Slides
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Fourth Quarter & Full Year 2025 Earnings Presentation February 10, 2026
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Q4 & FY 2025 Earnings Presentation Disclaimer 2 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”, “under stand” and similar words are intended to identify forward looking statements, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position and guidance, our backlog and order potential, our business strategy and plans, our objectives for future operations, macroeconomic trends including the trends in cancer care, nuclear power and small modular reactor industries, foreign exchange, interest rate and inflation expectations and any future mergers, acquisitions, divestitures and strategic investments, including the completion and integration of previously completed transactions. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including changes in domestic and foreign business, market, economic, financial, political and legal conditions, including related to matters affecting Russia, the relationship between the United States and China, conflict in the Middle East, potential tariffs or other trade and supply chain disruptions, and risks of slowing economic growth or economic recession in the United States and globally; developments in the government budgets (defense and non-defense) in the United States and other countries, including budget reductions, sequestration, implementation of spending limits or changes in budgetary priorities, delays in the government budget process, a U.S. government shutdown or the U.S. government’s failure to raise the debt ceiling; risks related to the public’s perception of nuclear radiation and nuclear technologies; risks related to the continued growth of our end markets; our ability to win new customers and retain existing customers; our ability to realize sales expected from our backlog of orders and contracts; risks related to governmental contracts; our ability to mitigate risks associated with long-term fixed price contracts, including risks related to inflation; risks related to information technology system failures or other disruptions or cybersecurity, data security or other security threats; risks related to the implementation and enhancement of information systems; our ability to manage our supply chain or difficulties with third-party manufacturers; risks related to competition; our ability to manage disruptions of, or changes in, our independent sales representatives, distributors and original equipment manufacturers; our ability to realize the expected benefit from strategic transactions, such as acquisitions, divestitures, investments and partnerships, including any synergies, or internal restructuring and improvement efforts; our ability to issue debt, equity or equity-linked securities in the future; risks related to changes in tax law and ongoing tax audits; risks related to future legislation and regulation both in the United States and abroad; risks related to the costs or liabilities associated with product liability claims; risks related to the uncertainty of legal claims, litigation, arbitration and similar proceedings; our ability to attract, train and retain key members of our leadership team and other qualified personnel; risks related to the adequacy of our insurance coverage; risks related to the global scope of our operations, including operations in international and emerging markets; risks related to our exposure to fluctuations in foreign currency exchange rates, interest rates and inflation, including the impact on our debt service costs; our ability to comply with various laws and regulations and the costs associated with legal compliance; risks related to the outcome of any litigation, government and regulatory proceedings, investigations and inquiries; risks related to our ability to protect or enforce our proprietary rights on which our business depends or third-party intellectual property infringement claims; liabilities associated with environmental, health and safety matters; our ability to predict our future operational results; and the effects of health epidemics, pandemics and similar outbreaks may have on our business, results of operations or financial condition. Further information on risks, uncertainties and other factors that could affect our financial results are included in the filings we make with the United States Securities and Exchange Commission (the “SEC”) from time to time, including our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and other periodic reports filed or to be filed with the SEC. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. Non-GAAP Financial Measures In addition to our results determined in accordance with GAAP, we believe non-GAAP measures are useful in evaluating our operating performance, including organic revenues, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted EPS, adjusted free cash flow, adjusted free cash flow conversion, net leverage. We use this non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. See the footnotes on the slides where these measures are discussed and the Non-GAAP reconciliations in the Appendix for a description of these non-GAAP financial measures and reconciliations to the most directly comparable GAAP financial measures. Additionally, forward-looking non-GAAP financial measures are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent difficulty in projecting and quantifying the various adjusting items necessary for such reconciliations, such as stock-based compensation expense, amortization and depreciation expense, merger and acquisition activity and purchase accounting adjustments, that have not yet occurred, are out of Mirion’s control or cannot be reasonably predicted. Accordingly, a reconciliation for our guidance organic revenue growth, adjusted EBITDA, adjusted earnings per share, adjusted free cash flow, adjusted free cash flow conversion, and net leverage is not available without unreasonable effort. Industry and Market Data In this presentation, we rely on and refer to information and statistics regarding market participants in the sectors in which Mirion competes and other industry data. We obtained this information and statistics from third-party sources, including reports by market research firms and company filings. Mirion has not independently verified the data obtained from these sources and cannot assure you of the data’s accuracy or completeness. Operating Metrics This presentation contains certain operating metrics that our management uses to help us evaluate our business, identify trends affecting our business, formulate business plans and make strategic decisions, including orders. See the Appendix to this presentation for our definitions of such metrics.
