Mirion Technologies, Inc. · NYSE:MIR
Mirion Technologies — Q1 2026 Earnings Presentation
30 slides from Mirion Technologies's earnings presentation, Apr 29, 2026
Slide 1: First Quarter 2026 Earnings Presentation
April 28, 2026 First Quarter 2026 Earnings Presentation
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “hope”, “intend”, “may”, “might”, “plan”
Slide 3: Mirion Q1 Key Takeaways
Mirion Q1 Key Takeaways Strong Q1 Orders and Nuclear Power Delivering on Large Backlog Growth Leading the Way Opportunity Orders +19% Q1 orders growth excluding +15% Nuclear Power end-market orders ~$50M of large opportunities awarded M&A1; +42% including M&A growth, excluding M&A in Q1; $35M SMR or
Slide 4: Global Demand for Nuclear Power is Surging
Global Demand for Nuclear Power is Surging Latest Data Points in Support of Nuclear Power D.O.E. ~3–5 GW1 ~8–15 GW UPRISE New U.S. initiative aims to increase nuclear power output through (potential) INITIATIVE existing reactor uprates and restarts Estimated Net Incremental Nuclear Power Generation
Slide 5: Paragon Integration Progressing Well
Paragon Integration Progressing Well Paragon Represents the ‘Tip of the Spear’ for Growing Installed Base Nuclear Power Momentum Financial Performance1 +45% Paragon Revenue growth Q1’26 vs. Q1’25 Better than expected financial performance +206% Paragon Adj. EBITDA growth Margin expansion vs. Q1’25 I
Slide 6: Expanding Backlog Reflects Orders Momentum
Q1’26 vs. Q1’25 +38% +19% Total Excl. Backlog Company M&A $ millions $1,104 $1,121 $148 $153 M&A $841 $825 $819 $816 $815 $812 $814 $13 Expanding Backlog Total Reflects Orders $803 $956 $967 Excl. M&A Momentum Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Precursor to Accelerated Revenue Gro
Slide 7: Medical Segment Update
Medical Segment Update Rebounding RTQA; On-track More Broadly Improving U.S. orders, including large RTQA1 camera order (~$20 million order) ~50% of ’25A segment revenue Green shoots in Q1’26 hardware demand; software remains a bright spot On-track for double-digit Nuclear organic revenue growth Med
Slide 8: Q1 2026 Performance Highlights
+3.0% organic vs. Q1’25; $257.6M +27.5% total; highlights demand from the Nuclear Q1’26 Revenue Power and RTQA end- markets $11M Q1 Adj. FCF Generation +16.3% vs. Q1’25; Net working capital timing (200bps) margin contraction impacting Q1 performance $54.3M primarily due to margin- Q1 Performance Q1’
Slide 9: Q1'26 Orders Performance
Q1’26 Orders Performance KEY TAKEAWAYS: Delivering on the Large Opportunity Pipeline 1st Quarter 2026 Nuclear & Safety growth driven by continued strong +19% +42% Nuclear Power performance Order Growth, Total Order excl. Paragon & Certrec Growth $43M $4M $288M $21M $241M Reflects ~$20M large new $17
Slide 10: 2026 Large Opportunity Pipeline
16 2026 Large Opportunity Pipeline Large ~$350 Million of Incremental Opportunity Still Available opportunity pipeline in-queue 9 New build opportunities Small Radioactive Operating Radiation- Small Includes large-scale nuclear power plants (all non-U.S.) & SMRs1 Modular Waste Fleet hardened Modular
Slide 11: Stacking Nuclear Power Wins
Stacking Nuclear Power Wins Remain Confident in our Double-digit Organic Revenue Growth Projection Nuclear Power End-market +18% +4% Continued growth in ‘26 +15% $15M against a difficult year- Q1’25 over-year comparable Orders excl. M&A1 SMR-related Orders Adjusted Revenue1 Q1’26 vs. Q1’25 +$13M Q1’
Slide 12: Mirion First Quarter Ended March 31, 2026
Mirion First Quarter Ended March 31, 2026 Revenue Adjusted EBITDA and Margin Adjusted diluted EPS1 $ millions | % percentage $ millions | % percentage $ cents Q1’26 vs. % Q1’25 Organic +3.0% $0.08/share includes stock- Acquisition +21.0% $0.08 based compensation; similar per share comparison to Q1’2
Slide 13: Mirion Nuclear & Safety
NUCLEAR & SAFETY Mirion Nuclear & Safety First Quarter Ended March 31, 2026 KEY TAKEAWAYS: Revenue Adjusted EBITDA and Margin 1st Quarter 2026 $ millions | % percentage $ millions | % percentage Q1’26 vs. % Q1’25 Includes a full quarter’s Organic +2.6% benefit of Paragon and Acquisition +31.6% accel
Slide 14: Mirion Medical
MEDICAL Mirion Medical First Quarter Ended March 31, 2026 KEY TAKEAWAYS: Revenue Adjusted EBITDA and Margin 1st Quarter 2026 $ millions | % percentage $ millions | % percentage Q1’26 vs. Double Digit RTQA organic % Q1’25 revenue growth driven by Organic +3.8% the rebound from ‘25 ERP Acquisition +0.
