Mirion — Third Quarter 2026 Earnings Summary

Financial Performance:

• Third quarter 2026 revenue increased 24.5% year-over-year to $277.8 million, compared to $223.1 million in Q3 2025.
• GAAP net income for the quarter was $7.8 million, a 151.6% increase from $3.1 million in Q3 2025.
• GAAP net earnings per share (EPS) was $0.03, up from $0.01 in the prior year period.
• Adjusted EBITDA was $64.8 million, representing a 23.7% increase from $52.4 million in Q3 2025.
• Adjusted EPS was $0.12, remaining flat compared to $0.12 in Q3 2025; the current period calculation includes stock-based compensation expense.
• Organic revenue growth for the quarter was 6.5%.
• Year-to-date (nine months ended September 30, 2026) net income was $12.5 million, compared to $12.0 million in the same period in 2025.
• Year-to-date adjusted free cash flow totaled $107 million, a doubling of the prior year's generation.
• Adjusted free cash flow for the quarter was $47 million.
• Net leverage is expected to reduce to approximately 2.6x by year-end.
• Total assets were $3,501.1 million as of September 30, 2026, down from $3,588.1 million as of December 31, 2025.
• Total liabilities were $1,665.1 million as of September 30, 2026, compared to $1,671.2 million as of December 31, 2025.
• Cash and cash equivalents were $408.7 million as of September 30, 2026, compared to $412.3 million as of December 31, 2025.
• Deferred contract revenue was $121.8 million as of September 30, 2026, up from $112.3 million as of December 31, 2025.
• Debt, non-current, was $444.0 million as of September 30, 2026, compared to $443.1 million as of December 31, 2025.
• Convertible debt was $757.6 million as of September 30, 2026, compared to $754.5 million as of December 31, 2025.
• Stock repurchased to satisfy tax withholding for vesting restricted stock units was $4.9 million for the nine months ended September 30, 2026.
• Purchases of stock for treasury were $96.8 million for the nine months ended September 30, 2026.

Guidance and Future Outlook:

• Mirion revised full-year 2026 guidance to reflect increased visibility to performance.
• Revised 2026 total revenue growth guidance is approximately 24% – 25% (previously 22.0% – 24.0%).
• Revised 2026 organic revenue growth guidance is approximately 7% – 8% (previously 5.0% – 7.0%).
• Revised 2026 Adjusted EBITDA guidance is approximately $285 million – $292 million, with a margin of 24.7% – 25.2% (previously $285 million – $300 million and 25.0% – 26.0%, respectively).
• Revised 2026 Adjusted Free Cash Flow guidance is approximately $170 million – $185 million, with a conversion rate of 60% – 63% of Adjusted EBITDA (previously $155 million – $175 million and 54% – 58%, respectively).
• Revised 2026 Adjusted EPS guidance is approximately $0.50 – $0.54 per share (previously $0.48 – $0.55 per share).
• Management expects mid-to-high teens organic revenue growth in the fourth quarter.
• Management expects to reduce net leverage to approximately 2.6x by year-end.

Business Segments and Product Lines:

• Orders for the third quarter, excluding acquisitions of Paragon and July results of Certrec, were $340 million, a 62% increase from $209 million in the same period last year.
• Including acquisitions of Paragon and July results of Certrec, third quarter orders were $386 million, an 85% increase compared to the same period last year.
• Nuclear power-related orders increased 105% year-over-year.
• Mirion has a presence in over 98% of commercial nuclear power plants globally.
• Approximately 80% of nuclear power-related revenue comes from reactors operating today.
• The company is capturing opportunities from large-scale new builds and small modular reactors.
• Revenue is split between Product ($213.5 million) and Service ($64.3 million) for the quarter.
• Product revenue was $614.8 million and Service revenue was $187.4 million for the nine months ended September 30, 2026.

Market and Competitive Landscape:

• The business is benefiting from reinvestment in the existing nuclear reactor fleet.
• The company operates in nuclear, medical, defense, and research end markets.
• Mirion employs approximately 3,200 people and operates in 12 countries.

Risks and Challenges:

• Forward-looking statements are subject to risks including changes in domestic and foreign business, market, economic, financial, political, and legal conditions.
• Specific risks include geopolitical instability (Russia, China, Middle East/U.S.-Israel-Iran conflict), tariffs, sanctions, export controls, and trade restrictions.
• Risks related to government budgets, including reductions, sequestration, and spending limits.
• Risks related to public perception of nuclear radiation and technologies.
• Risks regarding the timing of customer capital spending, procurement, and project schedules.
• Risks associated with long-term fixed-price contracts, including inflation.
• Cybersecurity threats, data security, and information technology system failures.
• Supply chain disruptions and difficulties with third-party manufacturers.
• Risks related to foreign currency exchange rates, interest rates, and inflation impacting debt service costs.
• Risks related to litigation, government proceedings, and intellectual property infringement.
• Risks related to environmental, health, and safety matters.

Management Commentary and Tone:

• Thomas Logan, Chairman and CEO, stated that third quarter results showcased quarterly orders performance, an inflection in organic revenue growth, and a doubling of year-to-date adjusted free cash flow generation.
• Logan noted orders continued to trend higher, boosted by a 105% increase in nuclear power-related orders.
• Management expressed confidence in the business benefiting from reinvestment in the existing nuclear reactor fleet.
• The tone regarding future outlook is positive, citing mid-to-high teens growth expectations for Q4 and reduced net leverage targets.

Other Key Points:

• The company acquired Paragon and Certrec (July results included in orders).
• The press release includes a conference call scheduled for October 28, 2026, at 10:00 a.m. ET.
• Non-GAAP financial measures presented include Adjusted EBITDA, Adjusted Free Cash Flow, and Adjusted EPS, with specific definitions and reconciliations provided in the document.
• Adjusted EBITDA margin for the quarter was 23.3%, compared to 23.5% in the prior year period.
• Income from operations margin was 6.2% for the quarter, compared to 3.3% in the prior year period.
• Net cash provided by operating activities for the nine months ended September 30, 2026, was $136.6 million, compared to $70.3 million in the prior year period.
• Net cash used in investing activities for the nine months ended September 30, 2026, was $31.7 million, compared to $103.8 million in the prior year period.
• Net cash used in financing activities for the nine months ended September 30, 2026, was $102.3 million, compared to net cash provided by financing activities of $778.7 million in the prior year period.