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Q4 & FY 2025 Earnings Presentation3 Annual Takeaways Mirion 1 Part of the 2025 large opportunity order pipeline previously disclosed in our Q3 2025 earnings presentation. 2025 H I G H L I G H T S 2026 H I G H L I G H T S Record $1B+ Orders in 2025 Showcasing the Nuclear Power End-market Including $150 million of large opportunity pipeline Nuclear Power orders1 Debuting 2026 Large Opportunity Pipeline ~$400+ million expected to be awarded in 2026 Broadening our Nuclear Power Portfolio Completed the acquisitions of Certrec and Paragon Energy Solutions taking pro-forma Nuclear Power revenue exposure to ~47% 2026 Guidance Reflects Strong Fundamentals Growing revenue, expanding margins, enhanced adjusted free cash flow expected Double Digit Organic Revenue Growth in Nuclear Power and Nuclear Medicine +11% from Nuclear Power and +13% from Nuclear Medicine Continued Nuclear Power Momentum in 2026 Recent headlines support continued opportunities for Mirion; power availability increasingly critical
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Q4 & FY 2025 Earnings Presentation Record $1+ Billion Orders in 2025 4 Note: Orders figures on an as reported basis. 1 Excludes the Turkish de-booking adjustment from Q3’24, the July 2025 Certrec acquisition, and the December 2025 Paragon acquisition. 2 Backlog details included in the appendix. Showcasing the Nuclear Power End-market Nuclear Power and Defense-related orders more than offsetting Labs & Research softness Lower Medical Segment orders driven primarily from the Japanese RTQA market and tough comp from a dosimetry end- market hardware order ($ millions) $21M $183M $26M $4M $843M $863M -$14M $1,032M $1,062M 2025 Order Book 2025 Order Book Certrec Acquisition Paragon Acquisition Medical Segment Nuclear & Safety Segment1 2024 Order Book 2024 Adjusted Order Book Turkey New Build De-Booking +20% vs. Adj. 2024 order book +26% vs. 2024 order book Backlog growth compared to Q4’24, including Paragon2 Excluding Paragon & Certrec Acquisitions Including Paragon & Certrec Acquisitions (Nuclear & Safety segment) Nuclear & Safety segment K E Y T A K E A W A Y S : Full Year 2025 +36% Backlog Growth
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Q4 & FY 2025 Earnings Presentation5 2025 Year-in-Review Expanding Margins and Generating More Cash 5.5 – 7.5% 24.0% - 25.0% O R G A N I C R E V E N U E G R O W T H T O T A L R E V E N U E G R O W T H A D J U S T E D E B I T D A A D J U S T E D F R E E C A S H F L O W A D J U S T E D E P S F Y 2 0 2 5 G u i d a n c e I n i t i a l Q 3 ’ 2 5 G u i d e 4.5 – 6.0% 4.0 – 6.0% 7.0 – 9.0% $215 – $230M $223 – $233M $85 – $110M $100 – $115M $0.45 – $0.50 $0.48 – $0.52 24.5% - 25.5% per shareper share F Y 2 0 2 5 A c t u a l s 3.9% 7.5% $227.9M 24.6% $131M 57% $0.46 per share Primarily reflects softer than expected RTQA and Labs & Research end-markets +6.5%, excluding the contribution from Paragon acquisition closed on 12/1/2025 For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please see the Appendix. 45% - 49%39% - 48% % EBITDA Margin % Adj. EBITDA Conversion Partly due to slightly elevated tax rate
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Q4 & FY 2025 Earnings Presentation Delayed Demand from Labs & Research and RTQA 6 Demand Drivers Still Applicable Today Percent of world population that will be 65+ by 2050 (vs. 10% in 2022)2 A G I N G G L O B A L P O P U L A T I O N G R O W I N G M I D D L E C L A S S R I S I N G C A N C E R D I A G N O S E S ~17% Middle class consumers by 2030E4; supports global growth of western standards of care ~5-6 billion Expected increase in cancer diagnoses by 20503 +70% U.S. DOE Grants to Accelerate SMRs1 U . S . D O E S U P P O R T I N G S M R s E X P A N D I N G I N D U S T R Y B R E A D T H O N E- T I M E 2025 I M P A C T S $800M Expanding key products, like spectroscopy, to serve other industries 2025 negatively impacted by D.O.G.E. initiatives and 43-day U.S. government shutdown Labs & Research End-market RTQA End-market 1 Reuters. “US federal grants spur small reactor build activity”. January 28, 2026. 2 United Nations. “Global Issues – Ageing”. 3 United Nations. “Cancer rates set to rise 77 per cent by 2050”. February 1, 2025. 4 World Economic Forum. “How the world has achieved middle-class dominance, against the odds”. July 18, 2025.
