Mirion NDR Supports Nuclear Order Thesis; Conversion Timing Remains Focus

研报英文原文证据摘录

Mirion NDR Supports Nuclear Order Thesis; Conversion Timing Remains Focus

June 17, 2026

Management sees durable nuclear power growth, anchored to the installed base rather

than new build. As disclosed on the Q1 call, management expects double-digit organic revenue

growth in the nuclear power end market for the full year, on top of double-digit growth last year,

and more than 80% of nuclear power revenue accrues from the existing fleet, with new build

framed as optionality. The structural driver management emphasized at the NDR is the shift from

a decommissioning posture a few years ago to operators now planning 80-to-100-year operating

lives, which expands modernization spend. Per company disclosure on the Q1 call, US utilities

have committed $1.4 trillion in planned capex through 2030, a 21% increase versus a year ago.

We would note this is a slow-developing cycle, as management stated at the NDR that outage-

driven spend is typically planned 24 to 36 months in advance, which cuts both ways on timing

but, in our view, lengthens the runway.

Paragon appears on track. As disclosed on the Q1 call, Paragon revenue grew 45% in Q1,

management reiterated approximately 25% full-year revenue growth guidance and low-twenties

EBITDA margins, and Paragon contributed $43 million of orders within the $47 million total M&A

order contribution. Management addressed the inventory dynamic with customers at the NDR

affirming that the Peaks platform is order-based, with revenue recognized against orders rather

than from stocked inventory and attributed the step-down from 45% Q1 growth to roughly 25%

for the year largely to a soft prior-year Q1 comp rather than any pull-forward.

SMRs: a real but still-small contributor, deliberately guided conservatively. As disclosed