Slides
Page 1
PUBLIC IBA Half-year results 2026 August 27th, 2026
Page 2
PUBLIC Today’s speakers Henri de Romrée Deputy Chief Executive Officer Olivier Legrain Chief Executive Officer Catherine Vandenborre Chief Ventures & Corporate Officer 2
Page 3
PUBLIC Highlights Summary of key achievements for the period Business Review Review results & strategic progress of each business unit Financials & Outlook Discuss financial performance & outlook Agenda 3
Page 4
PUBLIC Highlights Summary of key achievements for the period Business Review Review results & strategic progress of each business unit Financials & Outlook Discuss financial performance & outlook Agenda 4 HIGHLIGHTS
Page 5
PUBLIC5Date H1 2026: on track with an improved profitability trajectory • Robust H1 performance o Growing revenue €324M (+6%) o Adjusted EBIT €17.6M (+66%) o Net result €9.3M • Profitability trajectory confirmed o Gross margin 33.7% vs 29.5% o Proton Therapy Adj. EBIT €12.3M • Sustained growth engine o Equipment order intake €176M (+64%) o Stable backlog at €1.6Bn o Services & Nuclear Medicine scaling (47 PT active sites, installed cyclotron base +75% since 2016) • Clear path ahead o Reiterated 2026 Adjusted EBIT ≥€32M o 2024-28 outlook on track o Leadership & Board strengthened HIGHLIGHTS
Page 6
PUBLIC Strong order intake and stable backlog at €1.6B Backlog €1.6B stable vs. FY2025 Services backlog €0.8B Two-year equipment book-to-bill 1 0.9x vs. 1.0x in FY2025 IBA Technologies systems sold 10 systems vs.14 Proton Therapy rooms sold 5 rooms vs. 1 Equipment order intake €176M + €69M HIGHLIGHTS 6 vs. H1 2025 comparable figures 1 Calculated as the ratio 2-year equipment order intake and 2-year equipment revenue
Page 7
PUBLIC Revenue € 323.7M +€18.8M Adjusted EBIT € 17.6M + €7.0M Net leverage ratio1 1.14x vs. 0.54x 2026 Guidance Adj. EBIT > €32M reaffirmed Gross margin 33.7% + 4.1 p.p. Net debt position € 81M +€23M vs. FY2025 Net result € 9.3M + €12.0M Growth and improved profitability, with Net result of €9.3 M vs. H1 2025 comparable figures 1 Calculated as the ratio between the Net senior debt (i.e. excluding subordinated debt) and the last 12-month Adj. EBITDA HIGHLIGHTS 7
Page 8
PUBLIC LEADERSHIP TEAM OL Olivier Legrain Chief Executive Officer HR Henri de Romrée Deputy CEO CV Catherine Vandenborre Chief Ventures & Corporate Officer BOARD OF DIRECTORS JH Joyce Hansen New Director SH Dr. Stephen Hahn New Director Appointed Vice-Chairman of the Board; focuses on the strategic steering of the Group Leadership team and Board strengthened to support IBA’s growth Assumes strategic & operational responsibility for all IBA activities, including IBA Clinical and IBA Technologies Leads strategic partnerships & innovation and the Group’s cross- functional departments, including Finance Four decades in sterilization science and sterility assurance, gained at Johnson & Johnson Former U.S. FDA Commissioner and CEO of Nucleus RadioPharma; oncology, regulatory and radiopharmaceutical expertise
Page 9
PUBLIC Highlights Summary of key achievements for the period Business Review Review results & strategic progress of each business unit Financials & Outlook Discuss financial performance & outlook Agenda BUSINESS REVIEW 9
Page 10
PUBLIC BUSINESS REVIEW 10 IBA Clinical BUSINESS REVIEW – CLINICAL
Page 11
