Slides
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Second Quarter 2026 Earnings Presentation July 28, 2026
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Q2 2026 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”, “would”, “will”, “understand” 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 Presentation, 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, hostilities or geopolitical instability in the Middle East (including the U.S.-Israel-Iran conflict), potential tariffs, sanctions, export controls, trade restrictions 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 and timing of customer capital spending, procurement timing and project schedules; 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, including risks related to the implementation and enhancement of information systems and emerging technologies such as artificial intelligence; 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 Presentation 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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Q2 2026 Earnings Presentation 3 Q2 Key Takeaways Growing Orders & Backlog; Large Opportunity Orders Wins Expanding Adj. EBITDA Margins H2’26 performance expected to be markedly better than H1’26Margin expansion across both Nuclear & Safety and Medical segments; total enterprise also expanded +10% Q2 orders growth; +50% Nuclear Power end-market (both ex. M&A) Mirion Maintaining ‘26 guidance; backlog gives confidence in H2’26 performance Year-over-year growth numbers reflect comparison vs. Q2’25 1 Excludes the July 2025 Certrec and December 2025 Paragon acquisitions. 2 Part of the large opportunity order pipeline previously disclosed; excludes China de-booking. Q2 2026 Earnings Presentation $51M of large opportunities awarded in Q2; ~$55M already awarded in July2 Setting the Stage for Second Half Acceleration
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Q2 2026 Earnings Presentation U.S. Announces $17.5 Billion Loan Program for New Nuclear4 Supporting the nuclear supply chain in support of 10 new large-scale nuclear reactors under construction by 20301 New Nuclear UNITED STATES Growing Opportunities in North America Well-positioned to capitalize on these opportunities with the Paragon and Certrec acquisitions 4 1 Powerlines.org, April 2026; 2 Government of Canada; https://natural-resources.canada.ca/energy-sources/nuclear-energy-uranium/nuclear-energy-strategy-Canada; 3 US DoE; https://www.energy.gov/articles/department-energy-celebrates-fourth-criticality-ahead-july-4th-goal; 4 US Department of Energy (DoE): https://www.energy.gov/articles/department-energy-announces-american- nuclear-supply-chain-loans; 5 Chemical & Engineering News; https://cen.acs.org/energy/nuclear-power/US-Army-deploy-small-nuclear/103/web/2025/10; 6 Wall Street Journal; 7 US Nuclear Regulatory Commission; https://www.nrc.gov/reading-rm/doc-collections/news/2026/index; 8 Constellation Energy; https://www.constellationenergy.com/news/2026/06/constellation-and-walmart-announce-long-term- agreement-to-support-reliable-emissions-free-nuclear-energy-in-illinois.html CANADA Long-term Canada Strategy Calls for 10 New Reactors2 Targeting 10 new reactors as part of Canada’s Nuclear Energy Strategy New Nuclear $1.4 Trillion Utilities Capex Through 20301 +20% increase in projected U.S. electric utility investment to meet accelerating electrical demand Installed Base UNITED STATES UNITED STATES U.S. NRC Proposes Updates to Streamline Regulatory Process7 Proposed updates eliminate unnecessary burdens and increase regulatory clarity while maintaining safety standards Installed Base / New Nuclear U.S. Department of Energy Reactor Pilot Program3 Achieved criticality across four advanced reactor designs; outperformed a targeted goal of three by July 4th SMRs UNITED STATES Constellation and Walmart Announce Nuclear Agreement8 Walmart’s first NPP agreement and is among the first between a large retailer and a nuclear energy facility in the U.S. Installed Base UNITED STATES U.S. Army Wants to Deploy Small Nuclear Power Plants6 The Janus Program aims to put commercial reactors into military service by 2028 New Nuclear UNITED STATES U.S. / Saudi Arabia Civilian Nuclear Power Deal6 New power reactors and other nuclear technology to be provided by U.S. companies UNITED STATES New Nuclear
