Mirion Technologies, Inc. · NYSE:MIR
Mirion Technologies — Investor Day (December 2024)
106 slides from Mirion Technologies's investor day presentation, December 2024
Slide 1: Investor Day 2024
Investor Day 2024
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation, and other statements that Mirion Technologies, Inc. (the “Company”) may make in connection therewith, contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anti
Slide 3: 2024 Investor Day Schedule
SECTION THEME S P E A KE R 2:00 p.m. ET Welcome & Agenda Eric Linn, IR Company Overview 2:05 p.m. ET Harnessing Power for Growth Thomas Logan, CEO & Strategy Loic Eloy, President 2:45 p.m. ET Nuclear & Safety Enabling the Nuclear Renaissance Nuclear & Safety 2024 Investor Day Schedule B R E A K (10
Slide 4: Leadership Focused on Execution
Leadership Focused on Execution Thomas Logan Brian Schopfer Loic Eloy Luis Rivera Founding Chief Executive Chief Financial Officer President, Nuclear & Safety EVP, Medical Officer 2024 Mirion 4 Investor Day
Slide 5: Company Overview and Strategy
Company Overview and Strategy Thomas Logan, Founding Chief Executive Officer Harnessing Power for Growth 2024 Mirion 5 Investor Day
Slide 6: A Category of One
Mirion Harnessing Power for Growth PURE Only pure play in ionizing radiation PLAY detection, measurement & analysis MISSION Compulsory solutions for highly-regulated A Category CRITICAL industries with high cost of failure of One ATTRACTIVE Highly levered to the growing nuclear END-MARKETS and cance
Slide 7: Mirion Solutions
Mirion Solutions Applicable Across Wide Array of Verticals Nuclear Power NUCLEAR Defense & Diversified & SAFETY Labs & Research 36% Revenue Radiation Therapy by Segment 64% MEDICAL Nuclear Medicine Dosimetry Services Nuclear & Safety Medical 2024 Mirion 7 Pie chart data based on full year 2023 Inves
Slide 8: Mirion Overview At-a-Glance
Mirion Overview At-a-Glance 6% 3% 11% 27% 27% Nuclear/ Geographic Recurring/ 48% Medical Revenue Replacement Revenue Contribution Revenue Contribution 32% 73% 73% N. America Europe Other Asia Recurring / Nuclear / Other Replacement Medical China Other $837M Trailing 12 Month Revenue 95%+ Presence in
Slide 9: Mirion Culture Firmly Aligned with Strategic Priorities
Mirion Culture Firmly Aligned with Strategic Priorities Public Company Rigor Has Helped Accelerate Our Journey MIRION STRATEGIC PRIORITIES CUSTOMER FINANCIAL OPERATIONAL INNOVATION M&A EXPERIENCE COMPOUNDER EXCELLENCE MIRION VALUES 2024 Mirion 9 Investor Day
Slide 10: Positioned to Expand Global Leadership
in 17 of 19 400+ #1 Product Categories Engineers & Physicists Positioned to Critical Provider Trusted Partner Expand Global for the Most Supporting Space Leadership Exploration & Demanding Big Science Position Applications Applications Committed to Strong Network Delivering Effect Driving Shareholde
Slide 11: Long History of Resilient Revenue Growth and Value Creation
Long History of Resilient Revenue Growth and Value Creation REVENUE Positioned Well To Maximize Future Growth Potential GROWTH Global Financial Crisis 2015 Mini-Recession COVID-19/ Ukraine War double digit MSD+ MSD organic growth organic growth organic growth 2005 2006 2007 2008 2009 2010 2011 2012
Slide 12: Strikingly Positive Market Tailwinds
Strikingly Positive Market Tailwinds NUCLEAR POWER CANCER CARE 2024 Mirion 12 Investor Day
Slide 13: Benefitting from Underlying Trends in Nuclear Power
Benefitting from Underlying Trends in Nuclear Power Leader in Nuclear Power Radiation Detection & Safety; Presence in More Than 95% of Global Reactors DEMAND SUPPLY RECENT DEVELOPMENTS • Hyperscalers / Artificial Intelligence • LNG diversion and tighter natural gas market Reopening of previously • P
Slide 14: Investing in the Nuclear Renaissance
~37% EXPOSURE TO NUCLEAR POWER greater concentration than other publicly-traded instrumentation plays Investing in MIRION HAS … the Nuclear … connective Operators Engineering Fuel Cycle Renaissance tissue between Services Construction Reactor Design … cradle-to-grave New Build Installed Base De-comm
