Ion Beam Applications Sa · EURONEXT:IBAB
Ion Beam Applications Sa — H1 2026 Earnings Presentation
46 slides from Ion Beam Applications Sa's earnings presentation, Aug 27, 2026
Slide 1: IBA Half-year results 2026
IBA Half-year results 2026 August 27th, 2026 PUBLIC
Slide 2: Today’s speakers
Today’s speakers Olivier Legrain Henri de Romrée Catherine Vandenborre Chief Executive Officer Deputy Chief Executive Officer Chief Ventures & Corporate Officer 2 PUBLIC
Slide 3: 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 3 PUBLIC
Slide 4: 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 4 PUBLIC
Slide 5: H1 2026: on track with an improved profitability trajectory
H1 2026: on track with an improved profitability trajectory HIGHLIGHTS • Robust H1 performance o Growing revenue €324M (+6%) o Adjusted EBIT €17.6M (+66%) o Net result €9.3M • Profitability trajectory confirmed o Gross margin 33.7% vs 29.5% o Proton Therapy Adj. EBIT €12.3M • Sustained growth engine
Slide 6: Strong order intake and stable backlog at €1.6B
Strong order intake and stable backlog at €1.6B HIGHLIGHTS vs. H1 2025 comparable figures Backlog Services backlog Two-year equipment book-to-bill 1 €1.6B €0.8B 0.9x stable vs. FY2025 vs. 1.0x in FY2025 IBA Technologies Proton Therapy Equipment order systems sold rooms sold intake 10 systems 5 rooms
Slide 7: Growth and improved profitability, with Net result of €9.3 M
Growth and improved profitability, with Net result of €9.3 M HIGHLIGHTS vs. H1 2025 comparable figures Revenue Adjusted Net 2026 EBIT leverage Guidance ratio1 Adj. EBIT € 323.7M € 17.6M 1.14x > €32M +€18.8M + €7.0M vs. 0.54x reaffirmed Gross Net debt Net margin position result 33.7% € 81M € 9.3M + 4
Slide 8: Leadership team and Board strengthened to support IBA’s growth
Leadership team and Board strengthened to support IBA’s growth LEADERSHIP TEAM OL HR CV Olivier Legrain Henri de Romrée Catherine Vandenborre Chief Executive Officer Deputy CEO Chief Ventures & Corporate Officer Appointed Vice-Chairman of the Assumes strategic & operational Leads strategic partnersh
Slide 9: 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 9 PUBLIC
Slide 10: BUSINESS REVIEW – CLINICAL
BUSINESS REVIEW – CLINICAL IBA Clinical BUSINESS REVIEW 10 PUBLIC
Slide 11: 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 • ConformalFLASH® FDA IDE • Value capture through • myQA StarTrack³ released clinical evidence approval for first-in-human unique combined p
Slide 12: Expanding Proton Therapy global reach towards sites, up +11%
Expanding Proton Therapy global reach towards 93 sites, up +11% since end-H1 2025 BUSINESS REVIEW – CLINICAL AMERICAS EMEA APAC TOTAL 47 19 operating sites 17 operating sites 11 operating sites installed base + + + TOTAL 11 5 in installation 3 in installation 3 in installation installations + + + TO
Slide 13: Sustaining Proton Therapy market leadership
Sustaining Proton Therapy market leadership BUSINESS REVIEW – CLINICAL Evolution of the market share of new rooms sold Total market share H1 2025 H1 2026 Total market share in PT rooms 2 Others Hitachi 9%3 19% Mevion IBA: 31% 9% 5 rooms IBA Mevion 42% 50% IBA: 50% Hitachi 19% 3 Mevion 31% CGN 19% 1
Slide 14: Expanding clinical evidence pipeline supporting momentum for proton therapy
Expanding clinical evidence pipeline supporting momentum for proton therapy BUSINESS REVIEW – CLINICAL NUMBER OF PATIENTS PER ONGOING PHASE III CLINICAL TRIAL PT VS. RT 2,652 35 major phase III 246 clinical trials covering >10K patients 1,502 1,342 1,184 115 1,238 146 330 951 892 100 300 604 192 396
Slide 15: Stable backlog thanks to strong order intake in PT
Stable backlog thanks to strong order intake in PT BUSINESS REVIEW – CLINICAL REVENUE BACKLOG (EXCL. INTERCO FOR DOSIMETRY), M€ Proton Therapy Dosimetry EQUIPMENT SERVICE TOTAL BACKLOG PT upgrades Not including the 10 Spanish PT projects ~0% ~0% 1,370 1,369 ~0% 806 802 23 30 697 695 693 25 24 20 541
Slide 16: PT: Adj. EBIT of €12.3 million and strong equipment order intake
PT : Adj. EBIT of €12.3 million and strong equipment order BUSINESS REVIEW – CLINICAL intake • Solid net sales at €167.7 million (+8% YoY) (€ Million) H1 2026 H1 2025 Change % • Equipment sales increased +12% vs. H1 2025, from sustained equipment backlog conversion translated into Equipment 101.7 90
Slide 17: DOSIMETRY: profitability impacted by market headwinds