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Q2 2026 Earnings Presentation Growing Projections for Global Nuclear Capacity1 Favorable outlook for Mirion’s global presence 1 Source: World Nuclear Association5 ~1,000 GWe total global capacity by 2050 2016 Projections 1,428 GWe total global capacity by 2050 1,446 GWe total global capacity by 2050 2025 Projections 2026 Projections +150% vs. ~400GWe today +257% vs. ~400GWe today +262% vs. ~400GWe today A 45% Increase Compared to Projections a Decade Ago
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Q2 2026 Earnings Presentation Three Waves of Installed Base Nuclear Customer Demand Mirion well-positioned across all three … each independent and additive 2 CATCH-UP CAPITAL SPENDING LIFE-EXTENSION & POWER UPRATES DIGITAL TRANSFORMATION Deferred Maintenance & Replacement Parts P R I M A R Y B E N E F I C I A R Y P R I M A R Y B E N E F I C I A R Y P R I M A R Y B E N E F I C I A R Y Commercial Grade Dedication (CGD) · Reverse Engineering · PeAks Instrumentation and Controls (I&C) · Reactor Protection Systems (RPS) · 10–20 yr fieldable life Institutional knowledge replacement · Outage optimization · Thermal efficiency • Two decades of capital rationing created a massive backlog of deferred repairs and replacements • Nuclear power plant restarts create an additional funnel for catch-up capital spending • A decision to life-extend triggers mandatory upgrades to I&C and radiation protection systems • NRC compliance and power uprate requirements create demand across the operating fleet • Retiring workforce erodes institutional knowledge; operators need digital platforms to capture and scale expertise • Shorter outages and higher thermal output through AI-enabled digitization 6 I&C and RP System Upgrades AI-Enabled Digital Platforms
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Q2 2026 Earnings Presentation Expanding Backlog Reflects Orders Momentum 7 Backlog figures on an as reported basis. Total backlog figures include acquisitions of Certrec, and Paragon Energy Solutions. Precursor to Accelerated Revenue Growth $825 $815 $812 $814 $819 $803 $956 $967 $961 $148 $153 $178 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 $13 Q3’25 Q4’25 Q1’26 M&A Total Excl. M&A $816 $1,104 $1,121 Q2’26 $1,139 Nuclear Power Dominated 63% of backlog related to the Nuclear Power end-market Stable Revenue Visibility from Backlog Q2’26 backlog shows similar revenue visibility vs. prior years Backlog $ millions +17% Excl. M&A +39% Total Company Q2’26 vs. Q2’25 Installed Base Leading the Way Q2’26 Installed Base backlog (excl. M&A) of $312M, +39% YoY
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Q2 2026 Earnings Presentation Revenue Visibility from Backlog Q2’26 backlog shows similar revenue visibility vs. prior years Q2 2023 Q2 2024 Q2 2025 Q2 2026 $801M FY’23 Revenue $861M FY’24 Revenue $910M FY’25 Adj. Revenue1 $1,129 - $1,147M FY’26E Revenue2 $524M H1’26 revenue $399M H2’26 backlog conversion 81% FY’26E Revenue Coverage $425M H1’25 revenue $300M H2’25 backlog conversion 80% FY’25E Adj. Revenue Coverage1 $400M H1’24 revenue $288M H2’24 backlog conversion $379M H1’23 revenue $273M H2’23 backlog conversion 80% FY’24E Revenue Coverage 81% FY’23E Revenue Coverage 1 FY’25 Adjusted Revenue excludes M&A (Paragon & Certrec) because both were not part of the H2’25 backlog as of June 30, 2025. 2 Revenue range reflects 2026 total revenue growth guidance.8 at the mid-point of guidance 81% 2026 Revenue Coverage Similar revenue visibility to prior years Confidence in H2’26 Performance Well-positioned for second half revenue growth PeAks Revenue Paragon revenue stream that does not appear in backlog (additive to our coverage dynamics)
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Q2 2026 Earnings Presentation Incorporating AI Across Mirion 9 Dedicated resources to accelerate adoption and deployment Accelerating Product Development • Faster software development cycles (from months to days) • Improved data analytics and real- time feedback • Automated and quicker testing and compliance Organization-wide Efficiencies • Optimization of manufacturing and supply chain • Automation of back-office processes • Unifying data across Mirion’s global operations AI-powered Solutions • New AI-centric innovations across Nuclear & Safety and Medical • Connecting Mirion hardware devices to drive customer productivity • Expand into previously untapped revenue streams
