Ion Beam Applications SA

Hello everyone and welcome to the presentation of IBS results for the first half of 2026. I am Thomas Pevenal from Investor Relations. As usual, you will find this presentation on the Investor Relations page on our website. A question and answer session will follow the formal presentation. Today's speakers are Olivier Legrain, our Chief Executive Officer, Henri de Romree, our Deputy Chief Executive Officer, and Catherine Vandenborre, our Chief Ventures and Corporates Officer. Here is the agenda for today's presentation. We will start with our highlights for the periods, followed by the 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.

Good afternoon, everybody. Let me start by sharing our key messages for today. H126 confirmed that IDA is on track with its improved profitability trajectory, progressing on the execution of our strategy. We deliver a solid first half performance with growing revenue exceeding 320 million euros and a substantial improvement in profitability reflected in an adjusted EBIT of 17.6 million and a positive net result of 9.3. Commercial momentum was strong with equipment order intake up 64% versus same period last year, keeping our backlog stable at 1.6 billion euros despite sustained conversions. Combined with our expanding install base and service activities, this reinforces our long-term growth engine. To support further this growth, our leadership team and board have been strengthened. Finally, we reiterate our 26 guidance of an adjusted EBIT of at least 32 million euros and we remain on track with the 24 to 28 outlook. Let us now have a closer look at the commercial dynamics behind these figures. On the equipment side, order intake reached 176 million, thanks to IBA Clinical, which more than doubled, driven by sustained adoption momentum in proton therapy, with five rooms sold over the period. In IBA Technologies, 10 systems were sold, reflecting a slower start in industrial solutions, offset by a solid radiopharma demand. This kept our total backlog stable at 1.6 billion euros, of which around half from services. The two-year rolling equipment book-to-bill stood at 0.9, down from 1 at year-end, given the sustained conversion into revenue as we progress into the different projects. On the financial side, the story is one of continued growth and improved profitability. Revenue increased to 324 million, thanks to well-executed backlog conversions across segments. Adjusted EBIT amounted to 17.6 million euros, a profitability improvement of 7 million euros year on year. The adjusted EBIT margin increased to 5.4% thanks to a gross margin improvement. We moved from 29.5% in H125 to 33.7% in H126, driven by a better equipment profitability mix and execution improvement in proton therapy. Importantly, the net result turned positive at 9.3 million euros. Net Depth stood at 81 million euros at the end of June, up 23 million versus year-end, mainly reflecting working capital movement and timing effects. Our Net Leverage Ratio closed at 1.14 times adjusted EBITDA, and the Group retains ample access to its committed credit lines. Before moving into the business review, let me briefly comment on the evolution of our leadership and governance. As IBA grows in scale and expands its activities, we have strengthened both the leadership team and the board to support execution of our strategy. Henri has now assumed strategic and operational responsibility across the group, including clinical, while Catherine leads our strategic partnerships and innovations. For my part, I am increasingly focused on the strategic steering of the group and was appointed vice chairman of the board. Lastly, we have also welcomed Joyce Hansen and Dr. Stephen Hahn to the board, bringing extremely valuable expertise in sterilization, oncology, regulatory affairs, and radiopharmaceuticals. Let us now move to the business review. I will hand over to Henri, who will take you through both IBA Clinical and IBA Technologies.