PUBLIC IBA Clinical strategic progress Proton Therapy Dosimetry Presented at CMD Progress Presented at CMD Progress Increase our technology penetration in core markets • Increased access with clinical evidence • Improved relevance with product innovation • ConformalFLASH® FDA IDE approval for first-in-human trial • Launch of AdaPTInsight XR imaging upgrade • China NMPA trials: all primary endpoints met • Value capture through unique combined portfolio of Imaging and RT QA products • myQA StarTrack³ released at ESTRO 2026 • Publication of preprint: on phantoms for imaging and AI QA Expand in high potential geographies • Asia, esp. China: accelerated development • Strong commercial traction in Europe and the Americas, with 5 rooms sold • Installations advancing in Spain and China • US: leadership growth • US: continued regional- specific challenges Expand along the value chain • Improved service profitability thanks to scale-up and efficiency initiatives • Expanded modalities coverage across heavy particles • PT turnaround confirmed: Adj. EBIT €12.3M, 7.3% margin • Services revenues up 3%, 47 active sites • Improvements in operational efficiency • Greater share of QA value chain through acquisitions and partnerships • Backlog towards more Proton Therapy QA driven, with revenue generation backloaded 1 2 3 BUSINESS REVIEW – CLINICAL 11
Page 12
PUBLIC Expanding Proton Therapy global reach towards 93 sites, up +11% since end-H1 2025 AMERICAS 19 operating sites + 5 in installation + 6 in production EMEA 17 operating sites + 3 in installation + 151 in production APAC 11 operating sites + 3 in installation + 14 in production BUSINESS REVIEW – CLINICAL TOTAL 11 installations TOTAL 47 installed base TOTAL 35 in production 12 PUBLIC1 Of which 8 under the Spanish Ministry of Health order TOTAL 93 sites (+11% vs. H1 2025)
Page 13
PUBLIC Sustaining Proton Therapy market leadership Total market share in PT rooms 2H1 2026 Evolution of the market share of new rooms sold Total market share IBA: 31% 5 rooms Mevion 31% Hitachi 19% CGN 19% 1 Through the collaboration agreement set between IBA and CGN Medical Technology 2 Research centers and Rutherford Cancer Centers excluded 3 Competitors’ numbers restated to include past non-published or non-confirmed orders BUSINESS REVIEW – CLINICAL 13 IBA 42% Varian 21% Hitachi 19% Mevion 9% Others 9% 3 3 3 IBA: 50%Mevion 50% H1 2025 1
Page 14
PUBLIC 604 600 897 148 400 300 316 94 192 623 400 330 276 551 300 396 146 246 2022 2023 2024 100 2025 115 2026 1,502 108 2027 115 2028 2029 2030 2031 2032 2033 2034 2035 2036 892 1,184 2,652 1,342 424 951 1,238 Brain, Skull base, Spine Breast Esophagus H&N Liver Lung Prostate Rectal Expected primary completion date Source: trial.gov July 2026 BUSINESS REVIEW – CLINICAL Expanding clinical evidence pipeline supporting momentum for proton therapy NUMBER OF PATIENTS PER ONGOING PHASE III CLINICAL TRIAL PT VS. RT 14 35 major phase III clinical trials covering >10K patients
Page 15
PUBLIC 673 672 672 784 789 2022 2023 2024 2025 H1 2026 697 695 693 806 ~0% Stable backlog thanks to strong order intake in PT 481 515 497 541 537 20 2022 25 2023 24 2024 23 2025 30 H1 2026 ~0% EQUIPMENT SERVICE TOTAL BACKLOG FY 2025 H1 2026 1,370 1,369 ~0% BUSINESS REVIEW – CLINICAL 15 REVENUE BACKLOG (EXCL. INTERCO FOR DOSIMETRY), M€ PT upgrades Not including the 10 Spanish PT projects Equipment book-to-bill (2 years) 1.2x 802 Proton Therapy Dosimetry
Page 16
PUBLIC PT : Adj. EBIT of €12.3 million and strong equipment order intake (€ Million) H1 2026 H1 2025 Change % Equipment 101.7 90.8 12% Services 66.0 64.0 3% Net sales 167.7 154.8 8% Adjusted EBIT 12.3 -2.2 Adj. EBIT margin 7.3% -1.4% Equip. order Intake 112 23 397% • Solid net sales at €167.7 million (+8% YoY) • Equipment sales increased +12% vs. H1 2025, from sustained equipment backlog conversion translated into the delivery of 4 rooms in H1 2026 • Services sales up 3% driven by growing installed base with 47 active sites worldwide • Adj. EBIT increased to €12.3 million (vs. -€2.2 million) • High overall topline and operational leverage • Partially offset by investments in R&D and S&M • €1.5 million one-off gain related to the resolution of two specific business claims • Equipment order intake at €112 million thanks to market momentum across geographies with 5 rooms sold BUSINESS REVIEW – CLINICAL 16
