February 2005, and as Minister of Foreign Affairs and European Integration from February 2005 until January 2008. She worked as Assistant Secretary General for Public diplomacy at NATO between 2011 and 2014. In 2015, she was elected as President of the Republic of Croatia and served until 2020. Since 2020, she has been a member of the International Olympic Committee. Maria Athienitou Anastasiou Non-Executive Independent Director Maria Athienitou Anastasiou graduated in 1997 from Reading University with a B.A. degree in Management and Business Administration and in 1999 from the City Business School (CASS) with MSc degree in Internal Auditing and Management. Since 2000, she has been working at current PricewaterhouseCoopers Ltd in Cyprus where she has been focused on providing regulatory compliance services in the financial sector. She holds the Advanced Certificate of Professional Competency from the CySEC and the Certified Accounting Technician qualification from the Association of Certified Chartered Accountants. Appointed from January 2024 until January 2027 Directorship offices that each Director holds in other corporations are listed in the Annex below.

Back to Table of Contents 46 Annual Report 2024 Back to Tables of Contents 46 04. Corporate Governance Report The Company’s share capital is split into two classes of shares, namely, Ordinary Shares and Class B Ordinary Shares, each carrying separate rights. Ordinary Shares are subject to trading on Euronext Amsterdam and carry all standard voting rights expected to be seen in traded shares such as, a right to dividend payments or other capital distribution and right to be notified of all general meetings to be held and right to vote in shareholders’ decision making. Ordinary Shares have equal rights attached to them and accordingly, shareholders are entitled to a dividend payment or voting participation equivalent to the respective number of shares they hold. Mr. Christianos Hadjiminas has indirectly, through CHRE Investments Limited (“CHRE”) and Venetus Limited (“Venetus”), held a significant shareholding over the Ordinary Shares averaging in the range of 75% across the FY 2024. Specifically, CHRE and Venetus hold the aforementioned percentage of Ordinary Shares in concert. Mr. Christianos is the sole shareholder in CHRE which in turn is the majority shareholding (holding over 90%) in Venetus. Class B Ordinary Shares are not traded on Euronext Amsterdam or are in any way part of the shares held by investors. Class B Ordinary Shares shareholders are not entitled to dividend payment, participation in general meetings or participation in decision making. As Class B Ordinary Shares are not entitled to vote (except if the decision in question specifically concerns a change in the rights of the Class B Shares) any voting percentages or majority voting requirements described in this report excludes these shares unless otherwise stated. As mentioned above (Section 3 Board of Directors), the Law itself and the AOA vest to the Company’s shareholders certain decision-making powers and the voting required for their passing. This legal framework leaves to the shareholders key decisions such as: (a) amendments of the memorandum or articles of association (with amendments to memorandum further needing Court approval); (b) election or removal of auditors/directors; (c) acquisition by Company of its own shares; (d) voluntary dissolution; (e) share capital increase or share capital reduction; (f) changes to the rights attached to any class of shares or consolidation or division of any class of shares. Shareholders’ Involvement in Company’s business and operations

Annual Report 2024 Back to Table of Contents 47 The annual appointment and removal of auditors and directors in specific will take place during the Company’s AGM (please refer further below) during which shareholders may vote on these key matters. Furthermore, the Company has adopted electronic procedures which allow shareholders to address their questions to the Company prior to deciding how to cast their vote. An extra layer of shareholder protection occurs from that, in addition to the annual appointment and removal procedures, the Law sets outs specific provisions for ad hoc removal of directors. Ordinary business decisions vested to the shareholders will customarily be passed via ordinary resolutions, i.e. resolutions requiring a simple 50%+1 majority. Certain decisions will require the passing of either a special resolution or an extraordinary resolution, each of which requires no less than 75% majority vote to pass. Procedural requirements on the convention of shareholders meetings are set out in the Law and the AOA. The Company is required to convene a general meeting as its AGM every year with a maximum lapse of 15 months between one AGM and the next. In addition to the AGMs, the Board is required to convene shareholders meetings (named extraordinary general meetings (“EGM”)) on requisition of the shareholders holding no less than 5% of the voting rights. EGMs can also be called at the Board’s discretion. Shareholders will be notified of any AGM or EGM via the Company’s News LINK via: THEON International - News. The length of notice which the Company will give (as the Law and the AOA stipulate is at least 14 days’ notice or, if a special resolution shall be put to vote, at least 21 days’ notice or any other length period the Law requires (for example, ad hox removal of director requires 28 days’ notice). The Company aims for all AGMs and EGMs to be held at the same place as to create consistency to its investors and they have this far been convened at the offices of the Company’s accountants in Nicosia, Cyprus while special arrangements are in place that allow for any shareholder not physically present to participate virtually. The place, date and time of the AGM or EGM as well as instructions for virtual participation will be included in the notice the Company publishes (in the LINK mentioned above: THEON International - News). 04. Corporate Governance Report Shareholders’ Involvement in Company’s business and operations

Annual Report 2024 Back to Table of Contents 48 04. Corporate Governance Report Corporate Governance Framework The conflict of interest policy (“Conflicts of Interest Policy”) sets out the procedure for the prevention, detection and management of an actual or a potential “conflict of interest” (as defined therein). The Conflict of Interest Policy applies to conflicts of interest of -inter alia- the members of the Board of Directors, the executive committees, the executive officers, the employees of the Company and the Group, and the shareholders holding shareholding percentage or voting rights equal or higher than the 5% of the Company’s issued share capital. The suitability policy (“ Suitability Policy”) is aimed at supporting and promoting diversity and conveying broad range of skills and experiences within the Board of Directors, ensuring quality staffing and effective operation evaluation. Suitability criteria identified in the Suitability Policy apply to all Board of Directors members, regardless of their status as Executive, Non-Executive, or Independent Non- Executive members, and include both individual and collective criteria. Individual criteria include, inter alia, adequate knowledge, expertise and competencies, ethical conduct and reputation, conflict of interests, independence of judgment and commitment (devotion of sufficient time), while collective criteria concern the collective expertise altogether and diversity of the board. The market abuse regulation policy (“MAR Policy”) is aimed at regulating the management and handling of inside information, and the obligations of the persons within the Group who are discharging material duties as well as for the persons that are closely associated with them (“Relevant Persons”). The whistleblowing policy (“ Whistleblowing Policy”) is aimed at encouraging and urging all employees of the Group to report violations as soon as they come to their attention and to express concerns regarding violation within the entities. The Whistleblowing Policy defines a whistle-blower as an employee, officer, consultant, intern, secondee or agent of the Group who reports or publicly discloses information on breaches occurred in the context of his or her work-related activities. The violations the employees are encouraged and urged to report include information and reasonable suspicions, about actual or potential illegal acts, omissions and breaches, which occurred or are very likely to occur in the Company or the rest of the Group. On January 19th, 2024, the Company established the following corporate governance policies for the Group, complying with applicable laws and regulations, and implementing relevant principles under both Codes: CONFLICT OF INTEREST POLICY SUITABILITY POLICY MARKET ABUSE REGULATION POLICY WHISTLEBLOWING POLICY

Annual Report 2024 Back to Table of Contents 49 04. Corporate Governance Report The Remuneration Policy of the Board of Directors (“Remuneration Policy”) is primarily aimed at ensuring that the Directors’ compensation is aligned with the Company’s short and long-term business plans to foster value creation for customers, shareholders, employees and local communities. Pursuant to the Remuneration Policy, the remuneration of Non-Executive Directors consists of fix pay which is designed to compensate for the time required to fulfil their duties. The remuneration of the Executive Directors consists of a combination of a fixed component that is in line with the role’s scope and responsibilities, benefits and variable component that includes short-term and long-term incentives. The Company’s policy is to consider the remuneration levels in other companies of similar size, with roles of comparable scope and responsibility when determining the fixed component of Executive Director’s compensation. The Group’s Related Party Transactions Managing Framework (“RPT Framework”) sets out the rules and procedures regarding the identification, evaluation, approval, and disclosure of transactions with related parties in accordance with relevant provisions of corporate legislation as well as rules and provisions aimed at ensuring transparency and effective supervision of the Group’s contracts or transactions with related parties. Pursuant to the RPT Framework, a transaction with a Related Party encompasses any transaction that establishes a provisional relationship between the Company, any other member of the Group and the Related Party, regardless of whether a price is charged. The Internal Audit Charter (“Internal Audit Charter”) provides for the scope of operations, purpose, authority, and responsibility of the Internal Audit function. The Internal Audit function establishes the internal audit activity’s position within the organization, including the nature of the Internal Audit Function’s functional reporting relationship with the Audit and Risk Committee, authorizes access to records, personnel, and physical properties relevant to the performance of engagements, defines the scope and purpose of internal audit activities, in accordance with and as defined in the International Standards for the Professional Practice of Internal Auditing, with the view to assist the Group accomplishing its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. A key aim of the Company is that across the Group, all employees and other offices and functions feel valued, included and vested the opportunity to reach their full potential. Oue D&I has been prepared taking in account best practice guidelines relating to diversity and inclusion issues which the Dutch Code set out. Please refer to the separate Non-Financial Reporting section of this report for more information on our D&I. REMUNERATION POLICY RELATED PARTY TRANSACTIONS MANAGEMENT FRAMEWORK INTERNAL AUDIT FUNCTION DIVERSITY AND INCLUSION POLICY (D&I)

Annual Report 2024 Back to Table of Contents 50 04. Corporate Governance Report Throughout 2024, the Group has actively participated in various CSR initiatives, preserving the environment, promoting environmental awareness, supporting vulnerable social groups, and increasing employees’ engagement. The Company and its Group recognises the importance of preserving planet ecosystems for future generations and contributes to European goals for environmental protection by incorporating the protection of the environment in all its operational aspects. The Group implements a thorough strategy on responsible energy management, waste management and carbon emissions reduction. In implementing this strategy, the Group (a) has developed a comprehensive environmental management system for the immediate environmental assessment of its activities, certified in accordance with ISO 14001:2015 Standard, (b) conducts its operations by abiding to specific indicators, such as electricity consumption in relation to factory opening hours, in order to assure continuous improvement of environmental performance, (c) continuously undertakes energy efficiency initiatives, such as the installation of photovoltaic panels on the rooftop of office buildings, and (d) engages in responsible waste management by submitting the waste produced by its operations to electronic waste registration and engaging adequately certified subcontracting companies for managing hazardous waste. The Group promotes environmental awareness among its employees through a tailormade Environmental Awareness Training. Furthermore, the Group communicates its environmental commitments to its suppliers through an assessment that incorporates specific environmental criteria. The Group continues to actively support organizations that address the challenges faced by vulnerable social groups. The Group fosters employee engagement by organizing group activities such as sports, cultural events, and community-driven programs focused on social, environmental, and philanthropic causes. More on the Group’s CSR may be found in the separate Non-Financial Reporting section to this report. Corporate Social Responsibility (CSR)

Annual Report 2024 Back to Table of Contents 51 04. Corporate Governance Report The Board, being the body corporate having overall responsibility for the Group’s systems of internal control, confirms it regularly, and in any case no less than once per financial year, conducts assessment of the effectiveness on an annual basis, as well as of the procedures which confirm the accuracy, completeness and validity of the information that is provided to the investors under this report. The Board further confirms the Company intends to continue as a going concern entity for the next twelve months. ANNEX Declaration by Directors Christianos Hadjiminas CHRE Investments Ltd, Theon and EFA groups’ subsidiary companies Philippe Mennicken Theon Deutschland GmbH and T Industries DK Aps Kolinda Grabar KGK Advising & Professional Services and board member in a number of non-profit organisations. Stelios Anastasiou Dynasource Consultancy Limited Maria Athienitou None Efstathios Potamitis Deca Investments, Symbeeosis S.A. and board member in various non-for profit entities including the Greek chapter of the Climate Governance Initiative and the Greek War Museum Hans-Peter Bartels Thyssen Krupp Marine Systems, and on a voluntarily and unsalaried basis, president of the German Society for Security Policy, Gesellschaft für Sicherheitspolitik

Annual Report 2024 Back to Table of Contents 52 REMUNERATION REPORT 2024 05 Annual Report 2024 Back to Table of Contents 52

Introduction Remuneration Report 2024 05 Annual Report 2024 In the context of Theon International Plc (“the Company”) being a public limited company, existing and incorporated in Cyprus whose shares are listed to trading on Euronext Amsterdam, the Company is committed to increase corporate transparency and the accountability of its board of directors (the “Directors” or the “Board”) towards the shareholders and potential investors. The report has been prepared in accordance with Directive 2007/36/EC and the guidelines asking that a clear and understandable remuneration report, providing a comprehensive overview of the remuneration awarded or due towards the Board, including the CEO (who also sits on the Board) in FY2024. It covers all benefits in whatever form, awarded or due. It offers an outline of the Remuneration Policy of the Company (“Policy”) and how the Company implements its principles in practice, the functions of the Nominations and Remuneration Committee (the “Committee”) and how they have come into play in determining the remuneration awarded to the Board in FY2024. Back to Table of Contents 53

Annual Report 2024 Back to Table of Contents 54 05. Remuneration Report 2024 (a) The Policy and that it aligns with the Company’s strategic objectives and to the extent it at any to the extent it doesn’t, make recommended adjustments to the Board; (b) the structure and composition of the Board; (c) appointment and reappointments on the Board with relevant proposals; (d) assessment of each individual Director; and (e) remuneration policy and succession plans; (f) remuneration framework which the Company implements and the parameters which undermine its remuneration decisions. The Committee is overseen by the Board which also elects the members of the Committee. The current members of the Introduction The purpose of the Company in establishing the Committee is to infuse further expertise and creating more impartiality on matters concerning: Committee which have been elected to meet the criteria set out in the terms of reference which the Company has adopted (LINK “LP- Terms_of_Reference_for_the_Nominations_ and_Remuneration_Committee1.pdf), are Stathis Potamitis, Kolinda Grabar-Kitarovic and Maria Athienitou Anastasiou while Mr. Potamitis also chairs the Committee. The Company has used the services of PwC Greece in forming information relating to market practices in employment practices, including remuneration standards and policy. To the extent that the services have been divided across the Committee and other operations of the Company, information was safeguard by the Company’s robust policies and procedures in place (e.g. the conflict of interests policy) to prevent and/or mitigate the risk arising out of a potential conflict of interests in this regard. The remuneration of the Directors is described in the Policy which, provides remuneration ranges and guidance on long- term and short-term incentives. Committed to ensuring transparency and accessibility to the Policy for its investors, the Company has published the Policy which can now be accessed via the following LINK: ( Remuneration_Policy1.pdf). The contents of the Policy have been approved by the Company’s Shareholders. To make any revisions to the Policy in its current form, the Committee will need to make