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Q2 2026 Earnings Presentation For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please see the Appendix. $65.3M Q2’26 adj. EBITDA +27.5% vs. Q2’25; ~+150bps of margin expansion; ~+200bps excluding M&A and tariff refund $49M Q2 Adj. FCF Generation Reflecting strong operating performance and source of cash from net working capital $25M Q2’26 shares repurchased ~1.4 million shares repurchased in Q2’26; $40 million remaining under our share repurchase program Strong Q2 Orders +10% vs. Q2’25; excluding M&A. +40% including M&A. Reflect growing N. America nuclear power demand Q2 Performance Highlights 10 +1.2% organic vs. Q2’25; +19.7% total; highlights demand from the Paragon and RTQA end-markets $266.8M Q2’26 Revenue
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Q2 2026 Earnings Presentation 2026 Large Opportunity Pipeline1 11 Q2 2026 Earnings Presentation 1 Large opportunity pipeline projects are $10 million or more. 2 NPP = large-scale nuclear power plants; SMR = small modular reactor. New build opportunities Includes large-scale nuclear power plants (all non-U.S.) & SMRs28 Installed base opportunities2 Other opportunities2 ~$280 Million of Incremental Opportunity Still Available in ‘26 Large opportunity pipeline in-queue 12 Q1 $53M Q2 $51M Q3 ~$55M Year To Date Awards ~$159M ~$141M less China de-booking Small Modular Reactors First portion Radioactive Waste First portion Operating Fleet Reactors Safety-critical qualification Radiation Cameras RTQA Medical Order Small Modular Reactors Second portion Radioactive Waste Second portion; more to come Small Modular Reactors First portion; more to come European Operating Fleet Booked in July Labs & DoE Booked in July to date China New Build De-booking Booked in 2019 ~$37M less China de-booking No impact on 2026 guidance 2027 Opportunities Growing ~15 total reactors
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Q2 2026 Earnings Presentation Q2’26 Orders Performance (vs. Q2’25) 12 Orders figures on an ‘as reported’ basis. 1 Paragon acquisition closed in December 2025. This is the second full quarter of Paragon being included in Mirion’s financial and operational results. Delivering on the Large Opportunity Pipeline $208M $229M $291M $328M $24M $62M $55M Q2’25 Order Book Nuclear & Safety Segment Medical Segment Q2’26 Order Book Paragon + Certrec Acquisitions1 Q2’26 Order Book Early July Large Opportunity Awards China De-booking Q2’26 Order Book + Early July Large Opportunity Awards + China De- booking ($3M) ($18M) +10% Order Growth, excl. Paragon & Certrec acquisitions +40% Total Order Growth Nuclear & Safety segment Excluding Paragon & Certrec Acquisitions Including Paragon & Certrec Acquisitions K E Y T A K E A W A Y S : 2nd Quarter 2026 Includes large SMR order awarded in AprilIncludes large opportunity orders Lower RTQA (primarily China) and dosimetry orders; flat nuclear medicine orders Nuclear & Safety segment orders driven by Nuclear Power installed base and SMRs China de-booking has no impact on 2026 guidance +58% including 2 large orders booked in early July + China de-booking
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Q2 2026 Earnings Presentation Q2’26 Orders Performance (vs. Q1’26) 13 Orders figures on an ‘as reported’ basis. Both Q1’26 and Q2’26 include Paragon and Certrec orders on a reported, like-for-like basis. Timing of large opportunity awards impacted expected performance $15M $55M Q1’26 Order Book Nuclear & Safety Segment Medical Segment Q2’26 Order Book Early July Large Opportunity Awards China De-booking Q2’26 Order Book + Early July Large Opportunity Awards + China De-booking $288M ($12M) $291M ($18M) $328M+1% Total Order Growth Positive excluding large order from OEM sector in Q1’26 Including Paragon & Certrec Acquisitions +14% including 2 large orders booked in early July + China de-booking Below Q2 orders guidance of +15 – 20%; slight miss including $18M July unplanned de-booking + two large orders awarded in early July Includes Paragon & Cetrec acquisitions
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Q2 2026 Earnings Presentation Growing Nuclear Power Momentum Remain Confident in our Double-digit Organic Revenue Growth Projection +50% Order Growth excl. M&A1 $49M +1% Q2’26 vs. Q2’25 Revenue Growth excl. M&A1 Q2’26 vs. Q2’25 Nuclear Power End-market SMR-related Orders +$42M Q2’26 vs. Q2’25 1 Excludes the July 2025 Certrec and December 2025 Paragon acquisitions. +47% excluding FX flat organic revenue 14 Q2 2026 Earnings Presentation $64M YTD SMR-related orders