DOSIMETRY : profitability impacted by market headwinds, BUSINESS REVIEW – CLINICAL cost-reduction measures to partially offset in H2 • Net sales decreased to €30.8million (-11% YoY) reflecting continued pressure in medical imaging and radiation therapy, followed by slower backlog (€ Million) H1 2026
Slide 18: BUSINESS REVIEW – TECHNOLOGIES
BUSINESS REVIEW – TECHNOLOGIES IBA Technologies BUSINESS REVIEW PUBLIC
Slide 19: IBA Technologies strategic progress
IBA Technologies strategic progress BUSINESS REVIEW – TECHNOLOGIES Industrial RadioPharma Presented at CMD Progress Presented at CMD Progress • Accelerator-based • Backlog execution • “White spaces” • Sustained commercial sterilization milestones: first large-scale X- in the diagnostic market moment
Slide 20: Industrial: launch of Rhodotron LITE, expanding X-ray portfolio
Industrial: launch of Rhodotron® LITE, BUSINESS REVIEW – TECHNOLOGIES expanding X-ray portfolio into the low-capacity segment Introducing the new Rhodotron® LITE Extends the Rhodotron® X-ray platform into low power • Based on IBA's established Rhodotron® technology • Designed for lower-capacity faci
Slide 21: Industrial: Covid and incremental capacity created over-capacity
Industrial: Covid and incremental capacity created over- BUSINESS REVIEW – TECHNOLOGIES capacity PALLETS STERILIZED WITH E-BEAM/X-RAY TECHNOLOGY, IN MILLION Market demand Market demand excl. COVID effect Market capacity Demand expected to meet 50 capacity by 2028-2029 Market remains in over- 45 capa
Slide 22: RPS: launch of Cyclone iKure for Astatine-211 industrial production
RPS: catalogue expansion marked by the launch of Cyclone® iKure for Astatine-211 industrial production BUSINESS REVIEW – TECHNOLOGIES Cyclone® KEY Cyclone® 30XP Allowing to produce all 9.2 MeV 15-30 MeV accelerator-based isotopes 100 µA 500 µA 2022 2010 Cyclone® KIUBE Cyclone® 70 18 MeV 30-70 MeV 30
Slide 23: Backlog decreasing given sustained conversion
Backlog decreasing given sustained conversion BUSINESS REVIEW – TECHNOLOGIES REVENUE BACKLOG, M€ IBA Technologies IBA Technologies upgrades EQUIPMENT SERVICE TOTAL BACKLOG Most Technologies contract signed for 1 year and invoiced annually -18% -17% 248 247 230 231 218 190 181 11 12 14 13 9 2022 2023
Slide 24: Technologies: 6.5% adj. EBIT margin reflecting product mix and R&D
Technologies: 6.5% adj. EBIT margin reflecting BUSINESS REVIEW – TECHNOLOGIES product mix and R&D investments • Net sales increased to €127.0 million (+10% YoY) (EUR Million) H1 2026 H1 2025 Change % • Equipment sales increased by12% Equipment 106.6 95.5 12% • Services sales increased by 2% Services
Slide 25: BUSINESS REVIEW - CORPORATE
BUSINESS REVIEW - CORPORATE IBA Corporate BUSINESS REVIEW PUBLIC
Slide 26: New ventures – PanTera
New ventures – PanTera BUSINESS REVIEW - CORPORATE H1 2026 PROGRESS Business Financial • Recognition as a c-GMP producer • Revenue € 13.7M, thanks to weekly of 225Ac by its largest clients production • Regulatory files referenced in • EBITDA € 6.7M clinical trial applications in US and • 4th and fin
Slide 27: Pantera – robust Ac-225 pipeline with +40 clinical trials ongoing
Pantera – robust Ac-225 pipeline with +40 clinical trials ongoing BUSINESS REVIEW - CORPORATE PSMA NET3 Other indications Number of active trials Discover/ Preclinical1 Phase I 20+ 20+ Phase II2 3 Phase III Expected timeline not yet 0 Commercialization publicly communicated 40+ 1 Non-exhaustive list
Slide 28: New Ventures
New Ventures BUSINESS REVIEW - CORPORATE H1 2026 PROGRESS • Equipment development and purchase contract executed with IBA of the demo machine • Favorable market trends, reflecting growing demand for silicon carbide (SiC) power devices in electric vehicle and AI data center applications • Positive re
Slide 29: 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 29 PUBLIC
Slide 30: Profitability up thanks to higher gross margin
Profitability up thanks to higher gross margin, supported by lower financial expenses and equity method FINANCIALS & OUTLOOK Amounts in € Million + €18.9M Impact of Gross Nominal OpEX margin increase increase, yet at to 33.7% 28.7% of Sales Decrease in FOREX impact and positive contribution of Contr
Slide 31: Below Adj. EBIT impacted by ERP upgrade and Dosimetry restructuration
Below Adj. EBIT impacted by ERP upgrade and Dosimetry restructuration FINANCIALS & OUTLOOK € Million H1 2026 • Positive equity method contribution: thanks to share of Adjusted EBIT 17.6 PanTera’s net result that contributed positively € 2.1 million in H1 2026 Equity method result (PanTera) 2.1 Other
