Ion Beam Applications Sa · EURONEXT:IBAB
Ion Beam Applications Sa — Investor Day (April 2025)
92 slides from Ion Beam Applications Sa's investor day presentation, Apr 7, 2025
Slide 1: IBA Capital Markets Day
IBA Capital Markets Day April 7th, 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: Risk factors
Risk factors The following is a selection of the key risks that relate to IBA (the “Company”)’s industry and business, operations and financial condition, based on the probability of their occurrence and the expected magnitude of their negative impact. The risk factors listed below should not be reg
Slide 4: Today's hosts
Today’s hosts Olivier Legrain Henri de Romrée Thomas Pevenage Chief Executive Officer Deputy Chief Executive Officer Investor Relations Ad interim CFO 4 PUBLIC
Slide 5: Three things to take away
Three things to take away Strong Governance & team Clear path competitive positioning fit for purpose to deliver in growing markets best in class - accountable - engaged our guidance 5 PUBLIC
Slide 6: Agenda
Agenda Purpose, Vision & Strategy What we stand for and where we are heading towards Business Review - Execution Plan & Opportunities Demonstrate plan behind projected trajectory & outline prospects per business unit Financials & Outlook Review dynamics & discuss financials outlook 6 PUBLIC
Slide 7: Agenda: Purpose, Vision & Strategy
Agenda PURPOSE – VISION - STRATEGY Purpose, Vision & Strategy What we stand for and where we are heading towards Business Review - Execution Plan & Opportunities Demonstrate plan behind projected trajectory & outline prospects per business unit Financials & Outlook Review dynamics & discuss financia
Slide 8: IBA today
IBA today PURPOSE – VISION - STRATEGY 40 2,100+ 500+ Years track record Employees Patents & applications 150,000+ 44+ 700+ PT patients treated PT installed base Accelerators sold EUR 498 M EUR 1.5 B 33 % Revenue Backlog Gross Margin EUR 158 M Service Revenue 8 PUBLIC
Slide 9: Strong market leadership driven by technology innovation
Strong market leadership driven by technology innovation PURPOSE – VISION - STRATEGY IBA Technologies IBA Clinical IBA Corporate Industrial RadioPharma Proton Therapy Dosimetry #1 #1 #1 #1 Medical Devices Nuclear Advanced PT Sterilization Medicine Radiation Therapy Dosimetry K E Y I N N O VAT I O N
Slide 10: Global and close to our customers
Global and close to our customers PURPOSE – VISION - STRATEGY Group HQ Louvain-la-Neuve, BE Americas HQ Dosimetry HQ China HQ Herndon, US Schwarzenbruck, DE Beijing, CN AMERICAS EMEA APAC 36%1 38%1 26%1 revenue revenue revenue 18% 71% 11% employees employees employees 17 16 11 op. PT sites op. PT si
Slide 11: Our purpose – and why it matters
Our purpose – and why it matters PURPOSE – VISION - STRATEGY Pioneering vision Giving back to the community by incorporating IBA in its native ecosystem Fostering innovation and the creation of high-quality jobs Promoting management and employees’ involvement Pierre Mottet, Chairman Olivier Legrain,
Slide 12: Our vision
Our vision PURPOSE – VISION - STRATEGY Leading with applied physics Building a diversified and accelerator technology to Fostering strong execution ecosystem of innovation to solve some of humanity’s to drive impact at scale deliver breakthrough solutions deepest challenges • Increasing cancer occur
Slide 13: Strategic market focus
Strategic market focus PURPOSE – VISION - STRATEGY IBA Technologies IBA Clinical Industrial RadioPharma Proton Therapy Dosimetry • Accelerator-based • “White spaces” • Increased access with • Value capture through Increase our sterilization in the diagnostic market clinical evidence unique combined
Slide 14: Robust and balanced target
Robust and balanced target PURPOSE – VISION - STRATEGY Gross margin OPEX REBIT below REBIT nearing below around 40% − 30% = 10% + X • Normalization leveraging • Operating leverage • Target profitability • Upside potential from renewed market dynamics in from topline growth for future investments and
