Mirion Technologies Q2 Earnings Call Highlights

Mirion Technologies reported second-quarter revenue growth of nearly 20%, driven largely by acquisitions, while organic growth remained modest and the company maintained its full-year outlook on expectations for a stronger second half. Second-quarter revenue rose 19.7% year over year to $266.8 million. Acquisitions, primarily Paragon, accounted for about 18 percentage points of that growth, while organic revenue increased 1%, in line with management’s April expectations. Adjusted EBITDA increased 27.5% to $65 million, and the adjusted EBITDA margin expanded 150 basis points, supported by pricing and favorable product mix. Chairman and CEO Tom Logan said rising orders and backlog, along with margin expansion in both operating segments, position the company for an acceleration in the second half of 2026. “We’re maintaining our 2026 full-year guidance, which implies a meaningful step-up in financial performance for the remainder of the year,” Logan said. Second-quarter orders increased 40% to $291 million including a $62 million contribution from Paragon and Certrec. Before acquisitions, core orders rose 10%. The company said nuclear power orders, excluding M&A, grew about 50%, with growth split between demand from the operating nuclear fleet and small modular reactor, or SMR, projects. Mirion booked $49 million in SMR orders during the quarter, up $42 million from a year earlier. The company’s backlog exceeded $1.1 billion at quarter-end, nearly 40% higher than a year ago. Legacy backlog, excluding additions from Paragon and Certrec, was up 17%, while the legacy installed-base portion of backlog rose nearly 40% year over year. Logan said the company sees several sources of demand from the existing nuclear fleet, including catch-up spending on deferred maintenance, plant life extensions and upgrades, and digital transformation initiatives. He noted that roughly 80% of Mirion’s nuclear-power revenue is tied to the installed base, producing recurring and repeat business. Management also cited policy, financing and project developments supporting the nuclear market, including U.S. regulatory proposals intended to streamline licensing, a Department of Energy loan program for reactor construction, and activity in advanced reactor designs. Logan said Mirion, Paragon and Certrec participated in each of four advanced reactor designs that reached criticality under the DOE reactor pilot program. Mirion said it won several large opportunities during the second quarter, including a previously disclosed Paragon SMR order, a second portion of another SMR order, and a portion of a radioactive-waste-handling order in its defense and diversified end market. During the first two weeks of July, the company received more than $50 million of large orders, including a European installed-base order and a U.S. Department of Energy order. Those July awards were partly offset by the cancellation of a Ch...