Ion Beam Applications (IBAB) H1 2024 earnings summary

Executive summary

• Group revenue rose 22% year-over-year to €206.5 million, driven by accelerated backlog conversion and strong service growth across all businesses.

• Net loss narrowed to €10.3 million from €27.3 million in H1 2023, reflecting improved margins and operational leverage.

• REBIT reached breakeven at €0.04 million, a significant improvement from the prior year.

• Backlog remains robust at €1.4 billion, supporting future revenue visibility.

• B Corp recertification achieved with a score of 114, placing the company in the global top tier.

Financial highlights

• Gross margin improved to 33.8% from 26.6% year-over-year, aided by higher-margin business and project cost normalization.

• Operating cash flow was negative €50.7 million, mainly due to inventory build-up and supplier down payments for large contracts.

• CapEx for H1 was €4.4 million, in line with guidance.

• Gross cash stood at €60.2 million and net cash at €21.7 million, with €60 million in undrawn credit lines.

• All bank covenants were met, and the balance sheet remains solid.

Outlook and guidance

• Confident in continued strong revenue growth and margin improvement for H2 and beyond, with H2 expected to outperform H1.

• Midterm guidance reiterated, targeting an EBIT/REBIT margin approaching 10% by 2026 and 15% CAGR 2022–2026.

• Backlog conversion expected to accelerate, especially in proton therapy and other accelerators.

• CAPEX to remain at €10–12 million per year through 2026 to support growth and innovation.

• Macroeconomic factors and order intake stability are key assumptions for guidance.