Slide 15: Specifying our profitability improvement levers - toolbox
Specifying our profitability improvement levers - toolbox PURPOSE – VISION - STRATEGY Top line: PT: normalization post-Ortega GROSS MARGIN EQUIPMENT Direct costs optimization: tight project management, continuous improvement and sourcing combined with leverage of indirect costs Direct costs: • Optim
Slide 16: Execution enablers
Execution enablers PURPOSE – VISION - STRATEGY Strong Engaged Entrepreneurship organization team & governance • Clear accountability & • 67 nationalities • Management & Sustainable ownership Anchorage • 46% under 40 years • Empowerment of employees • Implemented best practices at all levels • Low at
Slide 17: Entrepreneurship & governance
Entrepreneurship & governance PURPOSE – VISION - STRATEGY Interest aligned with Diverse Board shareholders with world class independent members (healthcare, industry, finance, sustainability) Sustainable Anchorage IBA management directly ~20% shares or indirectly owns more ~30% votes than 50 % of Su
Slide 18: Transformation through focused entities for enhanced execution
PURPOSE – VISION - STRATEGY Transformation through focused entities for enhanced execution IBA GROUP CEO, Deputy CEO, Founder, CFO and CLO Steer group strategy, investments and capital allocation decisions Inspire and safeguard culture & governance IBA Technologies IBA Clinical IBA Corporate Henri d
Slide 19: Catherine Vandenborre appointed as CFO
PURPOSE – VISION - STRATEGY Catherine Vandenborre appointed as CFO starting July 1, 2025 IBA GROUP CEO, Deputy CEO, Founder, CFO and CLO Steer group strategy, investments and capital allocation decisions Inspire and safeguard culture & governance IBA Technologies IBA Clinical IBA Corporate Henri de
Slide 20: Transformation through focused entities for enhanced execution
PURPOSE – VISION - STRATEGY Transformation through focused entities for enhanced execution IBA GROUP CEO, Deputy CEO, Founder, CFO and CLO Steer group strategy, investments and capital allocation decisions Inspire and safeguard culture & governance IBA Technologies IBA Clinical IBA Corporate Henri d
Slide 21: Reflecting on a decade of IBA's journey
Reflecting on a decade of IBA’s journey PURPOSE – VISION - STRATEGY IBA CONSOLIDATED REVENUE, EUR MILLION Accelerated penetration of Competitive dynamics Renewed market dynamics Inflection Proton Therapy market impacting economics across all business units point New IFRS 15 treatment Normalized PT E
Slide 22: Reaching an inflection point
Reaching an inflection point PURPOSE – VISION - STRATEGY FROM TO Double-digit revenue growth supported by large deals (Ortega Low single digit revenue growth over 2025-2028, tender, post-Covid Industrial order intake) with accelerated commercial momentum Margin erosion led by aggressive competitive
Slide 23: Compelling investment thesis
Compelling investment thesis PURPOSE – VISION - STRATEGY Unique technology platform in applied Mature, profitable and Improving proton Capital-light investments physics Scaling and profitable cash-generating therapy equipment with strong intrinsic proton therapy services Leadership in core IBA Techn
Slide 24: Agenda: Business Review
Agenda BUSINESS REVIEW Purpose, Vision & Strategy What we stand for and where we are heading towards Business Review - Execution Plan & Opportunities Demonstrate plan behind projected trajectory & outline prospects per business unit Financials & Outlook Review dynamics & discuss financials outlook 2
Slide 25: IBA Technologies
BUSINESS REVIEW – TECHNOLOGIES IBA Technologies BUSINESS REVIEW PUBLIC
Slide 26: IBA Industrial Solutions
BUSINESS REVIEW – TECHNOLOGIES – INDUS Thomas Servais President IBA Industrial Solutions Jérémy Brison Industrial Solutions Innovation IBA Industrial Solutions PUBLIC PUBLIC
Slide 27: Markets focus
