Core Insights - The company has experienced significant changes over the past 4.5 years, influenced by macroeconomic factors and evolving geopolitical dynamics [1] - The most exciting aspect for the company is the growth in the Nuclear Power segment, which is critical for its future [2] Revenue Breakdown - Approximately 47% of the company's revenue is derived from the commercial nuclear power industry, indicating its importance to overall financial performance [2] - The revenue from the nuclear segment is further divided between the installed base, which the company covers on a global basis [2]

Summary of Mirion Technologies Conference Call Company Overview - **Company**: Mirion Technologies (NYSE: MIR) - **Industry**: Nuclear Power and Radiation Therapy Key Points Industry and Market Dynamics - **Nuclear Power Segment Growth**: Approximately 47% of Mirion's revenue is derived from the commercial nuclear power industry, with a presence in over 95% of the global operating base [2][3] - **Global Electrical Generating Capacity Shortage**: The company views the current shortage as a generational tailwind for growth in the nuclear sector [3] - **AI Implications**: The integration of AI is expected to significantly impact operational efficiency and productivity within the company and the industry [3] Financial Performance and Guidance - **2026 Guidance**: The company anticipates accelerating organic growth across both segments, despite some crosscurrents such as government funding uncertainties and slower spending in nuclear labs [5][6] - **Record Orders and Backlog**: Mirion ended the previous year with record orders and backlog, indicating strong demand [6][7] - **Radiation Therapy Business Challenges**: The company faced challenges in its radiation therapy segment due to market softness in China and transitional issues in Japan, but remains optimistic about long-term growth [10][12] Growth Drivers - **Installed Base Growth**: The organic growth in the nuclear business was 11% last year, with expectations for continued double-digit growth driven by life extension and modernization of nuclear plants [45][49] - **Small Modular Reactors (SMRs)**: Orders for SMRs increased significantly, indicating a growing market, with $37 million in orders last year and expectations for further growth [52][67] - **Acquisition of Paragon Energy Solutions**: This acquisition is expected to enhance Mirion's capabilities in the nuclear sector, with Paragon projected to grow at 25% this year [78][79] Margin and Cost Management - **Margin Expansion**: The nuclear and safety segment saw a 40 basis point increase in margins to 29.4%, driven by procurement optimization and operational efficiencies [81][84] - **Long-term Margin Target**: The company aims for 30% EBITDA margins by 2028, with a focus on absorption and optimization strategies [84][87] AI and Technological Integration - **AI Initiatives**: Mirion launched 17 internal AI applications last year, with plans for further development, aiming to enhance productivity and operational efficiency [104][106] - **Software Exposure**: The company's software exposure is modest, between 5% and 7%, but is expected to grow as AI applications are integrated into operations [110][111] Future Outlook - **Nuclear Medicine Growth**: The nuclear medicine segment is expected to grow, driven by advancements in theranostics and radiopharmaceutical therapies [133][135] - **Emerging Trends**: Key trends include the increasing demand for electrical generating capacity and the transformative impact of AI on the industry [158][159] M&A Strategy - **M&A Pipeline**: Mirion plans to focus on smaller acquisitions to enhance its nuclear exposure while managing leverage, currently at 3.2 times EBITDA [148][150] Conclusion - Mirion Technologies is well-positioned to capitalize on growth opportunities in the nuclear power and radiation therapy sectors, with a strong focus on AI integration, margin expansion, and strategic acquisitions to drive future growth [159][160]

ATLANTA--(BUSINESS WIRE)--Mirion (NYSE: MIR) announced today that Chairman and Chief Executive Officer, Thomas Logan, and Chief Financial Officer and Medical Group President, Brian Schopfer, will present at Citi's 2026 Global Industrial Tech and Mobility Conference. The presentation will begin at 2:40 PM ET on Wednesday, February 18, 2026. The presentation will be webcast live at Mirion's Investor Relations Page where a webcast link will be displayed under the "Events and Presentations†section. ...