Slide 15: Cradle-to-Grave Opportunities at Nuclear Power Plants
Cradle-to-Grave Opportunities at Nuclear Power Plants CONSTRUCTION Electrical Penetration Neutron Flux Assemblies Measurement Systems Surveillance & Radiation Security Software Monitoring Systems OPERATIONS Dosimetry & Survey Contamination & Meters Clearance Monitoring Spectroscopic Imaging Instrume
Slide 16: Strong Financial Health of European Utilities
Strong Financial Health of European Utilities Profitable Utility Providers Means Reinvesting in Energy Capacity, Including Nuclear Power European Utility Financial Health1 Vattenfall Europe Represents ~31% of Global Nuclear Capacity2 2023 vs. 2021 Fortum Number of Large Nuclear Reactors by Country (
Slide 17: Strikingly Positive Market Tailwinds
Strikingly Positive Market Tailwinds NUCLEAR POWER CANCER CARE 2024 Mirion 17 Investor Day
Slide 18: Leveraged to Underlying Trends in Cancer Care
Leveraged to Underlying Trends in Cancer Care Critical Value Chain Participant DEMAND SUPPLY RECENT DEVELOPMENTS • Aging global population • Globalization of external beam therapy PYLARIFY & PLUVICTO enabling prostate cancer treatment since • Growing middle class • Radiopharmaceutical therapy revolu
Slide 19: Investing in the Cancer Care Revolution
~75% MEDICAL SEGMENT REVENUE RELATED TO CANCER CARE Investing in Robust Trends in both Increase Global Penetration the Cancer Radiation Therapy and of our Best-in-Class Care Revolution Nuclear Medicine Technology Drive Digital Enhance Customer Conversion Experience 2024 Mirion 19 Percent based on 20
Slide 20: Clinical Trials Present Radiopharma Opportunity
Clinical Trials Present Radiopharma Opportunity APPROVED PHASE || PHASE ||| PHASE | DIAGNOSTIC THERAPEUTIC 1 3 2 2 BRAIN BRAIN 1 10 5 2 2 2 7 NEUROLOGY NEUROLOGY 1 2 HEAD/NECK HEAD/NECK 4 6 6 2 1 1 BREAST BREAST 6 3 1 2 3 CARDIOLOGY CARDIOLOGY 2 1 LUNG LUNG 12 6 1 1 1 RENAL RENAL 2 3 2 PANCREAS PANC
Slide 21: Path to Success
Path to Success 2024 Mirion 21 Investor Day
Slide 22: How Mirion Wins
COMMERCIAL OPERATIONAL EXCELLENCE EXCELLENCE Mirion Brand How Mirion Equity Business System Wins VALUE Leading Technical Network GENERATED & Procurement Expertise and Strong Effect PROTECTED Efficiencies Customer Value-add Innovation Industrial Flywheel Optimization 2024 Mirion 22 Investor Day
Slide 23: Commitment to Commercial Excellence
Commitment to Commercial Excellence Robust Strategy to Drive Continued Customer Engagement and Drive Revenue Growth CREATION OF CHIEF FOCUSED ON REVENUE OFFICER ROLE THE CUSTOMER Significantly bolstering inside sales capabilities Prioritizing the end-to-end user experience Global sales force optimiz
Slide 24: Commitment to Operational Excellence
Commitment to PROVEN ABILITY TO DRIVE Operational Excellence CONTINUOUS IMPROVEMENT The Mirion Business System Continuous industrial footprint optimization ~one per year since 2019 Simplifying our enterprise-wide procurement through vendor consolidation effort Governance Values Enablers 150 – 300 ba
Slide 25: Inorganic Growth
Inorganic Growth 2024 Mirion 25 Investor Day
Slide 26: Record of Creating Value Through M&A
Record of Creating Value Through M&A Accretive M&A is in our DNA 20+ Years Active M&A Institutional Delivering of M&A Function Knowledge Synergistic Value scalable pure-play with two-thirds of deals for identifying, acquiring, ~12x EBITDA multiple at time of purchase opportunities without coming fro
Slide 27: Proven M&A Track Record Provides Additional Lever for Growth
Proven M&A 30%+ Internal Rate of Return (IRR) Track Record on Medical M&A portfolio Provides Additional Lever ~12x for Growth Driving purchase EV / EBITDA multiple (pre-synergies) IRR greater Capturing Operational than WACC Synergies Efficiencies ~7x purchase EV / EBITDA multiple (post-synergies) 20
