Ion Beam Applications Sa · EURONEXT:IBAB
Ion Beam Applications Sa — FY2024 Earnings Presentation
46 slides from Ion Beam Applications Sa's earnings presentation, Mar 20, 2025
Slide 1: IBA Full Year Results 2024
Olivier Legrain IBA Full Year Results 2024 CEO Henri de Romrée Deputy CEO & Interim CFO March 20, 2025 Thomas Pevenage Investor Relations 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, revenues, backlog, earnings
Slide 3: Agenda
01 Highlights Agenda 02 Business review 03 Financial review 04 Company transformation & New segment reporting 05 Guidance & Capital Markets Day 3 PUBLIC
Slide 4: 1. Highlights
1. Highlights 4 PUBLIC
Slide 5: 2024 financial highlights: return to profitability
2024 financial highlights: return to profitability vs. 2023 comparable figures Revenues1 REBIT1 Net cash € 498.2 € 17.3 € 33 million million million +7% +170% vs. €68m Gross Net Proposed margin1 result1 dividend 33.3% +€ 9.3 € 0.24 Million per share + 4.5 p.p. vs. net loss of - €9m vs. €0.17 1 2023
Slide 6: 2024 business highlights: solid order intake
2024 business highlights: solid order intake vs. 2023 comparable figures Backlog1 Proton Therapy systems sold Continued investment in future value creation, with PanTera securing an over- € 1.5 5 subscribed Series A round at € 280 million post-money valuation billion systems - 1.3% vs. 5 2 Re-certif
Slide 7: Strong H2 and positive full year Group REBIT
Strong H2 and positive full year Group REBIT1 H1 2024 H2 2024 FY 2024 €M €M €M 498 REBIT margin REBIT margin REBIT margin 0% 5.8% 3.5% H2 59% 292 206 166 96 H1 58% 70 41% 17 19 42% 17 9 0 -10 Total GM REBIT Net Total GM REBIT Net Total GM REBIT Net sales result sales result sales result 1 2023 and 2
Slide 8: Revenue and REBIT progression by business
Revenue and REBIT progression by business1 Record-high revenue and return to profitability, with REBIT more than doubling (+170% YoY) Proton Therapy Dosimetry Other Accelerators REVENUE 2 REBIT €M €M +7% +170% 498 17.3 467 30 3 0 11.0 6.4 194 1.9 -2.0 165 34.7 +1% +0% +18% 23.7 +9% -34% +63% 66 66 6
Slide 9: Total backlog at €1.5 billion
Total backlog at €1.5 billion Strong and stable backlog providing visibility for the future Proton Therapy Dosimetry Other Accelerators EQUIPMENT SERVICE TOTAL BACKLOG €M €M Not including the 10 Spanish PT -1% projects and 5 contract renewals 804 785 taking place in 2025 1,476 1,457 750 248 247 727
Slide 10: Total equipment order intake of €321 million
Total equipment order intake of € 321 million Sustained growth of +11%, with a strong year from Other Accelerators (+43%) Proton Therapy Dosimetry Other Accelerators 523 175 +11% 321 278 67 288 +43% 149 87 104 166 50 67 -2% 50 281 66 54 141 117 -10% 106 62 2020 2021 2022 2023 1 2024 1 Book- to-bill
Slide 11: B Corp recertification achieved with 114 points
B Corp recertification achieved with 114 points Sustainability program – 4 key streams Eco-design processes implemented to reduce environmental impact. Low carbon, low waste products Research on environmental applications of electron-beam launched, focusing on the treatment of carbon filters tha
Slide 12: 2. Business review
(bo. 2. Business review 12 PUBLIC
Slide 13: Proton Therapy
(ba. Proton Therapy PUBLIC.
