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Thomas Pevenage: Hello, everyone, and welcome to the presentation of IBA's results for the first half of 2026. I am Thomas Pevenage from Investor Relations. As usual, you will find this presentation on the Investor Relations page on our website. A question-and-answer session will follow the formal presentation. Today's speakers are Olivier Legrain, our Chief Executive Officer; Henri de Romree, our Deputy Chief Executive Officer; and Catherine Vandenborre, our Chief Ventures and Corporate Officer. Here is the agenda for today's presentation. We will start with our highlights for the period, followed by the business review, where we will discuss the strategic progress and the financials of each business unit. Finally, we will cover our financial performance in more detail and give you an update on our guidance and outlook before opening the Q&A session.
Olivier Legrain: Thank you, Thomas. Good afternoon, everybody. Let me start by sharing our key messages for today. H1 '26 confirm that IBA is on track with its improved profitability trajectory, progressing on the execution of our strategy. We delivered a solid first half performance with growing revenue exceeding EUR 320 million and a substantial improvement in profitability reflected in an adjusted EBIT of EUR 17.6 million and a positive net result of EUR 9.3 million. Commercial momentum was strong with equipment order intake up 64% versus same period last year, keeping our backlog stable at EUR 1.6 billion despite sustained conversion. Combined with our expanding installed base and service activities, this reinforces our long-term growth engine. To support further this growth, our leadership team and Board have been strengthened. Finally, we reiterate our '26 guidance of an adjusted EBIT of at least EUR 32 million, and we remain on track with the '24 to '28 outlook. Let us now have a closer look at the commercial dynamics behind these figures. On the equipment side, order intake reached EUR 176 million, thanks to IBA Clinical, which more than doubled, driven by sustained adoption momentum in proton therapy with 5 rooms sold over the period. In IBA Technologies, 10 systems were sold, reflecting a slower start in Industrial Solutions, offset by a solid RadioPharma demand. This kept our total backlog stable at EUR 1.6 billion, of which around [indiscernible] from services. A 2-year rolling equipment book-to-bill stood at 0.9, down from 1 at year-end, given the sustained conversion into revenue as we progress into the different projects. On the financial side, the story is one of continued growth and improved profitability. Revenue increased to EUR 324 million, thanks to well executed backlog conversion across segments. Adjusted EBIT amounted to EUR 17.6 million, a profitability improvement of EUR 7 million year-on-year. The adjusted EBIT margin increased to 5.4%. Thanks to gross margin improvement, we moved from 29.5% in H1 '25 to 33.7% in H1 '26, driven by a better equipment profitability mix and execution improvement in Proton Therapy. Importantly, the net result turned positive at EUR 9.3 million. Net debt stood at EUR 81 million at the end of June, up EUR 23 million versus year-end, mainly reflecting working capital movement and timing effects. Our net leverage ratio closed at 1.14x adjusted EBITDA and the group retains ample access to its committed credit lines. Before moving into the business review, let me briefly comment on the evolution of our leadership and governance. As IBA grows in scale and expands its activities, we have strengthened both the leadership team and the Board to support the execution of our strategy. Henri has now assumed Strategic and Operational responsibility across the group, including clinical while Catherine leads our strategic partnerships and innovations. For my part, I'm increasingly focused on the strategic steering of the group and was appointed Vice Chairman of the Board. Lastly, we have also welcomed Joyce Hansen and Dr. Stephen Hahn to the Board, bringing extremely valuable expertise in sterilization, oncology, regulatory affairs and radiopharmaceuticals. Let us now move to the business review. I will hand over to Henri, who will take you through both IBA Clinical and IBA Technologies.
