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Mirion Technologies, Inc. (MIR)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 revenue grew 7.9% year over year to $223.1M and slightly up sequentially versus Q2; adjusted EPS was $0.12, beating S&P Global consensus ($0.1025*) and revenue also modestly beat ($222.2M*) .
  • Adjusted EBITDA rose 14.7% YoY to $52.4M with margin expanding to 23.5%; income from operations margin improved to 3.3% .
  • Full‑year 2025 guidance reaffirmed for revenue growth, organic growth, adjusted EBITDA, and adjusted EPS; adjusted free cash flow range raised to $100–$115M (from $95–$115M) and conversion to 45–49% (from 43–49%) .
  • Nuclear power momentum remained the core catalyst: adjusted nuclear orders grew 21% in Q3; SMR orders of ~$17M in Q3 and ~$26M YTD, with an additional ~$55M award in October from the large pipeline; management expects further awards into year‑end .
  • Capital structure progress: expected blended cost of debt ~2.8% into 2026 after refinancing and convert issuance, a 460 bps improvement YoY; supports higher FCF and EPS trajectory .

What Went Well and What Went Wrong

What Went Well

  • Revenue (+7.9% YoY) and adjusted EBITDA (+14.7% YoY) both outperformed, driven by nuclear power end‑market strength; “All key financial metrics grew in the quarter, keeping us on‑track for our 2025 guidance” — CEO Thomas Logan .
  • Strong nuclear order dynamics: nuclear power adjusted orders +21% in Q3; SMR orders of ~$17M in Q3, ~$26M YTD, with ~$5.5M additional SMR order booked in late October; management cites supportive policy tailwinds and rising capacity factors globally .
  • Guidance quality and cash conversion improving: raised 2025 adjusted FCF range to $100–$115M and conversion to 45–49% of adjusted EBITDA; Q3 adjusted FCF was $18M and YTD $53M .

What Went Wrong

  • U.S. healthcare and RTQA demand pressure: timing and magnitude of rebound remain clouded given government shutdown headwinds; Q4 medical revenue expected to be flattish due to tough dosimetry comp (+14% Q4’24) .
  • Labs & Research softness tied to DOE funding and tariff uncertainty; Q2 commentary highlighted reduced orders and FX/project cost headwinds in Europe (France) impacting margins earlier in the year .
  • China trade/tariff environment remains dynamic; management working on mitigation (alternative sourcing, pricing, FX tailwinds) but noted lingering caution and anti‑corruption program impacts on med‑tech exports to China .

Financial Results

Consolidated P&L and Key Margins

MetricQ1 2025Q2 2025Q3 2025
Revenue ($USD Millions)202.0 222.9 223.1
GAAP Diluted EPS ($)0.00 0.03 0.01
Adjusted EPS ($)0.10 0.11 0.12
Adjusted EBITDA ($USD Millions)46.7 51.2 52.4
Adjusted EBITDA Margin (%)23.1% 23.0% 23.5%
Income from Operations Margin (%)4.3% 4.4% 3.3%

YoY highlights (Q3 2025 vs Q3 2024): Revenue +7.9%; adjusted EBITDA +14.7% to $52.4M; adjusted EPS +50% to $0.12 .

Segment Breakdown

SegmentQ2 2025 Revenue ($M)Q2 2025 Adj. EBITDA ($M)Q3 2025 Revenue ($M)Q3 2025 Adj. EBITDA ($M)Q3 2025 Adj. EBITDA Margin (%)
Nuclear & Safety141.7 37.9 144.6 40.6 28.1%
Medical81.2 30.1 78.5 28.2 35.9%

Notes: Q3 Nuclear & Safety revenue grew 9% YoY to $144.6M with segment margin expansion (+180 bps); Medical revenue +5.9% YoY with margin expansion (+120 bps) .

