Slide 1: First Quarter 2025 Earnings Presentation
April 29, 2025 First Quarter 2025 Earnings Presentation 1
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: 1Q 2025 Key Takeaways
Mirion 1Q 2025 Key Takeaways Strong Resilient Well-positioned for today’s 1Q performance business model tariff landscape; • +6.0% Organic Revenue growth; Aligned with nuclear power Mitigating actions • +18.2% Adj. EBITDA growth; and cancer care super-cycles identified and being • +11.5% Orders gener
Slide 4: $202.0M Strong 1Q Performance
+6.0% organic vs. 1Q’24; $202.0M +4.9% total; reflects continued strong demand 1Q’25 Revenue from the nuclear installed base Sizeable 1Q Adj. FCF Generation ~62% conversion of +18.2% vs. 1Q’24; Adjusted EBITDA $46.7M +260bps margin expansion; Strong 1Q 1Q’25 adj. EBITDA illustrates strong operating
Slide 5: Resilient Business Model
Mirion Resilient Business Model Global presence; safety-critical compulsory solutions; leader in 17 of 19 TRUSTED PARTNER product categories Organic growth through the cycle; 70%+ of revenue is recurring or repeat in RESILIENT FINANCIALS nature; ~80% of Nuclear Power revenue come from the installed
Slide 6: Illustrating the Tariff Exposure
Illustrating the Tariff Exposure Well-positioned Based Off Today’s Tariff Position CHINA ($7M) – ($9M) IMPACT Primarily Medical products sold into China from the U.S.; assumes 125% Chinese tariff $3 – ($8M) + ($3M) – ($4M) REST OF WORLD Primarily Nuclear & Safety Product from Net Adj. EBITDA = IMPAC
Slide 7: Orders Performance
Orders Performance 1Q 2024 – 1Q 2025; Doesn’t Include Any of the $300 - $400 Million KEY TAKEAWAYS: Large One-time Orders Potential ($ millions) Nuclear & Safety 11.5% $24M segment reflects strong $203M Nuclear Power orders -$3M $182M Reflects a tough comparable in the Medical Segment’s Dosimetry Se
Slide 8: First Quarter Ended March 31, 2025
Mirion First Quarter Ended March 31, 2025 Revenue Adjusted EBITDA and Margin Adjusted EPS $ millions | % percentage $ millions | % percentage $ cents % 1Q’25 vs. 1Q’24 Organic +6.0% Acquisition - FX (1.1%) Total +4.9% +4.9% +18.2% +66.7% $192.6 $202.0 $46.7 $0.10 $39.5 $0.06 1Q’24 1Q’25 Adjusted 1Q’
Slide 9: Mirion Nuclear & Safety
NUCLEAR & SAFETY Mirion Nuclear & Safety First Quarter Ended March 31, 2025 KEY TAKEAWAYS: Revenue Adjusted EBITDA and Margin 1st Quarter 2025 $ millions | % percentage $ millions | % percentage % 1Q’25 vs. 1Q’24 Organic +7.6% 17.6% Nuclear Power revenue growth Acquisition - compared to 1Q 2024 FX (
Slide 10: Mirion Medical
MEDICAL Mirion Medical First Quarter Ended March 31, 2025 KEY TAKEAWAYS: Revenue Adjusted EBITDA and Margin 1st Quarter 2025 $ millions | % percentage $ millions | % percentage % 1Q’25 vs. 1Q’24 Revenue growth led by Organic +3.0% Nuclear Medicine ; double Acquisition - digit growth, excluding ’24 F
Slide 11: Adjusted Free Cash Flow
Adjusted Free Cash Flow Best First Quarter Adjusted Free Cash Flow Since Going Public Adjusted Free Cash Flow & Conversion IMPROVED NET $ millions | % adj. EBITDA percentage WORKING CAPITAL % Conversion Adj. FCF Driven by improved customer deposits; better Day Sales Outstanding (DSO) 62% CAPITAL STR
Slide 12: 2025 Guidance
2025 Guidance Reaffirming Organic Revenue Growth, Adj. EBITDA, Adj. FCF, and Adj. EPS; Revising Total Revenue Growth & Adj. EBITDA Margin; Includes Net Tariff Impact with Mitigating Actions and FX FY 2025 ORGANIC REVENUE TOTAL REVENUE ADJUSTED GROWTH GROWTH EBITDA2 Margin % $215 - $230M 5.5 – 7.5% 5
