IBA reports strong Half Year 2025 results, transforming towards a more profitable business

Louvain-la-Neuve, Belgium, 28 August 2025 – IBA (Ion Beam Applications S.A), the world leader in particle accelerator technology, today announces its consolidated results for the first half of 2025.

• High revenue growth and improved profitability in H1 driven by accelerated backlog conversion

  • Net sales rose 40% vs. H1 2024, to EUR 304.9 million, with IBA Clinical and IBA Technologies increasing by 47% and 30% respectively thanks to well-executed backlog conversion

  • Gross margin decreased to 29.5% vs. 32.6% in H1 2024, driven by less favorable equipment profitability mix (including legacy low-margin projects in Proton Therapy) partially offset by productivity improvements

  • REBIT stood at EUR 10.6 million vs. EUR 0.0 million in H1 2024 with OPEX under control at 26% of total net sales and IBA Clinical achieving break-even REBIT

  • Net loss of EUR 6 million reflecting targeted, non-recurring expenses such as the migration to a new ERP system[1], and foreign exchange fluctuations (primarily EUR/USD)

[1] Enterprise Resource Planning system, anticipated to be completed by early 2026

• Equipment order intake at EUR 107 million (-7% vs H1 2024) with a solid start of the year from IBA Technologies (+10%) driven by RadioPharma Solutions. Despite lower H1 order intake for Proton Therapy (-35%), strong pipelines and accelerated contract activations are expected to drive improvements in H2, backed by contracts already signed post period end with three additional Proteus^®ONE solutions sold. The Proton Therapy order intake to date therefore amounts to four Proteus^®

• Backlog decreased to EUR 1.3 billion from previous all-time high, driven by an increase in backlog conversion while order intake is expected to be H2-weighted.

• Net financial position: working capital has been impacted by strong growth momentum and some third parties delays in project milestones. As a result, the Group reported a EUR 30 million net debt position at period-end, having drawn EUR 30 million from revolving credit lines. Revolving credit facilities were increased from EUR 60 million to EUR 80 million in July to answer these short-term financial needs and wider market conditions. The working capital cycle is expected to normalize as large proton therapy orders (in Spain and China) are delivered and installed

• PanTera began producing Actinium-225 in Belgium in late June, as previously announced, to support clinical trials under its “early supply” program. Groundbreaking for large-scale facility expected in Q4.

• New CFO onboard: Catherine Vandenborre started her role on July 1^st as CFO and Head of the IBA Corporate Entity

• Reaffirmed 2025 guidance and mid-term outlook: IBA is highly confident in its capacity to deliver a Group REBIT of at least EUR 25 million by year-end supported by positive REBIT in Proton Therapy. IBA also reiterates the mid-term (2024-2028) guidance given at its Capital Market Day in April, while acknowledging external risks in the geopolitical landscape

Olivier Legrain, Chief Executive Officer of IBA, commented: “We are pleased to report a strong first half of the year, marked by well-executed backlog conversion and well-managed operating expenses, which have contributed to the improved financial performance.

As we reach this inflection point, the impact of our strategic initiatives is becoming increasingly evident. Our key growth drivers continue to build momentum, positioning us favourably for a sustainable and profitable growth.

We remain dedicated to delivering continued value for our stakeholders, confident in our ability to build on this foundation of growth and resilience.”

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