Ion Beam Applications SA

Hello everyone and welcome to the presentation of IBA's 2025 full year results. I'm Thomas Pevenage from Investor Relations. As usual, you will find this presentation on the Investor Relations page of our website. A Q&A session will follow the formal presentation. Moving to the next page, let me draw your attention to the company's disclaimer for forward-looking statements, which as you know are based on our current assumptions and beliefs and subject to risks and uncertainties. Today's speakers are Olivier Legrain, our Chief Executive Officer and IBA Clinical Lead, Henri de Rombray, our Deputy Chief Executive Officer and IBA Technologies Lead, and Catherine Vandenborg, our Chief Financial Officer and IBA Corporate Lead. Here is the agenda for today's presentation. We will start with our highlights for the period, followed by a business review where we will discuss the strategic progress and the financials of each business unit. Finally, we will cover our financial performance in more detail and give you an update on our guidance and outlook before opening the Q&A session.

Thank you, Thomas, Olivier. Good afternoon, everybody. Let me start by sharing our key messages for today. Full year 25 was a strong year for IVA. We deliver on our commitment. Our guidance has been met and we progress as planned on the execution of our strategy while the group continues its transformation. This dynamic is reflected in our full-year 2025 performance. Record revenue exceeding €620 million, adjusted EBIT, formerly known as REBIT, of €27.4 million, and a return to profitability in proton therapy. Our growth engine has also strengthened with a record backlog of 1.6 billion euros, supported in particular by the scaling of service and nuclear medicine and a strong proton therapy order intake. Beyond this annual performance, 2025 marks the inflection point from an historically cyclical project-driven model towards a more consistently profitable platform. The 2024-2028 financial outlook is confirmed and we are providing a full year 26 guidance being an adjusted EBIT of at least 32 million euros. Let me now have a closer look at our commercial momentum. In full year 25, IBA recorded a very strong growth in order intake, bringing our backlog at an all-time high of 1.6 billion euros and providing increased visibility for the future. Service backlog grew particularly strong, up 16% year on year, affecting the continued expansion of our proton therapy install base, but also a sound contribution of technologies. On the equipment side, we posted an historic equipment order intake of 452 million euros, representing an increase of around 40%. Looking at our business unit, in proton therapy we sold 12 rooms during the year, our second best year ever, reflecting strong commercial traction, particularly in the US and in Asia. In IBA technology, 37 systems were sold compared with 33, driven by strong demand in radiopharma, while industrial solutions normalized following record high years. As a result, the two-year rolling book-to-bill ratio reached 1.0 as equipment order intake grew broadly in line with revenue recognized over the period at group level. I will now move to our key financial metrics. In full year 25, group revenue reached a record level of €620 million, an increase of €122 million compared with full year 24, thanks to well-executed backlog conversion and the growth in service activities adjusted a bit amounted to 27.4 million euros exceeding our guidance a profitably a profitability improvement of 10 million year on year the adjusted a bit margin increased to 4.4 percent compared with 3.5 percent in 24 despite a decrease in gross margin driven by a temporarily less favorable equipment profitability mix. Net debt stood at 58 million euros as of December 31st, as working capital continued to be impacted by the delivery of large proton therapy projects. On a like-for-like basis, excluding the ORA acquisition, net debt would have been 41 million euros. Our net leverage ratio at 0.83 times adjusted EBITDA remains healthy. Building on strong execution delivered in 25 and the momentum across our businesses, we are setting full year 26 guidance at a group adjusted EBIT of at least 32 million euros. Let's now move on to the review of our business performance. I will start with the progress of IBA Clinical. In 25, Our clinical entity benefited from a strong commercial momentum, continued technological innovation, and a very significant improvement in proton therapy profitability. The year marks a clear turnaround for the business, supported by disciplined execution and a more favorable project mix. The year was marked by several important milestones in proton therapy. MD Anderson published the first ever level one clinical evidence, from a phase three randomized trial, confirming proton therapy as a standard of care. We also launched