Henri de Romree: Thank you, Olivier. In the first half of 2026, IBA Clinical combined strong commercial momentum, continued technological innovation and further operational improvements. On innovation, ConformalFLASH obtained Investigational Device Exemption approval from the FDA in June, opening the way for first in-human trial at the University of Pennsylvania. We also launched AdaPTInsight XR, an imaging upgrade for the Proteus platform available for both installed and future systems. And in China, all 3 IBA-sponsored studies met the primary endpoints and are progressing towards an NDA submission. We also continue to improve operational efficiency across our growing installed base. System availability remained close to 97% despite increasing workload reflecting the benefits of standardization, AI-enabled troubleshooting and our investments in remote support. Dosimetry market conditions remained challenging, particularly in the U.S., weighing on the revenue and profitability. Nevertheless, order intake remains solid, supported by recent portfolio launches such as myQA StarTrack and continued momentum in Proton Therapy quality assurance. Our global footprint in Proton therapy will now expand towards 93 sites after completion of all installations, an 11% increase year-on-year. At the end of June, IBA had 47 operational sites, well distributed across regions with strong visibility on future expansions as 46 additional systems are in production and installation. 11 installations were running simultaneously at period end, our highest level to date. In Spain, 2 systems are currently under installation and 2 additional projects are expected to start installation later in 2026. In China, we progressed further on major ProteusPLUS projects with installation activities now completed both in Chengdu and in Shenzhen. The Proton Therapy adoption showed strong momentum in the first half with 16 rooms sold globally compared to 2 in the same period last year. Together with our partner, CGN in China, IBA secured a 50% market share in this expanding market. More specifically, the 5 rooms sold by IBA, including 2 national first projects, 1 in Brazil and 1 in Portugal as well as 2 room projects with Duke University Health System, one of the leading academic health care system in the U.S. We continue to have the largest installed base in the market. This provides significant operational leverage and supports our efforts to further promote proton therapy in collaboration with our clinical partners. Increasing clinical evidence continues to be a key long-term growth driver for proton therapy. The pipeline keeps growing, with 35 major Phase III trials now covering more than 10,000 patients across a broad range of indications. In parallel, we signed a sponsored research agreement with MD Anderson in Texas on the health economics of proton therapy to strengthen the evidence base that supports reimbursement discussions and patient access. Despite the continued conversion into revenue, IBA Clinical backlog was stable at EUR 1.37 billion. This was supported by the strong proton therapy order intake with a 2-year equipment book-to-bill ratio of 1.2x. Service represented more than EUR 800 million of this total, not yet including the service contract related to the 10 Spanish PT projects and to the 3 systems sold to MD Anderson. Let me now focus on proton therapy continued profitability turnaround. Adjusted EBIT reached EUR 12.3 million in growth, compared with a loss of EUR 2 million in the first half last year. This reflects sustained revenue growth, improved execution and the increased scale of our installed base, while we continue to invest in key products innovation such as FLASH and DynamicARC. Commercial momentum was equally encouraging with equipment order intake increasing to EUR 112 million. Turning now to Dosimetry. The first half remained challenging with an adjusted EBIT of minus EUR 0.5 million. This reflects persistent pressure in conventional radiotherapy and medical imaging, particularly in the U.S., which weighted on the top line with net sales down 11%, combined with a slower backlog conversion. Encouragingly, order intake increased to EUR 36 million, supported by recent portfolio launches and continued momentum in proton therapy QA. Revenue generation from these orders is, however, more backloaded, therefore, does not immediately offset the current revenue pressure. In parallel, the cost reduction measures announced earlier this year have started to be implemented and are expected to progressively support profitability during the second half. Let me now comment IBA Technologies. I will start with the strategic progress over the period, covering Industrial first and then RadioPharma Solutions. Industrial Solutions continued to progress along its road map, advancing accelerator-based sterilization and advanced irradiation solutions. Order intake had a slower start as the market continues