Annual Report 2024 Back to Table of Contents 55 05. Remuneration Report 2024 The compensation of the Executive Directors may consist of the following parameters: (a) Annual Base Salary: determined to a great extent based on individual and the Company’s performance as a whole taking into account remuneration awarded by other companies of similar size, operations and responsibility; (b) Other benefits: these are currently set to market standard benefits and range various offerings such as health and life insurances and car allowance; (c) Variable remuneration: integrating long-term and short-term incentives tied to financial and non-financial targets. Introduction Short-term incentives rely on the Company’s short-term performance and they provide a reward mechanism for achieving short-term objectives. The Committee is responsible for evaluating and determining the performance measures and targets for each fiscal year, based on Company’s objectives, targets and performance (based on financial and non- financial metrics) for that year. Long-term incentives (“LTI”) are designed to reward value creation long-term – more to them, create a sense of ownership. LTI aim to work as an incentive to current officers while they also attract new talent. The incentive is an annual award which can take the form of shares or share options for achieving ‘at target’ performance. The objectives that will determine ‘at-target’ performance comprise of fundamental, measureable factors such as financial performance of the Company and more relative objectives that are based on variable circumstances, as the Committee determines. Changes in the Company’s share capital and certain other corporate events may lead to the Committee further varying the numer of shares available under LTI awards. The annual remuneration of the Company’s CEO, who is an Executive Director on the Board and also sits as its vice-chairperson, has been connected to the Company’s performance, long-term growth plan and commitments. Regarding the rest of the Executive Directors, their annual remuneration comprises of a combination of fixed and variable payments. The fixed part derives either from their participation on the Board or from the individual employment agreement they may have with Company’s group and the service provided under those terms. Any additional benefit they are entitled to, is linked to that agreement and the Company’s policies in force. All employees and executives holding key roles in the Company have a variable remuneration. For some, their remuneration is linked directly to the Company’s targets and everyone’s, is directly linked to the commitments made by the Company upon its listing on Euronext Amsterdam and in line with the Company’s long-term Growth Plan. For reasons of transparency and good monitoring, the Company has identified and implemented policy based on Performance Key Indicators (“KPIs”) (i.e.. Annual Revenue, Margin, EBIT and Soft backlog). Any pay-out is connected to the achievement ratio of those KPIs.

Annual Report 2024 Back to Table of Contents 56 Introduction Non-executive Directors receive a fixed fee determined and included in their respective service agreements with the Company. The fee awarded covers their attendance at meetings, traveling expenses and preparation for meetings. If any non-executive director also sits on any of the Company’s committees, they may be awarded a separate, additional fee to their fixed basic fee. At the Company’s 2024 annual general meeting (the “AGM”), the shareholders approved a payment of €245,000 for the Non-Executive Directors, in accordance with their respective service agreements, and each Non-Executive Director was, thereafter, remunerated in the corresponding amount provided for in its services agreement with the Company. Moreover, the Board was instructed during the AGM, to determine the remuneration for the Executive Directors based on Company’s policy and in line with market standards, briefly described above. We do not expect the non-Executive, independent directors to receive nor have they received any substantial remuneration beyond their fixed directors’ fees, and therefore this question should be answered negatively. If not, this is a matter that needs to be discussed further. In respect of 2024, the following remuneration amounts have been approved for award: 05. Remuneration Report 2024 Name Position Amount Christianos Hadjiminas Founder, Vice-Chair of the Board, CEO and Executive Director Euro 60,000 (attributable to his position on the Board – payment of which, has been moved forward for 2025 payment) Stelios Anastasiou Executive Director Euro 30,000 (fixed fee) Philippe Mennicken Business Development Director and Executive Director Euro 30,000 (fixed fee/ to be moved forward for 2025 payment) Stathis Potamitis Non-Executive, non-independent Director Euro 45,000 (fixed fee) Hans Peter Bartels Non-Executive, non-independent Director Euro 45,000 (fixed fee) Kolinda Grabar-Kitarović Chair of the Board and non-Executive, independent Director Euro 100,000 (fixed fee) Maria Athienitou Anastasiou Non-Executive, independent Director Euro 55,000 (fixed fee) The compensation of the Non-executive Directors is determined as follows: Currently, Mr. Christianos Hadjiminas does not receive any fixed or variable remuneration from salaries, director fees or bonuses. He is exclusively remunerated via dividends he receives from his indirect shareholdings in the Company, as well as benefit from increases in the value of those shareholdings. This structure has historically aligned his interests with the Company’s performance, incentivizing both short-term achievements for immediate dividends and long-term value creation for sustained growth. Equally, Mr. Philippe Mennicken does not receive any fixed remuneration for his office on the Board and is remunerated as per Group compensation policy applicable to key management personnel, as well as via dividends he receives from his indirect shareholding. This structure is aligned with the interests and the Groups’ performance, incentivizing both short-term achievements for immediate dividends and long-term value creation for sustained growth.

Annual Report 2024 Back to Table of Contents 57 BOARD OF DIRECTORS AND OTHER PRINCIPAL OFFICERS 06 Annual Report 2024 Back to Table of Contents 57

Annual Report 2024 Back to Table of Contents 58 Board of Directors: Bankers: Lawyers: Company Secretary: Independent Auditors: Registered office: Registration number: Kolinda Grabar-Kitarovic (appointed on 19 January 2024) Christianos Hadjiminas (Vice-Chairperson of the Board of Directors and Chief Executive Officer) Stelios Anastasiou Philippe Jean Mennicken (appointed on 19 January 2024) Efstathios Potamitis (appointed on 19 January 2024) Hans Peter Bartels (appointed on 19 January 2024) Maria Athienitou Anastasiou (appointed on 19 January 2024) Petros Christou (resigned on 19 January 2024) Alpha Bank Attica Bank Eurobank National Bank of Greece Piraeus Bank Optima Bank Aegean Baltic Bank Aspire FT Commerzbank First Abu Dhabi Bank OCBC Macau SydBank UBS Group AG United Bank Limited Potamitis Vekris George Karavokiris Papaphilippou & Co. LLC HARNEYS Ioannides Demetriou Clifford Chance, Frankfurt Bird & Bird LLP Bird & Bird Forvis Mazars Bird & Bird Advokatpartnerselskab Lee and Li, Attorneys-at-Law Sheppard Mullin Reed Smith LLP Lee & Ko RASK Attorneys-at-Law TGS Baltic Estonia Mashora Law Firm Al Tamimi & Company Bird & Bird (Belgium) LLP SyCipLaw Center (Salazar Hernandez and Gatmaitan) NABAVA d.o.o. za poslovna savjetovanja Al Naqbi & Partners Stelios Anastasiou (appointed on 19 January 2024) Petros Christou (resigned on 19 January 2024) KPMG Limited Chartered Accountants 14 Esperidon Street, 1087 Nicosia, Cyprus P.O. Box 21121 1502 Nicosia, Cyprus 5 Agiou Antoniou Muskita Building 2, 1st Floor, Office 102, 2002 Nicosia, Cyprus HE 424549 Board of Directors and Other Principal Officers

Annual Report 2024 Back to Table of Contents 59 Non-Financial Reporting 07 Annual Report 2024 Business Model and Sustainable Development Sustainability Approach Sustainability Pillars Double Materiality Assessment Environmental Responsibility matters Climate Change - Climate Change Mitigation and Adaptation - Energy Circular Economy - Waste Social Responsibility matters Own workforce - Working Conditions – Employee wellbeing and Health and Safety - Other Work-Related Rights - Social contribution and volunteering - Training and Skills Development - Supply Chain management Consumer & End-Users Data privacy and cybersecurity Product safety and quality Responsible Governance Business Conduct - The Group’s Governance Structure - Corporate Culture Diversity & Inclusion and Human Rights Back to Table of Contents 59 61 63 63 64 69 69 69 70 71 71 72 72 72 72 74 75 77 78 79 79 80 82 82 82 83 89

Annual Report 2024 Back to Table of Contents 60 Non-Financial Reporting 07 Annual Report 2024 This Statement focuses on the non-financial performance of the Group for the year ended 31 December 2024 and contains information in connection with the policies and other arrangements maintained by the Group with regards to the thematic areas above (where applicable) as well as relevant Key Performance Indicators (“KPIs”) to convey the Group’s performance. It is noted that the material topics and associated metrics 1 and information presented herein relate to the Group and its subsidiary entities with the exception of T-Industries Belgium (Belgium) 2 and Harder Digital Ingenieur-und Industriegesellschaft mbH (Germany) 3 . Where relevant and applicable, some metrics relate to the Group’s activities in Greece , which account for the vast majority of the Group’s principal activities and operations. In light of recent regulatory changes in non-financial reporting, the Group is currently preparing a Sustainability Statement in compliance with the Corporate Sustainability Reporting Directive (“CSRD”). This statement will cover the financial year 2025 and will be included in the Group’s Annual Report for 2026. The Group (or “Theon”), through this non-financial Statement, complies with the provisions of the EU DirecMve 2014/95/EU (Non-Financial ReporMng DirecMve) (“NFRD”) which was incorporated into Cypriot legislaMon by Law N.51(I)/2017 (amendment law of the Companies Law Cap.113). The non-financial Statement presents details regarding the Group’s acMviMes across various themaMc areas, including: • Environmental Responsibility matters • Social Responsibility matters • Responsible Governance • Diversity & Inclusion and Human Rights 1 The metrics presented in the non-financial Statement are with reference to the GRI Standards of the Global Reporting Initiative (“GRI”) 2 The scope and perimeter of the non-financial reporting does not include the said subsidiary entities of the Group due to the lack of availability of non-financial information at the time of preparation of this report. It should be noted that these entities will be incorporated in the non-financial reporting perimeter as part of the Group’s CSRD reporting for the financial year 2025. 3 Hereby referred to as “Theon Sensors SA” or “Theon Sensors” or “Company”. Back to Table of Contents 60

Annual Report 2024 Back to Table of Contents 61 Business Model and Sustainable Development The Group operates in the defense and security sensor systems sector, primarily active in the optronics market. The optronics market is a sub-segment of the Global Defense Market, which includes businesses that design, develop, manufacture, market, sell and service high- tech optical systems and devices, such as, amongst other things, night vision and thermal imaging devices for military and security applications and/ or dual-use goods (“Optronics Market”). Theon boasts a global presence spanning 71 countries, including 26 countries that are part of NATO. In addition, it has established market-leading positions in Germany and Belgium, among others. Notably, the Group holds a prominent position in Gulf Cooperation Council (“GCC”) nations and its rapid growth in the US through the supply contracts with the Department of Defense and the US Marine Corps reinforces its strong presence across diverse global markets. In recognition of its remarkable evolution over the last few years, the Group has been named as 1 of the 1,000 Fastest Growing companies in Europe for 2024 by Financial Times and Statista 4 and it is the only organization operating in the defense industry to be included in this list. In addition, the Group has been recognized for its outstanding performance on an international level at the Kouros Awards 2024 5 in the category “Performance on the International Economic Area”. The Group’s core target customers are defense and security forces and its typical end-customers are governments (national governments, as well as supranational organizations, such as OCCAR and NSPA) and organizations that allocate budgets and make procurement decisions for their defense and security forces. Theon has managed to maintain relationships with its main customers for years, indicating the Group’s stability and reliability in its operations. The Group’s Management continuously assesses the various trends and factors that may affect the Group’s development. In view of the war crisis and conflict in Ukraine, the Group recognizes that there has been an increase in the defense budgets in Europe and elsewhere both to replenish equipment that was provided in support to Ukraine or to update legacy equipment. In addition, the conflict in Ukraine has shifted the focus of new procurements of warfare equipment to core land based and amphibious fighting capabilities, which is in turn driving innovation and growth in the optronics and sensors market. Notwithstanding the conflict in Ukraine, the Group’s Management also remains vigilant of the political rivalries and tension currently taking place in the Gaza Strip in that increased tensions throughout the Middle East resulting directly or indirectly from this conflict will, over time, also have a pronounced effect on the Global Defense Market. Global defence spending is projected to increase by 5.2% annually from 2022 to 2027, due to the volatile geopolitical environment. Theon operates in the rapidly growing defence electronics subsegment, which is expected to expand at approximately 10% per year over the next five years. This growth is partly driven by a renewed focus on dismounted capabilities, which are anticipated to grow over 16% annually. Additionally, platform applications are expected to grow around 10% per year, largely due to increased investments in combat vehicles. 4 The FT1000 Europe’s Fastest Growing Companies 2024 is a ranking of 1,000 companies in Europe that achieved exceptional growth rate in revenues over four years, between 2019 and 2022. All data reported by the companies was processed and checked by Statista. 5 The Kouros Awards honour entrepreneurs and their organizations for their excellent performance based on financial figures and development prospects. 07. Non-Financial Reporting