Slide 28: M&A Opportunities More Aligned to Nuclear Power and Nuclear Medicine
M&A Opportunities More Aligned to Nuclear Power and Nuclear Medicine Strategic and Financial M&A Criteria Creates or enhances category leadership Grows TAM through core areas & adjacencies, enhancing technological capabilities STRATEGIC Diversifies and reduces risk exposure CRITERIA Adds new capabil
Slide 29: Guidance Update
Guidance Update 2024 Mirion 29 Investor Day
Slide 30: Sustainable Model for Long-Term Value Creation
GROWING ~6 - 8% >70%+ REVENUE organic CAGR through '28 high recurring revenue Sustainable Model ~30% 5 for Long-Term EXPANDING MARGINS targeted ‘28 adjusted consecutive quarters of Value Creation EBITDA margin adjusted EBITDA margins expansion (Q3’23 to Q3’24) ~60% ~50% GENERATING Translating Innova
Slide 31: Investment Thesis
Investment Thesis Harnessing Power for Growth A category of one as the Mission critical Attractive end-market only pure play in ionizing compulsory solutions in exposure with high leverage radiation detection, highly-regulated industries; to the growing nuclear and measurement & analysis high cost o
Slide 32: Mirion Nuclear & Safety
Mirion Nuclear & Safety Loic Eloy, President Nuclear & Safety Enabling the Nuclear Renaissance 2024 Mirion 32 Investor Day
Slide 33: Mirion Solutions
Mirion Solutions Applicable Across Wide Array of Verticals Nuclear Power NUCLEAR Defense & Diversified & SAFETY Labs & Research 36% Revenue Radiation Therapy by Segment 64% MEDICAL Nuclear Medicine Dosimetry Services Nuclear & Safety Medical 2024 Mirion 33 Pie chart data based on full year 2023 Inve
Slide 34: Present in 95%+ of Nuclear Reactors Worldwide
Present in 95 %+ 80 % of NUCLEAR RECURRING & REACTORS REPLACEMENT WORLDWIDE NUCLEAR POWER REVENUE ~2 x 60 %+ larger revenue opportunity per expected increase in megawatt hour expected from NUCLEAR S M R vs. utility-scale nuclear CAPACITY BY 2050 power reactors 2024 Mirion 34 Sources: Department of E
Slide 35: Enabling the Nuclear Renaissance
NUCLEAR & SAFETY Leader in Nuclear Power Radiation Detection & Safety Enabling the Nuclear Favorable Underlying Renaissance Market Trends Capturing Growth Across the Nuclear Landscape 2024 Mirion 35 Investor Day
Slide 36: Leader in Nuclear Power Radiation Detection & Safety
Leader in Nuclear Power Radiation Detection & Safety 2024 Mirion 36 Investor Day
Slide 37: Nuclear & Safety End Markets
NUCLEAR & SAFETY • Present in 95%+ of reactors worldwide NUCLEAR POWER High Visibility to ~60% • Category leader in Health Physics, Reactor Instrumentation & Control, and of segment Revenue; High Degree revenue Security Software of Stickiness • Uniquely present across full span of nuclear activities
Slide 38: Nuclear & Safety Value-Added Solutions
NUCLEAR & SAFETY Nuclear & Safety Value-Added Solutions Technology Leadership Rigorous Regulatory Requirements Strong Competitive Advantages UNIQUELY QUALIFIED AND CERTIFIED TO SERVE CUSTOMERS GLOBALLY PRODUCT CATEGORIES KEY CUSTOMER GROUPS Reactor Instrumentation and Controls Large-scale SMR OEMs U
Slide 39: Leader in Nuclear Power Radiation Detection
NUCLEAR & SAFETY Leader in Nuclear Power Radiation Detection 5% 5% ~20% 20% Large share Diversified Trusted of Recurring Customer Partner Revenue Offerings 75% ~80% 95%+ Nuclear reactors that Software Recurring / Replacement Hardware Services rely on Mirion product ~80% of nuclear-based revenue 95%+
Slide 40: Favorable Underlying Market Trends
Favorable Underlying Market Trends 2024 Mirion 40 Investor Day
Slide 41: Nuclear is an Economic, Climate and National Security Priority
NUCLEAR & SAFETY Nuclear is an Economic, Climate and National Security Priority GLOBAL CARBON NEED FOR CLEAN, GEOPOLITICAL NEUTRALITY RELIABLE ENERGY INSTABILITY INITIATIVES Demand from Cloud, Crypto, Growing Global Climate Nuclear is a National and AI on the Rise Consensus Security Priority ~60GW o
