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Mirion Technologies, Inc. (MIR)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 revenue rose 4.9% to $202.0M, adjusted EBITDA increased 18% to $46.7M with margin expansion to 23.1%, and adjusted EPS grew to $0.10; total orders rose 11.5% to $203M, driven by strong Nuclear Power demand .
  • Versus S&P Global consensus, MIR delivered a modest beat on revenue ($202.0M vs $200.7M*) and a clear beat on Primary EPS ($0.10 vs $0.0785*); EBITDA was above consensus on an adjusted basis ($46.7M reported vs $44.4M*), aided by operating leverage and procurement savings .
  • Guidance: MIR raised FY25 total revenue growth to 5–7% (from 4–6%), reaffirmed organic growth (5.5–7.5%), adjusted EBITDA ($215–$230M) and adjusted EPS ($0.45–$0.50), and trimmed the low end of the EBITDA margin range to 24.0–25.5% to reflect tariff impacts and FX assumptions .
  • Stock-relevant narrative: strong nuclear installed base momentum and a clearly articulated tariff mitigation plan (net 2025 adjusted EBITDA impact range of +$3M tailwind to −$8M headwind) underscore confidence; order cadence and potential large awards ($300–$400M pipeline) are catalysts over 2025 .

What Went Well and What Went Wrong

What Went Well

  • Nuclear Power momentum: orders up 11.5% YoY to $203M; management highlighted double-digit nuclear end-market revenue growth and a robust large-order bid pipeline of $300–$400M expected to award by YE2025 .
  • Margin execution: adjusted EBITDA margin expanded 260 bps to 23.1% on operating leverage and procurement savings, consistent with long-term path to 30% margins by 2028 .
  • Segment performance quality: both segments grew revenue; Nuclear & Safety adjusted EBITDA margins increased 310 bps to 29.4%, Medical adjusted EBITDA margins rose 310 bps to 33.8% .

What Went Wrong

  • Labs & Research softness: revenue down approximately 19% on tough comps and potential DOE timing/scrutiny; a noted headwind for segment mix .
  • China medical headwind: Medical revenue down ~$2M vs prior year in China, with tariff uncertainty and ERP transitions creating a ~$1M segment revenue headwind; management remains cautious on China .
  • FX headwind: ~110 bps FX headwind impacted Q1 organic revenue growth, though management expects attenuation in the remainder of 2025 .

Financial Results

MetricQ3 2024Q4 2024Q1 2025
Revenue ($USD Millions)$206.8 $254.3 $202.0
Adjusted EBITDA ($USD Millions)$45.7 $69.6 $46.7
Adjusted EBITDA Margin (%)22.1% 27.4% 23.1%
Operating Income ($USD Millions)$(1.6) $29.0 $8.7
GAAP Diluted EPS ($USD)$(0.07) $0.07 $0.00
Adjusted EPS ($USD)$0.08 $0.17 $0.10

Estimates vs Actuals (S&P Global, Q1 2025)

MetricConsensusActual
Revenue ($USD Millions)$200.7*$202.0
Primary EPS ($USD)$0.0785*$0.10
EBITDA ($USD Millions)$44.4*$42.4*

Note: Company-reported adjusted EBITDA for Q1 2025 was $46.7M .
*Values retrieved from S&P Global.

Segment Performance (Q1 2025)

SegmentRevenue ($M)Organic Growth (%)Adjusted EBITDA ($M)Adj. EBITDA Margin (%)
Nuclear & Safety$133.4 7.6% $39.2 29.4%
Medical$68.6 3.0% $23.2 33.8%

Key KPIs (Q1 2025)

KPIQ1 2025
Total Orders ($M)$203
Orders YoY (%)+11.5%
Adjusted Free Cash Flow ($M)$28.8
Adjusted FCF Conversion (%)62.0%
Net Cash from Operating Activities ($M)$35.6
Share Repurchases1.2M shares; $18.6M

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Total Revenue Growth (%)FY 20254.0–6.0% 5.0–7.0% Raised
Organic Revenue Growth (%)FY 20255.5–7.5% 5.5–7.5% Maintained
Adjusted EBITDA ($M)FY 2025$215–$230 $215–$230 Maintained
Adjusted EBITDA Margin (%)FY 202524.5–25.5% 24.0–25.5% Low end trimmed
Adjusted Free Cash Flow ($M)FY 2025$85–$110 $85–$110 Maintained
Adjusted EPS ($)FY 2025$0.45–$0.50 $0.45–$0.50 Maintained

Management emphasized tariff assumptions and FX underpinning the adjustments (regionalized supply chain, mitigating actions) .

