Mirion Technologies (MIR) investor relations material

Executive summary

• Q2 2026 revenue rose 19.7% year-over-year to $266.8 million, driven by strong order growth, nuclear power momentum, and recent acquisitions such as Paragon and Certrec.

• Adjusted EBITDA increased 27.5% to $65.3 million, with margin expansion across both operating segments and favorable mix and pricing offsetting inflation and M&A dilution.

• Orders excluding acquisitions grew 10% year-over-year; including acquisitions, orders surged 40%, and backlog reached $1,139 million, up nearly 40% year-over-year.

• Net income for Q2 2026 was $8.1 million, slightly down from the prior year due to higher amortization, compensation costs, and foreign currency losses.

• Full-year 2026 guidance is maintained, with expectations for accelerating organic growth, margin expansion, and significant financial performance step-up in the second half.

Financial highlights

• Q2 2026 revenue: $266.8 million (up 19.7% year-over-year); organic revenue growth was 1.2%.

• Adjusted EBITDA: $65.3 million (up 27.5% year-over-year); margin expanded to 24.5%.

• Adjusted EPS: $0.12 (up from $0.11 year-over-year); GAAP EPS: $0.03.

• Gross profit for Q2 2026: $133.1 million, up from $102.5 million in Q2 2025.

• Adjusted free cash flow for H1 2026: $59.9 million, the best first half since going public.

Outlook and guidance

• Full-year 2026 revenue guidance: $1,129–$1,147 million (22–24% total growth), organic growth 5–7%.

• Adjusted EBITDA margin guidance: 25–26%; adjusted free cash flow: $155–$175 million (54–58% conversion).

• H2 2026 expected to deliver $605–$623 million revenue, with organic growth of 7.5–11.2%.

• Q3 2026 guidance: high single-digit consolidated organic revenue growth, expanding EBITDA margin.

• Medical segment faces headwinds in Asia-Pacific due to tariffs and lower dosimetry sales, but price increases and product innovation are expected to support performance.