Slide 1: Fourth Quarter & Full Year 2024 Earnings Presentation
February 11, 2025 Fourth Quarter & Full Year 2024 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: Record 2024; Well-positioned for 2025
Mirion Record 2024; Well-positioned for 2025 2024 HIGHLIGHTS 2025 HIGHLIGHTS Record 2024 Performance Entering 2025 with a Strong Backlog Record revenue, Adjusted EBITDA, Healthy pipeline of opportunities on top of our and Adjusted EPS backlog; $300 - $400 million of large-order potential still intac
Slide 4: A Category of One
Mirion A Category of One Only pure play for investors in PURE ionizing radiation detection, PLAY measurement & analysis Compulsory solutions for MISSION CRITICAL customers in highly-regulated industries with high cost of failure A Category of One Highly levered to markets in ATTRACTIVE nuclear power
Slide 5: Q4'24 Key Messages
Record quarterly revenue; $254.3M reflects strong demand from the nuclear installed Q4’24 Revenue base; growing nuclear Record 2024 medicine business Performance Reflecting strong execution and favorable market trends Record quarterly Adj. $69.6M EBITDA; +90bps expansion Key Q4’24 adj. EBITDA vs. Q4
Slide 6: 4th Quarter and Full Year Ended Dec. 31, 2024
Mirion 4th Quarter and Full Year Ended Dec. 31, 2024 Revenue Adjusted EBITDA and Margin Adjusted EPS $ millions | % percentage $ millions | % percentage $ cents Excluding impacts $0.42 4Q24 vs. FY24 vs. from founders’ % per share shares and warrants 4Q23 FY23 Organic +10.3% +6.6% Acquisition +0.5% +
Slide 7: Mirion Nuclear & Safety
NUCLEAR & SAFETY Mirion Nuclear & Safety 4th Quarter and Full Year Ended Dec. 31, 2024 KEY TAKEAWAYS: Revenue Adjusted EBITDA and Margin 4th Quarter 2024 $ millions | % percentage $ millions | % percentage 4Q24 vs. FY24 vs. % 4Q23 FY23 Nuclear Power order Organic +13.9% +8.8% ~8% growth compared to
Slide 8: Mirion Medical
MEDICAL Mirion Medical 4th Quarter and Full Year Ended Dec. 31, 2024 KEY TAKEAWAYS: Revenue Adjusted EBITDA and Margin 4th Quarter 2024 $ millions | % percentage $ millions | % percentage 4Q24 vs. FY24 vs. % 4Q23 FY23 Organic +3.7% +2.6% Revenue and order Acquisition +1.5% +2.7% +7.3% growth led by
Slide 9: Orders Performance
Orders Performance FY 2023 – FY 2024 KEY TAKEAWAYS: ($ millions) (7%) Adjusted orders $909M vs. 2023 order book ~3% increase; excluding one- ~3% time impacts and FX vs. 2023 adj. order book $843M -$58M $21M $828M $806M -$2M -$42M -$3M -$34M $300 - $300-$400M one-time order large $400M potential stil
Slide 10: Backlog Trend
Backlog Trend 4Q22 – 4Q24 KEY TAKEAWAYS: ($ millions) +10.2% Backlog coverage heading vs. 4Q22 ~flat vs. adj. 4Q23 ~49% into 2025; better than ~46% in 2024 $857 $841 $47 $825 $815 $812 $799 $737 $741 $743 December backlog ~51% exposed to non-USD currencies; mainly Euro $810 Similar backlog compared
Slide 11: Purposeful Deleveraging; Positioned for Accretive M&A
Purposeful Deleveraging; Positioned for Accretive M&A Successful deleveraging over last two years; Adjusted FCF improvement ahead Net Debt and Leverage Adjusted Free Cash Flow & Conversion DELEVERED $ millions | % percentage $ millions | % adj. EBITDA percentage BALANCE SHEET Net Leverage % Conversi
Slide 12: 2025 Guidance
