Mirion Technologies, Inc. · NYSE:MIR
Mirion Technologies — Q2 2026 Earnings Presentation
36 slides from Mirion Technologies's earnings presentation, Jul 29, 2026
Slide 1: Second Quarter 2026 Earnings Presentation
July 28, 2026 Second 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: Q2 Key Takeaways
Mirion Q2 Key Takeaways Growing Orders & Backlog; Expanding Adj. EBITDA Setting the Stage for Second Large Opportunity Orders Wins Margins Half Acceleration +10% Q2 orders growth; +50% Nuclear H2’26 performance expected to Power end-market (both ex. M&A) Margin expansion across both Nuclear be marke
Slide 4: Growing Opportunities in North America
Growing Opportunities in North America Well-positioned to capitalize on these opportunities with the Paragon and Certrec acquisitions UNITED STATES CANADA UNITED STATES UNITED STATES $1.4 Trillion Utilities Capex Long-term Canada Strategy U.S. Department of Energy U.S. Announces $17.5 Billion Throug
Slide 5: Growing Projections for Global Nuclear Capacity
Growing Projections for Global Nuclear Capacity1 Favorable outlook for Mirion’s global presence 2016 Projections 2025 Projections 2026 Projections ~1,000 GWe 1,428 GWe 1,446 GWe total global capacity total global capacity total global capacity by 2050 by 2050 by 2050 +150% vs. ~400GWe today +257% vs
Slide 6: Three Waves of Installed Base Nuclear Customer Demand
Three Waves of Installed Base Nuclear Customer Demand Mirion well-positioned across all three … each independent and additive 2 CATCH-UP LIFE-EXTENSION & DIGITAL CAPITAL SPENDING POWER UPRATES TRANSFORMATION Deferred Maintenance I&C and RP AI-Enabled & Replacement Parts System Upgrades Digital Platf
Slide 7: Expanding Backlog Reflects Orders Momentum
Q2’26 vs. Q2’25 +39% +17% Total Excl. Backlog Company M&A $ millions $1,121 $1,139 $1,104 $148 $153 $178 M&A $825 $815 $812 $814 $819 $816 Expanding Backlog $13 Reflects Orders Total $956 $967 $961 Excl. M&A $803 Momentum Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Precursor to Accelerated
Slide 8: Revenue Visibility from Backlog
Revenue Visibility from Backlog Q2’26 backlog shows similar revenue visibility vs. prior years $1,129 - $1,147M FY’26E Revenue2 $910M 2026 Revenue $801M FY’23 Revenue $861M FY’24 Revenue FY’25 Adj. Revenue1 81% Coverage Similar revenue visibility to prior years $399M H2’26 $300M backlog $273M $288M
Slide 9: Incorporating AI Across Mirion
Incorporating AI Across Mirion Dedicated resources to accelerate adoption and deployment Accelerating Product Organization-wide AI-powered Development Efficiencies Solutions • Faster software development cycles • Optimization of manufacturing and • New AI-centric innovations across (from months to d
Slide 10: Q2 Performance Highlights
$266.8M +1.2% organic vs. Q2’25; +19.7% total; highlights demand Q2’26 Revenue from the Paragon and RTQA $49M Q2 Adj. FCF end-markets Generation Reflecting strong operating performance and source of cash from net working +27.5% vs. Q2’25; $65.3M ~+150bps of margin expansion; capital Q2 Performance Q
Slide 11: 2026 Large Opportunity Pipeline
2026 Large Opportunity Pipeline1 Large ~$280 Million of Incremental Opportunity Still Available in ‘26 12 opportunity pipeline in-queue Q1 Small Modular Reactors Radioactive Waste Operating Fleet Reactors Radiation Cameras $53M First portion First portion Safety-critical RTQA Medical 8 qualification
Slide 12: Q2'26 Orders Performance (vs. Q2'25)
Q2’26 Orders Performance (vs. Q2’25) KEY TAKEAWAYS: Delivering on the Large Opportunity Pipeline 2nd Quarter 2026 Nuclear & Safety +58% segment orders driven including 2 large orders booked in early July by Nuclear Power + installed base and SMRs +10% +40% $55M China de-booking Order Growth, Total O
Slide 13: Q2'26 Orders Performance (vs. Q1'26)
Q2’26 Orders Performance (vs. Q1’26) Timing of large opportunity awards impacted expected performance +14% including 2 large orders booked in early July + China de-booking $55M +1% $328M Total Order Growth ($18M) $15M $288M $291M ($12M) Positive excluding Includes Paragon & large order from Cetrec a
Slide 14: Growing Nuclear Power Momentum
Growing Nuclear Power Momentum Remain Confident in our Double-digit Organic Revenue Growth Projection Nuclear Power End-market +50% $49M +1% Order Growth SMR-related Orders Revenue Growth excl. M&A1 Q2’26 vs. Q2’25 +$42M Q2’26 vs. Q2’25 excl. M&A1 Q2’26 vs. Q2’25 +47% excluding FX $64M YTD SMR-relat
Slide 15: Second Quarter Ended June 30, 2026
Mirion Second Quarter Ended June 30, 2026 Revenue Adjusted EBITDA and Margin1 Adjusted diluted EPS2 $ millions | % percentage $ millions | % percentage $ cents Q2’26 vs. % Q2’25 Organic +1.2% includes stock-based Acquisition +17.9% $0.09 compensation; similar per share comparison to Q2’26 FX +0.6% A