Page 17
PUBLIC DOSIMETRY : profitability impacted by market headwinds, cost-reduction measures to partially offset in H2 (€ Million) H1 2026 H1 2025 Change % Net sales 30.8 34.8 -11% Adj. EBIT -0.5 2.3 Adj. EBIT margin -1.7% 6.5% Equip. order Intake 36 31 15% • Net sales decreased to €30.8million (-11% YoY) reflecting continued pressure in medical imaging and radiation therapy, followed by slower backlog conversion • Adj. EBIT margin down to -1.7% • Lower topline and market headwinds • Cost-reduction measures under way and expected to partially offset over H2 2026 • Order intake increased to €36 million (+15%) supported by recent portfolio launches and momentum in the Proton Therapy QA, with revenue generation backloaded BUSINESS REVIEW – CLINICAL 17
Page 18
PUBLIC BUSINESS REVIEW IBA Technologies BUSINESS REVIEW – TECHNOLOGIES
Page 19
PUBLIC Industrial RadioPharma Presented at CMD Progress Presented at CMD Progress Increase our technology penetration in core markets • Accelerator-based sterilization • Backlog execution milestones: first large-scale X- ray and world’s largest e-beam installations accepted • Active commercial pipeline incl. conversion of EtO & gamma • “White spaces” in the diagnostic market (neurology, cardiology) • Sustained commercial momentum , with installed cyclotron base up 75% since 2016, driven by Cyclone® Kiube recent orders Expand in high potential geographies • China: accelerated development • Rhodotron® LITE launched, expanding X-ray portfolio into the low-capacity segment • Strengthen positioning: − US − China − Emerging markets • Continued traction in multi-site contracts Expand along the value chain • Service to clients and end-users • New applications (polymers, phytosanitary, PFAS) • Polymers: development progressing on first installations • PFAS: ongoing testing on highly concentrated matrices • Theranostics (225Ac, 211At…) • Radiochemistry, (consumables and equipment) • Cyclone® iKure launched at SNMMI for industrial-scale At- 211 production • ORA interfaces aligned, now accelerating full functional integration (incl. portfolio optimization), and scale-up (incl. consumable play TBD) BUSINESS REVIEW – TECHNOLOGIES 19 1 2 3 IBA Technologies strategic progress
Page 20
PUBLIC Industrial: launch of Rhodotron® LITE, expanding X-ray portfolio into the low-capacity segment BUSINESS REVIEW – TECHNOLOGIES Introducing the new Rhodotron® LITE Extends the Rhodotron® X-ray platform into low power • Based on IBA's established Rhodotron® technology • Designed for lower-capacity facilities Serves medical device sterilization and food irradiation • Dual 5 / 7 MeV beam energy to accommodate different market regulations • Opens X-ray adoption to existing gamma operators, new entrants and manufacturers bringing sterilization in-house Responds to Cobalt-60 supply constraints • Competitive with gamma centres in the 1–1.5 MCi range • Reduces reliance on cobalt-60 availability and price volatility • Enables predictable, long-term capacity planning 20
Page 21
PUBLIC Industrial: Covid and incremental capacity created over- capacity 0 30 35 40 45 50 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 20302018 Market demand Market demand excl. COVID effect Market capacity Market remains in over- capacity post-COVID COVID demand Demand expected to meet capacity by 2028-2029 Capacity from ordered machines takes ~3 years to reach the marketCOVID-triggered investments BUSINESS REVIEW – TECHNOLOGIES Source: Internal IBA estimate; numbers provided for illustration purposes only PALLETS STERILIZED WITH E-BEAM/X-RAY TECHNOLOGY, IN MILLION 21
Page 22