Slide 42: ~2x Increase in Nuclear Power Capacity Expected by 2050
NUCLEAR & SAFETY ~2x Increase in Nuclear Power Capacity Expected by 2050 (GWe) GROWTH DRIVERS: For Clean, Reliable Energy IEA Data ~3x ~2x increase Expected increase in increase 1,025 ~2x nuclear capacity by 2050; conservative vs. COP28 target ~200 ~775 ~575 ~400 More nuclear capacity (Utility Scale
Slide 43: Nuclear to Power the AI Revolution
NUCLEAR & SAFETY Nuclear to Power the AI Revolution GROWTH DRIVERS: Early Noteworthy Partnerships Between Nuclear AI Driving Incremental Energy Demand Power Companies and Leading Hyperscalers Three Mile Island’s Nuclear Plant to Reopen, Help Power Microsoft’s AI Centers 10x more energy consumption f
Slide 44: Small Modular Reactors: Transforming Nuclear Power
NUCLEAR & SAFETY Small Modular Reactors: SAFER, MORE MEANINGFUL LONG- FLEXIBLE, AND MIRION IS WELL TERM GROWTH COST-EFFECTIVE POSITIONED OPPORTUNITY Transforming ALTERNATIVES Nuclear Power SMRs set to transform 300+ GWe of SMR Mirion’s solutions the landscape of capacity expected by compatible to al
Slide 45: Laboratories & Research and Defense & Diversified
NUCLEAR & SAFETY LABORATORIES & DEFENSE & DIVERSIFIED RESEARCH Military & Homeland Security Increasing DOE budget with focus on Upgrade of European Military competencies and environmental monitoring1 equipment Large investment from big science community Renewal of US Nuclear Defense infrastructure i
Slide 46: Capturing Growth Across the Nuclear Landscape
Capturing Growth Across the Nuclear Landscape 2024 Mirion 46 Investor Day
Slide 47: Mirion Benefits from Favorable Market Dynamics
Installed Base NUCLEAR & SAFETY Mirion Benefits from Favorable Market Dynamics ~80% of Nuclear Revenue Comes From the Installed Base, Higher Margin Opportunities EXPANDING NUCLEAR CAPACITY Power uprates and running at higher capacity factors lead to incremental capex spend at nuclear power plants an
Slide 48: New Large Reactors
New Large Reactors NUCLEAR & SAFETY Mirion Benefits from Favorable Market Dynamics Average Revenue per Reactor Type $80 - $110 Million Revenue Opportunity expected over the life span of a reactor expected over the life span of an EPR / AP1000 reactor EPR AP1000 VVER Years APR1400 0 10 20 30 40 50 60
Slide 49: Small Modular Reactors
Small Modular Reactors NUCLEAR & SAFETY Mirion Benefits from Favorable Market Dynamics ~$40k/MW 300+ GWe of Advanced Nuclear Capacity Expected Mirion market is Expected to be Needed by 2050 opportunity for SMR U.S. Grid Modeling construction phase ~60% larger than large-scale nuclear power plants Co
Slide 50: Mirion Benefits from Digital Innovation
NUCLEAR & SAFETY Mirion Benefits from Digital Innovation Mirion’s Connected Digital Ecosystem will Enhance Customer Experience HEALTH PHYSICS / RADIATION PROTECTION Site Maps Data Hub & Historian Dashboards Platform Services CLIENT WEB RADIATION MONITORING Communications Hub VISUALIZATION Instrument
Slide 51: Mirion Benefits from Product Innovation
NUCLEAR & SAFETY Mirion Benefits from Product Innovation INVESTMENT IN NEW TECHNOLOGIES TO NEW PRODUCTS DRIVE FUTURE PRODUCT INNOVATION INTRODUCTIONS DRIVING GROWTH Talented team of physicists, data scientists Compact Body and technologists shaping future products Aegis Monitor for US Navy spectrome
Slide 52: Mirion Nuclear & Safety Growth Algorithm
NUCLEAR & SAFETY Mirion Nuclear & Safety Growth Algorithm Path to Capture Growth from the Nuclear Renaissance SHORT TERM MEDIUM TERM LONG TERM GROWTH DRIVERS MT Target: Digital Nuclear Capacity Nuclear Fusion Transformation Increase Opportunities ~6% - 8% organic growth FOUNDATION STRONG Wide-spread
Slide 53: Break
Break 2024 Mirion 53 Investor Day
Slide 54: Mirion Medical
Mirion Medical Luis Rivera, EVP Medical Ecosystems for Growth 2024 Mirion 54 Investor Day
Slide 55: Mirion Solutions
