Ion Beam Applications Sa · EURONEXT:IBAB
Ion Beam Applications Sa — FY2025 Earnings Presentation
44 slides from Ion Beam Applications Sa's earnings presentation, Mar 27, 2026
Slide 1: IBA Full-year results 2025
IBA Full-year results 2025 March 27th, 2026 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: 2025 – delivery and visibility
2025 – delivery and visibility HIGHLIGHTS • FY2025 guidance delivered o Strategy execution on-track • Robust performance o Record revenue €620M (+24%) o Adjusted EBIT €27.4M (+58%) o PT back to profit • Growth engine reinforced o Record backlog €1.6Bn o Services & Nuclear Medicine scaling • Inflecti
Slide 7: Strong order intake and backlog at all-time high
Strong order intake and backlog at all-time high HIGHLIGHTS vs. 2024 comparable figures Backlog Services backlog Two-year equipment YoY growth book-to-bill 1 €1.6B +16% 1.0x + €125M vs. 2% vs. 0.9x IBA Technologies Proton Therapy Equipment order systems sold rooms sold intake 37 systems 12 rooms €45
Slide 8: Record-high revenue and adjusted EBIT of €27.4 M
Record-high revenue and adjusted EBIT of €27.4 M HIGHLIGHTS vs. 2024 comparable figures Revenue Adjusted Net 2025 EBIT leverage Guidance ratio1 Adj. EBIT € 620.2M € 27.4M 0.83x > €25M +€122M + €10M - 1.36x delivered Gross Net debt Net 2026 margin position result Guidance 32.2% € 58M € 12.7M Adj. EBI
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: IBA 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 • First-ever Level 1 clinical • Value capture through • QUASAR® phantom MR clinical evidence evidence published from a unique combined Simul
Slide 12: Expanding Proton Therapy global reach towards sites
Expanding Proton Therapy global reach towards 88 sites BUSINESS REVIEW – CLINICAL AMERICAS EMEA APAC TOTAL 45 17 operating sites 17 operating sites 11 operating sites installed base + + + TOTAL 8 3 in installation 2 in installation 3 in installation installations + + + TOTAL 35 7 in production 141 i
Slide 13: Consolidating Proton Therapy market leadership
Consolidating Proton Therapy market leadership BUSINESS REVIEW – CLINICAL 2024 & 2025 market share of new rooms sold Total market share FY2024 FY2025 Total market share in PT rooms 1 Others Protom 9%2 Hitachi 5% 11% Mevion 9% IBA Mevion 44% 42% IBA: 56% Mevion Hitachi 21% 19% 2 4 rooms IBA: 63% 12 r
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 Early RadCom Phase III 2,815 17 major studies breast cancer trial results 2,610 covering >8K patients indicating significantly +130
Slide 15: Strong backlog build-up despite accelerated conversion
Strong backlog build-up despite accelerated conversion 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 +13% +16% 1,370 +8% 806 1,215 750 23 697 695 693 25 24 20
Slide 16: PT: Growth in service backlog
PT: Growth in service backlog BUSINESS REVIEW – CLINICAL supported by new & renewed contracts Amounts in € Million +112M € 148 132 95 7 customer 784 672 service contracts renewed in 2025 2024 Services backlog Recognized PT Service Renewals of New operations & 2025 Services backlog revenue in 2025 ex
Slide 17: PT: Turnaround to profitability driven by scale
PT: Turnaround to profitability driven by scale, BUSINESS REVIEW – CLINICAL followed by strong order intake • Strong net sales at €334.3 million (+57% YoY) (€ Million) FY 2025 FY 2024 Change % • Equipment sales more than doubled (+127%) from acceleration of equipment backlog conversion translated Eq
Slide 18: Dosimetry: stable topline, with profitability impacted by regional dynamics
