Mirion Technologies (MIR) Goldman Sachs Industrials and Materials Conference summary

Business overview and market positioning

• Operates as a pure play in ionizing radiation detection, measurement, and analysis, leading 17 of 19 global product categories.

• Holds a unique technological leverage, enabling discoveries to be applied across multiple verticals and segments.

• Two-thirds of revenue comes from nuclear and safety, with the remainder from medical applications.

• Maintains a presence in over 95% of the world’s operating nuclear reactors, participating throughout the plant lifecycle.

• Recurring revenue from the installed base forms 80% of nuclear segment revenue, providing predictability and defensibility.

Nuclear segment dynamics and growth drivers

• Nuclear power is the largest sub-segment, with significant exposure to the global nuclear renaissance and energy transition.

• Industry tailwinds include decarbonization, energy security, and increased demand from the AI revolution and electric economy.

• Operators are shifting to expansionary modes, driving higher capacity factors, asset life extensions, and faster replacement cycles.

• Robust new build pipeline, especially in Europe, North Africa, the Gulf, Korea, and India, with strategic partnerships like ECIL and EDF.

• SMR (small modular reactor) market is emerging, with higher revenue per megawatt than utility scale, and tangible early backlog.

Financial targets and operational strategy

• Long-term organic growth guidance of 6%-8%, with nuclear and nuclear medicine expected to grow at high single digits.

• Targeting 30% EBITDA margin, driven by operating leverage, procurement savings, and business system improvements.

• Free cash flow expected to rise from $60M-$70M in 2024 to ~$200M by 2028, with linear margin progression.

• 2025 guidance includes 5.5%-7.5% organic growth and 4%-6% total revenue growth, with margin expansion not back-end loaded.

• Focus on cost discipline, site closures, exiting unprofitable lines, and optimizing tax and interest expenses.