Mirion Technologies reports record Q4 2025 revenue and outlines strong guidance for 2026, driven by acquisitions and growth in nuclear power and medicine.
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Mirion Technologies Reports Strong Q4 Performance and 2026 Guidance
Mirion Technologies delivered a robust performance in the fourth quarter of 2025, reporting record orders that exceeded $1 billion for the year. Driven by growth in the nuclear power and nuclear medicine segments, the company showcased its resilience despite some headwinds in certain markets. With a strategic focus on enhancing its nuclear power exposure and key acquisitions, Mirion is well-positioned for continued growth in 2026.
Financial Performance
In the fourth quarter, Mirion Technologies reported enterprise revenue of $277.4 million, marking a 9% increase compared to $254.3 million in Q4 2024. This quarter's growth was aided by favorable foreign exchange rates, which contributed approximately 3.4% to the revenue increase. However, organic growth was only 0.5%, hindered by tough year-over-year comparisons, particularly in the nuclear and safety segment.
Key Metrics:
- Full Year Revenue: $925.4 million, a 7.5% increase from 2024.
- Adjusted EBITDA: $227.9 million, up 12% year-over-year.
- Adjusted EPS: $0.46, reflecting a 12% increase despite an increase in diluted shares due to equity raises.
- Free Cash Flow: $131 million, a significant 57% conversion of adjusted EBITDA.
The company benefitted from a strong performance in the nuclear power market, with organic revenue growth exceeding 11%. Notably, nuclear medicine also displayed strength with organic growth of more than 13% year-over-year. These segments are expected to continue driving double-digit growth into 2026, with a strong backlog supporting this trajectory.
Strategic Initiatives
A key focus for Mirion in 2025 was enhancing its nuclear power exposure, leading to two significant acquisitions: CERTREC and Paragon Energy Solutions. These acquisitions are expected to augment the company's presence in the North American nuclear power market, increasing nuclear power revenue to approximately 40% of total sales. This strategic move is essential as the company aims to cover the entire lifecycle of nuclear reactors, from construction to decommissioning.
Highlights from Acquisitions:
- CERTREC: Strengthens regulatory compliance capabilities in the nuclear sector.
- Paragon Energy Solutions: Enhances customer intimacy and expands the company's footprint in the rapidly evolving small modular reactor (SMR) market.
Additionally, management noted that approximately 80% of revenue comes from the installed base, which is increasingly incentivized to modernize and extend the life of existing nuclear facilities. This creates a continuous demand for Mirion's solutions across its varied offerings.
Future Outlook
Looking ahead to 2026, Mirion Technologies provided robust guidance, anticipating total revenue growth of 22% to 24%. This growth forecast includes contributions from recent acquisitions and favorable foreign exchange rates but highlights an organic growth range of 5%. The company expects adjusted EBITDA to range between $285 million and $300 million, translating to adjusted EBITDA margins of 25% to 26%.
Key Guidance Metrics:
- 2026 Adjusted Free Cash Flow: Expected to be between $155 million and $175 million.
- Adjusted EPS: Projected to be in the range of $0.50 to $0.57, including an increase in share count due to acquisitions.
Furthermore, Mirion's management expressed optimism regarding its large opportunity pipeline, which has grown to over $400 million in potential projects for 2026. This includes $200 million in new projects alongside $200 million carried over from 2025. The company’s strong order dynamics and management's focus on enhancing operational efficiencies are expected to drive continued performance improvements.
“We believe our right to win in these large projects is strong, and we are confident in the growth trajectory of our nuclear power segment,” said Tom Logan, CEO of Mirion Technologies.
Concluding Assessment
Mirion Technologies has demonstrated resilience in its financial performance through strategic acquisitions and a strong focus on its core markets. Despite some challenges in certain segments, the company’s ability to generate record orders and robust free cash flow bodes well for its future. As Mirion prepares for 2026, its strategic initiatives and expected market dynamics position it favorably for continued growth. Investors should keep an eye on the company’s execution of its integration strategies and the evolving nuclear landscape as it aims to capture further market opportunities.
In summary, Mirion Technologies remains a compelling investment with strong fundamentals and a clear growth strategy, bolstered by its commitment to the nuclear power sector and ongoing innovation in its offerings.