Slide 13: Appendix
Appendix Q4 & Full Year 1Q 2024 2025 13 Earnings Presentation
Slide 14: Backlog Trend
Backlog Trend 1Q23 – 1Q25 ($ millions) +10% vs. 1Q’23 -1% vs. adj. 1Q’24 $857 $841 $825 $815 $812 $814 $799 $21 $741 $743 $820 1Q’23 2Q’23 3Q’23 4Q’23 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 $21M Turkey De-booking $820M = Adj. 1Q’24 1Q 2025 14 Note: Backlog figures on an as reported basis. Backlog figures inc
Slide 15: Organic Growth Performance and Trends
Organic Growth Performance and Trends CANCER CARE END MARKET RADIATION THERAPY MEDICAL NUCLEAR MEDICINE DOSIMETRY QUALITY ASSURANCE (RTQA) MEDICAL ‘24 ORGANIC LSD FLAT HSD MSD GROWTH ’25E ORGANIC MSD MSD DD LSD+ GROWTH • ~40% decline in 2024 Chinese RTQA revenue COMMENTARY • 2024 growth driven by in
Slide 16: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Free Cash Flow and Net Leverage ($ millions) 1Q 1Q 1Q 1Q 2022 2023 2024 2025 ▪ Positive adjusted free cash flow in 1Q 2025; on-track for 2025 guidance and a +50% improvement versus 2024 Net cash provided by operating activities $11.4 $(2.7) $6.0 $35.6 Purchases of P
Slide 17: Modeling Assumptions
Modeling Assumptions Supporting 2025 Guidance Amortization: (pre any potential M&A) Interest Expense: ~$96M SOFR + 2.25% Capex: Net Working Capital: ~$40M improving productivity Cash Taxes: Non-Operating Expense: ~$40M (reflects a $6M headwind due to 2024 timing) ~$6M; (excludes M&A; primarily opera
Slide 18: Revenue Growth 2-Year Growth Stacks
Revenue Growth 2-Year Growth Stacks ORGANIC REPORTED REVENUE GROWTH REVENUE GROWTH 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY COMPANY TOTAL a 2025 6.0% a 2025 4.9% b 2024 5.5% 3.6% 6.1% 10.3% 6.6% b 2024 5.8% 5.0% 8.2% 10.4% 7.5% c 2023 7.9% 8.4% 17.3% 5.3% 9.3% c 2023 11.6% 12.2% 18.8% 5.7% 11.6% a+b=d 2-Yr Sta
Slide 19: Nine Quarter Segment Reconciliation: Medical
Nine Quarter Segment Reconciliation Medical 1Q 2025 19 Earnings Presentation
Slide 20: Nine Quarter Segment Reconciliation: Nuclear & Safety
Nine Quarter Segment Reconciliation Nuclear & Safety 1Q 2025 20 Earnings Presentation
Slide 21: Nine Quarter Segment Reconciliation: Corporate & Other
Nine Quarter Segment Reconciliation Corporate & Other 1Q 2025 21 Earnings Presentation
Slide 22: Nine Quarter Segment Reconciliation: Consolidated
Nine Quarter Segment Reconciliation Consolidated 1Q 2025 22 Earnings Presentation
Slide 23: Non-GAAP Reconciliations: Consolidated
Non-GAAP Reconciliations Consolidated – Income from Operations, Gross Profit & Adjusted EBITDA 1Q 2025 23 Earnings Presentation
Slide 24: Non-GAAP Reconciliations: Adjusted Earnings per Share
Non-GAAP Reconciliations Adjusted Earnings per Share 1Q 2025 24 Earnings Presentation
Slide 25: Share Count
Share Count Details1 Outstanding Securities as Outstanding Securities as Share Description Notes of 3/31/20252 of 12/31/20242 Shares of Class A Common Stock, including Treasury ▪ Shares as of close of trading on the New York Stock Exchange (NYSE), including treasury stock 226,761,091 226,203,780 Sto
Slide 26: Footnotes
Footnotes Share Count and Adjusted Metrics Share count 225,202,704 shares of Class A common stock were outstanding as of March 31, 2025. This excludes (1) 6,372,385 shares of Class B common stock outstanding as of March 31, 2025; (2) 1.5 million shares of Class A common stock underlying restricted s
Slide 27: Mirion
M MIRION