Ion Beam Applications reported a 66% increase in adjusted EBIT to €17.6 million for the first half of 2026, driven by a 6% rise in revenue to €324 million and a return to profitability in its proton therapy segment.
The Belgian medical technology company posted net income of €9.3 million, reversing a €2.6 million loss in the prior-year period. Gross margin expanded by 420 basis points to 33.7%, yielding gross profit of €108.9 million, while adjusted EBITDA reached €26.6 million. Order intake for equipment rose 64% to €176 million, with the backlog remaining stable at €1.6 billion.
Proton therapy (PT) margins turned positive, generating an adjusted EBIT of €12.3 million on net sales of €167.7 million, an 8% increase year-over-year. Equipment sales grew 12% with the delivery of four rooms, while services revenue rose 3%. Order intake for PT equipment surged to €112 million from €23 million in the prior-year period, with five rooms sold in the first half compared to one in the same period of 2025. IBA Technologies sold 10 systems during the period.
The company’s PT installed base expanded to 93 sites globally, including 47 operating sites, 11 installations in progress, and 35 systems in production. Market share in new rooms sold reached 31%, matching Mevion, while the total installed base market share stood at 42%, ahead of Varian at 21% and Hitachi at 19%. Over 35 Phase III clinical trials involving more than 10,000 patients are ongoing, with patient enrollment expected to peak in 2027.
IBA reaffirmed its 2026 adjusted EBIT guidance of at least €32 million and maintained medium-term targets of 5–7% compound annual revenue growth, operating expenses capped at 30% of sales annually, and an adjusted EBIT margin of around 10% of revenue by 2028.
The Technologies and Industrial Solutions segment reported a 10% revenue increase to €127 million, though adjusted EBIT margin compressed to 6.5% from prior-year levels. Equipment order intake declined 48% to €28 million. The company highlighted new product launches, including Rhodotron LITE for lower-capacity sterilization markets and Cyclone iKure for industrial-scale Astatine-211 production.
Dosimetry net sales fell 11% to €30.8 million, with adjusted EBIT margin declining to -1.7%. Working capital increased by €27 million, driven by inventory and contracts in progress, while gross cash declined to €43.6 million from €64.7 million at year-end 2025. Net debt rose to €81 million, lifting net leverage to 1.14x from 0.54x.
Leadership changes included Olivier Legrain transitioning from CEO to Vice-Chairman, with Henri de Romrée appointed Deputy CEO and Catherine Vandenborre named Chief Ventures & Corporate Officer. New board members Joyce Hansen and Dr. Stephen Hahn were added.