Mirion Solutions Applicable Across Wide Array of Verticals Nuclear Power NUCLEAR Defense & Diversified & SAFETY Labs & Research 36% Revenue Radiation Therapy by Segment 64% MEDICAL Nuclear Medicine Dosimetry Services Nuclear & Safety Medical 2024 Mirion 55 Pie chart data based on full year 2023 Inve
Slide 56: Medical Segment Revenue Profile
75 % 40 % OF MEDICAL OF REVENUE directly attributed to SEGMENT REVENUE Software & Services is directly related to Cancer Care 150+ 70 % RECURRING & COUNTRIES REPLACEMENT REVENUE 2024 Mirion 56 Percent based on 2023 full year Medical Segment revenue Investor Day
Slide 57: Ecosystems for Growth
MEDICAL Attractive Profile and Strong Foundation for Growth Ecosystems Leveraged to Underlying for Growth Trends in Cancer Care Scaling Proven Growth Model 2024 Mirion 57 Investor Day
Slide 58: Attractive Profile and Strong Foundation for Growth
Attractive Profile and Strong Foundation for Growth 2024 Mirion 58 Investor Day
Slide 59: Attractive Profile and Strong Foundation for Growth
MEDICAL Attractive Profile and Strong Foundation for Growth 30% 39% Platform To 40% Strong Global Incumbent Expansion Grow High- Advantage Opportunities Margin 61% 60% Software 70% Recurring / Replacement United States Rest of World Hardware Software / Services Accelerating growth with Strong instal
Slide 60: Leader Across Three Key Growth Areas
MEDICAL RADIATION THERAPY • Category leader Global Leader in Hardware ~55% • Present in 100% of the Top 100 Cancer Centers in the U.S. of segment and Workflow revenue • Continued growth opportunities in Software Solutions international markets Leader Across NUCLEAR MEDICINE • Preferred provider of c
Slide 61: Full Suite of Value-added Solutions
MEDICAL Full Suite of Value-added Solutions Leading Market Positions Strong Installed Base & Leveraged to Built on Innovation Recurring Revenue Market Trends PRODUCT CATEGORIES KEY CUSTOMER GROUPS Radiation Therapy Imaging Clinics / Veterinary / OEMs Centers Urgent Care Dentist Offices Hospitals Onc
Slide 62: Proven Brands Providing Comprehensive Solutions
MEDICAL Proven Brands Providing Comprehensive Solutions HARDWARE SOFTWARE SERVICES RADIATION THERAPY NUCLEAR MEDICINE DOSIMETRY SERVICES 2024 Mirion 62 Investor Day
Slide 63: Mirion is a Critical Enabler of the Digital Ecosystem
MEDICAL Mirion is a Critical Enabler of the Digital Ecosystem NUCLEAR MEDICINE RADIATION THERAPY CANCER CLINICS / HOSPITALS DOSIMETRY SERVICES 2024 Mirion 63 Investor Day
Slide 64: Leading the Digital Revolution in Practitioner Safety
Dosimetry Services MEDICAL Leading the Digital Revolution in Practitioner Safety DOSIMETRY BADGE EVOLUTION DOSIMETRY SERVICES Whole body dosimeters Area dosimeters Ring dosimeters Extremity dosimeters Environmental radiation dosimeters Instadose®VUE 3 PATHS TO OUTSIZED 1 Utilize best-in-class techno
Slide 65: Leveraged to Underlying Trends in Cancer Care
Leveraged to Underlying Trends in Cancer Care 2024 Mirion 65 Investor Day
Slide 66: Underlying Trends
MEDICAL Underlying Trends AGING GLOBAL ~16% Percent of world population that will POPULATION be 65+ by 2050 vs. ~10% in 2022 GROWING MIDDLE 4.8 billion Middle class consumers by 2030E; supports CLASS growth of Western standards of care globally RISING CANCER +77% Expected increase in cancer diagnose
Slide 67: Leader in Cancer Care
Radiation Therapy & Nuclear Medicine MEDICAL Leader in Cancer Care CANCER CARE OVERVIEW: ~75% of Medical segment revenue is directly related to cancer care ~50% of global cancer patients receive radiotherapy RADIATION THERAPY NUCLEAR MEDICINE 100+ diagnostic and therapeutic radiopharma drugs in Phas
Slide 68: Scaling Proven Growth Model
Scaling Proven Growth Model 2024 Mirion 68 Investor Day
Slide 69: Successfully Growing the Software and Services Revenue Streams
MEDICAL Successfully Growing the Software and Services Revenue Streams GROWTH DRIVERS: Building on Our Successes Medical Group Revenue Enhancing Earnings Through Integrated Hardware/Software Solution Expanding margins through growing software/services offering Creating additional 40% 42% hardware sa
