IBA Clinical
Proton Therapy
Dosimetry
- Commercial activity: solid order intake observed in the first quarter of the year
- Reorganisation: cost-reduction measures started to roll out to realign the cost base with market conditions, through a simplified organization and a sharper focus on core activities. Impact in profitability expected to materialize from H2 2026.
- Portfolio highlights: expansion of the product portfolio with the launch of myQA MatriXX AiR, a wireless 2D ionization chamber array for patient-specific quality assurance in particle therapy, supporting workflows associated with DynamicARC® [5] and ConformalFLASH® . Post-period, release of the myQA StarTrack³ system at the ESTRO[6] 2026 conference, a detector for fast, high-resolution Linac quality assurance.
IBA Technologies
- Commercial activity: seven systems sold in the first quarter (vs. four systems in Q1 2025), driven by RadioPharma solutions, including a multi-site agreement for four cyclotrons with Shreeji (India) to expand PET radiopharmaceutical manufacturing. This reflects the growing momentum in network contracts, following two strategic U.S. multi-site contracts[7] in 2025.
- Strategic progress:
Industrial Solutions: Increased presence at specialized conferences, notably in US and China, including a presentation at the third International Nuclear Technology Application Conference (INTAC) in Beijing, on Gamma-to-X-ray technology transfer and IBA’s X-ray solutions.
Sustained progress on new applications, notably in PFAS treatment, with development advancing toward an industrial competitive solution.
Post-period, launch of Rhodotron® LITE, a low-power X-ray accelerator for small irradiation service centers, aimed at broadening access to X-ray irradiation technology as an alternative to gamma, including for food irradiation.
RadioPharma Solutions (RPS): Following the strategic acquisition completed at end-2025, ORA’s radiopharmaceutical synthesizers are now integrated into IBA’s RPS catalogue and available to customers, with aligned technical and R&D roadmaps. The focus is now on scaling to expand international customer coverage and service, including in the US.
On Theranostics, the development of the high-throughput cyclotron dedicated to Astatine-211 is progressing and will be presented in Q2 2026 at the SNMMI[8] Annual meeting. Accelerate.EU initiative also reached a milestone with the first At-211 batches received across the consortium, enabling calibration activities for upcoming preclinical and clinical studies.
IBA Corporate
Investments:
PanTera: advanced its regulatory readiness for pharmaceutical‑grade 225Ac by:
i) operating in line with Good Manufacturing Practice (c-GMP);
ii) submitting a type II Drug Master File (DMF) to the U.S. FDA, enabling streamlined regulatory access for clinical partners;
iii) developing the Investigational Medical Product Dossier (IMPD-Q) to support European clinical trial applications.
- mi2-factory: signed an equipment development and purchase contract with IBA for a cyclotron (€15 million).
Astatine-211 joint-venture: Continued progress in discussions with Framatome regarding the joint development of astatine‑211 production infrastructure in Europe and U.S.
- New SAP S/4HANA ERP system go-live, supporting further process standardization and scalability.
- Share buyback program ongoing since 3 February 2026, with 279,188 IBA ordinary shares purchased as of 15 May out of an announced target of 400,000 by 30 September 2026.
Guidance and outlook
Performance year-to-date is on track with FY2026 guidance, i.e. at least €32 million Group Adjusted EBIT.
Besides, the company further reiterates the mid-term (2024-2028) outlook:
Revenue: normalized[9] frontloaded growth at 5-7% CAGR, post high growth period driven by the Spanish Ministry of Health (“Ortega”) projects delivery and in line with our core businesses market growth
OPEX: up to 30% of sales per annum
Adjusted EBIT: around 10% of revenue by 2028
***ENDS***
Financial calendar
Shareholders General Assembly:10 June 2026
Half Year Results 2026: 27 August 2026
Business Update Q3 2026: 26 November 2026
About IBA
IBA (Ion Beam Applications S.A.) is the world leader in particle accelerator technology. The company is the leading supplier of equipment and services in the fields of proton therapy, considered as one of the most advanced forms of radiation therapy available today, as well as industrial sterilization, radiopharmaceuticals and dosimetry. The company, based in Louvain-la-Neuve, Belgium, employs approximately 2,300 people worldwide. IBA is a certified B Corporation (B Corp) meeting the highest standards of verified social and environmental performance.
IBA is listed on the pan-European stock exchange EURONEXT (IBA: Reuters IBAB.BR and Bloomberg IBAB.BB). More information can be found at: www.iba-worldwide.com.
For further information, please contact:
Thomas Pevenage
Head of Investor Relations
+32 10 475 890
investorrelations@iba-group.com
Nathalie van Ypersele
Head of Communication and Sustainability
Daniel Ernult
Corporate Communication Manager
+32 10 475 890
communication@iba-group.com
[1] unaudited
[2] Proteus®PLUS and Proteus®ONE are brand names of Proteus®235
[3] American Society for Radiation Oncology
[4] ConformalFLASH® is a registered brand of IBA’s Proton FLASH irradiation solution currently in research and development phase
[5] DynamicARC® is a registered brand of the IBA’s Proton Arc therapy solution currently in development phase.
[6] European Society for Radiotherapy and Oncology
[7] with SpectronRX and RLS/Telix respectively
[8] Society of Nuclear Medicine and Molecular Imaging
[9] i.e. close to worldwide GDP growth