Financial Data and Key Metrics Changes - In 2025, the company booked record orders totaling more than $1 billion, representing a 26% increase compared to 2024 [4][8] - Full year revenue totaled $925.4 million, up 7.5% versus 2024, with more than half of the growth being organic [22] - Adjusted EBITDA for the full year was $227.9 million, up 12% compared to 2024, with margins expanding by 90 basis points [22][26] - Adjusted EPS was $0.46, a 12% increase despite an approximately 50 million share increase in 2025 [23] Business Line Data and Key Metrics Changes - Nuclear power organic revenue grew more than 11% in 2025, while nuclear medicine organic revenue grew more than 13% [4] - The medical segment revenue declined 3.5% in Q4 2025, with full year medical segment revenue growing 3.7% [27] - Adjusted nuclear power orders grew 52% in 2025, supported by all three verticals: new utility-scale reactors, the installed base, and SMRs [20] Market Data and Key Metrics Changes - The nuclear power end market demonstrated the strongest growth, supported by $150 million from the large opportunity pipeline [8] - The defense and diversified end market saw a doubling of orders in Q4, primarily in the U.S. and with NATO [21] - The medical segment faced headwinds due to tough comps from the prior year, with nuclear medicine orders down only 6% in 2025 [9] Company Strategy and Development Direction - The company articulated a strategic priority to increase nuclear power exposure, acquiring Certrec and Paragon Energy Solutions to augment its North American nuclear power presence [5][11] - The company expects to leverage its strong international presence to take the capabilities of the acquired companies global [11] - The focus on AI and digital strategies is expected to enhance productivity and customer-facing applications, with significant investments being made in this area [61][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the nuclear power sector, citing a robust demand for solutions due to the aging installed base and modernization needs [6][7] - The company anticipates double-digit organic growth in nuclear power and nuclear medicine for 2026, supported by favorable macro conditions [4][15] - Management noted that the headwinds faced in 2025 were seen as demand deferrals rather than a secular change in the market [10] Other Important Information - Adjusted free cash flow totaled $131 million in 2025, approximately double 2024's performance, reflecting improved earnings and reduced net interest expense [29] - The company expects 2026 total revenue to grow between 22%-24%, with organic revenue growth guidance of 5%-7% [15][16] Q&A Session Summary Question: Can the large opportunity pipeline translate to double-digit growth in backlog for 2026? - Management noted that while large project timing is complex, they feel good about the dynamics driving growth in the nuclear power vertical [36][38] Question: What is the expectation for medical growth in 2026? - Management indicated that they expect a quick recovery in medical, particularly in Europe and China, and are optimistic about mid-single-digit growth [39][40] Question: How does the Paragon acquisition impact growth expectations? - Management highlighted that Paragon's strong customer intimacy and market coverage are expected to drive significant growth, with a projected 25% growth for Paragon in 2026 [68][70] Question: What is the expected contribution from large orders booked in 2025? - Management clarified that while there will be some contribution, the first year of larger contracts tends to be the lightest [78] Question: How material are SMRs to the growth story? - Management acknowledged that while SMRs are currently a small percentage of total revenue, they see significant growth potential and are actively engaging with key players in the market [81]

Financial Data and Key Metrics Changes - In 2025, the company booked record orders totaling more than $1 billion, representing a 26% increase compared to 2024 [4][8] - Full year revenue totaled $925.4 million, up 7.5% versus 2024, with more than half of the growth being organic [22] - Adjusted EBITDA for the year was $227.9 million, up 12% compared to 2024, with margins expanding by 90 basis points [22][26] - Adjusted EPS was $0.46, a 12% increase despite an increase in diluted shares due to convertible notes and equity raises [23] Business Line Data and Key Metrics Changes - Nuclear power organic revenue grew more than 11% in 2025, while nuclear medicine organic revenue grew more than 13% [4] - The medical segment revenue declined 3.5% in Q4 2025, with full year medical segment revenue growing 3.7% [27] - Adjusted nuclear power orders grew 52% in 2025, supported by all three verticals: new utility-scale reactors, the installed base, and SMRs [20] Market Data and Key Metrics Changes - The nuclear power end market demonstrated the strongest growth, with $150 million from the large opportunity pipeline [8] - The defense and diversified end market saw a doubling of orders in Q4, primarily in the U.S. and with NATO [21] - The medical segment faced headwinds due to tough comps from the prior year, with nuclear medicine orders down only 6% in 2025 [9] Company Strategy and Development Direction - The company articulated a strategic priority to increase nuclear power exposure, acquiring Sertrek and Paragon Energy Solutions to enhance its North American nuclear power presence [5][12] - The company expects to leverage its strong international presence to take the capabilities of the acquired companies global [11] - The focus on AI and digital strategies is expected to enhance customer-facing applications and internal productivity, with significant investments being made in this area [58][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the nuclear power sector, citing a robust demand for solutions due to the aging installed base and modernization needs [6][7] - The company anticipates double-digit organic growth in nuclear power and nuclear medicine for 2026, supported by favorable macro conditions [4][15] - Management acknowledged headwinds in the medical segment but remains optimistic about margin expansion and operational improvements [27][29] Other Important Information - Adjusted free cash flow totaled $131 million in 2025, approximately double that of 2024, reflecting improved earnings and reduced net interest expense [29] - The company expects 2026 total revenue growth between 22%-24%, with organic revenue growth guidance of 5%-7% [15][16] Q&A Session Summary Question: Can the large opportunity pipeline translate to double-digit growth in backlog for 2026? - Management noted that while large project timing is complex, they feel good about the underlying dynamics driving growth in the nuclear power vertical [34][36] Question: What is the expectation for medical segment growth in 2026? - Management indicated that they expect mid-single-digit growth in the medical segment, with a recovery anticipated in Europe and China [37][38] Question: How does the Paragon acquisition impact Q1 guidance? - Management stated that Q1 will be the lightest quarter for both Mirion and Paragon, with expected margin contraction due to the dilutive nature of the Paragon acquisition [44][46] Question: What is the expected contribution from SMRs to growth? - Management indicated that while SMRs are currently a small percentage of total revenue, they see significant growth potential and are actively engaging with key SMR developers [75][77] Question: Can you provide insights on the Sertrek acquisition? - Management highlighted that Sertrek broadens the nuclear power portfolio and enhances access to the SMR market, contributing positively to overall growth [79]

