Ion Beam Applications (IBAB) H1 2025 earnings summary

Executive summary

• Net sales increased 40% year-over-year to EUR 304.9 million, driven by strong backlog conversion and operational efficiency across Clinical and Technologies segments.

• REBIT improved to EUR 10.6 million from break-even, with OPEX held at 26% of sales.

• Net loss narrowed to EUR 2.6 million, impacted by non-recurring ERP migration costs, FX fluctuations, and hyperinflation.

• Equipment order intake was EUR 107 million, with a strong pipeline and post-period intake rising to EUR 190 million.

• Guidance for 2025 and mid-term outlook reaffirmed; new CFO appointed.

Financial highlights

• Revenue: EUR 304.9 million (+40% year-over-year); gross margin: 29.5% (down from 32.6%).

• REBITDA rose 141% to EUR 16.4 million; REBIT margin improved to 3.5%.

• Operating expenses at 26% of net sales, down from 33% YoY.

• Net debt: EUR 30 million at period-end; gross cash EUR 36.7 million.

• Cash flow from operations was negative EUR 37.3 million, reflecting working capital build-up.

Outlook and guidance

• 2025 guidance reaffirmed: minimum EUR 25 million REBIT, with positive REBIT for Proton Therapy.

• Mid-term (2024–2028): targeting 5–7% CAGR revenue growth and REBIT margin of ~10% by 2028.

• OPEX expected to remain up to 30% of sales per annum.

• Monitoring external risks, especially US tariffs and Chinese procurement restrictions.