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Q4 & FY 2025 Earnings Presentation Continuing Strong Track Record Across Key Metrics 7 For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please see the Appendix. CAGR’s based on mid-point of 2026 guidance. References to FY are to the twelve months ended December 31. Adjusted EBITDA Margin calculated as Adjusted EBITDA divided by Total Revenue. Adjusted Free Cash Flow conversion calculated as Adjusted Free Cash Flow divided by Adjusted EBITDA. 1 22.5% includes full year public company costs to reflect a more direct comparison to FY 2022 – FY 2026E data. 24.2% including a partial year public company costs. Including achieving our ’26 Adj. FCF conversion goal a year earlier Growing Total Revenue $ millions | % percentage Expanding Adjusted EBITDA Margin $ millions | % revenue Incremental Adjusted Free Cash Flow $ millions | % adj. EBITDA percentage $683 $718 $801 $861 $925 FY’21 FY’22 FY’23 FY’24 FY’25 FY’26E $1,129 – $1,147M $165 $165 $181 $204 $228 FY’21 FY’22 FY’23 FY’24 FY’25 FY’26E $285 – $300M 25.0% - 26.0%24.6%23.7%22.6%22.9% $36 $74 $65 $131 FY’21 FY’22 FY’23 FY’24 FY’25 FY’26E $155 – $175M 22.5%1 54% - 58%57%32%41%22% Achieved 2026 Adj. FCF conversion target in 2025 Not applicable due to SPAC- related impacts
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Q4 & FY 2025 Earnings Presentation Transforming Acquisitions into Long-term Success 8 1 Instrumentation & Controls Track record of successful M&A integration Cumulative Impact Time to Realize S H O R T T E R M M E D I U M T E R M L O N G T E R M • Commercial cross-sell & optimization, emphasis on New Nuclear & SMR • Functional integration (e.g., IT, finance, HR, legal, compliance) • International expansion • Supply chain & procurement • AI / Digital evolution • Pricing optimization • I&C1 product integration
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Q4 & FY 2025 Earnings Presentation ’26 Growing Large Opportunity Pipeline 9 $200M Timing from 2025 New Projects Identified 2026 Large Opportunity Pipeline ~$200M+ >$400M Expanding on 2025’s progress Q4 & FY 2025 Earnings Presentation Carryover amount from the previously disclosed 2025 large opportunity pipeline New build opportunities (includes NPPs & SMRs)19 Installed base opportunities2 Other opportunities5 1 NPP = large-scale nuclear power plants; SMR = small modular reactor. Note: Large opportunity pipeline projects are $10 million or more. 2026 Large Opportunity Pipeline $400M Greater than
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Q4 & FY 2025 Earnings Presentation Continued Nuclear Power Momentum in 2026 Recent Headlines Support Opportunities for Mirion 10 US Strikes $80 Billion Deal for New Nuclear Power Plants New Life for Nuclear in Push to Triple Global Capacity Nuclear Industry to Add 15 Reactors in 2026 Investors Bet on Newcleo as it Designs Nuclear Waste-Fueled Reactors China Begins Construction of Two New Nuclear Power Plants Meta Announces Nuclear Energy Projects, Unlocking up to 6.6GW Slovakia and U.S. Sign Nuclear Energy Agreement Westinghouse and Tetra Tech Canada Sign Agreement for Nuclear New-Build Projects U.S. Department of Energy Awards $2.7 Billion to Restore American Uranium Enrichment Small Nuclear Reactors are Worth the Wait Britain Launches Framework to Boost Advanced Reactor Development DOE Announces New Efforts to Boost Nuclear Fuel Supply Chain
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Q4 & FY 2025 Earnings Presentation Power Availability Becoming Increasingly Important ~1/3 of data sites expected to exceed 1 GW by 2035 “Power availability has moved beyond being a planning consideration to become a defining boundary on data center growth”1 “Each 1GW campus would consume as much as ~20% of New York City’s entire electricity load”2 55% 36% 10% 34% 48% 20% 27% 41% 32% 0 - 200MW 200MW - <1GW >1GW Today 2030 2035 Distribution of data center sizes as part of developers’ portfolios3 $ millions | % percentage 1 Bloom Energy 2026 Data Center Power Report. 2 New York City Mayor’s Office of Climate & Environmental Justice, 2024. 3 Bloom Energy Data Center Survey (Nov. 2025). ~1/3 of data sites expected to exceed 1GW by 2035 11
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Q4 & FY 2025 Earnings Presentation ‘26 Guidance Reflects Strong Fundamentals 12 Growing revenue, expanding margins, increasing adjusted free cash flow expected F Y 2 0 2 6 G u i d a n c e1 T O T A L R E V E N U E G R O W T H A D J U S T E D E B I T D A Margin % A D J U S T E D F C F Adjusted FCF Conversion % of Adjusted EBITDA ~$155 – $175M 54% – 58% A N N U A L I Z E D F O R E I G N E X C H A N G E S E N S I T I V I T Y 3 +/- $1M Adjusted EBITDA for every .01 ∆ +/- $3.5M Revenue for every .01 ∆ ~22.0 – 24.0% ~$285 – $300M ~25.0% – 26.0% Includes FX and acquisition-related tailwinds ~$0.50 – $0.57 per share A D J U S T E D E A R N I N G S P E R S H A R E 2 1 2026 guidance includes an assumed fourth quarter 2025 foreign exchange rate of 1.175 Euro-to-USD, 2 Includes interest expense savings from convertible notes and refinanced Term Loan B; interest income from incremental cash on the balance sheet; additional earnings from acquisitions. 3 Foreign exchange sensitivities are based on Euro exchange rates. ~5.0 – 7.0% O R G A N I C R E V E N U E G R O W T H 2 Now includes stock-based compensation
