Mirion Technologies, Inc. Q1 FY2026 earnings call

• Orders increased 19% in first quarter to $241 million excluding M&A-related growth, and 42% including M&A to $288 million. Backlog now totals $1.1 billion, up 19% excluding M&A or 38% including M&A. - Paragon's first quarter revenue grew 45%, with broad-based increase in demand improving operating leverage and expanding margins. Integration efforts are progressing with identified additional synergy opportunities, and joint customer engagements are resulting in incremental order wins. - Nuclear power end market is seeing strong momentum with existing nuclear fleet reinvestment, SMR orders, and geopolitical events reinforcing need for onshore secure baseload energy. - Medical segment has seen positive order growth in RTQA market with radiation hardened cameras order, and continues to focus on international reach and digital offerings

Nuclear and Safety Segment: First quarter revenue was $186 million, up 39%. Organic revenue was 2.6%. Adjusted EBITDA grew nearly $8 million, or 19%, to $47 million. Nuclear power-related revenue, excluding M&A, increased 4% versus last year. SMR-related revenue is expected to increase to greater than 3% of total Merian revenue by year-end. Labs and research end market organic revenue growth was better than expected. Defense end market saw higher NATO and U.S. military and civil defense revenue. Medical Segment: First quarter revenue was $72 million, up 5%. Organic revenue growth was approximately 4%. RTQA end market posted double-digit organic revenue growth. Nuclear medicine organic revenue growth is expected to occur in the back half of the year. Dosimetry services end market had a slight reduction in organic growth, but core dosimetry services organic revenue would have grown low single digits excluding a difficult comp. Medical segment Q1 adjusted EBITDA was 25 million or 6% better than last year, with margins expanding reflecting operating leverage and pricing tailwinds

• Second quarter orders expected to be higher compared to first quarter, with 15% to 20% sequential growth. Consolidated second quarter organic revenue growth expected to be in the low single digits. - Nuclear and safety segment adjusted EBITDA margins expected to be relatively flat versus Q2 2025, but excluding Paragon's margin dilutive impact, margins are expected to expand. - Paragon expected to have second quarter revenue slightly lower than first quarter but still post double digit revenue growth versus last year, with full year revenue growth expected to be approximately 25% and low 20s EBITDA margins. - Medical segment margins expected to expand slightly

Q: James West asked about acceleration of nuclear buildout in US and globally.

A: Tom Logan discussed psychology shift in nuclear power plant owners from shutdown posture to wanting to operate assets for longer, impact on solutions needed, activity in advanced reactors and utility scale, and global activity.

Q: Joe Richie asked about second quarter order growth details.

A: Brian Shopper and Tom Logan discussed nuclear market being good, order dynamics playing in favor, and step change in order growth.

Q: Andy Kapulitz asked about visibility to double-digit growth in nuclear power.

A: Brian Shopper said comp set gets easier and order dynamics are nuclear power heavy.

Q: Tomo Sano asked about Paragon integration progress and 2028 EBITDA margin target.

A: Tom Logan discussed cultural alignment, synergy profile, and 30-point EBITDA target remaining intact.

Q: Quinn Cedricson asked about green shoots in RTQA and trends in Asian markets.

A: Brian Cedricson discussed green shoots and actions taken.

Q: Nick Armachui asked about margin profile within backlog.

A: Brian Shopper said margins in backlog are as expected and teams are focused on margins and cash