Mirion Technologies : First Quarter 2026 Earnings Call Presentation

Published: 2026-05-14 00:13:08 ET MIR

Published on 05/14/2026 at 12:13 am EDT

April 28, 2026

Mirion

Q1 Key Takeaways

Strong Q1 Orders and Backlog Growth

+19% Q1 orders growth excluding M&A1; +42% including M&A

$1.1B backlog; +19% excluding M&A;

+38% including M&A

Nuclear Power Leading the Way

+15% Nuclear Power end-market orders growth, excluding M&A

Paragon is a leading indicator of the

U.S. nuclear power momentum

Delivering on Large Opportunity Orders

~$50M of large opportunities awarded in Q1; $35M SMR order won in April

Remaining pipeline still intact; no potential orders lost

Year-over-year growth numbers reflect comparison vs. Q1'25

1 Excludes the July 2025 Certrec and December 2025 Paragon acquisitions.

2 Part of the 2025 large opportunity order pipeline previously disclosed.

Q1 2026

Earnings Presentation

Global Demand for Nuclear Power is Surging

Latest Data Points in Support of Nuclear Power

D .O .E . U P R I SE

IN IT IA T IV E

G E O P O LI T I CA L U NC ER T A INT Y

U .S . U T I L I T Y IN V E S T M E N T

~3-5 GW1

Additional generation is required to

meet ne demand

~8-15 GW

(potential)

Estimated Net Incremental Nuclear Power Generation

New U.S. initiative aims to increase nuclear power output through existing reactor uprates and restarts

~5-10 GW2

Oil & energy shock drives incremental nuclear power plans in hard-hit countries

~$1.4T3

Projected U.S. electric utility investment from 2025 to 2030 to meet accelerating electrical demand

1 US Department of Energy (DoE); includes uprates, restarts, and completed stalled projects under DoE's UPRISE initiative

Q1 2026

Paragon Integration Progressing Well

Paragon Represents the 'Tip of the Spear' for Growing Installed Base Nuclear Power Momentum

Financial Performance1

Better than expected financial performance

Integration Progress

Synergy on-plan; ith upside opportunity

Near-term

Paragon Revenue growth

Q1'26 vs. Q1'25

Paragon Adj. EBITDA growth

Margin expansion vs. Q1'25

Significant progress across both functional and commercial workstreams

Identified additional synergy opportunities

Priorities

Installed Base

New Nuclear

SMR

Labs/DoE

Prioritizing the customer experience

Expanded joint customer engagement across strategic accounts and customer types

+19%

Excl. M&A

+38%

Total Company

Q1'26 vs. Q1'25

Backlog

$ millions

$148

$1,104 $1,121

$153

M&A

$841 $825 $815 $812 $814 $819

$816

$803

$13

$967

$956

Total Excl. M&A

Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26

Favorable Backlog Trend

Strong backlog provides high degree of visibility

Nuclear Power Dominated

62% of backlog related to the Nuclear Power end-market

Further Expansion Expected

Large opportunity awards will further grow the pipeline

Backlog figures on an as reported basis. Total backlog figures include acquisitions of Oncospace, Certrec, and Paragon Energy Solutions. Q3'25 has been updated to include an additional $8M of Certrec orders compared to the previous

Q1 2026

Expanding Backlog Reflects Orders Momentum

Precursor to Accelerated Revenue Growth

Medical Segment Update

Rebounding RTQA; On-track More Broadly

RTQA1

~50% of '25A segment revenue

Improving U.S. orders, including large camera order (~$20 million order)

Green shoots in Q1'26 hardware demand; software remains a bright spot

Nuclear Medicine

~25% of '25A segment

revenue

Dosimetry

~25% of '25A segment revenue

1 Radiation Therapy Quality Assurance

On-track for double-digit organic revenue growth

Expanding international reach

Stable business with strong recurring revenue

Driving cross-sell opportunities within the Nuclear & Safety segment

Q1 2026

Earnings Presentation

Q1 Performance Highlights

$257.6M

Q1'26 Revenue

$54.3M

Q1'26 adj. EBITDA

$16M

shares repurchased value in Q1'26

+3.0% organic vs. Q1'25;

