Mirion Technologies, Inc.

Second quarter total revenue was $266.8 million, up 20% year over year; adjusted EBITDA was $65.3 million, up 27.5%, with margins expanding 150 basis points. Adjusted EPS was $0.12 per share. Organic revenue growth was 1% overall, 2.3% in nuclear and safety, and negative 1% in medical. Q2 orders were $291 million including a $62 million contribution from Paragon and Certrec, up 40% total and 10% before M&A. Backlog was over $1.1 billion, nearly 40% higher than a year ago. The company generated $49 million of adjusted free cash flow in the quarter and $60 million in the first half. For the full year, guidance was unchanged from April; management expects second-half organic revenue growth of 7.5% to 11.2%, second-half adjusted EBITDA margins of roughly 27% to 29%, and second-half adjusted free cash flow of $95 million to $115 million. For Q3, consolidated organic revenue growth is expected to be in the high single-digits, with Nuclear and Safety mid-single-digits and medical high-single-digits.

Thomas D. Logan framed the quarter as proof that the nuclear super trend is strengthening, citing regulatory progress, DOE support, SMR pilot milestones, and new power agreements as evidence that demand is broadening. He emphasized that Mirion’s acquisitions of Paragon and Certrec are well timed to capture North American nuclear demand, and said the company is increasingly bullish on SMRs and AI-enabled product development and customer solutions. His tone was confident and upbeat, while still noting that timing risk remains the main variable on large opportunities.

Brian Schopfer focused on the financial bridge to a stronger second half. He highlighted $266.8 million of revenue, $65.3 million of adjusted EBITDA, 150 basis points of margin expansion, and $49 million of quarterly adjusted free cash flow, plus about $1 million of tariff refunds received to date. He said the company bought back about $25 million of stock in Q2, bringing year-to-date buybacks to about $40 million, and reiterated that full-year guidance is unchanged. He also said second-half margins should reach roughly 27% to 29%, and that year-end leverage would be about 2.5x if no additional M&A closed.

Analysts pressed on how much of the large opportunity pipeline is effectively won versus still competitive, and management said Mirion has a 'right to win' on the opportunities it tracks, with the biggest risk being timing. They also asked about the Chinese order cancellation; management said it was rare, tied to a long-stalled project and changed U.S.-China trade dynamics, and it does not affect full-year guidance. On the margin target, management said it still expects to reach 30% EBITDA margins over time through operating leverage, procurement gains, and internal efficiency actions, though it called the target 'audacious.'