Annual Report 2024 Back to Table of Contents 62 Business Model and Sustainable Development Looking ahead, the Group is strategically positioned to facilitate both organic and inorganic growth opportunities. The Group believes that its current capabilities will enable it to explore a diverse range of growth possibilities in the coming years, underpinned by a carefully crafted strategy. More specifically, the main areas of focus for the Group are expected to be: Market Tailwinds: The Group anticipates significant upside potential driven by major military spending programs, particularly in Europe, the United States, and the Middle East. Product Innovation: The Group’s future growth is expected to be driven by the launch of new products within the ARMED ecosystem that integrate with battle management systems and provide enhanced situational awareness for soldiers. These products include heads-up displays, thermal clip-ons, and fused goggles with interconnection capabilities, all poised to play a key role in modern warfare. Fused goggles and heads-up displays are expected to become standard equipment over time. On top of man- portable products, Theon also focuses on cutting- edge multisensory platform-based products, which are anticipated to be a larger contributor to future growth. Adjacent Products: Theon is currently designing more sophisticated products on top of its existing product set. This strategy is intended to help the Group enter new markets, attract new customers and sell additional products to its existing clientele. New products developed by its in-house R&D teams will also be supplemented by strategic acquisitions. Geographical Expansion: Theon has a strong global footprint, but there are significant opportunities to expand worldwide, both within Night Vision and within adjacent products, particularly in markets like the United States, the Middle East and the Far East. Mergers & Acquisitions: The €94 million in net cash raised from the IPO (7 th of February 2024) will accelerate growth through M&A activities in the near to medium term. The intention is to acquire companies in both core and adjacent markets to gain complementary products, innovative technologies, extended capabilities and broader geographical reach. Within this framework, THEON has already completed two acquisitions during the year. The first, Harder Digital, provides access to a niche technology and enables partial vertical integration for Image Intensification Tubes (IIT), the key sensor of Night Vision Goggles. The second, Focus Optech, supports expansion into South Korea, offering access to local production facilities to meet anticipated future demand. Core Man-Portable Markets and Platforms: Theon plans to pursue vertical integration of key components and critical parts. Additionally, it seeks to expand its product portfolio with new offerings such as day sights, laser targeting systems and fire- control systems. For platforms, the plan is to acquire key capabilities that, combined with the internal R&D and outsourced design resources, will expedite new product development and market entry. The Group recognises that there is an increasing demand from various stakeholders such as consumers and investors for organisations to establish and maintain environmental, social and governance practices including practices safeguarding diversity and inclusion, anti-corruption and human rights. In its efforts to grow sustainably but also promote sustainability, the Group’s values and strategy are centred around environmental, social, and governance factors. This represents the Group’s commitments and plans for a more sustainable future through diverse initiatives and projects in the long run. As a first step, the Group has been continuously monitoring its activities to confirm alignment with the United Nations Sustainable Development Goals (“SDGs”) and to this date, the Group has contributed positively to 13 out of the 17 SDGs. 07. Non-Financial Reporting

Annual Report 2024 Back to Table of Contents 63 07. Non-Financial Reporting The Group is committed to sustainable development, balancing economic viability with social responsibility and environmental stewardship. Its mission extends beyond providing superior systems. It encompasses reduction of its environmental footprint, enhancement of its social impact and fostering ethical growth. At the heart of its operations lies the commitment to environmental protection through sustainable practices, active support for vulnerable communities via targeted initiatives, the well-being of its employees, and an unwavering dedication to transparency and ethical conduct in all business relationships. To effectively integrate these values, the Group has developed a sustainability framework structured around three foundational pillars: Sustainability Approach SUSTAINABILITY PILLARS I. Environmental Stewardship: Environmental stewardship guides Theon’s commitment to actively try to minimize its environmental footprint, endorsing eco-friendly practices and leading innovation towards a sustainable future. Through the enactment of strategies such as lower energy consumption and monitoring of carbon emissions, Theon actively contributes to the principles of a circular economy, ensuring that operations not only minimize environmental impact but also create a positive, regenerative cycle for the benefit of the planet and future generations. II. Social Responsibility: Theon’s commitment extends beyond environmental stewardship to incorporate social responsibility. At the heart of the Group, employees are the dynamic force that drive its success and represent its corporate spirit. At Theon, the employee’s wellbeing is prioritised as it is recognised that a thriving workforce is essential for the sustained growth and success of the Group. Through investing in professional development opportunities and continuous training, and creating a supportive work environment, it is ensured that employees not only excel professionally but also find fulfilment in their personal lives as well. Theon’s social responsibility commitment goes beyond its corporate walls, as it is actively engaged in partnerships with organisations that aid vulnerable groups, to address social challenges and positively contribute to the reduction of inequalities. III. Ethical Growth: Theon embeds its growth in the foundational values of transparency, integrity, and accountability. The commitment to these principles extends into every aspect of work, creating a corporate culture that aims for excellence. Theon mandates strict adherence to laws and a zero-tolerance approach towards bribery and corruption, and staunch support for fair market practices. Maintaining a strong code of ethics means more than just adhering to laws and strict company policies. It is about creating a deep-rooted sense of accountability in every task. Theon places a strong emphasis on robust stakeholder engagement, recognising its critical role in governance and as a cornerstone of its journey towards enduring economic success and stability.

Annual Report 2024 Back to Table of Contents 64 In 2024, the Group conducted a Double Materiality Assessment (“DMA”) 6 to support its sustainability reporting efforts. Building on the Group’s established approach to assessing the materiality of sustainability-related issues, the DMA incorporates both impact materiality and financial materiality assessments. The impact materiality assessment primarily evaluates the effects of the Group’s operations on people, society, and the environment. The financial materiality assessment, on the other hand, examines the extent to which sustainability-related events and developments may create potential risks or opportunities for the Group. Impacts, risks, and opportunities (“IROs”) were categorized according to relevant environmental, social, and governance topics, as well as sector-specific considerations. In line with ESRS requirements, the DMA followed a structured four-step approach: 1) Understanding the Business Context: This step involved analyzing the Group’s operations, value chain, locations, stakeholders 7 , and material ESG topics. It should be noted that, for the scope of this assessment, only matters related to the Group’s own operations (as positioned within the value chain) were considered. DOUBLE MATERIALITY ASSESSMENT 07. Non-Financial Reporting 2) Identification of IROs: The Group identified the key sustainability-related impacts, risks, and opportunities with respect to its own operations. 3) Materiality Assessment: Both impact and financial materiality assessments were conducted, and a threshold was established to determine which IROs exceeded the materiality criteria. 4) Determination of Material IROs and Sustainability Matters: The final step involved defining the most significant IROs and sustainability issues/ matters relevant to the Group. Please refer to the table below for a complete list of the Group’s material ESRS topics and respective IROs. Throughout the process, the Group’s strategic priorities were taken into consideration to ensure alignment with its broader business objectives. Additionally, as part of the Group’s preparation for the CSRD reporting requirements in the following year, the DMA has been designed to capture insights that will further refine and enhance the Group’s assessment methodology. 6 The DMA was conducted with reference to Commission Delegated Regulation (EU) 2023/2772 as regards European Sustainability Reporting Standards (ESRS). 7 The stakeholder engagement process focused solely on internal stakeholders, specifically the Group’s Management and other internal stakeholders positioned at key operations within the Group. The stakeholders’ expertise and views were taken into consideration throughout the DMA process and, in particular, in the assessment and validation of the IROs.

Annual Report 2024 Back to Table of Contents 65 1 2 3 4 5 6 7 8 9 10WS 11 12 13 ESRS TOPIC ESRS SUB-TOPIC MATERIALITY ANALYSIS MATERIAL RISKS AND OPPORTUNIOES SDGs E1 Climate change Climate change adaptation Extreme weather events and other climate change related phenomena may cause damage to Theon’s assets and/ or equipment disrupting Theon’s operations. Climate change mitigation Energy required to operate machinery often derives from burning fossil fuels which directly emit GHG emissions while also the substances mentioned are significant GHGs which all together contribute to climate change. Energy Theon’s demand for constant energy which usually derives from fossil fuels contributes to resource depletion. E5 Circular economy Waste Waste generated can contain hazardous materials, unproper to be treated with the usual disposal methods (e.g. Landfill) due to their overall environmental hazards. Improper handling of hazardous waste (e.g., chemicals, batteries, oils etc.) from Theon International’s operations could lead to potential regulatory fines, fire hazards, legal settlements and penalties, resulting in increased operating costs and financial losses. Improper management of the end-of-life phase may lead to environmental damage, depending on how the waste or reusable resources are handled. 07. Non-Financial Reporting ENVIROMENT

Annual Report 2024 Back to Table of Contents 66 1 2 3 4 5 6 7 8 9 10WS 11 12 13 ESRS TOPIC ESRS SUB-TOPIC MATERIALITY ANALYSIS MATERIAL RISKS AND OPPORTUNIOES SDGs S1 Own workforce Working conditions Deviation from minimum safety standards and inadequate Health and Safety training, particularly in factories and warehouses, can result in accidents. These accidents can range from minimal to critical injuries that can significantly deteriorate a person’s life. High injury and/ or fatality rates at Theon International may signal weak governance and safety culture, leading to reputational harm, monetary penalties, and corrective action costs. Workplace injuries caused by exposure to heavy machinery, harmful substances, high temperatures, and electrical hazards could have financial consequences, including worker compensation, litigation, and operational disruptions. A less robust safety management at Theon International may lead to regulatory penalties, higher insurance premiums, service disruptions, and reduced revenues and brand value. Failing to provide employee training to address preventable accidents at Theon International, given the prevalence of industrial machinery, chemicals, and a fast-paced, loud working environment, may result in monetary fines and penalties from legal and/ or regulatory actions. S1 Own workforce By leveraging its supply chain, Theon has the potential to alleviate forced labor and modern slavery. This could positively contribute to societal change and alignment with global efforts and legislation aimed at eradicating these practices. 07. Non-Financial Reporting SOCIAL SOCIAL

Annual Report 2024 Back to Table of Contents 67 1 2 3 4 5 6 7 8 9 10WS 11 12 13 ESRS TOPIC ESRS SUB-TOPIC MATERIALITY ANALYSIS MATERIAL RISKS AND OPPORTUNIOES SDGs S1 Own workforce Working conditions Committed to providing more than a living income or wage, Theon has the potential to positively impact society by reducing inequality and in-work poverty. Conflict with workers, such as labor unions, hazardous working conditions, and collective bargaining for better wages, can lead to labor strikes, production delays, and significant lost revenue and reputational damage for Theon International. If workers’ rights are not legally enforced, employees may face intimidation, harassment, payment cuts, or even termination for joining unions. Such practices can harm Theon’s workplace culture and reduce employee trust and morale. Other work-related rights A data security breach can pose financial risk to Theon International in the aerospace and defense industry, such as increased legal exposure, operating costs, and/ or lost revenue due to reputational harm. New and emerging data security standards and regulations may lead to increased compliance costs for Theon International, which could negatively impact its financial position, profit, revenue, operating costs, and cash flows. Social contribution and volunteering By investing in employee volunteering and community engagement, Theon International contributes to the local communities. 07. Non-Financial Reporting SOCIAL

Annual Report 2024 Back to Table of Contents 68 1 2 3 4 5 6 7 8 9 10WS 11 12 13 ESRS TOPIC ESRS SUB-TOPIC MATERIALITY ANALYSIS MATERIAL RISKS AND OPPORTUNIOES SDGs Training and skills development Effective onboarding enhances employee retention and productivity by facilitating smooth integration into the company culture, boosting engagement and commitment, accelerating productivity, and supporting skill development. S4 Consumers and endusers Information-related impacts of consumer and/ or end-users Theon International may develop sensitive military products. Ensuring data and information security is critical to protecting proprietary data, government security protocols, and customer information, as any potential data loss could result in reputational damage and litigation costs. Recalls and other adverse events may have a negative financial impact on Theon International, such as increased operating costs, lost revenue, and/ or reputational harm. In the event of a product safety and/ or malfunction incident, Theon International may face product liability claims, revenue losses due to reputational damage, redesign costs, recalls, litigation, or fines, all of which could have a negative financial impact on the business. G1 Business Conduct Corporate culture Compensation structures and incentive policies at Theon International can encourage business practices that are not in the best interest of clients, such as misleading or irresponsible marketing strategies. Neglecting investment in R&D for advanced defense and optical sensor technologies can hinder innovation and weaken Theon International’s market position. By failing to comply with export regulations, Theon International risks financial penalties, contract losses, or restrictions on international operations. 07. Non-Financial Reporting SOCIAL

Annual Report 2024 Back to Table of Contents 69 The Group, reinforced by its Environmental Stewardship, takes into consideration the increasing importance of environmental protection and is committed to meet the customer requirements while promoting sustainable development through effective management of natural resources, reducing its environmental impacts and continuous environmental monitoring of its activities. In addition, the Group’s goal is to employ a rational use of natural resources, energy, raw and auxiliary materials in the production process and at the same time reduce and minimize where possible, liquid, solid or gaseous effluents. It is also important for the Group to achieve and maintain compliance of all its operations with the relevant European and national laws and regulations underpinning the protection of the environment. In view of the above, the Group maintains an Environmental Policy emphasizing its dedication to strategic goals for environmentally responsible operations and reflects its proactive stance towards the reduction of its environmental footprint. In line with its Environmental Policy, the Group has developed a comprehensive Environmental Management System certified in accordance with the international standard ISO 14001:2015 to continuously perform environmental assessments of its activities. Internal audits for Theon Environmental Responsibility matters Sensors SA pertaining to the ISO 14001 standard were carried out in 2021, 2022, 2023, and 2024 8 . In order to achieve its strategic goals, the Group conducts an analysis of the environmental impacts prior to the adoption and introduction of new production processes and products, and offers continuous training, education and encourages all employees to actively participate in improving the Group’s environmental performance. In addition, the Group also collects information from its partners including customers, suppliers, contractors and government agencies, with a view to support its commitment to reduce its environmental impact. The Group aims to contract and collaborate with environmentally responsible suppliers who must meet high standards, including implementing the ISO 9001 Quality Management System. In view of this, the Group communicates its environmental commitments to its suppliers through an assessment (due diligence) that incorporates specific environmental criteria. Furthermore, the Group places a strong emphasis on employee engagement in connection with sustainability matters and training, to ensure that the team is well equipped with the knowledge and tools to contribute to the Group’s commitment to environmental responsibility. In particular, the Group has invested in enhancing the environmental awareness of its employees through a tailor-made environmental training provided to all employees, regardless of their position or hierarchical level. The said Environmental Awareness Training forms part of the onboarding process as well as the emergency response exercise conducted on an annual basis. CLIMATE CHANGE CLIMATE CHANGE MITIGATION AND ADAPTATION The Group’s operations are subject to a variety of environmental challenges, all of which mandate careful attention and strategic planning. Amongst these challenges, two broad categories emerge: physical and transition risks. Physical risks include the tangible threats caused by environmental factors and natural disasters such as excessive heatwaves, storms, floods, droughts and wildfires which could, in turn, cause damage to Theon’s assets and/ or equipment disrupting Theon’s operations. Transition risks relate to the transition to a lower carbon economy and include, for example, the evolving regulatory, technological and market aspects in connection with climate-change mitigation and the environment. Reducing its environmental footprint is a key aspect of the Groups sustainability strategy. Specifically, Theon is taking measured steps towards reducing its energy consumption and improving waste management practices. 07. Non-Financial Reporting 8 Internal audits related to the ISO 14001 standard have not been extended to low effective scope non-manufacturing entities within the Group.

