IBA (AO) | Hold | Q1: guidance reiterated

Research evidence excerpt

IBA (AO) | Hold | Q1: guidance reiterated

News comment

Release date: 21 May 2026

Matthias Maenhaut

Head of Belgian Equity Research

Hold +32 11 49 14 61IBA mmaenhaut@keplercheuvreux.com

Belgium | Medtech & services Beta Profile: MCap: EUR433.3M

Target Price: EUR12.00 Bloomberg: IBAB BB Reuters: IBAB.BR

Current Price: EUR14.46 Free float 58%

Up/downside: -17.0% Avg. daily volume (EURm) 0.8

YTD abs performance 11.9% Market data: 20 May 2026

52-week high/low (EUR) 15.90/9.94

Q1: guidance reiterated

Key points:

IBA published its qualitative Q1 trading update this morning. No sales, adjusted EBIT, FCF or equipment order intake value was

disclosed. Backlog was stable versus year-end at EUR1.6bn, although equipment backlog decreased to EUR0.73bn from

EUR0.78bn at FY 2025 on rounded figures, while services backlog increased to EUR0.83bn.

Net debt was stable at EUR57m versus EUR58m at YE 2025, with EUR15m of RCF used. The company still expects the net financial

position to remain broadly stable in H1 before progressively improving in H2, with acceleration in 2027. The message is reassuring

on liquidity, but the cash inflection remains pushed out.

The company reiterated FY 2026 adjusted EBIT guidance of at least EUR32m, as well as the mid-term guidance of 5–7%

normalised revenue CAGR, operating expenses of up to 30% of sales and adjusted EBIT around 10% of revenue by 2028.

Commercial activity was particularly strong in IBA Technologies, driven by RadioPharma Solutions. IBA sold seven systems in Q1

versus four systems in Q1 2025, including a four-cyclotron multi-site agreement with Shreeji in India.

Overall, we view the update as reassuring but not a major catalyst. Positives are the stable backlog/net debt, RPS order

momentum and additional innovation/regulatory milestones.