Mirion Technologies, Inc. · NYSE:MIR
Mirion Technologies — Q3 2025 Earnings Presentation
33 slides from Mirion Technologies's earnings presentation, Oct 28, 2025
Slide 1: Third Quarter 2025 Earnings Presentation
October 28, 2025 Third 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 On-track for Continued Momentum from Broadening our Nuclear 2025 Guidance Nuclear Power Power Portfolio +11% YTD Nuclear Power Paragon signed acquisition will Led by Nuclear Power end-market organic revenue growth expand U.S. nuclear power portfolio2 revenue growth and orders mo
Slide 4: Q3 2025 Performance
+4.7% organic vs. Q3’24; $223.1M +7.9% total; includes +9% Q3’25 Revenue Nuclear Power end-market growth +$18M Q3 Adj. FCF Generation $53M YTD; 35% YTD conversion; significantly +14.7% vs. Q3’24; $52.4M Both segments contributing better than the prior year Q3 2025 Q3’25 Adj. EBITDA to the dollar and
Slide 5: Nuclear Power Leading Another Strong Quarterly Performance
Nuclear Power Leading Another Strong Quarterly Performance Illustrative of the Nuclear Renaissance Underway Nuclear Power End-market +21% $17M +9% Adjusted Orders1 SMR-related Orders Organic Revenue Q3’25 vs. Q3’24 Q3’25 vs. Q3’24 Q3’25 vs. Q3’24 +16% excluding FX $26M SMR-related orders YTD +11% or
Slide 6: Continued Momentum from Nuclear Power
Continued Momentum from Nuclear Power Recent Headlines Support Growing Opportunities for Mirion KEY TAKEAWAYS: ~ Nuclear reactors set new record for electricity generation in 2024; surpassing 1 Terawatt Latest IAEA forecast shows almost 1 terawatt of nuclear capacity expected by 2050 previous 2006 r
Slide 7: Broadening our Nuclear Power Portfolio
Broadening our Nuclear Power Portfolio ~45% of Mirion’s Revenue Derived from the Nuclear Power End-market, Post Paragon Deal Broadening Mirion’s software & Broadening Mirion’s U.S. presence with services solutions suite additional products and services1 Mission-critical Broader energy power Better s
Slide 8: Harnessing the Cancer Care Momentum
Harnessing the Cancer Care Momentum Update on our Medical Segment BUSINESS UPDATE: ~75% of Medical segment revenue is directly related to cancer care Expanding margins through growing software/services offering Steady adoption of our digital dosimeter offering Current U.S. Healthcare environment pre
Slide 9: Orders Performance
Orders Performance Growing Order Book; Large Opportunity Pipeline Orders on the Horizon KEY TAKEAWAYS: ($ millions) +14.5% vs. Q3’24 order book Nuclear Power and Defense- +2.4% related orders more than vs. adj. Q3’24 order book offsetting Labs & Research softness $9.5M $208.7M $0.8M $209.5M $20.9M $
Slide 10: Large Opportunity Pipeline
Large Opportunity Pipeline Updated view of the nine Latest Update orders that comprised the 2025 pipeline SMR new build order awarded $350M $10M Maintaining strong $55M $285M win-rate conviction Asia installed base order awarded $175M $110M Timing slippage largely related to U.S. 2025 Large Opportun
Slide 11: Third Quarter Ended September 30, 2025
Mirion Third Quarter Ended September 30, 2025 Revenue Adjusted EBITDA and Margin Adjusted diluted EPS $ millions | % percentage $ millions | % percentage $ cents % Q3’25 vs. Q3’24 Organic +4.7% Normalizes impact $0.15 from founders’ shares, Acquisition +1.1% convertible notes, and per share a portio
Slide 12: Mirion Nuclear & Safety
NUCLEAR & SAFETY Mirion Nuclear & Safety Third Quarter Ended September 30, 2025 KEY TAKEAWAYS: Revenue Adjusted EBITDA and Margin 3rd Quarter 2025 $ millions | % percentage $ millions | % percentage % Q3’25 vs. Q3’24 +9% Nuclear Power end- market organic revenue Organic +4.4% growth vs. Q3 2024; Acq
Slide 13: Mirion Medical
MEDICAL Mirion Medical Third Quarter Ended September 30, 2025 KEY TAKEAWAYS: Revenue Adjusted EBITDA and Margin 3rd Quarter 2025 $ millions | % percentage $ millions | % percentage Mid-single digit organic % Q3’25 vs. Q3’24 revenue growth; as Organic +5.2% expected due to shipment Acquisition +0.1%
Slide 14: Adjusted Free Cash Flow
