Company Overview - IBA (Ion Beam Applications S.A.) is the world leader in particle accelerator technology and the leading supplier of proton therapy solutions for cancer treatment [5][6] - The company employs approximately 2,100 people globally and is based in Louvain-la-Neuve, Belgium [5] - IBA is listed on the EURONEXT stock exchange and is a certified B Corporation, meeting high standards of social and environmental performance [5][6] Contract Details - IBA has signed a contract with Seoul St. Mary's Hospital for the installation of a ProteusPLUS solution, which includes three gantry-rooms and a multi-year service contract [2][3] - The system will feature DynamicARC beam delivery capabilities once it receives regulatory clearance [2] - The hospital plans to begin patient treatments by the end of 2029, with the center covering a total area of 37,851 square meters [2] Market Impact - The contract signifies the growing demand for proton therapy solutions in South Korea, expanding the number of centers that utilize IBA's technology [3] - The typical end-user price for a three-room ProteusPLUS system with a multi-year maintenance contract ranges between €80 million and €100 million [3] Hospital Profile - Seoul St. Mary's Hospital is one of the largest hospitals in South Korea and a flagship institution of the Catholic Medical Center, providing comprehensive care across 45 departments [6] - The hospital has a global reputation for treating blood cancers and is also expanding its capabilities in treating solid tumors [3][6] - It has treated over 30,000 international patients from more than 100 countries and has trained over 900 international physicians through its fellowship programs [6]

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]