IBA上半年业绩改善，质子治疗业务推动调整后EBIT增长66%

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Introduction & Market Context
IBA (ENXTBR:IBAB) presented its first-half 2026 results on August 27, showcasing a significant improvement in profitability driven by the proton therapy business’s return to sustainable margins and strong equipment order momentum across the company’s portfolio. The Belgian medical technology and industrial systems specialist reported adjusted EBIT of €17.6 million, up 66% year-over-year, while revenue grew 6% to €323.7 million.
The presentation highlighted a fundamental shift in the company’s financial trajectory, with net profit reaching €9.3 million compared to a loss of €2.6 million in the prior-year period. Gross margin expanded 420 basis points to 33.7%, reflecting improved product mix and operational execution. Management reaffirmed full-year 2026 guidance for adjusted EBIT of at least €32 million and confirmed the company remains on track with its 2024-2028 strategic outlook.
Following the results, IBA shares traded at $16.56, up 2.48% from the previous close of $16.16, approaching the stock’s 52-week high of $17.76.
Financial Performance Highlights
IBA’s first-half performance demonstrated improved profitability across multiple dimensions, as illustrated in the following summary of key achievements.
Revenue growth of 6% to €323.7 million came primarily from equipment sales, which increased across both the Clinical and Technologies divisions. The €17.6 million adjusted EBIT represented a €7.0 million improvement from the prior year, translating to a 5.4% margin. More significantly, the company returned to net profitability with a €9.3 million result, a swing of €11.9 million from H1 2025.
The profitability improvement was driven by gross margin expansion to 33.7% from 29.5%, partially offset by a €13.4 million increase in operating expenses. As shown in the following waterfall analysis of profit drivers, the gross margin contribution added €18.9 million to profitability.
Operating expenses rose to €92.8 million, or 28.7% of sales, reflecting continued investments in research and development, sales and marketing, and general administration. The company also recorded a €1.5 million one-off gain related to the resolution of two specific business claims. Foreign exchange losses narrowed to €1 million from €4 million in the prior year, while PanTera’s equity method contribution added €2.1 million.
The company’s order intake demonstrated strong commercial momentum, as detailed in the following metrics.
Equipment order intake surged 64% to €176 million, with particularly strong performance in proton therapy, where five rooms were sold compared to just one in H1 2025. The backlog remained stable at €1.6 billion, with €0.8 billion in services providing recurring revenue visibility. The two-year equipment book-to-bill ratio stood at 0.9x, down slightly from 1.0x at year-end 2025 but reflecting healthy backlog conversion.
Proton Therapy Turnaround Confirmed
The proton therapy business delivered the most significant improvement, confirming its return to sustainable profitability after years of restructuring. As shown in the following segment performance summary, the business generated €12.3 million in adjusted EBIT on €167.7 million in net sales.
Equipment revenue increased 12% to €101.7 million, driven by sustained backlog conversion that resulted in the delivery of four treatment rooms during the first half. Services revenue grew 3% to €66.0 million, supported by an expanding installed base of 47 active sites worldwide. The 7.3% adjusted EBIT margin represented a dramatic improvement from the -1.4% margin in H1 2025, reflecting higher topline, operational leverage, and improved execution.
Equipment order intake of €112 million, up nearly fivefold from €23 million in the prior year, demonstrated market momentum across geographies. The company sold five rooms during the period, securing contracts in Europe and the Americas. This strong commercial performance positions the business for continued growth as the global proton therapy footprint expands.
The company’s global reach in proton therapy continues to expand, as illustrated in the following regional breakdown.
IBA’s proton therapy pipeline now includes 93 total sites: 47 operating, 11 in installation, and 35 in production. This represents an 11% increase from H1 2025. The Americas account for 30 sites (19 operating, 5 in installation, 6 in production), EMEA has 35 sites (17 operating, 3 in installation, 15 in production including eight under the Spanish Ministry of Health order), and APAC comprises 28 sites (11 operating, 3 in installation, 14 in production).
IBA’s competitive position in the proton therapy market remains strong, as shown in the following market share analysis.
The company maintained a 42% share of total installed proton therapy rooms globally, ahead of Varian at 21%, Hitachi at 19%, and Mevion at 9%. In H1 2026, IBA captured 31% of new rooms sold, matching Mevion’s share, while Hitachi and CGN (through IBA’s collaboration agreement) each took 19%. This compared to a 50% share in H1 2025, when the market saw fewer total installations.