2025 Guidance Reiterating Investor Day guidance; introducing adj. EPS guidance FY 2025 ORGANIC REVENUE TOTAL REVENUE ADJUSTED GROWTH GROWTH EBITDA Margin % ~$215 - $230M ~5.5 – 7.5% ~4.0 – 6.0% ~24.5% - 25.5% Includes a ~(30bps) lasers business Includes FX headwind of ~(190bps) Includes FX headwind
Slide 13: Appendix
Appendix Q4 & Full Year 2024 13 Earnings Presentation
Slide 14: Organic Growth Performance and Trends
Organic Growth Performance and Trends CANCER CARE END MARKET RADIATION THERAPY MEDICAL NUCLEAR MEDICINE DOSIMETRY QUALITY ASSURANCE (RTQA) MEDICAL ‘24 ORGANIC LSD FLAT HSD MSD GROWTH ’25E ORGANIC MSD MSD DD LSD+ GROWTH COMMENTARY • ~40% decline in 2024 Chinese RTQA revenue • 2024 growth driven by in
Slide 15: Non-GAAP Reconciliations: Adjusted Free Cash Flow and Net Leverage
Non-GAAP Reconciliations Adjusted Free Cash Flow and Net Leverage ($ millions) Full Year 2022 Full Year 2023 Full Year 2024 ▪ Leverage at 2.5x; half a turn improvement vs. last year Net cash provided by operating activities $39.4 $95.2 $99.1 Purchases of PPE and badges (34.2) (37.1) (48.8) ▪ YTD Adj
Slide 16: 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 (2024 timing of $6M) ~$6M; (excludes M&A; primarily operating restructurings & ER
Slide 17: Revenue Growth: 2-Year Growth Stacks
Revenue Growth 2-Year Growth Stacks ORGANIC REPORTED REVENUE GROWTH REVENUE GROWTH Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY COMPANY TOTAL a 2024 5.5% 3.6% 6.1% 10.3% 6.6% a 2024 5.8% 5.0% 8.2% 10.4% 7.5% b 2023 7.9% 8.4% 17.3% 5.3% 9.3% b 2023 11.6% 12.2% 18.8% 5.7% 11.6% c 2022 (4.2)% (1.7)% 9.0% 19.1% 5.7% c
Slide 18: Twelve Quarter Segment Reconciliation: Medical
Twelve Quarter Segment Reconciliation Medical 4Q & Full Year 2024 18 Earnings Presentation
Slide 19: Twelve Quarter Segment Reconciliation: Nuclear & Safety
Twelve Quarter Segment Reconciliation Nuclear & Safety 4Q & Full Year 2024 19 Earnings Presentation
Slide 20: Twelve Quarter Segment Reconciliation: Corporate & Other
Twelve Quarter Segment Reconciliation Corporate & Other 4Q & Full Year 2024 20 Earnings Presentation
Slide 21: Twelve Quarter Segment Reconciliation: Consolidated
Twelve Quarter Segment Reconciliation Consolidated 4Q & Full Year 2024 21 Earnings Presentation
Slide 22: Non-GAAP Reconciliations: Income from Operations, Gross Profit & Adjusted EBITDA
Non-GAAP Reconciliations Consolidated – Income from Operations, Gross Profit & Adjusted EBITDA 4Q & Full Year 2024 22 Earnings Presentation
Slide 23: Non-GAAP Reconciliations: Adjusted Earnings per Share
Non-GAAP Reconciliations Adjusted Earnings per Share 4Q & Full Year 2024 23 Earnings Presentation
Slide 24: Share Count
Share Count Details1 Outstanding Securities as Outstanding Securities as Share Description Notes of 12/31/20242 of 12/31/20232 Outstanding Shares of Class A Common Stock 225,915,767 199,427,832 ▪ Outstanding shares as of close of trading on the New York Stock Exchange (NYSE) ▪ Shares of Class B comm
Slide 25: Footnotes: Share Count and Adjusted Metrics
Footnotes Share Count and Adjusted Metrics Share count 225,915,767 shares of Class A common stock were outstanding as of December 31, 2024. This excludes (1) 6,504,885 shares of Class B common stock outstanding as of December 31, 2024 (2) 1.5 million shares of Class A common stock underlying restric
Slide 26: Mirion
M MIRION