Mirion Technologies, Inc. Q4 FY2025 earnings call

• 2025 was a strong year with record orders over $1 billion, driven by nuclear power and nuclear medicine growth. - Acquired CERTREC in July and Paragon Energy Solutions in December 2025, augmenting North American nuclear power exposure. - Nuclear power organic revenue grew over 11% in 2025, nuclear medicine over 13%. - 2025 adjusted EBITDA was on target with expanding margins, free cash flow more than doubled. - 2026 guidance reflects growing revenues, expanding margins, and enhanced adjusted free cash flow. - Acquisitions of Paragon and CertRec broaden nuclear power exposure and strengthen position in SMR space.

Nuclear and Safety segment: Q4 revenue was $194.9 million, up 15.5%; organic revenue increased 3.1%. Full-year revenue was $614.6 million, up 9.5% compared to 2024. Medical segment: Q4 revenue was $82.5 million, down 3.5%; full-year revenue was $310.8 million, up 3.7% compared to 2024. Nuclear power end market organic revenue grew 11% for the year, while nuclear medicine organic revenue grew more than 13%.

• 2026 total revenue expected to grow 22-24% (5-7% organic without tailwinds). - Adjusted EBITDA guidance $285 million to $300 million, margins 25-26%. - Adjusted free cash flow $155 million to $175 million. - Adjusted EPS $0.50 to $0.57, including stock-based comp.

Q: Andrew Kaplowitz asked about the large opportunity pipeline and backlog growth.

A: Thomas Logan noted large project timing is dynamic, but right to win is strong in large projects.

Q: Joseph Ritchie inquired about Q1 guidance and medical segment growth.

A: Brian Schopfer mentioned Q1 is the lightest quarter, medical organic revenue expected mid-single digits.

Q: Tomohiko Sano asked about EBITDA margins and AI strategy.

A: Thomas Logan discussed margin expansion potential via growth, self-help, and AI, with AI initiatives underway.

Q: Robert Mason asked about Paragon's growth acceleration and implications.

A: Brian Schopfer said Paragon's growth is due to order growth and expanding into DOE landscape; Thomas Logan highlighted strategic implications for nuclear power business.

Q: Jeffrey Grampp asked about large orders from 2025 and SMR impact.

A: Brian Schopfer said some 2025 large orders contribute, SMRs are growing but still sub-3% of revenue.

Q: Christopher Paul Moore asked about CertRec acquisition.

A: Thomas Logan described CertRec's regulatory compliance outsourcing and AI leveraging of their data.

Q: Yuan Zhi asked about nuclear medicine and Novartis's new site.

A: Thomas Logan and Brian Schopfer discussed Mirion's role in supporting Novartis's nuclear medicine manufacturing with relevant equipment and software.