Ion Beam Applications, SA

Interim / Quarterly Report • Aug 29, 2024

ION BEAM APPLICATIONS SA ("IBA") INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024

IFRS INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

	General information 3
	Interim condensed consolidated statement of financial position 5
	Interim condensed consolidated income statement for the six months ended June 30 6
	Interim condensed consolidated other comprehensive income for the six months ended June 30 7
	Interim condensed consolidated statement of changes in equity for the six months ended June 30 8
	Interim condensed consolidated statement of cash flow for the six months ended June 30 9
	Notes to interim condensed consolidated financial statement10
1.	Financial statements – basis of preparation 10
2.	Significant events and transactions 11
3.	Consolidation scope and the effects of changes in the composition of the group 14
4.	Critical accounting estimates and judgments 16
5.	Operating segments 21
6.	Earnings per share 25
7.	Other selected disclosures 26
8.	Interim management report 34
	Glossary of alternative performance measures (APM) 43
	Auditor's report on the IFRS interim condensed consolidated financial statements at June 30, 2024 44

General information

Ion Beam Applications SA (the "Company"), founded in 1986, together with its subsidiaries (referred to as the "Group" or "IBA") continue to develop key technologies for the diagnosis and treatment of cancer and provides efficient and reliable solutions with an unequaled accuracy. IBA also offers innovative solutions to improve everyday hygiene and safety.

IBA is organized into two business segments to manage its activities and monitor its financial performance.

• The Proton therapy and Technologies segment, which constitutes the technological basis of the Group's businesses and encompasses development, manufacturing and services associated with medical and industrial particle accelerators and proton therapy solutions as well as proton therapy licencing.
• The Dosimetry segment, which includes the activities that offer a full range of innovative high-quality solutions and services that maximize efficiency and minimize errors in radiation therapy and medical imaging Quality Assurance and calibration procedures.

The Company is a limited liability company incorporated and registered in Belgium. The address of the registered office is: Chemin du Cyclotron, 3, B-1348 Louvainla-Neuve, Belgium.

The Company is listed on the pan-European stock exchange Euronext and is included in the BEL Mid Index (BE0003766806).

Consequently, IBA has agreed to follow certain rules to enhance the quality of financial information provided to the market. These include:

• Publication of its annual report, including its audited annual consolidated financial statements, within four months from the end of the financial year;
• Publication of a half-year report covering the first six months of the financial year within two months from the end of the second quarter;
• Publication of half-year and annual consolidated financial statements prepared in accordance with IFRS;
• Audit of its annual consolidated financial statements by its auditors in accordance with the International standards of auditing (ISA) of the International Federation of Accountants ("IFAC") and review procedures on halfyear report in accordance with ISRE 2410.

These interim condensed consolidated financial statements have been approved for issue by the Board of Directors on August 26, 2024. The Board of Directors of IBA is composed as follows:

Internal directors: Messrs. Olivier Legrain and Yves Jongen, and Saint-Denis SA represented by Mr. Pierre Mottet. Olivier Legrain is Managing Director and Chief Executive Officer. His mandate was renewed at the Ordinary General Meeting of shareholders held on June 14, 2023; his term will expire at the Ordinary General Meeting of shareholders in 2026, which will approve the 2025 financial statements. Yves Jongen is Managing Director and Chief Research Officer. His mandate was renewed at the Ordinary General Meeting of shareholders of June 12, 2024; his term will expire at the Ordinary General Meeting of shareholders in 2027, which will approve the 2026 financial statements. The mandate of Saint-Denis SA was renewed as an internal director at the Ordinary General Meeting of shareholders of June 8 2022; his term will expire at the Ordinary General Meeting of shareholders in 2025, which will approve the 2024 financial statements.

External Directors: Consultance Marcel Miller SCS represented by Mr. Marcel Miller, Hedvig Hricak (in a personal capacity), Bridging for Sustainability SPRL represented by Sybille Van Den Hove d'Ertsenryck. Consultance Marcel Miller SCS was renewed as an external director during the Ordinary General Meeting of shareholders held on June 14, 2023; its term will expire at the Ordinary General Meeting of shareholders of 2026, which will approve the 2025 financial statements. Hedvig Hricak was renewed as an external director during the Ordinary General Meeting of shareholders held on June 8 2022; her term will expire at the Ordinary General Meeting of shareholders of 2025, which will approve the 2024 financial statements. Bridging for Sustainability SPRL (represented by Sybille Van Den Hove d'Ertsenryck) was appointed external director during the Ordinary General Meeting of shareholders held on June 14, 2023; its term will expire at the Ordinary General Meeting of shareholders of 2026,

which will approve the 2025 financial statements.

Other directors:

Following a decision of the Board of directors held on August 24, 2020, the Board unanimously decided to coopt Nextstepefficiency SRL, represented by its permanent representative, Mrs. Christine Dubus, and Dr. Richard A. Hausmann as Independent Directors.

Their mandates were renewed at the Ordinary General Meeting of shareholders of June 12, 2024 and will expire at the Ordinary General Meeting of shareholders in 2027, which will approve the 2026 financial statements.

the Ordinary General Meeting of shareholders of June 12, 2024 also nominated a new director, MucH SRL, represented by Mrs. Muriel De Lathouwer, for a one-year term expiring at the Ordinary General Meeting of shareholders in 2025.

The Board acts in accordance with the guidelines established in its Corporate Governance Charter as approved by the Board of Directors meeting of December 18, 2020. A copy of the charter can be found on the IBA website (https://www.ibaworldwide.com/investorrelations/governance).

Interim condensed consolidated statement of financial position

The Group has chosen to present its balance sheet on a current/non-current basis. The notes on pages 10 to 43 are an integral part of these condensed interim consolidated financial statements.

(EUR 000)	Note	December 31, 2023 (audited)	June 30, 2024 (reviewed)
ASSETS
Goodwill and other intangible assets	7.2	23 396	25 568
Property, plant and equipment and Right-of-use assets	7.2	49 465	50 345
Investments accounted for using the equity method	7.2	18 304	18 160
Other investments		2 438	2 398
Deferred tax assets		17 627	17 691
Non-current derivative financial assets	4.6	510	25
Other non-current receivable and operating assets	7.3	33 743	32 779
Non-current assets	7.3	145 483	146 966
Inventories	7.4	130 545	151 545
Contract assets	7.5	38 444	53 500
Trade receivables	7.3	107 576	112 215
Other current assets and receivables	7.3	65 435	71 603
Current derivative financial assets	4.6	739	140
Cash and cash equivalents	7.6	109 306	60 187
Current assets		452 045	449 190
TOTAL ASSETS		597 528	596 156
EQUITY AND LIABILITIES
Share capital and Share premium	7.7	85 980	85 980
Reserves and Retained earnings		20 232	4 303
EQUITY		106 212	90 283
Non-current borrowings	7.8	7 114	7 191
Non-current lease liabilities	7.8	21 896	21 880
Non-current provisions	7.9	6 247	6 656
Non-current derivative financial liabilities	4.6	217	92
Deferred tax liabilities		286	269
Other non-current liabilities	7.10	2 955	2 678
Non-current liabilities		38 715	38 766
Current borrowings	7.8	6 469	25 247
Current lease liabilities	7.8	6 104	5 662
Current provisions	7.9	8 783	6 458
Current derivative financial liabilities	4.6	555	1 734
Trade payables	7.10	76 564	66 237
Current income tax liabilities		1 723	2 363
Other payables	7.10	68 914	74 774
Contract liabilities	7.5	283 489	284 632
Current liabilities		452 601	467 107
TOTAL LIABILITIES		491 316	505 873
TOTAL EQUITY AND LIABILITIES		597 528	596 156

Interim condensed consolidated income statement for the six months ended June 30

The Group has chosen to present its income statement using the "function of expenses" method. The notes on pages 10 to 43 are an integral part of these IFRS interim condensed consolidated financial statements.

(EUR 000)	Note	June 30, 2023 (reviewed)	June 30, 2024 (reviewed)
Sales of equipment and licences		93 678	124 279
Sales of services		75 740	82 173
Total sales	5.1	169 418	206 452
Cost of sales and services (-)	5.1	-124 380	-136 619
Gross profit	5.1	45 038	69 833
Selling and marketing expenses (-)		-14 035	-15 156
General and administrative expenses (-)		-27 099	-27 709
Research and development expenses (-)		-24 200	-26 925
Other operating expenses (-)	7.11	-462	-3 004
Operating result (EBIT)	5.1	-20 758	-2 961
Financial expenses (-)	5.1	-6 349	-4 955
Financial income	5.1	4 470	2 242
Share of profit/(loss) of companies consolidated using the equity method	5.1	-19	-1 144
Profit/(loss) before taxes		-22 656	-6 818
Tax income/(expenses)	7.12	-4 607	-3 484
Profit/(loss) for the period		-27 263	-10 302
Earnings per share (EUR per share)	6
Basic	6.1	-0.9367	-0.3533
Diluted	6.2	-0.9367	-0.3533

Interim condensed consolidated other comprehensive income for the six months ended June 30

		June 30, 2023
(EUR 000)	Notes	(reviewed)	June 30, 2024 (reviewed)
Profit/(loss) for the period		-27 263	-10 302
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
- Exchange differences on translation of foreign operations		2 775	252
- Exchange difference related to net investment		556	0
- Net movement on cash flow hedges		3 390	-1 843
Net other comprehensive income to be reclassified to profit or loss in subsequent periods		6 721	-1 591
Other comprehensive income not to be reclassified to profit or loss in subsequent periods :
- Revaluation at fair value of other investments		-2 736	-201
- Movements in post-employment benefits	7.9	-102	132
Net other comprehensive income not to be reclassified to profit or loss in subsequent periods		-2 838	-69
Total Other comprehensive income for the period		3 883	-1 660
Total comprehensive income for the period		-23 380	-11 962

Interim condensed consolidated statement of changes in equity for the six months ended June 30

	Capital stock (Note 7.7)	Share premium (Note 7.7)	Treasury shares (Note 77)	Hedging reserves	Other reserves – value of stock option plans and share based	Other reserves – defined benefit plans	Other reserves - Revaluation reserves	Currency translation difference	Retained earnings	TOTAL Shareholders' equity and reserves
(EUR 000)					compensation
Balance as at January 1, 2023	42 502	43 478	-18 328	-8 403	17 779	-515	-6 408	-5 585	51 431	115 951
Profit/(loss) for the period	0	0	0	0	0	0	0	0	-27 263	-27 263
Other comprehensive income	0	0	0	3 390	0	-102	-2 736	3 331	0	3 883
Total	0	0	0	3 390	0	-102	-2 736	3 331	-27 263	-23 380
comprehensive income for the period,
Dividends	0	0	0	0	0	0	0	0	-6 126	-6 126
Employee stock options and share based payments	0	0	0	0	459	0	0	0	0	459
Other changes	0	0	0	0	0	0	0	0	0	0
Balance at June 30, 2023 (reviewed)	42 502	43 478	-18 328	-5 013	18 238	-617	-9 144	-2 254	18 042	86 904
Balance as at January 1, 2024	42 502	43 478	-18 213	-3 345	18 787	-1 583	-9 312	-2 153	36 051	106 212
Profit/(loss) for the period	0	0	0	0	0	0	0	0	-10 302	-10 302
Other comprehensive income	0	0	0	-1 843	0	132	-201	252	0	-1 660
Total comprehensive income for the period	0	0	0	-1 843	0	132	-201	252	-10 302	-11 962
Dividends	0	0	0	0	0	0	0	0	-4 955	-4 955
Employee stock options and share based payments	0	0	0	0	405	0	0	0	0	405
Sales of treasury shares			901						-311	590
Other changes	0	0	0	0	0	0	0	0	-7	-7
Balance at June 30, 2024 (reviewed)	42 502	43 478	-17 312	-5 188	19 192	-1 451	-9 513	-1 901	20 476	90 283

Interim condensed consolidated statement of cash flow for the six months ended June 30

The group has chosen to present the cash flow statement using the indirect method. The notes on pages 10 to 43 are an integral part of these IFRS interim condensed consolidated financial statements.