DOSIMETRY : stable topline, BUSINESS REVIEW – CLINICAL with profitability impacted by regional dynamics • Net sales stable at €65.7million despite competitive and pricing pressure in Medical Imaging and geopolitical headwinds in conventional (€ Million) FY 2025 FY 2024 Change % radiational therapy N
Slide 19: IBA Technologies
BUSINESS REVIEW – TECHNOLOGIES IBA Technologies BUSINESS REVIEW PUBLIC
Slide 20: 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 dynamics • “White spaces” • Solid commercial traction Increase our sterilization supporting the benefits of x- in the dia
Slide 21: RPS strategic progress to strengthen its position in radiopharmaceutical value chain
RPS strategic progress to strengthen its position in radiopharmaceutical value chain BUSINESS REVIEW – TECHNOLOGIES Position IBA as drug manufacturing Inte Transition to precision oncology platform… ly with grat enabler upp lea ed s ring di tu CD nco ufa e & GMP m otop ng c MO logy centers o d is an
Slide 22: ORA acquisition, expanding strategic leadership through radiochemistry
ORA acquisition, expanding strategic leadership through radiochemistry BUSINESS REVIEW – TECHNOLOGIES ORA at a glance - agile, reputable radiochemistry innovator • Recognized world player in fully automated PET radiopharmaceutical synthesizers (NEPTIS® platform) • ~600-unit installed base • Robust h
Slide 23: Strategic access on theranostics
Strategic access on theranostics BUSINESS REVIEW – TECHNOLOGIES IBA STRATEGIC FOCUS 225 211 212 177 Strength Ac α-emitter (4) At α-emitter Pb α- + β-emitter Lu β-emitter Weakness 9.9 days 7 hours 10 hours 6.7 days Clinical Half life properties Limited access to Natural bismuth Limited access to Limi
Slide 24: Backlog decreasing given accelerated conversion
Backlog decreasing given accelerated conversion BUSINESS REVIEW – TECHNOLOGIES REVENUE BACKLOG, M€ IBA Technologies IBA Technologies upgrades EQUIPMENT SERVICE TOTAL BACKLOG Most Technologies contract signed for 1 year and -12% invoiced annually -12% 248 247 261 231 218 230 111 11 12 14 13 5 2021 20
Slide 25: Profitability down after recent record-year, with solid commercial momentum
Profitability down after recent record-year, BUSINESS REVIEW – TECHNOLOGIES with solid commercial momentum • Net sales increased to €224.9 million (+1% YoY) (EUR Million) FY 2025 FY 2024 Change % • Equipment sales decreased (-3% YoY) Equipment 182.7 188.8 -3% • Services sales increased by 21% Servic
Slide 26: IBA Corporate
BUSINESS REVIEW - CORPORATE IBA Corporate BUSINESS REVIEW PUBLIC
Slide 27: New ventures – PanTera
New ventures – PanTera BUSINESS REVIEW - CORPORATE 2025 PROGRESS Business Financial • Start production & supply 225Ac for • Revenue € 13.3M, EBIT at negative € clinical trials and compassionate use 1.6M in June, reaching full scale • Became EBIT-positive in Q4 production from October • Call on 3rd t
Slide 28: New ventures
New ventures BUSINESS REVIEW - CORPORATE REMINDER PROGRESS • Start-up active in the field of power • Finalization of the demo system specs for semiconductor chips first machine based on market • Partnership with IBA for development requirements and supply of cyclotron-based • Post-period, equipment
Slide 29: Advancing sustainability agenda to enable business performance
Advancing sustainability agenda BUSINESS REVIEW - CORPORATE to enable business performance Decarbonization on track Advanced comprehensive • Progress toward Scope 1 & 2 targets cancer support initiatives • >90% of electricity from renewable • Oncia Community: + 700 patients sources supported by low-
Slide 30: 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 30 PUBLIC
Slide 31: Robust commercial traction driven by high-potential regions
