Slides
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Third Quarter 2026 Earnings Presentation O c t o b e r 2 8 , 2 0 2 6
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Q3 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 under Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations in our most recent Annual Report on Form 10-K, and in our subsequently filed Quarterly Reports on Form 10-Q. 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, and 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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Q3 2026 Earnings Presentation 3 Q3 Key Takeaways Delivering strong quarterly orders Strong conversion of backlog to revenue +62% Q3 orders growth; +105% Nuclear Power end-market (both ex. M&A1) Mirion Net leverage expected to improve to ~2.6x by year-end3 Year-over-year growth numbers reflect comparison vs. Q3’25 1 Excludes July results from Certrec acquisition (closed July 31, 2025) and the entirety of the December 2025 Paragon acquisition. 2 Part of the large opportunity order pipeline previously disclosed; excludes China de-booking. 3 Assuming no Q4 share repurchases, M&A activity, or capital raises. Q3 2026 Earnings Presentation $140M of large opportunities awarded in Q32 Revising full year 2026 guidance +6.5% Q3 organic revenue growth Expect mid-to-high teens organic revenue growth in Q4 Increasing revenue guidance, reflecting higher backlog conversion
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Q3 2026 Earnings Presentation4 Orders figures on an ‘as reported’ basis. 1 Certrec acquisition closed on July 31, 2025; Nuclear & Safety segment orders excludes July since Certrec was not part of Mirion in July 2025. 2 M&A includes the full Q3 impact from the Paragon acquisition and July Certrec orders. The Certrec acquisition closed on July 31, 2025 and the Paragon acquisition closed on December 1, 2025. Orders performance underlines strong demand across both segments $209M $340M $386M $130M $19M $46M Q3’25 Order Book Nuclear & Safety Segment1 Chinese De-booking Medical Segment Q3’26 Order Book M&A2 Q3’26 Order Book ($18M) +62% Order Growth, excl. M&A1 +85% Total Order Growth Excluding M&A Including M&A K E Y T A K E A W A Y S : 3rd Quarter 2026 All three Medical end markets contributing to orders growth; RTQA the biggest driver 2x Nuclear Power end- market growth driven by strong new build and installed base activity Strong Labs & Research and Defense & Diversifieds orders performance Strong Quarterly Orders Performance
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Q3 2026 Earnings Presentation Positive Trend in Order Development 5 Orders figures on an ‘as reported’ basis. 1 Paragon acquisition closed in December 2025. This is the third full quarter of Paragon being included in Mirion’s financial and operational results. Organic orders growth takes another step higher $843 $863 $867 $892 $1,031 $1,069 $1,090 $1,221 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 +37% Trailing Twelve Month Order Growth, excluding M&A $ millions +37% TTM order growth, excl. M&A Installed base largest contribution to $ growth Primarily reflects Nuclear Power end-market growth
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Q3 2026 Earnings Presentation CATCH-UP CAPITAL SPENDING Three Waves of Installed Base Nuclear Customer Demand 6 1. August 2026 NEI report. 2. October 6, 2026 Constellation Energy press release. 3. October 5, 2026 United States Department of Energy press release. 4. September 30, 2026 Constellation Energy press release. All three waves materializing LIFE-EXTENSION & POWER UPRATES DIGITAL TRANSFORMATION +890 MW2 +433 MW3 +190 MW4 +1.5 GW $6.4 $7.5 $7.4 $7.8 $9.7 2021 2022 2023 2024 2025 US Operating Fleet Capex per MWh1 targeted from recent announcements Installed Base Reactor Protection System Upgrade 96% of U.S. reactors have been approved for 20-year life extensions; corresponding investment work underway • Part of existing reactor fleet’s digital upgrades • Installation beginning November 2026 on first operating unit • Follow-on units present future digital upgrade opportunities
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Q3 2026 Earnings Presentation Backlog Dynamic 7 1 Total consolidated backlog view Sizeable Increase in Organic Conversion of Backlog Expected Annual Backlog Conversion Trend1 $ millions $799 $815 $1,079 $169 $816 $1,248 $184 $204 $212 $40 $252 $292 $288 $310 $86 $358 $285 $443 $136 $139 $114 $167 $31 $197 $80 $73 $57 $103 $6 $109 $112 $90 $147 $200 $7 $207 Total Current Year +1 +2 +3 Future Years ~59% of Q3’26 backlog to be recognized in Q4’26 & 2027 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Paragon Excluding Paragon
