IBA FIRST LOOK: FY25 REBIT +58%, FY26 guidance of at least 17% growth
IBA reported solid FY25 results, with revenues up 24% to € 620m (kbcse: € 614m), driven by an accelerated backlog conversion and good order intake. However, gross profit margins still contracted by 150bps to 32.2%, driven by negative mix effects from legacy lower margin PT contracts. Nevertheless, as this was already anticipated, the FY25 REBIT of € 27.4m came in above the guidance of at least € 25m and was in line with our forecast. The 2026 guidance calls for a REBIT of at least € 32m (kbcse: € 41.4m), with the improvement expected to be driven by further progress on the Spanish contract. Despite the lower than expected 2026 guidance, we reiterate our Buy rating and € 18.0 TP.IBA- 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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