Annual Report 2024 Back to Table of Contents 70 ENERGY The Group has developed a plan focused on responsible energy management and carbon emissions reduction. To ensure transparency and accountability, a number of KPIs have been established to measure the progress towards the said plan’s objectives, whilst ensuring a continuous improvement in environmental performance. More specifically, Theon Sensors SA (Company facilities in Koropi and Psychiko) reduced its electricity consumption from 651,038kWh in 2023 to 529,011kWh in 2024 which represents a reduction of c.18.7%. In addition, Theon Sensors SA also reduced its CO2 emissions from 380.96tn in 2023 to 370.42tn in 2024 representing a reduction of c.2.8%. In 2024, the Group made a significant investment of €74,241.61 to install a solar panel in one of its production facilities in Koropi, Greece with the highest energy consumption. This building houses its main manufacturing facility and the largest office area. As previously mentioned, the Group consistently adheres to environmental regulations. This commitment is evidenced by Theon Sensors SA’s annual reporting of fluorinated gases to the Greek Ministry of Environment and Energy, in accordance with the European Regulation (EU) No 517/2014 on fluorinated greenhouse gases. Furthermore, the company conducts Energy Efficiency Audits at its facilities, as required by Greek Law N. 4342/2015. These actions ensure transparency, compliance and continuous improvement in sustainability efforts. Another initiative undertaken by the Group relates to the implementation of the principles of ‘Green IT’, aiming at the optimal management of energy needs in a way that utilises alternative energy sources and takes care of the natural environment. The key concept of ‘Green IT’ is the alignment between the economic viability and optimal efficiency of infrastructure with the social and ethical responsibilities arising from the need to reduce the energy and environmental footprint of businesses. The Group embeds these principles in its operations and encourages the use of environmentally friendly technologies and software tools, such as virtual energy management and telecommuting. CLIMATE CHANGE 07. Non-Financial Reporting ELECTRICITY CONSUMPTION (KWH) 9 YEAR kWh 2023 651,037.91 2024 529,010.55 CO2 EMISSIONS (TN) 10 KPI 2023 2024 Emissions from mobile combustion 33.25 45.72 Emissions from imported electricity 347.71 324.70 Total 380.96 370.42 9 Aggregated electricity consumption of facilities in Koropi and Psychiko. 10 KPIs include aggregated CO2 emissions of facilities in Koropi and Psychiko, as well as the CO2 emissions from Theon Sensors SA car fleet.

Annual Report 2024 Back to Table of Contents 71 WASTE The Group endorses the principles of circular economy and acknowledges the crucial role that waste management plays in shaping its ecological footprint and has implemented comprehensive strategies to reduce waste and responsibly handle and recycle and reuse materials. By adopting such practices and continuously monitoring waste streams from its activities, the Group ensures that resources are used efficiently, and that waste is either recycled, reused or disposed of in an environmentally responsible manner. Particularly, the amount of waste produced by the Group’s operations is submitted to electronic waste registration and hazardous waste management is performed by adequately certified subcontracting companies. The Group minimises waste quantities at all locations through process optimization and the implementation of advanced waste management technologies. In 2024, Theon Sensors SA made its waste management and disposal process more systematic and specific by adding also the category of empty hazardous packaging materials, enabling better organisation. The information presented below with respect to waste management and recycling pertains to the two facilities in Koropi where operations range from prototype creation to the final assembly of the product. CIRCULAR ECONOMY 07. Non-Financial Reporting The Group is committed to ensuring the safe and responsible handling of hazardous waste, strictly adhering to all relevant regulations and guidelines to protect both the environment and health of employees. Through its Environmental Policy, Theon is proactive in mitigating such risks by staying informed about environmental and climate related regulations, as well as implementing sustainable practises which include, amongst others, responsible energy and waste management, the performance of regular environmental and impact assessments and the execution of strict protocols for the management of hazardous substances. The Group’s hazardous waste management practices include the proper storage of organic chemical materials in designated cupboards to prevent any potential harm. Empty containers with residues of hazardous substances and discarded organic chemicals consisting of or containing hazardous substances are stored in designated areas to prevent any accidental mixing or spillage. In cases where lead batteries are generated from the operational process, they are stored for a short period of time in a designated area to ensure safety before being managed by an authorized partner. Committed to the proper management of hazardous waste, the Group has partnered with a specialised waste management company. This company conducts visits to the Group’s facilities to collect and manage all amounts of hazardous waste when needed, ensuring proper handling in an environmentally responsible manner. Theon Sensors has managed to increase its non- hazardous waste management materials as follows: • Paper (2024: 13.02tn, 2023: 9.80tn) • Plastic (2024: 6.01tn, 2023: 2.77tn) and • Aluminium / Metals (2024: 1.42tn, 2023: 0.34tn) In connection with hazardous waste management, Theon Sensors achieved the following relevant metrics (for a full list of hazardous materials please refer to the relevant table below): • Empty containers with residues of hazardous substances (2024: 0.583tn, 2023: 0.022tn) • Organic Chemical Materials (2024: 0.017tn, 2023: 0.044tn) • Discarded organic chemicals consisting of or containing hazardous substances (2024: 0.082tn, 2023: 1.500tn) and • Lamps and Lighting Fixtures (2024: 0.330tn, 2023: 0.179tn) HAZARDOUS WASTE MANAGEMENT (TN) Material 2023(tn) 2024(tn) Empty containers with residues of hazardous substances 0.022 0.583 Organic Chemical Materials 0.044 0.017 Discarded organic chemicals consisting of or containing hazardous substances 1.500 0.082 Lamps and Lighting Fixtures 0.179 0.330 Lead Batteries - 0.884 Machine Soap Oils - 1.072 NON-HAZARDOUS WASTE MANAGEMENT (TN) Material 2023(tn) 2024(tn) Paper 9.80 13.02 Plastic 2.77 6.01 Aluminium 0.34 1.42

Annual Report 2024 Back to Table of Contents 72 Social Responsibility matters OWN WORKFORCE 07. Non-Financial Reporting In line with its Social Responsibility pillar, the Group is committed to the professional and personal growth of its workforce and at the same time it is actively engaged in societal matters being responsible for ensuring high quality products to its customers and fostering an inclusive environment for all its stakeholders. The Group is dedicated to creating a supportive and fulfilling work environment that fosters loyalty and long-term commitment, achieving a high retention rate of 98,83% per month in 2024. In the year ended December 31, 2024, the total number of employees at a Group level was 374. The Group’s employees play a vital role in the organisation’s development and their well-being is of paramount importance to the Group. For this reason, the Group continues to invest in employee welfare and education, providing comprehensive benefit packages and opportunities for personal and professional development. At the same time, the Group, over its history, established an exceptional track record of maintaining a safe and secure working environment for its employees. The Group maintains a strong record on reported workplace accidents across all production sites. To ensure the overall health and safety of its workforce, the Group has implemented comprehensive safety protocols, including regular employee training programs, strict adherence to industry best practices, and continuous monitoring of potential hazards. Moreover, the Group is committed to social responsibility extending beyond the workplace. Through various philanthropic activities, it strives to make a positive impact on the local community, supporting causes that align with core values and fostering a sense of purpose among employees. In recognition of the above, the Group has been certified as a Great Place to Work for 2024 awarded by Great Place to Work Ⓡ Hellas. The Group is one of the leaders in the industry with a global presence and important partnerships, by tailoring its products to meet the unique requirements of its customers. The Group’s goal is to offer innovative and high-quality products that guarantee flexibility, effectiveness and efficiency in the military operations. Through the customization of its products, the consultation of each client about its specific needs and the complete after sales support, the Group maintains excellent client relationships, which is a key element for its international success. WORKING CONDITIONS – EMPLOYEE WELLBEING AND HEALTH AND SAFETY Providing a work environment that ensures the health and safety of its employees, contractors and suppliers is of utmost importance to the Group. Aiming at zero accidents and occupational illnesses, Theon ensures the promotion of health and safety in the workplace and the achievement of continuous improvement in this area. For this reason, the Group maintains a Health and Safety policy which underpins its commitment to protecting both its people and property by maintaining a safe and healthy workspace in accordance with industry standards and legislative requirements, aiming to eliminate any foreseeable hazards which may result in property damage, accidents or personal injury/ illness. The Group’s approach to health and safety relies on three aspects: • Safety Task Force Groups • Safety culture and awareness trainings • Risk identification and assessment Safety Task Force Groups To manage potential risks effectively and comprehensively, the Group implements safety protocols and procedures to assure a safe workplace environment. In view of this, Safety Taskforce Groups have been launched including employees from all departments. Their main task is to assure the identification of potential safety issues and risks and their immediate communication to the responsible manager, in order to take precautionary measures and avoid potential incidents. To achieve that, Safety Task Force Groups perform regular safety inspections in all premises and operations. Safety culture and awareness trainings The Group has developed awareness initiatives including an internal training program for all its employees, wide collaboration with companies specialised in health and safety issues and the construction of fully equipped medical facilities within its premises. To ensure a prompt and accurate response in the event of any health and safety incidents, several employees at Theon Sensors are trained in First Aid and hold certifications from training sessions conducted by the Hellenic Red Cross. These employees are strategically placed at each working site as an extra precautionary measure to effectively coordinate medical emergency situations. Additionally, an automated external defibrillator (AED) is available on the premises of Theon Sensors to further enhance emergency preparedness, and employees have also been trained on its use. These certifications remain valid, and the next training session is planned for 2026.

Annual Report 2024 Back to Table of Contents 73 07. Non-Financial Reporting A fire safety session has also been conducted, and a Fire Safety Team has been established which reports to the Fire Safety Commander and is responsible for any fire safety or evacuation event, as well as respective drills organised at least once per year. During the annual evacuation drill in 2024, 130 employees participated in Health and Safety training conducted at a facility in Koropi. Risk identification and assessment Theon regularly conducts hazard identification and assessment in cooperation with its dedicated Safety Technician. The results of these assessments are included in the written Occupational Risk Assessment that is available to all employees and is updated and revised regularly, in accordance with the applicable Greek legislation 11 . The last revision of the Occupational Risk Assessment has been made in 2024 for one of the facilities in Koropi. The Group seeks to achieve zero accidents and eliminate relevant risks and has established specific indicators for recording and effectively monitoring health and safety performance, as indicated in the table below: HEALTH AND SAFETY - ACCIDENTS AND INJURIES KPIS 12 KPI 2023 2022 Lost Time Incidents (LTIs) 13 0 1 Lost Time Injury Frequency Rate (LTIFR) for employees 14 0 12.16 Absenteeism Rate (AR) for employees 15 2% 1.98% Employee wellbeing The Group maintains a dedicated team of highly skilled and experienced employees who competently handle activities from design through to manufacturing. Its management approach to employee experience remains holistic, ensuring that every interaction and touchpoint within the Group is designed to enhance the overall wellbeing and satisfaction of its employees. The Group has been certified as a Great Place to Work for 2024, standing out for its excellent work environment and corporate culture, following an evaluation carried out by the organisation Great Place to Work Hellas. The evaluation of the working environment was done by the employees of the Group based on their experience over the past year. Through this evaluation, the employees acknowledged the Group for its corporate culture and working environment as a whole, for the investment that it undertakes in the continuous improvement of the skills of its employees the broadening of their horizons, as well as their cultural and digital upskilling and reskilling. Theon uses the survey’s results to understand its employees’ aspirations, concerns and suggestions so that it can identify areas for improvement, celebrate its strengths and align its strategies with their needs and expectations. The survey for the financial year 2024 will be conducted during the second half of March 2025. Therefore, it should be noted that no results were available during the preparation of this non-financial statement. 11 Code of Laws related to Occupational Safety and Health (Article 42 L3580/2010, as in force after the changes made by Article 7 L4808/2021, and Article 43 L3850/2010) 12 Accidents and Injuries KPIs aggregated on a Group level. 13 Lost Time Incident (LTIs): (Number of incidents) 14 Lost Time Injury Frequency Rate (LTIFR): (Number of incidents / manhours worked) x10 6 15 Absenteeism Rate (AR): (Number of days of absence form work due to any inability other than accidents and illness / manhours (%)

