Ion Beam Applications (IBAB) Q3 2024 TU earnings summary

Executive summary

• Equipment order intake reached EUR 171 million at Q3 end, rising to EUR 215 million post-period due to major Industrial Solutions contracts.

• Backlog conversion remained strong, with the equipment and services backlog at a record EUR 1.4 billion.

• Net cash position improved from EUR 3.3 million at Q3 end to EUR 19 million by October 31, supported by backlog conversion and order intake.

• PanTera joint venture closed a EUR 93 million Series A, leading to a EUR 23 million profit impact for IBA over three years.

• 30 Other Accelerators machines sold year-to-date, up from 18 in full year 2023, reflecting strong momentum.

Financial highlights

• Net cash position at EUR 3.3 million (unaudited) at Q3 end, rising to EUR 19 million by October 31.

• Undrawn credit lines of EUR 60 million available.

• Profitability maintained with positive REBIT expected for year end.

• PanTera transaction to add EUR 23 million profit over three years.

Outlook and guidance

• Backlog conversion momentum expected to continue through year-end.

• Mid-term guidance reiterated: 15% CAGR 2022-2026, nearly doubling revenues.

• REBIT on sales targeted at around 10% by 2026, with improvement weighted after 2024.

• CAPEX to increase to EUR 10-12 million per year until 2026 for infrastructure and innovation.

• Guidance assumes normalization of macroeconomic factors, stable supply chains, and solid order intake.