PUBLIC 300 µA 2016 18 MeV Cyclone® KIUBE 500 µA 2010 15-30 MeV Cyclone® 30XP Allowing to produce all accelerator-based isotopes 22 100 µA 2022 9.2 MeV Cyclone® KEY 750 µA 2013 30-70 MeV Cyclone® 70 BUSINESS REVIEW – TECHNOLOGIES 1500 µA 2021 13-30 MeV Cyclone® IKON RPS: catalogue expansion marked by the launch of Cyclone® iKure for Astatine-211 industrial production 2 x 100 µA 2026 28.5-29.5 MeV Cyclone® iKure NEW A purpose-built cyclotron for industrial- scale Astatine-211 production Beam current Latest major redesignEnergy
Page 23
PUBLIC SERVICE TOTAL BACKLOG Backlog decreasing given sustained conversion 231 248 247 218 181 2022 2023 2024 2025 H1 2026 -17% BUSINESS REVIEW – TECHNOLOGIES 23 Most Technologies contract signed for 1 year and invoiced annually REVENUE BACKLOG, M€ EQUIPMENT 230 190 FY 2025 H1 2026 -18% 2022 2023 2024 2025 11 12 14 13 H1 2026 9 IBA Technologies IBA Technologies upgrades Equipment book-to-bill (2 years) 0.7x
Page 24
PUBLIC Technologies: 6.5% adj. EBIT margin reflecting product mix and R&D investments (EUR Million) H1 2026 H1 2025 Change % Equipment 106.6 95.5 12% Services 20.3 19.9 2% Net sales 127.0 115.4 10% Adj. EBIT 8.2 13.1 -37% Adj. EBIT margin 6.5% 11.3% Equip. order Intake 28 53 -48% • Net sales increased to €127.0 million (+10% YoY) • Equipment sales increased by12% • Services sales increased by 2% thanks to the expanding installed base • Adj. EBIT decreased to €8.2 million (6.5% margin) driven by product mix and continuous R&D investments in radiochemistry and radioligand therapies to fuel future growth • Equipment order intake at €28 million due to slower start of the year in Industrial Solutions, partly offset by sustained traction in RadioPharma Solutions. BUSINESS REVIEW – TECHNOLOGIES 24
Page 25
PUBLIC IBA Corporate BUSINESS REVIEW BUSINESS REVIEW - CORPORATE
Page 26
PUBLIC New ventures – PanTera BUSINESS REVIEW - CORPORATE 26 H1 2026 PROGRESS Business • Recognition as a c-GMP producer of 225Ac by its largest clients • Regulatory files referenced in clinical trial applications in US and Europe • Expansion of collaboration with TerraPower Isotopes, supporter by IRE, to triple its production capacity in Belgium • +25 active customers served, with several Master Supply Agreements Financial • Revenue € 13.7M, thanks to weekly production • EBITDA € 6.7M • 4th and final tranche of Series A expected in H2 2026, bringing IBA ownership to ~31% NEXT MILESTONES End-2027: New production line operational | 2028: Start of operations of large-scale center REMINDER: Company active in field of 225Ac production, a promising radiotheranostic for cancer treatment
Page 27
PUBLIC27 Pantera – robust Ac-225 pipeline with +40 clinical trials ongoing Discover/ Preclinical1 Phase I Phase II2 Phase III Commercialization 3 0 Expected timeline not yet publicly communicated 20+ 20+ PSMA Number of active trials NET3 Other indications 40+ 1 Non-exhaustive list 2 Including Phase I/II 3 Neuro endocrine tumors BUSINESS REVIEW - CORPORATE
Page 28
PUBLIC 28Date New Ventures H1 2026 PROGRESS • Positive reception from particle therapy community following presentation at PTCOG 2026 in June. • €8 million loan provided by first customer (CyclHad) in July as part of short-term refinancing efforts • Ongoing technical development • Equipment development and purchase contract executed with IBA of the demo machine • Favorable market trends, reflecting growing demand for silicon carbide (SiC) power devices in electric vehicle and AI data center applications BUSINESS REVIEW - CORPORATE Astatine-211 JV • Continued progress in discussions with Framatome regarding the joint development of astatine-211 production infrastructure in Europe and U.S. • Framatome applied for the permit related to the construction of the first site in Nantes.