Annual Report 2024 Back to Table of Contents 74 07. Non-Financial Reporting Holistic approach on employee experience The employee onboarding process is essential for the successful integration of new hires into the organisation. This procedure includes activities which allow new employees to complete an initial new-hire orientation process, as well as learn about the Group and its structure, culture, vision, mission and values. Moreover, during the onboarding process, employees become familiar with the “Employees Handbook” which includes all corporate documents and policies outlining areas such as Human Resources forms, guidelines and other procedures about working at the Group. In the 2024 HR Awards, Theon received the Bronze Award for its innovative application of Virtual Reality technology in enhancing the onboarding process. In addition, the Group’s integrated performance management system plays a pivotal role in driving workforce productivity, fostering higher employee engagement, reducing turnover and maximising revenue per employee. The performance management system supports the Group through: • Providing a fair basis for awarding compensation based on merit; • Helping managers distribute and achieve departmental goals; • Helping employees clearly define and understand their responsibilities; • Identifying employees for advancement within the Group; • Providing criteria for the evaluation of employees’ performance; and • Suggesting ways in which employees can improve their performance. Additional employee benefits In fostering a comprehensive reward system, the Group has developed an additional employee benefits’ plan that is offered to all employees despite their job position or hierarchical level and includes both health care and economic benefits. Medical plan is provided for all staff and all their first level family members after three months of employment within the Company. Fostering employee wellbeing Under the corporate commitment for the provision of safe, equal, and inclusive workplace, the Group has included employee’s wellbeing in its corporate strategic approach in order to attract and retain top human capital. The corporate devotion to wellbeing of its people is highlighted through the following initiatives: • Promoting engagement through empowering employees to participate in social events and cultural activities; • Christmas children’s party; • Running team; • Gym subscription; • Webinars in connection with physical and mental health; • 24/7 psychological support line, in collaboration with an expert organisation in occupational health and safety; • Healthy way of living through promoting a balanced eating pattern; and • Corporate band (musical band consisting of Group employees including members of the Management). The Group recognizes the critical importance of retaining technical and skilled personnel for its operations. Intense industry competition heightens the risk of losing talent to competitors or facing challenges in recruiting new employees. For this reason, and as evidenced by the activities/ initiatives referred to above, the Group ensures that both the wellbeing of its employees as well as their professional growth continue to remain top priorities. OTHER WORK-RELATED RIGHTS Data privacy and cybersecurity The Group acknowledges notable risks related to data protection and cybersecurity. Compliance with GDPR and similar regulations is pivotal to avoid potential fines or penalties from regulatory authorities. Moreover, the threat of cyber-attacks, encompassing various risks such as computer viruses and phishing attacks, emphasizes the importance of implementing robust cybersecurity measures to protect the Group’s IT infrastructure. Additionally, the risk of data breaches due to third-party non-compliance or cyber-attacks remains a concern, necessitating proactive risk management strategies to safeguard the Group’s data integrity and operational continuity. Additionally, given its exposure to infrastructure vulnerabilities and data breaches, as well as potential attacks or disruptions to its IT systems, Theon implements various measures to mitigate these risks. The Group’s information systems adhere to ISO27001 standards and are certified under the Cyber Essentials scheme by IASME, incorporating industry best practices for security. Furthermore, to safeguard against external cybersecurity threats, the Group conducts biannual phishing training, comprehensive annual penetration testing, and monthly automated vulnerability scans of its external IPs and website. Additionally, a 24/7 asset monitoring system is in place to protect the Group’s IT infrastructure.

Annual Report 2024 Back to Table of Contents 75 07. Non-Financial Reporting SOCIAL CONTRIBUTION AND VOLUNTEERING The Group places special emphasis on social contribution, reflecting its commitment to contribute in the positive transformation of the world. The Group’s mission extends beyond its core operations as it recognises the importance of acting with a strong sense of responsibility towards the society and the communities in which it operates. Guided by these principles, the Group has established a framework consisting of the following four (4) pillars of social contribution, with the active participation and devotion of its employees aiming to further amplify this commitment. Support vulnerable groups Acknowledging the importance of refining the lives of those in need, the Group is dedicated to creating a more inclusive and equitable world for all. The Group actively supports organisations that address the challenges faced by vulnerable social groups. The goal of the Group is to magnify the impact of those organisations, developing greater social awareness and improving the quality of life for those they serve. The Group provides support to the following organisations: Odyssea: A non-profit organisation that supports young vulnerable people to have access to employment opportunities in society. We4All: A non-profit environmental and humanitarian organisation with the mission ‘to help Earth heal and remind people this planet is our home’. Make-A-Wish: A non-profit organisation that helps fulfil the wishes of seriously ill children. Employee volunteering Employee volunteering is a core value embedded in the Group’s culture. The Group encourages and supports its employees who dedicate their time and skills in order to make a difference in the communities served. Encouraged to offer to the society and inspired by a shared sense of social responsibility, employees actively engage in various volunteering programs that champion the values of sports, solidarity and environmental responsibility, strengthening the collective impact and representing the Group’s commitment to corporate citizenship. Some of the volunteering programs in which the Group’s employees were involved include: • Odyssea Social Cooking (Easter and Christmas events); • Make-a-Wish: Fulfil a child’s wish; • Sponsorship for 1000 meals for a year, Odyssea; • Sponsorship for 5 families’ ‘Boxes of Love’ for a year, Odyssea; • We4All Tree Planting in Penteli (100 saplings); and • We4All Marathonas Beach Cleanup Support of education and science Education stands as a cornerstone in the Group’s social contribution framework. The Group supports promising young professionals through sponsorships, acknowledging their potential and investing in their growth and development. Furthermore, the Group offers internship opportunities providing valuable hands-on experience and mentorship to the next generation of talent. The Group extends its support through sponsorship for conferences, webinars, events, and workshops which cover a broad spectrum of subjects from defence, security, aerospace and emerging technologies to economic growth and entrepreneurship. In these events organised by the Group, esteemed speakers are brought to enrich discussions and the active participation of the company’s management is evident through their involvement in panel discussion. Additionally, the Group has been actively involved in organizing business days, providing young university students with the opportunity to get to know the group and engage in discussions on various job-related topics. This initiative not only helps students gain valuable insights into the industry but also fosters a connection between the academic and professional worlds. Recognising the importance of Greece’s technological evolution, the Group has participated in HETiA’s 16 4 th Emerging Tech Forum 2024: Transforming Greece’s Tech Landscape with Pioneering Discussions on Microchips and AI Innovations. Representatives from the Group offered their views alongside other high-profile industry experts on matters such as advancements in defense innovation and other technological capabilities. 16 HETiA is Greece’s alliance of highly innovative industrial and academic performers, promoting digital technology proliferation and entrepreneurship in emerging technology domains.

Annual Report 2024 Back to Table of Contents 76 07. Non-Financial Reporting Support of culture The aim of the Group is to cultivate a profound reverence for Greek culture, both domestically and internationally. Through various initiatives such as sponsorship to Greek museums and cultural institutions, the Group actively contributes to the preservation and promotion of Greece’s rich history and heritage on a global scale. The Group’s support has been channelled to notable establishments including: • The organisation of the art exhibition ‘Wanderlust’ at the Heinrich Schliemann’s House in Athens; • Sponsorship for the creation of a marble sculpture titled ‘The Antikythera Mechanism’ and its transportation from Athens to Jakarta, with the purpose of its permanent exhibition at the Parliament of Indonesia, November 2024, in commemoration of ‘75 Years of Greek- Indonesian Friendship. • Sponsorship for the transportation, accommodation, and other production expenses of two Balinese artists, in order for them to create in Athens the Balinese sculpture titled ‘Rahma – Sintha’, with the purpose of offering it to the Greek people, October 2024, in commemoration of ‘75 Years of Greek-Indonesian Friendship’. In addition, the Group has supported official festive events organised both by embassies abroad in Greece, as well as by Greek embassies and institutions in various countries around the world. Back to Table of Contents 76

Annual Report 2024 Back to Table of Contents 77 07. Non-Financial Reporting TRAINING AND SKILLS DEVELOPMENT The Group supports the continuous advancement of its workforce, and it is dedicated to cultivating the professional growth and development of its employees through comprehensive training initiatives. It recognizes that by investing in its workforce, this will enhance the individual capabilities and will also strengthen the collective capacity to innovate and excel in a constantly changing environment. By providing tailored training programs for the needs and objectives of the employees, it will enable them to attain their maximum potential and drive the success of the organisation forward. The Group approves and encourages a wide range of training programmes including: • Training in hard and soft skills • Employee coaching and mentoring • Onboarding trainings • On-the-job trainings • Learning of foreign languages and • Global history workshops and reading material (provided by the Group). In 2024, and as shown in the tables below, the total number of employees trained was 161 including members of the Management under a total of 2,096 hours. Beyond providing training to its internal stakeholders, the Group provides training to its end customers/ users. In particular, the Group provides training performed by skilled and experienced personnel, including either operator training such as in-person demonstrations on equipment handling, or technical training, such as on maintaining and repairing the devices. In both cases, trainees receive relevant documentation, such as manuals, prepared by the Group’s dedicated training and integrated logistics support departments. Especially for the technical training, the Group also offers hands-on training to technical personnel of the end-users. TOTAL TRAINING HOURS BY HIERARCHICAL LEVEL IN 2024 17 Employees (Hierarchical level) Technical employees 1,180.50 Administration employees 675.50 Middle Management 212.00 Upper Management 27.50 Total 2,095.50 TOTAL NUMBER OF EMPLOYEES TRAINED BY HIERARCHICAL LEVEL IN 2024 18 Employees (Hierarchical level) Technical employees 75 Administration employees 55 Middle Management 25 Upper Management 6 Total 161 17 Total training hours by hierarchical level aggregated on a Group level. 18 Total number of employees trained by hierarchical level aggregated on a Group level.

Annual Report 2024 Back to Table of Contents 78 07. Non-Financial Reporting SUPPLY CHAIN MANAGEMENT Aiming to provide high quality equipment, the Group cooperates with an extensive network of suppliers both in Greece and abroad. The Group incorporates best practices and principles ensuring accountability and transparency, and thoroughly assesses all its suppliers prior to any collaboration, as well as evaluating existing suppliers on an ongoing basis. The Group uses an international supply chain for the production of all components. This supply chain is partially supported by the in-house Computer Numerical Control (“CNC”) workshop and mostly outsourced, with particular regard to the supply of specific intermediate products, such as image intensifier tubes (“IITs”), lenses, metal bodies and plastic parts, which are necessary for the manufacture of its technological products. The most relevant suppliers are spread across the EU (Germany, Greece, France, and Netherlands), Asia and the United States, with more than 90% being in Europe and the United States. In 2024, 92% of Theon Sensors’ suppliers were foreign whereas 8% of its suppliers were from the local market (Greece) (please refer to the table above). Due to the strict regulatory requirements concerning the Group’s products, the Group needs to abide by strict selection criteria, including pricing, accessibility, quality and track-record, and policies to ensure that also outsourced services and components and the relevant suppliers comply with such requirements. The Group also keeps a record of the approved suppliers and partners, which is updated every year (“Approved Suppliers-Partners”). For this reason, the Group PURCHASES FROM SUPPLIERS (%) Year Foreign Suppliers (%) Local Suppliers (%) 2023 91% 9% 2024 92% 8% maintains a Procurement Policy and Process for selecting its suppliers with its primary objective being to ensure that the quality of every piece of equipment or hardware, and every product supplied meets the prescribed standard and that the service delivered by the supplier complies with the specifications already set. The Group acknowledges supply chain risks stemming from reliance on specific suppliers for key components like IITs, which have faced shortages due to increased global demand. In addition, as the Group’s supply chains are subject to sales and export restrictions, any delays or failures to comply with such restrictions may lead to increased costs in the form of fines and penalties as well as pose reputational risks. The Group is actively managing such challenges to ensure continued operations and compliance with regulations. The Group also recognises supply chain opportunities to positively contribute to societal change and align itself with global efforts and legislation aimed at the eradication of forced labour and modern slavery. Specifically, the Group acknowledges its potential to eradicate these practices by leveraging suppliers located in areas where human rights are violated. Overall, the Group aims to establish a good relationship and a long-term collaboration with its suppliers, while seeking to intensify cooperation and expand the number of suppliers in the future in order to ensure that the services delivered by the suppliers continue to comply with the Group’s requirements and that all products of the Group are compatible and fully tested for compliance with military standards. In addition, by participating in tender procurement procedures, the Group benefits from sales volume forecasts and is able to organise its supply chain more efficiently, particularly the supply of IITs, which have the most significant effect on the Group’s ability to meet customer demand. The Group also deals with its suppliers mainly by means of purchase orders, governed by standard terms and conditions provided either by the Group itself, or by the relevant supplie

Annual Report 2024 Back to Table of Contents 79 07. Non-Financial Reporting DATA PRIVACY AND CYBERSECURITY The IT infrastructure plays a pivotal role in the operations of the Group, serving as a cornerstone for various functions including product development, manufacturing, sales, customer support, administration, as well as communication channels, both internally and externally. Moreover, it facilitates the management with crucial financial data indispensable for strategy implementation, while ensuring controls, compliance, and uniform reporting across the Group. Given the strategic significance of IT systems and the sensitive information handled, the Group has implemented rigorous measures to forestall incidents such as IT breaches and cyber-attacks. The Group has not observed any incidents of violations or data forgery in 2024. As an advanced technology-based solutions provider and a government contractor with access to highly confidential government information, the Group is subject to stringent secrecy obligations. The Group’s exposure to national security or other sensitive government data accentuates the risk of security breaches or disruptions posed by unauthorised access to its IT networks and related systems. Moreover, compliance with the EU Regulation no. 679/2016 (“GDPR”) and similar data protection rules mandates adherence to stringent data security protocols. Theon has proactively adopted an array of measures including employee awareness campaigns and training, dedicated cyber-security teams, and investments in IT infrastructure, which amounted to €258,853.27 in 2024. Additionally, Theon’s IT infrastructure and systems are protected externally and internally by firewalls and the latest versions of the firmware available. The Group has also implemented a software, Veeam, in both of its Greek sites to automatically backup and synchronise repositories, and the Quality Network Appliance Provider (“QNAP”) archive, a disaster recovery procedure and back-up facility, in order to mitigate the IT risks. In relation to the system maintenance, the Group has adopted a proactive approach in the IT asset lifecycle management for core and backbone IT infrastructure and implemented a dedicated software to monitor the lifecycle of the Group’s products. The Group must also rely on the safeguards put in place by customers, suppliers, vendors, subcontractors or other third parties to minimise the impact of cyber threats, other security threats or business disruptions. These third parties may have varying levels of cybersecurity expertise and safeguards, and their relationships with government contractors may increase their likelihood of being targeted by cyber threats. The Group’s commercial arrangements with these third parties include processes designed to require that the third parties and their employees and agents agree to maintain certain standards for the storage, protection and transfer of confidential, personal and proprietary information. CONSUMER & END-USERS