Markets focus BUSINESS REVIEW – TECHNOLOGIES – INDUS Medical device Polymers Food Environmental sterilization irradiation irradiation applications Core Emerging applications with different level of maturity IBA position Global market leader Re-entering the market Entering the market New market Under
Slide 28: Medical device sterilization
Medical device sterilization BUSINESS REVIEW – TECHNOLOGIES – INDUS 2 types of players 4 technologies 1,000+ products 3 activities Irradiation based Medical devices ~70% ~30% E-beam Single use disposables Small packages of materials placed in front of (e.g., syringes, surgical drape and gowns, contr
Slide 29: Sterilization market technology shifting
Sterilization market technology shifting BUSINESS REVIEW – TECHNOLOGIES – INDUS Main trends MEDICAL DEVICES STERILIZATION MARKET BY TECHNOLOGY (2023), USD BILLION • EtO expected to lose ~4,6 USD B ~2,5 USD B ~2,1 USD B technology share due to safety and health related risks and associated regulation
Slide 30: Path to increasing sterilization market share
Path to increasing sterilization market share BUSINESS REVIEW – TECHNOLOGIES – INDUS VOLUMES BY TECHNOLOGY THAT ARE CAPTURABLE BY IBA BY 2030 Aim to increase accelerator technology EtO Gamma X-Ray/E-Beam share from ~10% to ~15% by 2030 by: 100% 1. Pursuing the next leap forward in pro-active marketi
Slide 31: Unlocking the #1 irradiation market by 2030: China
Unlocking the #1 irradiation market by 2030: China BUSINESS REVIEW – TECHNOLOGIES – INDUS CHINA IRRADIATION ~8.6 STERILIZED SINGLE-USE MEDICAL DEVICES How to unlock & capture the Chinese market? MARKET VOLUME, MILLION M³ • Work with potential local partners to Ethylene oxide advocate for the health
Slide 32: Increase revenue stream from Services through higher value maintenance contracts
Increase revenue stream from Services BUSINESS REVIEW – TECHNOLOGIES – INDUS through higher value maintenance contracts Comprehensive Care Advanced Care Boundless support, with Value guaranteed uptime Care Dedicated support, all year long Customized support, when you need it Date 32 PUBLIC
Slide 33: Rhodotron provides a more sustainable solution for polymer modification
Rhodotron® provides a more sustainable BUSINESS REVIEW – TECHNOLOGIES – INDUS solution for polymer modification Top 10 Polypropylene producers in Europe, North America & Middle East Global plastics market, % MTA1 capacity in 2023 ~500 MTA1 (~600 USD B) 2 systems sold Plastics with no known or likely
Slide 34: Additional opportunity in food applications
Additional opportunity in food applications BUSINESS REVIEW – TECHNOLOGIES – INDUS such as phytosanitary and shelf-life extension IBA is well positioned to The phytosanitary and shelf-life Due to its high flexibility and capture food irradiation market extension market is ~EUR 1B, sustainability, ir
Slide 35: Demonstrating the superiority of electron beams for PFAS destruction
Demonstrating the superiority BUSINESS REVIEW – TECHNOLOGIES – INDUS of electron beams for PFAS destruction POLYFLUORINATED PFAS and other persistent pollutants are increasing concerns CONSUMER GOODS for the environment and public HUMAN EXPOSURE health HEALTH RISKS ▪ CANCER Filtering, concentration
Slide 36: IBA's high power E-beam technology as alternative to incineration
IBA's high power E-beam technology1 as a sustainable BUSINESS REVIEW – TECHNOLOGIES – INDUS alternative to incineration CONSIDERABLE ADVANTAGES compared with other degradation methods Efficient degradation Possible matrix of PFAS in water and reactivation Activated Carbon (AC) Unchanged AC > 90% des
Slide 37: RadioPharma Solutions
BUSINESS REVIEW – TECHNOLOGIES – RPS RadioPharma Solutions Charles Kumps President IBA RadioPharma Solutions PUBLIC
Slide 38: Market at a glance
Market at a glance BUSINESS REVIEW – TECHNOLOGIES – RPS 3 types of players 2 technologies1 70+ products activities ~50% ~40% ~10% Accelerator-based Diagnostic radiotracers Equipment Radiopharmacy Inpatient Research Accelerators Medical imaging • Accelerators facilities & center (e.g. cyclotrons) (e.