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Q3 2026 Earnings Presentation Revenue Visibility from Backlog 8 Backlog shows improved revenue visibility vs. prior years Q3 2023 Q3 2024 Q3 2025 Q3 2026 $801M FY’23 Revenue $861M FY’24 Revenue $911M FY’25 Adj. Revenue1 $1,147 - $1,157M FY’26E Revenue3 $802M YTD Sept’26 revenue $292M Q4’26 backlog conversion 95% FY’26E Revenue Coverage $648M YTD Sept’25 revenue $209M Q4’25 backlog conversion2 94% FY’25 Adj. Revenue Coverage1 $607M YTD Sept’24 revenue $204M Q4’24 backlog conversion $571M YTD Sept’23 revenue $184M Q4’23 backlog conversion 94% FY’24 Revenue Coverage 94% FY’23 Revenue Coverage 1 FY’25 Adjusted Revenue excludes M&A (Paragon & Certrec) because both were not part of the YTD’25 backlog as of September 30, 2025. 2 Q4’25 backlog adjusted to exclude Certrec backlog conversion. 3 Revenue range reflects 2026 total revenue growth guidance. at the mid-point of guidance Confidence in FY’26 Performance YTD performance + Q4’26 backlog reinforces full year guidance Medical Segment is Largely ‘Book & Bill’ Remaining revenue to achieve largely reflects intra-quarter Medical segment business PeAks Revenue Paragon revenue stream that does not appear in backlog (additive to our coverage dynamics)
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Q3 2026 Earnings Presentation For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please see the Appendix. $64.8M Q3’26 Adj. EBITDA +23.7% vs. Q3’25; Largely driven by the Paragon acquisition, Nuclear Power end-market, and RTQA $47M Q3 Adj. FCF Generation $107M or 58% conversion YTD Sep’26; 2x vs. YTD Sep’25 $56M Q3’26 shares repurchased ~3.6 million shares repurchased in Q3’26; Completed $100 million repurchase program; introduced a new $250 million repurchase program ($235 million remaining) Excellent Q3 Orders Growth across all end-markets in both segments Q3 Performance Highlights 9 +6.5% organic vs. Q3’25; +24.5% total; organic growth inflecting higher $277.8M Q3’26 Revenue
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Q3 2026 Earnings Presentation 2026 Large Opportunity Pipeline1 10 1 Large opportunity pipeline projects are $10 million or more. 2 Previously disclosed in July 2026. Q1 Q2 Q3 Q4 ~$125 million of incremental opportunity still available in ‘26 $53M $51M $140M $122M less China de-booking ~$125M targeted for Q4’26 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 EDF-based reactors Labs & Research U.S. DoE-related China New Build De- booking2 Booked in 2019 Nuclear New Build Critical I&C Labs & Research U.S. DoE-related No YTD large opportunity pipeline awards lost
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Q3 2026 Earnings Presentation Growing Nuclear Power Momentum Remain Confident in our Double-digit Organic Revenue Growth Projection +105% Order Growth excl. M&A1 $16M +14% Q3’26 vs. Q3’25 Org. Revenue Growth excl. FX & M&A1 Q3’26 vs. Q3’25 Nuclear Power End-market SMR-related Orders ($1M) Q3’26 vs. Q3’25 1 Excludes July results from Certrec acquisition (closed July 31, 2025) and the entirety of the December 2025 Paragon acquisition. +108% excluding FX +134% excluding Chinese de-booking +13% including FX 11 Q3 2026 Earnings Presentation $54M YTD SMR-related orders +106% YTD’26 vs. YTD’25
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Q3 2026 Earnings Presentation Mirion 12 For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please see the Appendix. References to Q3 2025 and Q3 2026 are to the three months ended September 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, Q3’25 is excluding stock-based compensation. Third Quarter Ended September 30, 2026 Revenue $ millions | % percentage Adjusted diluted EPS2 $ cents Adjusted EBITDA and Margin1 $ millions | % percentage % Q3’26 vs. Q3’25 Organic +6.5% Acquisition +18.6% FX (0.6%) Total +24.5% $223.1 $277.8 Q3’25 Q3’26 +24.5% 23.3%23.5% Adjusted EBITDA Margin: $52.4 $64.8 Q3’25 Q3’26 +23.7% $0.12 $0.12 Q3’25 Q3’26 0.0% includes stock-based compensation; similar comparison to Q3’26 Adjusted diluted EPS; $0.11 per share
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Q3 2026 Earnings Presentation Mirion Nuclear & Safety 13 For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please see the Appendix. References to Q3 2025 and Q3 2026 are to the three months ended September 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 Third Quarter Ended September 30, 2026 K E Y T A K E A W A Y S : 3rd Quarter 2026 +14% Nuclear Power end- market organic revenue driven by installed base and SMR growth NUCLEAR & SAFETY Revenue $ millions | % percentage Adjusted EBITDA and Margin1 $ millions | % percentage % Q3’26 vs. Q3’25 Organic +6.3% Acquisition +28.7% FX (0.8%) Total +34.2% Adjusted EBITDA Margin: $144.6 $194.0 Q3’25 Q3’26 +34.2% $40.6 $49.8 Q3’25 Q3’26 +22.7% 25.7%28.1% Adj. EBITDA margin decline as expected; driven by Paragon acquisition dilution, mix, and lower ’25 incentive compensation Paragon revenue growth2 • +12% vs Q3’25 • +22% vs YTD Sep’25