Page 29
PUBLIC Highlights Summary of key achievements for the period Business Review Review results & strategic progress of each business unit Financials & Outlook Discuss financial performance & outlook Agenda FINANCIALS & OUTLOOK 29
Page 30
PUBLIC Profitability up thanks to higher gross margin, supported by lower financial expenses and equity method FINANCIALS & OUTLOOK 1.2 1.5 4.2 Profit before tax H1 2025 Sales contribution GM% contribution -13.4 OpEx One-off business- related claims Other op. expenses & financials 12.3 Profit before tax H1 2026 Impact of Gross margin increase to 33.7% Contribution to profitability at constant GM% (29.5%) Nominal OpEX increase, yet at 28.7% of Sales Decrease in FOREX impact and positive contribution of share of PanTera’s result 30 Amounts in € Million + €18.9M
Page 31
PUBLIC Below Adj. EBIT impacted by ERP upgrade and Dosimetry restructuration € Million H1 2026 Forex -1 Profit before tax 12.3 ERP upgrade implementation -2.1 • Positive equity method contribution: thanks to share of PanTera’s net result that contributed positively € 2.1 million in H1 2026 • Other operating expenses: investments in ERP upgrade to and the Dosimetry reorganization announced in March 2026 • Foreign exchange loss narrow to € 1 million (from € 4 million in H 2025), driven by adverse US Dollar and Chinese Yuan movements (largely non-cash) • Hyperinflation in Argentina impacted our PT Project in Buenos Aires • Tax: slight decrease (vs. €3.8 million in H1 2025) driven by absence of €1.0 million of withholding taxes on intra-group dividends recorded in H1 2025 Adjusted EBIT 17.6 Tax -3.0 Net Profit 9.3 1 Includes other operating costs such as IBA organization transformation & strategy and Stock Option Plan FINANCIALS & OUTLOOK Hyperinflation in Argentina 31 Equity method result (PanTera) 2.1 Other operating expenses -4.8 Others 1 -1.1 Financials -2.6 -1 -0.6Others (incl. bank interests) Dosimetry restructuration -1.6
Page 32
PUBLIC 64.7 18.2 20.0 -3.0 Acquisition/ Disposal of treasury shares Other fin. cash flows -2.1 Gross Cash as of FY2025 Gross Cash as of H1 2026 Net op. cash flow before working capital -25.6 Change in working capital 0.3 Income tax, net -4.3 CapEx -3.1 M&A and other invest. New borrowings -17.8 Repayment of borrowings -3.7 43.6 Cash position conversion Cash evolution since FY 2025 driven by working capital cycle and financing activities Operating CF Investing CF Financing CF FINANCIALS & OUTLOOK 32 Amounts in € Million
Page 33
PUBLIC FINANCIAS & OUTLOOK Updated approach following new ERP results in later inventories allocation, impacting balance sheet positions Percentage of Completion (PoC) Shipment AcceptanceSignature Procurement - Standard Cost Curve Procurement - Actual costs Installation • Under previous ERP, procurement PoC followed project-specific cost postings from allocated stock – Dotted blue • Under new S/4 ERP, procurement PoC follows the Standard Cost Curve; the portion not represented by allocated stock is recorded as an accrual (i.e. Standard Cost Curve = allocated stock + accrual) – Green line • Operational benefit: specific equipment can be allocated later in the project, preserving flexibility to match equipment delivery with customer timelines. CONCRETELY • At shipment, both approaches reconcile. • During procurement phase, two effects coexist: • Later stock allocation keeps equipment in Inventory for longer, resulting in lower CIP (or higher Advance Billing) all else being equal. • Accruals are recorded in Trade Payables; through Revenue Recognition, it increases CIP (or reduces Advance Billing). • Both effects mostly offset in CIP / Advance Billing, leading to marginal net working capital impact (mostly between Trade Payables and Inventory ) Installation phase: PoC continues to reflect actual installation costs.100% Procurement phase: PoC follows a predefined Standard Cost Curve, replacing the project-specific cost posting pattern used under previous ERP . ILLUSTRATIVE EQUIPMENT PROJECT 33
Page 34
PUBLIC FINANCIAS & OUTLOOK Working Capital increased by 27M€ following backlog conversion, not yet fully translated into invoicing 34 Amounts in € Million 146 163 163167 133 113 149 149 77 135 167 117 131 153 -234 -218 -218-284 -298 -179 -252 -202-142 -130 38 1 2023 2 2024 -2 2025 -3 2026 -3 2026 Pro- forma1 Inventory Contract in Progress Receivables Advanced billing Payables Other +27 Net Working Capital -89 -64 -21 Advance billing on customer project decreased (-16M€) following backlog conversion. Inventory increased by 32M€ mainly due to new methodology following ERP migration (50M€) since machines remain in stock until shipment. Contract in progress (EQ & CS) increased (+36M€) mainly due to progress on Spanish PT projects (19M€). 6 Payables increased by 73M€ mainly due to new methodology with higher accruals (50M€) and slower invoices processing following ERP migration. 6 1 Unaudited, for illustration purposes only
