News

IBA delivers strong FY 2025 results with solid execution in all segments

Louvain-la-Neuve, Belgium, 27 March 2026 - IBA (Ion Beam Applications S.A.), today announces its consolidated results of 2025 financial year, with strong execution across the businesses. Robust commercial momentum, notably in Proton Therapy, resulted in a historic order intake and a new all-time high backlog. Delivered in line with guidance, the year marks continued progress in the execution of IBA’s strategic roadmap to the benefit of all its stakeholders.

Record-high revenue and enhanced profitability

  • Net sales rose 24% vs. 2024, to €620 million, thanks to well-executed backlog conversion in IBA Clinical (+44% net sales growth)
  • Gross margin decreased to 32.2% vs. 33.7% in 2024, driven by less favorable equipment profitability mix (including legacy low-margin projects in Proton Therapy) partially offset by productivity improvements
  • Adjusted EBIT increased to €27.4 million (+58% YoY), with Proton Therapy delivering a strong positive Adjusted EBIT contribution of €10 million, supported by Group OpEx under control at 28% of total sales while fueling IBA’s future growth
  • Net results increased to € 12.7 million (+38% YoY), resulting in Earnings per Share of € 0.43
  • Strong growth in equipment order intake, landing at €452 million, (+41% YoY) driven by IBA Clinical (+81%), with Proton Therapy achieving its second-best year ever in terms of rooms sold. IBA Technologies delivered a solid equipment order intake (€142 million, -5% YoY), with a normalization in Industrial Solutions following record-high years, combined with a strong commercial traction in RadioPharma Solutions businesses.
  • Backlog at €1.6 billion, a new all-time high, including €0.78 billion and €0.822 billion in equipment and services backlog respectively, providing significant visibility for the future. Two year rolling equipment book-to-bill at 1.0x (vs. 0.9x in 2024), given the very strong order intake.
  • Acquisition of ORA, a global trailblazer in radiochemistry, consolidated within the IBA Technologies segment, expanding IBA’s strategic leadership in the fast-developing and promising field of Nuclear Medicine.
  • Reported net debt position at €58 million as of December 31 (vs. €60M in September 30, 2025), including ORA acquisition (€17 million). The working capital cycle continues to be driven by the delivery of large proton therapy projects in Spain and China, with a progressive improvement expected as Spanish deliveries advance, accelerating from 2027. On a like-for-like basis, i.e. excluding ORA acquisition, net debt position would have improved to €41 million, reflecting strong year-end operating cash flow generation.
  • Successful closing of a €125 million bank refinancing package, strengthening IBA’s financial structure and ensuring alignment between the evolving working capital cycle and strategic investment priorities.
  • PanTera marked a key milestone in 2025, with the start of construction of its commercial-scale 225Ac production facility, while continuing weekly production at full capacity to support clinical trials and compassionate care.
  • FY 2025 Adjusted EBIT guidance met: at least €25 million, supported by well under control OpEx and an exceeding positive Adjusted EBIT contribution from Proton Therapy. IBA sets a Group Adjusted EBIT of at least €32 million for FY 2026, building on the strong execution delivered in 2025 and the momentum across its businesses, and reaffirms mid-term outlook.
  • Dividend proposal of €0.25 per share subject to Annual General Meeting approval on June 10th.
  • Launch of share buyback program post period end to buy a maximum of 400,000 ordinary shares to cover company’s obligations of shares delivery as part of long-term incentive plans.