(EUR 000)	Note	June 30, 2023 (reviewed)	June 30, 2024 (reviewed)
CASH FLOW FROM OPERATING ACTIVITIES
Net loss for the period		-27 263	-10 302
Adjustments for :
Depreciation of tangible assets	7.2	4 569	4 696
Amortization of intangible assets	7.2	855	961
Allowance for estimated credit loss on receivables		203	580
Changes in fair value of financial assets (profits)/losses		-680	296
Changes in provisions	7.9	433	481
Deferred taxes Share of result of associates and joint ventures accounted for using the equity method		1 044 19	62 1 144
Other non-cash items		-553	69
Net cash flow changes before changes in working capital		-21 373	-2 013
Trade receivables, other receivables and deferrals		-1 361	-2 570
Inventories and contracts in progress		-31 497	-37 347
Trade payables, other payables and accruals		5 415	-5 445
Other short-term assets and liabilities		7 639	-2 102
Changes in working capital		-19 804	-47 464
Net income tax paid/received		-1 984	-1 134
Interest expense		-577	-70
Net cash (used)/generated from operations		-43 738	-50 681
CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment	7.2	-2 531	-2 278
Acquisition of intangible assets	7.2	-4 099	-2 163
Acquisition of businesses and subsidiaries, net of cash acquired		-182	-2 569
Acquisition of third-party and equity-accounted investments		0	-161
Loan to equity-accounted investments		0	-3 500
Other investing cash flows		-3	-127
Net cash (used)/generated from investing activities		-6 815	-10 798
CASH FLOW FROM FINANCING ACTIVITIES
Repayment of borrowings	7.8	0	-2 734
Repayment of lease liabilities	7.8	-3 266	-3 597
Proceeds from borrowings	7.8	0	21 512
Interest paid		797	66
Dividends paid		0	-3 521
Disposal of treasury of shares		0	563
Other financing cash flows		-741	477
Net cash (used)/generated from financing activities		-3 210	12 766
Net cash and cash equivalents at beginning of the period		158 366	109 306
Net change in cash and cash equivalents		-53 763	-48 713
Exchange (profits)/losses on cash and cash equivalents		-1 292	-406
Net cash and cash equivalents at end of the period	7.6	103 311	60 187

1. Financial statements – basis of preparation

1.1. BASIS OF PREPARATION

These interim condensed consolidated financial statements of IBA cover the six months ended June 30, 2024 (reviewed). They have been prepared in accordance with IAS 34 "Interim Financial Reporting".

The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements as at December 31, 2023 (audited).

These interim condensed consolidated financial statements have been approved for issue by the Board of Directors on August 26 2024.

1.1.1 Changes in accounting policies and disclosures

The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2023 (audited), except for the adoption of new standards and interpretations effective as of 1 January 2024.

The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Several amendments and interpretations apply for the first time in 2024, but none of these amendments have an impact on the interim condensed consolidated financial statements of the Group.

The standards that became effective in 2024 but that do not impact the interim condensed consolidated financial statements of the Group are the Amendments to IAS 1 Classification of Liabilities as Current or Non-current and Non-Current Liabilities with Covenants, amendments to IFRS 16 Lease Liability in a Sale and Leaseback and amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements which will be applied in the group's consolidated financial statements as at December 31, 2024.

1.2. TRANSLATION OF FINANCIAL STATEMENTS OF FOREIGN OPERATIONS

All monetary and non-monetary assets and liabilities (including goodwill) are translated at the closing rate. Income and expenses are translated at the rate of the transaction date (historical rate) or at an average rate for the month.

The principal exchange rates used for conversion to EUR are as follows:

	Closing rate on June 30, 2023 (reviewed)	Average rate for the 6 months period at June 30, 2023 (reviewed)	Closing rate on December 31, 2023 (audited)	Average annual rate 2023	Closing rate on June 30, 2024 (reviewed)	Average rate for the 6 months period at 2024
USD	1.0866	1.0806	1.1050	1.0814	1.0705	1.0809
CNY	7.8983	7.4823	7.8509	7.6464	7.7748	7.7789
INR	89.2065	88.7976	91.9045	89.2835	89.2495	89.9581
RUB	96.2571	83.4248	98.2557	92.3156	91.8328	98.0471

2. Significant events and transactions

2.1. DIRECT FINANCIAL IMPACTS OF RUSSIA'S INVASION OF UKRAINE

Early 2022 Russia invaded Ukraine, leading to a myriad of economic and other sanctions against Russia, some of which also impact the functioning of IBA.

IBA has a subsidiary in Russia employing about 25 employees, whose operations have been maintained to ensure the operation and maintenance of a proton therapy center in Dimitrovgrad; the maintenance contract for this center was renewed in 2024 for another year. At the same time, the installation of the last treatment room was finalized in 2023.

We have analyzed the impact of these sanctions on the control of IBA SA on its Russian subsidiary from a consolidation scope perspective and access to its resources, and the indicators of asset impairment the conflict may raise:

2.1.1 Control

We have reviewed whether IBA Group still has control over its Russian subsidiary (Ion Beam Applications LLC, a 100% subsidiary of IBA SA). We have concluded that IBA Group still has control over its subsidiary based upon the following three aspects:

• IBA SA as mother company and IBA Group's management still direct the activities of the entity;
• IBA Russia continues to generate returns by continuing the maintenance activities that are not subject to any EU sanction;
• IBA SA has the power to affect these returns (i.e. to have a dividend paid): the cash flow forecast indicates an excess cash from the maintenance contract. Management believes that IBA has still the ability to obtain dividend from the Russian entity.

To assess whether IBA Russia is able to fulfill its obligations under the contract, we have considered the following:

• The cash generated by these activities is sufficient to cover all local expenses incurred in fullfilling IBA Russia's obligations under the contract;
• The stock of spare parts held on site is sufficient to provide for a normal level of maintenance service to the site for at least 12 months; in addition all supplies required for the installation contract are already on site, ready to be consumed;

Management has also made the assessment that cash can be repatriated in the form of dividend as these are not blocked under the current sanctions and therefore, IBA has access to the liquidities kept in Russia and the ability to receive a return from its Russian subsidiary.

2.1.2 Impairment of nonfinancial assets

Assets in Russia

The non-current assets of the Russian subsidiary represent RUB 52.0 million (EUR 0.6 million) and are composed of some deferred tax assets on temporary differences and some property, plant and equipment.

The current assets represent RUB 508.7 million (EUR 5.5 million) and are the following:

• Inventory which is being consumed in the maintenance project as needed, and for which obsolescence has been evaluated considering the expected future spare parts need of the site. Given that all parts are considered as recommended to be available on a maintenance site, Management did not identify excessive inventory levels for which additional write off should be recognised.
• Trade receivable: there are no large overdue balances requiring expected credit loss allowances and customers have been paying regularly, in accordance with the contractual terms
• Contract asset: there are no unusual delays to be observed on the installation contract which indicate a risk of recoverability.
• Other assets mainly relate to various tax receivables where we do not observe any significant risk

Cash: the cash held in the Russian subsidiary is kept in RUB.

In conclusion, IBA has assessed that there is no risk of impairment on IBA Russia's assets, noting that the net assets of IBA Russia amounts to RUB -291.0 million (EUR -3.2 million).

Other assets held by IBA Group

Management has considered whether the conflict has an impact on the impairment test performed on the goodwill and whether it is an indicator of impairment for other nonfinancial assets.

Goodwill impairment test: the 5-year strategic plan used as a basis for the impairment test was prepared in December 2023 using the latest inflation forecasts taking into account energy and transport price increases, as well as a higher discount rate. Despite these prudent inputs, the group has sufficient headroom in the impairment test to conclude that the risk is relatively low.

The conflict was assessed as having little impact on IBA's global supply chain; the high energy prices and other materials costs were considered when applying inflation in the strategic forecasts of the group. The assessment has led to the conclusion that the current economic situation does not represent an indicator of impairment on IBA group's assets.

2.1.3 Other accounting considerations

IBA does not have cash flow hedge derivatives with respect to its activities in Russia, therefore no further consideration has been given to the application of hedge accounting.

IBA also considered whether the conflict could have an impact on its customers and their ability to pay the balances due to IBA; no significant additional credit losses were recognised in the year ended June 30, 2024 (reviewed)

2.2. MACRO-ECONOMIC ENVIRONMENT

Management has considered several factors related to the macro-economic environment and their impact on impairment of non-financial assets, expected credit losses, provisions, revenue recognition, hedge accounting, pension plans, deferred tax and going concern.

When preparing the budget for 2024 and the medium-term strategic plan, the macroeconomic conditions were taken into account when preparing the assumptions and forecast transactions. Despite a slower order intake in the first half of the year, IBA's backlog remains strong, therefore reducing uncertainty on future revenues. In addition, the cash position of the group remains solid with EUR 60.2 million gross cash (EUR 21.7 million net). Management has concluded that going concern is not at risk for the group and its entities and that the deferred tax assets are recoverable.

The most impactful macro-economic factors are inflation and high interest rates. Disclosures made in the Group's consolidated financial statements as at December 31, 2023 remain relevant and the group has revised the significant accounting estimates with the most current inflation and interest rates as at June 30, 2024, leading to no or no significant adjustments to goodwill, expected credit losses, onerous contracts provisions and assets impairment.

3. Consolidation scope and the effects of changes in the composition of the group

IBA Group consists of IBA S.A. and a total of 29 companies and associated companies in 16 countries. Of these, 25 are fully consolidated and 4 are accounted for using the equity method.

