Half Year 2026 Ion Beam Applications SA Earnings Call Transcript
Key Points
- Ion Beam Applications SA (IOBCF) delivered a solid first half of 2026 with revenue exceeding EUR320 million and a substantial improvement in profitability, reflected in an adjusted EBIT of EUR17.6 million and a positive net result of EUR9.3 million.
- Commercial momentum was strong, with equipment order intake up 64% year-on-year, keeping the total backlog stable at EUR1.6 billion, which reinforces the company's long-term growth engine.
- Proton Therapy confirmed its return to sustainable profitability, with adjusted EBIT reaching EUR12.3 million compared to a loss of EUR2 million in the first half of last year, driven by improved execution and a better equipment profitability mix.
- The company achieved significant technological and regulatory milestones, including FDA Investigational Device Exemption approval for ConformalFLASH, the launch of AdaPTInsight XR, and the new Cyclone iKure for industrial-scale astatine-211 production.
- PanTera, a key venture, is making strong progress with EUR13.7 million in revenue and EUR6.7 million in EBITDA, and is expanding its actinium-225 capacity through new collaborations, positioning itself as a leader in the emerging theranostic market.
- The company strengthened its leadership team and Board with new appointments, bringing valuable expertise in sterilization, oncology, and radiopharmaceuticals to support the execution of its strategy.
- Dosimetry business remained challenging, with an adjusted EBIT of minus EUR0.5 million due to persistent pressure in conventional radiotherapy and medical imaging, particularly in the US, with net sales down 11%.
- IBA Technologies experienced a slower start in order intake for Industrial Solutions due to temporary overcapacity in the sterilization market, leading to a lower two-year equipment book-to-bill ratio of 0.7.
- Net debt increased to EUR81 million at the end of June, up EUR23 million versus year-end, mainly reflecting working capital movements and timing effects, with expectations of only relative stability through 2026.
- The company's working capital situation has sharply reversed over the last three years from a strongly negative position to a slightly positive one, negatively impacting the financial position due to large contracts with back-ended payment terms.
- Operating expenses increased in nominal terms, driven by select investments in R&D projects and the reinforcement of communication and digital functions, which could pressure margins if revenue growth does not keep pace.
- The company expects continued volatility in cash flow and working capital in the near term, with a marked improvement only targeted for the second half of 2027, as it navigates the current phase of its working capital cycle.
Hello, everyone, and welcome to the presentation of IBA's results for the first half of 2026. I am Thomas Pevenage from Investor Relations. As usual, you will find this presentation on the Investor Relations page on our website. A question-and-answer session will follow the formal presentation. Today's speakers are Olivier Legrain, our Chief Executive Officer; Henri de Romree, our Deputy Chief Executive Officer; and Catherine Vandenborre, our Chief Ventures and Corporate Officer.
Here is the agenda for today's presentation. We will start with our highlights for the period, followed by the business review, where we will discuss the strategic progress and the financials of each business unit. Finally, we will cover our financial performance in more detail and give you an update on our guidance and outlook before opening the Q&A session.
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