News

IBA Business Update Q3 2025

IBA is highly confident to meet FY2025 guidance, and strengthens financing structure

Louvain-la-Neuve, Belgium, November 20 2025 - IBA (Ion Beam Applications S.A), the world leader in particle accelerator technology, shares its business update for the third quarter of 2025.

Group Overview

  • Equipment order intake at €195 million as of Q3 2025 (+6% vs. last year) with a strong contribution from IBA Technologies (+22%) driven by RadioPharma Solutions, and four Proteus®ONE solutions sold within IBA Clinical.
  • Equipment and Services backlog stable at €1.3 billion, with sustained backlog conversion.
  • FY2025 REBIT guidance confirmed: at least €25 million, supported by well under control OpEx and an already positive REBIT contribution from Proton Therapy. At net result level, financials continue to be impacted by foreign exchange fluctuations (primarily USD and CNY).
  • Net debt position at €60 million as of September 30, 2025, with €51 million of revolving credit facilities used. Working capital cycle continues to be driven by the delivery of large proton therapy projects in Spain and China. As a result, net financial position expected to gradually improve as from December 2025.
  • Closing of a €125 million club deal with leading Belgian and international banks on November 19th, comprising: (i) a €50 million amortizing term loan, (ii) a €15 million amortizing term loan for M&A purposes and (iii) €60 million revolving credit facilities. These partially drawn credit facilities have a maturity of 5 years and are provided on a committed basis. The refinancing package is complemented by a €10 million subordinated loan from Wallonie Entreprendre.
  • PanTera has started the construction of its commercial-scale Ac-225 production facility, and is now producing on a weekly basis to support clinical trials.

Olivier Legrain, Chief Executive Officer of IBA commented: “Our strong execution in converting backlog provides clear visibility towards achieving our FY2025 guidance. Momentum remains dynamic in our markets, underpinned by additional clinical trial results in proton therapy and increasing engagement in theranostics at major nuclear medicine conferences. Additionally, the closing of the long-term refinancing further strengthens our ability to deliver on our operational commitments and seize new business opportunities.”