Earnings Recap — Q2 FY2026
CY Q3 2026 · Reported July 28, 2026 · Beat 3 of last 5 quarters
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Mirion's Q2 results reinforce the accelerating nuclear buildout driven by AI data center demand, with nuclear power orders up ~50% ex-M&A and backlog expanding ~40% YoY. The company's positioning across the installed base, SMRs, and new builds—bolstered by Paragon and Certrec—makes it a direct beneficiary of the multi-decade nuclear capex cycle. The maintained guidance and strong H2 visibility signal continued momentum in the AI infrastructure buildout's power supply chain.
Q2 revenue grew 19.7% to $266.8M, with organic growth of 1% in line with guidance. Adjusted EBITDA rose 27.5% to $65.3M, with margins expanding 150 bps to 24.5% on favorable mix and pricing. Orders grew 40% to $291M, including a $62M contribution from Paragon and Certrec; nuclear power orders grew ~50% ex-M&A, with $49M of SMR orders booked. Backlog reached $1.1B, up ~40% YoY. Medical segment revenue declined 1% organically, below guidance, due to nuclear medicine and dosimetry headwinds, though RTQA grew. The company also disclosed a Chinese new-build order cancellation originally booked in 2019, which had no impact on 2026 guidance.
Management maintained full-year 2026 guidance, expecting a meaningful step-up in H2 with organic revenue growth of 7.5%–11.2% and adjusted EBITDA margins of roughly 27%–29%. Q3 organic growth is guided to high single digits, with Nuclear & Safety mid-single digits and Medical high single digits. Nuclear power is expected to deliver double-digit organic revenue growth for the full year, driven by installed-base, SMR, and new-build activity. Medical segment guidance was maintained despite mixed end-market revisions: RTQA raised to double-digit growth, nuclear medicine lowered to mid-single digits, and dosimetry now expected negative for the year. Management expressed confidence in the large opportunity pipeline, with ~$280M still available, and reiterated the 2028 adjusted EBITDA margin target of 30%, citing operating leverage, procurement gains, and AI-driven efficiencies.
“We continue to believe that the momentum in nuclear power is building. Nowhere is this more evident than right here in North America.”
on Nuclear power momentum
“The biggest delta just thematically between today and a year ago is the SMR opportunity set. Which, again, as I noted, we are seeing a lot of tangible engagements here.”
on SMR pipeline
“We are still holding to a 30 target. To be clear, that is an audacious target. It is one that we are very motivated to achieve.”
on 2028 EBITDA margin target
How much of the large opportunity pipeline is 'yours to lose' versus up for grabs?
Thomas Logan said all opportunities are screened as >$10M with >50% win probability, and they won all that transacted in the quarter. The biggest risk is timing, not competition, and the pipeline is replenishing.
How much of the implied mid-teens Q4 organic growth in Nuclear & Safety is already in backlog?
Brian Schopfer noted 81% of full-year revenue is covered by H1 actuals and backlog, consistent with prior years. He acknowledged the Q4 guide is 'big' but cited easier comps and early July order wins as supporting confidence.
Should we think about SMR revenue scaling further in 2027?
Thomas Logan said the SMR timeline is 'moving to the left' with stronger opportunity flow, and he expects SMR growth to outpace the company's overall organic growth rate, though he did not provide specific guidance.