to digest the overcapacity created by the post-COVID investment cycle. Nevertheless, the commercial pipeline remains active with encouraging signs of conversion of EtO and gamma volumes into e-beam and X-ray. On execution, 2 important milestones were reached, the start of operations of our large-scale X-ray installation and the acceptance of the world's largest e-beam installation. We also launched Rhodotron LITE, which extends our X-ray portfolio into the lower capacity segment. In new applications, polymer development is progressing with the first installation at customer site expected to start by year-end. And on PFAS, we continued testing on highly concentrated matrices. Turning now to RadioPharma solutions. Commercial traction remains solid, supported by deeper penetration in core markets and expansion into high potential geographies. This was illustrated by 4 cyclotrons contract with Shreeji in India to expand their PET radiopharmaceutical production. More generally, thanks to the strong demand for Cyclone Kiube, our cyclotron installed base, has grown by an amazing 75% since 2016. RPS also continued to extend its position along the radiopharmaceutical value chain. Following the ORA acquisition, interfaces between our cyclotron and ORA synthesizers are now aligned and available to our customers, giving us an integrated offering from isotope production through labeling. We are now accelerating the next phase of integration, including portfolio optimization and scale-up. Finally, RPS launched Cyclone iKure for industrial-scale astatine-211 production, which I will discuss on the next slide. Let me maybe say a few words about Rhodotron LITE. This launch extends our established Rhodotron X-ray platform into lower capacity segments. It is designed for customers that do not need the larger system. It provides a reliable alternative to gamma irradiation. The product addresses both medical device sterilization and food irradiation application, targeting either existing gamma operators, new entrants or manufacturers considering in-house sterilization. Early market interest since launch confirms the attractiveness of this segment, notably in Asia and Latin America. Before going further, I'd like to spend a few minutes on what we mean by overcapacity in the sterilization market. This chart is based on our internal estimate and is shown for illustration purpose only. As presented at our Capital Markets Day, the underlying demand for accelerator-based sterilization is broadly steady and predictable, growing at 6% to 8% per year, driven by GDP growth and rising medical care needs and standards. But the COVID period created an unusual demand spike, given that conventional EtO and gamma capacity could not be expanded quickly enough to absorb it. Customers turned into then our technology. That led customers to invest ahead of the underlying trends, and because the system order today takes around 3 years to reach the market, the capacity is still being absorbed. This explains the slower order intake we currently experience. Our view remains that this reflects a temporary imbalance between capacity and demand rather than a structural change in market fundamentals. A more balanced situation is expected around 2028 to 2029 as utilization catches up with installed capacity driving a normalization of [indiscernible]. Turning to RadioPharma Solutions. We launched Cyclone iKure at the SNMMI Annual Meeting in June, a cyclotron dedicated to industrial-scale astatine-211 production. As you can see on this slide, it complements the cyclotron portfolio that we have built over time, expanding to diagnostic application to therapeutic alpha-isotope production. Astatine-211 is one of the two alpha-emitting isotope we selected as strategic plays alongside actinium-225. With iKure, we are reinforcing our commitment to accelerate the bench-to-bedside adoption of astatine-211 labeled drugs. The IBA Technologies backlog decreased over the period, reflecting sustained conversion into revenues, while industrial order intake has not yet picked up this year. As discussed earlier, this reflects the expected temporary overcapacity in sterilization market, which was not fully compensated by the great commercial momentum in RadioPharma. The 2-year equipment book-to-bill ratio, therefore, closed at 0.7. Finally, looking at the financial results, net sales increased to EUR 127 million, representing close to 40% of the total group sales, thanks to well-executed equipment backlog conversion and growing installed base supporting services. Adjusted EBIT contribution eased compared to last year, driven by a less favorable product mix during the period, continuous R&D investment in radiochemistry and radioligand therapies within RPS, as well as in PFAS and polymer projects within Industrial. Nevertheless, EBIT margin landed at 6.5%. I now hand over to Catherine for the corporate section and the group financial review.
