IBA swings to profit in H1 2026 as proton therapy orders surge
IBA (Ion Beam Applications S.A.) has reported net sales of €323.7 million for the first half of 2026, a 6% increase on the same period last year, as the Belgian particle accelerator specialist continues a turnaround in its core proton therapy division. Net profit came in at €9.3 million, compared with a loss of €2.6 million in H1 2025, and the company reiterated its full-year adjusted EBIT guidance of at least €32 million.
Gross margin expanded sharply to 33.7% from 29.5% a year earlier, driven by a more profitable equipment mix and improved project execution. Adjusted EBIT rose 66% to €17.6 million, with the proton therapy business alone contributing €12.3 million to that figure. The company's two operating segments both grew: IBA Clinical, which houses proton therapy and dosimetry, reached €196.8 million in net sales, while IBA Technologies, covering industrial sterilisation and radiopharmaceuticals, rose 10% to €127.0 million.
Order intake and backlog
Equipment order intake was the standout commercial figure for the period, landing at €176 million, up 64% versus H1 2025. IBA Clinical more than doubled its equipment orders to €148 million, buoyed by the sale of five proton therapy rooms across the half. RadioPharma Solutions also delivered solid commercial traction, though IBA Technologies overall was constrained by persistent overcapacity in its industrial sterilisation markets. The group's total backlog held steady at €1.6 billion, split roughly evenly between equipment and services.
Net debt rose to €81 million at 30 June 2026 from €57 million at the end of March, a movement IBA attributed to working capital timing: significant project milestone payments slipped beyond the period end, and ERP migration work caused temporary invoicing delays. The company said it retains access to committed revolving credit facilities and expects its net financial position to improve from 2027.
Leadership and RadioPharma progress
IBA also announced a series of governance changes. Chief Executive Olivier Legrain moves to Vice-Chairman of the Board, with Deputy CEO Henri de Romrée taking on expanded strategic and operational responsibilities for all group activities. Catherine Vandenborre was named Chief Ventures and Corporate Officer. The Board welcomed Joyce Hansen and Dr Stephen Hahn, with expertise spanning sterilisation science, oncology and regulatory affairs, the latter bringing a profile that aligns with IBA's ambitions in the radiopharmaceutical space.
On the radiopharmaceuticals side, IBA's PanTera subsidiary received recognition as a current Good Manufacturing Practice producer of actinium-225, a rare alpha-emitting isotope with growing clinical interest in targeted cancer therapy. PanTera's regulatory files are now referenced in clinical trial applications in both the United States and Europe. The company also said it is expanding its collaboration with TerraPower Isotopes, supported by the Institut des Radioéléments, to triple its actinium-225 production capacity in Belgium.
Market context
The proton therapy sector has attracted sustained capital investment over the past decade as clinical evidence accumulates for its advantages in sparing healthy tissue, particularly in paediatric oncology and head-and-neck cancers. IBA competes with Varian (now part of Siemens Healthineers) and Mevion Medical Systems in supplying these capital-intensive systems to hospitals and specialist cancer centres. The five rooms sold in H1 2026 suggest the demand environment remains constructive despite long installation timelines and high capital costs for buyers.
Actinium-225 is an increasingly sought-after radioisotope as pharmaceutical companies advance targeted alpha therapy programmes. Supply constraints have historically limited clinical development in the field, making cGMP-certified production capacity a meaningful differentiator. IBA's move to triple PanTera's output positions the company in a supply chain that several major pharmaceutical groups are working to secure.
Legrain said the group delivered "a solid first half of 2026, on track with our full-year guidance," noting that dosimetry remains under margin pressure as cost-reduction measures take effect. IBA's next scheduled update is a third-quarter business update on 26 November 2026.