S e p t e m b e r 2 4 , 2 0 2 5 Mirion to Acquire Paragon Energy Solutions 1 Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to: the acquisition of Paragon by Mirion; future financial and operating results of Paragon and Mirion; the benefits of the transaction and future opportunities for the combined company, including the benefits Mirion's customers may real ...

Core Viewpoint - Mirion Technologies Inc. has agreed to acquire Paragon Energy Solutions for $585 million in an all-cash deal, aiming to enhance its offerings in the nuclear power and small modular reactors (SMRs) sectors [1][2]. Acquisition Details - The acquisition will allow Mirion to strengthen its position as a supplier to both the existing nuclear fleet and the emerging SMR market, with expected revenue generation from Paragon projected at approximately $150 million by 2026 and profit margins exceeding 20% [1][2]. - The deal is expected to yield $10 million in cost and commercial synergies within five years [2]. - The acquisition will be funded through a bridge loan arranged by Goldman Sachs, with long-term financing anticipated to involve a mix of equity and debt [3]. Financial Impact - The acquisition is projected to be accretive to earnings in the first full year following the deal's closure, which is expected by the end of 2025, pending regulatory approvals [3]. - Mirion has lowered its guidance for organic revenue growth for the fiscal year ending December 31, 2025, now expecting an increase of approximately 4.5% to 6.0% year-over-year, down from a prior estimate of 5.0% to 7.0% [5]. Market Context - The revision in revenue guidance is attributed to several factors, including softer demand in the Labs & Research segment, weaker sales related to China outside the nuclear power sector, and delays in a planned defense dosimetry order in Europe [6]. - As of June 30, 2025, Mirion held cash and cash equivalents of $262.6 million [4].

Core Viewpoint - Mirion has entered into a definitive agreement to acquire Paragon Energy Solutions for approximately $585 million in cash, enhancing its capabilities in the nuclear power industry and expanding its global reach [1][2]. Company Overview - Mirion is a global provider of radiation detection, measurement, analysis, and monitoring solutions, serving various end markets including nuclear, medical, defense, and research [13]. - Paragon Energy Solutions specializes in engineered solutions for the nuclear power industry, with a strong portfolio that includes critical nuclear systems and over 20,000 proprietary parts [3][13]. Financial Aspects - The acquisition price of $585 million represents approximately 18 times Paragon's expected Adjusted EBITDA for 2026, which is projected to be around $150 million with margins of 20% - 22% [2][4]. - The acquisition is expected to be accretive to diluted EPS in the first full year post-close and generate annualized commercial and cost synergies of $10 million [4][5]. Strategic Implications - The transaction is anticipated to broaden Mirion's offerings for nuclear power customers, including small modular reactors (SMRs), and strengthen the global supply chain for nuclear operations [2][4]. - Mirion's Chairman emphasized that the complementary capabilities of both companies will enhance customer experience and support the growing needs of the nuclear power sector [2]. Operational Details - The acquisition is supported by a fully committed bridge facility, with permanent financing expected to maintain a pro forma net debt to Adjusted EBITDA ratio of approximately 3.5x or lower [5]. - The transaction is expected to close before the end of 2025, subject to customary closing conditions and regulatory review [5]. Market Guidance - Mirion has revised its organic revenue growth guidance for the fiscal year ending December 31, 2025, now expecting growth of approximately 4.5% – 6.0%, down from a previous estimate of 5.0% – 7.0% [7][8].

Group 1: Palantir Technologies - Palantir's second-quarter 2025 revenue increased by 48% year over year, with U.S. commercial revenue rising 93% year over year, indicating strong growth momentum [2][3] - The company achieved GAAP profitability with earnings of $0.13 per share, transitioning its AI platform from pilot programs to production deployments across commercial enterprises [2][3] - Management has guided for a 50% year-over-year growth in the third quarter and raised the full-year 2025 revenue guidance, showcasing its position as a scalable software vendor with expanding margins [3] Group 2: Oklo - Oklo is developing Aurora microreactors, which are 75-megawatt, liquid-metal-cooled fast reactors aimed at providing site-level power for data centers and defense customers, but it currently has no commercial revenue and does not expect to generate power until late 2027 or early 2028 [4][6] - The company signed a nonbinding 12-gigawatt framework agreement with AI provider Switch and is the intended awardee for a U.S. Air Force Alaska microreactor contract, contingent on Nuclear Regulatory Commission licensing [6] - As AI compute demands increase, electricity is becoming a constraint, with U.S. data centers consuming 4.4% of electricity and projected to reach between 6.7% and 12% by 2028, highlighting the potential market for Oklo's solutions [5] Group 3: Comparative Analysis - Palantir is generating real revenue with 48% growth and GAAP profitability, while Oklo is speculative with no revenue until 2027, making Palantir a more attractive investment after risk adjustment [7] - Oklo's significant 1,568% stock surge over the past 12 months reflects market interest in its power solutions for AI, despite the associated licensing and construction risks [7]