3.1. LIST OF SUBSIDIARIES

NAME	Place of incorporation	Equity ownership (%) - June 30, 2024	Equity ownership (%) - December 31, 2023
IBA Participations SRL	LLN, Belgium	100%	100%
IBA Investments SCRL	LLN, Belgium	100%	100%
Ion Beam Beijing Applications Co. Ltd.	Beijing, China	100%	100%
IBA RadioIsotopes France SAS1	Lyon, France	0%	100%
IBA Dosimetry Ltd.	Schwarzenbruck, Germany	100%	100%
IBA Dosimetry America Inc.	Bartlett, USA	100%	100%
IBA Proton Therapy Inc.	Edgewood New York, USA	100%	100%
IBA Industrial Inc.	Edgewood New York, USA	100%	100%
IBA USA Inc.	Edgewood New York, USA	100%	100%
IBA Particle Therapy Ltd.	Schwarzenbruck, Germany	100%	100%
LLC Ion Beam Applications	Moscow, Russia	100%	100%
IBA Particle Therapy India Private Limited	Chennai, India	100%	100%
IBA Dosimetry India Private Limited	Mumbai, India	100%	100%
Ion Beam Application SRL	Buenos Aires, Argentina	100%	100%
IBA Japan KK	Tokyo, Japan	100%	100%
Ion Beam Applications Singapore PTE. Ltd	Singapore, Singapore	100%	100%
IBA Egypt LLC	Cairo, Egypt	100%	100%
Ion Beam Applications Limited	Taipei, China	100%	100%
IBA Proton Therapy Canada, Inc.	Quebec, Canada	100%	100%
IBA Georgia LLC	Tbilisi, Georgia	100%	100%
Modus Medical Devices Inc	Ontario, Canada	100%	100%
IBA Dosimetry Co Ltd.	Shanghai, China	100%	100%
Ion Beam Applications Korea, Ltd.	Gyeonggi-do, South Korea	100%	100%
IBA Proton Therapy Israel Ltd	Tel Aviv, Israel	100%	100%
Fluidomica Lda	Cantanhede, Portugal	100%	100%

1 Dormant entity, dissolved in January 2024

3.2. LIST OF JOINT VENTURES AND ASSOCIATES

NAME	Country of incorporation	Equity ownership (%) 2024	Equity ownership (%) 2023
Cyclhad SAS	France	33.33%	33.33%
Normandy Hadrontherapy SAS	France	39.81%	39.81%
Normandy Hadrontherapy SARL	France	50%	50%
Pantera NV/SA	Belgium	47.79%	50%

IBA does not account for its share of the loss in Cyclhad SAS and Normandy Hadrontherapy SAS above the value of its investment (no commitment to participate in any potential future capital increase).

In 2022, IBA participated in the set-up of a Joint Venture called "Pantera NV/SA"

together with SCK-CEN (StudieCentrum voor Kernenergie - Centre d'Étude de l'énergie Nucléaire), the Belgian nuclear research centre. The JV is active in the nuclear medicine, more specifically it will develop, produce and distribute the isotope Ac.225. IBA's contribution to the share capital was initially of EUR 0.3 million which was increased to EUR 18.2 million in 2023 with contributions in cash, to purchase equipment from IBA, and IP in kind. A further contribution was made in 2024 with the conversion of a convertible loan into shares for EUR 1.0 million. At the same time of the conversion, a third investor joined the share capital of Pantera, leading to a small dilution of IBA's stake.

3.3. BUSINESS COMBINATION AND OTHER CHANGES IN THE COMPOSITION OF IBA GROUP

3.3.1 Acquisition of Radcal Corp

In a transaction closed on February 7, 2024, the Group acquired the assets and liabilities of a company Radcal Corp based in California, USA.

The consideration paid is USD 2.8 million (EUR 2.6 million), which is the fixed purchase price set in the agreement. The purchase price could be slightly increased or decreased depending on the final working capital adjustment which is currently being determined and will not be material.

The purchase price has been allocated to the fair value of the assets and liabilities identified in the asset purchase agreement and to a resulting goodwill.

The goodwill is attributable to the business segment of Dosimetry.

The excess price paid is supported by the strategy of the Group with this acquisition, which is twofold, first to boost and extend the sales of the product commercialized by Radcal to additional markets where IBA already has experience, second to take advantage of some cost savings opportunities.

The fair values of the transferred assets and liabilities of Radcal as well as the consideration paid and the resulting goodwill are set in the table below:

(EUR 000)	Fair value recognised on acquisition
Cash	3
Trade and other receivables	676
Inventories	1 385
Property, plant and equipment	47
TOTAL ASSETS	2 111
Trade payables	409
TOTAL LIABILITIES	409
Net Assets acquired	1 702
Goodwill arising from acquisition	867
Purchase consideration	2 569
Net cash outflow till June 30, 2024	2 569

3.3.2 Disposal of companies

There was no disposal during the first 6 months of 2024, however in January, IBA dissolved the dormant company IBA Radioisotopes France SAS.

4. Critical accounting estimates and judgments

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldomly equal the related actual results. We present below estimates and assumptions that could cause a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4.1. INCOME TAX – DEFERRED TAX

The Group recognizes deferred tax assets on unused losses carried forward to the extent that the taxable profit against which these assets are available can be used. The amounts recognized in the financial position are prudent estimates made on the basis of recent financial plans approved by the Board of Directors and depend on certain judgments with respect to the amounts and location of the future taxable profits of the Group's subsidiaries and parent company.

As at December 31, 2023 (audited), a deferred tax asset of EUR 9.2 million was recognised on the tax losses carried forward in Belgium. The financial plans are prepared on a 4-years horizon and are based on the expectation that the Group will nearly double its revenues at the end of the term covered by the plan with a REBIT to sales ratio expected to reach 10%, relying on the assumption that the macro-economic factors normalize over the coming year. Management remains confident in its capacity to develop the business in the coming years and deliver value to all of its stakeholders.

As at June 30, 2024 (reviewed), the Group had accumulated net operating losses of EUR 156.7 million (2023: EUR 157.0 million) usable to offset future profits taxable mainly in Belgium and Germany and temporary differences for EUR 78.4 million (2023: 66.9 million) mainly originating from the United States, Belgium, China, Germany, India and Russia. The Group recognized deferred tax assets relating to tax losses carried forward for EUR 13.7 million with the view of using these in future years and EUR 3.7 million as deferred tax assets and liabilities for temporary differences.

The negative result of the Group in June 30, 2024 (reviewed) does not significantly affect the existing budgeted plan of German entities which remained in profit for the period and the remaining planned profit for the future years in the Belgian entity remained sufficient to support the deferred tax asset recognised.

A net deferred tax asset is recognized on these entities on usable tax losses carried forward and there is no indicator that would trigger the reassessment of the deferred tax assets.

4.2. REVENUE RECOGNITION

IFRS 15 requires entities to exercise judgement, taking into consideration all of the relevant facts and circumstances when applying each step of the model to contracts with their customers.

RAPPORT SEMESTRIEL 2024// 16 The Group is in the business of providing equipment and installation (reported as "Sales"), and operation and maintenance services (reported as "Services"). In applying IFRS 15, IBA makes the following significant judgements and estimates.

(i) Combining performance obligations

The equipment and installation services are always contracted and sold as a bundle package. This is because the equipment is specialized in nature and only IBA can provide the installation services to the customers. As a result, IBA promises relate to the transfer of a combined output integrating both the promised equipment and relating installation services. The Group determined that due to the nature of its promises, the equipment and installation services contract have to be considered as one performance obligation.

(ii) Timing of revenue recognition

The Group assessed that its performance creates or enhances an asset that the customer controls as the asset is created. In addition its performance does not create an asset with an alternative use to the Group and it has concluded that, at all times, it has an enforceable right to payment for performance completed to date. Therefore, control transfers over time and the Group recognizes revenue by measuring the progress using the input method on the basis of the costs incurred which are compared to the total expected cost of the project (formerly referred to as "percentage of completion")

(iii) Measurement of the costs to fulfill an obligation

Revenues related to contracts for the sale of equipments are recognised over time ; the progress is measured by reference to the costs incurred when comparing it to the total estimated costs of the contract. The total estimated costs of the contract is a significant estimate because it determines the progress made since the inception of the contract and IBA recognises the revenue of the contract based on the progress estimated in percentage.

(iv) Contract termination:

Depending on the contract terms with the customers, IBA may terminate a sales contract when the counterpart is in breach of the contractual terms. Management always focusses on finding a solution with the customer through negotiations but in some rare circumstances, contracts may need to be terminated to mitigate risks and losses for the Group. If after negotiation no agreement has been reached, a termination letter will be sent. Deposits and nonrefundable milestone payments can be recognised as revenue in the income statement; this will only be accounted for by the Group after a reasonable amount of time, which is once the risk of any further claims from the customer is deemed sufficiently low to avoid future reversal of revenue.

4.3. ESTIMATING THE VALUE IN USE OF INTANGIBLE AND TANGIBLE FIXED ASSETS

When management considers that there is a risk of impairment, the recoverable amounts of tangible and intangible fixed assets are determined on a "value in use" basis. Value in use is determined on the basis of cash-flows coming from IBA's most recent business plans, as approved by the Board of Directors. These plans incorporate various assumptions made by management and approved by the Board as to how the business, profit margins, and investments will evolve.

The loss of the current period does not significantly affect the existing budgeted plan and the subsequent quarterly reforecasts and there is therefore no indicator that would trigger an impairment test as of June 30, 2024 (reviewed).

4.4. DETERMINING THE LEASE TERM OF CONTRACTS WITH RENEWAL AND TERMINATION OPTIONS – GROUP AS LESSEE

The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.

The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate.

4.5. LEASES – ESTIMATING THE INCREMENTAL BORROWING RATE

The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group 'would have to pay', which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions) or when they need to be adjusted to reflect the terms and conditions of the lease (for example, when leases are not in the subsidiary's functional currency).

The Group estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary's stand-alone credit rating).

4.6. FINANCIAL ASSETS AND LIABILITIES – ADDITIONAL INFORMATION

The assets of the Group are valued as follows:

(EUR 000)	December 31, 2023 (audited)			June 30, 2024 (reviewed)
FINANCIAL ASSETS	Non-current	Current	Fair value	Non-current	Current	Fair value
At fair value through OCI	2 438	0	2 438	2 398	0	2 398
Shares in listed entities	843	0	843	803	0	803
Shares in non-listed entities	1 595	0	1 595	1 595	0	1 595
At fair value through Profit and loss	510	739	1 249	25	140	165
Derivative hedge-accounted financial assets	493	563	1 056	0	132	132
Derivative assets at fair value through the income statement	17	176	193	25	8	33
At amortised cost	20 939	274 260	295 200	20 314	235 434	255 748
Trade receivables	0	107 576	107 576	0	112 215	112 215
Subordinated loans	6 045	203	6 248	6 191	-	6 191
Bonds and non-subordinated loans	13 851	939	14 790	12 593	3 500	16 093
Cash deposits	364	309	673	370	250	620
Cash and cash equivalents	0	109 306	109 306	0	60 187	60 187
Others financial assets	679	55 927	56 607	1 160	59 282	60 442
TOTAL	23 887	274 999	298 887	22 737	235 574	258 311

The liabilities of the Group are valued as follows:

(EUR 000)	December 31, 2023 (audited)			June 30, 2024 (reviewed)
FINANCIAL LIABILITIES	Non-current	Current	Fair value	Non-current	Current	Fair value
At fair value through Profit and loss	217	555	772	92	1 734	1 826
Derivative hedge-accounted financial liabilities	95	334	429	90	1 191	1 281
Derivative liabilities at fair value through the income statement	122	221	343	2	543	545
At amortised cost	31 965	139 634	174 427	31 749	154 096	185 845
Trade payables	0	76 564	76 564	0	66 237	66 237
Bank borrowings and lease liabilities	29 010	12 573	44 411	29 071	30 908	59 979
Other operating liabilities	2 955	48 774	51 729	2 678	54 588	57 266
Tax payable	0	1 723	1 723	0	2 363	2 363
TOTAL	32 182	140 189	175 199	31 841	155 830	187 671

At December 31, 2023 (audited) and June 30, 2024 (reviewed), the net carrying value of these financial assets and liabilities did not differ significantly from their fair value.

