IBA SA Posts 6% Revenue Growth, Turns Profitable in H1 2026

Event summary

IBA SA reported €323.7 million in H1 2026 revenue, up 6% YoY, with net profit of €9.3 million vs. a €2.6 million loss in H1 2025.
Proton Therapy and RadioPharma Solutions drove strong commercial momentum, with equipment order intake surging 64% YoY to €176 million.
Adjusted EBIT rose 66% YoY to €17.6 million, with Proton Therapy contributing €12.3 million to profitability.
Net debt increased to €81 million due to working capital movements, though the company maintains access to credit lines.

The big picture

IBA SA's H1 2026 results reflect a strategic turnaround in Proton Therapy profitability, aligning with broader industry trends toward advanced radiation therapy. The company's leadership reshuffle and expanded partnerships in radiopharmaceuticals signal a focus on scaling high-growth segments. With €1.6 billion in backlog, execution risk remains a key variable in sustaining momentum.

What we're watching

Profitability Sustainability: Whether IBA can maintain its improved EBIT margins amid rising OpEx and working capital pressures.
Market Demand: The pace at which Proton Therapy adoption accelerates, given the 176% YoY surge in order intake.
Debt Management: How IBA navigates its increased net debt position while funding growth initiatives and R&D investments.