a minimum viable product of DynamicArc and obtained a medical device regulation certificate for Proteus 235, reinforcing the robustness and the regulatory maturity of our Proteus platform. In dosimetry, we continue to innovate with the launch of the CASR Phantom for MR simulation in the radiotherapy market and the release of MyQA Blue Phantom. We further strengthen our product portfolio positioning through the acquisition of PhantomX, enabling AI-based quality assurance. Turning now to our global footprint in proton therapy, at the end of the year, IBA had 45 operational sites well distributed across regions, with strong visibility on future expansion as 43 systems are in production and installation. At UREN, we had eight sites under installation and reached a peak of 10 installations running simultaneously in 25, a new high that demonstrates our execution capability. This includes the ongoing installation of the first Proteus-1 in Spain as part of the 10th system order. The installation of three additional projects is expected to start in 26, subject to building construction timelines. In China, we made strong progress on major Proteus Plus installations with the first live treatment rooms in Chengdu and Shenzhen and final acceptance expected by year end 26. 25 also allowed us to further consolidate our market leadership in proton therapy. Thanks to the 12 rooms sold, we accounted for 63% of the total sold globally during the year. IBA continues to have the largest install base in the market, which provides significant operational leverage and represents a robust platform to further promote proton therapy in close collaboration with our clinical partners. Increasing clinical evidence continues to be a key driver of proton therapy sustained momentum. In December 25, the Lancet published the first ever level one clinical evidence, the most robust level of clinical data for a phase three randomized trial led by MD Anderson. This study establishes proton therapy as a new standard of care in head and neck cancer, demonstrating superior overall survival rates and significantly reduced side effects compared with conventional radiation therapy. In addition, early results from the RATCOM Phase 3 breast cancer trial presented at ASTRO showed significantly improved patient-reported quality of life with proton therapy in breast cancer, one of the most prevalent cancer types. Lastly, new studies have been recently added to pipeline of upcoming clinical evidence. We will continue to report on results. Despite an accelerated conversion into revenue, IBA Clinical continued to build backlogs solidly in 2025. Equipment backlog reached €564 million, while the two-year equipment book-to-bill ratio stood at 1.1, providing a sound platform for the future. Service backlog grew even faster, now exceeding €800 million. Zooming in on proton therapy services, the increase in service backlog was supported by new orders and seven renewed contracts while with existing customers. These contracts more than offset the amount of service revenue converted into P&L during 25. As a result, proton therapy services continue to strengthen visibility, recurrence, and long-term value creation within IDA clinical. Let me now focus on ProtonTherapy's performance and profitability turnaround. In 2025, ProtonTherapy returned to profitability, delivering a positive adjusted EBIT contribution of €10.2 million compared with a negative contribution of €12 million in 2024. This improvement was driven by, firstly, top-line growth as equipment sales more than doubled and service expanded. Secondly, profitability improvement with the scaling of our install base. At adjusted EBIT level, this improvement was partially offset by continued investment in critical product innovations including dynamic arc and flash, and by the prudent application of our internal credit risk management policy with a recognition of 8.7 million euros in bad debt within GMA. These are isolated problematic situations that we were willing to reflect while the overall quality of our credit exposure remains sound. Turning to dosimetry in 2025, dosimetry delivered a stable top line in a challenging environment as already communicated throughout our trading updates. However, profitability continues to be negatively impacted by this competitive and regional dynamics in the US and China. This effect was further amplified by the absence of last year's one-off subsidy grant of 800,000 euros, which overall contributed to a decrease in adjusted EBIT. This market dynamics also impacted commercial activity with order intake decreasing by 9%. As a result, cost optimization measures have been defined and will be rolled out in 26, ensuring a sharper focus on core activities and a realignment of the cost base with current market conditions. I will now hand over to Henry to comment on the performance of IBA technology.