Slide 39: IBA active in high-potential markets with distinct dynamics
IBA active in 2 high-potential markets BUSINESS REVIEW – TECHNOLOGIES – RPS with distinct dynamics RADIOPHARMACEUTICAL MARKET TRENDS, DIAGNOSTIC VS. THERAPEUTIC SEGMENTS, ANNUAL SALES, USD BILLION 1 Mature PET diagnostics radiotracers 2 Emerging radiotheranostics ~20 7% p.a. 35% p.a. ~10 ~7.5 ~5 ~3.
Slide 40: Players dynamically positioning themselves across the value chain
Players dynamically positioning themselves BUSINESS REVIEW – TECHNOLOGIES – RPS across the value chain Formulation Equipment Distribution Radioisotope production Radio-labelling Example of players & R&D manufacturing & service & Dispensing < Historically active Newly active No longer active Not acti
Slide 41: IBA is a key enabler in its value chain
IBA is a key enabler in its value chain, with a strategic BUSINESS REVIEW – TECHNOLOGIES – RPS edge to expand outside its historical position Historical market Target growth markets Formulation Equipment Distribution Radioisotope production Radio-labelling & R&D manufacturing & service & Dispensing
Slide 42: Cyclotron market growing at ~6% p.a.
Cyclotron market growing at ~6% p.a., BUSINESS REVIEW – TECHNOLOGIES – RPS limited share of theranostics MEDICAL CYCLOTRONS EQUIPMENT AND SERVICES GEOGRAPHICAL SPLIT, MARKET1 SIZE, USD MILLION ESTIMATED UNITS PER ANNUM Diagnostics - Equipment Therapeutics - Equipment & Services Diagnostics - Service
Slide 43: Cyclotron offering spans across all energies and power
Cyclotron offering spans across all energies and power BUSINESS REVIEW – TECHNOLOGIES – RPS IBA RadioPharma Solutions catalogue Energy Beam current Latest major redesign Cyclone® IKON Solutions 380+ installed worldwide 13-30 MeV 1500 µA 2021 Cyclone® KIUBE Cyclone® 30XP 18 MeV 15-30 MeV 300 µA 500 µ
Slide 44: Cyclotron market - competitive analysis
Cyclotron market - competitive analysis BUSINESS REVIEW – TECHNOLOGIES – RPS Equipment Technology Service Supply chain catalog platform offering scalability How to win? China • Leverage mid-energy high- power and high energy range to win targeted high value deals Complete catalog Entirely redesign
Slide 45: Superior technology translates into tangible benefits for our clients
Superior technology translates into tangible benefits for our clients BUSINESS REVIEW – TECHNOLOGIES – RPS COMPARISON BETWEEN IBA CYCLONE® KIUBE 300 AND ITS MOST POWERFUL COMPETITOR F-18 production1 per run FDG revenue per site FDG EBIT per site ~1.9x ~2.0x ~2.5x Competition Cyclone® Competition Cyc
Slide 46: Second generation theranostics clinically successful
Second generation theranostics are clinically … translating into improved economics successful with USD 2B sales in 2024 for top 2 compared to PET diagnostics assets… BUSINESS REVIEW – TECHNOLOGIES – RPS Drug Indication Annual revenue in USD million Indicative cost per dose in USD Theranostic 1 0 27
Slide 47: Alpha-based theranostics are on the horizon
Alpha-based theranostics are on the horizon BUSINESS REVIEW – TECHNOLOGIES – RPS Second generation: Beta emitter Third generation: Alpha emitter 177 131 67 225 211 212 Promising Lu I Cu Ac At Pb radioisotope Physical properties Moderate energy & long penetration range High energy transfer & <f short
Slide 48: 211At: an ideal candidate for targeted alpha therapy