Annual Report 2024 Back to Table of Contents 80 07. Non-Financial Reporting PRODUCT SAFETY AND QUALITY The Group designs and manufactures cutting-edge optoelectronic devices across both man-portable platform-based systems that allow the visualisation of images in low light or obscure conditions using different state-of-the-art technologies. Securing product safety and quality is of vital importance to the Group. The Group recognises its profound obligation that holds towards its customers and the world. All products undertake rigorous scrutiny to meet industry standards as well as the Group’s uncompromising quality standards. The advanced production facility in Greece upholds NATO security clearance and conducts thorough testing of all systems in accordance with standard military test procedures prior to their launch. The Group’s unique competitive edge lies on the utilisation of its extensive range of in-house designed and assembled test and measurement equipment. The Group’s process capabilities include Research, Design & Prototyping, Testing & Evaluation, Product Development & Enhancement, Enhanced Automation & Technology and Aftermarket Support & Modernization. In view of the above, the Group maintains and implements a Quality Management System (“QMS”), in accordance with the requirements of the international standard ISO 9001:2015 and ISO 14001:2015 aiming at the continual effectiveness improvement of all its processes. Quality assurance, which is implemented throughout the production process from design to final achievement of the product, is implemented for both internal and external purposes. Internal Quality Assurance provides trust to management while external quality assurance provides trust to customers or third parties and is aligned with Quality Control functions. After determining the specifications and requirements regarding production and product disposal, a program is implemented, through which the scope of Quality Assurance is the “prevention of error” by ensuring quality at all stages of production. Through the QMS, all the processes applied in Theon are defined as well as resources, criteria and methods to ensure that both the operation and the control of these processes are effective. A critical part of quality assurance procedures is the quality control process. Quality control is implemented in different parts of the Group’s processes such as incoming inspection, during production, and outgoing inspection. Theon is also a NATO Security certified organisation. Its Facility Security Plan is approved by the Hellenic Ministry of Defence (“MoD”) regarding the application of measures that ensure the security of sensitive products, military material, documentation and other information as well as personnel security. The Group, registered in the Defence Material Manufacturers Registry of the Hellenic MoD, has consistently demonstrated exceptional performance in contract fulfilment, earning certificates of achievement from numerous clients. The Group acknowledges the potential risks associated with keeping in pace with evolving technology, potentially leading to unsuccessful future products. Custom product requirements pose challenges, including high research and development (“R&D”) investments and difficulties in assessing reliability. Potential supplier failures to meet contractual obligations could also hinder timely fulfilment of customer orders. Adapting swiftly to evolving customer needs and technological changes is imperative for sustaining competitiveness and ensuring future success.

Annual Report 2024 Back to Table of Contents 81 07. Non-Financial Reporting As described above, the Group’s fundamental principle and commitment, as well as the philosophy of its staff, is to deliver products and services that meet contractual obligations, adhere to relevant laws and regulations, and achieve the quality objectives established for each contract. To achieve this, Theon: • Develops a company’s business development plan incorporating internal and external factors through SWOT analysis and conducts ongoing stakeholder analysis via a risk assessment process. It also continuously reviews and enhances product features, where possible, as well as the efficiency of its processes, thereby improving the QMS as a whole PRODUCT SAFETY AND QUALITY • Establishes measurable quality objectives at the company, departmental/ process, and project levels. These objectives are established and reviewed as to the point of achievement during the Management review of the QMS by the leadership and at the end of each project, respectively • Provides the resources needed for the unobstructed, effective and efficient operation of each department • Invests in the continual upskilling, advising and training of its staff so as they enhance the quality in all their activities • Monitors, measures and evaluates critical parameters and processes, in order to ensure quality objectives achievement. The Group is committed to adhering to product safety regulations in all regions where it operates, ensuring the highest standards of safety and quality. Upon request, each delivered product can leave the production site with a product safety record, stating compliance with all applicable product safety laws. A product is defective if it does not provide for the safety which one is entitled to expect, taking into account all circumstances, in particular (i) its presentation, (ii) the use to which it could reasonably be expected that it would be put, and (iii) the time when it was put into circulation. The Group recognises the risk that if a defective product causes a person’s death, injury to the body, damage to health, or damage to an item of property, the Group is obliged to compensate the injured person for the respective damage under certain circumstances. To ensure this risk is mitigated, the Group ensures compliance with the safety requirements and also provides consumers with the necessary information in order to assess a product’s inherent risks and take necessary measures to avoid such threats.

Annual Report 2024 Back to Table of Contents 82 07. Non-Financial Reporting Responsible Governance BUSINESS CONDUCT THE GROUP’S GOVERNANCE STRUCTURE The Group’s internal structure reflects the dynamic corporate governance practices adopted which allow a constant flow of information in real time, optimising responsiveness whilst minimising or eliminating potential risks to sensitive information and incidents of corruption. For FY 2024, the Group had a one-tier board structure consisting of three Executive Directors (“Executive Directors”) and four Non-Executive Directors (“Non-Executive Directors”). For the new corporate governance framework that the Group adopted and implements as of 19/1/2024 in the frame of the IPO and listing to Euronext Amsterdam Stock Exchange, please refer to the Corporate Governance Report. The members of the Board of Directors combine unparalleled industry knowledge with extensive experience, providing stable and decisive leadership that nurtures growth and innovation in the Group. The Board of Directors (“Board”) is responsible for the continuity and the businesses of the Group. The Directors are responsible for the Group’s general affairs and are in charge of the oversight of the day-to- day management, formulating the strategy and policies and setting the Group’s objectives. The Directors focus on the long-term value creation for the Group, thereby considering the interests of all subsidiaries and how Group-wide strategies and policies contribute to the interest of each subsidiary and the interest of the Group as a whole, over the long-term. The Executive Directors are responsible for the Company’s day-to-day management. The Non-Executive Directors supervise the Executive Directors’ policy and performance of duties as well as the Company’s general affairs and business and advise the Executive Directors.

Annual Report 2024 Back to Table of Contents 83 07. Non-Financial Reporting CORPORATE CULTURE Compliance and Anti-Corruption In the defence industry, meetings and negotiations with officials from foreign countries are part of the day-to- day business conduct and, as such, the reputation of both parties involved must remain intact at all times. To achieve this, the Group sets the elimination of corruption as a top strategic priority and strives to create conditions that leave no room for such phenomena in its operations. The Group addresses and communicates this issue through its Code of Ethics and Business Conduct, which, amongst others, clarifies that political contributions are absolutely forbidden by anyone in the Group. The Group’s staff have been instructed neither to attempt to give nor accept any favourable treatment from any party. Significant emphasis is also placed on dealing fairly with all other counterparties, as is the only way to conduct business at the Group and it is expected from all employees, executives, and partners in general to respect the Group’s rules and principles. The Group acknowledges significant compliance risks related to anti-corruption and anti-money laundering regulations, particularly within jurisdictions like Greece, the United Kingdom, and the United States. Compliance efforts are complicated due to the evolving nature of sanctions and regulatory regimes, posing challenges in interpretation and implementation. In addition, the industry’s susceptibility to corruption, compounded by international sales in high-risk jurisdictions, emphasizes the importance of stringent compliance measures. While non-compliance could lead to adverse consequences such as fines and reputational harm, the Group remains committed to maintaining robust compliance policies to mitigate these risks. In tandem with these regulatory challenges, the Group remains steadfast in its commitment to uphold a rigorous code of business conduct. Therefore, the Group has implemented a structured set of guidelines setting out its organisation’s processes, standards, and best practices to aggregate and harmonise its operations with the applicable established regulations and legislation, which is enforced and overseen by the Legal Department of the Group in coordination with the Contracts and Purchasing Department, which handles the compliance issues of the day to day business, including export control. Compliance issues are closely monitored on an ongoing basis ensuring both the smooth performance of the Group’s contractual obligations and the adherence to the corresponding regulatory framework. To this end, the Group ensures its staff and employees periodically receive accommodated training and updates on any legal and regulatory developments that need to be strictly followed when doing business. External advisors and counsels are also engaged by the Group on an ad- hoc basis to provide tailored-made advice and solutions and support the Group when bespoke solutions are required. The Group conducts its business activities in accordance with applicable anti-corruption laws, rules, and regulations, and its Code of Ethics and Business Conduct. The Group recognises the corrosive effect that corruption has on democracy and good governance and is committed to ensuring that the Group and those who conduct business on its behalf do so with integrity and the highest ethical business standards and in full compliance with the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, and other applicable ant-corruption laws. Furthermore, the Group has zero tolerance for bribery and corruption in any form in its business dealings. The Code of Ethics and Business Conduct applies to all officers, members of the Board of Directors, and employees of the Group, and, by written agreement, all appropriate provisions apply to any domestic or international representative, distributor, reseller, consultant, agent, or any other person or firm by whatever name known, of any nationality, who is conducting business for or on behalf of the Group. The Group has experienced zero allegations of corruption and/ or bribery in 2024.

Annual Report 2024 Back to Table of Contents 84 07. Non-Financial Reporting Business Ethics The Group promotes transparency, integrity, accountability, and ethical behaviour throughout its organisation and entrusts its people with the responsibility to further its ambition and commitment to responsible business conduct beyond its borders. In view of this, the Group adopted a Code of Ethics and Business Conduct (“Code”). The Code reaffirms the Group’s core business principles and ethos and is addressed to all of its employees, members of the Board, officers, associates, contractors, as well as any agents or third parties when representing or cooperating with the Group. In the Code, Theon reiterates its unwavering commitments towards continuous compliance with the applicable legislation, elimination of instances of bribery and corruption, respecting confidentiality at all times and practising fair dealing in accordance with established rules of competition. Compliance with applicable legislation The Group is fully committed to competing in strict compliance with all appropriate laws and regulations in all jurisdictions of countries in which it operates. The Group, as well as each person to whom this Code applies to, shall at all times be in full compliance with all national, European and international laws, rules and regulations which apply to the Group’s and its counterparties’ business, regarding data privacy, competition and anti-trust, anti-bribery, ant- money laundering and anti-corruption legislation including, amongst others, the Organisation for Economic Development (“OECD”) Convention and recommendations and guidelines thereto, the United Nations Convention against Corruption (“UNCAC”), the Foreign Corrupt Practices Act (“FCPA”) legislation and the European Commission’s applicable rules and regulations and their implementation thereof. The Group, as well as each person to whom this Code applies to, does not, and will not, whether directly or indirectly, breach or evade the laws of any country in which it seeks to do business in, even if such illegality constitutes “customary” business or practice. Accordingly, full compliance with all laws applicable to the Group’s business operations is the very minimum to be demonstrated. Compliance with applicable legislation Health & safety – quality No bribery – anti-corruption clauses – business courtesies Accuracy in business record keeping Avoiding conflicts of interest Competition and fair dealing Political contributions Sensitive information / confidentiality Specifically, the Code of Ethics and Business Conduct covers mainly the following areas of business:

Annual Report 2024 Back to Table of Contents 85 07. Non-Financial Reporting Avoiding conflicts of interest The Group’s conflicts of interest arrangements and procedures are derived from the Code and the applicable Greek legal and regulatory framework. All Group personnel and any other persons to which this Code applies to, must avoid any actual or threatened conflict of interest between the Group’s and their own (private) interests, whether by way of relationship or activity and regardless of whether such conflict may impair their ability to render fair and objective judgements or effectively perform their duties. In addition, on January 19th, 2024, the Board of Directors of Theon International PLC approved the “Conflicts of Interest Policy” for the Group. Theon’s arrangements and procedures in connection with conflicts of interest are designed to prevent, manage, and eliminate cases of conflicts of interest and, in particular, specify what constitutes a conflict of interest as well as outline the general principles, rules, and regulations for their prevention and management. Arrangements and procedures regarding conflicts of interest apply to all “Covered Persons”, including members of the Board, executive officers, employees, and shareholders with a participation rate or voting rights equal to or higher than 5% of the company’s issued share capital. The Group requires all actual and potential conflicts of interest to be communicated, discussed, documented, and managed appropriately. It also specifies procedures for the prevention of conflicts of interest, measures for the disclosure and management of the conflicts of interest, and conditions under which a member of the Board or Senior Executive Officer may have a conflict of interest. The Conflicts of Interest Policy is enforced by the Group compliance function, which is responsible for evaluating and managing conflicts of interest, as well as maintaining a record of all declared cases. No bribery - anti-corruption clauses - business courtesies Neither the Group, nor any person to whom this Code applies to, shall offer, authorise or provide, whether directly or indirectly, a bribe, kick-back or benefit (including facilitation of payments, favours, gratuities or anything of value to the recipient), in return for an unfair business advantage resulting from an act or omission on behalf of such bribed party. Such acts are prohibited regardless of the reason, the persons involved, the means (pecuniary or other) or whether they involve intermediaries or not. Political contributions Political contributions are strongly prohibited and Theon is, at all times, compliant with all applicable public disclosure requirements and any applicable legislation. Health & safety – quality The Group, in compliance with applicable legislation, takes any steps necessary to assure a healthy and safe work environment for its employees and business invitees, while offering extensive training in this regard. The services provided by Theon must be delivered in a manner unreservedly respecting the health and safety of any employees and customers. The Group is subject to provisions on product safety in all countries and jurisdictions where it delivers products and could therefore be held liable in cases concerning damage caused by defective products manufactured. As a principle, each delivered product leaves the production site with a product safety record stating compliance with all applicable product safety laws. The Group is committed to preventing accidental loss of resources, including employees and physical assets, striving to provide and maintain a safe and healthy work environment in compliance with industry standards and legislative requirements. The aim is to eliminate any foreseeable hazards that may result in property damage, accidents, or personal injury/illness. The responsibility for health and safety is shared among all employees, with safety being the direct responsibility of all managers, supervisors, employees, and contractors. All management activities comply with company safety requirements related to planning, operation, and maintenance of facilities and equipment. Competition and fair dealing Dealing fairly with companies or individuals whom the company does business with, as well as its competitors, is considered of paramount importance to the company which treats this as the only way forward. For this reason, neither the Group nor its employees, officers or third parties representing it may take any unfair advantage by way of manipulating any person, misrepresenting or concealing facts of material nature, abusing any privileged information or in any other manner practising unfair dealing.