Slide 14: Proton Therapy performance
Proton Therapy performance Continued steady growth in Services driving topline (EUR Million) FY 20241 FY 20231 Change % • Stable net sales at €242.1 million (+1% YoY) Equipment 118.6 124.0 -4% - Equipment sales supported by 37 projects in Services 123.4 115.6 7% equipment backlog, with 5 new install
Slide 15: Progress update on strategic initiatives
Progress update on strategic initiatives O B J E C T I V E S D E L I V E R Y • Improve PT economics by • 37 projects under construction or installation delivering backlog and • Order intake of €106 million enhancing customer service • 4 Proteus®ONE3 contracts signed in US and India offer • 1 Proteus
Slide 16: Expanding Proton Therapy global reach
Expanding Proton Therapy global reach 2024 Order intake Equipment backlog €106 million €497 million China EMEA 1 partial Americas 20 Proteus®ONE USA Proteus®PLUS 2 Proteus®PLUS 3 Proteus®ONE India 6 Proteus®ONE 1 Proteus®ONE Asia 6 Proteus®PLUS 3 Proteus®ONE 44 installed base 16 PUBLIC
Slide 17: IBA - market leadership
IBA - market leadership 56% market share in 2024 41% overall market share 2024 sales of new PT systems PT rooms in operation 1 Total market share in PT rooms 1 Others Others 13% 9% 2 Mevion 8% 2 Mevion IBA IBA 44% 44% 41% Hitachi Hitachi IBA 21% 20% 2 56% Varian Varian 22% 23% 2 1 Research centers a
Slide 18: Dosimetry
(ba. Dosimetry PUBLIC
Slide 19: Dosimetry performance
Dosimetry performance Solid revenues, with profitability impacted by acquisition integration and regional dynamics • Stable net sales of €65.9 million, at 2023 (EUR Million) FY 20241 FY 20231 Change % levels despite the significant impact of China’s Net sales 65.9 65.9 0% economic situation REBIT 2
Slide 20: Progress update on strategic initiatives
Progress update on strategic initiatives O B J E C T I V E S D E L I V E R Y • Increase revenue and • Strong level of activity with net Sales of €66 million, at profitability across all product 2023 levels, despite China’s market situation lines • Robust order intake at €66 million • Reinforce Dosim
Slide 21: Portfolio and geographical expansion
Portfolio and geographical expansion Portfolio expansion Medical Imaging Radio Therapy QA & Diagnostic QA myQA® iON CT-IQ phantom myQA® SRS for CyberKnife® Innovation DOSE-X T3 X-ray QA Meter Primus FG-18 myQA® PROactive Acquisitions Strategic alliances Geographical expansion 21 PUBLIC
Slide 22: Other Accelerators
Other Accelerators 22 PUBLIC
Slide 23: Other Accelerators performance
Other Accelerators performance Strong contribution driven by well-executed backlog conversion (EUR Million) FY 20241 FY 20231 Change % • Strong net sales at €194.2 million, up 18% Equipment 159.5 130.1 23% compared to previous year. Services 34.8 34.7 0% - Excellent equipment backlog conversion Net
Slide 24: Progress update on strategic initiatives
Progress update on strategic initiatives O B J E C T I V E S D E L I V E R Y RadioPharma • Expand strategic positioning in • Accelerate.EU project approved (development of targeted alpha therapies (Astatine- Astatine-211 value chain from production to clinical 211) application) • Revamp strategy and
Slide 25: New ventures
(ba. New ventures PUBLIC
Slide 26: Update on new ventures
Update on new ventures • Secured €93 million in an oversubscribed Series A to accelerate large-scale production of Actinium-225, valuing the company at €280 million with IBA maintaining a 31% share1 • Small batch production of Actinium-225 by mid 2025 for clinical research • Construction of large-sc
Slide 27: 3. Financial review
3. Financial review 27 PUBLIC
Slide 28: Consolidated P&L
Consolidated P&L €M FY 20241 FY 20231 Change % Sales and services 498.2 466.7 7% • Gross profit margin improved driven by higher share of Other Cost of sales and services (-) 332.2 332.2 0% Accelerators and margin improvement in Proton Therapy Gross profit/(loss) 166.0 134.4 23% 33.3% 28.8% Selling
Slide 29: Below REBIT
Below REBIT PanTera and transformation projects reflected on net profit In €M 2024 • PanTera: REBIT 17.3 • Revaluation gain: revaluation of IBA’s stake driving + € 11.6 million in post closing period PanTera revaluation gain 11.6 • Equity method: share of PanTera’s net result PanTera equity method -
Slide 30: Cash & equivalents