Slide 70: Expanding the Platform Globally
MEDICAL Expanding the Platform Globally GROWTH DRIVERS: Building on Our Successes Medical Group Revenue Geographic Mix (%) Utilizing proven commercial model to expand product portfolio 36% Invested in our 42% commercial and 2022 2024E services infrastructure globally 58% 64% Software and technology
Slide 71: Case Studies: Integrated Software
Radiation Therapy MEDICAL Case Studies: Integrated Software JAPAN BELGIUM Previously a mature market with Previously a small market declining hardware demand with flat bookings Introduced software platform Introduced software platform Improved declining hardware sales by 80%+ of bookings came from p
Slide 72: Radiopharmaceutical Therapy
Nuclear Medicine MEDICAL Radiopharmaceutical Therapy Rapidly Growing, Highly-Personalized Therapies Radioactive drug compound attaches to and destroys specifically targeted cancer cells, sparing healthy cells UNIQUE OPPORTUNITY FOR MIRION MEDICAL Mirion is a leading hardware and software provider in
Slide 73: Revolution Provides Significant Market Opportunities
Nuclear Medicine MEDICAL Revolution Provides Significant Market Opportunities Radiopharma Market Expected to Surpass $40B by 2032 Radiopharma Market1 Nuclear Medicine Procedures1 ($ Billions) $42 (Millions) 1 Infrastructure 4 Diagnostic Drugs $27 16 Therapeutic Drugs $21 50M 50M $9 $6 $10 $2 32 $0 $
Slide 74: Three Tailwinds Creating Opportunities For Growth
Nuclear Medicine MEDICAL Three Tailwinds Creating Opportunities For Growth MARKET GROWTH NUCLEAR MEDICINE Rapid growth in revenue Modest but steady Shifting specialties TRENDS for drug owners patient volume growth and sites of care ~18% CAGR 2023-321 ~5% annual growth2 ~8-10%+ CAGR 5 yr3 2024 Mirion
Slide 75: Supporting the Radiopharma Vertical Supply Chain
Nuclear Medicine MEDICAL Supporting the Radiopharma Vertical Supply Chain DRUG OWNERS DRUG MANUFACTURERS Pharma companies who largely Isotope Producer, Contract Development & handle R&D and marketing drugs; Manufacturing Organization (CDMO), Radiopharmacy; often with assist from Contract Often very
Slide 76: Ecosystem Poised for Growth
Nuclear Medicine MEDICAL Ecosystem Poised for Growth = Mirion Nuclear & Safety RESEARCH, PRODUCTION & PREPARATION = Mirion Medical a. Gamma, Alpha, Beta Spectroscopy b. Active & On-Demand Dosimetry c. Does Calibrators & Well Counters d. Lead Cabinets, Carts & Waste Management e. Radiation Tolerant C
Slide 77: Nuclear Medicine: Leveraging the Proven Playbook for Growth
MEDICAL Nuclear Medicine: GROW THE EXPAND THE CONNECT THE Leveraging the SOFTWARE BUSINESS BUSINESS GLOBALLY NUCLEAR MEDICINE VALUE CHAIN Proven Playbook for Growth Acquired ec2 in 2023 ec2 is primarily Software connects data U.S.-based today for the clinics, drug- makers, patients, etc. Leading pro
Slide 78: Future Opportunities for AI & Data Monetization
MEDICAL Future Opportunities for AI & Data Monetization Primary Opportunity Precision Secondary Opportunity genomics Vaccine Possible Opportunity development Clinical decision Medical support Imaging Pharmacovigilance Population health Self-Care Clinical Trials Abuse Risk Preventative prevention Man
Slide 79: Mirion Medical Group Growth Algorithm
MEDICAL Mirion Medical Group Growth Algorithm Path to Sustainable Long-Term Revenue Growth and Margin Expansion SHORT TERM MEDIUM TERM LONG TERM GROWTH DRIVERS Software MT Target: Expand AI & Data & Services Globally Transformation ~7% - 9% Expansion organic growth FOUNDATION STRONG Leading Market P
Slide 80: Financial Strategy and Outlook
Financial Strategy and Outlook Brian Schopfer, CFO Clear Path to Significant Value Creation 2024 Mirion 80 Investor Day
Slide 81: Path to Significant Value Creation