Catherine Vandenborre: Thank you, Henri, and let's start with an update of our new ventures beginning with PanTera, which continues to make strong progress. The company obtained recognition as a c-GMP producer of actinium-225, following by its largest clients. This is important because it supports the use of PanTera supply for clinical trials. PanTera's regulatory documentation is already being referenced in clinical trials applications across the U.S. and Europe, demonstrating early adoption of its supply platform and facilitating the integration of its isotopes into multiple development programs. In parallel, PanTera announced in May this year an expansion of its collaboration with TerraPower Isotopes, supported by the Institut des Radioéléments. TPI will provide additional raw material, while IRE will host and operate a new production line expected to be fully operational by end of 2027. Together with a 30% increase in weekly outputs at the existing facility in Mol, these initiatives will triple PanTera's total actinium-225 capacity, while distributing production across 2 Belgian sites to strengthen supply resilience. The company also continues to build strong commercial traction with more than 25 active customers across the value chain with several Master Supply Agreements. From a financial standpoint, PanTera generated in the first half of this year EUR 13.7 million of revenue and EUR 6.7 million of EBITDA. The fourth and final tranche of the Series A is now expected in the second half of 2026, which will further dilute IBA's ownership to 31% and generate an expected revaluation gain of EUR 5.5 million. Zooming in on the demands behind these figures, the actinium-225 pipeline continues to expand, with more than 40 active clinical trials currently ongoing across several indications, including prostate and neuroendocrine cancers. 3 of these have now reached Phase III, with first results expected as from 2028. Obviously, the outcome of these trials will be a key driver of future demand for actinium-225, depending on what they show in terms of efficacy, toxicity profile, and the range of tumors that can be targeted. For PanTera, this is precisely why reliable regulatory-grade supply matters as these programs progress. Let's now have a look at the other ventures, starting with mi2-factory. Following the equipment contract executed with IBA, development of the demo machine is progressing, a key milestone as it will enable the system for semiconductor applications. The project is also supported by favorable market trends in silicon carbide power devices, particularly for electric vehicle and AI data center applications. Second, an [indiscernible] received positive feedback from the particle therapy community following its presentation at PTCOG in June. In parallel, it secured an EUR 8 million loan from its first customer, CyclHad, as part of short-term refinancing efforts, while technical development remains ongoing. Finally, on astatine-211, discussions with Framatome are progressing regarding the joint development of production infrastructure in Europe and the U.S., and Framatome has applied for the permit related to the construction of the first site in Nantes. Let's now close the business review section and move to the financials in more detail, starting with the improvements in profitability. The step-up in gross margin was the main driver of the profitability improvement, increasing from 29.5% to 33.7% year-on-year, combined with top-line growth, this resulted in additional EUR 18.9 million in gross margin. Operating expenses increased in nominal terms, while remaining at 28.7% of sales. This reflects select investment to support IBA's growth, including key R&D projects, which we haven't capitalized, and the reinforcement of communication and digital functions with G&A, as well as recognition of EUR 2 million bad debt following a prudent application of our risk policy. This semester was also marked by a one-off EUR 1.5 million gain related to the resolution of 2 specific business claims in IBA Clinical. Below adjusted EBIT, lower financial expenses and PanTera's positive contribution to the equity method further supported the improvements, which I will detail on the next slides. Starting with PanTera's positive contribution to IBA Group earnings, the equity method result amounted to EUR 2.1 million based on IBA's 35.8% ownership. Other operating expenses were mainly impacted by the ERP implementation project that went live in April and by Dosimetry reorganization. This was partially offset by lower financing expenses, which narrowed to EUR 2.6 million, as the adverse foreign exchange loss reduced to EUR 1 million from EUR 4 million last year, and the impact of hyperinflation in Argentina also eased. Tax was slightly lower than last year, mainly due to the absence of withholding taxes on intra-group dividends recorded in the first semester of 2025. If we turn to the cash evolution, you will note that we generated EUR 18 million of positive operating cash flows before working capital over H1, in line with the profitability of our activities. However, the reversal of the working capital cycle continued to impact our cash position, and I will come back to the working capital dynamics and prospects in more details over the next slides. Investing cash flow