Slide 1: IBA Half-year results 2025
IBA Half-year results 2025 August 28th, 2025 PUBLIC
Slide 2: Disclaimer
Disclaimer • This presentation may contain forward-looking statements. • All statements other than statements of historical facts, including statements regarding IBA’s objectives, plans, goals, strategies, future growth and growth drivers, industry outlook, future orders, revenue, backlog, earnings
Slide 3: Today's speakers
Today’s speakers Olivier Legrain Henri de Romrée Catherine Vandenborre Chief Executive Officer Deputy Chief Executive Officer Chief Financial Officer IBA Clinical Lead IBA Technologies Lead IBA Corporate Lead 3 PUBLIC
Slide 4: Agenda
Agenda Highlights Summary of key achievements for the period Business Review Review results & strategic progress of each business unit Financials & Outlook Discuss financial performance & outlook 4 PUBLIC
Slide 5: Highlights
Agenda HIGHLIGHTS Highlights Summary of key achievements for the period Business Review Review results & strategic progress of each business unit Financials & Outlook Discuss financial performance & outlook 5 PUBLIC
Slide 6: Backlog conversion and OpEx control driving profitability improvement
Backlog conversion and OpEx control driving profitability improvement HIGHLIGHTS vs. H1 2024 comparable figures Revenue1 REBIT Net 2025 leverage Guidance ratio2 REBIT €304.9M €10.6M 0.62x > €25M + €87.6M (+ 40%) + €10.6M - 1.10x reaffirmed Gross Net debt Net margin position result 29.5% €30M -€2.6M
Slide 7: Order intake supported by post-period contracts
Order intake supported by post-period contracts HIGHLIGHTS vs. H1 2024 comparable figures Backlog1 Order intake1 €1.3B €107M Post-period - €149m - €8m order intake ~ €80M IBA Technologies Proton Therapy systems sold systems sold Incl. 3 Proteus®ONE 14 systems 1 system vs.14 vs.1 1 H1 2024 figures re
Slide 8: Business Review
Agenda BUSINESS REVIEW Highlights Summary of key achievements for the period Business Review Review results & strategic progress of each business unit Financials & Outlook Discuss financial performance & outlook 8 PUBLIC
Slide 9: IBA Clinical
BUSINESS REVIEW – CLINICAL IBA Clinical BUSINESS REVIEW 9 PUBLIC
Slide 10: IBA Clinical strategic progress
IBA Clinical strategic progress BUSINESS REVIEW – CLINICAL Proton Therapy Dosimetry Presented at CMD Progress Presented at CMD Progress • Increased access with • Launch of the Proton • Value capture through • QUASAR® phantom clinical evidence Therapy Academy unique combined MR Simulation in Radio In
Slide 11: Accelerated backlog conversion and H2-weighted order intake
Accelerated backlog conversion BUSINESS REVIEW – CLINICAL and H2-weighted order intake Proton Therapy Dosimetry EQUIPMENT SERVICE TOTAL BACKLOG €M €M Not including the 10 Spanish PT projects and 5 contract renewals -10% taking place in 2025 1,211 41 42 1,092 38 727 26 673 672 672 634 27 481 515 497
Slide 12: Expanding Proton Therapy global reach towards sites
Expanding Proton Therapy global reach towards 84 sites BUSINESS REVIEW – CLINICAL - PT AMERICAS EMEA APAC TOTAL 46 17 operating sites 16 operating sites 13 operating sites installed base + + + TOTAL 9 4 in installation 2 in installation 3 in installation installations + + + TOTAL 29 4 in production
Slide 13: Consolidating Proton Therapy market leadership
Consolidating Proton Therapy market leadership BUSINESS REVIEW – CLINICAL - PT 50% market share in H1 2025 41% overall market share H1 2025 sales of new PT rooms PT rooms in operation 1 Total market share in PT rooms 1 Others Others 13% 9% 2 Mevion 8% 2 IBA IBA Hitachi 44% 41% Mevion IBA Hitachi 21%
Slide 14: Scaling up of Proton Therapy driving performance
Scaling up of Proton Therapy driving performance BUSINESS REVIEW – CLINICAL - PT (€ Million) H1 2025 H1 20241 Change % • Strong net sales at €154.8 million (+55% YoY) Equipment 90.8 38.4 137% • Equipment sales more than doubled (+137%) Services 64.0 61.5 4% from strong acceleration of equipment back
Slide 15: Improving Dosimetry performance
Improving Dosimetry performance BUSINESS REVIEW – CLINICAL - DOSI (€ Million) H1 2025 H1 20241 Change % • Solid net sales of €34.8million (+ 9% YoY) Net sales 34.8 31.8 9% resisting the challenging regional dynamics in REBIT 2.3 1.1 109% U.S. and China REBIT margin 6.5% 3.5% • REBIT increased to €2.