The heading "Derivative" includes the fair value of forward exchange contracts and currency swaps.

The Group may acquire non-controlling interests in other companies, depending on the evolution of its strategy.

Equity investments included in ''Other investments'' relate primarily to Scandidos A.B. valued at fair value at Level 1 and InvestBW valued at fair value at Level 3.

4.6.1 Financial assets and financial liabilities at fair value

The fair value is determined, according to the fair value hierarchy described below. In case of Level 3 measurement, valuation technique usually includes a discounted cash flow method based on the investee's forecasted performance. IFRS 13 Fair value measurement, describes 3 Levels of fair value based on the degree to which the fair value is observable.

• Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
• Level 3 fair value measurements are those derived from valuation techniques

for which the lowest level of input that is significant to the fair value measurement is unobservable

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3.

During the 6 first months of the year, there was no transfer between the various categories for the financial instruments existing as of June 30, 2024 (reviewed).

				December 31, 2023
(EUR 000)	Level 1	Level 2	Level 3	(audited)
Forward foreign exchange contracts and swaps - through Other
Comprehensive Income	0	1056	0	1056
Forward foreign exchange contracts and swaps - through Profit
and loss	0	193	0	193
Derivative financial assets	0	1 249	0	1 249
Equity instruments at fair value	843	0	1 595	2 438
Forward foreign exchange contracts and swaps - through Other
Comprehensive Income	0	-428	0	-428
Forward foreign exchange contracts and swaps - through Profit and loss	0	-344	0	-344
Derivative financial liabilities	0	-772	0	-772
(EUR 000)	Level 1	Level 2	Level 3	June 30, 2024 (reviewed)
Forward foreign exchange contracts and swaps - through Other
Comprehensive Income	0	132	0	132
Forward foreign exchange contracts and swaps - through Profit and loss	0	33	0	33
Derivative financial assets	0	165	0	165
Equity instruments at fair value	803	0	1 595	2 398
Forward foreign exchange contracts and swaps - through Other
Comprehensive Income	0	-1 281	0	-1 281
Forward foreign exchange contracts and swaps - through Profit
and loss	0	-545	0	-545

The net movement on cash-flow hedges relates to hedges that have been concluded in order to safeguard future revenues from currency fluctuations and results in a high cash flow hedge impact on the statement of Other Operating Income.

The net fair value of these assets and liabilities per the end of June 2024 has decreased primarily as a result of hedges in USD (for 6 projects in the US and in Egypt) and to a lesser extent CNY, two currencies which over the past 6 months strenthened against the EUR.

4.7. EXPECTED CREDIT LOSSES

As at June 30, 2024 (reviewed), the allowance for expected credit losses on trade receivables amounts to EUR 4.4 million (December 31, 2023: EUR 3.7 million).

To calculate the expected credit losses, the group applies the overall matrix described in the accounting policies. The credit loss is then reviewed in detail to take into

5. Operating segments

IBA identified its Management Team as its CODM (Chief Operating Decision Maker) because this is the committee that decides how to allocate resources and assesses performance of the components of the Group.

On the basis of its internal financial reports to the Board of Directors and given the Group's primary source of risk and profitability, IBA has identified two levels of operating information:

• Operating segment-based information (Level 1);
• Entity wide disclosure information (Level 2) not presented in the interim condensed consolidated financial statements.

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (CODM), being the Management Team who is responsible for allocating resources and assessing performance of the operating segments. On the basis of its internal financial reports and given the Group's primary source of risk and consideration other customer specific factors such as re-negotiation, customer refinancing, and guarantees received.

profitability, IBA has identified two operating segments:

• Proton therapy and Other accelerators: This segment constitutes the technological basis of the Group's many businesses and encompasses development, fabrication, and services associated with medical and industrial particle accelerators and proton therapy systems.
• Dosimetry: This segment includes the activities that offer a full range of innovative high-quality solutions and services that maximize efficiency and minimize errors in radiation therapy and medical imaging Quality Assurance and calibration procedures.

The segment results, assets and liabilities include the items directly related to a segment, as well as those that may be allocated on a reasonable basis.

The segment investment expenses include the total cost of investments incurred during the period of acquisition of tangible and intangible assets investments, except goodwill.

(EUR 000) Six months ended June 30, 2023 (reviewed)	Proton Therapy and Other accelerators	Dosimetry	Total segments	Eliminations	IBA Group
Sales of equipments and licences	64 010	29 668	93 678	0	93 678
Sales of services	72 426	3 314	75 740	0	75 740
Internal sales	22	2 729	2 751	-2 751	0
Total sales	136 458	35 711	172 169	-2 751	169 418
Cost of sales and services (-)	-104 738	-19 642	-124 380	0	-124 380
Internal Costs of sales	-2 130	-652	-2 782	2 782	0
Total Cost of sales (-)	-106 868	-20 294	-127 162	2 782	-124 380
Operating expenses (-)	-55 153	-10 181	-65 334	0	-65 334
Internal Operating expenses (-)	2 108	-2 077	31	-31	0
Total Operating expenses (-)	-53 045	-12 258	-65 303	-31	-65 334
Other operating income/(expenses)	-458	-4	-462	0	-462
Segment result (EBIT)	-23 913	3 155	-20 758	0	-20 758
Recurring segment (REBIT) excluding
internal sales	-23 456	3 159	-20 296	0	-20 296
Financial income/(expenses)	-1 722	-157	-1 879	0	-1 879
Share of profit/(loss) of companies consolidated using the equity method	-19	0	-19	0	-19
Result before taxes	-25 654	2 998	-22 656	0	-22 656
Tax income/(expenses)	-3 853	-754	-4 607	0	-4 607
RESULT FOR THE PERIOD	-29 507	2 244	-27 263	0	-27 263
REBITDA	-18 486	4 627	-13 859	0	-13 859
(EUR 000) Year ended December 31, 2023 (audited)
Financial position
Non-current assets	104 635	22 544	127 179	0	127 179
Current assets	425 367	26 678	452 045	0	452 045
Segment assets	530 002	49 222	579 224	0	579 224
Investments accounted for using the equity method	18 304	-	18 304	0	18 304
TOTAL ASSETS	548 306	49 222	597 528	0	597 528
Non-current liabilities	34 806	3 909	38 715	0	38 715
Current liabilities	439 819	12 782	452 601	0	452 601
Segment liabilities	474 625	16 691	491 316	0	491 316
TOTAL LIABILITIES	474 625	16 691	491 316	0	491 316
Six months ended June 30, 2023 (reviewed)
Other segment information
Capital expenditure - Intangible assets and
"Property, Plant and Equipment"	6 401	239	6 640	0	6 640
Capital expenditure - Right-of-use assets	2 669	1 427	4 096	0	4 096
Depreciation of property, plant and equipment	3 709	859	4 568	0	4 568
Amortisation and impairment of intangible assets	524	332	855	0	855
Personnel expenses	90 278	9 828	100 106	0	100 106
Non-cash expenses/(income)	-86	349	263	0	263
Headcount at year-end (EFT)	1 601	244	1 844	0	1 844

(EUR 000) Six months ended June 30, 2024 (reviewed)	Proton Therapy and Other accelerators	Dosimetry	Total segments	Eliminations	IBA Group
Sales of equipments and licences	98 960	25 319	124 279	0	124 279
Sales of services	78 843	3 330	82 173	0	82 173
Internal sales	53	3 107	3 160	-3 160	0
Total sales	177 856	31 756	209 612	-3 160	206 452
Cost of sales and services (-)	-120 073	-16 546	-136 619	0	-136 619
Internal Costs of sales	-2 104	-1 066	-3 170	3 170	0
Total Cost of sales (-)	-122 177	-17 612	-139 789	3 170	-136 619
Operating expenses (-)	-58 801	-10 989	-69 790	0	-69 790
Internal Operating expenses (-)	2 051	-2 041	10	-10	0
Total Operating expenses (-)	-56 750	-13 030	-69 780	-10	-69 790
Other operating income/(expenses)	-3 004	0	-3 004		-3 004
Segment result (EBIT)	-4 075	1 114	-2 961	0	-2 961
Recurring segment (REBIT) excluding internal sales	-1 071	1 114	43	0	43
Financial income/(expenses)	-2 743	30	-2 713	0	-2 713
Share of profit/(loss) of companies
consolidated using the equity method	-1 144	0	-1 144	0	-1 144
Result before taxes	-7 962	1 144	-6 818	0	-6 818
Tax income/(expenses)	-3 291	-193	-3 484	0	-3 484
RESULT FOR THE PERIOD	-11 253	951	-10 302	0	-10 302
REBITDA	4 142	2 634	6 776	0	6 776
(EUR 000) Six months ended June 30, 2024 (reviewed)
Financial position
Non-current assets	106 132	22 674	128 806	0	128 806
Current assets	419 842	29 348	449 190	0	449 190
Segment assets	525 974	52 022	577 996	0	577 996
Investments accounted for using the equity method	18 160	0	18 160	0	18 160
TOTAL ASSETS	544 134	52 022	596 156	0	596 156
Non-current liabilities	35 382	3 384	38 766	0	38 766
Current liabilities	453 127	13 980	467 107	0	467 107
Segment liabilities	488 509	17 364	505 873	0	505 873
TOTAL LIABILITIES	488 509	17 364	505 873	0	505 873
Six months ended June 30, 2024 (reviewed)
Other segment information
Capital expenditure - Intangible assets and "Property, Plant and Equipment"	4 128	313	4 441	0	4 441
Capital expenditure - Right-of-use assets	2 823	105	2 928	0	2 928
Depreciation of property, plant and equipment	3 845	851	4 696	0	4 696
Amortisation and impairment of intangible assets	639	322	961	0	961
Personnel expenses	96 014	12 241	108 255	0	108 255
Non-cash expenses/(income)	3 459	-1 408	2 052	0	2 052
Headcount at year-end (EFT)	1 655	287	1 943	0	1 943

For the year-ended June 30, 2024 (reviewed), the Group revenue was EUR 206.5 million, a 21.9% increase from 2023 (2023: EUR 169.4 million), primarily composed of:

revenues for the Proton Therapy and Other accelerators segment of EUR 177.9 million representing a significant

increase of 30.34% from 2023 (2023: 136.5 EUR million):

the revenue of Proton Therapy activities amounts to EUR 107.7 million (2023: EUR 95.1 million), showing an increase of 13.3% largely driven by the acceleration of progress at the customer sites and cost at completion decreases which is fastening the progress of the percentage of completion and related revenue recognition

• the revenue of Other accelerators amounts to EUR 70.1 million (2023: EUR 41.4 million), showing a significant increase of 69.5% mainly driven by a strong order intake in Industrial equipments and upgrades
• revenues for the Dosimetry segment remained strong with a total of EUR 28.6 million, a decrease of -13.1% from 2023 (2023: EUR 33.0 million) due to a lower order intake and customer's delays on delivery of significant projects.