The expanding clinical evidence base for proton therapy continues to support long-term market growth, as detailed in the following pipeline of phase III trials.
A total of 35 major phase III clinical trials covering more than 10,000 patients are ongoing, comparing proton therapy to conventional radiation therapy across multiple cancer types. The trials span brain, skull base and spine cancers, breast, esophageal, head and neck, liver, lung, prostate, and rectal cancers. Expected primary completion dates peak in 2027 with 2,652 patients, with substantial trial activity continuing through 2030 and beyond.
Technologies Performance and Dosimetry Challenges
The IBA Technologies division, encompassing Industrial Solutions and RadioPharma Solutions, delivered solid revenue growth but faced margin pressure from product mix and R&D investments. As shown in the following financial summary, the segment generated €127.0 million in net sales, up 10% year-over-year.
Equipment sales increased 12% to €106.6 million, while services grew 2% to €20.3 million. However, adjusted EBIT declined 37% to €8.2 million, resulting in a 6.5% margin compared to 11.3% in the prior year. Management attributed the margin compression to product mix effects and continued R&D investments in radiochemistry and radioligand therapies to fuel future growth.
Equipment order intake of €28 million represented a 48% decline from €53 million in H1 2025, reflecting a slower start to the year in Industrial Solutions. This was partly offset by sustained traction in RadioPharma Solutions, where the company’s installed cyclotron base has grown 75% since 2016.
The company expanded its RadioPharma portfolio with the launch of Cyclone iKure, as illustrated in the following product catalog.
The Cyclone iKure, a purpose-built cyclotron for industrial-scale Astatine-211 production, operates at 28.5-29.5 MeV with dual 100 µA beam current. The system complements IBA’s existing cyclotron portfolio, which ranges from the 9.2 MeV Cyclone KEY to the 70 MeV Cyclone 70, enabling production of all accelerator-based isotopes including F-18, Ga-68, Zr-89, Cu-64, I-123, At-211, and Ac-225.
In Industrial Solutions, the company launched the Rhodotron LITE to expand its X-ray platform into the low-capacity segment for medical device sterilization and food irradiation. The system offers dual 5/7 MeV beam energy to accommodate different market regulations and provides a competitive alternative to gamma centers in the 1-1.5 MCi range.
The Dosimetry business faced headwinds, as detailed in the following segment results.
Net sales decreased 11% to €30.8 million, reflecting continued pressure in medical imaging and radiation therapy markets, along with slower backlog conversion. The adjusted EBIT margin turned negative at -1.7%, down from 6.5% in the prior year, driven by the lower topline and market challenges. Equipment order intake increased 15% to €36 million, supported by recent portfolio launches and momentum in Proton Therapy QA, though revenue generation remains backloaded.
Management announced cost-reduction measures expected to partially offset the profitability pressure in the second half of 2026, including restructuring actions announced in March that should deliver €1.6 million in savings.
Strategic Initiatives and New Ventures
IBA advanced several strategic initiatives during the first half, focusing on technology penetration in core markets, geographic expansion, and value chain extension. The Clinical business made notable progress with regulatory approvals and product launches.
In Proton Therapy, IBA received FDA Investigational Device Exemption (IDE) approval for ConformalFLASH, enabling first-in-human trials of ultra-high dose rate radiation therapy. The company also launched AdaPTInsight XR, an imaging upgrade for the Proteus platform, and completed all primary endpoints in China NMPA trials. Commercial traction remained strong in Europe and the Americas, with five rooms sold and installations advancing in Spain and China.
The Dosimetry business released myQA StarTrack at ESTRO 2026 and published preprint research on phantoms for imaging and AI quality assurance. However, the U.S. market continued to face region-specific challenges that weighed on performance.
The Technologies division’s strategic progress centered on expanding market penetration and developing new applications.
In Industrial Solutions, IBA achieved key backlog execution milestones with the first large-scale X-ray installation and the world’s largest e-beam installation both reaching acceptance. The company launched Rhodotron LITE to expand into the low-capacity X-ray segment and continued development work on polymer applications and PFAS destruction, with ongoing testing on highly concentrated matrices.
RadioPharma Solutions maintained commercial momentum with sustained multi-site contract traction and continued growth in the installed cyclotron base. The launch of Cyclone iKure for industrial-scale At-211 production positions the company to serve the emerging theranostics market. Integration of the ORA radiochemistry business progressed, with functional alignment accelerating portfolio optimization and scale-up.