211At : an ideal candidate for targeted alpha therapy BUSINESS REVIEW – TECHNOLOGIES – RPS A significant improvement on toxicity, patient workflow, cost-effectiveness & supply resilience Promising physico-chemistry properties – ideal for blood brain barrier, and with one single alpha decay Half-life
Slide 49: 211At: an integrated roadmap from bench to bedside
211At : an integrated roadmap from bench to bedside BUSINESS REVIEW – TECHNOLOGIES – RPS Coordinate an ecosystem Partner with key industrial player 1 to pave the way for faster adoption 2 to build scalable supply chain EU funded Deploy a production network in EU and the US in consortium collaboratio
Slide 50: Engineering & Supply Chain
BUSINESS REVIEW – TECHNOLOGIES – SUPPLY CHAIN Engineering & Supply Chain Emmanuel Terrasse Engineering & Supply Chain PUBLIC
Slide 51: An agile and capital efficient industrial model
An agile and capital efficient industrial model BUSINESS REVIEW – TECHNOLOGIES – SUPPLY CHAIN Largely European supply chain Parts & Assembly Testing subassemblies 7500 m2 Belgian industrial Leveraging our partners’ Hybrid model offering Mastering of testing facilities expertise and agility and scala
Slide 52: Building a resilient supply chain to secure delivery
Building a resilient supply chain to secure delivery BUSINESS REVIEW – TECHNOLOGIES – SUPPLY CHAIN Key actions Outcome Development of double sources for critical parts +83% 1 E.g., number of sources for critical parts of Rhodotron® PRODUCTION 53 IN NUMBER OF MACHINES Power Amplifiers 2 PER YEAR supp
Slide 53: Improving industrialization to increase profitability
Improving industrialization to increase profitability BUSINESS REVIEW – TECHNOLOGIES – SUPPLY CHAIN Key actions Outcome EVOLUTION OF INFLATION-ADJUSTED PRODUCTION COST FOR PROTEUS®ONE ACCELERATOR (28 MACHINES DELIVERED) -23% Redesign to Manufacturing 1 E.g., amplifiers for Rhodotron® Reduction of va
Slide 54: New US tariff preliminary review
New US tariff preliminary review BUSINESS REVIEW – TECHNOLOGIES – SUPPLY CHAIN Break-down Estimated Envisaged US revenues Impact mitigations Medium Non-medical 25- equipment • Backlog: most 30% contracts provide that (INDUS, RPS) customer is liable for duties • Any exemption Medical • Order intake:
Slide 55: IBA Clinical
BUSINESS REVIEW – CLINICAL IBA Clinical BUSINESS REVIEW 55 PUBLIC
Slide 56: Proton therapy
BUSINESS REVIEW – CLINICAL - PT Isabelle Hennen Service IBA Proton Therapy Proton therapy Luk Herremans Markets IBA Proton Therapy PUBLIC
Slide 57: Proton therapy as a relevant step forward in RT
Proton therapy as a relevant step forward in RT BUSINESS REVIEW – CLINICAL - PT Improve local control via dose escalation Reduce side effects Decrease risk of developing secondary 2 cancers by up to 69% vs IMRT X Be treatment of choice for re-irradiation Source: ▪ Mitin, T. & Zietman, A.L. (2014). P
Slide 58: Early stages of adoption, with strong growth potential ahead
Early stages of adoption, BUSINESS REVIEW – CLINICAL - PT with strong growth potential ahead... RT PATIENTS RECEIVING PROTON THERAPY, % ▪ Increased access for widely accepted indications1 20% ▪ Growing clinical evidence for more indications with Dutch model larger patient populations and health econ
Slide 59: Improving clinical environment with growing evidence generation
…enabled by an improving clinical environment, with growing evidence generation momentum BUSINESS REVIEW – CLINICAL - PT NUMBER OF PATIENTS PER ONGOING PHASE III CLINICAL TRIAL PT VS. RT 2,815 2,610 17 major studies 1.502 covering >8K patients 1.430 and reaching first trial Preliminary positive resu
