Group Overview - IBA reported a strong execution in converting backlog, providing visibility towards achieving FY2025 guidance, with dynamic market momentum supported by clinical trial results in proton therapy and theranostics engagement [3][11] - Equipment order intake reached €195 million in Q3 2025, a 6% increase year-over-year, with IBA Technologies contributing significantly [5] - The company confirmed FY2025 REBIT guidance of at least €25 million, supported by controlled operating expenses and positive contributions from Proton Therapy [5][11] Financial Performance - The equipment and services backlog remained stable at €1.3 billion, with sustained backlog conversion [5] - As of September 30, 2025, net debt stood at €60 million, with €51 million of revolving credit facilities utilized [5] - A €125 million refinancing package was closed on November 19, 2025, enhancing the company's financial structure and operational commitments [5][10] Clinical and Commercial Developments - IBA has 41 projects in equipment backlog, including ongoing installations of Proteus systems, with strong commercial traction in APAC and an active pipeline in the US [6] - A Memorandum of Understanding was signed with Varian to enhance interoperability and co-develop technologies for proton therapy [6] - Clinical evidence from MD Anderson demonstrated the benefits of proton therapy in treating head and neck cancer, showing improved survival rates compared to conventional radiation therapy [6] Strategic Initiatives - PanTera has commenced construction of its Ac-225 production facility, with weekly production supporting clinical trials [15] - IBA Technologies reported solid traction with four systems sold in the quarter, totaling 18 systems sold year-to-date [10] - The company is focusing on expanding its presence in nuclear medicine, particularly with alpha emitters, confirming its strategic focus on capacity expansion and new production technologies [10] Future Outlook - IBA remains confident in delivering sustained profitability, with a mid-term outlook of 5-7% CAGR in revenue growth and a target of around 10% REBIT by 2028 [16][11] - The company is closely monitoring geopolitical developments, particularly US tariffs and Chinese market restrictions, to remain agile in addressing potential opportunities and challenges [11]