Key Highlights

  • Mirion Technologies reported third quarter total revenue of USD 277.8 million, with GAAP net income of USD 7.8 million.
  • Net income increased 151.6% year over year, while adjusted EBITDA rose 23.7% to USD 64.8 million.
  • Total orders increased 62% excluding acquisitions, boosted by a 105% increase in nuclear power related orders.
  • The company narrowed its full year 2026 adjusted EBITDA guidance to a range of USD 285 million to USD 292 million.

Net Income More Than Doubles on Nuclear Demand

Mirion Technologies (NYSE:MIR) reported third quarter total revenue of USD 277.8 million, with GAAP net income of USD 7.8 million, a 151.6% increase from USD 3.1 million in the same period of 2025. Adjusted EBITDA was USD 64.8 million, up 23.7% from USD 52.4 million a year earlier. GAAP earnings per share were USD 0.03, compared with USD 0.01 a year ago, while adjusted earnings per share were USD 0.12, flat with the prior year period.

Organic revenue grew 6.5% during the quarter, with the company citing an inflection point in growth driven by increased reinvestment in the existing global nuclear reactor fleet, where the company maintains a presence in over 98% of commercial nuclear power plants worldwide.

Orders Surge on Nuclear Power Reinvestment

Total orders increased 62% excluding acquisitions, boosted by a 105% increase in nuclear power related orders. The company said approximately 80% of its nuclear power related revenue comes from reactors currently operating, with additional opportunities emerging from large-scale new builds and small modular reactors.

Adjusted free cash flow totaled USD 47 million for the quarter, bringing the year-to-date total to USD 107 million, which the company described as a doubling of year-to-date adjusted free cash flow generation compared with the prior year. The company said it expects to reduce net leverage to approximately 2.6 times by year end, reflecting continued strong free cash flow generation.

Updated Full Year Guidance

The company revised its full year 2026 guidance, narrowing adjusted EBITDA guidance to a range of USD 285 million to USD 292 million, with an adjusted EBITDA margin of approximately 24.7% to 25.2%, down from a prior range of USD 285 million to USD 300 million and 25.0% to 26.0%. Adjusted free cash flow conversion guidance was raised to approximately 60% to 63% of adjusted EBITDA, up from a prior range of 54% to 58%.

Revenue growth guidance for the full year remained at approximately 24% to 25%, including foreign exchange and acquisition related impacts. Management said it expects organic revenue growth to accelerate to the mid-to-high teens in the fourth quarter, building on this quarter's 6.5% organic growth rate.

Order and Margin Metrics to Track

Organic revenue growth relative to the mid-to-high teens expected for the fourth quarter, continued order momentum relative to this quarter's 62% increase excluding acquisitions, and progress toward the targeted 2.6 times net leverage by year end are among the items the company has flagged for investors. Adjusted EBITDA margin relative to the narrowed 24.7% to 25.2% guidance range remains a reference point for assessing profitability trends.