Slide 60: IBA is the market leader in the steadily growing PT market
IBA is the market leader in the steadily growing PT market BUSINESS REVIEW – CLINICAL - PT AVERAGE NUMBER OF CENTERS1 PER YEAR OVER 5-YEAR TIME WINDOW ▪ Equipment prod & install Two activities ▪ Customer service Consistent growth over long-term market cycles, with short-term volatility 16 Total EQ m
Slide 61: Significant untapped potential in China
Significant untapped potential in China BUSINESS REVIEW – CLINICAL - PT Sizable, fast-growing potential ▪ >20 PT licenses remaining from China 14th 5-year plan… ▪ …strengthened by evidence generation momentum, ageing population & increasing cancer incidence Upside potential ▪ Untapped potential ahea
Slide 62: Growing installed base translating into improved profitability
Growing installed base translating into improved profitability… BUSINESS REVIEW – CLINICAL - PT 70+ Critical mass resulting in scale effects Today ▪ Service and operations: smart scale of operations & (managerial) activities / staffing ▪ Equipment: reduction of production costs ▪ Innovation / produc
Slide 63: Strengthening across all geographies
Strengthening across all geographies BUSINESS REVIEW – CLINICAL - PT From 44 to 70+ sites in Proton Therapy over 2024-28 AMERICAS EMEA APAC 17 operating sites 16 operating sites 11 operating sites 23 (+6) by 2028 30 (+14) by 2028 17 (+6) by 2028 63 PUBLIC
Slide 64: Return to healthier economics in equipment market
…echoed by a return to healthier economics in BUSINESS REVIEW – CLINICAL - PT equipment market Market growth post pandemic and …leading to normalization of economics in competitive gain… equipment projects for IBA MARKET SHARES IN CENTERS SOLD BY VENDOR, % IBA’S EQUIPMENT GROSS MARGIN EVOLUTION, ILL
Slide 65: Leadership reinforced by Proteus competitiveness
Leadership reinforced by Proteus® competitiveness BUSINESS REVIEW – CLINICAL - PT Proteus®ONE: the market- leading, versatile solution ▪ Clinical versatility ▪ High efficiency – Up to 45 fractions/day ▪ Scalability and upgradability ▪ Open-vendor for software integration ▪ One-stop shop with IBA Dos
Slide 66: Product innovations to shape a relevant future for Proton Therapy
Product innovations BUSINESS REVIEW – CLINICAL - PT to shape a relevant future for Proton Therapy Partnering with KOL Establishing new standard ConformalFLASH® to advance 3D imaging of care with DynamicARC® can revolutionize PT Critical enabler to PT adoption Key differentiator & enabler to PT IBA l
Slide 67: Dosimetry
BUSINESS REVIEW – CLINICAL - DOSI Dosimetry Jean-Marc Bothy President IBA Dosimetry PUBLIC
Slide 68: Market overview
Market overview BUSINESS REVIEW – CLINICAL - DOSI QA FOR CONVENTIONAL QA FOR QA FOR MEDICAL RADIOTHERAPY PROTON THERAPY IMAGING EQUIPMENT Contribution to IBA’s activity 70% 10% 20% IBA position Regional leader (EMEA, China) Dominant market leader WW Expanding towards leadership Total 400 M USD marke
Slide 69: Trends & QA solutions per segment
Trends & QA solutions per segment BUSINESS REVIEW – CLINICAL - DOSI QA FOR CONVENTIONAL QA FOR QA FOR MEDICAL IMAGING RADIOTHERAPY PROTON THERAPY EQUIPMENT 60% mkt share offering most >50% market share, Siemens comprehensive portfolio Major imaging providers acquisition 2021 (synergies) Key players
Slide 70: Driving steady profitability improvement