Core Insights - The market is increasingly recognizing the potential of nuclear power energy companies like Oklo to address rising energy demands driven by the growth of data centers [1] Group 1: Energy Demand and Nuclear Power - The artificial intelligence revolution is leading to unprecedented energy demands, with projections indicating that by 2030, global data center growth would rank among the top 10 global power consumers [2] - Bank of America forecasts that data centers could consume more energy than Japan by 2026 and India by 2030, highlighting the urgent need for reliable energy sources [2] - Analysts emphasize that nuclear energy will be critical for energy resiliency, national security, and decarbonization in response to these escalating demands [2] Group 2: Oklo's Position and Strategy - Oklo, an advanced nuclear technology company, is positioned as a clean energy solution, having gone public in May 2024 through a SPAC merger, with its stock increasing by 553.3% year-to-date [3][7] - The company focuses on Small Modular Reactors (SMR), which are seen as a cheaper, safer, and faster method for electricity production, with a potential market size of $1 trillion by 2050 [4][7] - Oklo's strategy includes building and operating small-scale nuclear power plants and selling power directly to consumers, supported by a new recycling facility in Tennessee that will repurpose used fuel [5][6] Group 3: Future Outlook - The recycling facility in Tennessee is the first privately funded facility of its kind in the US, aimed at converting waste into gigawatts, thereby reducing costs and establishing a secure supply chain for clean energy [6] - The significant growth in Oklo's stock and the potential market for SMRs indicate a promising future for the company in the evolving energy landscape [3][7]

Market Performance Recap - Major U.S. market indexes closed lower on September 23, 2025, with the Dow Jones Industrial Average (DJIA) down 0.2% to 46,292.78, the S&P 500 (SPX) down 0.6% to 6,656.92, and the Nasdaq Composite (IXIC) down 0.9% to 22,573.47 [2][3] - The trading volume was 18.65 billion shares, higher than the last 20-session average, indicating increased market activity despite the pullback [3] Federal Reserve Influence - Federal Reserve Chair Jerome Powell's comments on stock valuations being "fairly highly valued" contributed to the market's cautious sentiment, leading to profit-taking, especially in the technology sector [3] - Powell's remarks came shortly after the central bank's latest interest rate cut, raising questions about the sustainability of the recent market surge [3] Individual Stock Highlights - Nvidia (NVDA) shares fell nearly 3% to 3.2% after a significant gain, influenced by a strategic partnership with OpenAI involving a $100 billion investment for data center buildout [7] - Boeing (BA) shares rose between 1.7% and 2.2% following a deal with Uzbekistan Airways for 14 787 Dreamliner jets, valued at over $8 billion [7] - AutoZone (AZO) experienced a decline of 0.7% to 2.9% due to weaker-than-expected fourth-quarter fiscal 2025 profit, attributed to increased spending [7] - Kenvue (KVUE) shares climbed 2.2% to 3.3%, recovering losses from the previous day, despite concerns related to Tylenol [7][8] - General Motors (GM) shares were up 0.3% after Mizuho raised its price target, noting minimal impact from tariffs and a potential 17% surge in EV sales [12] - Apple (AAPL) approached all-time peaks with a 4.3% rise after a price target increase, although durability concerns regarding iPhone 17 models emerged [12] - Oracle (ORCL) saw a significant jump of over 6% after announcing new co-CEOs [12] Upcoming Economic Indicators - Key economic data releases are anticipated, including the August Personal Consumption Expenditures (PCE) reading, which is crucial for gauging inflation and influencing Federal Reserve policy [5] - Updates on August's U.S. Durable Goods Orders, Q2 GDP Growth Rate (Final), and Existing Home Sales are also expected, providing insights into the U.S. economy's health [6]