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Q4 & FY 2025 Earnings Presentation For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please see the Appendix. 1 Excludes the July 2025 Certrec acquisition and the December 2025 Paragon acquisition. $77.6M Q4’25 Adj. EBITDA +11.5% vs. Q4’24; Reflects 60bps expanded margins; reflects margin dilutive Paragon impact +$78M Q4 Adj. FCF Generation $131M Full Year 2025; 57% Full Year conversion; outperforming guidance $0.15 / share Q4’25 Adj. EPS Reflects ~50 million additional shares from (1) convertible notes and (2) weighted quarter’s impact from equity raise supporting the Paragon acquisition +62% Q4 Adjusted Orders vs. Q4’24; includes ~$140 million of “large opportunity” Nuclear Power orders1 Q4’25 Key Messages 13 +0.5% organic vs. Q4’24; +9.1% total; includes ~30% Nuclear Power end-market total revenue growth $277.4M Q4’25 Revenue
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Q4 & FY 2025 Earnings Presentation Nuclear Power Leading our Strong Performance Illustrative of the Nuclear Renaissance Underway +52% Adjusted Orders1 $39M +11% FY’25 vs. FY’24 Organic Revenue FY’25 vs. FY’24 Nuclear Power End Market Full Year Snapshot SMR-related Orders 1 Excludes the Turkish de-booking adjustment from Q3’24, the July 2025 Certrec acquisition, and the December 2025 Paragon acquisition. +46% excluding FX 14 Q4 & FY 2025 Earnings Presentation ~$17M in ‘23 + ‘24 combined +18% total revenue FY’25 vs. FY’24
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Q4 & FY 2025 Earnings Presentation Q4’ 25 Orders Performance 15 Note: Orders figures on an as reported basis. 1Paragon acquisition closed in December 2025. The $25.9M of Paragon orders only reflect December 2025. Record Quarterly Orders; Delivering on the Large Opportunity Pipeline ~2x orders increase from all three nuclear power verticals: new builds, installed base, and SMRs Declining Medical Segment orders; primarily in Nuclear Medicine & Dosimetry ($ millions) $273M $414M $441M $151M $26M $2M Q4’24 Order Book Nuclear & Safety Segment Medical Segment Q4’25 Order Book Paragon Acquisition1 Certrec Acquisition Q4’25 Order Book -$11M +62% vs. Q4’24 order book ~2x orders increase in Defense & Diversified end-market primarily in North America and France Reflects ~$140 million of large opportunity Nuclear Power orders Reflects tough comparables in Nuclear Medicine & Dosimetry Nuclear & Safety segment Excluding Paragon & Certrec Acquisition Including Paragon & Certrec Acquisition K E Y T A K E A W A Y S : 4th Quarter 2025
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Q4 & FY 2025 Earnings Presentation 2025 Large Opportunity Pipeline 16 $175M $90M $200M $55M $30M $110M 2025 Remaining Large Opportunity Pipeline UK New Build Award France Installed Base Award 2025 Pipeline Pushed to 2026 Previous 2026 Pipeline Remaining Opportunities Winning orders; additional wins expected in 2026 $350M $285M $175M $10M $55M $110M 2025 Large Opportunity Pipeline Q3’25 Order Awarded to Mirion October Order Awarded to Mirion Updated Large Opportunity Pipeline Timing Pushed to 2026 2025 Large Opportunity Pipeline SMR new build order awarded Asia installed base order awarded Q3’25 Earnings Call Disclosure Latest Update ~$140 million of large opportunity Nuclear Power orders in Q4’25 ($55M Asia + $55M UK + $30M France)
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Q4 & FY 2025 Earnings Presentation Mirion 17 For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please see the Appendix. References to Q4 2024 and Q4 2025 are to the three months ended December 31, 2024 and 2025, respectively. References to FY 2024 and FY 2025 are to the twelve months ended December 31, 2024 and 2025, respectively. Adjusted EBITDA Margin calculated as Adjusted EBITDA divided by Revenue. Fourth Quarter and Full Year Ended December 31, 2025 Revenue $ millions | % percentage Adjusted diluted EPS $ cents Adjusted EBITDA and Margin $ millions | % percentage $254.3 $277.4 $860.8 $925.4 Q4’24 Q4’25 FY’24 FY’25 +9.1% +7.5% 28.0%27.4% 24.6%23.7% Adjusted EBITDA Margin: $69.6 $77.6 $203.6 $227.9 Q4’24 Q4’25 FY’24 FY’25 +11.5% +11.9% $0.17 $0.15 $0.41 $0.46 Q4’24 Q4’25 FY’24 FY’25 -11.8% +12.2% % Q4’25 vs. Q4’24 FY’25 vs. FY’24 Organic +0.5% +3.9% Acquisition +5.2% +1.8% FX 3.4% 1.8% Total +9.1% +7.5%
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Q4 & FY 2025 Earnings Presentation18 Understanding 2025 Revenue Performance Non-nuclear headwinds impacted 2025 performance $56M $28M $15M Organic Revenue ($13M) FX Initial 2025 Revenue Guidance ($22M) Organic Headwinds FX Acquisitions 2025 Total Revenue $861M $904M $925M 2024 Revenue +5.0% guidance +7.5% actuals % YoY (’24-’25) 6.5% (1.5%) 5.0% 7.5%(2.5%) 3.3% 1.8% Mid-point of 5.5 – 7.5% guidance Mid-point of 4.0 – 6.0% guidance Note: Differences in summing up growth percentages due to rounding. Primarily RTQA and Labs & Research End-markets