Earnings Call Themes & Trends

TopicQ-2 (Q3 2024)Q-1 (Q4 2024)Current (Q1 2025)Trend
Nuclear power tailwinds and AI energy demandHighlighted hyperscaler nuclear deals; 12% adjusted nuclear orders growth ex large orders; Sizewell-C strategic wins Record nuclear exposure, EDF strategic partnership; ~49% FY25 revenue in backlog Installed base driving orders; Nuclear Power revenue growth 17.6% in Q1; bid pipeline $300–$400M Strengthening
Tariffs and mitigationN/AFramed exposure/scenario-based risks and FX Net impact range to 2025 adj. EBITDA of +$3M to −$8M; mitigating actions $5–$8M; potential China code exemptions Clarifying, mitigated
Labs & Research (DOE)Softer on comps; backlog dynamics explained Strong overall orders; backlog flattish adj. for FX/debooking L&R down ~19%; possible DOE timing/contract scrutiny Temporarily weaker
SMR pipeline and new build~$14M SMR orders since 2023; many alliances EDF frame agreement sole-source content; global new build $300–$400M large-order pipeline includes new builds; TerraPower Natrium RMS/XIS contracts Building
Medical: China and RTQARTQA headwinds (China, yen) offset by Japan recovery; lasers exit China RTQA −40% in 2024; ERP implementations; software growth expected China revenue −$2M YoY; RTQA orders +~12%; segment margins up Mixed, improving margins
Procurement and margin path5th consecutive quarter of margin expansion 110 bps full-year adj. EBITDA margin expansion to 23.7% 260 bps margin expansion to 23.1% in Q1 on operating leverage/procurement Continuing

Management Commentary

  • “We’re off to a great start in 2025… standout elements for the quarter were adjusted free cash flow and orders… best first-quarter performance since going public” – Thomas Logan .
  • “Adjusted EBITDA margins… increased 260 basis points to 23.1%. The improvement reflects strong operating leverage and procurement savings” – Thomas Logan .
  • “We remain confident in our value creation strategy and are well-positioned for the new tariff landscape. Our regionalized supply chain is a competitive advantage” – Thomas Logan (Guidance commentary) .
  • “Mitigating actions totaling $5 to $8 million… prevailing FX represents an additional tailwind… net impact to 2025 adjusted EBITDA… between a $3 million tailwind and an $8 million headwind” – Thomas Logan .
  • “Nuclear Power… grew 17.6%… we expect the full year to represent high single digit growth” – Brian Schopfer .
  • “Medical segment… revenue… organic revenue would have been approximately 4.5%… adjusted EBITDA margins improved by 310 bps to 33.8%” – Brian Schopfer .

Q&A Highlights

  • Tariffs in China: Management sees emerging indications of classification code exemptions potentially reducing exposure; baseline 20% tariff could remain; situation dynamic .
  • Large-order timing and magnitude: Pipeline expected to award mostly in 2025; back-half loaded; unlikely to see a $300M+ order quarter but expect fair share wins .
  • Margin trajectory: Incrementals strong in Q1; expect margin expansion each quarter company-wide; Nuclear & Safety flattish in Q2 due to mix/mitigation timing; strongest expansion expected in Q3 .
  • Free cash flow cadence: Q2 to be lightest quarter due to cash taxes and seasonal working capital; not necessarily negative; targeting improved conversion through 2025 .
  • Japan exposure: ~2% of total revenue; opportunity as restarts progress; historically tight keiretsu .

Estimates Context

  • Q1 2025 beats vs S&P Global: Revenue $202.0M vs $200.7M*, Primary EPS $0.10 vs $0.0785*; EBITDA consensus $44.4M* vs company-reported adjusted EBITDA $46.7M (SPGI actual EBITDA prints $42.4M*) .
  • Drivers: Nuclear Power installed base demand and procurement savings expanded margins; FX headwind (~110 bps) tempered top-line but did not prevent beat .
  • Implications: Street models likely need to reflect stronger margin conversion from operating leverage and procurement, while incorporating tariff mitigation assumptions and potential China medical variability .
    *Values retrieved from S&P Global.

Key Takeaways for Investors

  • Nuclear installed base momentum is accelerating: Q1 Nuclear Power revenue +17.6%; orders robust; management expects high single-digit nuclear end-market growth for 2025 .
  • Margin expansion path intact: 260 bps YoY adjusted EBITDA margin expansion in Q1; procurement and operating leverage underpin the 2028 30% target .
  • Tariff exposure appears manageable: net 2025 adjusted EBITDA impact range of +$3M to −$8M with concrete mitigation levers and potential China exemptions; FX tailwinds provide offset .
  • Medical segment resilience with improving profitability: despite China headwinds and ERP noise, medical margins rose 310 bps; RTQA and Nuclear Medicine orders healthy .
  • Cash generation improving: $28.8M adjusted FCF and 62% conversion in Q1; Q2 seasonal softness expected, but full-year FCF guide reaffirmed .
  • Order catalysts in 2H: $300–$400M large-project pipeline slated to award mostly in 2025; tracking for back-half conversion .
  • Guidance supports thesis: FY25 revenue growth raised to 5–7%; adjusted EBITDA and EPS reaffirmed; narrative supported by TerraPower Natrium wins and EDF partnership .

Appendix: Other Relevant Q1 2025 Press Releases

  • TerraPower Natrium® demonstration project: MIR awarded RMS and XIS systems—positioning within advanced nuclear projects and SMRs .