Slide 1: Fourth Quarter & Full Year 2025 Earnings Presentation
February 10, 2026 Fourth Quarter & Full Year 2025 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: Annual Takeaways
Mirion Annual Takeaways 2025 HIGHLIGHTS 2026 HIGHLIGHTS Record $1B+ Orders in 2025 Showcasing Debuting 2026 the Nuclear Power End-market Large Opportunity Pipeline Including $150 million of large opportunity ~$400+ million expected to pipeline Nuclear Power orders1 be awarded in 2026 Double Digit Or
Slide 4: Record $1+ Billion Orders in 2025
Record $1+ Billion Orders in 2025 KEY TAKEAWAYS: Showcasing the Nuclear Power End-market Full Year 2025 ($ millions) +26% vs. 2024 order book Nuclear Power and Defense-related orders +20% more than offsetting vs. Adj. 2024 Labs & Research order book $26M $4M $1,062M softness $183M $1,032M -$14M +36%
Slide 5: Expanding Margins and Generating More Cash
Expanding Margins and Generating More Cash 2025 Year-in-Review FY 2025 Guidance FY 2025 Initial Q3’25 Guide Actuals Primarily reflects softer ORGANIC REVENUE GROWTH 5.5 – 7.5% 4.5 – 6.0% 3.9% than expected RTQA and Labs & Research end-markets +6.5%, excluding the TOTAL REVENUE GROWTH 4.0 – 6.0% 7.0
Slide 6: Delayed Demand from Labs & Research and RTQA
Delayed Demand from Labs & Research and RTQA Demand Drivers Still Applicable Today Labs & Research End-market RTQA End-market ONE-TIME AGING ~17% 2025 2025 negatively impacted by GLOBAL Percent of world population D.O.G.E. initiatives and 43-day that will be 65+ by 2050 (vs. IMPACTS U.S. government
Slide 7: Continuing Strong Track Record Across Key Metrics
Continuing Strong Track Record Across Key Metrics Including achieving our ’26 Adj. FCF conversion goal a year earlier Growing Total Revenue Expanding Adjusted EBITDA Margin Incremental Adjusted Free Cash Flow $ millions | % percentage $ millions | % revenue $ millions | % adj. EBITDA percentage $1,1
Slide 8: Transforming Acquisitions into Long-term Success
Transforming Acquisitions into Long-term Success Track record of successful M&A integration SHORT TERM MEDIUM TERM LONG TERM • International • AI / Digital expansion Cumulative Impact • I&C1 product evolution integration • Commercial cross-sell & optimization, • Supply chain & emphasis on New procur
Slide 9: '26 Growing Large Opportunity Pipeline
’26 Growing Large Opportunity 9 New build Pipeline opportunities (includes NPPs & SMRs)1 Expanding on 2025’s progress 2 Installed base opportunities Carryover amount from the previously disclosed 2025 large ~$200M+ >$400M 5 Other opportunities opportunity pipeline Greater $400M $200M than 2026 Large
Slide 10: Continued Nuclear Power Momentum in 2026
Continued Nuclear Power Momentum in 2026 Recent Headlines Support Opportunities for Mirion US Strikes $80 Billion Deal for Nuclear Industry to Add 15 Slovakia and U.S. Sign Nuclear Small Nuclear Reactors are New Nuclear Power Plants Reactors in 2026 Energy Agreement Worth the Wait New Life for Nucle
Slide 11: Power Availability Becoming Increasingly Important
Power Availability Becoming Increasingly Important ~1/3 of data sites expected to exceed 1 GW by 2035 Distribution of data center sizes as part of developers’ portfolios3 $ millions | % percentage “Power availability has moved beyond 55% being a planning consideration to ~1/3 of data sites 48% expec
Slide 12: '26 Guidance Reflects Strong Fundamentals
‘26 Guidance Reflects Strong Fundamentals Growing revenue, expanding margins, increasing adjusted free cash flow expected FY 2026 Guidance1 TOTAL REVENUE ORGANIC REVENUE ADJUSTED GROWTH GROWTH2 EBITDA Margin % ~$285 – $300M ~22.0 – 24.0% ~5.0 – 7.0% ~25.0% – 26.0% Includes FX and acquisition-related
Slide 13: Q4'25 Key Messages
+0.5% organic vs. Q4’24; $277.4M +9.1% total; includes ~30% Q4’25 Revenue Nuclear Power end-market total revenue growth +$78M Q4 Adj. FCF Generation $131M Full Year 2025; 57% Full Year conversion; +11.5% vs. Q4’24; $77.6M Reflects 60bps expanded outperforming guidance Q4’25 Q4’25 Adj. EBITDA margins
Slide 14: Nuclear Power Leading our Strong Performance
Nuclear Power Leading our Strong Performance Illustrative of the Nuclear Renaissance Underway Nuclear Power End Market Full Year Snapshot +52% $39M +11% Adjusted Orders1 SMR-related Orders Organic Revenue FY’25 vs. FY’24 FY’25 vs. FY’24 FY’25 vs. FY’24 +46% excluding FX ~$17M in ‘23 + ‘24 combined +
Slide 15: Q4'25 Orders Performance
Q4’ 25 Orders Performance KEY TAKEAWAYS: Record Quarterly Orders; Delivering on the Large Opportunity Pipeline 4th Quarter 2025 ($ millions) ~2x orders increase from all three nuclear power +62% vs. Q4’24 verticals: new builds, order book $26M $2M $441M installed base, and SMRs $151M $414M -$11M Ref
Slide 16: 2025 Large Opportunity Pipeline