KPIs

KPIQ1 2025Q2 2025Q3 2025
Total Orders Growth YoY (%)+11.5% +1.6% +2.4% (adjusted; excludes prior Turkey debooking)
Nuclear Power Adjusted Orders Growth YoY (%)——+21%
SMR Orders ($M)—~$9 YTD ~$17 in Q3; ~$26 YTD
Adjusted Free Cash Flow ($M)28.8 6.0 18.0
Large Opportunity Pipeline ($M)$300–$400 in bidding ~$350 $350; $65 awarded (incl. $55 in Oct), $285 remaining; $175 expected in 2025, $110 in 2026
Expected Blended Cost of Debt (%)——~2.8% into 2026

Guidance Changes

MetricPeriodPrevious Guidance (Q2 2025)Current Guidance (Q3 2025)Change
Revenue Growth (%)FY 20257.0%–9.0% 7.0%–9.0% (unchanged); includes ~180 bps FX tailwind at Q4 EUR/USD 1.16 and ~100 bps acquisitions benefit (Certrec, Oncospace) Maintained; updated FX/acquisition assumptions
Organic Revenue Growth (%)FY 20255.0%–7.0% 4.5%–6.0% Lowered
Adjusted EBITDA ($M)FY 2025$223–$233 $223–$233 Maintained
Adjusted EBITDA Margin (%)FY 202524.0%–25.0% 24.0%–25.0% Maintained
Adjusted Free Cash Flow ($M)FY 2025$95–$115 $100–$115 Raised low end
Adjusted FCF Conversion (% of Adj. EBITDA)FY 202543%–49% 45%–49% Raised low end
Adjusted EPS ($)FY 2025$0.48–$0.52 $0.48–$0.52 Maintained
Paragon Acquisition ImpactFY 2025—Guidance excludes Paragon Clarified

Earnings Call Themes & Trends

TopicPrevious Mentions (Q-2: Q1 2025)Previous Mentions (Q-1: Q2 2025)Current Period (Q3 2025)Trend
Nuclear power momentumInstalled base drove 79% of nuclear order growth; policy support rising; capacity factor focus High single‑digit nuclear power revenue growth expected; pipeline at ~$350M Nuclear adjusted orders +21%; continued SMR awards ($17M in Q3; $26M YTD); $55M award in Oct; pipeline awards expected by year‑end Strengthening
SMR opportunityEarly engagement; cautious timeline; ~$300–$400M large opportunities bidding ~$9M YTD SMR orders with 5 players; growing engagement $17M in Q3; ~$26M YTD; additional ~$5.5M Oct order; government support packages cited Accelerating
Capital structure/cost of debtReaffirmed path to 2028; procurement & leverage driving margins $400M converts; TL refinancing; margin algorithm intact Blended cost of debt ~2.8%, −460 bps YoY; supports FCF/EPS Improving
Tariffs/macroDetailed mitigation and FX offsets; net EBITDA impact range −$8M to +$3M Tariff timing shifted revenue from Q2 to Q3 in Nuclear & Safety; medical tariffs more back‑end weighted Guidance reaffirmed; FX tailwind embedded; FCF guide raised; China still dynamic Managed/neutral
Medical segment dynamicsRTQA software/services and EC2 supporting margins; dosimetry product launch (InstaDoseVue) Medical organic +10.1% and margin +280 bps; Q4 flattish expected on tough comp Medical margin +120 bps; dosimetry organic +7% led by digital; U.S. RTQA timing uncertainty persists Mixed
M&A/portfolio strategyOncoSpace acquisition (cloud oncology); disciplined pipeline Certrec announced; digital ecosystem (Vital) launched; LightLink/Apex Guard Paragon agreement (U.S. nuclear) expected to close by year‑end; nuclear revenue to ~45% with Paragon + Certrec Expanding

Management Commentary

  • “Mirion posted another strong quarter supported by the continued momentum in the nuclear power end‑market. All key financial metrics grew in the quarter, keeping us on‑track for our 2025 guidance.” — Thomas Logan, CEO .
  • “We are raising the lower end of our adjusted Free Cash Flow guidance range while reaffirming the remaining financial metrics.” — Thomas Logan, CEO .
  • “Approximately 80% of our nuclear revenue comes from the installed base… With the addition of Paragon Energy Solutions… approximately 45% of Mirion's enterprise revenue will be generated from this end market.” — Thomas Logan, CEO .
  • “I’d also like to highlight our year‑end 2025 expected blended cost of debt of 2.8%… a 460 basis point improvement over the past year.” — Brian Schopfer, CFO .
  • “Third quarter nuclear power adjusted orders grew 21%… SMR orders total $26M YTD… we booked another SMR‑related order yesterday for about $5.5M.” — Management Q&A .

