IBA's Turnaround Takes Hold: Proton Therapy Profitable, Ventures Scaling

A Turnaround Takes Hold

Ion Beam Applications (IBA) is executing a clear turnaround, as evidenced by its H1 2026 results: revenue exceeded EUR 320 million, adjusted EBIT rose to EUR 17.6 million, and the net result turned positive at EUR 9.3 million. The company's order intake surged 64% year-on-year, with IBA Clinical more than doubling — 5 rooms sold directly and 16 globally, including via CGN in China. This commercial momentum kept the backlog stable at EUR 1.6 billion, providing strong visibility. The gross margin expanded from 29.5% to 33.7%, a step-change driven by better equipment mix and execution in Proton Therapy.

As CEO Olivier Legrain noted, “H1 '26 confirm that IBA is on track with its improved profitability trajectory” — Olivier Legrain, Chief Operating Officer · 2026-08-27. The improvement is not ephemeral: it is underpinned by a structural recovery in Proton Therapy, a segment that was a drag just a year ago.

Proton Therapy: The Engine of Recovery

IBA Clinical's adjusted EBIT swung from a EUR 2 million loss to a EUR 12.3 million profit in H1, a remarkable improvement. The segment's backlog conversion proceeded smoothly, and despite sustained conversion, the backlog remained stable at EUR 1.37 billion, with services representing more than EUR 800 million. Henri de Romree highlighted this resilience: “Despite the continued conversion into revenue, IBA Clinical backlog was stable at EUR 1.37 billion.” — Henri de Romree, Chief Executive Officer · 2026-08-27 This is supported by a growing installed base (47 operational sites, 11 installations running simultaneously) and innovation like ConformalFLASH and AdaPTInsight XR.

The margin recovery is structural, not ephemeral. In the prior call, management had already signaled the trend: “we expect indeed an improvement of gross margin in '26 compared to 2025” — Catherine Vandenborre, CFO · 2026-03-27 — a promise now materializing in the numbers.

Technologies: Navigating Overcapacity with Innovation

IBA Technologies posted a 6.5% EBIT margin, but the story is more nuanced. Industrial Solutions is facing a temporary overcapacity in the sterilization market, a post-COVID hangover that management expects to resolve by 2028-2029. The order intake slowed, dragging the book-to-bill down to 0.7. Yet the company is countering with new products: Rhodotron LITE targets lower-capacity segments, and Astatine 211 production via the new Cyclone iKure represents a strategic bet on theranostics.

Henri de Romree explained the situation calmly:

The first semester is rather on the low side in terms of overall margin contribution because we had an unusually unfavorable product mix.

PanTera and the Theranostics Bet

PanTera, IBA's venture in Actinium 225, is gaining real traction. It generated EUR 13.7 million revenue and EUR 6.7 million EBITDA in H1, and its regulatory-grade supply is already referenced in clinical trial applications. The fourth tranche of the Series A is expected in H2 2026, diluting IBA's ownership to 31% but booking a “revaluation gain of EUR 5.5 million” — Catherine Vandenborre, Chief Financial Officer · 2026-08-27. This ventures highlights IBA's optionality beyond its core equipment business.

The actinium-225 pipeline is expanding, with over 40 active clinical trials, including 3 in Phase III with first results expected from 2028. This is a long-term value catalyst, though management is cautious: "on the commercial traction that might possibly come once the results of the clinical trials are known, it's a different world" (Catherine, current call).

Financials and Outlook

The financial position remains under pressure from working capital, with net debt at EUR 81 million and leverage at 1.14x. The Spanish proton therapy project is a major driver of the cash drag, but Catherine reaffirmed that “we expect the working capital situation to normalize as invoicing and cash collection catch up with project execution” — Catherine Vandenborre, Chief Financial Officer · 2026-08-27. This has been a recurring theme — in the 2025 call, Catherine had warned, “I would take a rather conservative approach in this one, with still a net debt position at year-end” — Catherine Vandenborre, CFO · 2025-08-28. The guidance for 2026 remains at least EUR 32 million adjusted EBIT, a floor that seems conservative given the momentum.

In summary, IBA is a name in transition: Proton Therapy is now a growth and margin engine, new ventures like PanTera are scaling, and the company is managing through a temporary industrial downturn with product innovation. While not riding a global wave like AI, IBA's story is company-unique and compelling for investors seeking a turnaround with long-term optionality.