mainly reflects capital expenditure and the price adjustment paid on the ORA acquisition based on their actual December '25 cash and working capital positions. New borrowings reflect the [indiscernible] on the remaining tranche of our term loan, bringing the total to EUR 50 million [indiscernible] EUR 50 million acquisition term loan. The payments are related to movements in revolving credit facilities and leasing reimbursements. The movement in treasury shares include our 400,000 shares buyback program over H1, partially compensated by exercises of stock options. All in all, our group cash position decreased to EUR 44 million. Before detailing the working capital evolution, let me briefly explain the accounting impact linked to the [indiscernible]. The move to SAP S/4HANA changes the timing of how certain balance sheet items are recognized during project execution. This updated approach does not impact the underlying economics of our project, as project profitability and cash generation remain unchanged. Two effects on working capital are worth highlighting. First, equipment now remains in stock for longer, and it's transferred later in the product life cycle, which mechanically increases reported inventories. Second, the related project accruals are recognized earlier, which increases trade payables during project execution. Overall, those are temporary differences, and the Board approach reconcile as project progress towards shipment. Turning now to working capital with this new approach in mind. Overall, the working capital requirement has, over the last 3 years, sharply reversed from a strongly negative position to a slightly positive one at EUR 6 million, resulting in a negative impact on our financial position. The main drivers for this trend are our contract assets and liabilities, contracting progress and advanced billing that increased by EUR 52 million on a net basis. They continue to be impacted mostly by 2 elements. First, a few large contracts with unusually back-ended payment terms, most notably our proton therapy project in Spain. Those alone accounted for a EUR 19 million impact over H1 and accumulated EUR 54 million over time. Second, the currently slower order intake in Industrial, which used to be a meaningful positive contributor to the working capital cycle. Then on a like-for-like basis, excluding the impact from the updated ERP-driven approach, inventories have decreased by EUR 18 million, driven by backlog execution. Payables have increased by EUR 23 million, again, on a comparable basis and note that the ERP migration disrupted processes -- disrupted processing of payments, but also customer invoicing during the April-June transition period. Now in terms of prospects, as previously indicated, we expect the working capital situation to normalize as invoicing and cash collection catch up with project execution and order intake, pointing to an improvement of our cash and net financial position [indiscernible]. So we confirm this positive trend. We can nonetheless still expect volatility in the meantime, given the sensitivity of our operating model to a relatively limited number of large milestone collections. H2 2027 remains on target for marked improvement and stabilization as 6 out of the 10 Spanish proton therapy projects will have been delivered by then. We remind that each delivery triggers a EUR 10 million payment, followed by an EUR 8 million payment after final acceptance. In view of the first half performance and the momentum across businesses, we reiterate our '26 guidance of at least EUR 32 million of group-adjusted EBIT, supporting our long-term profitability trajectory. Lastly, as you know, IFRS 18 will become applicable as from '27, introducing changes to the presentation of certain financial performance measures. We will provide further details in future financial publication, and I will now hand over to Olivier for his concluding remarks.
Olivier Legrain: Thank you, Catherine. Thank you, Henri. During the first half of the year, we continue to execute with discipline, converting backlog, capturing new commercial opportunities and advancing our strategic priorities to further strengthen the group's positioning. A few highlights stand out. Proton therapy confirmed its return to sustainable profitability, building on a strong 2025 and positive market dynamics. Technologies reinforced its competitive position through the launch of new products in strategic market segments and applications, as innovation remains at the core of IBA. We are also particularly pleased with the progress of PanTera, one of the most promising assets within our venture portfolio. As a leader in the rapidly emerging theranostic market, PanTera is expanding access to innovative cancer treatments while creating significant long-term value potential, fully aligned with IBA's mission. At the same time, we stay focused on navigating a challenging market environment in Dosimetry and managing the current phase of our working capital cycle. Overall, these results reinforce our conviction in strength and resilience of IBA's business model. The diversity of our equipment and services portfolio, our leadership in attractive growth markets and the strategic optionalities provided by new applications and ventures position us well for the rest of the year ahead.