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Q2 2026 Earnings Presentation Mirion 15 For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please see the Appendix. References to Q2 2025 and Q2 2026 are to the three months ended June 30, 2025 and 2026, respectively. 1 Adjusted EBITDA Margin calculated as Adjusted EBITDA divided by Revenue. 2 Q1’26 is the initial quarter that we are including stock-based compensation in the Adjusted EPS calculation. Note, Q2’25 is excluding stock-based compensation. Second Quarter Ended June 30, 2026 Revenue $ millions | % percentage Adjusted diluted EPS2 $ cents Adjusted EBITDA and Margin1 $ millions | % percentage % Q2’26 vs. Q2’25 Organic +1.2% Acquisition +17.9% FX +0.6% Total +19.7% $222.9 $266.8 Q2’25 Q2’26 +19.7% 24.5%23.0% Adjusted EBITDA Margin: $51.2 $65.3 Q2’25 Q2’26 +27.5% $0.11 $0.12 Q2’25 Q2’26 +9.1% includes stock-based compensation; similar comparison to Q2’26 Adjusted diluted EPS; $0.09 per share
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Q2 2026 Earnings Presentation Mirion Nuclear & Safety 16 For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please see the Appendix. References to Q2 2025 and Q2 2026 are to the three months ended June 30, 2025 and 2026, respectively. 1 Adjusted EBITDA Margin calculated as Adjusted EBITDA divided by Revenue. 2 Paragon financial performance reflects unaudited condensed consolidated financial statements Second Quarter Ended June 30, 2026 K E Y T A K E A W A Y S : 2nd Quarter 2026 Flat Nuclear Power end- market organic revenue; SMRs and installed base growth offset by new build decline NUCLEAR & SAFETY Revenue $ millions | % percentage Adjusted EBITDA and Margin1 $ millions | % percentage % Q2’26 vs. Q2’25 Organic +2.3% Acquisition +28.1% FX +1.0% Total +31.4% Adjusted EBITDA Margin: $141.7 $186.2 Q2’25 Q2’26 +31.4% $37.9 $51.0 Q2’25 Q2’26 +34.6% 27.4%26.7% Adj. EBITDA margin increased driven by favorable product mix in Europe and one-time tariff refund benefit; helping to offset M&A dilution Paragon continues delivering2 Revenue Growth • +15% vs Q2’25 • +27% vs 1H’25
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Q2 2026 Earnings Presentation Mirion Medical 17 For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please see the Appendix. References to Q2 2025 and Q2 2026 are to the three months ended June 30, 2025 and 2026, respectively. 1 Adjusted EBITDA Margin calculated as Adjusted EBITDA divided by Revenue. Second Quarter Ended June 30, 2026 RTQA organic revenue growth driven by OEM business and software growth MEDICAL Revenue $ millions | % percentage Adjusted EBITDA and Margin1 $ millions | % percentage K E Y T A K E A W A Y S : 2nd Quarter 2026 Expanding margin performance from price and mix Lower Nuclear Medicine organic revenue due to delayed hardware demand % Q2’26 vs. Q2’25 Organic (0.9%) Acquisition n/a FX +0.2% Total (0.7%) Adjusted EBITDA Margin: $81.2 $80.6 Q2’25 Q2’26 -0.7% $30.1 $31.1 Q2’25 Q2’26 +3.3% 38.6%37.1%
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Q2 2026 Earnings Presentation Medical Segment Update Adjusting End-market Organic Revenue Growth Expectations; Maintaining Full Year Segment Guidance Q2 2026 Earnings Presentation RTQA1 Increased revenue from OEM sector Reduced hardware volume due to delayed demand; good order momentum in software Less hardware volume than expected; Continued LSD+ service revenue growth 18 1 Radiation Therapy Quality Assurance Nuclear Medicine Dosimetry ‘26 Org. Revenue Growth Guidance: Double Digits previously MSD+ ‘26 Org. Revenue Growth Guidance: Mid Single Digits previously double digits ‘26 Org. Revenue Growth Guidance: Negative previously flat
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Q2 2026 Earnings Presentation Adjusted Free Cash Flow 19 Best First Half Adjusted Free Cash Flow Since Going Public E X P A N D I N G A D J U S T E D F R E E C A S H F L O W Expecting net working capital tailwinds in H2’26 ON - T R A C K F O R 2 0 2 6 A D J U S T E D F C F G U I D E ~$155 - $175 million of adjusted free cash flow expected in 2026; 54 – 58% conversion 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 Reflects capital structure improvements implemented in 2025 & lower cash taxes For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please see the Appendix. References to Q2 2025 and Q2 2026 are to the three months ended June 30, 2025 and 2026, respectively. 1 Adjusted Free Cash Flow conversion is calculated as Adjusted Free Cash Flow divided by Adjusted EBITDA. Adjusted Free Cash Flow & Conversion1 $ millions | % adj. EBITDA percentage ($5) $4 $35 $60 (6%) 35% 51% H1’23 5% H1’24 H1’25 H1’26 % Conversion Adj. FCF