2028E Assumes ~$1.1B Enterprise ~6-8% organic revenue growth Revenue Path to Significant 2028E Value Creation Adjusted ~30% Multiple levers EBITDA available Financial Targets Margin 2028E Adjusted Free ~60% Cash Flow Including ~50% Adj. FCF by 2026E Conversion (% of Adj. EBITDA) Forward looking stat
Slide 82: Resilient Revenue Growth Supported by Strong Relationships
Resilient Revenue Growth Supported by Strong Relationships 2024 - 2028 REVENUE GROWTH DRIVERS: Proforma Revenue ($ Millions) Nuclear Power: ~7% ~6-8% HSD growth CAGR CAGR 1200 ~$1,100M as reported organic Nuclear Medicine: 1000 ~$850M – HSD+ growth $801M $855M 800 $718M $683M End-market diversificat
Slide 83: Robust Underlying Order Trends Demonstrate Growing Pipeline
Robust Underlying Order Trends HIGHLIGHTS: Demonstrate Growing Pipeline Growing pipelines in both Nuclear & Safety and Medical Adjusted Trailing Twelve-Month Order Trends Excluding orders over $20M, M&A, and divestitures ($ Millions) Adjusted numbers highlight +12% a strong order book vs. 2022 found
Slide 84: Strong Backlog Provides High Degree of Visibility
Strong Backlog Provides HIGHLIGHTS: High Degree of Visibility Signed long-term, strategic, Nuclear New Build partnership agreements with EDF and ECIL Favorable Backlog Trends (India) ($ Millions) +16% not included in current backlog vs. 2021 $799 $815 ~54% of backlog related to $703 $722 nuclear pow
Slide 85: Successfully Navigating the Road to 30% EBITDA Margin Target
Successfully Navigating the Road to 30% EBITDA Margin Target 2024E IMPROVEMENT Rebounding and Building Momentum + Commercial improvements Adjusted EBITDA and Margin + Procurement savings ~30% + Higher recurring revenue 350 30 24.2% ~24.5% - (22.5% incl. full year ~23.0% - 25.5% public company costs)
Slide 86: Clear Path to 30% Adjusted EBITDA Margin Target
Clear Path to 30% Adjusted EBITDA Margin Target Adjusted EBITDA Margin Walk MANAGEMENT ~+600 ALIGNEMENT bps Incentives paired with ~1.5%-2.0% ~30% performance objectives ~1.5%-3.0% KEY DRIVERS ~2.0%-3.0% UNDERWAY TODAY Step-changes expected ~1% ~24% in subsequent years 23% FOCUSED ON WHAT WE CAN CON
Slide 87: Actionable Drivers of Margin Improvement
Actionable Drivers of Margin Improvement OPERATING LEVERAGE PROCUREMENT MIRION BUSINESS SYSTEM EXPECTED MARGIN ~2.0% - 3.0% ~1.5% - 3.0% ~1.5% - 2.0% EXPANSION POINTS POINTS POINT CONTRIBUTION • Continuous fixed cost • Global consolidation of • Center of excellence (Digital Innovation Group) to abso
Slide 88: Translating Earnings into Solid FCF
Translating Earnings into Solid FCF DRIVERS OF FCF Adjusted FCF and Adjusted EBITDA Conversion GENERATION $ Millions and % Conversion 200 ~60% Enhancing $150M+ EBITDA Margins ~50% 150 ~39% - 48% 40.8% Accelerating working 33% - 37% capital velocity $85 - $110M 100 21.8% $74M $65 - $75M Eliminating S
Slide 89: Aggressive Deleveraging has Bolstered Financial Strength
Net Leverage 5 4.5 4.4X 4.4X 4 Aggressive 3.5 3.0X Deleveraging 3 2.5 ~2.6X Long-term has Bolstered Target 2 < 2.5X Financial Strength 1.5 1 0.5 0 Committed to Further 2021 2022 2023 2024E Deleveraging + Bolt-on M&A CLEANER CAPITAL SIMPLIFIED DECLINING STRUCTURE DEBT PROFILE INTEREST EXPENSE warrant
Slide 90: Cash Generation Increasing Capital Deployment Flexibility
Cash Generation Increasing Capital Deployment Flexibility Geared Towards Growth Capital Available over Next Four Years1 Capital Deployment Framework ($ Millions) Maximizing Shareholder Value Up to ACCRETIVE M&A ~$900M Technology focused with high Diversified product portfolio between recurring reven
Slide 91: 2025 Guidance
2025 Guidance Attractive End Markets and Consistent Execution Driving Growth FY 2025 TAILWINDS ~5.5 – 7.5% ~4.0 – 6.0% ~$215 - $230M • Strong end markets driven by nuclear ~24.5% - 25.5% power and cancer care megatrends • Direct materials costs tempering includes a ~(30bps) lasers Includes FX headwi
Slide 92: Attractive and Achievable Long-Range Plan
