Mirion Technologies (MIR) Q4 2025 earnings summary

Executive summary

• Achieved record orders exceeding $1 billion in 2025, driven by strong nuclear power and medicine markets, with double-digit organic growth in both Nuclear Power (+11%) and Nuclear Medicine (+13%).

• Completed acquisitions of Certrec and Paragon, expanding North American nuclear power exposure to up to 47% of revenue.

• Large opportunity pipeline now exceeds $400 million, with significant SMR and utility-scale reactor engagement.

• Integration of acquisitions expected to drive commercial synergies and global expansion.

• 2026 guidance anticipates continued momentum, supported by strong fundamentals and a growing project pipeline.

Financial highlights

• 2025 revenue grew 7.5% year-over-year to $925.4 million, with organic growth of up to 3.9%.

• Adjusted EBITDA rose 12% to $227.9 million (24.6% margin), with Q4 adjusted EBITDA at $77.6 million (28.0% margin).

• Adjusted EPS was $0.46, up from $0.41 in 2024, despite a 50 million share increase from financing activities.

• Adjusted free cash flow doubled to $131 million, representing a 57% conversion of Adjusted EBITDA.

• GAAP net income for 2025 was $28.8 million, reversing a loss of $36.1 million in 2024.

Outlook and guidance

• 2026 revenue expected to grow 22%-24%, with organic growth guidance of 5%-7%.

• Adjusted EBITDA guidance for 2026 is $285-$300 million (25%-26% margin).

• Adjusted free cash flow projected at $155-$175 million for 2026, with conversion of 54%-58%.

• Adjusted EPS for 2026 guided at $0.50-$0.57, now including stock-based compensation.

• Q1 2026 expected to be the lightest quarter for revenue and EBITDA, with margin expansion returning in the second half.