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Q2 2026 Earnings Presentation ‘26 Guidance Reflects Strong Fundamentals 20 Reiterating full year guidance 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 ~$0.48 – $0.55 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 second half foreign exchange rate of 1.14 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; stock-based compensation. 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
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Q2 2026 Earnings Presentation Setting the Stage for Second Half Acceleration H2’26 performance expected to be markedly better than H1’26 H1 2026 H2 2026 21 Organic Revenue Growth Excl. FX & M&A impact FY Guidance: ~5.0 – 7.0% Adjusted FCF FY Guidance: $155M – $175M Total Revenue Growth FY Guidance: $1,129 - $1,147M Adjusted EBITDA % % of total revenue FY Guidance: ~25.0 – 26.0% $524M ~$605M - $623M +2.0% 22.8% $60M ~7.5% - 11.2% ~27% - 29% ~$95M - $115M Driven by the Nuclear Power end-market within the Nuclear & Safety segment and RTQA end-market within the Medical segment +150 bps vs. H2’25 primarily due to operating leverage Primarily reflects higher Adjusted EBITDA and NWC tailwinds
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Q2 2026 Earnings Presentation Q3 2026 Guidance 22 Reflects accelerating revenue growth and strong operating leverage Organic Revenue Growth High Single Digit vs. Q3’25 Adjusted EBITDA Margin Expanding vs. Q3’25 CONSOLIDATED Organic Revenue Growth Mid Single Digit vs. Q3’25 (expecting double-digit Nuclear Power end-market organic revenue growth) Adjusted EBITDA Margin Contracting vs. Q3’25 (reflecting Paragon dilution + ’25 lower incentive compensation) NUCLEAR & SAFETY1 Organic Revenue Growth High Single Digit vs. Q3’25 Adjusted EBITDA Margin Expanding vs. Q3’25 MEDICAL 1 Nuclear & Safety segment includes Paragon.
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1Q 2025 Earnings Presentation 23 Appendix Q2 2026 Earnings Presentation
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Q2 2026 Earnings Presentation END MARKET 2025 Organic Growth MSD 2026E Organic Growth HSD 2025 & 2026E COMMENTARY & TRENDS NUCLEAR & SAFETY NUCLEAR & SAFETY 24 Driven by Nuclear Power 5.0 – 7.0% ’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 DD RADIATION THERAPY QUALITY ASSURANCE (RTQA) • 2025: Hardware headwinds in N. America, China, and Japan; partially offset by software tailwinds • 2026E: Increased revenue from OEM sector; continued software platform growth; U.S. hardware growth 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: Higher YTD; continued good dialogue with customers but H2 timing remains uncertain DD MSD NUCLEAR MEDICINE • 2025: Hardware growth in the U.S. and RoW supported by expansion of clinic growth • 2026E: Reduced hardware growth due to delayed demand; good order momentum in software 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 Neg DOSIMETRY • 2025: Continued adoption of InstadoseVUE®; timing headwind earlier in 2025 • 2026E: Less hardware volume than expected; Continued LSD+ service revenue growth MEDICAL CANCER CARE Previously MSD+ Previously DD Previously FLAT
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Q2 2026 Earnings Presentation Non-GAAP Reconciliations 26 Adjusted Free Cash Flow and Net Leverage ▪ Cash Taxes: Lower cash taxes vs. H1’25 ▪ Net Working Capital: Source of cash in Q2. Use of cash in H1’26. ▪ 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: <2.5x expected by year-end1; in-line with our long-term net leverage target. 1 Assuming no M&A activity or capital raises. ($ millions) 1H 2023 1H 2024 1H 2025 1H 2026 Net cash provided by operating activities $4.4 $21.2 $48.0 $77.4 Purchases of PPE and badges (15.8) (23.9) (17.3) (19.9) Proceeds from derivative contracts 1.9 2.5 1.8 1.0 Cash used for non-operating expenses 4.6 4.6 2.1 1.4 Adjusted Free Cash Flow $(4.9) $4.4 $34.6 $59.9 Ending cash balance $87 $122 $263 $419 Debt from first lien term loan 695 695 445 450 Convertible Note - - 388 775 Net Debt $608 $573 $570 $806 LTM Adjusted EBITDA 168 188 213 250 LTM Adjusted EBITDA Contribution from M&A - 2 - 10 LTM Adjusted EBITDA Plus M&A Contribution $168 $190 $213 $260 Total Net Debt / M&A Adjusted EBITDA (Net Leverage) 3.6x 3.0x 2.7x 3.1x