Slide 16: Mirion Nuclear & Safety
NUCLEAR & SAFETY Mirion Nuclear & Safety Second Quarter Ended June 30, 2026 KEY TAKEAWAYS: Revenue Adjusted EBITDA and Margin1 2nd Quarter 2026 $ millions | % percentage $ millions | % percentage % Q2’26 vs. Paragon continues Q2’25 delivering2 Organic +2.3% Revenue Growth Acquisition +28.1% • +15% v
Slide 17: Mirion Medical
MEDICAL Mirion Medical Second Quarter Ended June 30, 2026 KEY TAKEAWAYS: Revenue Adjusted EBITDA and Margin1 2nd Quarter 2026 $ millions | % percentage $ millions | % percentage % Q2’26 vs. RTQA organic revenue Q2’25 growth driven by OEM Organic (0.9%) business and software Acquisition n/a growth FX
Slide 18: Medical Segment Update
Medical Segment Update Adjusting End-market Organic Revenue Growth Expectations; Maintaining Full Year Segment Guidance ‘26 Org. Revenue Growth Double Digits previously MSD+ Guidance: RTQA1 Increased revenue from OEM sector ‘26 Org. Revenue Growth Mid Single Digits Nuclear Guidance: previously doubl
Slide 19: Adjusted Free Cash Flow
Adjusted Free Cash Flow Best First Half Adjusted Free Cash Flow Since Going Public EXPANDING ADJUSTED Adjusted Free Cash Flow & Conversion1 FREE CASH FLOW $ millions | % adj. EBITDA percentage % Conversion Adj. FCF Expecting net working capital tailwinds in H2’26 $60 CAPITAL STRUCTURE 51% IMPROVEMEN
Slide 20: '26 Guidance Reflects Strong Fundamentals
‘26 Guidance Reflects Strong Fundamentals Reiterating full year guidance FY 2026 Guidance1 TOTAL REVENUE ORGANIC REVENUE ADJUSTED GROWTH GROWTH EBITDA Margin % ~$285 – $300M ~22.0 – 24.0% ~5.0 – 7.0% ~25.0% – 26.0% Includes FX and acquisition- related tailwinds ADJUSTED FCF ADJUSTED ANNUALIZED Adjus
Slide 21: Setting the Stage for Second Half Acceleration
Setting the Stage for Second Half Acceleration H2’26 performance expected to be markedly better than H1’26 H1 2026 H2 2026 Total Revenue Growth FY Guidance: $1,129 - $1,147M $524M ~$605M - $623M Organic Revenue Growth Excl. FX & M&A impact +2.0% ~7.5% - 11.2% Driven by the Nuclear Power end-market w
Slide 22: Q3 2026 Guidance
Q3 2026 Guidance Reflects accelerating revenue growth and strong operating leverage CONSOLIDATED NUCLEAR & SAFETY1 MEDICAL Organic Revenue Organic Revenue Organic Revenue Growth Growth Growth Mid Single Digit High Single Digit vs. Q3’25 High Single Digit vs. Q3’25 (expecting double-digit Nuclear Pow
Slide 23: Appendix
Appendix 1Q 2026 Q2 2025 23 Earnings Presentation
Slide 24: Performance and Trends
Organic Growth Performance and Trends NUCLEAR & DEFENSE & DIVERSIFIED END MARKET NUCLEAR POWER LABS & RESEARCH SAFETY INDUSTRIALS NUCLEAR & SAFETY Neg 2025 Organic MSD DD LSD HSD Growth 2026E Organic HSD DD FLAT MSD Growth • 2025: New build and installed base driving • 2025: Negatively impacted by (
Slide 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Free Cash Flow and Net Leverage ($ millions) 1H 1H 1H 1H 2023 2024 2025 2026 ▪ Cash Taxes: Lower cash taxes vs. H1’25 Net cash provided by operating activities $4.4 $21.2 $48.0 $77.4 ▪ Net Working Capital: Source of cash in Q2. Use of Purchases of PPE and badges (15
Slide 26: 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 27: Ten Quarter Segment Reconciliation
Ten Quarter Segment Reconciliation Nuclear & Safety Q2 2026 28 Earnings Presentation
Slide 28: Ten Quarter Segment Reconciliation
Ten Quarter Segment Reconciliation Medical Q2 2026 29 Earnings Presentation
Slide 29: Ten Quarter Segment Reconciliation
Ten Quarter Segment Reconciliation Corporate & Other Q2 2026 30 Earnings Presentation
Slide 30: Ten Quarter Segment Reconciliation
Ten Quarter Segment Reconciliation Consolidated Q2 2026 31 Earnings Presentation
Slide 31: Non-GAAP Reconciliations
Non-GAAP Reconciliations Consolidated – Income from Operations, Gross Profit & Adjusted EBITDA Q2 2026 32 Earnings Presentation
Slide 32: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Earnings per Share Q2 2026 33 1 The calculation for adjusted net income has been adjusted for the current period to include stock-based compensation. Earnings Presentation
Slide 33: Share Count
Share Count Details1 Outstanding Securities as Outstanding Securities as Share Description Notes of 6/30/20262 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 249,078,209 248,155,411 Sto
Slide 34: 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 35: Footnotes
Footnotes Share Count and Adjusted Metrics Share count 243,266,822 shares of Class A common stock were outstanding as of June 30, 2026. This excludes (1) 5,759,555 shares of Class B common stock outstanding as of June 30, 2026, (2) 911,204 shares of Class A common stock underlying restricted stock u
Slide 36: M MIRION
M MIRION