$11M Q1 Adj. FCF

Generation

Net working capital timing impacting Q1 performance

+27.5% total; highlights demand from the Nuclear Power and RTQA end-markets

+16.3% vs. Q1'25;

Strong Q1 Orders

+19% vs. Q1'25; excluding M&A. +42% including M&A. Orders growth across both operating segments

(200bps) margin contraction primarily due to margin-dilutive M&A, one-timers in the prior year, and mix - as expected

0.7 million shares repurchased in Q1'26; offsetting stock compensation dilution

For a reconciliation of non-GAAP financial measures to the most

Q1 2026

Q1'26 Orders Performance

Delivering on the Large Opportunity Pipeline

+19%

Order Gro th, excl. Paragon & Certrec

+42%

Total Order Groth

$43M

$4M

$288M

$21M

$241M

$17M

$203M

Does not include a

~$35M SMR order (a arded in April)

Includes large opportunity orders

(details on the next slide)

Includes large ne product camera order

Q1'25

Order Book

Nuclear & Safety Segment

Medical Segment

Q1'26

Order Book

Excluding Paragon & Certrec

Paragon Acquisition1

Certrec Acquisition

Q1'26

Order Book

Including Paragon & Certrec

Orders figures on an '' basis.

Acquisitions

Nuclear & Safety

segment

Acquisitions

Q1 2026

KEY T A KEA W A Y S:

1st Quarter 2026

Nuclear & Safety growth

driven by continued strong

Nuclear Power performance

Reflects ~$20M large new

products cameras order

from our RTQA end-market

Sizeable quarterly orders

for Paragon; ~$35 million large SMR opportunity order already awarded in Q2'26

2026 Large Opportunity Pipeline

Small

Modular Reactors

Partial order; more to come

Part of the original 2026 pipeline

~$350 Million of Incremental Opportunity Still Available

Small

Modular Reactors

Partial order; more to come

Part of the remaining 2025 pipeline

Radioactive

Waste Handling

Partial order; more to come

Part of the remaining 2025 pipeline

Operating

Fleet Reactors

Safety-critical qualification

Incremental to original 2026 pipeline

Radiation-

hardened Cameras

RTQA Medical Segment order

Incremental to original 2026 pipeline

Large opportunity pipeline

in-queue

Ne build opportunities

Includes large-scale nuclear po er plants (all non-U.S.) & SMRs1

Installed base opportunities

Other opportunities

~$50M of large opportunities aarded in Q1

~$35M Q2 a ard

Large opportunity pipeline projects are $10 million or more.

10 1 NPP = large-scale nuclear power plants; SMR = small modular reactor.

Q1 2026

Earnings Presentation

Stacking Nuclear Power Wins

Remain Confident in our Double-digit Organic Revenue Growth Projection

Nuclear Power End-market

+18%

Continued gro th in '26

Q1'25

against a difficult year-over-year comparable

Orders excl. M&A1

Q1'26 vs. Q1'25

+9% excluding FX

Q1 2026

Earnings Presentation

1 Excludes the July 2025 Certrec and December 2025 Paragon acquisition.

SMR-related Orders

+$13M Q1'26 vs. Q1'25

$35M Paragon SMR partial award in April

Adjusted Revenue1

Q1'26 vs. Q1'25

flat organic revenue

Q1 2026

Earnings Presentation

Mirion

First Quarter Ended March 31, 2026

Revenue

$ millions | % percentage

Q1'26 vs. Q1'25

Organic

+3.0%

Acquisition

+21.0%

+3.5%

Total

+27.5%

Adjusted EBITDA and Margin

$ millions | % percentage

Adjusted diluted EPS1

$ cents

$0.08

per share

$0.08/share includes stock-based compensation; similar comparison to Q1'26 Adjusted diluted EPS;

0.0%

$0.10 $0.10

+27.5%

$257.6

$202.0

+16.3%

$54.3

$46.7

Q1'25 Q1'26

Adjusted EBITDA

Margin:

Q1'25 Q1'26

23.1%

21.1%

Q1'25 Q1'26

For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please see the Appendix.

