Mirion Technologies, Inc. · NYSE:MIR
Mirion Technologies — Q3 2026 Earnings Presentation
31 slides from Mirion Technologies's earnings presentation, Oct 28, 2026
Slide 1: Third Quarter 2026 Earnings Presentation
October 28, 2026 Third 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: Q3 Key Takeaways
Mirion Q3 Key Takeaways Delivering strong Strong conversion of Revising full year quarterly orders backlog to revenue 2026 guidance +62% Q3 orders growth; +105% Nuclear +6.5% Q3 organic Increasing revenue guidance, Power end-market (both ex. M&A1) revenue growth reflecting higher backlog conversion
Slide 4: Strong Quarterly Orders Performance
Strong Quarterly Orders Performance KEY TAKEAWAYS: Orders performance underlines strong demand across both segments 3rd Quarter 2026 2x Nuclear Power end- market growth driven by +62% +85% Order Growth, Total Order strong new build and excl. M&A1 Growth installed base activity $46M $386M $130M $19M
Slide 5: Positive Trend in Order Development
Positive Trend in Order Development Organic orders growth takes another step higher +37% TTM order growth, excl. M&A Trailing Twelve Month Order Growth, excluding M&A $ millions +37% $1,221 $1,069 $1,090 Installed base largest $1,031 contribution to $ growth $863 $867 $892 $843 Primarily reflects Nu
Slide 6: Three Waves of Installed Base Nuclear Customer Demand
Three Waves of Installed Base Nuclear Customer Demand All three waves materializing CATCH-UP LIFE-EXTENSION DIGITAL CAPITAL SPENDING & POWER UPRATES TRANSFORMATION US Operating Fleet Capex per MWh1 $9.7 +890 MW2 Installed Base Reactor Protection System Upgrade $6.4 $7.5 $7.4 $7.8 +433 MW3 • Part of
Slide 7: Backlog Dynamic
Expected Annual Backlog Conversion Trend1 $ millions Q3 2023 Excluding Q3 2024 $1,248 Paragon Q3 2025 $169 Q3 2026 Paragon Backlog ~59% Dynamic $799 $815 $816 of Q3’26 backlog to be recognized in Q4’26 & 2027 $1,079 $443 Sizeable Increase in $86 Organic Conversion of $292 $288 $310 $285 Backlog $204
Slide 8: Revenue Visibility from Backlog
Revenue Visibility from Backlog Backlog shows improved revenue visibility vs. prior years $1,147 - $1,157M FY’26E Revenue3 Confidence in FY’26 $911M Performance $861M FY’25 $801M FY’24 Adj. Revenue1 $292M Q4’26 backlog YTD performance + Q4’26 FY’23 Revenue conversion Revenue backlog reinforces full
Slide 9: Q3 Performance Highlights
$277.8M +6.5% organic vs. Q3’25; +24.5% total; organic growth Q3’26 Revenue inflecting higher $47M Q3 Adj. FCF Generation $107M or 58% conversion YTD +23.7% vs. Q3’25; Sep’26; 2x vs. YTD Sep’25 $64.8M Largely driven by the Paragon Q3 Performance Q3’26 Adj. EBITDA acquisition, Nuclear Power Highlight
Slide 10: 2026 Large Opportunity Pipeline
2026 Large Opportunity Pipeline1 No YTD large opportunity pipeline awards lost Q1 Q2 Q3 Q4 Small Modular Radioactive Small Modular Radioactive European Labs & China New Reactors Waste Reactors Waste Operating Fleet Research Build De- First portion First portion Second portion Second portion; EDF-bas
Slide 11: Growing Nuclear Power Momentum
Growing Nuclear Power Momentum Remain Confident in our Double-digit Organic Revenue Growth Projection Nuclear Power End-market +105% $16M +14% Order Growth SMR-related Orders Org. Revenue Growth excl. M&A1 Q3’26 vs. Q3’25 ($1M) Q3’26 vs. Q3’25 excl. FX & M&A1 Q3’26 vs. Q3’25 +108% excluding FX $54M
Slide 12: Third Quarter Ended September 30, 2026
Mirion Third Quarter Ended September 30, 2026 Revenue Adjusted EBITDA and Margin1 Adjusted diluted EPS2 $ millions | % percentage $ millions | % percentage $ cents Q3’26 vs. % Q3’25 Organic +6.5% includes stock-based Acquisition +18.6% $0.11 compensation; similar per share comparison to Q3’26 FX (0.