For the period-ended June 30, 2024 (reviewed), the Group gross margin (33.8%) improved compared to 2023 (26.6%) thanks to improved margin on Proton Therapy projects with expected costs decreases.

For the year-ended June 30, 2024 (reviewed), Group operating expenses were EUR 69.8 million, a 6.8% increase from 2023 (2023: EUR 65.3 million). These expenses include General and Administrative expenses for EUR 27.7 million, Sales and Marketing expenses for EUR 15.2 million and Research and Development net of research credit for EUR 26.9 million. Despite efficient control of overhead costs, careful spending and IBA's cost control measures, the increase is to be observed on all three types of expenses which reflects both the conditions of the general macro-economic environment as well as a growing support infrastructure, gearing up the Group for the future expected growth. The cost increases also demonstrate the strategic efforts that IBA is making on both operating segments to maintain its technological leadership in all business lines.

For the year-ended June 30, 2024 (reviewed), the other operating result (loss) was EUR -3.0 million (2023: EUR -0.5 million) and includes the group's new ERP configuration costs which cannot be capitalized for EUR 1.5 million, the costs incurred in the recent transformation of the divisions and business units' for EUR 0.9 million and the cost of the share-based payments for the option plans for EUR 0.4 million.

The group's REBIT was positively impacted by a strong backlog conversion while having a continuously increasing investment into R&D, infrastructure, digital technologies and sustainability to maintain IBA's leading offering and invest in its future growth.

For the year-ended June 30, 2024 (reviewed), the financial result (expenses) was EUR -2.7 million, an improvement compared to 2023 and primarily composed of:

• interest paid on debts and lease liabilities for EUR -0.7 million, the net change in fair value of derivatives for EUR 0.4 million and an impact from the application of hyperinflation accounting (IAS 29) on the result and non-monetary positions of the subsidiary in Argentina for EUR 3.1 million.
• Partially compensated by foreing exchange gains and losses for EUR 1.2 million, interest revenues on bank accounts and investment bonds in relation to proton therapy projects for EUR 0.7 million.

As at June 30, 2024 (reviewed), the Group has recorded its share (47.8%) in the loss of PanTera SA/NV) for EUR 1.1 million; the book value of Cyclhad SAS and Normandy Hadrontherapy SAS had previously been reduced to zero. IBA does not account for its share of the loss in these entities above the value of its investment as the Group has no commitment to participate in any potential future capital increase of these two affiliates.

As at June 30, 2024 (reviewed), the Group recognises a tax expense for an amount of EUR -3.5 million representing 51.1% of the loss before tax. In the Proton Therapy and Other Accelerators segment, the tax charge results from the progress on installation projects and the recognition of the related revenue and margin in some countries with a relatively high tax rate.

6. Earnings per share

6.1. BASIC EARNINGS PER SHARE

Basic earnings are calculated by dividing the net profit attributable to the Company shareholders by the weighted average number of ordinary shares outstanding during the period. The weighted average number of ordinary shares excludes shares purchased- by the Company and held as treasury shares.

BASIC EARNINGS PER SHARE	June 30, 2023 (reviewed)	June 30, 2024 (reviewed)
Earnings attributable to parent equity holders (EUR 000)	-27 263	-10 302
Weighted average number of ordinary shares	29 105 806	29 161 854
Basic earnings per share (EUR per share)	-0.9367	-0.3533

6.2. DILUTED EARNINGS PER SHARE

Diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares outstanding for the effects of conversion of all dilutive potential ordinary shares.

In 2023 and 2024, the Company had only one category of dilutive potential on ordinary share: stock options.

The calculation is performed for the stock options to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company's shares) based on the monetary value of the subscription rights attached to outstanding stock options. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the stock options.

DILUTED EARNINGS PER SHARE	June 30, 2023 (reviewed)	June 30, 2024 (reviewed)
Weighted average number of ordinary shares	29 105 806	29 161 854
Weighted average number of stock options	1 123 015	1 124 019
Average share price over period	16.2	12.4
Dilution effect from weighted number of stock options	1 051 056	372 726
Weighted average number of ordinary shares for diluted earnings per share	30 156 862	29 534 580
Earnings attributable to parent equity holders (EUR 000)	-27 263	-10 302
Diluted earnings per share (EUR per share)	-0.9367	-0.3533

In compliance with IAS33, which stipulates that the diluted earnings per share does not take into account assumptions for conversion, financial year, or other issuing of potential ordinary shares which may have an anti-dilutive effect on the earnings per share (shares whose conversion involves a decrease in the loss per share).

7.1. SEASONALITY OR CYCLICALITY OF INTERIM OPERATIONS

IBA's business is not subject to any distinct seasonal or cyclical effect, however historical data indicates a tendency for stronger performance in the latter half of the year. This is attributed to the specific characteristics of our business and the sales cycles, which typically culminate in increased activity as the year concludes.

7.2. CAPITAL EXPENDITURE AND COMMITMENTS

(EUR 000) Six months ended June 30, 2023 (reviewed)	Property, plant and equipment	Right of use	Intangible	Goodwill
Net carrying amount at January 1, 2023	18 952	27 116	7 578	10 262
Additions	2 531	4 096	4 099	0
Disposals	-12	-49	0	0
Transfers	-655	0	655	0
Currency translation difference	-53	-60	-2	11
Depreciation/amortization and impairment	-1 536	-3 033	-855	0
Net assets acquired in business combinations	16	0	0	21
Net carrying amount at June 30, 2023 (reviewed)	19 243	28 070	11 475	10 294

(EUR 000) Six months ended June 30, 2024 (reviewed)	Property, plant and equipment	Right of use	Intangible	Goodwill
Net carrying amount at January 1, 2024	20 384	29 081	13 202	10 194
Additions	2 278	2 928	2 163	0
Disposals	0	-11	0	0
Transfers	285	0	-285	0
Currency translation difference	15	35	-1	-6
Depreciation/amortization and impairment	-1 628	-3 068	-961	0
Net assets acquired in business combinations	46	0	0	1 262
Net carrying amount at June 30, 2024 (reviewed)	21 380	28 965	14 118	11 450

In 2024, the group mainly invested in intangible assets with further costs (EUR 0.9 million) capitalised related to the compliance effort to renew a licence to sell medical devices in Europe in line with the new European Medical Device Regulation ("Medical Device Regulation"). The additions to Intangibles also include further development costs in the configuration of the "Product Lifecycle Management" software used in R&D for EUR 1.3 million).

The largest additions to Right of Use assets relate to the lease of new vehicles for EUR 2.8 million.

The loss for the 6-month period ending June 30, 2024 (reviewed) does not significantly affect the existing budgeted plan and the subsequent quarterly reforecasts. No impairment losses are therefore recognized on property, plant and equipment or intangible assets in the 2024 interim condensed financial statements.

The Goodwill has increased in the 6-month period following the acquisition of Radcal Corp by the Group (see Note 3.3.1 for more details) as well as the adjustment to the goodwill on the acquisition of Fluicomica executed in 2023 but for which the group has revised the element of variable consideration to be paid in the acquisition during the adjustment period foreseen by IFRS 3.

7.3. TRADE RECEIVABLES AND OTHER OPERATING ASSETS

(EUR 000)	December 31, 2023 (audited)	June 30, 2024 (reviewed)
CURRENT
Gross trade receivables	111 315	116 605
Allowance for expected credit losses on trade receivables (-)	-3 739	-4 389
Trade receivable	107 576	112 216
Non-trade receivables	14 300	13 689
Advance payments	28 111	25 425
Convertible loan to Pantera	0	3 500
Accrued income related to maintenance contracts	10 173	14 136
Current income tax receivables	772	1 655
Non highly liquid short term deposits	309	250
Other current receivables	3 713	4 376
Other short-term receivables	57 378	63 031
Prepaid expenses	6 029	6 499
Research tax credit	2 028	2 072
Other short-term assets	8 057	8 571
TOTAL Current trade and other receivable and other asset	173 011	183 818
(EUR 000)
NON-CURRENT
Long-term receivables on contracts in progress	355	355
Subordinated loan to NHA	1 520	1 520
Convertible loan to Pantera	1 000	0
Subordinated bond to proton therapy customers	4 525	4 671
Financial notes granted to proton therapy customers	4 250	3 816
Loan to shareholders	5 711	5 711
Customers with payment terms more than one year	850	1 298
Customers retainers	77	299
Long-term financing for a building to a proton therapy customer	2 040	1 768
Long term deposits	364	370
Other assets	247	506
Other long-term receivables	20 939	20 314
Research tax credit	12 804	12 465
Other long-term assets	12 804	12 465
TOTAL Non-current receivable and assets	33 743	32 779

The non-current receivable is impacted by the conversion of the convertible loans to the Joint Venture PanTera into shares in 2024 for EUR 1.0 million. The other variations are mainly attributable to reclassification to short term receivable for the amounts coming to maturity in the next 12 months.

The other current receivables have increased compared to December 31, 2023 (audited). The main drivers of this increase are the increase of accrued income on maintenance contracts, which is offset by a decrease of advance payments to suppliers. In addition, IBA also granted an additional convertible loan for EUR 3.5 million to PanTera which has a maturity in December 2024.

7.4. INVENTORIES

Work in progress relates to production of inventory for which a customer has not yet been secured, while contracts in progress (note 7.5) relate to production for specific customers in performance of a signed contract.

(EUR 000)	December 31, 2023 (audited)	June 30, 2024 (reviewed)
Raw materials and supplies	130 260	148 573
Finished products	3 768	3 043
Work in progress	11 080	12 873
Write-off of inventories (-)	-14 563	-12 944
Inventories and contracts in progress	130 545	151 545

7.5. CONTRACT ASSETS AND CONTRACT LIABILITIES

(EUR 000)	December 31, 2023 (audited)	June 30, 2024 (reviewed)
Costs to date and recognized revenue	393 154	457 403
Less : progress billings	-354 710	-403 903
Contracts assets	38 444	53 500
Contract liabilities	-283 489	-284 632
Net amounts on contracts in progress	-245 045	-231 132

7.6. CASH AND CASH EQUIVALENTS

For the purpose of the interim condensed consolidated cash flow statement, cash and cash equivalents are comprised of the following:

(EUR 000)	December 31, 2023 (audited)	June 30, 2024 (reviewed)
Bank balances and cash	109 306	48 605
Short-term bank deposits	0	11 582
CASH AND CASH EQUIVALENTS	109 306	60 187

The short-term deposits are highly liquids investments, primarily on-demand deposits, and have a maturity less than 3 months.