Mirion Nuclear & Safety

First Quarter Ended March 31, 2026

NUCLEAR & SAFETY

KEY T A KEA W A Y S:

Revenue

Q1'26 vs. Q1'25

Organic

+2.6%

Acquisition

+31.6%

+4.9%

Total

+39.1%

$ millions | % percentage

Adjusted EBITDA and Margin

$ millions | % percentage

1st Quarter 2026

Includes a full quarter's benefit of Paragon and

accelerating SMR revenue

$133.4

+39.1%

$185.5

$39.2

+19.4%

$46.8

+31% growth in Defense and Diversifieds end-market revenue primarily related to NATO & U.S. military & civil

Q1'25 Q1'26

Adjusted EBITDA

Margin:

Q1'25 Q1'26

29.4%

25.2%

Adj. EBITDA margin decrease driven by dilutive impacts from M&A ~(200bps) and mix-related impacts ~(200bps); comping a +300bps margin improvement in Q1'25

Mirion Medical

First Quarter Ended March 31, 2026

MEDICAL

KEY T A KEA W A Y S:

Revenue

$ millions | % percentage

Q1'26 vs. Q1'25

Organic

+3.8%

Acquisition

+0.2%

+1.1%

Total

+5.1%

$68.6 $72.1

Adjusted EBITDA and Margin

$ millions | % percentage

+6.0%

$23.2 $24.6

1st Quarter 2026

Double Digit RTQA organic revenue growth driven by the rebound from '25 ERP implementation; RTQA software and cameras

Lower Q1 Dosimetry end-

market organic revenue driven by tough hardware comparable in Q1'25

Q1'25 Q1'26

Adjusted EBITDA

Margin:

Q1'25 Q1'26

33.8%

34.1%

Expanding margin performance from operating leverage and price; tough comp vs. Q1'25 margin growth of +310bps

Adjusted Free Cash Flow

Project Timing Impacting Q1'26 Adjusted Free Cash Flow

Q 1 NET W O R K ING C AP I T AL I MP AC T

Use of cash in the quarter (vs. source of cash in Q1'25), primarily due to large nuclear projects timing

Adjusted Free Cash Flow & Conversion

$ millions | % adj. EBITDA percentage

% Conversion

C AP I TAL S T R U C T U R E IM P R O VEM ENT S

Full quarter's impact reflected from capital structure improvements implemented in 2025

62%

$29

21%

$11

(20%)

(11%)

($7)

($5)

O N - T RA C K F O R 2 0 2 6 ADJU S T E D F C F G U I DE

Q1 marks the trough

Q1'23 Q1'24 Q1'25 Q1'26

'26 Guidance Reflects Strong Fundamentals

Growing Revenue, Expanding Margins, Increasing Adjusted Free Cash Flow Expected

F Y 2026 G u i d a nce 1

54% - 58%

A D J U S T E D F C F

Adjusted FCF Conversion

% of Adjusted EBITDA

~$155 - $175M

U P D A T E D

Revenue for every .01 ∆

+/- $1M

Adjusted EBITDA for every .01 ∆

~25.0% - 26.0%

~5.0 - 7.0%

~22.0 - 24.0%

Includes FX and acquisition-related tailinds

A D J U S T E D E B I T D A

Margin %

~$285 - $300M

O R G A N I C R E V E N U E G R O W T H 2

T O T A L R E V E N U E G R O W T H

A D J U S T E D

E A R N I N G S P E R S H A R E 2

~$0.48 - $0.55

per share

Modified to reflect the impact of a special one-time CEO retention grant of performance vesting stock options4

A N N U A L I Z E D

F O R E I G N E X C H A N G E S E N S I T I V I T Y 3

+/- $3.5M

1 2026 guidance includes an assumed fourth quarter 2025 foreign exchange rate of 1.175 Euro-to-USD,

