Mirion Technologies (MIR) Q4 2025 earnings summary

Executive summary

• Achieved record orders exceeding $1 billion in 2025, driven by strong nuclear power and nuclear medicine markets, with double-digit organic growth in both segments.

• Completed acquisitions of Certrec and Paragon Energy Solutions, increasing nuclear power revenue exposure to as much as 47% and broadening North American reach.

• Large opportunity pipeline for 2026 exceeds $400 million, with significant SMR and new build projects.

• Integration of acquisitions expected to drive commercial synergies, global expansion, and full-year contributions in 2026.

• Strategic focus on AI and digital transformation, with 17 internal AI applications launched and a new Chief AI and Digital Officer appointed.

Financial highlights

• 2025 revenue grew 7.5% year-over-year to $925.4 million, with organic growth of 3.9%.

• Adjusted EBITDA rose 12% to $227.9 million (24.6% margin), with Q4 adjusted EBITDA at $77.6 million (28.0% margin).

• Adjusted EPS was $0.46, up from $0.41 in 2024, despite a 50 million share increase from convertible notes and equity raise.

• Adjusted free cash flow doubled to $131 million, representing a 57% conversion of Adjusted EBITDA.

• GAAP net income for 2025 was $28.8 million, reversing a loss of $36.1 million in 2024.

Outlook and guidance

• 2026 revenue expected to grow 22%-24%, with organic growth guidance of 5%-7%.

• Adjusted EBITDA guidance for 2026 is $285-$300 million, with margins of 25%-26%.

• Adjusted free cash flow projected at $155-$175 million for 2026, with 54%-58% conversion.

• Adjusted EPS guidance for 2026 is $0.50-$0.57, now including stock-based compensation.

• Q1 2026 expected to be the lightest quarter for revenue and EBITDA, with margin expansion resuming in the back half.