PanTera, IBA’s venture in Actinium-225 production for cancer theranostics, continued to scale operations and expand its customer base. As shown in the following clinical trial pipeline, the Ac-225 market opportunity is substantial.
More than 40 active clinical trials are evaluating Ac-225-based therapies, including 20+ in phase I and 20+ in phase II, with three programs reaching phase III. Major pharmaceutical partners include Novartis, AstraZeneca, Bristol Myers Squibb/RayzeBio, Lilly, Bayer, and numerous biotechnology companies. The trials span PSMA-targeted prostate cancer, neuroendocrine tumors, and other indications.
PanTera generated €13.7 million in revenue and €6.7 million in EBITDA during H1 2026, serving more than 25 active customers with several Master Supply Agreements in place. The company achieved recognition as a c-GMP producer of Ac-225 by its largest clients and expanded its collaboration with TerraPower Isotopes to triple production capacity in Belgium. The fourth and final tranche of the Series A funding round is expected in H2 2026, which will bring IBA’s ownership to approximately 31% and may result in a €5.5 million revaluation gain.
Balance Sheet and Cash Flow Dynamics
IBA’s balance sheet reflected the impact of backlog conversion and ERP system changes on working capital, as illustrated in the following cash flow waterfall.
Gross cash declined from €64.7 million at year-end 2025 to €43.6 million at H1 2026. Net operating cash flow before working capital changes was positive at €18.2 million, but a €25.6 million increase in working capital consumed cash. Capital expenditures totaled €4.3 million, while M&A and other investments required €3.1 million. Financing activities included €20.0 million in new borrowings offset by €17.8 million in repayments, along with €3.0 million for treasury share acquisitions.
The working capital increase of €27 million reflected several factors related to backlog conversion and the new ERP system implementation.
Inventory increased by €32 million, mainly due to new methodology following ERP migration that keeps machines in stock until shipment (€50 million impact). Contract in progress rose €36 million, primarily from progress on Spanish proton therapy projects (€19 million). Advanced billing on customer projects decreased €16 million as backlog converted to revenue. Trade payables increased €73 million, reflecting higher accruals under the new methodology (€50 million) and slower invoice processing following ERP migration.
Net debt increased to €81 million from €58 million at year-end 2025, resulting in a net leverage ratio of 1.14x based on last twelve-month adjusted EBITDA. Management indicated that net debt should remain relatively stable through 2026, with light improvement expected in early 2027 and more noticeable improvement in the second half of 2027 as Spanish proton therapy projects begin delivering cash.
Outlook and Guidance
IBA reaffirmed its full-year 2026 guidance for adjusted EBIT of at least €32 million, implying second-half performance of approximately €14.4 million to meet the minimum target. The company also confirmed it remains on track with its 2024-2028 medium-term outlook.
The medium-term outlook calls for revenue growth of 5-7% CAGR following the high-growth period, with frontloaded growth in the earlier years. Operating expenses are expected to reach up to 30% of sales per annum, while adjusted EBIT margin should approach 10% of revenue by 2028. The company also highlighted longer-term growth potential from capital-light investments in new ventures such as PanTera and mi2-factory.
Management strengthened the leadership team and Board of Directors to support the company’s growth trajectory. Olivier Legrain, Chief Executive Officer, was appointed Vice-Chairman of the Board and will focus on strategic steering. Henri de Romrée assumed the role of Deputy CEO with strategic and operational responsibility for all IBA activities, including IBA Clinical and IBA Technologies. Catherine Vandenborre continues as Chief Ventures & Corporate Officer, leading strategic partnerships, innovation, and cross-functional departments including finance.
The Board added two new directors: Joyce Hansen, who brings four decades of experience in sterilization science and sterility assurance from Johnson & Johnson, and Dr. Stephen Hahn, former U.S. FDA Commissioner and CEO of Nucleus RadioPharma, who contributes expertise in oncology, regulatory affairs, and radiopharmaceuticals.
For the second half of 2026, management expects industrial order intake to improve from the slower first-half pace and anticipates dosimetry will return to profitability following restructuring measures. The company highlighted several near-term catalysts, including the final PanTera Series A tranche, continued clinical trial progress for ConformalFLASH, and advancement of installations in Spain and China.
The complete financial results are detailed in the following consolidated profit and loss statement.
Full presentation:
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