Ion Beam Applications (IBAB) CMD 2025 summary

Strategic Positioning and Market Outlook

• Maintains strong competitive positioning in growing markets, with a balanced global footprint across Americas, EMEA, and APAC, and a focus on technology-driven leadership in medical, industrial, and environmental applications.

• Emphasizes innovation, holding over 500 patents, investing heavily in R&D, and fostering a diversified innovation ecosystem with more than 500 employees in research roles.

• Reorganized into focused entities: IBA Technologies, IBA Clinical, and IBA Corporate, to enhance execution, innovation, and a capital-light investment approach for new ventures.

• Strategic priorities include increasing technology penetration in core markets, expanding in high-potential geographies (notably China and the US), and extending the value chain into services and new applications.

• Certified B Corporation status, with a mission to positively impact health and the environment, a target to be CO2-neutral by 2030, and best-in-class governance with a diverse, experienced board.

Business Unit Developments and Innovation

• Industrial Solutions leads in accelerator-based sterilization, targeting a market share increase from 10% to at least 15% by decade's end, with expansion in China and new applications in polymers, food irradiation, and PFAS remediation.

• RadioPharma Solutions targets growth in equipment sales, expansion into radioisotope production and theranostics, focusing on emerging isotopes like Actinium-225 and Astatine-211, and partnerships for scalable supply.

• Proton Therapy is a market leader with 60% share, aiming for global growth, especially in China, leveraging clinical evidence, product innovation (DynamicARC®, ConformalFLASH®), and operational scale.

• Dosimetry business leverages acquisitions to offer integrated QA solutions for radiotherapy and imaging, driving recurring revenue and operational efficiency through portfolio diversification.

• Corporate initiatives include Pantera (Actinium-225 production) and MI2 Factory (semiconductor applications), both following a capital-light, partnership-driven model for long-term value creation.

Financial Guidance and Operational Strategy

• Sets a mid-term target of 5%-7% annual revenue growth (2024-2028), front-end loaded by strong backlog conversion, especially from the Ortega deal.

• Aims for EBIT/REBIT margin around 10% by 2028, driven by gross margin improvement (from 33% to near 40%) and OPEX discipline (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 balance sheet, low CapEx, and expects to be nearly debt-free by 2026 (excluding building leases), with strong cash generation and working capital efficiency.

• Guidance incorporates new business investments and market uncertainties, with a focus on sustainable, selective expansion and value creation, and upside from ventures like PanTera and mi2-factory.