IBA returns to profitability in H1 2026: €9.3M net income
After a loss in the first half of 2025, IBA (Ion Beam Applications) returned to positive net income of €9.3 million over the first six months of 2026.
The Belgian group, specializing in particle accelerators, attributes this performance to the continued recovery of its proton therapy business and an improvement in its gross margin, while seeing its net debt increase during the quarter.
Revenue up 6%, gross margin brought to 33.7%
In the first half of 2026, net sales reached €323.7 million, up 6% compared to €304.9 million in the first half of 2025. The IBA Clinical division grew 4% to €196.8 million, while IBA Technologies increased 10% to €127.0 million.
Gross margin rose from 29.5% to 33.7%, a development which the group attributes to the profitability mix of equipment and enhanced execution in proton therapy, both in project delivery and customer service. Adjusted EBIT reached €17.6 million, compared to €10.6 million a year earlier, with a contribution of €12.3 million from proton therapy.
Net income came to €9.3 million, compared to a net loss of €2.6 million in the first half of 2025, representing earnings per share of €0.32.
Orders received up 64%, net debt increases during the quarter
Equipment orders received amounted to €176 million, up 64% year-on-year. IBA Clinical more than doubled to €148 million (+ 176%), with five proton therapy rooms sold during the period, while IBA Technologies recorded €28 million in orders, amid persistent overcapacity in the industrial solutions market.
The order backlog remained stable at €1.6 billion, of which €0.75 billion in equipment and €0.81 billion in services. The two-year rolling equipment book-to-bill ratio stands at 0.9x, compared to 1.0x at end of 2025.
Net debt increased to €81 million as of June 30, 2026, compared to €57 million as of March 31, 2026, mainly due to working capital movements, delays in project milestone collections beyond the end of the period, and temporary billing delays related to ERP migration. The group states it maintains access to its confirmed credit lines, with €10 million in renewable credit lines used, and anticipates an improvement in its net financial position during 2027.
Adjusted EBIT target confirmed at least €32 million for 2026
IBA reiterated its adjusted EBIT target of at least €32 million for the full 2026 fiscal year. Chief Executive Officer Olivier Legrain indicates that proton therapy has continued to improve its contribution to profitability, while dosimetry remains under pressure, with cost reduction measures gradually producing their effects.
On the governance front, Olivier Legrain was appointed Vice-President of the Board of Directors, with Henri de Romrée, Deputy Chief Executive Officer, taking over strategic and operational responsibility for all activities. The group also indicated that its subsidiary PanTera obtained recognition as a c-GMP producer of actinium-225 and plans to triple its production capacity in Belgium as part of the expansion of its collaboration with TerraPower Isotopes.
Based on revenue expected of €633 million for the current fiscal year by the consensus of analysts, the interim publication places the group at just over half of this annual level.