Slide 15: Adjusted Free Cash Flow
Adjusted Free Cash Flow Project Timing Impacting Q1’26 Adjusted Free Cash Flow Q1 NET WORKING Adjusted Free Cash Flow & Conversion CAPITAL IMPACT $ millions | % adj. EBITDA percentage Use of cash in the quarter (vs. % Conversion Adj. FCF source of cash in Q1’25), primarily due to large nuclear proje
Slide 16: 2026 Guidance Reflects Strong Fundamentals
‘26 Guidance Reflects Strong Fundamentals Growing Revenue, Expanding Margins, Increasing Adjusted Free Cash Flow Expected FY 2026 Guidance1 TOTAL REVENUE ORGANIC REVENUE ADJUSTED GROWTH GROWTH2 EBITDA Margin % ~$285 – $300M ~22.0 – 24.0% ~5.0 – 7.0% ~25.0% – 26.0% Includes FX and acquisition- relate
Slide 17: Appendix
Appendix 1Q 2025 Q1 2026 17 Earnings Presentation
Slide 18: Organic Growth Performance and Trends
Organic Growth Performance and Trends NUCLEAR & DEFENSE & DIVERSIFIED END MARKET NUCLEAR POWER LABS & RESEARCH SAFETY INDUSTRIALS NUCLEAR & SAFETY Neg 2025 Organic MSD DD LSD HSD Growth 2026E Organic HSD DD FLAT MSD Growth • 2025: New build and installed base driving • 2025: Negatively impacted by (
Slide 19: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Free Cash Flow and Net Leverage ($ millions) Q1 Q1 Q1 Q1 2023 2024 2025 2026 Working Capital: Use of cash reflects large Net cash provided by operating activities $(2.7) $6.0 $35.6 $18.9 nuclear project cash timing. Purchases of PPE and badges (7.5) (12.8) (8.5) (
Slide 20: Modeling Assumptions
Modeling Assumptions Supporting 2026 Guidance Amortization: (pre any incremental M&A) Interest Expense: $450M SOFR + 2.00% for the ’32 Term Loan B; ~$118M; includes ~$25M associated with Paragon $400M 0.25% ‘30 convert notes; $375M 0% ‘31 convert notes Capex: Net Working Capital: use of cash; produc
Slide 21: Nine Quarter Segment Reconciliation
Nine Quarter Segment Reconciliation Nuclear & Safety Q1 2026 21 Earnings Presentation
Slide 22: Nine Quarter Segment Reconciliation
Nine Quarter Segment Reconciliation Medical Q1 2026 22 Earnings Presentation
Slide 23: Nine Quarter Segment Reconciliation
Nine Quarter Segment Reconciliation Corporate & Other Q1 2026 23 Earnings Presentation
Slide 24: Nine Quarter Segment Reconciliation
Nine Quarter Segment Reconciliation Consolidated Q1 2026 24 Earnings Presentation
Slide 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations Consolidated – Income from Operations, Gross Profit & Adjusted EBITDA Q1 2026 25 Earnings Presentation
Slide 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Earnings per Share Q1 2026 26 1 The calculation for adjusted net income has been adjusted for the current period to include stock-based compensation. Earnings Presentation
Slide 27: Share Count
Share Count Details1 Outstanding Securities as Outstanding Securities as Share Description Notes of 3/31/20262 of 12/31/20252 Shares of Class A Common Stock, including Treasury Shares as of close of trading on the New York Stock Exchange (NYSE), including treasury stock 248,772,252 248,155,411 Sto
Slide 28: Convertible Notes
Convertible Notes (Issued May and September 2025) Illustrative Table of Potential Dilutive Impact of Convertible Notes due 2030 & 2031 and Capped Call Overlay Following table illustrates the potential dilutive shares under (i) our $400M aggregate principal amount of convertible notes due 2030 and (i
Slide 29: Footnotes
Footnotes Share Count and Adjusted Metrics Share count 244,395,666 shares of Class A common stock were outstanding as of March 31, 2026. This excludes (1) 5,864,555 shares of Class B common stock outstanding as of March 31, 2026; (2) 1,068,248 shares of Class A common stock underlying restricted sto
Slide 30: M MIRION
M MIRION