IBA 1H25 Conference call feedback & model update
IBA reported good 1H25 results, with revenues up 40% to € 304.9m (kbcse: € 274.6m) driven by strong backlog conversion in PT as well as OA. However, as most of the conversion relates to legacy lower margin contracts in Spain and China, the gross profit increase of +27% to € 90.0m (kbcse: € 93.4m) and REBIT of € 10.6m (kbcse: € 10.3m) were broadly in line with our estimates. However net cash significantly deteriorated on the back of WC investments, as anticipated. We are pleased to see IBA reiterating its FY25 outlook, while mentioning that PT activity in the US and Asia remains strong, with no major impact from tariffs and the big beautiful bill expected in the short term. In China, IBA is reviewing its LT supply chain strategies, including potential relocation and partnerships. Buy, € 18.0 TPIBA- Ion Beam Applications develops and markets technologies and pharmaceutical products for the healthcare sector, with a focus on cancer diagnosis and therapy. Co. is also engaged in the sterilization and ionization market. Co. operates in two primary business segments: Equipment and Pharmaceuticals. Co.'s Equipment segment encompasses development, fabrication, and services associated with medical and industrial particle accelerators, proton therapy systems, and a range of dosimetry products, while Co.'s Pharmaceuticals segment encompasses the production and distribution of radiopharmaceutical agents as well as its bioassay operations.
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