Financial Data and Key Metrics Changes - In 2025, Mirion Technologies booked record orders totaling more than $1 billion, representing a 26% increase compared to 2024 [4][8] - Full year revenue totaled $925.4 million, up 7.5% versus 2024, with more than half of the growth being organic [23] - Adjusted EBITDA for the full year was $227.9 million, up 12% compared to 2024, with margins expanding by 90 basis points [23][27] - Adjusted EPS for the full year was $0.46, a 12% increase despite an increase in diluted shares [24] Business Line Data and Key Metrics Changes - Nuclear power organic revenue grew more than 11% in 2025, while nuclear medicine organic revenue grew more than 13% [4] - The medical segment revenue declined 3.5% in Q4 2025, but full year medical segment revenue grew 3.7% [28] - The nuclear and safety segment revenue for Q4 was $194.9 million, up 15.5%, with organic revenue increasing 3.1% [25] Market Data and Key Metrics Changes - The nuclear power end market demonstrated the strongest growth, supported by $150 million from the large opportunity pipeline [8] - The defense and diversified end market saw a doubling of orders in Q4, primarily in the U.S. and with NATO [22] - Medical segment orders faced headwinds due to tough comps from the prior year, with nuclear medicine orders down only 6% in 2025 [9] Company Strategy and Development Direction - The company articulated a strategic priority to increase nuclear power exposure, acquiring Sertrek and Paragon Energy Solutions to augment its North American nuclear power presence [5][12] - The focus is on broadening exposure to dynamic verticals and enhancing customer intimacy through acquisitions [12] - The company expects to leverage AI for both customer-facing applications and internal productivity improvements [59][63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the nuclear power sector, citing a robust demand for solutions due to a shortage in generating capacity in developed markets [6] - The company anticipates double-digit organic growth in nuclear power for 2026, supported by a growing opportunity pipeline [6][20] - Management noted that headwinds in 2025 were seen as demand deferrals rather than a secular change in the market [10] Other Important Information - Adjusted free cash flow for 2025 totaled $131 million, approximately double that of 2024, with a 57% conversion rate [30] - The company expects 2026 total revenue growth between 22%-24%, with organic revenue growth guidance of 5%-7% [16][17] Q&A Session Summary Question: Can the large opportunity pipeline translate to double-digit growth in backlog for 2026? - Management noted that while large project timing is complex, they feel good about the underlying dynamics driving growth in the nuclear power vertical [36][39] Question: What is expected for medical segment growth in 2026? - Management indicated that they expect mid-single-digit growth in the medical segment, with a stronger performance anticipated in the second half of the year [40][41] Question: How does the Paragon acquisition impact margins and growth? - Management expects Paragon to contribute positively to margins over time, with significant growth anticipated in 2026 [65][66] Question: What is the expected contribution from large orders booked in 2025 to 2026 revenue? - Management indicated that while there will be some contribution, the first year of larger contracts tends to be the lightest [74] Question: How material are SMRs to Mirion's growth story? - Management noted that while SMRs currently represent a small percentage of total revenue, they are excited about the growth potential and ongoing engagement with SMR developers [75][76]

February 10, 2026 Fourth Quarter & Full Year 2025 Earnings Presentation 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", "possible", "potential", "predict", "project", "should", "strive", "seeks", "plans", "would", "will", "understand" and similar words are i ...