7.7. ORDINARY SHARES, SHARE PREMIUM AND TREASURY SHARES

During the 6-month period, the share capital remained unchanged, no treasury shares were acquired but following the exercise of employee stock options, 64,750 shares were sold.

7.8. MOVEMENT ON BANK AND OTHER BORROWINGS

	December 31, 2023 (audited)			June 30, 2024 (reviewed)
(EUR 000)	Bank borrowings	Leases	Total	Bank borrowings	Leases	Other borrowings	Total
Non-current	7 114	21 896	29 010	7 191	21 880	0	29 071
Current	6 469	6 104	12 573	3 734	5 662	21 512	30 908
Total	13 583	28 000	41 583	10 925	27 542	21 512	59 979
Opening amount	14 381	26 487	40 868	13 583	28 000	0	41 583
Repayment of borrowings	-1 000	-7 180	-8 180	-2 734	-3 870	0	-6 604
New borrowings	0	8 257	8 257	0	3 102	21 512	24 614
Accretion of interest	202	589	791	76	273	0	349
Terminations	0	-55	-55	0	-12	0	-12
Currency translation difference	0	-98	-98	0	49	0	49
Closing balance	13 583	28 000	41 583	10 925	27 542	21 512	59 979

As at June 30, 2024 (reviewed), the bank and other borrowings include unsecured subordinated bonds from S.R.I.W. for a total of EUR 8.0 million (EUR 10.7 million as at December 31, 2023 (audited)) and an unsecured subordinated bond from S.F.P.I. for EUR 2.9 million (unchanged from December 31, 2023 (audited)) as well as unused revolving (short term) credit facilities and unused overdraft facilities in China.

The borrowings also include a financial liability that arose from the proceeds of a credit insurance claim for EUR 21.5 million. This debt will be reimbursed upon receipt of payment from IBA's customer which has been received in July 2024. As a result, this borrowing will be reimbursed in the next quarter.

S.R.I.W. and S.F.P.I. subordinated bonds

S.R.I.W. and S.F.P.I. are two Belgian public investment funds (respectively, at regional and federal level).

Following the terms of the S.R.I.W. and S.F.P.I. bond agreements, the Group agreed to comply with a financial covenant relating to the IBA Group level of equity, which was met as at June 30, 2024 (reviewed).

Available bank credit facilities

As at June 30, 2024 (reviewed), the Group has at its disposal credit facilities amounting to EUR 75.4 million of which 14.5% are used (23.4% in 2023).

The bank facilities at IBA SA level include a EUR 60 million revolving credit facility (increased from EUR 40 million in 2023).

The financial covenants applying to these syndicated facilities consist of (a) a maximum net leverage ratio (calculated as the consolidated net senior indebtedness divided by the consolidated REBITDA over the last 12 months) and (b) a minimum corrected equity level (calculated as the sum of the consolidated equity - with certain reclassifications - and the subordinated indebtedness). Both covenants were complied with as at June 30, 2024 (reviewed).

In China, the CNY 35 million overdraft facility (borrower: Ion Beam Applications Co. Ltd) was maintained for the same amount (undrawn as of June 30, 2024 (reviewed)).

Credit facilities are as follows:

	December 31, 2023 (audited)		June 30, 2024 (reviewed)
(EUR 000)	Utilized credit facilities	Unutilized credit facilities	Utilized credit facilities	Unutilized credit facilities
FLOATING RATE
Repayment beyond one year	0	44 458	0	64 431
TOTAL FLOATING RATE	0	44 458	0	64 431
FIXED RATE
Repayment within one year	3 734	0	3 734	0
Repayment beyond one year	9 848	0	7 191	0
TOTAL FIXED RATE	13 582	0	10 925	0
TOTAL	13 582	44 458	10 925	64 431

7.9. PROVISIONS

(EUR 000)	Environment	Warranties	Defined employee benefits	Other employee benefits	Other	Total
As at January 1, 2024	123	6 829	3 087	942	4 049	15 030
Additions (+)	0	647	132	53	427	1 259
Write-backs (-)	0	-524	0	-40	-214	-778
Utilizations (-)	0	-1 308	0	-48	-974	-2 330
Actuarial (gains)/losses generated during the year	0	0	-132	0	0	-132
Currency translation difference	0	1	0	7	57	65
Total movement	0	-1184	0	-28	-704	-1916
As at June 30, 2024 (reviewed)	123	5 645	3 087	914	3 345	13 114

The provisions for warranties have decreased as the utilisations (EUR -1.3 million) and reversals (EUR -0.6 million) in relation to Proton Therapy and other accelerators were higher than the additional provisions made during the period (EUR 0.6 million). The main reason for this fluctuation is that no major projects have reached completion and warranty commencement date.

The other provisions mainly include, similar to the prior period, provisions for lossmaking contracts.

7.10.OTHER PAYABLES AND ACCRUALS

(EUR 000)	December 31, 2023 (audited)	June 30, 2024 (reviewed)
Current
Trade payable	76 564	66 237
Payroll debts	31 005	35 268
Accrued charges	2 096	1 870
Capital grants	1 906	3 238
Non-trade payables	9 801	10 844
Current income tax payables	1 723	2 363
Advances received from local government	1 054	870
Other	2 912	2 497
Total other current payable	50 497	56 950
Deferred income related to maintenance contracts	20 140	20 187
Total other current liabilities	20 140	20 187
Total current operating liabilities	147 201	143 374
Non-current
Advances received from local government	870	870
Business combination earn out	783	1 111
Retainer applied to vendor's invoices	327	162
Deferred payment of social debts	536	535
Debt to acquire a loan to a customer	439	0
Total non-current operating liabilities	2 955	2 678

The deferred income related to maintenance contracts represents the periodic invoicing to customers for revenue that is recognised over time on a linear basis. The movement represents the normal billing profile of these contracts.

The increase in social debt relates to some bonus and variable remuneration components from 2023 for which the payment was not yet triggered at the end of the reporting period (the majority is settled in July 2024) as well as the accrued 13th month expense which is settled fully by December 31 every year. The capital grants represents deferred government grants which will be recognised as a revenue when the expenses they relate to are incurred. These have increased as a new subsidy was granted in the period.

The business combination earnout relates to the estimated variable consideration still to be paid to the sellers of the recent acquisitions of the group and has been increased following the revision of the estimated payout based on Fluidomica's operating results since acquisition. The increase is impacting the goodwill for EUR 0.4 million (refer to Note 7.2)

7.11.OTHER OPERATING EXPENSES

The other operating expenses mainly include the group's new ERP configuration costs which cannot be capitalized, for EUR 1.5 million as well as the costs incurred in the recent transformation of divisions and business units' for EUR 0.9 million. Similar to 2023, these expenses also include the cost of the share-based payments for the option plans issued in 2020 and 2021 for a total amount of EUR 0.4 million.

7.12. INCOME TAX

The tax charge for the 6-months period can be broken down as follows:

(EUR 000)	June 30, 2023 (reviewed)	June 30, 2024 (reviewed)
Current taxes	-3 563	-3 422
Deferred taxes	-1 044	-62
TOTAL	-4 607	-3 484

Despite the loss for the period at the group level, the Current tax expense amounts to EUR 3.5 million due to relatively high taxable profits in some countries where IBA operates, as well as withholding tax paid on dividends between entities of the group.

7.13. LITIGATION AND CONTINGENT ASSETS

The Group is not involved in any significant litigation currently. The potential risks connected to minor proceedings are deemed to be either groundless or

insignificant, or when the risk of payment of potential damages seems actual, are either adequately covered by provisions or insurance policies.

7.14.EMPLOYEE BENEFITS

For more information on employee benefits see annual report note 5.11.1 as movements for the six months period ending June 2024 in employee benefits are not significant.

7.15.PAID AND PROPOSED DIVIDENDS

A dividend of EUR 0.17 per share was approved at the Ordinary General Meeting of June 12, 2024.

This dividend, net of withholding tax, was paid to shareholders in June 2024.

7.16.RELATED PARTY TRANSACTIONS

7.16.1 CONSOLIDATED COMPANIES

A list of subsidiaries and equity-accounted associates is provided in Note 2.

7.16.2 TRANSACTIONS WITH AFFILIATED COMPANIES

The main transactions completed with related parties (companies using the equity accounting method) are as follows:

(EUR 000)	June 30, 2023 (reviewed)	June 30, 2024 (reviewed)
ASSETS
Receivables
Long-term receivables	1 520	1 520
Trade and other receivables	1 743	5 312
TOTAL RECEIVABLES	3 263	6 832
INCOME STATEMENT
Sales	2 865	4 131
Financial income	0	0
TOTAL INCOME STATEMENT	2 865	4131

7.16.3 SHAREHOLDER RELATIONSHIPS

The following table shows IBA shareholders at June 30, 2024 (reviewed):

	Number of shares	%
Sustainable Anchorage SRL	6 204 668	20.49%
IBA Investments SCRL	51 973	0.17%
IBA SA	1 036 031	3.42%
IB Anchorage	348 530	1.15%
UCL	426 885	1.41%
Sopartec SA	180 000	0.59%
SRIW SA	715 491	2.36%
SFPI SA	58 200	0.19%
Belfius Insurance SA	1 189 196	3.93%
FUP Institute of RadioElements	1 423 271	4.70%
Paladin Asset Mgmt	768 765	2.54%
BlackRock, Inc.	407 194	1.34%
Norges Bank Investment Management	1 133 108	3.74%
Kempen Capital Management NV	875 388	2.89%
BNP Paris	528 425	1.75%
Public	14 935 093	49.32%
TOTAL	30 282 218	100.00%

The Group had the following transactions with its shareholders:

(EUR 000)	June 30, 2023 (reviewed)	June 30, 2024 (reviewed)
ASSETS
Receivables
Long-term receivables	5 769	5 769
Trade and other receivables	144	65
TOTAL RECEIVABLES	5 913	5 834
LIABILITIES
Payables
Bank and other borrowings	14 482	10 925
TOTAL PAYABLES	14 482	10 925
INCOME STATEMENT
Financial income	39	39
Financial expense (-)	-365	-275
TOTAL INCOME STATEMENT	-326	-236

To the best of the Company's knowledge, there were no other relationships or special agreements among the shareholders at June 30, 2024 (reviewed).

7.17.EVENTS AFTER THE BALANCE SHEET DATE

• In July, IBA received a confirmation frm the group's insurance broker that indeminities of EUR 1.0 million will be received in the next months for a claim raised on faulty parts. As the claim was filed in H1 2024, this confirmation is considered as an adjusting subsequent event and these consolidated financial statements have been adjsuted to reflect this amount to be received.
• As explained in Note 7.8. IBA recognised the proceeds from a credit insurance claim as a financial liability. In July, IBA received the payment from

the customer and shortly after, IBA reimbursed the credit insurance in August 2024.