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Q4 & FY 2025 Earnings Presentation Mirion Nuclear & Safety 19 For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please see the Appendix. References to Q4 2024 and Q4 2025 are to the three months ended December 31, 2024 and 2025, respectively. References to FY 2024 and FY 2025 are to the twelve months ended December 31, 2024 and 2025, respectively. Adjusted EBITDA Margin calculated as Adjusted EBITDA divided by Revenue. Fourth Quarter and Full Year Ended December 31, 2025 K E Y T A K E A W A Y S : 4th Quarter 2025 70bps FY EBITDA % expansion excl. Paragon; 50bps Q4’25 EBITDA % expansion excl. Paragon +12.4% Nuclear Power end-market organic revenue growth vs. Q4 2024; +11% full year (8.5%) Labs & Research end-market organic revenue growth vs. Q4; (8.5%) full year softer detector demand in N. America and Europe NUCLEAR & SAFETY Revenue $ millions | % percentage Adjusted EBITDA and Margin $ millions | % percentage $168.8 $194.9 $561.1 $614.6 Q4’24 Q4’25 FY’24 FY’25 +15.5% +9.5% 30.8%31.3% 28.9%28.5% $52.8 $60.0 $159.8 $177.7 Q4’24 Q4’25 FY’24 FY’25 +13.6% +11.2% Adjusted EBITDA Margin: % Q4’25 vs. Q4’24 FY’25 vs. FY’24 Organic +3.1% +4.4% Acquisition +7.6% +2.7% FX +4.8% +2.4% Total +15.5% +9.5%
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Q4 & FY 2025 Earnings Presentation Mirion Medical 20 For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please see the Appendix. References to Q4 2024 and Q4 2025 are to the three months ended December 31, 2024 and 2025, respectively. References to FY 2024 and FY 2025 are to the twelve months ended December 31, 2024 and 2025, respectively. Adjusted EBITDA Margin calculated as Adjusted EBITDA divided by Revenue. Fourth Quarter and Full Year Ended December 31, 2025 (4%) RTQA end-market organic revenue vs. Q4 2024; (1%) full year negatively impacted by hardware business MEDICAL Revenue $ millions | % percentage Adjusted EBITDA and Margin $ millions | % percentage K E Y T A K E A W A Y S : 4th Quarter 2025 Adjusted EBITDA margin enhancement primarily due to procurement savings and opex in-year initiatives Lower Q4 Nuclear Medicine and Dosimetry end-market organic revenue on tough comps; Nuclear Medicine organic revenue increased double-digits for the full year % Q4’25 vs. Q4’24 FY’25 vs. FY’24 Organic (4.8%) +3.1% Acquisition +0.4% +0.2% FX +0.9% +0.4% Total (3.5%) +3.7% $85.5 $82.5 $299.7 $310.8 Q4’24 Q4’25 FY’24 FY’25 -3.5% +3.7% $33.2 $34.9 $104.6 $116.3 Q4’24 Q4’25 FY’24 FY’25 +5.1% +11.2% 42.3%38.8% 37.4%34.8% Adjusted EBITDA Margin:
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Q4 & FY 2025 Earnings Presentation Adjusted Free Cash Flow 21 Improved earnings and working capital productivity are improving Adjusted Free Cash Flow E N H A N C E D E B I T D A M A R G I N S Operating leverage and procurement efficiencies each contributing M O R E O P P O R T U N I T I E S A H E A D Focused on working capital initiatives C A P I T A L S T R U C T U R E I M P R O V E M E N T S Reduced & refinanced our Term Loan B; Issued $400M, 0.25% ’30 convertible note and $375M, 0.00% ’31 convertible note For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please see the Appendix. Adjusted Free Cash Flow conversion is calculated as Adjusted Free Cash Flow divided by Adjusted EBITDA. Adjusted Free Cash Flow & Conversion $ millions | % adj. EBITDA percentage $36 $74 $65 $131 22% 41% 32% 57% 2022 2023 2024 2025 2026E $155 - $175M % Conversion Adj. FCF 54% – 58%
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2Q 2025 Earnings Presentation 22 Appendix Q4 & FY 2025 Earnings Presentation
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Q4 & FY 2025 Earnings Presentation END MARKET 2025 Organic Growth MSD 2026E Organic Growth HSD 2025 & 2026E COMMENTARY & TRENDS NUCLEAR & SAFETY NUCLEAR & SAFETY 23 Driven by Nuclear Power 5.5 to 7.5% ’26E ORGANIC REVENUE GROWTH Organic Growth Performance and Trends END MARKET 2025 Organic Growth LSD 2026E Organic Growth MSD 2025 & 2026E COMMENTARY & TRENDS DD DD NUCLEAR POWER • 2025: New build and installed base driving double-digit growth; SMR accelerating • 2026E: SMR expected to be a bigger contributing factor; new build & installed base should demonstrate continued growth Neg MSD+ RADIATION THERAPY QUALITY ASSURANCE (RTQA) • 2025: Hardware headwinds in N. America, China, and Japan; partially offset by software tailwinds • 2026E: Growing software platform in the U.S. and RoW; hardware market stabilizing MEDICAL Neg HSD FLAT LABS & RESEARCH • 2025: Negatively impacted by (1) delayed U.S. DoE and Chinese demand; (2) government shutdown; (3) and DOGE impacts. • 2026E: Reflects geopolitical uncertainty and funding concerns DD DD NUCLEAR MEDICINE • 2025: Hardware growth in the U.S. and RoW supported by expansion of clinic growth • 2026E: Continued hardware growth enhanced with software offerings LSD MSD DEFENSE & DIVERSIFIED INDUSTRIALS • 2025: Double-digit industrials growth partially offset by a tough comparable of European civil defense revenue in 2024 • 2026E: Accelerated defense revenue expected; tough comparable in diversified industrials LSD FLAT DOSIMETRY • 2025: Continued adoption of InstadoseVUE®; timing headwind earlier in 2025 • 2026E: Progress expected from InstadoseVUE®; identifying additional markets to address; difficult hardware comp from 2025 MEDICAL CANCER CARE