Driving steady profitability improvement… BUSINESS REVIEW – CLINICAL - DOSI Growing share of recurring business, with aligned pricing strategy 6-9% Operational leverage & consolidation to increase efficiency REBIT (scale) & cost reduction, leveraging synergies with recent in 2023-24 acquisition goin
Slide 71: Diversifying portfolio to boost resilience and expansion
…and diversifying portfolio BUSINESS REVIEW – CLINICAL - DOSI to boost resilience and expansion Med. Imaging Radio Therapy QA Defend market leadership & Diagnostic QA I II Capture value with unique combined I II portfolio of Imaging and RT QA products for In-house SRS, Adaptive & FLASH Primus FG-18
Slide 72: IBA Corporate
BUSINESS REVIEW - CORPORATE IBA Corporate BUSINESS REVIEW PUBLIC
Slide 73: PanTera
BUSINESS REVIEW - CORPORATE Christophe Malice PanTera PUBLIC
Slide 74: New venture for longer term upside (PanTera)
New venture for longer term upside BUSINESS REVIEW - CORPORATE Company active in field of 225Ac production, a promising theranostic for cancer treatment • Multiple clinical trials ongoing, spread over Phases I, II and III • Unique competitive advantages for large-scale, high-quality production (IBA
Slide 75: Technologies
BUSINESS REVIEW - CORPORATE Eric Forton Technologies PUBLIC
Slide 76: New venture for longer term upside (silicon carbide)
New venture for longer term upside BUSINESS REVIEW - CORPORATE Start-up active in the field of power semiconductor chips (silicon carbide) • Advanced technology for implantation/doping of chips • Applications in green mobility (electric vehicles), renewable energy… Partnership with IBA for developme
Slide 77: Agenda: Financials & Outlook
Agenda FINANCIAS & OUTLOOK Purpose, Vision & Strategy What we stand for and where we are heading towards Business Review - Execution Plan & Opportunities Demonstrate plan behind projected trajectory & outline prospects per business unit Financials & Outlook Review dynamics & discuss financials outlo
Slide 78: Updated outlook providing a robust path to guide investors
Updated outlook : FINANCIAS & OUTLOOK providing a robust path to guide investors Integration of new business strategy • Detailed market analysis • New business strategy • New investment opportunities Updated guidance1 Change in geopolitics IBA transformation & investors feedback • New organization •
Slide 79: Guidance & Outlook
Guidance & Outlook FINANCIAS & OUTLOOK One year From a loss of EUR 12M to positive REBIT for Proton Therapy Positive PT REBIT guidance At least EUR 25M GROUP REBIT 2025 Reduced contribution IBA Technologies (project mix, invest.) REVENUE Ortega deal driving front-loaded growth in 2025 (double digit)
Slide 80: Path to 2025 REBIT guidance
Path to 2025 REBIT guidance FINANCIAS & OUTLOOK AMOUNTS IN EUR MILLION - CHART NOT A SCALE, FOR ILLUSTRATION PURPOSES ONLY >25 • Less favorable • Mainly Opex project mix driven • R&D 17 investments • Improved PT project mix • Increasing PT Services revenue • Dosimetry back-on-track 2024 REBIT IBA Cl
Slide 81: Mature scaling at 5-7% CAGR, front-loaded in 2025
Mature scaling at 5-7% CAGR, front-loaded in 2025 FINANCIAS & OUTLOOK IBA CONSOLIDATED REVENUE, EUR MILLION Actuals Ortega deal effect driving front-loaded growth in 2025 Expected trajectory (outlook) (double digit vs. 2024), followed by gradual slow down to ~ worldwide GDP growth over outlook perio
Slide 82: Reading IBA's order intake and revenue trajectory