Q&A Highlights

  • Backlog trajectory: Management expects nuclear backlog to grow exiting 2025; large pipeline awards remain likely despite government timing risks; strong right‑to‑win asserted .
  • Order cadence: Q4 could see strong double‑digit order growth; while a $300M+ order quarter is unlikely, flow orders and SMR projects are diversifying bookings .
  • SMR specifics: Awards come in pieces across product suites; broader ecosystem partnerships (e.g., Paragon, Certrec) position Mirion well across instrumentation/control, physical/cybersecurity, regulatory support .
  • Westinghouse/installed base: Digital neutron flux agreements enable share gains and retrofit opportunities across U.S. and global fleets .
  • Medical visibility: Near‑term U.S. RTQA uncertainty persists; Q4 revenue flattish on tough dosimetry comp; medium‑term narrative remains constructive with software/services mix supporting margins .

Estimates Context

Q3 results vs S&P Global consensus:

  • Adjusted EPS: $0.12 vs $0.1025* — beat .
  • Revenue: $223.1M vs $222.171M* — beat .

Forward S&P Global consensus:

  • Q4 2025 EPS: $0.1676*; Revenue: $275.6M* (3 ests) — typical seasonal strength in Q4 for Mirion .
  • Q1 2026 EPS: $0.12*; Revenue: $252.1M* (1 est.) — limited coverage implies potential for revisions*.

S&P Global disclaimer: Values retrieved from S&P Global.*

Q3 Actual vs Consensus

MetricS&P ConsensusActual
Revenue ($USD Millions)222.171*223.1
Adjusted/Primary EPS ($)0.1025*0.12

Forward Consensus

MetricQ4 2025Q1 2026
Revenue ($USD Millions)275.584*252.100*
Primary EPS Consensus Mean ($)0.1676*0.12*
EBITDA Consensus Mean ($USD Millions)73.050*59.100*
# of Revenue Estimates3*1*
# of EPS Estimates4*1*

Key Takeaways for Investors

  • Q3 was a clean beat on adjusted EPS and a modest revenue beat versus consensus, with YoY margin expansion; execution and nuclear momentum remain the primary drivers .
  • The 2025 FCF guide was raised; blended cost of debt ~2.8% and capital structure actions improve cash generation and earnings quality into 2026 .
  • Nuclear installed base is the key growth engine; adjusted nuclear orders +21% in Q3, and SMR orders accelerating with additional awards expected near term — a core narrative supporting multiple expansion .
  • Near‑term watch items: U.S. RTQA demand and China trade dynamics; Q4 medical revenue flattish on tough comps, but software/services mix continues to support margins .
  • The large opportunity pipeline (~$350M) began converting ($65M awarded through Oct); remaining $285M includes $175M expected by year‑end and $110M in 2026 — monitor award timing and margin profile (new build vs installed base) .
  • Portfolio expansion (Certrec, Paragon) increases nuclear exposure to ~45% of revenue post‑close; expect strategic benefits across instrumentation, compliance, and services .
  • Trading setup: Into Q4, historical seasonal strength and pipeline visibility favor continued order momentum; any incremental awards or guidance updates could be positive catalysts.

Additional Materials Reviewed

  • Q3 2025 8‑K and press release: detailed financials, non‑GAAP reconciliations, raised FCF guide .
  • Q3 2025 earnings call: segment performance, orders, SMR momentum, capital structure color .
  • Q2 2025 8‑K and press release: guidance increases; segment metrics; FX/project cost headwinds .
  • Q1 2025 8‑K and press release: strong start; orders +11.5%; detailed tariff mitigation and FX offsets .
  • Other Q3‑period press releases: conference call date (logistics); IAEA industry program participation (sector positioning) .