In August 2024, IBA signed a Memorandum of Understanding with existing customer the University of Pennsylvania Health System for the installation of two side by side Proteus®ONE compact proton therapy solutions at the Penn Presbyterian Medical Center in Philadelphia, PA, USA

8. Interim management report

8.1. FIGURES AND SIGNIFICANT EVENTS:

(EUR 000)	H1 2024	H1 2023	Variance	Variance %
Total Revenues	206 452	169 418	37 034	21.9%
Proton Therapy	107 724	95 082	12 642	13.3%
Other Accelerators	70 078	41 354	28 724	69.5%
Dosimetry	28 649	32 982	-4 333	-13.1%
REBITDA	6 776	-13 859	20 635	148.9%
% of Revenues	3.3%	-8.2%
REBIT	43	-20 296	20 339	100.2%
% of Revenues	0.0%	-12.0%
Profit Before Tax	-6 818	-22 656	15 838	69.9%
% of Revenues	-3.3%	-13.4%
NET RESULT	-10 302	-27 263	16 961	62.2%
% of Revenues	-5.0%	-16.1%

Business Highlights

14 Other Accelerators systems sold in H1, a significant increase on the previous year (H1 2023: 8 systems)

One Proteus®ONE1 system sold in H1 to Connecticut Proton Therapy Center (H1 2023: Two Proteus®ONE systems and one Proteus®PLUS1 system) and a

¹ Proteus®ONE and Proteus®PLUS are the brand names of Proteus®235

partial Proteus®PLUS1 equipment batch sold to CGN

• Post-period, MoU signed for two Proteus®ONE proton therapy solutions with the University of Pennsylvania Health System
• 35 PT projects under construction or installation at the end of the period with good progress on major Spanish and Chinese projects
• Strong Industrial Solutions performance, with excellent backlog conversion and growing Services revenue
• Dosimetry acquisition completed of California-based RadCal Corporation, specialists in medical imaging Quality Assurance
• IBA and SCK CEN's joint venture PanTera secured four commercial agreements for early supply of actinium-225 (225Ac) in a highly active market
• B Corp certification renewed during the period, with a significantly improved score of 114 points (2021: 90 points), placing the Group among the top 10% of those certified globally

Financial Highlights

• Group H1 revenues increased by 21.9% to EUR 206.5 million (H1 2023: EUR 169.4 million), driven by accelerated backlog conversion and increasing Services revenues across all businesses
• Gross margin increased to 33.8%, up from 26.6% last year, driven in

particular by an increase in the proportion of Other Accelerators revenues, improvement of project cost estimates and better margin mix in Proton Therapy (PT)

• Group REBIT of EUR 0.04 million, a strong improvement on the same period last year, reflecting a combination of backlog conversion, improvement in gross margin and the uptick in Services revenues
• Group order intake of EUR 113.9 million; of which PT was EUR 34.9 million, Other Accelerators was EUR 47.4 million and Dosimetry was EUR 31.5 million
• Strong acceleration of backlog conversion, but with equipment and upgrade backlog still standing at EUR 715 million (FY 2023: EUR 720 million). Overall Group Equipment and Services backlog remains high at EUR 1.4 billion
• Both PT and Other Accelerators Services revenues grew 8.8%
• Total Group net loss of EUR 10.3 million (H1 2023: EUR 27.3 million loss)
• Healthy balance sheet, with EUR 60.2 million gross cash and EUR 21.7 million net cash position. Cash position reflects strong procurement and backlog conversion activity over the period. EUR 60 million undrawn short-term credit lines available at period end
• Mid-term guidance reiterated

8.2. OPERATING REVIEW

8.2.1 Proton Therapy and Other accelerators

(EUR 000)	H1 2024	H1 2023	Variance	Variance %
Revenues	177 803	136 436	41 367	30.3%
Proton Therapy	107 724	95 082	12 642	13.3%
Other Accelerators	70 078	41 354	28 724	69.5%
REBITDA	4 142	-18 486	22 628	122.4%
% of Revenues	2.3%	-13.5%
REBIT	-1 072	-23 455	22 383	95.4%
Proton Therapy	-10 027	-22 948	12 921	56.3%

(EUR 000)	H1 2024	H1 2023	Variance	Variance %
Equipment Proton Therapy	46 210	38 537	7 673	19.9%
Equipment Technologies	52 805	25 473	27 332	107.3%
Total equipment revenues	99 015	64 010	35 005	54.7%
Services Proton Therapy	61 514	56 545	4 969	8.8%
Services Technologies	17 273	15 881	1 392	8.8%
Total services revenues	78 788	72 426	6 362	8.8%
Total revenues Clinical & Technoliges	177 803	136 436	41 366	30.3%
Services in % of segment revenues	44.3%	53.1%

Overview

• Total revenues of EUR 177.8 million, up 30.3% versus H1 2023, driven by backlog conversion, cost improvements on ongoing projects and growing Services revenues
• Proton Therapy (PT) equipment revenues increased to EUR 46.2 million thanks to good progress on existing contracts
• PT order intake of EUR 34.9 million, with one Proteus®ONE solution sold in the US and a partial Proteus®PLUS equipment configuration sold to CGN
• Post-period, MoU signed for 2 Proteus®ONE solutions in the USA
• Other Accelerators equipment revenue increased by 107% to EUR 52.8 million
• Excellent order intake for Other Accelerators with 14 new sales (EUR 47.5 million) alongside additional upgrades (H1 2023: eight machines)
• Services revenues grew to EUR 79 million boosted by new contracts and favorable exchange rates
• Continued R&D investment of around 13% of topline
• Combined PT/Other Accelerators REBIT of EUR -1.1 million
  • PT REBIT of EUR -10.0 million
  • Other Accelerators REBIT of EUR 9.0 million

Proton Therapy

(EUR 000)	H1 2024	H1 2023	Variance	Variance %
Equipment Proton Therapy	46 210	38 537	7 673	19.9%
Services Proton Therapy	61 514	56 545	4 969	8.8%
Net sales	107 724	95 082	12.642	13.3%
REBIT*	-10 027	-22 948	12 921	56.3%
% of Sales	-9.3%	-24.1%

* Based on a pro forma allocation of overheads and SG&A to each business

Overall Proton Therapy (PT) revenue increased by 13.3%, reflecting higher production levels and growing Services revenues. The acceleration of backlog conversion was previously communicated as a key focus area for driving revenue growth. The PT team has made strong progress against this objective with 35 projects currently under construction or installation. This includes nine Proteus®PLUS and 26 Proteus®ONE systems globally. Specifically, four shipments were made to customers in the US and EMEA, and two installations began during the period. As a result of the backlog conversion, equipment revenues grew by 19.9% in the period.

Services revenue grew by 8.8%, thanks to full year effects of three sites that started operations in 2023, several contract renewals and favorable foreign exchange impacts. There are now 44 IBA PT sites generating service revenues worldwide.

REBIT improved to EUR -10.0 million (H1 2023: EUR -22.9 million) benefiting from accelerated backlog conversion, project mix, and Services growth, offset by some inflationary impacts.

IBA remains the market leader in PT, with 42% of the market and a strong pipeline, particularly in the USA and Asia.

A one-room Proteus®ONE contract was secured with the Connecticut Proton Therapy Center in the US during the period, and additional scope equipment was ordered by CGN Medical Technology, as part of the existing strategic licensing agreement.

On June 4th, the results of a multi-centric phase III trial on Proton Therapy for head and neck cancer were presented by Dr. Steven Frank of MD Anderson, at the American Society for Clinical Oncology Conference. This study showed proof of reduction of side effects with proton therapy and offers a good perspective in further demonstrating the value of PT to patients.

In parallel, IBA continues to spearhead research on DynamicARC®2 and ConformalFLASH®3 with successful irradiation of proton arc clinical plans at Corewell Health and several publications made on ConformalFLASH® by Penn Medicine, opening the way for future research and clinical adoption.

Post-period IBA signed a Memorandum of Understanding with existing customer the University of Pennsylvania Health System for the installation of two side by side Proteus®ONE compact proton therapy solutions at the Penn Presbyterian Medical Center in Philadelphia, PA, USA

² DynamicARC® is a registered brand of the IBA's Proton Arc therapy solution currently under development phase.

³ ConformalFLASH® is a registered brand of IBA's Proton FLASH irradiation solution currently under research and development phase.

Other Accelerators

(EUR 000)	H1 2024	H1 2023	Variance	Variance %
Equipment Other Accelerators	52 805	25 473	27 332	107.3%
Services Other Accelerators	17 273	15 881	1 392	8.8%
Net sales	70 078	41 354	28 724	69.5%
REBIT*	8 955	-507	9 462	1866.3%
% of Sales	12.8%	-1.2%

* Based on a pro forma allocation of overheads and SG&A to each business

Other Accelerators had a solid H1, with eight Other Accelerators had a strong first half of the year, selling 14 machines globally, with order intake at EUR 47.4 million, a significant increase on the same period last year (H1 2023: eight machines, 28.9 million). Equipment revenues more than doubled, increasing to EUR 52.8 million. REBIT also grew to EUR 9.0 million (H1 2023: EUR -0.5 million), reflecting high value backlog conversion, as well as the growth of the Services business, which was up 8.8% compared to the same period last year. 12 installations started in the period, with 19 expected in the second half.

Industrial Solutions saw a particularly strong H1 related to equipment backlog conversion and growing Services demand, with revenues increasing by 200%. As anticipated, order intake has been impacted by macroeconomic factors, and is expected to pick up in the second half. Progress continues to be made in opportunities for environmental applications. In particular, good progress is being made in employing IBA's Rhodotron® accelerators for water purification, aiming to break down an extensive array of PFAS (forever chemicals). IBA's strategy involves conducting in-house research, partnering with universities and industry peers as well as the Belgian Walloon Region.

At its User Meeting in May 2024, bringing together more than 75% of its customers, Industrial Solutions also launched its digital portal BeIn, opening up the way for predictive maintenance and a wider service offering using data collected from IBA machines.

IBA's RadioPharma Solutions business had a strong first half in terms of order intake, boosted by sales of 14 new machines. During the period, in particular, one mid-energy Cyclone® IKON was sold in Asia.

IBA and SCK CEN's joint venture PanTera has secured agreements with four companies including Bayer for the early supply of actinium-225 (225Ac), a strong sign of its credibility in a concentrated supply market. The radiotherapeutic market is currently worth an estimated \$7 billion and is expected to grow to \$39 billion by 20324 . The strategic collaboration with TerraPower Isotopes for early supply 225Ac production, is progressing well, with the first shipments of thorium-229 (229Th) completed from Terrapower Isotopes to Belgium, on track to improve the short-term availability of this rare isotope for more clinical studies. Construction of the early supply production unit that will produce 225Ac from early 2025 is ongoing currently in Mol, Belgium and the construction of a large-scale production facility remains on track to begin in 2025, with commercial production expected to start by 2029.