Reading IBA’s order intake and revenue trajectory FINANCIAS & OUTLOOK EQUIPMENT BACKLOG EVOLUTION1, EUR MILLION Includes the amount of new contracts Order intake signed during a given year and for which a first payment has been received Service Revenue 672 Generated in function of the progress Backl
Slide 83: Dynamics between order intake, backlog and revenue
Dynamics between order intake, backlog and revenue FINANCIAS & OUTLOOK EQUIPMENT ORDER INTAKE, EUR M1 Order intake growth= 5092 Accelerated growth momentum Order intake volatile on year-by-year basis, 278 252 290 but less so over multiple years 166 Revenue CAGR ~GDP growth post 2025 EQUIPMENT REVENU
Slide 84: Robust and balanced target
Robust and balanced target PURPOSE – VISION - STRATEGY Gross margin OPEX REBIT below REBIT nearing below around 40% − 30% = 10% + X • Normalization leveraging • Operating leverage • Target profitability • Upside potential from renewed market dynamics in from topline growth for future investments and
Slide 85: Growing the gross margin
Growing the gross margin FINANCIAS & OUTLOOK 2028 gross margin nearing 40% • Smart scaling of • Scaling and cost operations & staffing initiatives in Services • Industrialization • Improving market economics in 2024 Equipment gross margin 33.3% Proton therapy Dosimetry IBA Technologies Overall opera
Slide 86: Opex control allowing for selective investments
Opex control allowing for selective investments FINANCIAS & OUTLOOK OPEX AMOUNTS - SCALE FOR ILLUSTRATION PURPOSES ONLY Sales & Marketing: trigger-based investments Up to 30% of Sales per annum • Enhanced market access with strengthened local presence (e.g. USA, China) 6-8% • Medical affairs to deve
Slide 87: New ventures provide longer term upside
New ventures provide longer term upside FINANCIAS & OUTLOOK INVESTMENTS AND VALUATION, EUR MILLION Illustration with PanTera x~3.5 ~85 ~25 ~20 ~5 April 22 - Aug 24 Sept 24 Future Capital light investments Series A - valuation round Value creation through • ~5M€ in cash • IBA retaining 31% in company
Slide 88: Efficient cash-flow management
Efficient cash-flow management FINANCIAS & OUTLOOK OPERATING INVESTING FINANCING Structurally self-supporting Low CAPEX De-leveraged structure: debt- working capital cycle Capital-light investments free by 2026 excluding building leasing • Profitable growth • In-kind contributions • Working capital
Slide 89: Capital-light model
Capital-light model FINANCIAS & OUTLOOK AS ILLUSTRATED BY CONSOLIDATED BALANCE SHEET AS OF DEC 31, 2024, EUR MILLION 616 616 PP&E 21 30 Light tangible fixed assets Right-of-use assets Assembly / integration model leveraging on partners (suppliers) 79 Trade payables Inventories 153 Contract assets 63
Slide 90: Compelling investment thesis
Compelling investment thesis PURPOSE – VISION - STRATEGY Unique technology platform in applied Mature, profitable and Improving proton Capital-light investments physics Scaling and profitable cash-generating therapy equipment with strong intrinsic proton therapy services Leadership in core IBA Techn
Slide 91: Three things to take away
Three things to take away Strong Governance & team Clear path competitive positioning fit for purpose to deliver in growing markets best in class - accountable - engaged our guidance 91 PUBLIC
Slide 92: Thank you!
Thank you! - BD science,
IBA (Ion Beam Applications SA) — Investor Day (April 2025) on 6ix