Slide 13: Mirion Nuclear & Safety
NUCLEAR & SAFETY Mirion Nuclear & Safety Third Quarter Ended September 30, 2026 KEY TAKEAWAYS: Revenue Adjusted EBITDA and Margin1 3rd Quarter 2026 $ millions | % percentage $ millions | % percentage Q3’26 vs. % Q3’25 Paragon revenue growth2 Organic +6.3% • +12% vs Q3’25 Acquisition +28.7% • +22% vs
Slide 14: Mirion Medical
MEDICAL Mirion Medical Third Quarter Ended September 30, 2026 KEY TAKEAWAYS: Revenue Adjusted EBITDA and Margin1 3rd Quarter 2026 $ millions | % percentage $ millions | % percentage % Q3’26 vs. RTQA the largest driver of Q3’25 organic revenue growth, Organic +6.7% driven by continued OEM Acquisition
Slide 15: Adjusted Free Cash Flow
Adjusted Free Cash Flow Structural Business Improvements Driving Greater Cash Generation Adjusted Free Cash Flow & Conversion1 POSITIVE Q3’26 NET $ millions | % adj. EBITDA percentage WORKING CAPITAL % Conversion Adj. FCF Productivity metrics improved; Q4 NWC expected to be a source of 58% cash $107
Slide 16: Revising Guidance
Revising Guidance Reflects better visibility to full year performance Change versus prior guidance: • Increased • Tightened FY 2026 Guidance1 • Reduced TOTAL REVENUE ORGANIC REVENUE ADJUSTED GROWTH GROWTH EBITDA Margin % ~$285 – $292M ~24 – 25% ~7 – 8% ~24.7% – 25.2% MSD+ for Q4’26 Medical Includes
Slide 17: Appendix
Appendix 2Q 2026 Q3 2025 17 Earnings Presentation
Slide 18: Expanding Backlog Reflects Orders Momentum
Q3’26 vs. Q3’25 +53% +33% Backlog Total Excl. Company M&A $ millions $1,248 $1,121 $1,139 $182 M&A $1,104 $148 $153 $178 Expanding Backlog $815 $812 $814 $819 $816 $13 Total Reflects Orders $956 $967 $961 $1,066 Excl. M&A Momentum $803 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Attributin
Slide 19: Organic Growth Performance and Trends
Organic Growth Performance and Trends NUCLEAR & DEFENSE & DIVERSIFIED END MARKET NUCLEAR POWER LABS & RESEARCH SAFETY INDUSTRIALS NUCLEAR & SAFETY Neg 2025 Organic MSD DD LSD HSD Growth Previously Previously HSD FLAT 2026E Organic HSD+ DD LSD MSD Growth • 2025: New build and installed base driving •
Slide 20: Non-GAAP Reconciliations: Adjusted Free Cash Flow and Net Leverage
Non-GAAP Reconciliations Adjusted Free Cash Flow and Net Leverage ($ millions) YTD YTD YTD YTD Q3’23 Q3’24 Q3’25 Q3’26 ▪ Net Working Capital: Use of cash YTD. Source of cash in Q4’26. Approximately flat net working Net cash provided by operating activities $28.2 $38.3 $70.3 $136.6 capital impact exp
Slide 21: 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: ~$50M flat; product
Slide 22: Eleven Quarter Segment Reconciliation: Nuclear & Safety
Eleven Quarter Segment Reconciliation Nuclear & Safety Q3 2026 22 Earnings Presentation
Slide 23: Eleven Quarter Segment Reconciliation: Medical
Eleven Quarter Segment Reconciliation Medical Q3 2026 23 Earnings Presentation
Slide 24: Eleven Quarter Segment Reconciliation: Corporate & Other
Eleven Quarter Segment Reconciliation Corporate & Other Q3 2026 24 Earnings Presentation
Slide 25: Eleven Quarter Segment Reconciliation: Consolidated
Eleven Quarter Segment Reconciliation Consolidated Q3 2026 25 Earnings Presentation
Slide 26: Non-GAAP Reconciliations: Income from Operations, Gross Profit & Adjusted EBITDA
Non-GAAP Reconciliations Consolidated – Income from Operations, Gross Profit & Adjusted EBITDA Q3 2026 26 Earnings Presentation
Slide 27: Non-GAAP Reconciliations: Adjusted Earnings per Share
Non-GAAP Reconciliations Adjusted Earnings per Share Q3 2026 27 1 The calculation for adjusted net income has been adjusted for the current period to include stock-based compensation. Earnings Presentation
Slide 28: Share Count
Share Count Details1 Outstanding Securities as Outstanding Securities as Share Description Notes of 9/30/20262 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 249,141,285 248,155,411 Sto
Slide 29: Convertible Notes (Issued May and September 2025)
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 30: Footnotes
Footnotes Share Count and Adjusted Metrics Share count 239,732,572 shares of Class A common stock were outstanding as of September 30, 2026. This excludes (1) 5,759,555 shares of Class B common stock outstanding as of September 30, 2026, (2) 849,354 shares of Class A common stock underlying restrict
Slide 31: Mirion
M MIRION