Mirion Technologies (MIR) Goldman Sachs Industrials and Materials Conference summary

Business overview and market positioning

• Holds a unique leadership position in ionizing radiation detection, measurement, and analysis, leading 17 of 19 global product categories.

• Technology is leveraged across medical, nuclear, and safety segments, enabling scalable growth without losing focus.

• Two-thirds of revenue comes from nuclear and safety, with the remainder from medical applications.

Nuclear and safety segment insights

• Nuclear power represents 60% of the nuclear and safety segment, with strong exposure to the global nuclear renaissance.

• Present in over 95% of operating nuclear reactors worldwide, participating throughout the plant lifecycle.

• 80% of nuclear revenue is recurring, driven by the installed base and a defensible competitive moat.

• Industry tailwinds include decarbonization, energy security, and increased demand from AI and electrification.

• Operators are shifting to expansionary modes, increasing replacement cycles and discretionary spending.

Growth drivers and regional opportunities

• Utility-scale new build pipeline is robust, with significant activity in Europe, North Africa, the Gulf, Korea, and India.

• Strategic partnerships, such as with EDF and ECIL, provide sole-source agreements and margin expansion opportunities.

• SMR (small modular reactor) market is emerging, with higher revenue per megawatt than utility-scale reactors.

• Workforce demographic shifts are driving digitization and increased demand for digital service offerings.