IBA上半年盈利转正且质子治疗业务恢复盈利，但事件已由公司盘前披露并被盘中重定价

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Introduction & Market Context
IBA (EBR:IBAB) presented its half-year 2026 results on August 27, 2026, showcasing a significant profitability turnaround driven by stronger equipment sales, improved gross margins, and the return of its proton therapy business to sustainable profitability. The Belgian medical technology and industrial systems company reported revenue of €324 million and adjusted EBIT of €17.6 million, while net income reached €9.3 million compared to a loss of €2.6 million in the prior-year period.
The company’s shares rose 2.48% to $16.56 following the presentation, trading near the upper end of its 52-week range of $9.90 to $17.76. The results confirmed management’s multi-year turnaround strategy is gaining traction, with backlog conversion accelerating and profitability improving across most business segments.
Quarterly Performance Highlights
As shown in the following comprehensive overview of first-half performance, IBA delivered robust growth across multiple financial metrics while maintaining a stable backlog position.
The company’s first-half results demonstrated meaningful progress on several fronts. Revenue grew 6% year-over-year to €324 million, while adjusted EBIT surged 66% to €17.6 million. The gross margin expansion of 420 basis points to 33.7% represented a particularly notable achievement, reflecting improved product mix and better execution in the proton therapy segment.
Equipment order intake jumped 64% to €176 million, providing visibility for future revenue conversion. The backlog remained stable at €1.6 billion despite strong conversion during the period, suggesting sustained commercial momentum.
The following breakdown illustrates the strength of order intake and backlog stability across the business.
IBA sold five proton therapy rooms during the first half, up from just one room in the prior-year period, while the IBA Technologies division sold 10 systems. The services backlog reached €800 million, reflecting the company’s growing installed base of 47 active proton therapy sites worldwide.
Detailed Financial Analysis
The company’s financial transformation is evident in the year-over-year comparison of key metrics presented in the slides.
Net leverage increased to 1.14x from 0.54x as the company invested in working capital and growth initiatives, while the net debt position rose €23 million from year-end 2025 to €81 million. Management reaffirmed its 2026 adjusted EBIT guidance of at least €32 million, indicating confidence in second-half performance.
The following waterfall analysis demonstrates how profitability improved from the first half of 2025 to the current period.
The gross margin improvement of €18.9 million represented the single largest driver of profitability gains, partially offset by a €13.4 million increase in nominal operating expenses. One-off business-related claims contributed €1.5 million, while reduced foreign exchange impacts and positive contributions from PanTera’s equity method results added €4.2 million.
A more detailed breakdown of the path from adjusted EBIT to net profit reveals the impact of various below-the-line items.
PanTera’s equity method contribution of €2.1 million provided a positive offset to other operating expenses of €4.8 million, which included €2.1 million for ERP upgrade implementation and €1.6 million for dosimetry restructuring. Foreign exchange losses narrowed to €1 million from €4 million in the prior-year period, while hyperinflation in Argentina impacted the Buenos Aires proton therapy project by €1 million.
Proton Therapy: Market Leadership & Clinical Evidence
IBA’s proton therapy business achieved a critical milestone by returning to sustainable profitability, with adjusted EBIT of €12.3 million and a 7.3% margin in the first half.
Proton therapy net sales increased 8% to €167.7 million, driven by 12% growth in equipment sales from the delivery of four rooms and 3% growth in services revenue supported by 47 active sites worldwide. Equipment order intake reached €112 million, up dramatically from €23 million in the prior-year period, with five rooms sold during the first half.
The company’s global footprint continues to expand, with installations progressing across three major geographic regions.
IBA’s proton therapy network is expanding toward 93 total sites, representing 11% growth from mid-2025. The breakdown includes 47 operating sites, 11 installations in progress, and 35 systems in production. The Americas region accounts for 19 operating sites with 11 additional projects, EMEA has 17 operating sites with 18 projects (including eight under the Spanish Ministry of Health order), and APAC shows 11 operating sites with 17 projects.
IBA’s market leadership position remains strong, as illustrated in the following market share analysis.
In the first half of 2026, IBA captured 31% of new rooms sold, matching Mevion’s share, while Hitachi and CGN (through IBA’s collaboration agreement) each took 19%. IBA’s total installed base market share stands at 42%, well ahead of Varian at 21% and Hitachi at 19%, with Mevion at 9% and others comprising 9%.
The expanding clinical evidence pipeline supports continued momentum for proton therapy adoption.
More than 35 major Phase III clinical trials covering over 10,000 patients are currently ongoing, comparing proton therapy to conventional radiation therapy. The trials span multiple cancer types including brain, skull base and spine tumors, breast cancer, esophageal cancer, head and neck cancers, liver, lung, prostate, and rectal cancers. Patient enrollment is expected to peak in 2027 with over 2,600 patients, with primary completion dates extending through 2036.
