Mirion Technologies (NYSE:MIR) executives highlighted record order activity in 2025 and issued an outlook for accelerated growth in 2026, while acknowledging softer-than-expected revenue in parts of the medical and labs and research businesses during the year.
Record orders, expanding backlog, and end-market momentum
Founder, Chairman and CEO Tom Logan said 2025 was a “strong year” for the company, driven primarily by nuclear power market strength and supported by favorable conditions in nuclear medicine. Mirion booked record orders in 2025 totaling “nearly $1.1 billion,” up 26% versus 2024, including $150 million tied to the company’s large opportunity pipeline. Logan added that backlog increased 36% year over year when including the addition of Paragon Energy Solutions’ backlog.
Strategic shift toward nuclear power, including Paragon and Certrec
Logan reiterated the company’s strategic priority of increasing nuclear power exposure, citing the acquisition of Certrec in July and Paragon Energy Solutions in December. He said the deals raise nuclear power revenue to roughly 40% of total company revenue and broaden coverage across fuel cycle, new plant construction, operations and decommissioning. Logan also emphasized that about 80% of the company’s revenue comes from the installed base, which he said is being “pushed and economically incentivized” to life-extend, modernize, and continue operating.
On integration, management said it has quantified synergy opportunities and expects to move in 2026 beyond foundational integration work (finance, HR and IT) toward “material synergy drivers” such as commercial integration, pricing approaches and supply chain optimization. Logan noted Mirion saw nearly 100 basis points of Adjusted EBITDA margin improvement in 2025 from procurement process improvements in the legacy business, and said the company believes similar efforts can translate to Paragon and Certrec.
Executives also described Paragon’s role in expanding Mirion’s presence with small modular reactor (SMR) developers. Logan said Mirion now has contractual commitments with more than 20 SMR developers and is working to expand coverage across the space.
Fourth-quarter and full-year results: growth aided by M&A and FX
Schopfer said fourth-quarter enterprise revenue rose 9% year over year to $277.4 million, with more than half of the improvement from M&A (including Paragon’s December contribution and a full quarter of Certrec). Foreign exchange added 3.4% to the fourth-quarter growth rate; Schopfer said about 36% of 2025 revenue was euro-denominated. Organic growth in the quarter was 0.5%, which management attributed to tough comparisons across both segments.
Fourth-quarter Adjusted EBITDA increased 11.5% to $77.6 million, with margins expanding 60 basis points despite including Paragon in December, which management characterized as margin-dilutive. Schopfer said excluding Paragon, fourth-quarter Adjusted EBITDA margins would have been 28.6% and 120 basis points higher than the prior year. Fourth-quarter adjusted EPS was $0.15, two cents lower than the year-ago quarter, reflecting a higher diluted share count tied to convertible notes and an equity raise supporting the Paragon acquisition.
For the full year, Mirion reported revenue of $925.4 million, up 7.5% versus 2024, with “more than half” of the growth organic and the remainder split between M&A and FX. Full-year Adjusted EBITDA was $227.9 million, up 12%, with margins expanding 90 basis points. Full-year adjusted EPS was $0.46, which management said was slightly below prior guidance largely due to tax dynamics. Adjusted free cash flow was $131 million, about double 2024’s $65 million, with a 57% conversion of Adjusted EBITDA.
Schopfer attributed the cash flow improvement to higher earnings, reduced net interest expense from capital structure actions, and lower capital expenditures. He cited actions including reducing the Term Loan B size, refinancing to SOFR plus 200, and issuing two convertible notes with 0.25% and 0% coupons. Schopfer said these changes reduced the company’s 2025 pro forma total cost of debt to 2.9% from 7.4% in 2024.
Segment commentary: nuclear strength offsets labs and RTQA softness
Management pointed to nuclear power as the strongest contributor to orders and organic revenue growth. Schopfer said adjusted nuclear power orders grew 52% in 2025 (excluding acquisition-related orders and a Turkey debooking in the prior year). The company also booked $39 million of SMR-related orders in 2025, compared to $17 million combined in 2023 and 2024, and saw about $10 million of SMR orders in January 2026. In the fourth quarter, total orders rose 62%, reflecting $140 million of large opportunity orders awarded in nuclear power; excluding those large orders, fourth-quarter orders were up 11%.
In labs and research, management cited demand deferral tied to the 43-day U.S. government shutdown and DOGE initiatives. Schopfer said the global labs and research end market declined 8.5% for the year, with the U.S. labs business tied mainly to the DOE down about 15%.
In medical, Schopfer said fourth-quarter segment revenue declined 3.5% to $82.5 million, driven by RTQA hardware headwinds in Asia and Europe, along with tough comparisons in nuclear medicine and dosimetry. For the full year, medical segment revenue grew 3.7% to $310.8 million as double-digit nuclear medicine organic growth offset lower RTQA organic revenue. Despite the top-line pressure, the medical segment expanded profitability, with fourth-quarter Adjusted EBITDA up 5.1% and margins up 350 basis points, and full-year Adjusted EBITDA up 11.2% with margin expansion of 260 basis points.
2026 outlook: organic growth of 5%–7% and margin expansion
Logan outlined 2026 guidance calling for total revenue growth of 22%–24%, including contributions from FX and acquisitions, and organic revenue growth of 5%–7%. The company guided to Adjusted EBITDA of $285 million to $300 million, implying margins of 25%–26% and about 90 basis points of expansion, “notwithstanding” Paragon’s dilutive margin impact. Adjusted free cash flow is expected to range from $155 million to $175 million, and adjusted EPS is projected at $0.50 to $0.57 based on an expected 275 million fully diluted shares.
Management said that, beginning in 2026, adjusted EPS will include stock-based compensation; Logan noted that excluding it, the 2026 midpoint would have been $0.61, or $0.07 higher. Schopfer also cautioned that the first quarter of 2026 is expected to be the lightest quarter for both revenue and Adjusted EBITDA, with organic growth projected to be low single digits, medical organic growth mid-single digits, and nuclear and safety organic growth roughly flat. He added that total enterprise EBITDA margins are expected to contract versus the prior-year first quarter due to the full-quarter impact of Paragon and a tougher comparison in Mirion’s sensing business, with a return to margin expansion expected in the back half of the year.
During the Q&A, Logan said Mirion has a “right to win” on more than $400 million of large opportunity projects expected to be awarded in 2026, including more than $200 million of carryover opportunities from 2025, while stressing that project timing remains difficult to predict. He also reaffirmed the company’s longer-term ambition of reaching 30%+ EBITDA margins by 2028, citing growth-driven absorption, continued self-help initiatives and the company’s AI efforts, including internal applications and a newly hired Chief AI and Digital Officer.
About Mirion Technologies (NYSE:MIR)
Mirion Technologies Inc (NYSE: MIR) is a leading global provider of radiation detection, measurement and monitoring solutions. The company’s portfolio includes instrumentation, software and service offerings designed to detect, quantify and manage radiation in nuclear power, oil and gas, defense and homeland security, medical imaging and diagnostic applications. Mirion’s product suite spans personal and environmental dosimetry, area monitors, digital imaging detectors and turnkey solutions for decommissioning and environmental remediation projects.
Mirion traces its origins to the combination of several established radiation measurement businesses, including the former Canberra nuclear instrumentation division, and has been supported by private equity investors before completing its initial public offering on the New York Stock Exchange in 2023.