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Q4 & FY 2025 Earnings Presentation 2026E Estimated Revenue Mix Paragon and Certrec Expected to Drive Expanded Mix Across Nuclear & Safety, North America, & New Build / SMR Revenue by Geography Nuclear Power Revenue ~30% ~70% Medical Nuclear & Safety Revenue by Segment ~55% North America ~45% ROW ~80% ~20% Installed Base New Build / SMR T O T A L M I R I O N N U C L E A R P O W E R END - M A R K E T Pie chart data based on approximate splits of full year 2026E revenue. The Revenue by Geography pie chart data differs from the 10-K table because the 10-K table is revenue “originating from” a geography versus this pie chart depicting revenue “shipped to” a geography. 48% in 2025 66% in 2025 24
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Q4 & FY 2025 Earnings Presentation Backlog Trend 25 Backlog figures on an as reported basis. Backlog figures include acquisitions of OncoSpace, Certrec, and Paragon Energy Solutions. Q4’22 – Q4’25 K E Y T A K E A W A Y S : Backlog coverage heading into 2026; vs. 47% in 2025; Accelerating installed base and SMR orders within the Nuclear Power end-market beyond the large opportunity pipeline ($ millions) Lower Q4 and Full Year Medical segment orders across each end-market $737 $741 $743 $799 $857 $841 $825 $815 $812 $814 $819 $808 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 $134 $971 Q4’25 $1,104 +36% vs. Q4’24 ~47% Paragon orders
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Q4 & FY 2025 Earnings Presentation Non-GAAP Reconciliations 26 Adjusted Free Cash Flow and Net Leverage ($ millions) Full Year 2022 Full Year 2023 Full Year 2024 Full Year 2025 Net cash provided by operating activities $39.4 $95.2 $99.1 $143.3 Purchases of / Proceeds from PPE and badges (34.2) (37.1) (48.8) (35.4) Proceeds from derivative contracts - 4.4 4.6 3.4 Cash used for non-operating expenses 30.7 11.7 10.5 19.7 Adjusted Free Cash Flow $35.9 $74.2 $65.4 $131.0 Ending cash balance $74 $129 $175 $412 Debt from first lien term loan 822 695 695 450 Convertible Note - - - 775 Net Debt $748 $566 $520 $813 LTM Adjusted EBITDA 165 181 204 228 LTM Adjusted EBITDA Contribution from M&A (proforma) 4 5 - 24 LTM Adjusted EBITDA Plus M&A Contribution $169 $186 $204 $252 Total Net Debt / M&A Adjusted EBITDA (Net Leverage) 4.4x 3.0x 2.5x 3.2x ▪ Working Capital: ($12M) use of cash reflects large nuclear project cash timing and acquisition-related impacts partially offset by improvements to accounts receivable and inventory. ▪ CAPEX: Improvement year-over-year reflects absence of initial InstadoseVUE® investment from 2024. ▪ Net Interest Expense: Reflects (1) reduced interest expense from lower Term Loan B principal partially offset by two convertible notes; and (2) higher interest income from elevated cash held from October 2025 capital raise to fund the December 2025 acquisition of Paragon. ▪ Net Leverage: Continue to target <2.5x long-term net leverage.
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Q4 & FY 2025 Earnings Presentation27 Interest Expense: $450M SOFR + 2.00% for the ’32 Term Loan B; $400M 0.25% ‘30 convert notes; $375M 0% ‘31 convert notes Amortization: (pre any incremental M&A) ~$118M; includes ~$25M associated with Paragon Capex: ~$60M Basic Share Count: ~246M shares Modeling Assumptions Supporting 2026 Guidance Cash Taxes: ~$35M Effective Tax Rate: ~25 - 27% Stock-based Compensation: ~$20M Net Working Capital: use of cash; productivity metrics improving; more than offset by project timing Foreign Exchange Rate (EUR-to-USD): 1.175 Diluted Share Count: ~275M shares; includes convertible notes and equity raise
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Q4 & FY 2025 Earnings Presentation Revenue Growth 28 2-Year Growth Stacks 1Q 2Q 3Q 4Q FY a 2025 6.0% 5.4% 4.7% 0.5% 3.9% b 2024 5.5% 3.6% 6.1% 10.3% 6.6% c 2023 7.9% 8.4% 17.3% 5.3% 9.3% a+b=d 2-Yr Stack 2025 11.5% 9.0% 10.8% 10.8% 10.5% b+c=e 2-Yr Stack 2024 13.4% 12.0% 23.4% 15.6% 15.9% 1Q 2Q 3Q 4Q FY a 2025 3.0% 10.1% 5.2% (4.8%) 3.1% b 2024 0.6% 2.6% 3.2% 3.7% 2.6% c 2023 10.8% 6.9% 5.2% 9.6% 8.1% a+b=d 2-Yr Stack 2025 3.6% 12.7% 8.4% (1.1%) 5.7% b+c=e 2-Yr Stack 2024 11.4% 9.5% 8.4% 13.3% 10.7% 1Q 2Q 3Q 4Q FY a 2025 7.6% 2.9% 4.4% 3.1% 4.4% b 2024 8.4% 4.1% 7.8% 13.9% 8.8% c 2023 6.1% 9.3% 26.3% 3.0% 10.1% a+b=d 2-Yr Stack 2025 16.0% 7.0% 12.2% 17.1% 13.2% b+c=e 2-Yr Stack 2024 14.5% 13.4% 34.1% 16.9% 18.9% 1Q 2Q 3Q 4Q FY a 2025 4.9% 7.6% 7.9% 9.1% 7.5% b 2024 5.8% 5.0% 8.2% 10.4% 7.5% c 2023 11.6% 12.2% 18.8% 5.7% 11.6% a+b=d 2-Yr Stack 2025 10.7% 12.6% 16.1% 19.6% 15.0% b+c=e 2-Yr Stack 2024 17.4% 17.2% 27.0% 16.0% 19.1% 1Q 2Q 3Q 4Q FY a 2025 2.7% 10.9% 5.9% (3.5%) 3.7% b 2024 0.6% 7.7% 7.7% 5.2% 5.3% c 2023 10.5% 1.8% 0.1% 6.8% 4.7% a+b=d 2-Yr Stack 2025 3.3% 18.6% 13.6% 1.6% 9.0% b+c=e 2-Yr Stack 2024 11.1% 9.5% 7.8% 12.0% 10.0% 1Q 2Q 3Q 4Q FY a 2025 6.0% 5.8% 9.0% 15.5% 9.5% b 2024 8.7% 3.7% 8.4% 13.2% 8.7% c 2023 12.2% 18.5% 32.8% 5.1% 15.8% a+b=d 2-Yr Stack 2025 14.8% 9.5% 17.4% 28.8% 18.3% b+c=e 2-Yr Stack 2024 20.9% 22.2% 41.2% 18.3% 24.5% T O T A L C O M P A N YM E D I C A L N U C L E A R & S A F E T Y O R G A N I C R E V E N U E G R O W T H R E P O R T E D R E V E N U E G R O W T H