The company highlighted several strategic achievements in its clinical business review.
Key milestones included FDA Investigational Device Exemption approval for ConformalFLASH, launch of the AdaPTInsight XR imaging upgrade, and successful completion of all primary endpoints in China NMPA trials. In dosimetry, IBA released myQA StarTrack at ESTRO 2026 and published research on phantoms for imaging and AI quality assurance. The proton therapy turnaround was confirmed with 7.3% adjusted EBIT margin and improvements in operational efficiency.
Technologies & Industrial Solutions: Product Innovation
The IBA Technologies segment, encompassing industrial solutions and radiopharmaceutical systems, delivered 10% revenue growth to €127 million, though adjusted EBIT margin compressed to 6.5% from 11.3% due to product mix and continued R&D investments.
Equipment sales increased 12% while services revenue grew 2% on the expanding installed base. The adjusted EBIT decline to €8.2 million from €13.1 million reflected investments in radiochemistry and radioligand therapies. Equipment order intake of €28 million was down 48% from the prior year due to a slower start in industrial solutions, partially offset by sustained traction in radiopharmaceutical solutions.
The company’s strategic progress in the Technologies segment focused on market penetration and geographical expansion.
In industrial solutions, IBA achieved backlog execution milestones with the first large-scale X-ray and world’s largest e-beam installations accepted. The company launched the Rhodotron LITE to expand its X-ray portfolio into the low-capacity segment. In radiopharmaceuticals, IBA experienced sustained commercial momentum with its installed cyclotron base up 75% since 2016, driven by recent Cyclone Kiube orders.
The launch of Rhodotron LITE represents a strategic expansion into lower-capacity sterilization markets.
The Rhodotron LITE extends IBA’s X-ray platform into lower power applications, serving medical device sterilization and food irradiation with dual 5/7 MeV beam energy to accommodate different market regulations. The system is competitive with gamma centers in the 1-1.5 MCi range and helps reduce reliance on cobalt-60 availability and price volatility.
Market dynamics in the industrial sterilization sector reflect COVID-era capacity absorption.
The sterilization market experienced over-capacity following COVID-triggered investments, with market capacity surpassing demand around 2023-2024. IBA’s internal estimates suggest demand will meet capacity by 2028-2029, with the lag reflecting the approximately three-year timeline from machine orders to operational capacity. The underlying market for e-beam and X-ray sterilization continues to grow at 6-8% annually.
IBA’s radiopharmaceutical solutions portfolio expanded with the launch of Cyclone iKure.
The company’s cyclotron catalog now spans from the 9.2 MeV Cyclone KEY to the new Cyclone iKure, a purpose-built system for industrial-scale Astatine-211 production operating at 28.5-29.5 MeV with dual 100 µA beam currents. The portfolio enables production of all accelerator-based isotopes including fluorine, gallium, nitrogen, oxygen, carbon, zirconium, copper, iodine, strontium, germanium, molybdenum, astatine, actinium, scandium, and thallium.
New Ventures & Strategic Initiatives
IBA’s venture portfolio, led by PanTera’s Actinium-225 production business, demonstrated strong progress during the first half.
PanTera achieved recognition as a cGMP producer of Ac-225 by its largest clients and expanded its collaboration with TerraPower Isotopes to triple production capacity in Belgium. The venture served more than 25 active customers with several Master Supply Agreements in place. Financially, PanTera generated €13.7 million in revenue and €6.7 million in EBITDA from weekly production. The fourth and final tranche of Series A funding is expected in the second half of 2026, bringing IBA’s ownership to approximately 31%.
The clinical pipeline for Actinium-225 continues to expand, supporting long-term demand visibility.
More than 40 clinical trials using Ac-225 are currently active, including over 20 Phase I trials, over 20 Phase II trials (including Phase I/II combinations), and three Phase III trials. Major pharmaceutical companies involved include Philogen, Telix, AstraZeneca, Novartis, Lilly, Bayer, Bristol Myers Squibb/RayzeBio, and Actinium Pharmaceuticals, among others. Target indications include PSMA-positive cancers, neuroendocrine tumors, and various other cancer types.
IBA’s broader venture portfolio made additional progress across multiple initiatives.
The mi2-factory equipment development and purchase contract was executed with IBA for a demonstration machine, benefiting from favorable market trends in silicon carbide power devices for electric vehicles and AI data centers. NHa Normandy Hadrontherapy received positive reception at PTCOG 2026 and secured an €8 million loan from its first customer CyclHad as part of short-term refinancing efforts. Discussions with Framatome continued regarding joint development of astatine-211 production infrastructure in Europe and the U.S., with Framatome applying for permits related to the first site in Nantes.
Challenges & Headwinds
While most business segments showed improvement, the dosimetry business faced continued pressure from market headwinds.