Q1 2026

17 Earnings Presentation

Organic Growth

Performance and Trends

5.0 -

7.0%

'26E ORGANIC REVENUE GROWTH

Driven by Nuclear Power

NUCLEAR & SAFETY

END MARKET

2025 Organic Growth

NUCLEAR & SAFETY

MSD

NUCLEAR POWER

LABS & RESEARCH

Neg HSD

DEFENSE & DIVERSIFIED INDUSTRIALS

LSD

2026E Organic Growth

2025 & 2026E

HSD

2025: New build and installed base driving double-digit growth; SMR accelerating

FLAT

2025: Negatively impacted by (1) delayed U.S. DoE and Chinese demand; (2) government

MSD

2025: Double-digit industrials growth partially offset by a tough comparable of

COMMENTARY & TRENDS

2026E: SMR expected to be a bigger contributing factor; new build & installed base should demonstrate continued growth

shutdown; (3) and DOGE impacts.

2026E: Activity improving in Q1 but government spend and timing remains uncertain

European civil defense revenue in 2024

2026E: Accelerated defense revenue expected; tough comparable in diversified industrials

END MARKET

MEDICAL

2025 Organic Growth

MEDICAL

LSD

RADIATION THERAPY

QUALITY ASSURANCE (RTQA)

Neg

NUCLEAR MEDICINE

DOSIMETRY

LSD

2026E Organic Growth

2025 & 2026E

MSD

MSD+

2025: Hardware headwinds in N. America, China, and Japan; partially offset by software

2025: Hardware growth in the U.S. and RoW supported by expansion of clinic growth

FLAT

2025: Continued adoption of InstadoseVUE®; timing headwind earlier in 2025

COMMENTARY & TRENDS

tailwinds

2026E: Growing software platform in the U.S. and RoW; hardware market stabilizing

2026E: Continued hardware growth enhanced with software offerings

2026E: Progress expected from InstadoseVUE®; identifying additional markets to address; difficult hardware comp from 2025

Q1 2026

CANCER CARE

Earnings Presentation

Non-GAAP Reconciliations

Adjusted Free Cash Flow and Net Leverage

($ millions)

2023

2024

2025

2026

Net cash provided by operating activities

$(2.7)

$6.0

$35.6

$18.9

Purchases of PPE and badges

(7.5)

(12.8)

(8.5)

(9.5)

Proceeds from derivative contracts

1.2

1.0

0.6

Cash used for non-operating expenses

3.0

1.1

0.7

1.3

Adjusted Free Cash Flow

$(7.2)

$(4.5)

$28.8

$11.3

Ending cash balance

$88

$120

$186

$398

Debt from first lien term loan

697

695

450

Convertible Notes

775

Net Debt

$609

$575

$509

$827

LTM Adjusted EBITDA

166

184

211

236

Working Capital: Use of cash reflects large nuclear project cash timing.

Net Interest Expense: Reflects (1) reduced interest expense from lower Term Loan B principal partially offset by two convertible notes; and (2) higher interest income from elevated cash held from October 2025 capital raise to fund the December 2025 acquisition of Paragon.

Net Leverage:<2.5x expected by year-end 1; in-line with our long-term net leverage target.

LTM Adjusted EBITDA Contribution from M&A

(proforma)

2 3 0 17

LTM Adjusted EBITDA Plus M&A Contribution

$168

$187

$211

$253

Total Net Debt / M&A Adjusted EBITDA (Net Leverage)

3.6x

3.1x

2.4x

3.3x

Modeling Assumptions

Supporting 2026 Guidance

Amortization: (pre any incremental M&A)

~$118M; includes ~$25M associated ith Paragon

Interest Expense:

$450M SOFR + 2.00% for the '32 Term Loan B;

$400M 0.25% '30 convert notes; $375M 0% '31 convert notes

Capex:

~$60M

Net Working Capital:

use of cash; productivity metrics improving; more than offset by project timing

Cash Taxes:

~$35M

Stock-based Compensation:

~$26M

Effective Tax Rate:

~25 - 27%

Foreign Exchange Rate (EUR-to-USD):

1.175

Basic Share Count:

~246M shares

Diluted Share Count:

~275M shares; includes convertible notes and equity raise

Disclaimer

Mirion Technologies Inc. published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 04:12 UTC.