Thomas Pevenage: Thank you, Olivier. Before moving to Q&A, let me remind you of the key upcoming dates in our financial calendar. Let me also remind you that this presentation contains forward-looking statements. These statements are based on IBA's current assumptions and beliefs and are subject to risks and uncertainties as described in this disclaimer. We will now move to the Q&A session. [Operator Instructions]
Thomas Pevenage: Thank you very much for listening to our results presentation. We will now open the Q&A session. And I see a few hands already raised. So we will let you, David start asking your questions.
David Vagman: Maybe on the -- coming back on the margin evolution for proton therapy and Technologies. Yes, if you can explain a little bit more the evolution for H1 and what, let's say, the reiteration of the 2026 guidance implies basically? And let's say, as a direct follow-up to that. So how structural is the improvement that we've seen in PT, so that we've seen how structural are they? So the current profit margin, should it be seen as a floor going forward, moving to 2028? A bit same question, but let's say, for the lower profitability in Technologies. So given your comments on the overcapacity issues in Industrial, so you expect it to, let's say, rebasing a bit of the profitability there? And then as a fourth question on the net debt evolution. So I think, Catherine, you provided us with some guidance. If you can clarify a bit what you expect for H2 and then for 2027? And if you can please repeat by when you expect to have these 6 Spanish contracts, let's say, delivered and installed. Was it in 2027? And so should we kind of expect like this inflow of 6x, let's say, roughly EUR 18 million coming in? So yes, if you can give us some color on the net debt evolution.
Catherine Vandenborre: I will start with your last question on the Spanish contract, it's a very straightforward one question. So we expect this year, in 2026, still to ship 2 machines, then 2 other machines in 2027, and then the 4 remaining machines in 2028. Like I mentioned, each time that there is a shipment, there is a one payment of EUR 10 million. And on the question regarding the margin and the guidance that we gave for 2026. First, in terms of improvement of the margin, it's, let's say, mainly driven by a more favorable equipment mix in proton therapy. It's linked to the fact that the legacy contracts are slightly decreasing in the total portfolio that we have. And we -- like you have seen with the order intake, we have a new contract in the portfolio in total. We have also improved the project execution, and we see our services and especially the services in proton therapy, but not only, contributing also to the improvement in gross margin that we have mentioned. In total, for the guidance that we gave for 2026, we did not revisit the guidance, so we confirm at least EUR 32 million. So that's the first answer to your question. It's at least, it's a kind of floor to the guidance. At this stage, we believe that it is not appropriate to be more precise than that. If there are a number of elements to be rather positive, namely the improvement, the turnaround that we have seen in proton therapy, especially at the level of the margin, the very good commercial momentum that we have in [indiscernible] RadioPharma. At the same time, we see that Dosimetry is a little bit lagging behind and that the order intake in Industrial Solutions especially, has been a little bit lower than initially expected. For the second half of the year, we expect, however, to have, let us say, more balanced H2 versus H1 than we had in 2025. What does it mean? It means that especially on Industrial Solutions, so part of Technologies, we expect the order intake to be better than what we had in the first half of the year. Of course, you know that all the projects, and especially the project that we have in proton therapy, they are negotiated over very long period of time, and we might have some volatility on the precise months during which we finally close the contract with the customers. Does it answer your question on the margin and guidance? And then, I am left with the question on net debt, but I will pause here.
David Vagman: Yes. Maybe very quickly on the margin evolution. So because you discussed overcapacity, should we think now that because of this overcapacity, there is significant pricing pressure in Industrial, which will last for a couple of years before it improves?
Catherine Vandenborre: No. But maybe I will let Henri go.