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Q4 & FY 2025 Earnings Presentation Twelve Quarter Segment Reconciliation 29 Nuclear & Safety
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Q4 & FY 2025 Earnings Presentation Twelve Quarter Segment Reconciliation 30 Medical
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Q4 & FY 2025 Earnings Presentation Twelve Quarter Segment Reconciliation 31 Corporate & Other
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Q4 & FY 2025 Earnings Presentation Twelve Quarter Segment Reconciliation 32 Consolidated
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Q4 & FY 2025 Earnings Presentation Non-GAAP Reconciliations 33 Consolidated – Income from Operations, Gross Profit & Adjusted EBITDA
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Q4 & FY 2025 Earnings Presentation Non-GAAP Reconciliations 34 Adjusted Earnings per Share
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Q4 & FY 2025 Earnings Presentation Share Count 35 Details1 Share Description Outstanding Securities as of 12/31/20252 Outstanding Securities as of 12/31/20242 Notes Shares of Class A Common Stock, including Treasury Stock 248,155,411 226,203,780 ▪ Shares as of close of trading on the New York Stock Exchange (NYSE), including treasury stock purchased by Mirion Treasury Stock (3,492,619) (288,013) ▪ During the year ended December 31, 2025, Mirion purchased 1.16 million shares of Class A common stock as part of a share repurchase program and 1.78 million shares subsequent to its issuance of convertible notes. Outstanding Shares of Class A Common Stock 244,662,792 225,915,767 ▪ Outstanding shares as of close of trading on the New York Stock Exchange (NYSE), excluding treasury stock Shares of Class B Common Stock – Mirion Management3 5,869,555 6,504,885 ▪ Shares of Class B common stock are owned by certain current and former members of Mirion’s management team and are paired on a one-for-one basis with shares of Class B common stock of Mirion Intermediate Co, Inc. (the “paired interests”). Holders of the paired interests have the right to have their interests redeemed for, at the option of Mirion, shares of Class A common stock on a one-for-one-basis or cash based on a trailing stock price average. Illustrative Total Shares Outstanding 250,532,347 232,420,652 Convertible Notes 30,320,703 — ▪ During the year ended December 31, 2025, Mirion issued $775 million of notes potentially convertible to shares of Class A common stock (subject to the terms of the notes). The dilutive impact shown is based upon an initial conversion rate of 43.2751 shares per $1,000 principal amount of the May issuance ($400 million) and 34.6951 shares per $1,000 principal amount of the September issuance ($375 million). Outstanding Equity Awards4 2,424,049 2,802,871 ▪ Mirion had 1.0 million shares of restricted stock units and 1.4 million shares of performance stock units outstanding as of December 31, 2025. Additionally, Mirion had reserved an additional 39.7 million shares of Class A common stock for future equity awards issuance under its 2021 Omnibus Incentive Plan (subject to annual automatic increases) as of December 31, 2025. Total Illustrative Fully Diluted Shares 283,277,099 235,223,523 1 All data on this slide is as of December 31, 2025, or December 31, 2024, unless otherwise noted. All share numbers and dollar amounts are subject to adjustment for stock splits or other similar events. 2 This slide illustrates Mirion’s outstanding and fully diluted shares based on certain assumptions set forth in the “Notes” column and is designed to be illustrative and provide investors with additional information only. Different assumptions will yield different results, and the actual number of our fully diluted shares in the future may differ significantly from those based on these assumptions. As a result, you should not rely on these forward-looking statements as predictions of future events. The information provided is not presented in accordance with Accounting Standards Codification (ASC) 260, Earnings Per Share (ASC 260) and does not represent a computation of weighted average shares nor are the numbers appropriate for calculating Basic or Diluted EPS under ASC 260. 3 The slide illustrates the assumption that all of the paired interests will be redeemed and exchanged for shares of Class A common stock. 4 The number of reserved shares are subject to automatic increases on the first day of each year in an amount equal to the lesser of (i) three percent (3%) of the outstanding shares of Class A common stock on the last day of the immediately preceding year, (ii) 9,976,164 shares of Class A common stock and (iii) such number of shares of Class A common stock as determined by Mirion Compensation Committee in its discretion.