Slide 16: IBA Technologies
BUSINESS REVIEW – TECHNOLOGIES IBA Technologies BUSINESS REVIEW PUBLIC
Slide 17: IBA Technologies strategic progress
IBA Technologies strategic progress BUSINESS REVIEW – TECHNOLOGIES Industrial RadioPharma Presented at CMD Progress Presented at CMD Progress • Accelerator-based • Ongoing market • “White spaces” • Solid commercial traction sterilization dynamics supporting the in the diagnostic market Increase our
Slide 18: Backlog decreasing given accelerated conversion and H2-weighting of order intake
Backlog decreasing given accelerated conversion BUSINESS REVIEW – TECHNOLOGIES and H2-weighting of order intake EQUIPMENT €M -12% 248 247 • IBA Technologies does not present Service Order 231 216 intake : mostly short-term contracts 111 2021 2022 20231 20241 H1 2025 1 2023 and 2024 figures restated
Slide 19: IBA Technologies performance: strong start driven by accelerated backlog conversion
IBA Technologies performance: BUSINESS REVIEW – TECHNOLOGIES Strong start driven by accelerated backlog conversion (EUR Million) H1 2025 H1 20241 Change % • Net sales increased to €115.4 million Equipment 95.5 71.5 34% (+30% YoY) Services 19.9 17.3 15% - Faster equipment backlog conversion Net sales
Slide 20: US tariffs and Chinese procurement law
BUSINESS REVIEW – GEOPOLITICS US tariffs and Chinese procurement law BUSINESS REVIEW PUBLIC
Slide 21: US tariffs: initial assessment confirmed for FY2025
US tariffs: initial assessment confirmed for FY2025 BUSINESS REVIEW – GEOPOLITICS Since Capital Markets Day: • Less uncertainty with tariffs fixed at 15% and no medical device exemption • Local sourcing and procurement opportunities under review • Additional topic: “One Big Beautiful Bill” ; limited
Slide 22: China: Public procurement restrictions limited to Proteus®ONE
China: Public procurement restrictions limited to Proteus®ONE BUSINESS REVIEW – GEOPOLITICS Break-down Impact assessment Mitigation China revenues (before mitigation) Variable depending on product category Large Medical • Proteus®PLUS: no impact, 50- Under review: device thanks to CGN strategic 60%
Slide 23: IBA Corporate
BUSINESS REVIEW - CORPORATE IBA Corporate BUSINESS REVIEW PUBLIC
Slide 24: New ventures – PanTera
New ventures – PanTera BUSINESS REVIEW - CORPORATE What is it about? • Company active in field of 225Ac production, a promising radiotheranostic for cancer treatment • Multiple clinical trials ongoing, spread over Phases I, II and III with unique competitive advantages for large-scale production, co
Slide 25: New ventures – NHa
New ventures – NHa BUSINESS REVIEW - CORPORATE What is it about? • Company developing and commercializing a multi-ion accelerator- based system (incl. carbon ions) • Targeting a.o. radioresistant tumors • Development in partnership with IBA’s R&D teams What’s new? • Major derisking milestone with in
Slide 26: New ventures – mi2-factory
New ventures – mi2-factory BUSINESS REVIEW - CORPORATE What is it about? • Start-up active in the field of power semiconductor chips (silicon carbide), with applications in green mobility (electric vehicles), renewable energy, among others • Advanced technology for implantation/doping of chips • Par
Slide 27: Financials & Outlook
Agenda FINANCIALS & OUTLOOK Highlights Summary of key achievements for the period Business Review Review results & strategic progress of each business unit Financials & Outlook Discuss financial performance & outlook 27 PUBLIC
Slide 28: Improvement of profitability driven by top line growth, and OpEx progressing less than proportionally
Improvement of profitability driven by top line growth, and OpEx progressing less than proportionally FINANCIALS & OUTLOOK Amounts in € Million Contribution of Gross margin in view of compression to 29.5% due to product/project mix Nominal OpEX increase, Contribution of Sales to but with operating l
Slide 29: OpEx increased, yet remained within target
OpEx increased, yet remained within target FINANCIALS & OUTLOOK Amounts in € Million R&D projects acceleration R&D G&A S&M (e.g. imaging, DynamicARC®, CASSY®, PFAS) 79.4 3.7 70.9 4.1 0.7 15.9 15.2 Selected investments to support growth of business (e.g. digital, organization) 32.3 28.2 27.5 31.2 H1
