IBA reports strong Half Year 2025 results, transforming towards a more profitable business

Read the entire half year 2025 results press release 

Louvain-la-Neuve, Belgium, 28 August 2025 - IBA (Ion Beam Applications S.A), the world leader in particle accelerator technology, today announces its consolidated results for the first half of 2025.

• High revenue growth and improved profitability in H1 driven by accelerated backlog conversion
  • Net sales rose 40% vs. H1 2024, to EUR 304.9 million, with IBA Clinical and IBA Technologies increasing by 47% and 30% respectively thanks to well-executed backlog conversion
  • Gross margin decreased to 29.5% vs. 32.6% in H1 2024, driven by less favorable equipment profitability mix (including legacy low-margin projects in Proton Therapy) partially offset by productivity improvements
  • REBIT stood at EUR 10.6 million vs. EUR 0.0 million in H1 2024 with OPEX under control at 26% of total net sales and IBA Clinical achieving break-even REBIT  
  • Net loss of EUR 2.6 million reflecting targeted, non-recurring expenses such as the migration to a new ERP system¹, and foreign exchange fluctuations (primarily EUR/USD)

• Equipment order intake at EUR 107 million (-7% vs H1 2024) with a solid start of the year from IBA Technologies (+10%) driven by RadioPharma Solutions. Despite lower H1 order intake for Proton Therapy (-35%), strong pipelines and accelerated contract activations are expected to drive improvements in H2, backed by contracts already signed post period end with three additional Proteus^®ONE solutions sold. The Proton Therapy order intake to date therefore amounts to four Proteus^®ONE.    

• Backlog decreased to EUR 1.3 billion from previous all-time high, driven by an increase in backlog conversion while order intake is expected to be H2-weighted.

• Net financial position: working capital has been impacted by strong growth momentum and some third parties delays in project milestones. As a result, the Group reported a EUR 30 million net debt position at period-end, having drawn EUR 30 million from revolving credit lines. Revolving credit facilities were increased from EUR 60 million to EUR 80 million in July to answer these short-term financial needs and wider market conditions. The working capital cycle is expected to normalize as large proton therapy orders (in Spain and China) are delivered and installed

• PanTera began producing Actinium-225 in Belgium in late June, as previously announced, to support clinical trials under its “early supply” program. Groundbreaking for large-scale facility expected in Q4.

• New CFO onboard: Catherine Vandenborre started her role on July 1^st as CFO and Head of the IBA Corporate Entity

• Reaffirmed 2025 guidance and mid-term outlook: IBA is highly confident in its capacity to deliver a Group REBIT of at least EUR 25 million by year-end supported by positive REBIT in Proton Therapy. IBA also reiterates the mid-term (2024-2028) guidance given at its Capital Market Day in April, while acknowledging external risks in the geopolitical landscape

Olivier Legrain, Chief Executive Officer of IBA, commented: “We are pleased to report a strong first half of the year, marked by well-executed backlog conversion and well-managed operating expenses, which have contributed to the improved financial performance.

As we reach this inflection point, the impact of our strategic initiatives is becoming increasingly evident. Our key growth drivers continue to build momentum, positioning us favourably for a sustainable and profitable growth.

We remain dedicated to delivering continued value for our stakeholders, confident in our ability to build on this foundation of growth and resilience.”

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¹ Enterprise Resource Planning system, anticipated to be completed by early 2026

²  H1 2024 figures restated to reflect IFRS15 Agent vs. Principal treatment change and new segmentation, announced at year-end 2024 results publication. More information can be found in the Appendix.

***ENDS***

IBA’s management team will host team will host a conference call and webcast conducted in English to present the half year results, followed by a Q&A session.

The conference call will be held on Thursday, 28 August 2025 at 3pm CEST / 2pm BST / 9am EDT / 6am PDT as a Teams webinar. To attend the webcast, register via . Please complete the registration at least 15 minutes before the start of the event.

The presentation will be available on website and on:  shortly before the call.

To ensure a timely connection, it is recommended that users register at least 10 minutes prior to the scheduled webcast.

Financial calendar

Business Update Q3 2025                                       20 November 2025

Full Year Results 2025                                             26 March 2026

Business Update First Quarter 2026                        21 May 2026

Half Year Results 2026                                            27 August 2026

About IBA

IBA (Ion Beam Applications S.A.) is the world leader in particle accelerator technology. The company is the leading supplier of equipment and services in the fields of proton therapy, considered as the most advanced form of radiation therapy available today, as well as industrial sterilization, radiopharmaceuticals and dosimetry. The company, based in Louvain-la-Neuve, Belgium, employs approximately 2,100 people worldwide. IBA is a certified B Corporation (B Corp) meeting the highest standards of verified social and environmental performance.

IBA is listed on the pan-European stock exchange EURONEXT (IBA: Reuters IBAB.BR and Bloomberg IBAB.BB). More information can be found at:

For further information, please contact:

IBA

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