Attractive and Achievable Long-Range Plan FY24E to FY28E Strong UND ERLYI NG M A R K E TS ~6 - 8% ~+600bps Organic Revenue Adjusted EBITDA Growth CAGR Margin Expansion MARGIN EXPANSION under our control ~6% - 8% ~7% - 9% includes HSD organic includes HSD+ organic ~30% revenue growth CAGR from revenu
Slide 93: Upcoming Investor Events
Investor Events: INVESTOR MEDICAL FACILITY NUCLEAR & SAFETY CONFERENCE INVESTOR TOUR FACILITY INVESTOR PRESENTATION TOUR Upcoming Investor Events Goldman Sachs Melbourne, FL Meriden, CT Materials and Medical Nuclear & Safety Industrials Facility Tour Facility Tour Conference Presentation Conference
Slide 94: Thank You
MIRION FACILITY Scan the QR code and register if you are INVESTOR TOURS interested in attending THANK YOU Melbourne, FL Meriden, CT Medical Segment Nuclear & Safety Facility Tour Segment Facility Tour (Thurs. Mar. 6, 2025) (Mon. Mar. 17, 2025) 2024 Mirion 94 Investor Day
Slide 95: Appendix
APPENDIX Investor Day 2024 2024 © 2024Mirion Mirion 95 AllInvestor rights reserved Day
Slide 96: Mapping Our Shareholder Value Creation
Mapping Our Shareholder Value Creation Achievable Targets and Disciplined Execution GROWING EXPANDING GENERATING REVENUE MARGINS STRONG FCF • Assumes 6% - 8% organic CAGR • Leveraging the operating base • Enhancing EBITDA • Capturing macro tailwinds • Capturing procurement savings • Accelerating inv
Slide 97: Nuclear & Safety Segment
Nuclear & Safety Segment Consistent Execution Driving Substantial Margin Improvement ($ Millions) Revenue EBITDA Margin $600 $180 30% 29% 28% $516 26% $160 $500 $455 25% $446 $131 $135 $140 $124 $400 $120 20% $100 $300 15% $80 $200 $60 10% $40 $100 5% $20 $- $- 0% 2021 2022 2023 2024E 2021 2022 2023
Slide 98: Medical Segment
Medical Segment Leader in Durable and High Growth Markets ($ Millions) Revenue EBITDA Margin $350 $120 50% $300 $285 $97 $272 $100 $87 $250 $228 40% $80 34% $70 31% 32% $200 30% $60 $150 20% $40 $100 $20 10% $50 $- $0 0% 2021 2022 2023 2024E 2021 2022 2023 2024E 2021 2022 2023 2024E SOLID EXECUTION
Slide 99: Net Leverage and Adjusted Free Cash Flow
Net Leverage and Adjusted Free Cash Flow ($ millions) 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 FY23 Net cash provided by (used in) operating activities (GAAP) $11.4 $16.6 $(13.8) $25.2 $(2.7) $7.1 $23.8 $65.3 $93.4 Purchases of PPE and badges (8.7) (6.6) (7.4) (11.5) (7.5) (8.3) (9.4) (10.5) (35.7) P
Slide 100: Modeling Assumptions
Modeling Assumptions Interest Expense: Non-Operating Expense: SOFR + 2.25% ~$5M; excludes M&A; primarily operating restructurings and ERP(s) Net Working Capital: improving productivity Capex: 5% as a % of revenue in 2025E; Tax Rate: trending below 4% by 2027E ~25% by 2026; continued improvement ther
Slide 101: Twelve Quarter Segment Reconciliation: Medical
Twelve Quarter Segment Reconciliation Medical 2024 Mirion 101 Investor Day
Slide 102: Twelve Quarter Segment Reconciliation: Nuclear & Safety
Twelve Quarter Segment Reconciliation Nuclear & Safety 2024 Mirion 102 Investor Day
Slide 103: Twelve Quarter Segment Reconciliation: Corporate & Other
Twelve Quarter Segment Reconciliation Corporate & Other 2024 Mirion 103 Investor Day
Slide 104: Twelve Quarter Segment Reconciliation: Consolidated
Twelve Quarter Segment Reconciliation Consolidated 2024 Mirion 104 Investor Day
Slide 105: Share Count Details
Share Count Details1 Outstanding Securities as Outstanding Securities as Share Description Notes of 11/22/20242 of 9/30/20242 Outstanding Shares of Class A Common Stock 219,489,7563 206,718,851 ▪ Outstanding shares as of close of trading on the New York Stock Exchange (NYSE) ▪ Shares of Class B comm
Slide 106: Footnotes to Share Count and Adjusted Metrics
Footnotes to Share Count and Adjusted Metrics Share Count 206,718,851 shares of Class A common stock were outstanding as of September 30, 2024. This excludes (1) 6,790,790 shares of Class B common stock outstanding as of September 30, 2024 (2) 18,750,000 founder shares which are shares of Class A co