IBA delivers strong FY 2025 results with solid execution in all segments

Louvain-la-Neuve, Belgium, 27 March 2026 – IBA (Ion Beam Applications S.A.), today announces its consolidated results of 2025 financial year, with strong execution across the businesses. 

Robust commercial momentum, notably in Proton Therapy, resulted in a historic order intake and a new all-time high backlog. Delivered in line with guidance, the year marks continued progress in the execution of IBA’s strategic roadmap to the benefit of all its stakeholders. 

Press Release

Record-high revenue and enhanced profitability 

  • Net sales rose 24% vs. 2024, to €620 million, thanks to well-executed backlog conversion in IBA Clinical (+44% net sales growth)  
  • Gross margin decreased to 32.2% vs. 33.7% in 2024, driven by less favorable equipment profitability mix (including legacy low-margin projects in Proton Therapy) partially offset by productivity improvements  
  • Adjusted EBIT increased to €27.4 million (+58% YoY), with Proton Therapy delivering a strong positive Adjusted EBIT contribution of €10 million, supported by Group OpEx under control at 28% of total sales while fueling IBA’s future growth 
  • Net results increased to € 12.7 million (+38% YoY), resulting in Earnings per Share of € 0.43 

 

(EUR Million)  FY 2025  FY 20241  % change 
Total net sales  620.2  498.2  24% 
  IBA Clinical  395.3  274.6  44% 
  IBA Technologies  224.9  223.5  1% 
Gross profit  199.6  168.1  19% 
    Gross margin  32.2%  33.7%   
OpEx   172.2  150.8  14% 
Adjusted EBITDA  49.4  32.0  54% 
     Adjusted EBITDA margin  8.0%  6.4%   
Adjusted EBIT  27.4  17.3  58% 
    Adjusted EBIT margin  4.4%  3.5%   
Profit before tax  18.8  14.9  26% 
    Pretax profit margin  3.0%  3.0%   
Net result  12.7  9.3  38% 
    Net margin  2.1%  1.9%   
Earnings per Share  0.43  0.32  38% 

 

  • Strong growth in equipment order intake, landing at €452 million, (+41% YoY) driven by IBA Clinical (+81%), with Proton Therapy achieving its second-best year ever in terms of rooms sold. IBA Technologies delivered a solid equipment order intake (€142 million, -5% YoY), with a normalization in Industrial Solutions following record-high years, combined with a strong commercial traction in RadioPharma Solutions businesses.  
  • Backlog at €1.6 billion, a new all-time high, including €0.78 billion and €0.822 billion in equipment and services backlog respectively, providing significant visibility for the future. Two year rolling equipment book-to-bill at 1.0x (vs. 0.9x in 2024), given the very strong order intake. 
  • Acquisition of ORA, a global trailblazer in radiochemistry, consolidated within the IBA Technologies segment, expanding IBA’s strategic leadership in the fast-developing and promising field of Nuclear Medicine. 
  • Reported net debt position at €58 million as of December 31 (vs. €60M in September 30, 2025), including ORA acquisition (€17 million). The working capital cycle continues to be driven by the delivery of large proton therapy projects in Spain and China, with a progressive improvement expected as Spanish deliveries advance, accelerating from 2027. On a like-for-like basis, i.e. excluding ORA acquisition, net debt position would have improved to €41 million, reflecting strong year-end operating cash flow generation.  
  • Successful closing of a €125 million bank refinancing package, strengthening IBA’s financial structure and ensuring alignment between the evolving working capital cycle and strategic investment priorities. 
  • PanTera marked a key milestone in 2025, with the start of construction of its commercial-scale 225Ac production facility, while continuing weekly production at full capacity to support clinical trials and compassionate care.  
  • FY 2025 Adjusted EBIT guidance met: at least €25 million, supported by well under control OpEx and an exceeding positive Adjusted EBIT contribution from Proton Therapy. IBA sets a Group Adjusted EBIT of at least €32 million for FY 2026, building on the strong execution delivered in 2025 and the momentum across its businesses, and reaffirms mid-term outlook. 
  • Dividend proposal of €0.25 per share subject to Annual General Meeting approval on June 10th. 
  • Launch of share buyback program post period end to buy a maximum of 400,000 ordinary shares to cover company’s obligations of shares delivery as part of long-term incentive plans. 

 

Olivier Legrain, Chief Executive Officer of IBA commented: “2025 marked a year of strong execution for IBA, with a record-high revenue and improved profitability, enabling us to deliver on our guidance. Momentum across our core businesses is robust, supported by continued progress in Proton Therapy and growing engagement in nuclear medicine. With a strengthened financial structure and increased visibility on future activity, we are well positioned to build on this momentum and continue executing our strategy with confidence.” 

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