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Q4 & FY 2025 Earnings Presentation Convertible Notes (Issued May and September 2025) 36 Illustrative Table of Potential Dilutive Impact of Convertible Notes due 2030 & 2031 and Capped Call Overlay Following table illustrates the potential dilutive shares under (i) our $400mm aggregate principal amount of convertible notes due 2030 and (ii) our $375mm aggregate principal amount of convertible notes due 2031 (together, “the Notes”) that would be included in the calculation of our future reported GAAP EPS assuming various hypothetical quarterly average market prices of our common stock (NYSE: MIR). The capped calls on each of the Notes are not included in the calculation of diluted GAAP EPS as they are anti-dilutive. The Notes are expected to have a dilutive effect on GAAP EPS while outstanding, but the actual dilution at maturity is reduced by the effects of our capped calls and upon an irrevocable election to net share settle the Notes Note: This table is for illustrative purposes and does not represent our forecast of future stock performance 1 The prices listed in the table are illustrative. Although dilution continues beyond $60 per share, we have not presented further data 2 Assumes if-converted accounting, excludes offset of capped call (non-GAAP metric) 3 Assumes intent to net share settle convertible notes (treasury stock method accounting); includes offset of capped call (non-GAAP metric)
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Q4 & FY 2025 Earnings Presentation Footnotes 37 Share Count and Adjusted Metrics Share count 244,662,792 shares of Class A common stock were outstanding as of December 31, 2025. This excludes (1) 5,869,555 shares of Class B common stock outstanding as of December 31, 2025; (2) 1,043,011 shares of Class A common stock underlying restricted stock units and 1,381,038 shares of Class A common stock underlying performance stock units; and (3) any other shares issuable from future equity awards under our 2021 Omnibus Incentive Plan, which had 39,701,715 shares reserved (subject to annual automatic increases) as of December 31, 2025. The 5,869,555 shares of Class B common stock are paired on a one-for-one basis with shares of Class B common stock of Mirion Intermediate Co., Inc. (the "paired interests"). Holders of the paired interests have the right to hav e their interests redeemed for, at the option of Mirion, shares of Class A common stock on a one-for- one basis or cash based on a trailing stock price average. All share data is as of December 31, 2025, unless otherwise noted. Reconciliation of Non-GAAP Financial Measures In addition to our results determined in accordance with GAAP, we believe the following non -GAAP measures are useful in evaluating our operating performance. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Other companies, including companie s in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business. Organic revenues is defined as revenues excluding the impact of foreign exchange rates as well as mergers, acquisitions and divestitures in th e period. Adjusted gross profit is defined as gross profit adjusted to exclude the impact of amortization of acquired intangible assets, depreciation, the im pact of purchase accounting on the recognition of deferred revenue and certain non-operating expenses (certain purchase accounting impacts related to inventory and costs to achieve operational synergies). Adjusted EBITDA is defined as net income before interest expense, income tax expense, depreciation and amortization adjusted to remove the impact of foreign currency gains and losses, amortization of acquired intangible assets, changes in the fair value of warrants, certain non-operating expenses (restructuring and costs to achieve operational synergies, merger, acquisition and divestiture expenses and IT project implementation expenses), stock-based compensation expense, debt extinguishment and income tax impacts of these adjustments. Adjusted net income is defined as GAAP net income adjusted for foreign currency gains and losses, amortization of acquired intangible assets, changes in the fair value of warrants, certain non-operating expenses (restructuring and costs to achieve operational synergies, merger, acquisition and divestiture expenses and IT project implementation expenses), stock-based compensation expense, debt extinguishment and income tax impacts of these adjustments. Adjusted EPS is as adjusted net (loss) income divided by weighted average common shares outstanding — basic and diluted. Adjusted free cash flow is defined as free cash flow adjusted to include the impact of cash used to fund non -operating expenses described above. We believe that the inclusion of supplementary adjustments to free cash flow applied in presenting adjusted free cash flow is appropriate to provide additional information to investors about our cash flows that management utilizes on an ongoing basis to assess our ability to generate cash for use in acquisitions and other investing and financing activities. Adjusted free cash flow conversion is defined as adjusted free cash flow divided by adjusted EBITDA. Free cash flow is defined as U.S. GAAP net cash provided by operating activities adjusted to include the impact of purchases of property, pl ant, and equipment, purchases of badges and proceeds from derivative contracts. Net leverage is defined as net debt (debt minus cash and cash equivalents) divided by Adjusted EBITDA plus contributions to Adjusted EBITD A if acquisitions made during the applicable period had been made before the start of the applicable period. Operating Metrics Orders and order growth are defined as the amount of revenue earned in a given period and estimated to be earned in future periods from contracts entered into in a given period as compared with such amount for a prior period. Foreign exchange rates are based on the applicable rates as reported for the time period.