Slide 32: Cash evolution since FY 2025
Cash evolution since FY 2025 FINANCIALS & OUTLOOK driven by working capital cycle and financing activities Amounts in € Million Operating CF Investing CF Financing CF 18.2 -25.6 20.0 -17.8 0.3 -4.3 -3.1 -3.0 -3.7 -2.1 64.7 43.6 Gross Net op. cash Change in Income CapEx M&A and New Repayment Acquisit
Slide 33: Updated approach following new ERP impacting balance sheet positions
Updated approach following new ERP results in later FINANCIAS & OUTLOOK inventories allocation, impacting balance sheet positions ILLUSTRATIVE EQUIPMENT PROJECT Procurement - Standard Cost Curve Procurement - Actual costs Installation • Under previous ERP, procurement PoC followed project-specific c
Slide 34: Working Capital increased by 27M€ following backlog conversion
Working Capital increased by 27M€ following backlog FINANCIAS & OUTLOOK conversion, not yet fully translated into invoicing Amounts in € Million +27 Inventory increased by 32M€ mainly due to new methodology following ERP migration (50M€) 167 since machines remain in stock until shipment. 117 135 Inv
Slide 35: 2026 guidance reiterated, outlook unchanged
2026 guidance reiterated, outlook unchanged FINANCIALS & OUTLOOK 2026 Guidance At least 32M€ Group Adjusted EBIT REITERATED Revenue Post high growth period, frontloaded growth of 5-7% CAGR Mid-term OpEx outlook Up to 30% of sales per annum 2024-2028 Adj. EBIT margin Around 10% of revenue by 2028 Add
Slide 36: Closing remarks
Closing remarks CONCLUSION • Proton Therapy: return to sustainable profitability • Technologies: reinforced positioning with new products • PanTera (Ventures): significant value potential • Focus on Dosimetry and working capital • Resilient equipment and services portfolio for the future 36 PUBLIC
Slide 37: Financial calendar
Financial calendar • Business Update Q3 2026 26 November 2026 • Full Year Results 2026 18 March 2027 • Business Update Q1 2027 13 May 2027 • Half Year Results 2027 29 July 2027 37 PUBLIC
Slide 38: 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 39: Asking a question via the phone
Asking a question via the phone *9 ALMOST THERE *6 Wait Ask a question Speak → You will hear a voice → Press *9 on your phone to message on your The voice message will tell raise your hand. phone telling you you to press *6 to talk. Then when it is your turn to you are live. speak. 39 PUBLIC
Slide 40: Asking questions via the webcast
Asking questions via the webcast 1 Raise your hand 2 Wait to be called 3 Toggle Microphone Click the hand icon in the bottom-left toolbar. The icon turns blue — wait for the moderator. Toggle Microphone on (1), then Start Broadcast (2). 4 Get ready to broadcast 5 Microphone on / off 6 Written questi
Slide 41: Thank you!
Thank you! communication@iba-group.com www.iba-worldwide.com PUBLIC
Slide 42: Appendix
Appendix IBA Half-year results 2026 42 PUBLIC
Slide 43: Glossary
Glossary • X-Ray: X-Ray (irradiation), a technology provided by IBA Industrial Solutions • Advance billing: invoicing in excess of revenue recognized (contract liability on the balance sheet) • Backlog: total value of orders that have not been executed/recognized yet • Book-to-bill ratio: ratio of o
Slide 44: Consolidated P&L
Consolidated P&L €M H1 2026 H1 2025 Change % Sales and services 323.7 304.9 6% Cost of sales and services (-) 214.8 214.9 0% Gross profit/(loss) 108.9 90.0 21% 33.7% 29.5% Selling and marketing expenses (-) 17.0 15.9 7% General and administrative expenses (-) 39.4 32.3 22% Research and development e
Slide 45: Consolidated balance sheet
Consolidated balance sheet ASSETS (€M) H1 2026 FY 2025 EQUITY AND LIABILITIES (€M) H1 2026 FY 2025 Goodwill and other intangible assets 43.4 43.1 Share capital and Share premium 86.0 86.0 Property, plant and equipment and Right-of-use Reserves and Retained earnings 32.2 41.2 60.4 59.9 assets EQUITY
Slide 46: Consolidated cash flow
Consolidated cash flow €M H1 2026 H1 2025 Cash flow from operating activities Net cash flow changes before changes in working capital 18.2 7.4 Change in working capital -25.6 -43.1 Income tax paid/received, net -0.8 -1.0 Interest (income)/expenses 1.1 -0.6 Net cash (used in)/generated from operation
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