Slide 30: Key efficiency initiatives across IBA value chain
Key efficiency initiatives across IBA value chain FINANCIALS & OUTLOOK Estimated gains Ensure smooth operations € 2M 1 with improved product reliability vs 2024 Improve PT Service economics > € 1M 2 through smart scale up (in 2025) Finalize digital transformation > € 2M 3 supporting more efficient w
Slide 31: Financials impacted by ERP upgrade and Forex
Financials impacted by ERP upgrade and Forex FINANCIALS & OUTLOOK € Million H1 2025 • PanTera: • Equity method: share of PanTera’s net result contributed REBIT 10.6 negatively. Improvement in H2 with start of early supply • Revaluation gain: third tranche of Series A released in PanTera equity metho
Slide 32: Cash evolution driven by working capital cycle
Cash evolution driven by working capital cycle FINANCIALS & OUTLOOK Amounts in € Million Operating CF Investing CF Financing CF 72.2 7.4 -43.1 -6.3 -6.2 30.0 -3.1 -1.6 -5.2 -7.4 36.7 Gross Cash Net op. cash Change in Income CapEx M&A and New Repay. of Other fin. Cash position Gross Cash at beginning
Slide 33: Guidance & outlook reiterated
Guidance & outlook reiterated FINANCIALS & OUTLOOK From a loss of EUR 12M to positive REBIT for Proton Therapy Positive PT REBIT 2025 guidance At least EUR 25M GROUP REBIT Reduced contribution IBA Technologies (project mix, invest.) REVENUE Ortega deal driving front-loaded growth in 2025 (double dig
Slide 34: What to expect for H2 vs. last year?
What to expect for H2 vs. Last year? FINANCIALS & OUTLOOK Amounts in € Million – chart not a scale, for illustration purposes only > 25 • Mainly Opex driven • Reduced contribution compared to H2-2024 and 10.6 following very strong H1-2025 • Improved PT project mix • Increasing PT Services revenue •
Slide 35: Closing remarks
Closing remarks CONCLUSION • Encouraging Order intake • Strong financial performance supported by PT scale-up • Actively managed financial and cash position • On track for FY2025 guidance 35 PUBLIC
Slide 36: Financial calendar
Financial calendar • Business Update Q3 2025 20 November 2025 • Full Year Results 2025 26 March 2026 • Business Update Q1 2026 21 May 2026 • Half Year Results 2026 27 August 2026 36 PUBLIC
Slide 37: Thank you!
Thank you! communication@iba-group.com www.iba-worldwide.com PUBLIC
Slide 38: Appendix
Appendix IBA Half-year results 2025 38 PUBLIC
Slide 39: Total equipment order intake
Total equipment order intake of € 107 million HIGHLIGHTS Amounts in € Million Proton Therapy Dosimetry IBA Technologies 523 175 321 278 67 288 87 104 149 166 -7% 50 67 50 281 66 115 107 54 48 +10% 53 141 117 106 31 -1% 31 62 35 -35% 23 2020 2021 2022 2023 1 20241 H1 2024 1 H1 2025 1 2023 and 2024 fi
Slide 40: Negative net financial position with adequate liquidity
Negative net financial position with adequate liquidity FINANCIAS & OUTLOOK • Net financial position turned negative 36,7 vs. Dec 2024. -7.3 • €7.3 million borrowings comprise amortizing subordinated loans -29.4 provided by Wallonie Entreprendre and SFPIM, maturing in December 2026 • Leases mostly i
Slide 41: Consolidated P&L
Consolidated P&L €M H1 2025 H1 2024 Change % Sales and services 304.9 217.3 40% Cost of sales and services (-) 214.9 146.4 47% Gross profit/(loss) 90.0 70.9 27% 29.5% 32.6% Selling and marketing expenses (-) 15.9 15.2 5% General and administrative expenses (-) 32.3 28.2 15% Research and development
Slide 42: Consolidated balance sheet
Consolidated balance sheet ASSETS (€M) H1 2025 FY 2024 Change EQUITY AND LIABILITIES (€M) H1 2025 FY 2024 Change Goodwill and other intangible assets 24.6 25.7 -1.0 Share capital and Share premium 71.6 69.0 2.6 Property, plant and equipment and Right- Reserves and Retained earnings 47.4 41.9 5.5 55.
Slide 43: Consolidated cash flow
Consolidated cash flow €M H1 2025 H1 2024 Cash flow from operating activities Net cash flow changes before changes in working capital 7.4 -2.0 Change in working capital -42.0 -47.5 Income tax paid/received, net -1.0 -1.1 Interest (income)/expenses -0.6 -0.1 Net cash (used in)/generated from operatio