Dosimetry net sales decreased 11% to €30.8 million due to continued pressure in medical imaging and radiation therapy markets, along with slower backlog conversion. The adjusted EBIT margin fell to -1.7% from 6.5% in the prior year, driven by lower topline and market challenges. Management implemented cost-reduction measures expected to partially offset the decline in the second half. Equipment order intake increased 15% to €36 million, supported by recent portfolio launches and momentum in proton therapy quality assurance, though revenue generation remains backloaded.
Working capital increased significantly during the period, driven by backlog conversion and ERP implementation effects.
Net working capital increased €27 million following backlog conversion not yet fully translated into invoicing. Inventory rose €32 million, primarily due to a new methodology following ERP migration that keeps machines in stock until shipment. Contract in progress increased €36 million, mainly from progress on Spanish proton therapy projects. Payables increased €73 million due to higher accruals from the new methodology and slower invoice processing following ERP migration. Advanced billing decreased €16 million following backlog conversion.
The company’s ERP upgrade introduced temporary balance sheet effects that management expects to normalize over time.
Under the new S/4 ERP system, procurement percentage-of-completion follows a predefined standard cost curve rather than project-specific cost postings from allocated stock. This approach preserves operational flexibility by allowing specific equipment to be allocated later in projects, but creates temporary differences in inventory and contract-in-progress positions that largely offset in net working capital impact.
Cash flow evolution reflected working capital absorption and financing activities.
Gross cash declined from €64.7 million at year-end 2025 to €43.6 million at mid-2026. Operating cash flow before working capital contributed €18.2 million, but working capital changes absorbed €25.6 million. Capital expenditures totaled €4.3 million, while M&A and other investments required €3.1 million. Financing activities included €20 million in new borrowings offset by €17.8 million in repayments, €3 million in treasury share transactions, and €3.7 million in other financial cash flows.
Financial Position & Outlook
IBA’s consolidated financial statements demonstrate the company’s transformation during the first half.
The consolidated profit and loss statement shows sales and services of €323.7 million with a gross profit of €108.9 million, representing a 33.7% gross margin. Operating expenses totaled €92.8 million, yielding an operating result of €12.8 million. After financial results and equity method contributions, profit before tax reached €12.3 million, with net profit of €9.3 million after €3 million in taxes. Adjusted EBIT of €17.6 million and adjusted EBITDA of €26.6 million reflected the underlying operational performance.
The balance sheet position shows growth in both assets and liabilities to support business expansion.
Total assets increased to €753.9 million from €690.6 million at year-end 2025, with non-current assets of €223.3 million and current assets of €530.6 million. Equity stood at €119.2 million, down from €127.2 million at year-end, while total liabilities increased to €634.7 million from €563.4 million. The growth in current assets and liabilities primarily reflects working capital requirements for backlog conversion.
Cash flow generation remained under pressure from working capital absorption.
Operating activities consumed €7.1 million in cash, an improvement from the €37.3 million use in the prior-year period. Investing activities used €7.4 million compared to €12.6 million previously, while financing activities consumed €4.5 million versus generating €17.5 million in the prior year. Net cash and cash equivalents ended the period at €43.6 million, down from €64.7 million at the beginning but up from €36.7 million in the prior-year period.
Management reaffirmed its 2026 guidance and medium-term outlook.
The company reiterated its 2026 adjusted EBIT guidance of at least €32 million. The medium-term outlook for 2024-2028 remains unchanged, targeting revenue growth of 5-7% compound annual growth rate following a high-growth period, operating expenses of up to 30% of sales per annum, and adjusted EBIT margin of around 10% of revenue by 2028. Longer-term growth is expected from capital-light investments into new ventures including PanTera and mi2-factory.
Leadership changes were announced to support the company’s growth trajectory.
CEO Olivier Legrain was appointed Vice-Chairman of the Board and will focus on strategic steering. Henri de Romrée, as Deputy CEO, assumes strategic and operational responsibility for all IBA activities including IBA Clinical and IBA Technologies. Catherine Vandenborre, Chief Ventures & Corporate Officer, leads strategic partnerships and innovation along with cross-functional departments including finance. The Board of Directors added Joyce Hansen, bringing four decades of sterilization science experience from Johnson & Johnson, and Dr. Stephen Hahn, former U.S. FDA Commissioner and CEO of Nucleus RadioPharma with oncology, regulatory, and radiopharmaceutical expertise.
The first-half results confirm IBA’s turnaround trajectory is gaining momentum, with improved profitability in proton therapy, strong order intake across equipment categories, and promising progress in new ventures. While challenges remain in dosimetry and working capital management, the company’s reaffirmed guidance signals management confidence in delivering sustainable profitability improvement through 2026 and beyond.
Full presentation:
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