Henri de Romree: So David, first, you know that for us, it's becoming a bit of a religion 40%, 30%, 10%. You know that in our plan, PT was supposed to catch up, and Technologies was already at that level. The first semester is rather on the low side in terms of overall margin contribution because we had an unusually unfavorable product mix. So you should not take the first semester of '26 as the benchmark for the margin going forward. We stick to what we see, is the overall margin plan for Technologies, and there is no reason to deviate. The capacity question for me does not put pressure necessarily on pricing because you know that in our technology, we are clear leaders. But that means simply that the single unit events in terms of orders, there are probably a fewer opportunities this year to convert than what it was 2 or 3 years ago or what it will be in 2 or 3 years. But that does not change our pricing dynamic nor our margin dynamics.
Catherine Vandenborre: And then on the net debt, what we expect is, let's say, a relative stability over 2026 and then start of improvements -- let's say, light improvements in the beginning of 2027 with a marked improvement in the second half of 2027. So that's how we see the evolution of the net debt over the next months.
Thomas Pevenage: So we move to Frank Claassen from Degroof Petercam for the next set of questions.
Frank Claassen: All right. First, my question is on Dosimetry. You've implemented some cost savings there. Could you help us remind -- yes, how could you quantify these cost savings? And what do you expect for the second half? Do you expect to return to profitability there? That's my first question. And then also the second question on the cost line. So looking at your operational expenditures, they moved up quite a bit, 17% to -- from EUR 29 million to EUR 93 million, driven, for instance, by R&D. Is this EUR 93 million, is this a sort of new run rate also for the second half? Or were there some temporary effects which inflated the cost line?
Henri de Romree: I'll take the first one. So the effect of Dosimetry, you understood that it's market-linked. I can further comment. To go directly to your question, we said EUR 1.6 billion. It's mostly people-related restructuring savings. They will start to kick in, in the second semester in terms of full impact, and we expect a return to profitability of Dosimetry in the second semester.
Frank Claassen: That's clear. And the cost line?
Catherine Vandenborre: Yes, on the cost line, like you pointed out, we have an increase in specific elements, and I would only name 2 because they are the biggest contributor is R&D, like you mentioned yourself, but also G&A. That increased a little bit due to IT cost licenses, but also some specific elements that I mentioned during the call. The way we look at it is, let us say more in terms of percentage towards the [ revenue ]. So you mentioned the target that we have, and during the first half of the year, the percentage was 28.7%, which was more or less the same as during the year 2025, so last year. Our targets over the long run is, like Henri mentioned, 40% gross margin, 30% OpEx, and then 10% of EBIT. Of course, during some years, you might have a fluctuation, and more specifically for 2026, because we are not yet at the 40% gross margin, we expect indeed not to be at the 30% OpEx and to remain closer of the percentage we had in H1 of this year.
Thomas Pevenage: And I now we move to Michiel Declercq from KBC Securities.
Michiel Declercq: I have a couple of questions still. The first one is maybe a bit of a technical one on the other accelerator or the IBA Technologies equipment revenue. So, if we look a bit, the order intake for equipment was down a bit, so it was EUR 28 million. The backlog was also down about EUR 28 million, if I'm not mistaken. So there is a bit of a big gap between the new order intake, the decrease in the backlog and the revenues that were booked. So I'm just trying to understand where the big delta is here. Were there may be some upgrades or something that I'm missing here? That would be my first question. And then secondly, I missed part of the earlier question of David on the overcapacity in Industrial. Can you tell us a bit what you are seeing in the market today? Are customers, or is interest coming back already, given that you mentioned that it takes about 3 years before this capacity is filled? Or what have you been seeing here? And how are your, let's say, your new applications, are you seeing interest in that for polymers food irradiation? So any comment on that would be useful. And then lastly, also, if I look at the proton therapy systems that have been sold so far this year, I've seen 2 from CGN. Can you elaborate a bit on this on which systems these are? And have you received or will you receive royalties on these that we should take into account in your forecasts? Those would be my questions, please.
