Mirion Technologies (MIR) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached $223.1 million, up 7.9% year-over-year, with organic growth of 4.7% and both Medical and Nuclear & Safety segments contributing strongly.

• Adjusted EBITDA rose 14.7% to $52.4 million, with margin expansion in both segments and adjusted EPS up 50% year-over-year.

• Nuclear power end market drove performance, with 9% organic revenue growth in Q3, major new orders including a $10 million SMR build and $55 million installed base order, and acquisitions broadening the portfolio.

• Medical segment delivered 5.9% revenue growth, with strong dosimetry services, margin expansion, and 75% of revenue tied to cancer care.

• Backlog remained strong at $808.0 million as of September 30, 2025.

Financial highlights

• Gross profit for Q3 2025 was $104.5 million, up from $92.9 million year-over-year, and operating income was $7.4 million, compared to a loss of $1.6 million in Q3 2024.

• Adjusted free cash flow was $18 million in Q3 and $53 million year-to-date, with a 35% YTD conversion rate.

• Adjusted EPS was $0.12, up from $0.08 in the prior year period; would have been $0.15 on a constant share count.

• Blended cost of debt forecasted at 2.8% by year-end 2025, a 460 bps improvement year-over-year.

• Cash and cash equivalents at September 30, 2025, were $933.6 million.

Outlook and guidance

• 2025 revenue growth expected at 7.0%–9.0%, with organic revenue growth of 4.5%–6.0%.

• Adjusted EBITDA guidance is $223–$233 million (margin 24.0%–25.0%), and adjusted free cash flow guidance raised to $100–$115 million, with conversion of 45%–49% of adjusted EBITDA.

• Adjusted EPS guidance is $0.48–$0.52 per share.

• Guidance excludes impact from the pending Paragon acquisition.

• Targeting 60% free cash flow conversion by 2028.