Core Insights - IBA reported strong revenue growth and improved profitability in the first half of 2025, driven by effective backlog conversion [2][4] Financial Performance - Total net sales increased by 40% year-over-year to EUR 304.9 million, with IBA Clinical and IBA Technologies growing by 47% and 30% respectively [3][4] - Gross profit rose to EUR 90.0 million, a 27% increase, while gross margin decreased to 29.5% from 32.6% due to a less favorable equipment profitability mix [3][4] - Operating expenses (OPEX) were controlled at EUR 79.4 million, representing 26% of total net sales, leading to a REBITDA of EUR 16.4 million, up 141% from the previous year [3][4] - The company reported a net loss of EUR 2.6 million, an improvement from a loss of EUR 10.3 million in H1 2024, attributed to non-recurring expenses and foreign exchange fluctuations [4] Order Intake and Backlog - Equipment order intake was EUR 107 million, a decrease of 7% compared to H1 2024, with a notable decline in Proton Therapy orders by 35% [5] - The backlog decreased to EUR 1.3 billion, driven by increased backlog conversion, with expectations for H2 order intake to be stronger [5] Strategic Developments - IBA's new CFO, Catherine Vandenborre, started on July 1, 2025, as part of the company's strategic initiatives [5] - The company reaffirmed its 2025 guidance, targeting a Group REBIT of at least EUR 25 million by year-end, supported by positive performance in Proton Therapy [6] Operational Highlights - PanTera began production of Actinium-225 in Belgium to support clinical trials, with a large-scale facility expected to break ground in Q4 2025 [5][6] - The company is implementing a new Enterprise Resource Planning (ERP) system, anticipated to be completed by early 2026 [7]

Group Overview - IBA reported a solid start to 2025, driven by strong market momentum in Proton Therapy and positive trends in Dosimetry [4][6] - The company has a backlog of €1.5 billion in IBA Clinical Equipment and Services, with a positive net cash position of €9 million [6] - A share buyback program is ongoing, with 582,849 shares purchased as of May 19, 2025, against a target of 650,000 by year-end [6] Proton Therapy and Dosimetry - There are currently 38 ongoing proton therapy projects, including 8 ProteusPLUS and 30 ProteusONE systems, with 9 installations underway [7] - Strong commercial activity is noted in the Asia-Pacific region, with significant contracts signed in India and Taiwan [7] - The integration of Radcal Corporation is back on track, supporting profitability in Dosimetry [7] Product Innovations - IBA launched the QUASAR GRID system and myQA Blue Phantom, enhancing quality assurance solutions [7] - Two additional sales in Radio Pharma Solutions were activated post-period, including a contract in Taiwan [7] - The company introduced CASSY, a new compact synthesizer aimed at improving efficiency in radiotracers production [7] Financial Outlook - IBA maintains its one-year guidance for 2025, expecting a REBIT of at least €25 million, supported by positive performance in Proton Therapy [9] - The mid-term outlook (2024-2028) indicates confidence in sustained profitability while monitoring macroeconomic conditions [10] - Revenue is projected to grow at a normalized frontloaded rate of 5-7% CAGR, with OPEX expected to be up to 30% of sales per annum [14]