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Q3 2026 Earnings Presentation Mirion Medical 14 For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please see the Appendix. References to Q3 2025 and Q3 2026 are to the three months ended September 30, 2025 and 2026, respectively. 1 Adjusted EBITDA Margin calculated as Adjusted EBITDA divided by Revenue. Third Quarter Ended September 30, 2026 RTQA the largest driver of organic revenue growth, driven by continued OEM business performance MEDICAL Revenue $ millions | % percentage Adjusted EBITDA and Margin1 $ millions | % percentage K E Y T A K E A W A Y S : 3rd Quarter 2026 Expanding margin performance driven by RTQA end market All three end markets contributing to organic revenue growth % Q3’26 vs. Q3’25 Organic +6.7% Acquisition n/a FX 0.0% Total +6.7% Adjusted EBITDA Margin: $78.5 $83.8 Q3’25 Q3’26 +6.7% $28.2 $31.7 Q3’25 Q3’26 +12.4% 37.8%35.9%
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Q3 2026 Earnings Presentation Adjusted Free Cash Flow 15 Structural Business Improvements Driving Greater Cash Generation Adjusted Free Cash Flow & Conversion1 $ millions | % adj. EBITDA percentage P O S I T I V E Q 3 ’ 2 6 N E T W O R K I N G C A P I T A L Productivity metrics improved; Q4 NWC expected to be a source of cash L O W C O S T O F D E B T 2.8% expected full year; Efficient structure of convertible notes and re-priced TLB $12 $12 $53 10% 9% 35% 58% YTD’23 YTD’24 YTD’25 YTD’26 $107 % Conversion Adj. FCF For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please see the Appendix. References to Q3 2025 and Q3 2026 are to the three months ended September 30, 2025 and 2026, respectively. 1 Adjusted Free Cash Flow conversion is calculated as Adjusted Free Cash Flow divided by Adjusted EBITDA. I M P R O V I N G C A S H T A X E S Lower cash taxes expected vs. 2025; better than initial guidance (see appendix)
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Q3 2026 Earnings Presentation Revising Guidance 16 Reflects better visibility to full year performance 1 2026 guidance includes an assumed fourth quarter foreign exchange rate of 1.12 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. Change versus prior guidance: • Increased • Tightened • Reduced 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 ~$170 – $185M 60% – 63% 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 ∆ ~24 – 25% ~$285 – $292M ~24.7% – 25.2% Includes FX and acquisition-related impacts ~$0.50 – $0.54 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 ~7 – 8% O R G A N I C R E V E N U E G R O W T H MSD+ for Q4’26 Medical segment; High teens-plus for Q4’26 Nuclear & Safety segment F Y 2 0 2 6 G u i d a n c e1 ~(150) bps headwind from AI and Paragon
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2Q 2025 Earnings Presentation 17 Appendix Q3 2026 Earnings Presentation
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Q3 2026 Earnings Presentation Expanding Backlog Reflects Orders Momentum 18 Backlog figures on an as reported basis. Total backlog figures include acquisitions of Certrec, Oncospace, and Paragon Energy Solutions. Attributing to Accelerated Revenue Growth $815 $812 $814 $819 $803 $956 $967 $961 $148 $153 $178 $182 Q3’24 Q4’24 Q1’25 Q2’25 $13 Q3’25 Q4’25 Q1’26 Q2’26 $1,066 Q3’26 M&A Total Excl. M&A $816 $1,104 $1,121 $1,139 $1,248 Nuclear Power Dominated 63% of backlog related to the Nuclear Power end-market Improving Revenue Visibility from Backlog Q3’26 backlog shows improving revenue visibility vs. prior years Backlog $ millions +33% Excl. M&A +53% Total Company Q3’26 vs. Q3’25 Installed Base Leading the Way Q3’26 Installed Base backlog (excl. M&A) of $326M, +55% YoY
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Q3 2026 Earnings Presentation END MARKET 2025 Organic Growth MSD 2026E Organic Growth HSD+ 2025 & 2026E COMMENTARY & TRENDS NUCLEAR & SAFETY NUCLEAR & SAFETY 19 Driven by Nuclear Power 7 – 8% ’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: Growing momentum in installed base and SMRs Neg HSD+ 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 LSD LABS & RESEARCH • 2025: Negatively impacted by (1) delayed U.S. DoE and Chinese demand; (2) government shutdown; (3) and DOGE impacts. • 2026E: Strong North America performance partially offset by weaker European performance 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 destocking; 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; MSD service revenue growth MEDICAL CANCER CARE Previously DD Previously HSD Previously FLAT