Page 35
PUBLIC Mid-term outlook 2024-2028 Revenue Post high growth period, frontloaded growth of 5-7% CAGR OpEx Up to 30% of sales per annum Adj. EBIT margin Around 10% of revenue by 2028 Longer-term Additional growth via capital-light investments into new ventures (e.g. Pantera, mi2-factory) FINANCIALS & OUTLOOK 2026 guidance reiterated, outlook unchanged 35 2026 Guidance At least 32M€ Group Adjusted EBIT REITERATED
Page 36
PUBLIC • Proton Therapy: return to sustainable profitability • Technologies: reinforced positioning with new products • PanTera (Ventures): significant value potential • Focus on Dosimetry and working capital • Resilient equipment and services portfolio for the future Closing remarks 36 CONCLUSION
Page 37
PUBLIC Financial calendar • Business Update Q3 2026 26 November 2026 • Full Year Results 2026 18 March 2027 • Business Update Q1 2027 13 May 2027 • Half Year Results 2027 29 July 2027 37
Page 38
PUBLIC Disclaimer • This presentation may contain forward-looking statements. • All statements other than statements of historical facts, including statements regarding IBA’s objectives, plans, goals, strategies, future growth and growth drivers, industry outlook, future orders, revenue, backlog, earnings growth, cash flows, performance, market acceptance of or transition to new products or technology, may constitute forward-looking statements. Expressions such as “could”, “believes”, “outlooks”, “estimates”, “anticipates”, “expects”, “intends”, “may”, “plans”, “predicts”, “projects”, “will”, “would” and other similar expressions, or the negative of these terms, are forward-looking statements. • By their very nature, forward-looking statements require IBA to make assumptions and are subject to inherent risks and uncertainties that could cause the actual future facts to differ materially from those anticipated and which give rise to the possibility that IBA’s assumptions may not be correct and that IBA’s predictions, objectives, expectations or conclusions will not prove to be accurate or will not be achieved. • These statements are based on IBA’s reasonable assumptions and beliefs in light of the information available to IBA at the time such statements are made and may not take into account the effect of any information occurring after such statements have been made. IBA does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of IBA. 38
Page 39
PUBLIC *9 Ask a question Press *9 on your phone to raise your hand. *6 Speak The voice message will tell you to press *6 to talk. Then you are live. A L M O S T T H E R E Wait You will hear a voice message on your phone telling you when it is your turn to speak. → → Asking a question via the phone 39
Page 40
PUBLIC 1 Raise your hand Click the hand icon in the bottom-left toolbar. 2 Wait to be called The icon turns blue — wait for the moderator. 4 Get ready to broadcast Toggle Microphone on (1), then Start Broadcast (2). 5 Microphone on / off Click the mic icon to mute or unmute yourself. 6 Written questions Open Q&A, type your question, and press send. You can raise your hand or open the Q&A panel at any time during the meeting. 3 Toggle Microphone Toggle Microphone on (1), then Start Broadcast (2). Asking questions via the webcast 40
Page 41
PUBLIC PUBLIC Thank you! communication@iba-group.com www.iba-worldwide.com
Page 42
PUBLIC Appendix IBA Half-year results 2026 42
Page 43
PUBLIC43 • X-Ray: X-Ray (irradiation), a technology provided by IBA Industrial Solutions • Advance billing: invoicing in excess of revenue recognized (contract liability on the balance sheet) • Backlog: total value of orders that have not been executed/recognized yet • Book-to-bill ratio: ratio of order intake compared to the revenue recognized during a given year • CAGR: compound annual growth rate • cGMP: current Good Manufacturing Practice, the quality standard required for pharmaceutical production • E-Beam: electron beam (irradiation), a technology provided by IBA Industrial Solutions • EtO: ethylene-oxide, a gas used in sterilization activities • G&A: General & Administrative (expenses) • Gross cash: cash on bank accounts and short-term deposits • Net financial position: gross cash minus financial debts • NMPA: National Medical Products Administration, the Chinese medical