Ion Beam Applications reported a 66% year-over-year increase in adjusted earnings before interest and taxes to €17.6 million for the first half of 2026, as proton therapy margins turned positive and equipment demand accelerated. The Belgian medical technology group posted net profit of €9.3 million, reversing a €2.6 million loss in the prior-year period, according to a presentation dated August 27, 2026.
Total revenue grew 6% to €324 million, supported by an 8% rise in proton therapy sales to €167.7 million. Equipment orders jumped 64% to €176 million, with proton therapy equipment intake surging to €112 million from €23 million a year earlier. The company delivered four proton therapy rooms in the period, expanding its global footprint to 93 total sites, including 47 operating locations and 11 installations in progress.
Proton therapy profitability improved significantly, with adjusted EBIT reaching €12.3 million and a 7.3% margin, compared with a €2.4 million loss in H1 2025. Gross margin expanded by 420 basis points to 33.7%, while operating expenses rose 17% to €92.8 million, partly due to ERP upgrades and dosimetry restructuring costs. Net debt increased by €23 million to €81 million, and net leverage rose to 1.14x from 0.54x at year-end 2025.
Management reaffirmed full-year 2026 guidance for adjusted EBIT of at least €32 million. The proton therapy segment accounted for €108.9 million in gross profit, with services revenue up 3% supported by 47 active sites. Equipment order intake for industrial solutions fell 48% to €28 million, reflecting a slower start in the segment. IBA Technologies’ revenue rose 10% to €127 million, though adjusted EBIT declined to €8.2 million.
The company highlighted its expanding clinical pipeline, with over 35 Phase III trials involving more than 10,000 patients comparing proton therapy to conventional radiation. PanTera, IBA’s radiopharmaceutical venture, generated €13.7 million in revenue and €6.7 million in EBITDA, with Series A funding expected to close in H2 2026. Actinium-225 clinical activity remained robust, with over 40 active trials across multiple phases.