Annual Report 2024 Back to Table of Contents 86 07. Non-Financial Reporting Accuracy in business record keeping Theon and its employees shall safely maintain an accurate and complete financial record to be able to make responsible business decisions. It shall also be ensured that any transactions are accurately documented and completely reflected in the company’s books. False or artificial entries aiming to alter, conceal or destroy any document to misrepresent a circumstance or transaction are prohibited. Sensitive information / confidentiality Disclosure of Theon non-public information to third parties may irreparably harm the company and its business. It is for this reason that the company requires its employees and contractors to demonstrate the highest level of confidentiality in relation to the information entrusted with them in the context of their employment or otherwise cooperation unless disclosure is expressly authorised or required by law. Any obligation relating to confidentiality remains binding even after the termination of employment or cooperation, regardless of the reason. Whistleblowing Policy Theon maintains, amongst others, arrangements and practices around whistleblowing (the Board of Directors of Theon approved the Whistleblowing Policy on January 19 th ,2024), which aim at encouraging and urging all employees of the Group to report violations within the Group as soon as they come to their attention and to express concerns regarding violations within the Group. Anyone from an employee, officer, consultant, intern, secondee or agent of the Group is encouraged and urged to report any violations including information and reasonable suspicions about actual or potential illegal acts, omissions and breaches, which occurred or are very likely to occur in the Group. The Group’s arrangements also set out reporting channels that enable named or anonymous reporting, in writing and/ or orally, as well as an investigative process monitored by a compliance officer. The investigative process commences with the receipt of a report, followed by an evaluation of the reported violation and whether it falls under the scope of the whistleblowing arrangements and practices. If the reported violation is considered credible, the compliance officer, alone or with the assistance of third parties, decides whether the case is to be closed or if it requires further investigation. Written feedback and update on the progress of the investigation is provided to the reporting person. The compliance officer decides whether disciplinary measures need to be imposed, based on the result of the investigation process. The Group keeps a record of all the reports. In addition, specific measures have been established for protection against retaliation. On January 19 th , 2024, the Board of Directors of Theon approved the Whistleblowing Policy.

Annual Report 2024 Back to Table of Contents 87 07. Non-Financial Reporting Design and Development (D&D) The Group’s Design and Development (D&D) efforts are focused on in-house product development, building on existing basic research and studies by third parties. Depending on their complexity, the technology and systems the Group develops typically take between one and three years to yield a product that qualifies for operational service. After initial entry into service, products are regularly improved and further customized in close cooperation with the customer. The Group’s D&D department comprises a mixture of highly skilled and well-educated experienced professionals in the fields of optical, mechanical and electronic engineering. The group initiates the development of a product either upon a market need or a tender requirement. Capitalizing on more than twenty- five years of experience in optronics, a new design effort kicks off with a requirements review. Next, the technical specification is formed and detailed design commences with optical design followed by mechanical and electronics hardware and software development. The phases of integration, prototyping and design verification (with possible design re-spins and iterations) ensure a successful product before releasing to production. This development cycle, depending on the specifications, complexity and technological challenges of the product, usually lasts from one to three years which is typical for yielding a proper qualified product for such a demanding sector as defence. Interaction with the end-user is always a requirement for continuous improvement and customization of the product throughout its life cycle. The Group considers its ability to be flexible and address users’ feedback to be one of its key strengths. The Group’s D&D processes are designed to produce efficient and effective innovation that relies on deep company know-how, individual skills and practices that have been acquired and developed over many years. This valuable asset of novelty and innovation is protected as a trade secret and as confidential information pursuant to contracts entered into with the Group’s various counterparties. A recent example of the process flow of the development of a product can be seen in the development of THEA an Head Up Display (HUD) for the dismounted soldier that was developed and proposed to the German Future Soldier (IdZ) program upgrade. In this case the program integrator, Rheinmetall, came to Theon Sensors with a requirement; the develop a modern HUD suited to substitute a technologically obsolete product in service. As this product category contained new technology blocks for Theon Sensors, such as compact optical optics for daytime use, extensive search of the state-of-the-art in technology was conducted on a worldwide scale which lasted a few months. Subsequently the correct optical component was chosen and designed, while the electronics and mechanical design followed to result in world-class compact daytime HUD. After a couple of demonstrations with the customer and digestation of the lessons learnt, Back to Table of Contents 87 a second iteration of the design was performed. That resulted in a full customer satisfaction and THEA being admitted as the successor product. In the meantime, Theon Sensors lead the integrator appreciate their high technical capacity and was assigned to design an accessory to THEA, a head-worn computer, called the Smart Gateway. In the meantime, the integrator was awarded the contract, which demonstrated the success of this design. Design & Manufacture Theon is focused on producing reliable, high-quality products, in addition to its ability to maintain and repair its products over long periods of time. The Group produces its products out of its main factory located in Koropi (Athens), Greece, which has obtained NATO security clearance, as all systems are tested according to standard military test procedures prior to launch. The original Koropi facility has an area of 3,500m2, which was further expanded with an additional building completed in 2023, to a total of 8,300m2. This production facility has annual capacity for approx. 56,000 monoculars with one shift. The Koropi facilities also have five 10,000 class clean rooms and a solar plant serving the original facilities. In addition, the Group uses joint facilities with Hensoldt in Wetzlar, Germany, with a total of 300m2, in a production facility area having annual capacity for approx. 12,000 monoculars which may be further increased in the future. We also have a 100m 2 production facility area in Plymouth, U.S. with EOTECH, where Theon products are partly manufactured and assembled before being delivered to local customers. Approximately 380 of the Group’s employees are allocated to the Koropi facilities. The Group also has a maintenance center in Denmark.

Annual Report 2024 Back to Table of Contents 88 07. Non-Financial Reporting Export and customs control Navigating the exports legal framework is a major challenge for the Group, due to the particularities of business operations, products, and global reach. The Group is required to comply with three distinct and interrelated levels of legislation: national, EU, and international. As products in the Group’s portfolio qualify as military goods or, alternatively, as dual-use goods or military services under export control regulations, they are subject to strict sales and export restrictions. In particular, as to European law, the regulatory framework concerning customs is the Union Customs Code (Regulation (EU) No 952/2013), with the powers of the customs authorities being further set out in the national laws of the Member States. Since the products are sold worldwide and given that most of them are to a large extent export controlled, these goods and services are subject to export control regulations of the country in which the relevant Group’s affiliate is located. In addition, the Group procures goods from suppliers worldwide, who might also be subject to export restrictions. Such export restrictions from suppliers could also impose further legal requirements when the Group provides goods and services to customers. To this end, exporting companies have to comply with, in particular, European export control regulations, as well as the U.S. re-export regulations (for example, the ITAR/EAR), applicable depending on (i) the kind of product and the purpose for which the product has been developed, (ii) the country of destination, (iii) the intended use of the exported goods, and (iv) as part of the U.S. re-export regulations, the classification status of the receiving company. Furthermore, some of the Group products qualify as dual-use items. Dual-use items are goods, software and technology that can be used for both civilian and military applications. To that end, the Group complies with EU export control regime for dual-use items, governed by Regulation (EU) 2021/821 of May 21, 2021 (“Dual-Use Regulation”) entered into force on September 9, 2021, and repealed Council Regulation (EU) 428/2009 of May 5, 2009. The Dual-Use Regulation provides for common EU control rules, a common EU dual-use items list and harmonized policies for implementation. The Group acknowledges the complexities of export and customs control, particularly in complying with laws governing military items and navigating diverse export regimes across jurisdictions, which may entail additional costs and administrative burdens. Moreover, evolving export restrictions pose risks to component suitability and availability, potentially impacting customer access, underscoring the importance of proactive supply chain management to ensure regulatory compliance and sustain operational continuity while safeguarding the Group’s reputation. Therefore, compliance with all applicable restrictions and controls is essential for the Group. The Group places a strong emphasis on comprehensive due diligence processes for each business deal involving clients, suppliers, and business partners, ensuring that all necessary authorisations and certifications are obtained. The Contracts & Purchasing and Business Development departments play a vital role in this process and are considered to be at the heart of the Group’s operations, as they are responsible for navigating the complex legal landscape and ensuring compliance with export control regulations. By diligently adhering to the export control laws and regulations, the Group aims to mitigate the risks associated with sales and export restrictions. By staying informed and proactive, the Group aims to ensure compliance with all applicable restrictions and controls, safeguarding its business, assets, and prospects. Remaining aware and vigilant of the dynamic nature of the international trade landscape is paramount for effectively and efficiently responding to any changes in governments’ composition, elections, media coverage, geopolitical events, and policy changes, which may lead to the introduction of new or more stringent restrictions and controls. Finally, countries like the United States, as well as supranational organisations like the EU and the United Nations, impose sanctions or other restrictive measures against countries/territories, organisations, groups, non-state entities, and individuals who infringe upon internationally accepted behaviour and norms, or otherwise pose national security or foreign policy risks. As both embargoes and trade sanctions can occur or change at any moment, and compliance with them is of highest importance, the Group puts significant effort in remaining up to date, with any developments and abide accordingly with relevant sanctions frameworks.

Annual Report 2024 Back to Table of Contents 89 07. Non-Financial Reporting Diversity & Inclusion and Human Rights The Group is committed to workforce diversity, creating equal opportunities, and advancing a culture of inclusion where everyone feels valued and able to achieve their full potential. A culture of belonging is about uniting different backgrounds, beliefs, abilities and experiences in an environment where everyone feels valued and works together to achieve meaningful outcomes. Any form of discrimination shall be avoided, and to contribute effectively, individuals must actively promote understanding, empathy and open communication. This culture outlines the responsibility to create an inclusive environment and respect the dignity and diversity of all people. It guides how the Group engages with one another and inspires in order to take purposeful action to support the customers, employees and local communities. Diversity, equity and inclusion (“DEI”) is everyone’s responsibility within the Group. Theon sets out the principles and requirements by which the Group enhances DEI throughout. Arrangements regarding DEI are applicable—but not limited—to the practices and policies on recruitment and selection; compensation and benefits; professional development and training; promotions; transfers; social and recreational programs, layoffs, terminations; and the ongoing development of a work environment built on the premise of gender and diversity equity. These arrangements apply to all employees and anyone conducting work on behalf of the Group. The DEI strategy is guided by internal and external insights, global best practices, and continual employee feedback, which together remind the Group that while diversity changes by location, inclusion is the same everywhere. This approach allows the Group to continually evaluate its Global DEI strategy to ensure it remains relevant to meet the changing demands of the communities it serves. On January 19th, 2024, the Board of Directors of Theon approved the Diversity, Equity & Inclusion Policy. The Group aims to support equality, equal opportunities and diversity in the work environment, and it is also committed to supporting community-driven projects that enhance social inclusiveness. Furthermore, with the aim of practical and substantial support of equality, equal opportunities and diversity in the working environment, Theon Sensors is part of the Diversity Charter. Participation in the “Diversity Charter” confirms the Company’s commitment to respecting human rights and shaping a culture based on inclusion, promoting equal opportunities to all employees, without exclusion or discrimination, and fully accepting and integrating uniqueness at work. The Nominations and Remuneration Committee plays a key role in ensuring diversity by identifying and proposing suitable candidates for the Board. The said arrangements and practices aim at ensuring that independent non-executive members constitute at least one third of the Board, contributing to diversity of thought. These arrangements have been designed to promote diversity at multiple levels and to ensure this diversity is maintained and valued. Aiming to uphold its diversity and inclusion principles, The Board is currently composed of five (5) male members and two (2) female members.

Annual Report 2024 Back to Table of Contents 90 EMPLOYEE DISTRIBUTION BY GENDER AND HIERARCHICAL LEVEL IN 2024 20 EMPLOYEE DISTRIBUTION BY AGE AND GENDER 21 Age range 2023 2024 Men Women Men Women <30 50 28 62 39 30-50 159 36 173 53 51+ 20 10 34 13 Upper Management Middle Management Technical Employees Administration Employees Men Women Total 9 10 1 Men Women Total 28 63 35 Men Women Total 207 274 67 Men Women Total 25 27 2 07. Non-Financial Reporting NUMBER OF EMPLOYEES IN 2024 19 Number of employees Women Men 269 105 Diversity & Inclusion and Human Rights The tables below indicate the levels of diversity across Theon: 19 Number of employees on 31 st December 2024, aggregated on a Group level. 20 Employee distribution on 31 st December 2024, by gender and hierarchical level, aggregated on a Group level. 21 Employee distribution on 31 st December 2024, by age and gender, aggregated on a Group level.

Annual Report 2024 Back to Table of Contents 91 Declaration by the Members of the Board of Directors and the Company Officials responsible for the drafting of the consolidated financial statements 08 Annual Report 2024 Back to Table of Contents 91

Annual Report 2024 Back to Table of Contents 92 08. Board Members and Officials’ Declaration on Consolidated Financial Statements Declaration by the Members of the Board of Directors and the Company Officials responsible for the drafting of the consolidated financial statements (In accordance with the provisions of Law 190(I)/2007 on Transparency Requirements) In accordance with sections (3)(c) and (7) of Article 9 of the Transparency Requirements (Traded Securities in Regulated Markets) Law 190(I)/2007, as amended from time to time (the “Law”), we, the members of the Board of Directors, the Chief Financial Officer and the Chief Executive Officer responsible for the drafting of the consolidated financial statements of the Company and its subsidiaries (the “Group”), confirm, to the best of our knowledge, that: A. the consolidated financial statements of the Group for the year ended 31 December 2024, that are presented on pages 102 to 184: (i) have been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union, and in accordance with the provisions of section (4) of Article 9, of the Law; and (ii) give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group; and B. the Management Report provides a fair review of the information required by section (7) of Article 9, of the Law.

