Ion Beam Applications (IBAB) H2 2024 earnings summary

Executive summary

• Achieved record revenue of €498.2 million in 2024, up 7% year-over-year, with gross margin improving by 4.5 percentage points to 33.3% due to favorable product mix and strong backlog conversion.

• Returned to profitability with net income of €9.3 million, reversing a €9.1 million loss in 2023; REBIT increased 170% to €17.3 million.

• Proposed dividend of €0.24 per share, up from €0.17, reflecting confidence in future prospects.

• Backlog remains at a record €1.5 billion, providing strong revenue visibility.

• Transformation of internal structure into three focused entities: IBA Clinical, IBA Technologies, and IBA Corporate, to enhance execution and reporting.

Financial highlights

• REBIT more than doubled to €17.3 million (+170% YoY), with a REBIT margin of 3.5% and strong backlog conversion.

• Other Accelerators revenue rose 18% to €194.2 million; Proton Therapy revenue stable at €242.1 million; Dosimetry revenue flat at €65.9 million.

• Operating expenses increased 16% to €148.7 million, reflecting higher investment in S&M and R&D.

• Cash and cash equivalents at year-end were €72.2 million, with a positive net financial position of €33.5 million and €60 million in undrawn credit lines.

• IFRS 15 principal treatment adopted, increasing reported revenue and COGS, with no impact on gross profit.

Outlook and guidance

• 2025 guidance: REBIT expected to reach at least €25 million, with Proton Therapy returning to positive REBIT.

• Midterm (2024-2028) outlook: 5-7% annual revenue growth (front-loaded), targeting around 10% REBIT margin by 2028.

• Operational expenses to be capped at 30% of annual sales.

• Continued selective investment in R&D and capital-light ventures such as PanTera and mi2-factory.