Ion Beam Applications (IBAB) Q2 2025 earnings summary

Executive summary

• Revenue increased 40% year-over-year to EUR 304.9 million, driven by strong backlog conversion and operational efficiency across all business units.

• REBIT improved to EUR 10.6 million from break-even, with OPEX held at 26% of sales.

• Net loss narrowed to EUR 2.6 million, impacted by non-recurring ERP migration costs, FX fluctuations, and working capital needs.

• Backlog decreased to EUR 1.3 billion due to strong execution, with order intake at EUR 107 million, rising to EUR 190 million post-period with new contracts.

• 2025 guidance reaffirmed: minimum EUR 25 million REBIT, with positive outlook for proton therapy profitability.

Financial highlights

• Gross margin declined to 29.5% from 32.6% due to less favorable equipment mix and legacy projects.

• REBITDA rose 141% to EUR 16.4 million; REBIT margin improved to 3.5%.

• Operating expenses at 26% of net sales, down from 33% YoY.

• Net debt at EUR 30 million, with gross cash EUR 36.7 million and net leverage ratio at 0.62.

• Cash flow from operations was negative EUR 37.3 million, reflecting working capital build-up.

Outlook and guidance

• 2025 guidance and mid-term (2024-2028) outlook reaffirmed: targeting at least EUR 25 million REBIT for FY2025, 5-7% CAGR revenue growth, and REBIT margin of ~10% by 2028.

• OPEX expected to remain up to 30% of sales per annum.

• Expect stronger H2 than H1, but less pronounced than in 2024; more balanced half-year weighting.

• Confident in medium-term outlook, mindful of geopolitical risks (US tariffs, China restrictions, FX volatility).