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Q2 2026 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: ~$55M Basic Share Count: ~244M shares Modeling Assumptions Supporting 2026 Guidance Cash Taxes: ~$30M Effective Tax Rate: ~26 - 27% Stock-based Compensation: ~$26M Net Working Capital: use of cash; productivity metrics improving; more than offset by project timing Foreign Exchange Rate (EUR-to-USD): 1.14; second half 2026 assumption Diluted Share Count: ~273M shares; includes convertible notes
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Q2 2026 Earnings Presentation Ten Quarter Segment Reconciliation 28 Nuclear & Safety
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Q2 2026 Earnings Presentation Ten Quarter Segment Reconciliation 29 Medical
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Q2 2026 Earnings Presentation Ten Quarter Segment Reconciliation 30 Corporate & Other
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Q2 2026 Earnings Presentation Ten Quarter Segment Reconciliation 31 Consolidated
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Q2 2026 Earnings Presentation Non-GAAP Reconciliations 32 Consolidated – Income from Operations, Gross Profit & Adjusted EBITDA
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Q2 2026 Earnings Presentation Non-GAAP Reconciliations 33 Adjusted Earnings per Share 1 The calculation for adjusted net income has been adjusted for the current period to include stock-based compensation.
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Q2 2026 Earnings Presentation Share Count 34 Details1 Share Description Outstanding Securities as of 6/30/20262 Outstanding Securities as of 12/31/20252 Notes Shares of Class A Common Stock, including Treasury Stock 249,078,209 248,155,411 ▪ Shares as of close of trading on the New York Stock Exchange (NYSE), including treasury stock purchased by Mirion Treasury Stock (5,811,387) (3,492,619) ▪ During the three months ended June 30, 2026, Mirion purchased 1.4 million shares of Class A common stock as part of a share repurchase program. Outstanding Shares of Class A Common Stock 243,266,822 244,662,792 ▪ 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 5,759,555 5,869,555 ▪ 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 249,026,377 250,532,347 Convertible Notes 30,320,703 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 5,459,617 2,424,049 ▪ Mirion had 0.9 million shares of restricted stock units, 2.1 million shares of performance stock units, and 2.5 million shares of performance stock options outstanding as of June 30, 2026. Additionally, Mirion had reserved an additional 43.2 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 June 30, 2026. Total Illustrative Fully Diluted Shares 284,806,697 283,277,099 1 All data on this slide is as of June 30, 2026, or December 31, 2025, 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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Q2 2026 Earnings Presentation Convertible Notes (Issued May and September 2025) 35 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 $400M aggregate principal amount of convertible notes due 2030 and (ii) our $375M 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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Q2 2026 Earnings Presentation Footnotes 36 Share Count and Adjusted Metrics Share count 243,266,822 shares of Class A common stock were outstanding as of June 30, 2026. This excludes (1) 5,759,555 shares of Class B common stock outstanding as of June 30, 2026, (2) 911,204 shares of Class A common stock underlying restricted stock units, 2,048,413 shares of Class A common stock underlying performance stock units, and 2,500,000 shares of Class A common stock underlying performance stock options; and (3) any other shares issuable from future equity awards under our 2021 Omnibus Incentive Plan, which had 52,609,685 shares reserved (subject to annual automatic increases) as of June 30, 2026. The 5,759,555 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 have their interests redee med 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 June 30, 2026, 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 (2025 and prior), debt extinguishment and income tax impacts of these adjustments. Adjusted EPS is as adjusted net 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 for the time period.