Cash & equivalents Evolution driven by working capital cycle as backlog is delivered Operating CF Investing CF Financing CF RadCal acquisition and PanTera investment 17,8 109,3 25,5 2.0 0.9 7,4 6,4 4.9 7,3 72.2 0.6 Mostly: +€ 22M increase in inventory Debt repayment +€ 25M increase in contract asset
Slide 31: Net financial position
Net financial position Remains positive, with untapped access to liquidity • Net financial position improved vs. 72,2 H1 2024 (€21.7 million), driven by 10,0 well-executed cash control and collections in H2 28,7 • €10.0 million borrowings composed 33,5 of amortizing subordinated loans provided by Wa
Slide 32: 4. Company transformation & New segment reporting
4. Company transformation & New segment reporting 32 PUBLIC
Slide 33: New segments: Clinical, Technologies, Corporate
3 new segments: Clinical, Technologies, Corporate Segments reported in annual results IBA Group (as of 2025) IBA Group (until 2024) IBA IBA IBA Clinical Technologies Corporate Other Accelerators Proton Dosimetry Therapy Engineering & Supply Chain Industrial Proton Including RPS Industrial RPS Dosime
Slide 34: Leading to 3 main changes impacting financials
Leading to 3 main changes impacting financials CHANGES OBJECTIVE 2024 KEY IMPACT 1| IBA CORPORATE Isolate OPEX costs1 (and revenues) linked to the IBA holding, i.e. not • Creation of IBA Corporate with €5 million of OPEX, previously allocated linked to business unit support across business units • A
Slide 35: 2024 restated: 3 segments with different financial profiles
2024 restated: 3 segments with different financial profiles IBA Clinical IBA IBA (EUR Million) PT Dosimetry Total IBA Technologies Group Corporate Net sales 498.2 212.8 65.9 274.6 223.5 0 Gross Margin 168.1 59.7 30.8 90.6 77.5 0 OPEX 150.8 71.8 26.7 98.5 46.9 5.3 REBIT 17.3 -12.1 4.1 -7.9 30.6 -5.3
Slide 36: 5. Guidance & Capital Markets Day
5. Guidance & Capital Markets Day 36 PUBLIC
Slide 37: Guidance
Guidance With a high backlog and services contributing to growing and recurring income, IBA is now providing a one-year guidance for 2025 and an updated mid-term outlook through 2028. One-year guidance (2025) Mid-term outlook 2024-28 REBIT Revenue OPEX REBIT At least €25 million Post high growth Up
Slide 38: Drivers supporting our mid-term outlook
Drivers supporting our mid-term outlook by 2028 REBIT margin around 10% OPEX control • continued 2024 REBIT PT EQ gross margin investments in S&M and R&D margin improvement • total Opex max. PT services gross • economics 3.5% margin improvement normalization based on market dynamics 30% of Sales • c
Slide 39: Upcoming Capital Markets Day on April 7th
Upcoming Capital Markets Day on April 7th Financial calendar Capital Markets Day • Capital Markets Day: 7 Apr 2025 What to expect A clear roadmap to profitable growth with a • Business Update Q1 2025: 22 May 2025 disciplined execution plan • General Meeting: 11 Jun 2025 Insight into our business seg
Slide 40: Q&A
(bo. Q&A 40 PUBLIC
Slide 41: Thank you!
Thank you! BB science. PUBLIC
Slide 42: Appendix
(bo. Appendix 42 PUBLIC
Slide 43: IFRS 15 changes: Principal vs Agent treatment
IFRS 15 changes: Principal vs Agent treatment Under IFRS 15, the distinction between an agent and a principal is crucial for revenue recognition BEFORE: AGENT TREATMENT NOW: PRINCIPAL TREATMENT • Agent does not control third-party equipment before • Principal takes control of the third-party equipme
Slide 44: Consolidated P&L
Consolidated P&L €M FY 20241 FY 20231 Change % Sales and services 498.2 466.7 7% Cost of sales and services (-) 332.2 332.2 0% • Gross profit margin improved driven higher share of Other Gross profit/(loss) 166.0 134.4 23% Accelerators and margin improvement in Proton Therapy 33.3% 28.8% Selling and
Slide 45: Consolidated cash flow
Consolidated cash flow €M FY 2024 FY 2023 Cash flow from operating activities • Operating cash flows of -€10.6 Net cash flow changes before changes in working capital Change in working capital 17.8 -25.5 2.2 -18.5 million still negatively impacted by Income tax paid/received, net -2.0 -2.5 changes i
Slide 46: Consolidated balance sheet
Consolidated balance sheet ASSETS (€M) FY 2024 FY 2023 Variance EQUITY AND LIABILITIES (€M) FY 2024 FY 2023 Variance Goodwill and other intangible assets Share capital and Share premium 86.0 86.0 0 25.7 23.4 2.3 Property, plant and equipment and Reserves and Retained earnings 24.9 20.2 4.7 right-of-
IBA (Ion Beam Applications SA) — FY2024 Earnings Presentation on 6ix