Slide 1: Second Quarter 2025 Earnings Presentation
July 31, 2025 Second 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: Key Takeaways
Mirion Key Takeaways Continued Progress Growing Momentum in Broadening our Nuclear in 2Q’25 Nuclear Power Power Portfolio Translating solid performance to Opportunities increasing across new Certrec acquisition grows our nuclear increasing Adjusted Free Cash Flow builds, installed base, and SMRs sof
Slide 4: 2Q 2025 Performance
+5.4% organic vs. 2Q’24; $222.9M +7.6% total; reflects continued strong Medical 2Q’25 Revenue segment; growing nuclear +$6M 2Q Adj. FCF power demand Generation $35M YTD; 35% YTD +4.9% vs. 2Q’24; conversion; significantly $51.2M Medical segments margin better than the prior year 2Q 2025 2Q’25 Adj. EB
Slide 5: Growing Momentum in Nuclear Power
Growing Momentum in Nuclear Power ~80% of Nuclear Power End Market Revenue Comes From the Installed Base, Higher Margins 11% 9% Last 4 Years Next 4 Years (2021 - 2024) (2025E - 2028E) CapEx as % of Revenue Nuclear utility companies1 2Q 2025 5 Historical and consensus figures for CEG and VST. Earning
Slide 6: Broadening Nuclear Power Portfolio
Broadening Nuclear Power Portfolio New Digital Solutions Meeting Customers’ Growing Needs Vital® LightLink® Apex-Guard Digital Ecosystem Technology Integrates seamlessly and scales with ease Advanced SiPM technology Enhancing a core digital application Connected digital ecosystem to: Superior light
Slide 7: Certrec Acquisition
Broadening Nuclear Power Portfolio Certrec Acquisition ~55% of Certrec revenue from OVERVIEW: nuclear power customers Proprietary SaaS and specialized NUCLEAR BROADER ENERGY solution set addressing mission- POWER POWER MARKETS critical compliance needs ~80% Recurring and predictable revenue streams;
Slide 8: Orders Performance
Orders Performance Accelerating Order Rates Expected in the Second Half 2025 KEY TAKEAWAYS: ($ millions) ~+10% increase YTD in Nuclear Power end-market +1.6% orders; strong SMR orders $5.3M $208.3M Lapping +17% increase in $205.1M 2Q’24 -$2.1M Continued strong RTQA orders; Nuclear Medicine Reflects
Slide 9: Update on Large One-time 2025 Order Pipeline
Update on Large One-time 2025 Order Pipeline Greater Conviction ~ $165M + ~ $95M + ~ $90M Installed base Other 5 New build opportunities 2 opportunities 2 opportunities (includes NPPs & SMRs)1 ~ $350M Updated large, one-time order pipeline 2026 project pipeline growing Refers to the large one-time o
Slide 10: Second Quarter Ended June 30, 2025
Mirion Second Quarter Ended June 30, 2025 Revenue Adjusted EBITDA and Margin Adjusted diluted EPS $ millions | % percentage $ millions | % percentage $ cents % 2Q’25 vs. 2Q’24 Organic +5.4% Excluding impacts from $0.13 warrants, founders’ shares Acquisition +0.1% per share and convertible notes FX +
Slide 11: Mirion Nuclear & Safety
NUCLEAR & SAFETY Mirion Nuclear & Safety Second Quarter Ended June 30, 2025 KEY TAKEAWAYS: Revenue Adjusted EBITDA and Margin 2nd Quarter 2025 $ millions | % percentage $ millions | % percentage % 2Q’25 vs. 2Q’24 ~5% Nuclear Power Organic +2.9% organic revenue growth Acquisition - compared to 2Q 202
Slide 12: Mirion Medical
MEDICAL Mirion Medical Second Quarter Ended June 30, 2025 KEY TAKEAWAYS: Revenue Adjusted EBITDA and Margin 2nd Quarter 2025 $ millions | % percentage $ millions | % percentage % 2Q’25 vs. 2Q’24 Double-digit revenue Organic +10.1% growth across all three Acquisition +0.2% end-markets FX +0.6% Total
Slide 13: Adjusted Free Cash Flow
Adjusted Free Cash Flow Best First Half Adjusted Free Cash Flow Since Going Public Adjusted Free Cash Flow & Conversion IMPROVED NET $ millions | % adj. EBITDA percentage WORKING CAPITAL % Conversion Adj. FCF Improved project cash flow timing, Day Sales Outstanding (DSO), and foreign exchange 35% 30
