Mirion Technologies (MIR) Baird 2026 Global Industrial Conference summary

Business profile

• Nuclear and safety represents ~70% of revenue; medical is ~30%, spanning radiation therapy, nuclear medicine and dosimetry services.

• Nearly half of revenue comes from commercial nuclear power; products serve >98% of the global operating fleet (~450 reactors), and 80% of nuclear power revenue is tied to the installed base.

Nuclear power momentum

• Q3 organic orders grew 62%, organic revenue grew 6.5%, and nuclear power revenue grew 14%; orders were broad-based across segments and product areas.

• Operators are increasing installed-base capital spending for deferred maintenance, plant life extensions, power uprates and digital modernization; management sees early innings and expects a decade or more of sector spending growth.

• Paragon, acquired just under a year earlier, grew organically 20% last year; 25% organic growth is guided for this year, with catch-up capital spending driving demand.

• Recent hyperscaler-related uprate announcements represent ~2 GW of operating capacity; capacity additions are currently a high capital-spending priority, with strong urgency.

• Life extensions of 20 years could trigger successive instrumentation upgrades for more than a decade; near-term demand includes neutron measurement, radiation monitoring and reactor protection systems.

New nuclear build and other markets

• A large order for two reactors in Egypt was booked; a six-reactor EPR opportunity in France is subject to EU approval, which management expects to be forthcoming. U.S. large-scale builds are excluded from the intermediate-term planning horizon.

• Small modular reactor revenue rose from just over 1% to closer to 4% over the past year; management sees the business as exposure to the overall sector, backed by funded, technologically advanced developers seeking deployment.

• Labs and research markets are normalizing after government shutdowns and DOGE-related disruption; waste remediation and nuclear arsenal modernization are supporting demand, with low-to-mid-single-digit growth anticipated over time.

• Q3 labs orders exceeded 20%, while revenue is still catching up and is expected to improve in Q4.