Mirion Technologies Inc. (MIR) 2Q26 First Take 2Q inline, 2026 guide maintained, order strength persists

Equity Research 28 July 2026 | 5:26PM EDT

Mirion Technologies Inc. (MIR): 2Q26 First Take: 2Q inline, 2026 guide maintained, order strength persists

Bottom line. 2Q in line, 2026 guide maintained, order strength persists. MIR Joe Ritchie | reported 2Q adj. EBITDA of $65mn, which was slightly ahead of our $64.7mn Goldman Sachs & Co. LLC expectation, driven by stronger margins in both Nuclear & Safety (EBITDA margin: Aanvi Patodia 27.4% vs. GS: 26.0%) and Medical (EBITDA margin: 38.6% vs. GS: 37.5%) - note that | the Nuclear & Safety segment included a one-time tariff refund benefit. Organic Goldman Sachs India SPL

growth was weaker than expected at +1.2% (vs. GSe: +2.6%) with flat Nuclear Power Ken Chen | organic growth and Nuclear Medicine slowing due to delayed hardware demand. Goldman Sachs & Co. LLC Order strength persisted, +10% organically (+40% including M&A: Paragon & Luke McCollester, CFA Certrec), and backlog grew ~2% sequentially ($1.14bn) showing similar revenue | visibility to prior years. In addition, $51mn of large opportunities were awarded in Goldman Sachs & Co. LLC

2Q, while ~$55mn have already been awarded in July. Lastly, MIR maintained its Devashish Sharma | 2026 adj. EBITDA guide of $285-$300mn (vs GS/consensus of $290mn/$289mn) Goldman Sachs India SPL and its adj. EPS guidance of $0.48-$0.55 (vs.GS/consensus: $0.53/$0.53). Given the Jatin Khanna low bar into the print (MIR -29% YTD vs. the XLI +16%) and largely in-line result, we | believe the trajectory of shares tomorrow will be determined by the confidence in Goldman Sachs India SPL

the 2H organic growth inflection (+HSD organic growth expected).

n MIR reported 2Q26 adj. EBITDA of $65mn vs GS/FS $65mn/$63mn. n 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%). n MIR maintained its 2026 adj. EBITDA guide of $285-$300mn (vs GS/consensus of $290mn/$289mn) and its adj. EPS guidance of $0.48-$0.55 (vs.GS/consensus: $0.53/$0.53). n Adjusted FCF is still expected to be $155-$175mn.

Valuation. Our 12-month PT of $25 is based on 22.0x our Q5-Q8 EBITDA forecast.

Key risks. Weaker organic growth, prolonged margin pressure, dilutive M&A.

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Goldman Sachs Mirion Technologies Inc. (MIR)

Exhibit 1: MIR 2Q26 EPS Variance $mn, except per-share data 2Q25 2Q26 Variance Actual GS Est. Actual FactSet $ GS% FS% REVENUE VARIANCE Medical % -2.5% % chg yoy 10.9% 2.6% -0.7% 1.8% Nuclear and Safety % 0.5% % chg yoy 5.8% 34.6% 31.4% 30.7% Total Revenue % -0.9% % chg yoy 7.6% 22.9% 19.7% 20.8% EBITDA VARIANCE Medical % - % EBITDA margin 37.1% 37.5% 38.6% - incremental y/y 62.5% 52.9% -166.7% - Nuclear and Safety % - % EBITDA margin 26.7% 26.0% 27.4% - incremental y/y -12.8% 23.8% 29.4% - Segment EBITDA % - % margin 30.5% 29.5% 30.8% - incremental y/y 25.3% 25.0% 32.1% - Corporate & other - % - Total adj. EBITDA % 4.4% % margin 23.0% 23.6% 24.5% 23.2% incremental y/y 15.2% 26.4% 32.1% -

Shares Outstanding (diluted) % - Cash EPS (diluted) $0.11 $0.11 $0.12 $0.10 $0.01 9.2% 16.0% % chg yoy 12.8% 1.9%

Source: Company data, Goldman Sachs Global Investment Research, Factset

MIR 12m Price Target: $25.00 Price: $16.79 Upside: 48.9%

Buy GS Forecast 12/25 12/26E 12/27E 12/28E Market cap: $4.6bn Revenue ($ mn) 925.4 1,141.9 1,227.8 1,317.8 Enterprise value: $5.3bn EBITDA ($ mn) m ADTV: $72.3mn EBIT ($ mn) United States EPS ($) Americas Multi-Industry P/E (X) M&A Rank: 3 EV/EBITDA (X) FCF yield (%) 2.2 4.2 5.1 6.1 Dividend yield (%) 0.0 0.0 0.0 0.0 Net debt/EBITDA (X) 5.3 2.2 1.3 0.5

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

Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 28…