Henri de Romree: On the relationship between order intake and revenues, you know that it has to do with the pace of backlog conversion. So it's indeed ironic that we have been quite performing in terms of backlog conversion, generating top-line growth, whereas the order intake in the first semester was a bit on the low side. You know that it can quickly be turned around with a few projects being booked and that in general, the order intake we would book in a given semester would be converted further down the road. So nothing specific to read in the numbers, except that indeed, the book-to-bill ratio decreases because we have been converting a lot whereas we have not replenished in the first semester to the same extent that what we have been able to convert. If I look at your question, which is what do I see in the market, so you understand that the volume that is being irradiated or treated or sterilized, I should say, moves in a quite linear way. It was the purpose of the page that we have added in the document. So somehow we are not concerned about the evolution of the underlying market for sterilization. To the contrary, we see medical equipment being very much present, but we see new opportunities, as we've mentioned in other applications. And I can list a few. So we are completely at ease with the underlying market evolution. What we noticed though is that with 3 available technologies in the market, ethylene oxide, gamma and accelerator-based technologies, and with the COVID time, a lot of players have installed a lot of capacity. So similarly to what you could see in petrol refineries or in paper mill, there is a lot of capacity that has been installed. And therefore, we see that the conversations with clients with regards to launching new projects have been slower track. That being said, we have a very active pipeline. As I mentioned, we have a very active pipeline with the Rhodotron LITE, which is our new product, which starts into a new segment of clients that are looking for smaller volumes, installations and facilities. And as you see as well on the graph, in IBA time, which is always long cycles, we are completely convinced and reassured on the fact that the volume to be treated will catch up with the capacity and it's going to fuel further demand for our equipment. The key underlying question, was for me, how relevant is our value proposition compared to other technologies? We continue to see clients who are now wanting to convert from EtO to X-ray, and that's the first because they see continued pressure from a regulatory point of view on EtO. And we continue to have conversation with clients about gamma cobalt-60 supply that is being constrained in many regions of the world, again, creating an appeal for the IBA Solutions.
Catherine Vandenborre: And then on your question on CGN, the consequences of the agreement with CGN and the sales that they have done is already included in the guidance that we have given to the market.
Michiel Declercq: Okay. I assume that the guidance excluded any potential sales in China, I mean, during the Capital Markets Day or ...
Catherine Vandenborre: No, it was in the guidance.
Thomas Pevenage: For the time being, there are no other hands raised for asking questions. David, yes.
David Vagman: Yes, additional question on PanTera and thanks very much for all the disclosure. So is it today too early to ask you for, let's say, a rough 3 to 5 years guidance on kind of high-level business plan for PanTera given you started to give quite some color on the sales, on the EBITDA, on the net profit?
Catherine Vandenborre: I think the answer is already in your question, David. So, we gave some information today because we see PanTera quite active in the early supply. On the commercial traction that might possibly come once the results of the clinical trials are known, it's a different world, and that's something on which we can't comment today.
David Vagman: Okay. And maybe a quick one on the EUR 2 million of higher bad debt. I think you disclosed on the other operating cost, if I'm correct. Can you comment a little bit? So you say higher bad debt or anything specific?
Catherine Vandenborre: No. I think that the higher bad debt might be a little bit misleading. The goal was just to give the amount of bad debt that we booked there.
David Vagman: Yes, that's what I thought.
Catherine Vandenborre: That's EUR 2 million. I think last year, we had EUR 4 million at the same period. So basically, there is nothing more than last year, and that's the application of our bad debt policy, we thought that there wasn't anything special behind.
David Vagman: Okay. So the right way to understand it, it is EUR 2 million of bad debt and last year, you had EUR 4 million?
Catherine Vandenborre: Exactly.
Thomas Pevenage: Thank you. At this point, we do not see any remaining questions. So we would like to thank all of you for attending this call, and hope it was helpful to shed some more light on our business and financials. So we wish all of you a good afternoon or a good day, depending on where you are based and speak to you on the next opportunity.