Thank you, Olivier. In the first half of 2026, IBA Clinical combined strong commercial momentum Continued Technological Innovation and Further Operational Improvements. On Innovation, Conformal Flash obtained Investigational Device Exemption Approval from the FDA in June, opening the way for our first in-human trial at the University of Pennsylvania. We also launched AdaptInsight XR, an emerging upgrade for the Proteus platform available for both installed and future systems. and in China all three IBA sponsored studies met their primary endpoints and are progressing towards an MBA submission. We also continue to improve operational efficiency across our growing install base. System availability remains close to 97% despite increasing workload reflecting the benefits of standardization, AI-enabled troubleshooting and our investment in remote support. In dosimetry, market conditions remain challenging, particularly in the US, weighing on the revenue and profitability. Nevertheless, order intake remains solid, supported by recent portfolio launches such as MyQ and StarTrack, and continued momentum in proton therapy quality assurance. Our global footprint in proton therapy will now expand towards 93 sites after completion of all installations. and 11% increase year on year. At the end of June, IBA had 47 operational sites well distributed across regions with strong visibility on future expansions as 46 additional systems are in production and installation. 11 installations were running simultaneously at period ends or highest level to date. In Spain, two systems are currently under installation and two additional projects are expected to start installation later in 2026. In China, we progress further on major Proteus Post projects with installation activities now completed both in Chengdu and in Shenzhen. The proton therapy adoption showed strong momentum in the first half with 16 rooms sold globally compared to two in the same period last year. Together with our partner CGN in China, IBS-EQ, a 50% market share in this expanding market. More specifically, the five rooms sold by IBA, including two national first projects, one in Brazil and one in Portugal, as well as two room projects with Duke University Health System, one of the leading academic healthcare system in the US. We continue to have the largest installed base in the market. This provides significant operational leverage and supports our efforts to further promote in collaboration with our clinical partners. Increasing clinical evidence continues to be a key long-term growth driver for proton therapy. The pipeline keeps growing with 35 major phase three trials now covering more than 10,000 patients across a broad range of indications. In parallel, we signed a sponsored research agreement with MD Anderson in Texas on the health economics of proton therapy. to strengthen the evidence base that supports reimbursement discussions and patients' access. Despite the continued conversion into revenue, IBA clinical backlog was stable at 1.37 billion euros. This was supported by the strong product therapy order intake with a two-year equipment book-to-bill ratio of 1.2. Service represented more than 800 million of this total, not yet including the service contracts related to the 10 Spanish PT projects and to the three systems sold to MDM itself. Let me now focus on Croton Therapy continued profitability turnaround adjusted EBIT REACH 12.3 million euros in whole compared with a loss of 2 million in the first half last year. This reflects sustained revenue growth, improved execution, and the increased scale of our installed base while we continue to invest in key products innovation such as Splash and Dynamic App. Commercial momentum was equally encouraging with equipment order intake increasing to 112 million. Turning now to dosimetry, the first half remained challenging. With an adjusted EBIT of minus 0.5 million euros, this reflects persistent pressure in conventional radiotherapy and Medical Imaging, particularly in the US, which waited on the top line with net sales down 11% combined with a slower backlog conversion. Encouragingly, order intake increased to 36 million, supported by recent portfolio launches and continued momentum in proton therapy QA. Revenue generation from these orders is, however, more back-loaded, therefore does not immediately offset and the current revenue pressure. In parallel, the cost reduction measures announced earlier this year started to be implemented and are expected to progressively support profitability during the second half. Let me now comment IVA technologies. I will start with the strategic progress over the period, covering industrial first and then radiopharma solutions. Industrial solutions continue to progress along its roadmap, advancing accelerator-based sterilization and advanced irradiation solutions. Order intake had a slower start as the market continues to digest the overcapacity created by the post-COVID investment cycle. Nevertheless, the commercial pipeline remains active, with encouraging signs of conversion of ETO and gamma volumes into E-beam and X-ray. On execution, two important milestones were reached. The start of operations of our large-scale X-Ray installation and the acceptance of the world's largest E-Beam installation. We also launched Rodotron Live, which extends our X-Ray portfolio into the lower capacity segment. In new applications, Polymer development is progressing with the first installation at customer site, expected to start by the end. And on PFAS, we continued testing on ID Concentrated Matrices. Turning now to radiopharma solutions, commercial tractions remain solid, supported by deeper penetration in core markets and expansion into high potential geographies. This was illustrated by four cyclotron contracts with Frigili in India to expand their pet radiopharmaceutical production. More generally, thanks to the strong demand for cyclotron tube or cyclotron installed base that's grown by an amazing 75% since 2016. RPS also continued to extend its position along the radiopharmaceutical value chain, following the OHA acquisition interfaces between our cyclotron and OHA synthesizers are now aligned and available to our customers, giving us an integrating offering from isotope production through labeling. We are now accelerating the next phase of integration including portfolio optimization and scale-up. Finally, RPS launched Cyclone IQ for industrial scale Astatine 211 production, which I will discuss on the next slides. Let me maybe say a few words about Rodotron Light. This launch extends our established Rodotron X-ray platform into lower capacity segments. It is designed for customers that do not need the larger system. It provides a reliable alternative to gamma irradiation. The product addresses both medical device sterilization and food irradiation applications targeting either existing gamma operators, new entrants, or manufacturers considering in-house sterilization. Early market interest since launch confirms the attractiveness of this segment notably in Asia and Latin America. Before going further, I'd like to spend a few minutes on what we mean by overcapacity in the sterilization market. This chart is based on our internal estimate and is shown for illustration purposes only. As presented at our Capital Markets Day, the underlying demand for accelerator-based sterilization is broadly steady and predictable, growing at 6-8% per year, driven by GDP growth and rising medical care needs and standards. But the COVID period created an unusual demand spike, given that conventional ETO and gamma capacity could not be expanded quickly enough to absorb customers turned into then our technology. That led customers to invest ahead of the underlying trends. And because the system order today takes around three years to reach the market, that capacity is still being absorbed. This explains the slower order intake we currently experience. Our view remains that this reflects a temporary imbalance between capacity and demand, rather than a structural change in market fundamentals. A more balanced situation is expected around 2028 to 2029, as utilization catches up with installed capacity, driving the normalization of order. Turning to radiopharma solutions, we launched Cyclone i2, at the SNMMI Annual Meeting in June, a cyclotron dedicated to industrial-scale astatine-211 production. As you can see on this slide, it complements the cyclotron portfolio that we have built over time, expanding to diagnostic application to therapeutic alpha isotope production. Astatine-211 is one of the two alpha-emitting isotopes we selected as strategic plays alongside Actinium-225. With IQ, we are reinforcing Our commitment to accelerate the bench-to-bedside adoption of Astatine 211 labor drugs. The IBA technologies backlog decreased over the period, reflecting sustained conversion into revenues, while industrial order retakes are not yet picked up this year. As discussed earlier, this reflects the expected temporary overcapacity in the sterilization market, which was not fully compensated by the great commercial momentum in Radio Pharma, the two-year equipment book-to-bill ratio therefore closed at 0.7. Finally, looking at the financial results, net sales increased to 127 million euros, representing close to 40% of the total group sales, thanks to well-executed equipment backlog conversion and growing in stock-based supporting services. Adjusted EBIT contribution eased compared to last year, driven by a less favorable product mix during the period, continuous R&D investment in radiochemistry and radioligand therapies within RPS, as well as in PFAS and polymer projects within Industria. Nevertheless, EBIT margin landed at 6.5%. I now hand over to Catherine for the corporate section and the group financial review.