Group 1 - Oklo, a nuclear power startup, surged nearly 30% in trading volume and is up 536% in 2025, indicating strong investor interest in nuclear energy [1] - The stock received a price target hike as nuclear energy gains attention from the Trump administration and Big Tech, particularly in relation to AI [1] - The overall stock market is at highs, with significant movements from major companies like Apple and Nvidia, while Micron's earnings are anticipated [2] Group 2 - The market is experiencing renewed interest in nuclear stocks, with Oklo positioned as a top player in the AI energy sector favored by Big Tech [4] - Tesla and Nvidia are highlighted as leading stocks to watch, contributing to the market's record highs [4] - The Dow Jones futures are falling, suggesting a potential new bullish phase for the market rally, with Tesla leading several stocks flashing buy signals [4]

Core Viewpoint - The discussion emphasizes the necessity of incorporating nuclear energy into the power generation mix to meet the increasing demand for electricity sustainably and reliably, highlighting the advancements in nuclear technology that make it a viable option for the future [2][3][6]. Group 1: Nuclear Energy Demand and Strategy - There is a generational opportunity in power demand, with significant increases not seen in decades, necessitating a mix of natural gas, solar, and nuclear energy to meet this demand [2]. - The strategy involves adding advanced nuclear reactors, such as the Natrium reactor, to create a sustainable and clean energy system [2][5]. Group 2: Advanced Nuclear Technology - The Natrium reactor, set to be the next nuclear power station in the U.S., is designed to be less capital intensive, requiring less concrete, steel, and labor compared to traditional plants [5][11]. - The first Natrium reactor is scheduled to load nuclear fuel in 2030, with plans to deploy additional reactors in the Evergy service region in Kansas [5][6]. Group 3: Economic Viability and Public Support - The economic feasibility of new nuclear plants is crucial, with advanced technologies expected to reduce costs and construction times, making them competitive with natural gas plants [11][12]. - There is strong public support for nuclear energy in the U.S., and the safety record of existing plants, like Evergy's Wolf Creek plant, contributes to this confidence [10][7].

RT Phoebe Liu (@_pheebini)Nuclear power company $OKLO's relationships with @ENERGY and #OpenAI CEO Sam Altman have certainly helped. (Altman bought shares in the SPAC that merged w/Oklo for $0.002 each in 2021. His stake is now ~$880 million.)My latest @Forbes with @chrishelman:https://t.co/D5OXj392Ca ...

Core Viewpoint - Investors are generally optimistic about Oklo's future, but there are concerns regarding the feasibility of its deployment timelines, which have been addressed by recent developments [1][4]. Group 1: Company Developments - Oklo has been selected as a participant in the U.S. Department of Energy's Reactor Pilot Program, aiming to have at least three test reactors operational by July 2026, ahead of Oklo's own target for deployment in late 2027 or 2028 [1]. - The company recently held a groundbreaking ceremony for its first power plant, the Aurora-INL, at Idaho National Laboratory, indicating progress in its plans [2]. - The Aurora-INL will be a sodium-cooled fast reactor utilizing metal fuel, based on the design of the Experimental Breeder Reactor II, which was operational until the early 1990s [2][7]. Group 2: Regulatory and Operational Aspects - Oklo's CEO highlighted the opportunity to build quickly under Department of Energy authorization before transitioning to a commercial operating license from the U.S. Nuclear Regulatory Commission [3]. - The company received fuel for its first reactor in 2019 and is currently awaiting authorization to fabricate its initial core at a facility to be constructed at Idaho National Laboratory [3]. Group 3: Employment and Economic Impact - The construction of the Aurora-INL project is expected to create approximately 370 jobs, with 70 to 80 long-term positions for operating the power plant and fuel fabrication facility [4]. Group 4: Market Sentiment and Analyst Ratings - Wall Street sentiment is largely positive, with 11 out of 16 analysts rating Oklo's stock as a Buy, although some analysts have expressed skepticism regarding the company's ambitious goals [4][5]. - Craig-Hallum analyst downgraded Oklo's shares to Hold from Buy, citing concerns over regulatory and commercial timelines, while other analysts, such as Wedbush, maintained a Buy rating and increased their price target from $80 to $150 [5][6].