Slide 14: 2025 Guidance
2025 Guidance Updating Full Year Guidance FY 2025 Guidance1 ORGANIC REVENUE TOTAL REVENUE ADJUSTED GROWTH2 GROWTH EBITDA Margin % $223 - $233M 5.0 – 7.0% 7.0 – 9.0% 24.0% - 25.0% Increasing Nuclear Power org. growth Includes FX tailwind of ~125bps Reducing Labs & Research and Reflects acquisitions-r
Slide 15: Appendix
Appendix 2Q 2025 15 Earnings Presentation
Slide 16: Backlog Trend
Backlog Trend 2Q23 – 2Q25 ($ millions) +10.2% vs. adj. 2Q’23 +1.9% vs. adj. 2Q’24 $857 $841 $825 $815 $812 $814 $819 $799 $21 $743 $804 2Q’23 3Q’23 4Q’23 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 2Q’25 $21M Turkey De-booking $804M = Adj. 2Q’24 2Q 2025 16 Note: Backlog figures on an as reported basis. Backlog fi
Slide 17: 2025 Guidance History
2025 Guidance History AS OF AS OF AS OF AS OF DEC. 3, 2024 FEB. 11, 2025 APR. 29, 2025 JUL. 31, 2025 ORGANIC 5.0 – 7.0% 5.5 – 7.5% no change no change REVENUE GROWTH TOTAL 4.0 – 6.0% no change 5.0 – 7.0% 7.0 – 9.0% REVENUE GROWTH ADJUSTED $215 - $230M $215 - $230M $223 - $233M no change EBITDA ($) 2
Slide 18: 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 Previously • ~40% decline in 2024 Chinese RTQA revenue LSD+ COMMENTARY • 2024 grow
Slide 19: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Free Cash Flow and Net Leverage ($ millions) 1H 1H 1H 1H 2022 2023 2024 2025 ▪ Positive adjusted free cash flow in both 1Q and 2Q 2025; raising 2025 guidance Net cash provided by operating activities $28.0 $4.4 $21.2 $48.0 Purchases of PPE and badges (15.3) (15.8) (
Slide 20: Modeling Assumptions
Modeling Assumptions Supporting 2025 Guidance Amortization: (pre any potential M&A) Interest Expense: SOFR + 2.25% for the Term Loan B; ~$96M 0.25% for the convertible notes Capex: Net Working Capital: use of cash ~$40M improving productivity more than offset by POC timing Cash Taxes: Non-Operating
Slide 21: Revenue Growth
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% 5.4% a 2025 4.9% 7.6% 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=
Slide 22: Ten Quarter Segment Reconciliation
Ten Quarter Segment Reconciliation Nuclear & Safety 2Q 2025 22 Earnings Presentation
Slide 23: Ten Quarter Segment Reconciliation
Ten Quarter Segment Reconciliation Medical 2Q 2025 23 Earnings Presentation
Slide 24: Ten Quarter Segment Reconciliation
Ten Quarter Segment Reconciliation Corporate & Other 2Q 2025 24 Earnings Presentation
Slide 25: Ten Quarter Segment Reconciliation
Ten Quarter Segment Reconciliation Consolidated 2Q 2025 25 Earnings Presentation
Slide 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations Consolidated – Income from Operations, Gross Profit & Adjusted EBITDA 2Q 2025 26 Earnings Presentation
Slide 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Earnings per Share 2Q 2025 27 Earnings Presentation
Slide 28: Share Count
Share Count Details1 Outstanding Securities as Outstanding Securities as Share Description Notes of 6/30/20252 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 227,806,468 226,203,780 Sto
Slide 29: Convertible Notes
Convertible Notes Illustrative table of potential dilutive impact of convertible notes due 2030 and capped call overlay Following table illustrates the potential dilutive shares under our $400mm aggregate principal amount of convertible notes due 2030 (the “Notes”) that would be included in the calc
Slide 30: Footnotes
Footnotes Share Count and Adjusted Metrics Share count 224,354,723 shares of Class A common stock were outstanding as of June 30, 2025. This excludes (1) 6,074,885 shares of Class B common stock outstanding as of June 30, 2025; (2) 1.1 million shares of Class A common stock underlying restricted sto
Slide 31: MIRION
M MIRION