Mirion Raises 2026 Revenue Outlook as Q3 Orders Surge

Mirion said stronger backlog conversion and surging nuclear-power demand supported a 24.5% increase in third-quarter revenue, prompting the company to raise its full-year 2026 revenue guidance. Orders climbed 62% excluding acquisitions, while the company expects organic revenue growth to reach the mid-to-high teens in the fourth quarter.

Revenue for the quarter ended September 30 rose to $277.8 million from $223.1 million a year earlier. Organic revenue increased 6.5%, acquisitions contributed 18.6 percentage points of growth, and foreign exchange reduced growth by 0.6 percentage point.

Adjusted EBITDA advanced 23.7% to $64.8 million, although the adjusted EBITDA margin edged down to 23.3% from 23.5%. Adjusted diluted earnings were unchanged at $0.12 per share. Mirion noted that its calculation began including stock-based compensation in the first quarter of 2026; excluding stock-based compensation, the comparable third-quarter 2025 figure was $0.11 per share.

Orders and backlog strengthen revenue visibility

Third-quarter orders reached $386 million, up 85% on a reported basis and 62% excluding M&A. Nuclear Power end-market orders more than doubled excluding acquisitions, supported by new-build and installed-base activity. Medical orders also grew across all three end markets, led by radiation therapy quality assurance, or RTQA.

Mirion received $140 million of large-opportunity awards during the quarter, or $122 million after a China de-booking. The company said it had lost none of the large opportunities awarded year to date and identified about $125 million of additional opportunities targeted for the fourth quarter. These projects span small modular reactors, radioactive waste, nuclear new builds, operating-fleet reactors, radiation cameras, RTQA and U.S. Department of Energy-related work.

Backlog totaled $1.25 billion at quarter-end, up 53% year over year, including acquisitions. Excluding M&A, backlog increased 33%. Nuclear Power accounted for 63% of the total, while installed-base backlog excluding acquisitions rose 55% to $326 million.

About 59% of the third-quarter backlog is expected to be recognized in the fourth quarter of 2026 and during 2027. Mirion had generated $802 million of revenue through September and expects $292 million of backlog conversion in the fourth quarter, providing 95% coverage of full-year revenue at the midpoint of guidance. The remaining requirement largely reflects the Medical segment’s book-and-bill business, along with Paragon revenue that is not included in backlog.

Nuclear & Safety leads reported growth

Nuclear & Safety revenue rose 34.2% to $194.0 million, including 6.3% organic growth and a 28.7-percentage-point contribution from acquisitions. Nuclear Power organic revenue increased 14%, driven by installed-base and small modular reactor activity. SMR-related orders reached $16 million in the quarter and $54 million year to date, with the nine-month total up 106%.

The segment’s adjusted EBITDA increased 22.7% to $49.8 million, but its margin declined to 25.7% from 28.1%. Mirion attributed the contraction to dilution from the Paragon acquisition, business mix and lower incentive compensation in the prior-year period. Paragon revenue grew 12% from the third quarter of 2025 and 22% on a year-to-date basis.

Medical revenue increased 6.7% organically and on a reported basis to $83.8 million. All three Medical end markets contributed to growth, with RTQA providing the largest increase on continued performance from original-equipment-manufacturer customers. Adjusted EBITDA rose 12.4% to $31.7 million, lifting the segment margin to 37.8% from 35.9%.

Cash generation improves as Mirion updates guidance

Mirion generated $47 million of adjusted free cash flow in the quarter. Year-to-date adjusted free cash flow more than doubled to $107.5 million from $53.1 million, and conversion improved to 58% of adjusted EBITDA from 35%. Management expects net working capital to be a source of cash in the fourth quarter and approximately neutral for the full year.

The company now forecasts 2026 total revenue growth of about 24% to 25%, equivalent to approximately $1.147 billion to $1.157 billion. Organic revenue growth is expected to be about 7% to 8%. Mirion projects adjusted EBITDA of roughly $285 million to $292 million, representing a margin of about 24.7% to 25.2%, and adjusted earnings of $0.50 to $0.54 per share.

Adjusted free cash flow is expected to range from about $170 million to $185 million, with conversion of 60% to 63% of adjusted EBITDA. For the fourth quarter, management anticipates mid-single-digit-plus organic growth in Medical and high-teens-plus growth in Nuclear & Safety.

Net leverage stood at 3.1 times at the end of September, or 2.8 times excluding opportunistic share repurchases. Mirion expects the ratio to decline to about 2.6 times by year-end, assuming no additional fourth-quarter repurchases, acquisitions or capital raises.

Mirion repurchased approximately 3.6 million shares for $56 million during the quarter, completing its $100 million buyback program. It subsequently introduced a new $250 million program, with $235 million remaining at the time of the presentation.

The outlook remains subject to customer procurement and project timing, the conversion of backlog into revenue, government budgets, supply-chain conditions, inflation, foreign exchange movements and geopolitical or trade disruptions. Mirion’s guidance assumes a fourth-quarter euro-to-dollar exchange rate of 1.12; the company estimates that each $0.01 movement would affect annualized revenue by about $3.5 million and adjusted EBITDA by about $1 million.