Thank you, Olivier, and hello everyone. Let me walk you through the strategic progress achieved in IBA technologies, starting with industrial and then going to radiopharma solutions. Industrial solutions continue to progress along its roadmap, advancing accelerator-based sterilization and advanced irradiation solutions Ongoing market dynamics continue to support the long-term shift towards X-ray and EDM technologies as regulatory and environmental pressure on ethyl hydroxide increases. At the same time, the sterilization market is somewhat digesting temporary overcapacity after a peak in order intake in early 2020, partly linked to the COVID-driven investments. We remain very confident in the underlying market that is growing steadily and expect industrial order intake to normalize as utilization catches up with the installed capacity. In China, despite slower pipeline conversion, with some project shiftings in the coming years, we made substantial headway, still signing two additional high-power X-ray contracts, tripling the current local capacity. In terms of new application, we advanced our PFAS blaster project, progressing through technical trials and studies, and in polymers, another area with promising long-term potential. Research continues to show potential with pilot progress remaining on track. Turning to our radiopharma solution, we saw solid commercial traction with the highest order intake to date, supported by deeper penetration in our core markets and an expansion to high potential geographies. This was illustrated by the sale of a high-energy cyclone icon, a contract to a pet farm, Bayou, to install a pet and spec isotope production center in Taiwan. More recently, post-period close, we also signed two strategic multi-site contracts in the U.S., one with Spectronaryx, and another one with RLS Telix. Finally, we continued significant efforts to expand our position in the radiopharmaceutical value chain, which I will detail on the next slide. As you know, IBA strategy in nuclear medicine is leveraging on our accelerator technology leadership to expand along the value chain and build a next generation oncology platform. The key building block of this platform is Aura, a recognized trailblazer in radiochemistry, which we acquired in December. Another element is Terranostic, where we are making good progress. I will now cover these strategic initiatives in more detail. Let me first come back to the Aura acquisition, which represents an important strategic step for IBA in nuclear medicine. Completed at the end of 2025, the acquisition of OHA brings into IBA a Belgian-based radiochemistry company with a highly skilled team of around 15 employees, including senior radiochemists. A strong record in automated PET radiopharmaceutical synthesizers and established relationship with leading pharmaceutical partners. By combining IBA's leadership in cyclotron technologies with our cutting-edge expertise in radiopharmaceutical synthesizers, we are creating one of the most competitive integrated solutions available for hospital and global radiopharmacy networks. This new integrated offering addresses the full radiopharmacy workflow from isotope production to purification, labeling, and delivery. and is designed to support customers seeking higher productivity and access to advanced radioisotopes. Importantly, the Aura acquisition is immediately accretive to IBS Technologies' revenues and profits. I'm now moving to Terranostics, which is, as you know, a strategic pillar for radiopharma solutions. It is indeed a fast-growing segment with nuclear medicine, within nuclear medicine, sorry, with a projected market size of 20 billion USD by 2030, based on a 35% growth rate on a yearly basis, as presented in our last year Capital Markets Day. As you can read on the slide, several isotopes are emerging in this field, out of which we are highlighting the four most mature ones. Within this landscape, IBA decided to focus on Actinium 225 and on Astatine 211 as strategic plays based on clinical developments as well as our technological and industrial edge. You already know our subsidiary Pantera paving the way to making Actinium 225 treatments widely accessible. Catherine will update you on their progress in the corporate section of this presentation. Besides, we are increasing momentum for Astatine 211 We are positioning ourselves on this emerging market. Firstly, on the technology front, we are developing a dedicated high-throughput cyclotron. Secondly, on the clinical side, we are one of the co-leaders of the Accelerate.eu program funded by the European Union. This ambitious platform combines industrial, clinical, and pharma players around a bench-to-bedside ecosystem to accelerate Astatine 211 translation into a clinical setting. Lastly, with respect to production infrastructure, we continue to make good progress with our partner to be framatome on our joint ambition to enable the Astatine 211 market through the deployment of a full-fledged production network across Europe and the US. Turning now to the technology's backlog, you will notice a decrease over the period, reflecting stronger conversion into revenues. Industrial solution order intake has not yet picked up as market absorbs the temporary overcapacity, as this was not fully compensated by the strong market momentum in radiopharma. It led to a two-year equipment book-to-bill ratio of 0.8 below reconstitution level. As far as services are concerned, backlogged now includes upgrades. Nevertheless, IBA technologies contributions remains limited as our scope mostly relates to short-term one-year maintenance contract with no permanent presence of an IBA team outside. Finally, looking at the financial results, net sales remain stable at 225 million euros, representing more than 35% of total group sales. This is a solid achievement following 2024 strong growth. Adjusted EBIT contribution is compared to prior record year. This is driven by two elements. A less favorable project mix, most notably a higher share of radiopharma integrated projects where we collect lower matching on our third party equipment. And two, intensified R&D investment in the radiochemistry and radioligand therapies within radiopharma, as well as in PFAS and polymers within industrial. Nevertheless, EBIT margin landed at 8.9%. Let's move on to IBA Corporate. I will now give the floor to Catherine, who orchestrates the corporate activities besides our group, CFO.