Core Viewpoint - Mirion, a leader in radiation detection and monitoring solutions, has announced new leadership appointments to enhance its focus on safety, innovation, operational excellence, and long-term growth [1] Leadership Appointments - Tighe Smith has been promoted to the newly created role of Chief Nuclear Officer, reporting to Thomas Logan [1]

分组1 - Mirion Technologies reported quarterly earnings of $0.15 per share, missing the Zacks Consensus Estimate of $0.16 per share, and down from $0.17 per share a year ago, representing an earnings surprise of -7.41% [1] - The company posted revenues of $277.4 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 1.57%, compared to year-ago revenues of $254.3 million [2] - Over the last four quarters, Mirion Technologies has surpassed consensus EPS estimates two times and topped consensus revenue estimates just once [2] 分组2 - The stock has added about 2.9% since the beginning of the year, outperforming the S&P 500's gain of 1.7% [3] - The current consensus EPS estimate for the coming quarter is $0.12 on $254.69 million in revenues, and $0.60 on $1.14 billion in revenues for the current fiscal year [7] - The Zacks Industry Rank indicates that the Technology Services sector is currently in the bottom 36% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

Financial Performance - Revenues for Q4 2025 increased by 9.1% to $277.4 million, compared to $254.3 million in Q4 2024[5] - GAAP net income for Q4 2025 was $17.8 million, an 11.9% improvement from $15.9 million in Q4 2024[5] - Adjusted EBITDA for Q4 2025 was $77.6 million, an 11.5% increase from $69.6 million in Q4 2024[5] - Total revenues for the fiscal year ended December 31, 2025, increased to $925.4 million, up 7.5% from $860.8 million in 2024[21] - Net income attributable to Mirion Technologies, Inc. for the fiscal year 2025 was $28.8 million, a significant recovery from a net loss of $36.1 million in 2024[21] - Adjusted net income for Q4 2025 was $40.1 million, up from $35.9 million in Q4 2024, representing an increase of about 11.7%[39] - Net income attributable to Mirion Technologies, Inc. for Q4 2025 was $17.3 million, an increase from $14.9 million in Q4 2024[39] - The company reported a GAAP net income of $17.8 million for Q4 2025, compared to a loss of $36.6 million for the full year 2024[39] Revenue Growth Projections - Full year 2026 revenue growth is expected to be between 22.0% and 24.0%[4] - Organic revenue growth for 2026 is projected to be between 5.0% and 7.0%[6] - The company booked over $1 billion in orders for 2025, including approximately $150 million from a large opportunity pipeline[3] - Mirion expects meaningful order growth in 2026, including contributions from Paragon Energy Solutions and Certrec[3] Cash Flow and Financial Position - Adjusted Free Cash Flow for 2026 is anticipated to be between $155 million and $175 million[11] - Cash and cash equivalents increased to $412.3 million as of December 31, 2025, compared to $175.2 million at the end of 2024[19] - Operating cash flow for 2025 was $143.3 million, an increase from $99.1 million in 2024[23] - The company issued $755.0 million in convertible senior notes during 2025, contributing to its financing activities[23] Profitability Metrics - Adjusted EBITDA for 2026 is expected to be between $285 million and $300 million, with an EBITDA margin of approximately 25.0% to 26.0%[6] - Gross profit for 2025 was $438.6 million, representing a gross margin of approximately 47.4%, compared to 46.4% in 2024[21] - Adjusted EBITDA margin improved to 28.0% in Q4 2025 from 27.4% in Q4 2024[37] Shareholder Metrics - Adjusted Earnings per Share for 2026 is expected to be between $0.50 and $0.57, now including stock-based compensation[11] - The weighted average common shares outstanding for basic earnings per share increased to 229.959 million in 2025 from 204.991 million in 2024[21] - Adjusted earnings per share (EPS) for Q4 2025 was $0.15, compared to $0.17 in Q4 2024[39] Research and Development - Research and development expenses rose to $38.9 million in 2025, up from $35.0 million in 2024, indicating a focus on innovation[21] Balance Sheet Highlights - Total assets grew to $3,588.1 million in 2025, up from $2,636.0 million in 2024, reflecting a 36.3% increase[19] - Total liabilities increased to $1,671.2 million in 2025, compared to $1,076.9 million in 2024, primarily due to the issuance of convertible debt[19] Other Financial Insights - The company experienced a foreign currency loss of $0.5 million in Q4 2025, compared to a gain of $2.0 million in Q4 2024[39] - Total income from operations for Q4 2025 was $25.5 million, down from $29.0 million in Q4 2024[37] - Adjusted free cash flow conversion was not explicitly stated but is defined as adjusted free cash flow divided by adjusted EBITDA, indicating the company's focus on cash generation[31] - The company’s net leverage ratio is calculated as net debt divided by adjusted EBITDA, providing insight into its financial leverage[33]