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Q3 2026 Earnings Presentation Non-GAAP Reconciliations 20 Adjusted Free Cash Flow and Net Leverage ▪ Net Working Capital: Use of cash YTD. Source of cash in Q4’26. Approximately flat net working capital impact expected for the full year 2026. ▪ 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: ~2.6x expected by year-end1; in-line with our long-term net leverage target. 1 Assuming no Q4 share repurchases, M&A activity, or capital raises. ($ millions) YTD Q3’23 YTD Q3’24 YTD Q3’25 YTD Q3’26 Net cash provided by operating activities $28.2 $38.3 $70.3 $136.6 Purchases of PPE and badges (25.2) (37.1) (26.3) (31.8) Proceeds from derivative contracts 3.2 3.8 2.9 1.3 Cash used for non-operating expenses 6.1 6.9 6.2 1.4 Adjusted Free Cash Flow $12.3 $11.9 $53.1 $107.5 Ending cash balance $101 $134 $933 $409 Debt from first lien term loan 695 695 450 450 Convertible Note - - 775 775 Net Debt $594 $561 $266 $816 LTM Adjusted EBITDA 176 195 220 262 LTM Adjusted EBITDA Contribution from M&A - - 3 4 LTM Adjusted EBITDA Plus M&A Contribution $176 $195 $223 $266 Net Leverage Total Net Debt / M&A Adjusted EBITDA 3.4x 2.9x 1.3x 3.1x 2.8x excluding opportunistic share repurchases
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Q3 2026 Earnings Presentation21 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: ~$50M Basic Share Count: ~243M shares; YE ~240M, assuming no incremental buybacks Modeling Assumptions Supporting 2026 Guidance Cash Taxes: ~$25M Effective Tax Rate: ~25 - 26% Stock-based Compensation: ~$25M Net Working Capital: flat; productivity metrics improving; offset by project timing Foreign Exchange Rate (EUR-to-USD): 1.12; fourth quarter 2026 assumption Diluted Share Count: ~272M shares; includes convertible notes
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Q3 2026 Earnings Presentation Eleven Quarter Segment Reconciliation 22 Nuclear & Safety
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Q3 2026 Earnings Presentation Eleven Quarter Segment Reconciliation 23 Medical
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Q3 2026 Earnings Presentation Eleven Quarter Segment Reconciliation 24 Corporate & Other
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Q3 2026 Earnings Presentation Eleven Quarter Segment Reconciliation 25 Consolidated
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Q3 2026 Earnings Presentation Non-GAAP Reconciliations 26 Consolidated – Income from Operations, Gross Profit & Adjusted EBITDA
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Q3 2026 Earnings Presentation Non-GAAP Reconciliations 27 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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Q3 2026 Earnings Presentation Share Count 28 Details1 Share Description Outstanding Securities as of 9/30/20262 Outstanding Securities as of 12/31/20252 Notes Shares of Class A Common Stock, including Treasury Stock 249,141,285 248,155,411 ▪ Shares as of close of trading on the New York Stock Exchange (NYSE), including treasury stock purchased by Mirion Treasury Stock (9,408,713) (3,492,619) ▪ During the three months ended September 30, 2026, Mirion purchased 3.6 million shares of Class A common stock as part of a share repurchase program. Outstanding Shares of Class A Common Stock 239,732,572 244,662,792 ▪ 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 245,492,127 250,532,347 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 5,394,214 2,424,049 ▪ Mirion had 0.8 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 September 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 September 30, 2026. Total Illustrative Fully Diluted Shares 281,207,044 283,277,099 1 All data on this slide is as of September 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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Q3 2026 Earnings Presentation Convertible Notes (Issued May and September 2025) 29 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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Q3 2026 Earnings Presentation Footnotes 30 Share Count and Adjusted Metrics Share count 239,732,572 shares of Class A common stock were outstanding as of September 30, 2026. This excludes (1) 5,759,555 shares of Class B common stock outstanding as of September 30, 2026, (2) 849,354 shares of Class A common stock underlying restricted stock units, 2,044,860 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 43,253,366 shares reserved (subject to annual automatic increases) as of September 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 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 September 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.
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