Helsinki, Finland – August 13, 2025 — Varjo, the technology leader in military-grade virtual and mixed reality solutions, today announced a strategic partnership with THEON, a global leader in advanced defense technologies. THEON has committed a €5 million minority investment in Varjo via a convertible loan, with an option to invest an additional €5 million under the same terms. The companies have agreed to collaborate closely on multiple product and business initiatives.

Founded in 2016, Varjo delivers the world’s most advanced VR/XR headsets and software for aerospace and defense customers worldwide. This new collaboration will combine THEON’s deep expertise in defense systems with Varjo’s state-of-the-art immersive hardware and software to drive product innovation and expand applications in high-fidelity training and simulation.

The investment will strengthen Varjo’s capabilities to deliver military-grade realism through next-generation immersive technologies. It also supports THEON’s broader digital expansion under the THEON NEXT initiative, with a focus on developing high-technology innovations for defense applications.

“We are proud to welcome THEON as a strategic investor in Varjo,” said Timo Toikkanen, CEO of Varjo. “Since our inception, we have been creating the most advanced VR/XR military systems globally. THEON’s extensive experience and leadership in the defense sector make them an ideal partner as we expand our impact in mission-critical training and simulation, enabling unprecedented levels of realism, readiness, and operational effectiveness.”

Christian Hadjiminas, CEO of THEON, commented: “Our investment in Varjo under the THEON NEXT initiative deepens our reach into the European innovation ecosystem and gives THEON access to unique capabilities in visual display systems and projecting technology. Together, we are pushing the frontier of digital defense technology.”

For more information: press@varjo.com

About Varjo

Varjo is the world-leading provider of military-grade virtual and mixed reality solutions, delivering the highest levels of immersion, performance, and security for the most demanding industrial customers globally. Used by over 25% of the Fortune 100 to transform how they operate, we are known for virtual and mixed reality that look and feel as real as the real world, allowing modernizing training across land, sea, air, and beyond.

Our hardware and software solutions integrate with the world’s largest ecosystem of professional 3D software, image generators, and advanced simulator hardware. With Varjo’s offering, including the latest XR-4 Series and the government-compliant XR-4 Secure Edition, our customers can recreate the exact feeling and conditions of real life in 3D, allowing them to train faster, better, and more cost-effectively.

About THEON GROUP

THEON GROUP of companies develops and manufactures cutting-edge night vision and thermal Imaging systems for Defense and Security applications with a global footprint. THEON GROUP started its operations in 1997 from Greece and today occupies a leading role in the sector thanks to its international presence through subsidiaries and production facilities in Greece, Cyprus, Germany, the Baltics, the United States, the Gulf States, Switzerland, Denmark, Belgium, Singapore and South Korea. THEON GROUP has more than 220,000 systems in service with Armed and Special Forces in 71 countries around the world, 26 of which are NATO countries. THEON INTERNATIONAL PLC has been listed on Euronext Amsterdam (AMS: THEON) since February 2024.