Ion Beam Applications (IBAB) Q3 2025 earnings summary

Executive summary

• Confirms strong alignment with FY2025 guidance, expecting EBIT/REBIT of at least €25 million, supported by controlled OpEx and positive Proton Therapy contribution.

• Operational activities and order intake remain robust, with significant contributions from IBA Technologies and Radiopharma Solutions.

• Strategic progress achieved across all business segments, including technology penetration, commercial traction, and value chain expansion.

• Backlog of equipment and services stands at €1.3 billion, slightly down from Q3 2024 due to accelerated backlog conversion in H1 2025.

• New Asia Headquarters opened in Beijing to strengthen presence in China and support regional growth.

Financial highlights

• Equipment order intake reached €195 million as of Q3 2025, up €11 million or 6% year-over-year, driven by a 22% increase in IBA Technologies.

• Net debt position at €60 million as of September 30, 2025, improved by €63 million year-over-year.

• OpEx remains under 30% of total sales.

• Net financial position expected to improve from December 2025 as project deliveries progress.

• Equipment and Services backlog stable at €1.3 billion.

Outlook and guidance

• Confident in meeting or exceeding FY2025 EBIT/REBIT guidance of at least €25 million.

• Order intake and backlog conversion trends support the profitability improvement trajectory.

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

• No expected impact on full-year guidance from headwinds in the Dosimetry segment.

• High confidence in sustained profitability, with ongoing monitoring of geopolitical risks and market restrictions.