Ion Beam Applications (IBAB) Q1 2025 earnings summary

Executive summary

• Solid commercial momentum in Q1 2025, especially in Clinical segment, with strong Proton Therapy and Dosimetry performance.

• Equipment and Services backlog at €1.5 billion, with conversion progressing as planned.

• Share buyback program ongoing, with 582,849 shares purchased by 19 May toward a 650,000 target.

• Appointment of Catherine Vandenborre as CFO and Head of Corporate Entity, effective 1 July 2025.

Financial highlights

• Positive net cash position of €9 million, though lower than year-end due to inventory and contract build-up.

• Backlog delivery activities impacting working capital.

Outlook and guidance

• Performance year-to-date in line with expectations; one-year guidance for 2025 reaffirmed.

• 2025 REBIT expected at least €25 million, supported by positive Proton Therapy REBIT.

• Mid-term (2024-2028): revenue growth at 5-7% CAGR, OPEX up to 30% of sales, REBIT around 10% of revenue by 2028.

• Sustained profitability expected, with ongoing monitoring of macroeconomic risks, especially US tariffs.