Adjusted Free Cash Flow Structural Business Improvements Driving Greater Cash Generation NET WORKING CAPITAL Adjusted Free Cash Flow & Conversion USE OF CASH IN Q3’25 $ millions | % adj. EBITDA percentage Productivity metrics improved; more % Conversion Adj. FCF than offset by project cash flow timi
Slide 15: 2025 Guidance
2025 Guidance Updating Full Year Guidance FY 2025 Guidance1 ORGANIC REVENUE TOTAL REVENUE ADJUSTED GROWTH2 GROWTH EBITDA Margin % $223 - $233M 4.5 – 6.0% 7.0 – 9.0% 24.0% - 25.0% Includes FX tailwind of ~180bps Reducing Defense & Diversifieds Reflects acquisitions-related organic growth tailwind of
Slide 16: Appendix
Appendix 2Q 2025 Q3 16 Earnings Presentation
Slide 17: Backlog Trend
Backlog Trend Q3’ 23 – Q3’25 ($ millions) (0.9%) vs. Q3’24 $857 $841 $825 $815 $812 $814 $819 $799 $808 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q3 2025 17 Note: Backlog figures on an as reported basis. Backlog figures include impacts at the time of the acquisitions. Earnings Presentati
Slide 18: 2025 Guidance History
2025 Guidance History AS OF DEC. 3, FEB. 11, APR. 29, JUL. 31, SEP. 24, OCT. 28, 2024 2025 2025 2025 2025 2025 ORGANIC 5.5 – 7.5% no change no change 5.0 – 7.0% 4.5 – 6.0% no change REVENUE GROWTH TOTAL 7.0 – 9.0% 4.0 – 6.0% no change 5.0 – 7.0% not updated no change REVENUE GROWTH ADJUSTED $215 – $
Slide 19: 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 inc
Slide 20: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Free Cash Flow and Net Leverage ($ millions) YTD YTD YTD YTD 2022 2023 2024 2025 ▪ $933 million cash balance reflects ~$585 million intended for the purchase of Paragon Energy Solutions. Closing is subject to approval by regulatory authorities and other customary cl
Slide 21: Modeling Assumptions
Modeling Assumptions Supporting 2025 Guidance Amortization: (pre any potential M&A) Interest Expense: $450M SOFR + 2.25% for the Term Loan B; ~$96M $400M 0.25% ‘30 convert notes; $375M 0% ‘31 convert notes Capex: Net Working Capital: ~$40M cash use; improving productivity more than offset by POC tim
Slide 22: 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% 4.7% a 2025 4.9% 7.6% 7.9% 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%
Slide 23: Eleven Quarter Segment Reconciliation
Eleven Quarter Segment Reconciliation Nuclear & Safety Q3 2025 23 Earnings Presentation
Slide 24: Eleven Quarter Segment Reconciliation
Eleven Quarter Segment Reconciliation Medical Q3 2025 24 Earnings Presentation
Slide 25: Eleven Quarter Segment Reconciliation
Eleven Quarter Segment Reconciliation Corporate & Other Q3 2025 25 Earnings Presentation
Slide 26: Eleven Quarter Segment Reconciliation
Eleven Quarter Segment Reconciliation Consolidated Q3 2025 26 Earnings Presentation
Slide 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations Consolidated – Income from Operations, Gross Profit & Adjusted EBITDA Q3 2025 27 Earnings Presentation
Slide 28: Adjusted Earnings per Share
Non-GAAP Reconciliations Adjusted Earnings per Share Includes only a portion of the 19.9 million share equity raise completed in September 2025; full impact to be reflected in Q4’25 Q3 2025 28 Earnings Presentation
Slide 29: Share Count
Share Count Details1 Outstanding Securities as Outstanding Securities as Share Description Notes of 9/30/20252 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 247,821,635 226,203,780 Sto
Slide 30: Convertible Notes (Issued May 2025)
Convertible Notes (Issued May 2025) 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 in
Slide 31: Convertible Notes (Issued September 2025)
Convertible Notes (Issued September 2025) Illustrative Table of Potential Dilutive Impact of Convertible Notes due 2031 and Capped Call Overlay Following table illustrates the potential dilutive shares under our $375mm aggregate principal amount of convertible notes due 2031 (the “Notes”) that would
Slide 32: Footnotes
Footnotes Share Count and Adjusted Metrics Share count 244,370,206 shares of Class A common stock were outstanding as of September 30, 2025. This excludes (1) 5,979,555 shares of Class B common stock outstanding as of September 30, 2025; (2) 1.3 million shares of Class A common stock underlying rest
Slide 33: Mirion
M MIRION