2025 Large Opportunity Pipeline Winning orders; additional wins expected in 2026 Q3’25 Earnings Call Disclosure Latest Update $350M $10M $285M $55M SMR new build order awarded Asia installed $110M $200M base order $175M $175M awarded $110M $55M $90M $30M 2025 Q3’25 Order October Order Updated Timing
Slide 17: Fourth Quarter and Full Year Ended December 31, 2025
Mirion Fourth Quarter and Full Year Ended December 31, 2025 Revenue Adjusted EBITDA and Margin Adjusted diluted EPS $ millions | % percentage $ millions | % percentage $ cents Q4’25 vs. FY’25 vs. % Q4’24 FY’24 Organic +0.5% +3.9% Acquisition +5.2% +1.8% +11.9% +12.2% +7.5% FX 3.4% 1.8% $925.4 $227.9
Slide 18: Understanding 2025 Revenue Performance
Understanding 2025 Revenue Performance Non-nuclear headwinds impacted 2025 performance +5.0% +7.5% guidance actuals $925M $15M ($13M) $904M $28M ($22M) $56M Primarily RTQA and $861M Labs & Research End-markets 2024 Organic Revenue FX Initial 2025 Organic Headwinds FX Acquisitions 2025 Total Revenue
Slide 19: Mirion Nuclear & Safety
NUCLEAR & SAFETY Mirion Nuclear & Safety Fourth Quarter and Full Year Ended December 31, 2025 KEY TAKEAWAYS: Revenue Adjusted EBITDA and Margin 4th Quarter 2025 $ millions | % percentage $ millions | % percentage % Q4’25 vs. FY’25 vs. +12.4% Nuclear Power Q4’24 FY’24 end-market organic Organic +3.1%
Slide 20: Mirion Medical
MEDICAL Mirion Medical Fourth Quarter and Full Year Ended December 31, 2025 KEY TAKEAWAYS: Revenue Adjusted EBITDA and Margin 4th Quarter 2025 $ millions | % percentage $ millions | % percentage Q4’25 vs. FY’25 vs. (4%) RTQA end-market % Q4’24 FY’24 organic revenue vs. Q4 Organic (4.8%) +3.1% 2024;
Slide 21: Adjusted Free Cash Flow
Adjusted Free Cash Flow Improved earnings and working capital productivity are improving Adjusted Free Cash Flow ENHANCED EBITDA Adjusted Free Cash Flow & Conversion MARGINS $ millions | % adj. EBITDA percentage Operating leverage and procurement % Conversion efficiencies each contributing Adj. FCF
Slide 22: Appendix
Appendix Q4 & 2Q FY 2025 22 Earnings Presentation
Slide 23: Organic Growth 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 24: 2026E Estimated Revenue Mix
2026E Estimated Revenue Mix Paragon and Certrec Expected to Drive Expanded Mix Across Nuclear & Safety, North America, & New Build / SMR TOTAL MIRION NUCLEAR POWER END-MARKET Nuclear & Safety North America New Build / SMR 66% in ~70% 48% in ~20% 2025 2025 Revenue by ~55% Revenue by Nuclear Power Seg
Slide 25: Backlog Trend
Backlog Trend Q4’22 – Q4’25 KEY TAKEAWAYS: ($ millions) Backlog coverage +36% vs. Q4’24 ~47% heading into 2026; vs. 47% in 2025; $1,104 $134 Paragon orders $857 $841 Accelerating installed base $825 $815 $812 $814 $819 $808 $799 and SMR orders within the $737 $741 $743 Nuclear Power end-market $971
Slide 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Free Cash Flow and Net Leverage ▪ Working Capital: ($12M) use of cash reflects large ($ millions) Full Year Full Year Full Year Full Year 2022 2023 2024 2025 nuclear project cash timing and acquisition-related Net cash provided by operating activities $39.4 $95.2 $9
Slide 27: 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 28: 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% 5.4% 4.7% 0.5% 3.9% a 2025 4.9% 7.6% 7.9% 9.1% 7.5% 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.
Slide 29: Twelve Quarter Segment Reconciliation: Nuclear & Safety
Twelve Quarter Segment Reconciliation Nuclear & Safety Q4 & FY 2025 29 Earnings Presentation
Slide 30: Twelve Quarter Segment Reconciliation: Medical
Twelve Quarter Segment Reconciliation Medical Q4 & FY 2025 30 Earnings Presentation
Slide 31: Twelve Quarter Segment Reconciliation: Corporate & Other
Twelve Quarter Segment Reconciliation Corporate & Other Q4 & FY 2025 31 Earnings Presentation
Slide 32: Twelve Quarter Segment Reconciliation: Consolidated
Twelve Quarter Segment Reconciliation Consolidated Q4 & FY 2025 32 Earnings Presentation
Slide 33: Non-GAAP Reconciliations
Non-GAAP Reconciliations Consolidated – Income from Operations, Gross Profit & Adjusted EBITDA Q4 & FY 2025 33 Earnings Presentation
Slide 34: Non-GAAP Reconciliations: Adjusted Earnings per Share
Non-GAAP Reconciliations Adjusted Earnings per Share Q4 & FY 2025 34 Earnings Presentation
Slide 35: Share Count
Share Count Details1 Outstanding Securities as Outstanding Securities as Share Description Notes of 12/31/20252 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 248,155,411 226,203,780 St
Slide 36: 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 $400mm aggregate principal amount of convertible notes due 2030 and (
Slide 37: Footnotes
Footnotes Share Count and Adjusted Metrics Share count 244,662,792 shares of Class A common stock were outstanding as of December 31, 2025. This excludes (1) 5,869,555 shares of Class B common stock outstanding as of December 31, 2025; (2) 1,043,011 shares of Class A common stock underlying restrict
Slide 38: Mirion
M MIRION