Ion Beam Applications (IBAB) H2 2025 earnings summary

Executive summary

• Achieved record revenue of €620.2 million in FY2025, up 24% year-over-year, with adjusted EBIT of €27.4 million, up 58% year-over-year, and strong backlog conversion and service growth.

• Backlog reached an all-time high of €1.6 billion, with equipment order intake at €452 million (+€131 million YoY) and service backlog up 16%.

• Proton therapy returned to profitability, contributing €10.2 million in adjusted EBIT after a €12 million loss in 2024, with 63% global market share of new rooms sold.

• Strategic acquisitions (ORA, PhantomX) and innovation milestones (DynamicARC, ConformalFLASH, PanTera) reinforced leadership in nuclear medicine and advanced therapies.

• 2026 guidance set at adjusted EBIT of at least €32 million; 2024–2028 outlook confirmed.

Financial highlights

• Revenue increased 24% year-over-year to €620.2 million; gross margin declined to 32.2% due to less favorable project mix and legacy low-margin contracts.

• Adjusted EBIT improved by €10 million year-over-year to €27.4 million; adjusted EBITDA reached €49.4 million (+54% YoY).

• Net profit rose 38% to €12.7 million, with EPS at €0.43.

• Net debt at year-end was €58 million (or €41 million excluding the ORA acquisition); net leverage ratio at 0.83x adjusted EBITDA.

• Operating expenses rose 14% to €172.2 million, mainly from higher S&M and R&D investments; OpEx remained at 28% of sales.

Outlook and guidance

• 2026 adjusted EBIT guidance of at least €32 million; mid-term revenue growth expected at 5–7% CAGR (2024–2028), with EBIT margin targeted around 10% by 2028.

• Gross margin expected to improve in 2026 as legacy contracts roll off and service scaling continues.

• OpEx to remain below 30% of sales, with moderate growth planned.

• Dividend proposal of €0.25 per share for 2025, with a matching employee bonus; share buyback program launched for up to 400,000 shares.

• Net debt expected to remain in 2026, with positive cash position anticipated in 2027 and 2028.