Ion Beam Applications (IBAB) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 grew 6% year-over-year to €324 million, with adjusted EBIT up 66% to €17.6 million and net profit at €9.3 million, reflecting strong profitability improvements.

• Gross margin improved to 33.7% from 29.5% year-over-year, driven by favorable equipment mix and operational efficiencies.

• Equipment order intake rose 64% year-over-year to €176 million, keeping backlog stable at €1.6 billion, with strong commercial momentum in proton therapy and radiopharma.

• Leadership and Board were strengthened with new appointments and expertise to support strategic execution and growth.

Financial highlights

• Net sales reached €323.7 million (+6% YoY), with adjusted EBIT at €17.6 million (+€7 million YoY) and net result at €9.3 million.

• Gross margin rose to 33.7% (+4.1 p.p. YoY), and EBIT margin increased to 5.4% (vs. 3.5% prior year).

• Net debt increased to €81 million, mainly due to working capital movements and ERP migration delays.

• Net leverage ratio at 1.14x adjusted EBITDA; group retains ample access to credit lines.

• Cash position at €43.6 million at H1 2026, down from €64.7 million at FY2025.

Outlook and guidance

• FY2026 adjusted EBIT guidance reiterated at a minimum of €32 million.

• Mid-term outlook (2024–2028) targets 5–7% revenue CAGR and ~10% EBIT margin by 2028, with profitability trajectory supported by backlog and commercial momentum.

• Working capital and net debt expected to improve markedly in H2 2027 as major Spanish contracts are delivered.