We have reconsidered dyon solutions of Einstein–Yang–Mills–Higgs theory, in the limit of vanishing Higgs potential. Dyon solutions then exist for arbitrarily large values of the charge. As the charge becomes large, the coupled system of Einstein–Yang–Mills–Higgs equations decomposes into a single equation for the magnetic gauge potential, and a coupled system of equations for the metric, the electric gauge potential and the scalar field. This system of equations is equivalent to the set of Einstein–Maxwell-scalar equations, studied by Penney in a different parametrization.