Mirion Technologies Inc. (MIR) 2H growth to accelerate, maintaining estimates

Equity Research 29 July 2026 | 3:49PM EDT

Mirion Technologies Inc. (MIR): 2H growth to accelerate, maintaining estimates

Bottom line: 2H growth to accelerate, maintaining estimates. MIR reported 2Q Joe Ritchie | adj. EBITDA of $65mn, which was slightly ahead of our $64.7mn expectation, driven Goldman Sachs & Co. LLC by stronger margins in both segments. Note that the Nuclear & Safety segment Aanvi Patodia included a one-time tariff refund benefit (~$1mn). Medical segment margins | expanded >150bps y/y despite negative organic growth on the back of pricing Goldman Sachs India SPL

tailwinds, favorable product mix, and software revenue. Notably, backlog ending the Ken Chen | quarter was a record $1.14bn, up ~40% y/y with the legacy business +17% and Goldman Sachs & Co. LLC Nuclear Power +31%. With this print, MIR maintained its 2026 adj. EBITDA guide of Devashish Sharma $285-$300mn and its adj. EPS guidance of $0.48-$0.55, predicated on organic | growth of +5-7%. We believe the primary reason the stock underperformed Goldman Sachs India SPL

materially today (MIR -15% vs XLI -3%) is the lower organic growth this quarter and Luke McCollester, CFA | back-half weighted guide. For Nuclear and Safety, the guide implies +mid-teens Goldman Sachs & Co. LLC growth in Q4 (vs ~2.5% in 1H26), though the ramp appears reasonable given strong Jatin Khanna backlog coverage and $37mn in net orders won in July. The guide also implies a step | up to +HSD organic growth in the Medical business, which is predicated on stronger Goldman Sachs India SPL

RTQA growth coupled with an easy 4Q comp (-5% organic in 4Q25). Lastly, FCF in the quarter was encouraging, and we believe the high end of their $155-$175mn range is achievable with effective working capital management. All in, we believe this will be a show me story in 2H, and while we remain positive on the fundamental story we maintain our FY26/FY27/FY28 EBITDA estimates until we see stronger growth. We lower our 12-month PT to $23 on a Q5-Q8 EV/EBITDA multiple of 20.0x.

Key takeaways. MIR reported 2Q26 adj. EBITDA of $65mn. MIR reported 2Q26 organic sales growth of +1.2% (GS: +2.6%). By segment, Medical -0.9% (GS: +2.0%) and Nuclear and Safety +2.3% (GS: +3.0%). MIR maintained its 2026 adj. EBITDA guide of $285-$300mn and its adj. EPS guidance of $0.48-$0.55. Adjusted FCF is still expected to be $155-$175mn.

Valuation. We maintain our FY26/FY27/FY28 EBITDA estimates of $290mn/$335mn/$377mn. Our 12-month PT moves to $23 (from $25) as we roll forward a quarter and lower our Q5-Q8 EBITDA multiple to 20.0x (from 22.0x) on a de-rating across the sector.

Key risks. Weaker organic growth, lower operating leverage, dilutive M&A.

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Goldman Sachs Mirion Technologies Inc. (MIR)

MIR 12m Price Target: $23.00 Price: $16.79 Upside: 37.0%

Buy GS Forecast 12/25 12/26E 12/27E 12/28E Market cap: $4.6bn Revenue ($ mn) New 925.4 1,134.3 1,215.6 1,304.7 Enterprise value: $5.3bn Revenue ($ mn) Old 925.4 1,141.9 1,227.8 1,317.8 3m ADTV: $72.3mn EBITDA ($ mn) United States EBIT ($ mn) Americas Multi-Industry EPS ($) New M&A Rank: 3 EPS ($) Old P/E (X) Dividend yield (%) 0.0 0.0 0.0 0.0 Net debt/EBITDA (X) 5.3 2.3 1.4 0.6

6/26 9/26E 12/26E 3/27E EPS ($)

Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 28 Jul 2026 close.