⁴https://www.ft.com/content/6ce668bc-4180- 4e84-9feb-f25ac0e83f6f

8.2.2 DOSIMETRY

(EUR 000)	H1 2024	H1 2023	Variance	Variance %
Net sales	28 649	32 982	-4 333	-13.1%
REBITDA*	2 634	4 627	-1 933	-43.1%
% of Sales	9.2%	14.0%
REBIT*	1 115	3 159	-2 044	-64.7%
% of Sales	3.9%	9.6%

Overview

• Dosimetry experienced lumpy performance in the first half: the anticorruption campaign in China, contraction of the MR LINAC market and backlog conversion scheduled later in the year impacted Dosimetry revenues:
  • After an all-time record order intake in H1 last year, H1 2024 came back to EUR 31.5 million (H1 2023: 36.9 million)
  • Revenues decreased to EUR 28.6 million (H1 2023: 33.0 million), impacted by the second half weighting of some projects and the anti-corruption campaign in China slowing down investment decisions in the first half
• Backlog remained high, at EUR 42.7 million (H1 2023: EUR 35.6 million), related to slower revenue recognition in the first half
• REBIT decreased to EUR 1.1 million (H1 2023: EUR 3.2 million) as a result of lower revenues and among others one time inflation compensation measures taken in Germany affecting H1 OPEX
• Improvement is anticipated in H2 with the anti-corruption campaign effects gradually lifting, higher project-related revenues and new tenders expected.

The Dosimetry team remains committed to expanding its expertise and was pleased to complete the acquisition of RadCal Corporation, a leader in diagnostic X-ray measurement based in California, USA, in February. It marks a significant expansion of IBA's Medical Imaging Quality Assurance portfolio and strengthens its presence in the US market. It is expected to be revenue accretive and EBIT positive by the end of 2024.

8.3. FINANCIAL REVIEW

Group revenue in the first half of the year was EUR 206.5 million, a 21.9% increase from the same period last year. The increase was driven by the acceleration of project delivery in Proton Therapy (PT) and Other Accelerators, alongside growth of Services revenue.

Gross profit as a percentage of revenues was 33.8% (H1 2023: 26.5%), the more than 7% improvement driven by an increased proportion of high margin Other Accelerator projects with PT project costs stabilizing after a period of inflation.

Operating expenses increased by 6.8%, in line with expectations, with planned increases in selling and marketing and R&D expenses as the Group continues to invest heavily in future growth. The G&A expense line was limited to inflation.

The recurring operating profit (REBIT) for the period stood at break even (EUR 0.04 million) (H1 2023: EUR -20.3 million), the significant year-on-year improvement reflecting the revenue growth and improvement in margins.

Other operating expenses of EUR 3 million reflected stock option costs, software implementation costs and reorganization expenses.

Financial expenses were strongly affected by foreign exchange losses from hyperinflation in Argentina.

Taxes decreased compared to 2023 thanks to tax optimization efforts in several countries. 2023 had also included some one-off current tax effects in Asia

As a result of the above IBA reported a net loss of EUR 10.3 million, a strong improvement from last year (H1 2023: EUR 27.3 million).

Operating cash flow was EUR -50.7 million (H1 2023: EUR -43.7 million) as inventory and downpayments to suppliers increased with backlog conversion. The position included a large overdue customer receivable.

Cash flow used in investing activities increased to EUR -10.8 million, driven by the acquisition of RadCal Corporation and a

8.4. SUSTAINABILITY

In May, IBA obtained its recertification as a B Corporation, achieving a score of 114 points, a substantial increase from 90 points in 2021. This places IBA within the top 10% of the more than 9,000 B Corps globally, underscoring the Company's commitment to leading the charge in social and environmental sustainability. IBA's score performance reflects its efforts in environmental initiatives, such as the introduction of eco-design in product development and a significant reduction in convertible loan to PanTera, partly offset by a decrease in CAPEX.

Cash flow from financing activities of EUR 12.8 million included proceeds from a new financial debt linked to a credit insurance payment on an overdue customer receivable, partially offset by the dividend paid on 2023 results and repayments on debts. Post-period, the credit insurance claim was settled with the insurance company, following the proceeds being received from the customer.

IBA's balance sheet remained solid with EUR 60.2 million gross cash and EUR 21.7 million net cash at the end of H1. The expected decrease of the cash position was linked to working capital as the Company continued to procure inventory for its ongoing contracts, and in particular the tenroom Proteus®ONE contract in Spain. The Company had EUR 60 million undrawn short-term credit lines still available at the end of the period and all bank covenants were complied with.

carbon emissions through revised transport and mobility policy, among others. In social matters, the Company has launched initiatives like collective intelligence and demonstrated a commitment to society with the launch of the Oncia community. In governance matters, IBA has further expanded the screening of its main suppliers based on the Ecovadis framework, and prepared for CSRD non-financial reporting, among others.

8.5. OUTLOOK

Following the encouraging first half of 2024 with strong revenue growth and margin improvement, IBA remains confident about performance for the remainder of the year. This confidence is underpinned by a highly active pipeline across all businesses. The Company expects the normal second half weighting of both top line and bottom line.

IBA reiterates its mid-term guidance that was laid out at the full-year results, based on the assumption that macro-economic factors remain stable over the coming year. In addition, guidance is on the basis that order intake remains solid, especially in the Proton Therapy and Industrial Solutions businesses. As a reminder, subject to these factors, IBA, expects:

• 15% CAGR 2022-2026 on revenues, nearly doubling revenues over the period
• REBIT on revenues to reach around 10% by 2026, delivered gradually and weighted to after 2024, as macroeconomic effects wane and operating leverage accelerates with volume
• CAPEX to remain at around EUR 10-12 million per year until 2026 to support increased investment in infrastructure, innovation, sustainability and digitalization to maintain IBA's leading offering and invest in its future growth

IBA is making good progress towards meeting this mid-term guidance. The strong revenue growth in the first half of the year reflects IBA's commitment to the acceleration of backlog conversion, which was achieved across the business, and the Company is confident on continuing this trajectory to meet the 15% revenue CAGR target.

IBA delivered a strong improvement in REBIT versus the same period last year reflecting the revenue growth and margin improvement. Looking to the remainder of 2024, IBA expects this improvement to continue with an expected second half weighting. Thinking further ahead, the strengthened gross margin is expected to remain with a continued increase in the proportion of Other Accelerator revenues, alongside improved margin mix for Proton Therapy and a more stable inflationary environment. This underpins the Company's expectation of approaching a 10% REBIT margin by 2026.

The Company remains on track with capex guidance, with EUR 4.4 million of capex spend in the first half of 2024.

Alongside the continued strong performance of its core businesses, IBA believes that PanTera could provide significant future upside given the rapid growth in the radiotherapeutics market and the potential of PanTera to become a leading supplier of Actinium-225.

8.6. STATEMENT BY THE DIRECTORS

These interim condensed consolidated financial statements have been prepared by the Chief Executive Officer (CEO) Olivier Legrain and Chief Financial Officer (CFO) Soumya Chandramouli. To their knowledge: they are prepared in accordance with applicable accounting standards, give a true and fair view of the consolidated results. The interim management report includes a fair review of important events and significant transactions with related parties for the first half of 2024 and their impact on the interim condensed consolidated financial statements, as well as a description of the principal risks and uncertainties that the Company faces.

8.7. CORPORATE GOVERNANCE

On the occasion of the 2024 Annual General Meeting, the following mandates were renewed at the level of the management of the Company:

• The mandate of Yves Jongen was renewed and;
• The mandate of Nextstepefficiency SRL, represented by its permanent representative, Mrs. Christine Dubus,

and Dr. Richard A. Hausmann as Independent Directors was renewed

• The mandate of Bridging for Sustainability SPRL was renewed
• A new director, MucH SRL, represented by Mrs. Muriel De Lathouwer was appointed for a one-year term

Glossary of alternative performance measures (APM)

Gross profit

Definition: Gross profit is the difference of the aggregate amount recognized on "Sales" and "Services" after deducting the costs associated with the construction and production of the associated equipment and incurred in connection with the provision of the operation and maintenance services.

Reason: Gross profit indicates IBA's performance by showing how it is able to generate revenue from the expenses incurred in the construction, operation and maintenance of dosimetry, proton-therapy and other accelerators.

EBIT

Definition: Earning before interests and taxes (''EBIT'') shows the performance of the group (or segment) before financial income/expenses and taxes. It shows all operating income and expenses incurred during the period.

Reason: EBIT is a useful performance indicator as it shows IBA's operational performance of the period by eliminating the impact of the financial transactions and taxes.

REBIT

Definition: REBIT is an indicator of a company's profitability of the ordinary activities of the group and 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. The adjusting items are detailed in Note 5. in the section over the Other operating Income and expenses.

Reason: Management considers REBIT as an improved performance indicator for the group allowing year-on-year comparison of the profitability, as cleaned up with transactions not considered part of the underlying performance.

Net financial debt

Definition: The net financial debt measures the overall debt situation of IBA. It excludes the "Other borrowings" as presented the Note 7.8.

Reason: Net financial debt provides an indication of the overall financial position strength of the Group and measures IBA's cash position.

(EUR 000)	June 30, 2023 (reviewed)	June 30, 2024 (reviewed)
EBIT = Segment result (Note 5)	-20 758	-2 961
Other operating expenses (+)	462	3 004
REBIT	-20 296	43
Depreciation and impairment of intangible and tangible assets (+)	5 424	5 657
Write-offs on receivables and inventory (+/-)	1 013	1 076
REBITDA	-13 859	6 776

(EUR 000)	December 31, 2023 (audited)	June 30, 2024 (reviewed)
Long-term bank borrowings and lease liabilities (+)	29 010	29 071
Short-term bank borrowings and lease liabilities (+)	12 573	9 396
Cash and cash equivalents (-)	-109 306	-60 187
Net financial debt	-67 723	-21 720

Auditor's report on the IFRS interim condensed consolidated financial statements at June 30, 2024

To the Board of Directors of Ion Beam Applications SA

Statutory auditor's report on review of interim condensed consolidated financial statements for the period ended 30 June 2024

Introduction

We have reviewed the accompanying interim condensed consolidated statement of financial position of Ion Beam Applications SA and its subsidiaries as of 30 June 2024 and the related income statement and other comprehensive income, statement of changes in equity and statement of cash flow for the six-month period then ended, as well as the explanatory notes. The board of directors is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with IAS 34, as adopted by the European Union. Our responsibility is to express a conclusion on this interim condensed consolidated financial statements based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34, as adopted by the European Union.

Diegem, 28 August 2024

The statutory auditor PwC Bedrijfsrevisoren BV/PwC Reviseurs d'Entreprises SRL Represented by

Romain Seffer* Réviseur d'Entreprises

*Acting on behalf of Romain Seffer SRL