Robust commercial traction driven by high-potential regions FINANCIALS & OUTLOOK GROUP EQUIPMENT ORDER INTAKE BY REGION (EXCL. UPGRADES), M€ Proton Therapy Dosimetry IBA Technologies Regional breakdown of order intake 523 +41% Americas EMEA APAC 452 175 142 2021 41% 19% 40% 321 - 5% 278 67 288 2022
Slide 32: 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 OPEX evolution breakdown (€ million) R&D G&A S&M 172 151 9 3 Contribution to 1 8 32 profitability at 30 constant GM% Impact of Gross 61 79 (33.7%) margin dec
Slide 33: Below Adj. EBIT impacted by ERP upgrade and Forex
Below Adj. EBIT impacted by ERP upgrade and Forex FINANCIALS & OUTLOOK € Million 2025 • PanTera: Adjusted EBIT 27.4 • Equity method: share of PanTera’s net result Equity method result (PanTera) -0.9 contributed negatively Other operating results 0.7 • Revaluation gain: third tranche of Series A rele
Slide 34: Cash evolution driven by working capital cycle and refinancing pack
Cash evolution FINANCIALS & OUTLOOK driven by working capital cycle and refinancing pack Amounts in € Million Operating CF Investing CF Financing CF 30.1 -7.1 -52.9 -6.1 -6.3 -3.4 -2.9 76.3 -12.7 72.2 64.7 -22.6 Gross Net op. cash Change in Income CapEx M&A and New Dividend Acquisition Other fin. Ca
Slide 35: Closing of €135M debt refinancing package
Closing of €135M debt refinancing package FINANCIALS & OUTLOOK to address IBA’s current and future needs Objectives Financing package, partially drawn at Dec 31st 1 Strengthening IBA's long-term balance 1 Subordinated loan: EUR 10 million (10 drawn) sheet 2 Bank 5-year Term Loan: EUR 50 million (30
Slide 36: 2025 delivered, 2026 guidance announced & outlook reiterated
2025 delivered FINANCIALS & OUTLOOK 2026 guidance announced & outlook reiterated Positive PT Adjusted EBIT DELIVERED 2025 Guidance ✓ 10M€ PT Adjusted EBIT At least 25M€ Group Adjusted EBIT ✓ 27M€ IBA Group Adjusted EBIT 2026 Guidance At least 32M€ Group Adjusted EBIT NEW Revenue Post high growth per
Slide 37: Closing remarks
Closing remarks CONCLUSION • Record-high revenue & strong order intake reflecting robust commercial traction • Enhanced profitability supported by PT scale-up • Key strategic investments in IBA’s sustained growth • Actively managed financial and cash position • Delivered FY2025 guidance & on- track
Slide 38: Financial calendar
Financial calendar FINANCIAL CALENDAR • Business Update Q1 2026 21 May 2026 • General Meeting 10 June 2026 • Half Year Results 2026 27 August 2026 • Business Update Q3 2026 26 November 2026 38 PUBLIC
Slide 39: Thank you!
Thank you! communication@iba-group.com www.iba-worldwide.com PUBLIC
Slide 40: Appendix
Appendix IBA Full-year results 2025 40 PUBLIC
Slide 41: 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 42: Consolidated P&L
Consolidated P&L €M FY 2025 FY 2024 rest.1 Change % Sales and services 620.2 498.2 24% Cost of sales and services (-) 420.6 330.1 27% Gross profit/(loss) 199.6 168.1 19% 32.2% 33.7% Selling and marketing expenses (-) 31.6 30.2 5% General and administrative expenses (-) 78.5 61.4 28% Research and dev
Slide 43: Consolidated balance sheet
Consolidated balance sheet ASSETS (€M) FY 2025 FY 2024 EQUITY AND LIABILITIES (€M) FY 2025 FY 2024 Goodwill and other intangible assets 43.1 25.7 Share capital and Share premium 86.0 86.0 Property, plant and equipment and Right-of-use Reserves and Retained earnings 41.2 24.9 59.9 51.6 assets EQUITY
Slide 44: Consolidated cash flow
Consolidated cash flow €M FY 2025 FY 2024 Cash flow from operating activities Net cash flow changes before changes in working capital 30.1 17.8 Change in working capital -52.9 -25.5 Income tax paid/received, net -3.1 -2.0 Interest (income)/expenses 0.2 -0.9 Net cash (used in)/generated from operatio
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