Ion Beam Applications (IBAB) CMD 2025 summary

Strategic positioning and business overview

• Holds strong competitive positioning in growing markets, with a robust innovation-driven culture, over 500 patents, and a diversified innovation ecosystem.

• Operates globally with balanced revenue streams across Americas, EMEA, and APAC, and a workforce of 2,100+ employees, half in R&D roles.

• Business reorganized into IBA Technologies, IBA Clinical, and IBA Corporate, focusing on capital-light investments and enhanced execution.

• Strategic priorities include expanding technology penetration in core markets, growth in China and the US, and extending along the value chain with new applications and services.

• Certified B Corporation status, targeting CO2-neutrality by 2030, with a mission to positively impact health and the environment.

Financial guidance and operational outlook

• Targets 5%-7% annual revenue growth from 2024 to 2028, with double-digit growth in 2025 due to strong backlog conversion and the Ortega deal, then normalization to global GDP growth rates.

• Aims for EBIT/REBIT margin around 10% by 2028, supported by gross margin improvement from 33% to near 40% and OPEX below 30% of sales.

• 2025 guidance: at least EUR 25M group REBIT and positive REBIT for Proton Therapy, reversing a EUR 12M loss.

• Maintains a capital-light investment approach, with a debt-free balance sheet expected by 2026 (excluding building leases) and strong cash generation from efficient working capital management.

• Upside potential from new ventures (e.g., PanTera, mi2-factory), with order intake volatility managed through backlog and book-to-bill ratios.

Market dynamics, business unit developments, and innovation

• Proton therapy adoption expected to accelerate, supported by a wave of level one clinical evidence, improved cost-effectiveness, and a market share exceeding 50% in recent years.

• Innovations in imaging, DynamicARC®, ConformalFLASH®, and proprietary electron beam technology enhance clinical outcomes and cost-effectiveness.

• Industrial Solutions aims to increase accelerator-based sterilization market share, especially in China, and expand into polymers, food irradiation, and PFAS destruction.

• RadioPharma Solutions expands from equipment into radioisotope production and theranostics, focusing on 211At and scalable supply partnerships.

• Dosimetry and radiopharma businesses focus on expanding recurring revenues, leveraging OEM partnerships, and capitalizing on theranostics market growth.