Ion Beam Applications (IBAB) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of over €620 million in 2025, up 24% year-over-year, with historic order intake and backlog at €1.6 billion, reflecting robust commercial momentum and strategic execution.

• Adjusted EBIT reached €27.4 million, up 58% year-over-year, exceeding guidance and marking a profitability turnaround in proton therapy.

• Net profit rose 38% to €12.7 million, with EPS at €0.43; Adjusted EBITDA grew 54% to €49.4 million.

• Transformation to a recurring, profitable growth model, with confirmed 2024–2028 outlook and 2026 Adjusted EBIT guidance of at least €32 million.

• Strategic acquisitions (ORA, PhantomX) and innovation milestones (DynamicARC, ConformalFLASH, PanTera) reinforced leadership in nuclear medicine and advanced therapies.

Financial highlights

• Revenue grew 24% year-over-year to €620.2 million, driven by backlog conversion and service growth.

• Adjusted EBIT margin improved to 4.4% (from 3.5% in 2024); gross margin declined to 32.2% due to less favorable equipment mix and legacy contracts.

• Net debt at year-end was €58 million (or €41 million excluding ORA acquisition), with a net leverage ratio of 0.83x Adjusted EBITDA.

• Operating expenses rose 14% to €172.2 million, mainly from higher S&M and R&D investments; OpEx remained at 28% of sales.

• Cash flow from operations was negative €25.7 million, mainly due to working capital needs from large project deliveries.

Outlook and guidance

• 2026 guidance set at group Adjusted EBIT of at least €32 million, with expectations to reach an EBIT margin of around 10% by 2028.

• Revenue growth for 2024–2028 expected at 5–7% CAGR, with 2026 likely at the high end of this range.

• Gross margin anticipated to improve in 2026 due to healthier competitive dynamics, scaling in services, and favorable radiopharma mix.

• OpEx to remain moderate, targeted at a maximum of 30% of sales.

• Dividend proposal of €0.25 per share for 2025, with a matching employee bonus; share buyback program launched for up to 400,000 shares.