Annual Report 2024 Back to Table of Contents 94 Independent Auditors’ Report 09 Annual Report 2024 Back to Table of Contents 94

Annual Report 2024 Back to Table of Contents 95 Report on the audit of the consolidated financial statements Opinion We have audited the consolidated financial statements of Theon International PLC (the ‘’Company’’) and its subsidiaries (the ‘’Group’’), which are presented on pages 102 to 184 and comprise the consolidated statement of financial position as at 31 December 2024, and the consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information. In our opinion, the accompanying consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December 2024, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap. 113 (the “Companies Law, Cap.113”). Basis for opinion We conducted our audit in accordance with International Standards on Auditing (‘’ISAs’’). Our responsibilities under those standards are further described in the ‘’Auditor’s responsibilities for the audit of the consolidated financial statements’’’ section of our report. We remained independent of the Group throughout the period of our appointment in accordance with the International Code of Ethics (including International Independence Standards) for Professional Accountants of the International Ethics Standards Board for Accountants (‘’IESBA Code’’) together with the ethical requirements in Cyprus that are relevant to our audit of the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THEON INTERNATIONAL PLC KPMG Limited is a private company limited by shares, registered in Cyprus under registration number HE 132822 with its registered office at 14, Esperidon Street, 1087, Nicosia, Cyprus. Limassol P.O. Box 50161, 3601 T: +357 25 869000 F: +357 25 363842 Paphos P.O. Box 60288, 8101 T: +357 26 943050 F: +357 26 943062 Polis Chrysochous P.O. Box 66014, 8330 T: +357 26 322098 F: +357 26 322722 Larnaca P.O. Box 40075, 6300 T: +357 24 200000 F: +357 24 200200 Paralimni / Ayia Napa P.O. Box 33200, 5311 T: +357 23 820080 F: +357 23 820084 KPMG Limited Chartered Accountants 14 Esperidon Street, 1087 Nicosia, Cyprus P.O. Box 21121, 1502 Nicosia, Cyprus T: +357 22 209000, F: +357 22 678200

Annual Report 2024 Back to Table of Contents 96 Key audit matters incorporating the most significant risks of material misstatements, including assessed risk of material misstatements due to fraud Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Revenue Recognition Refer to note 10 of the consolidated financial statements Key audit matter How the matter was addressed in our audit The Group’s revenue for the year ended 31 December 2024 amounted to €352.364.019. Due to the significance of the amounts, the volume of transactions, the inherent risk of revenue recognition at the wrong time and amount and due to the nature of the Group’s operations, we have concluded that revenue recognition is considered to be a key audit matter. Our audit procedures regarding the Revenue recognition included amongst others the following: • Obtained and examined the Group’s accounting policy with respect to revenue recognition and ensured that the policy is in compliance with the provisions of IFRS 15. • Assessed the design and implementation of controls related to revenue. • A sample of sales transactions which was derived from the general ledger and selected using statistical sampling methods, has been vouched to the related sales contracts or purchase orders submitted by clients, delivery notes, invoices, CMRs (shipping documents). Subsequent settlement of invoices was also examined. • For a sample of sales transactions that occurred close to the reporting date, selected using the specific items sampling method, we have examined the related sales documentation (delivery notes, invoices, CMRs and collections against the relevant invoices) to assess whether revenue has been properly recognized in the correct accounting period. • A sample of credit notes issued subsequent to 31 December 2024 has been examined in order to assess whether they have been properly recognized in the correct accounting period. • Considered adequacy of the disclosures in the consolidated financial statements. INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THEON INTERNATIONAL PLC

Annual Report 2024 Back to Table of Contents 97 Reporting on other information The Board of Directors is responsible for the other information. The other information comprises the information included in the Annual Report but does not include the financial statements and the auditors’ report thereon. Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon, except as required by the Companies Law, Cap.113. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. With regards to the other information, with the exception of the Management Report and the Corporate Governance Report, we have nothing to report. With regards to the Management Report and the Corporate Governance Report, our report in this regard is presented in the ‘’Report on other legal and regulatory requirements’’ section. Responsibilities of the Board of Directors and Those Charged with Governance for the Consolidated Financial Statements The Board of Directors is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the European Union and the requirements of the Companies Law, Cap. 113 and for such internal control as the Board of Directors determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless there is an intention to either liquidate the Company or to cease the Group’s operations, or there is no realistic alternative but to do so. The Board of Directors and those charged with governance are responsible for overseeing the Group’s financial reporting process. INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THEON INTERNATIONAL PLC

Annual Report 2024 Back to Table of Contents 98 Auditor’s responsibilities for the audit of the consolidated financial statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors. • Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves a true and fair view. • Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THEON INTERNATIONAL PLC

Annual Report 2024 Back to Table of Contents 99 Auditor’s responsibilities for the audit of the consolidated financial statements (continued) We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. Report on other regulatory and legal requirements Other regulatory requirements Requirements of Article 10(2) of European Union (EU) Regulation 537/2014: Date of appointment and period of engagement We were first appointed auditors of the Company on 16 August 2023 by the General Meeting of the Company’s members to audit the financial statements of the Company for the year ended 31 December 2023. Our total uninterrupted period of engagement is 2 years covering the periods ended 31 December 2023 to 31 December 2024. Consistency of auditors’ report to the additional report to the Audit Committee We confirm that our audit opinion on the consolidated financial statements expressed in this report is consistent with the additional report presented to the Audit Committee of the Company, which is dated 14 April 2025, in accordance with Article 11 of the EU Regulation 537/2014. Provision of Non-audit Services (‘NAS’) We have not provided any prohibited NAS referred to in Article 5 of EU Regulation 537/2014 as applied by Section 72 of the Auditors Law of 2017, L.53(I)2017 (‘’Law L.53(I)/2017’’). European Single Electronic Format We have examined the digital files of the European Single Electronic Format (ESEF) of Theon International PLC for the year ended 31 December 2024 comprising an XHTML file which includes the consolidated financial statements for the year then ended and XBRL files with the marking up carried out by the entity of the consolidated statement of financial position as at 31 December 2024, and the consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for the year then ended, and all disclosures made in the consolidated financial statements or made by cross-reference therein to other parts of the annual financial report for the year ended 31 December 2024 that correspond to the elements in Table 1 of Annex II of the EU Delegated Regulation 2019/815 of 17 December 2018 of the European Commission, as amended from time to time (the “ESEF Regulation”) (the “digital files”). INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THEON INTERNATIONAL PLC

Annual Report 2024 Back to Table of Contents 100 European Single Electronic Format (continued) The Board of Directors of Theon International PLC is responsible for preparing and submitting the consolidated financial statements for the year ended 31 December 2024 in accordance with the requirements set out in the ESEF Regulation. Our responsibility is to examine the digital files prepared by the Board of Directors of Theon International PLC. According to the Audit Guidelines issued by the Institute of Certified Public Accountants of Cyprus (the “Audit Guidelines”), we are required to plan and perform our audit procedures in order to examine whether the content of the consolidated financial statements included in the digital files correspond to the consolidated financial statements we have audited, and whether the format and marking up included in the digital files have been prepared in all material respects, in accordance with the requirements of the ESEF Regulation. In our opinion, the digital files examined correspond to the consolidated financial statements, and the consolidated financial statements included in the digital files, are presented and marked-up, in all material respects, in accordance with the requirements of the ESEF Regulation. Other legal requirements Pursuant to the additional requirements of law L.53( Ι)/2017, and based on the work undertaken in the course of our audit, we report the following: • In our opinion, the Management Report, the preparation of which is the responsibility of the Board of Directors, has been prepared in accordance with the requirements of the Companies Law, Cap 113, and the information given is consistent with the consolidated financial statements. • In the light of the knowledge and understanding of the business and the Group’s environment obtained in the course of the audit, we have not identified material misstatements in the Management Report. • In our opinion, based on the work undertaken in the course of our audit, the information included in the corporate governance statement in accordance with the requirements of subparagraphs (iv) and (v) of paragraph 2(a) of Article 151 of the Companies Law, Cap. 113, have been prepared in accordance with the requirements of the Companies Law, Cap, 113, and is consistent with the consolidated financial statements. • In light of the knowledge and understanding of the Group and its environment obtained in the course of the audit, we are required to report if we have identified material misstatements in the corporate governance statement in relation to the information disclosed for items (iv) and (v) of the subparagraph 2(a) of Article 151 of the Companies Law, Cap. 113. We have not identified any material misstatements in this respect. • In our opinion, based on the work undertaken in the course of our audit, the corporate governance statement includes all information referred to in subparagraphs (i), (ii), (iii), (vi) and (vii) of paragraph 2(a) of Article 151 of the Companies Law, Cap.113. INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THEON INTERNATIONAL PLC

Annual Report 2024 Back to Table of Contents 101 Other matter This report, including the opinion, has been prepared for and only for the Company’s members as a body in accordance with Article 10(1) of the EU Regulation 537/2014 and Section 69 of Law L.53( Ι)/2017 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whose knowledge this report may come to. The engagement partner on the audit resulting in this independent auditor’s report is Antonis I. Shiammoutis. Antonis I. Shiammoutis, FCA Certified Public Accountant and Registered Auditor for and on behalf of KPMG Limited Certified Public Accountants and Registered Auditors 14 Esperidon Street 1087 Nicosia Cyprus 14 April 2025 INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THEON INTERNATIONAL PLC

Annual Report 2024 Back to Table of Contents 102 CONSOLIDATED STATEMENT of financial position 10 Annual Report 2024 Back to Table of Contents 102

Annual Report 2024 Back to Table of Contents 103 Consolidated statement of financial position (1/2) The notes on pages 112 -184 are an integral part of the consolidated financial statements. IN EURO Note 31 December 2024 31 December 2023 Assets Property, plant and equipment 17. 32,382,731 17,358,467 Intangible assets and goodwill 18. 22,115,520 1,470,095 Right-of-use assets 19. 1,034,232 908,907 Investment property 20. 641,662 703,802 Investment in equity-accounted investees 22. 3,546,272 1,099,085 Other non-current assets 177,945 150,932 Other financial assets 26. 14,505 - Deferred tax assets 14. 1,027,877 48,258 Non-current assets 60,940,744 21,739,546 Inventories 24. 75,897,083 63,613,462 Trade accounts receivable 25. 125,949,916 46,087,790 Other receivables 25. 7,620,624 10,977,857 Other financial assets 26. 721,746 208,156 Prepayments 27. 3,499,908 2,255,011 Term deposits 38a. 30,000,000 - Cash and cash equivalents 28. 87,805,420 65,639,067 Current assets 331,494,697 188,781,343 Total assets 392,435,441 210,520,889

Annual Report 2024 Back to Table of Contents 104 On 14 April 2025, the Board of Directors of Theon International Plc authorized the issuance of these consolidated financial statements. CEO & Vice Chairman of the Board of Directors Christianos Hadjiminas Director Stelios Anastasiou Consolidated statement of financial position (2/2) The notes on pages 112 -184 are an integral part of the consolidated financial statements. IN EURO Note 31 December 2024 31 December 2023 Equity Share Capital 29. 700,000 600,000 Capital Reserve 29. 93,917,316 - Merger Reserve 29. (27,937,057) (27,937,057) Reserves 30. 157,685,137 104,694,565 Equity attributable to the owners of the Company 224,365,396 77,357,508 Non-controlling interests 29. 11,837,225 - Total equity 236,202,621 77,357,508 Liabilities Loans and borrowings 31. 46,767,331 25,521,669 Amount owed for share buy-back 29. - 6,656,157 Provision for staff retirement indemnities 15. 294,140 198,320 Lease liabilities 19. 533,644 564,634 Government grants 32. 50,623 128,257 Deferred tax liabilities 14. 1,034,085 - Non-current liabilities 48,679,823 33,069,037 Trade accounts payable 33. 36,382,023 41,811,689 Lease liabilities 19. 512,680 401,526 Loans and borrowings 31. 28,280,395 25,391,700 Amount owed for share buy-back 29. 6,661,494 6,984,086 Contract liabilities 34. 4,859,278 5,240,112 Income tax payable 14,802,925 7,974,569 Accrued and other current liabilities 33. 16,054,202 12,290,662 Current liabilities 107,552,997 100,094,344 Total liabilities 156,232,820 133,163,381 Total equity and liabilities 392,435,441 210,520,889

Annual Report 2024 Back to Table of Contents 100 CONSOLIDATED STATEMENT of profit or loss and other comprehensive income 11 Annual Report 2024

Annual Report 2024 Back to Table of Contents 106 Consolidated statement of profit or loss and other comprehensive income For the year ended 31 December The notes on pages 112 -184 are an integral part of the consolidated financial statements. IN EURO Note 2024 2023 Revenue 10. 352,364,019 218,722,904 Cost of sales 11c. (243,154,074) (148,511,795) Gross profit 109,209,945 70,211,109 Other income 11a. 1,635,272 496,641 Administrative expenses 11c. (14,357,687) (9,326,455) Selling and distribution expenses 11c. (3,734,355) (2,744,204) Research and development expenses 11c. (4,799,400) (2,807,368) Impairment loss on financial assets 25., 26. (662,622) - Other expenses 11b. (439,302) (92,152) Operating profit 86,851,851 55,737,571 Finance income 5,369,212 681,119 Finance costs (7,970,294) (7,137,587) Net finance costs 12. (2,601,082) (6,456,468) Share of profit of equity-accounted investees 22. 2,447,187 585,614 Profit before tax 86,697,956 49,866,717 Income tax expense 13. (20,169,815) (13,187,548) Deferred tax 14. 910,854 (583,581) Profit for the year after tax 67,438,995 36,095,588 IN EURO Note 2024 2023 Other comprehensive income Items that will not be reclassified to profit or loss Staff leaving indemnity 15. (49,442) (317) Deferred tax 14. 10,877 70 Merger Reserve - 10,341 (38,565) 10,094 Items that are or may be reclassified subsequently to profit or loss Foreign currency translation reserves 43,438 2,709,690 43,438 2,709,690 Other comprehensive income for the year, net of tax 4,873 2,719,784 Total comprehensive income for the year 67,443,868 38,815,373 Profit attributable to: Owners of the Company 67,420,163 36,095,588 Non-controlling interests 29. 18,832 - 67,438,995 36,095,588 Total comprehensive income attributable to: Owners of the Company 67,425, 036 38,815,373 Non-controlling interests 29. 18,832 - 67,443, 868 38,815,373 Earnings per share Basic earnings per share 16. 0.98 0.60 Diluted earnings per share 16. 0.98 0.60 Adjusted Earnings before interest, tax, depreciation and amortisation (Adj EBITDA) 39. 90,896,347 57,741,171