device and drug regulatory authority • O&M: Operations and Maintenance, refers to recurring service activities provided after equipment installation • OpEx: Operating Expenses (Sales & Marketing, Research & Development, General and Administrative expenses) • Order intake: amount of new contracts signed and for which a first payment has been received, in any given year • PET: Positron Emission Tomography (PET), a functional imaging technique that uses radioactive substances to visualize and measure changes in metabolic processes, and in other physiological activities • PoC: Percentage of (project ) completion • PT: proton therapy • QA: quality assurance • R&D: research & development • RPS: RadioPharma Solutions • Adjusted EBIT: corresponds to the EBIT adjusted with the items considered by the management to not be part of the underlying performance. These items include expenses relating to restructuring measures, digital landscape reorganization expense, significant severances, impairment and/or gains/losses on disposal of assets, litigation expenses and stock option plan expenses. These adjusting items are shown as ‘Other operating expenses and income • RLT: radioligand therapy, targeted cancer treatment that links a radioactive isotope to a ligand that binds to tumor cells, delivering radiation directly to the cancer aiming at minimizing exposure to surrounding healthy tissue • RT: radiation therapy • S&M: Sales & Marketing Glossary
Page 44
PUBLIC Consolidated P&L € M H1 2026 H1 2025 Change % Sales and services 323.7 304.9 6% Cost of sales and services (-) 214.8 214.9 0% Gross profit/(loss) 108.9 90.0 21% 33.7% 29.5% Selling and marketing expenses (-) 17.0 15.9 7% General and administrative expenses (-) 39.4 32.3 22% Research and development expenses (-) 36.4 31.2 17% Operating expenses (-) 92.8 79.4 17% Other operating result (-) 3.3 3.6 -7% Operating result (EBIT) 12.8 7.0 52% 3.9% 2.3% Financial result (-) 2.6 5.0 -48% Share of profit/(loss) of equity-accounted companies (-) -2.1 0.8 -363% Profit/(loss) before tax 12.3 1.2 920% Tax result (-) 3.0 3.8 -21% Profit/(loss) for the period 9.3 -2.6 458% Adj. EBIT 17.6 10.6 66% Adj. EBITDA 26.6 16.4 63% 44
Page 45
PUBLIC Consolidated balance sheet ASSETS (€M) H1 2026 FY 2025 Goodwill and other intangible assets 43.4 43.1 Property, plant and equipment and Right-of-use assets 60.4 59.9 Investments accounted for using the equity method 38.6 36.4 Other investments 8.5 8.2 Deferred tax assets 18.9 18.8 Non-current derivative financial assets 0.1 0.7 Other non-current receivables and operating assets 53.4 53.8 Non-current assets 223.3 221.0 Inventories 167.2 135.4 Contract assets 148.9 113.3 Trade receivables 89.2 96.3 Other current assets and receivables 81.3 58.1 Current derivative financial assets 0.4 1.7 Cash and cash equivalents 43.6 64.7 Current assets 530.6 469.6 TOTAL ASSETS 753.9 690.6 EQUITY AND LIABILITIES (€M) H1 2026 FY 2025 Share capital and Share premium 86.0 86.0 Reserves and Retained earnings 32.2 41.2 EQUITY 119.2 127.2 Non-current borrowings 60.1 55.3 Non-current lease liabilities 21.8 22.4 Non-current provisions 4.1 4.9 Non-current derivative financial liabilities 2.9 0.0 Deferred tax liabilities 1.1 0.4 Other non-current liabilities 7.6 7.7 Non-current liabilities 97.6 90.7 Current borrowings 29.7 32.2 Current lease liabilities 7.2 6.9 Current provisions 10.7 9.4 Current derivative financial liabilities 1.3 0.2 Trade payables 179.2 119.9 Current income tax liabilities 6.4 5.3 Other payables 84.7 64.7 Contract liabilities 217.9 234.1 Current liabilities 537.1 472.7 TOTAL LIABILITIES 634.7 563.4 TOTAL EQUITY AND LIABILITIES 753.9 690.6 45
Page 46
PUBLIC Consolidated cash flow €M H1 2026 H1 2025 Cash flow from operating activities Net cash flow changes before changes in working capital 18.2 7.4 Change in working capital -25.6 -43.1 Income tax paid/received, net -0.8 -1.0 Interest (income)/expenses 1.1 -0.6 Net cash (used in)/generated from operations -7.1 -37.3 Cash flow from investing activities Capital expenditures -4.3 -5.2 M&A and other activities -3.1 -7.4 Net cash (used in)/generated from investing activities -7.4 -12.6 Cash flow from financing activities Proceeds and repayment (borrowings and banks) 2.2 27.3 Dividend paid 0.0 0.0 Other financing cash flows -6.7 -9.8 Net cash (used in)/generated from financing activities -4.5 17.5 Net cash and cash equivalents at beginning of the period 64.7 72.2 Net change in cash and cash equivalents -19.0 -32.4 Exchange (profits)/losses on cash and cash equivalents -2.1 -3.1 Net cash and cash equivalents at end of the period 43.6 36.7 46