Mirion Technologies Asia Virtual NDR Takeaways: Backlog Conversion, Margin Bridge, and SMR Demand Landscape

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Mirion Technologies Asia Virtual NDR Takeaways: Backlog Conversion, Margin Bridge, and SMR Demand Landscape

J P M O R G A N North America Equity Research

26 June 2026

Mirion Technologies Overweight

MIR, MIR US

Asia Virtual NDR Takeaways: Backlog Conversion, Price (25 Jun 26):$18.47

Margin Bridge, and SMR Demand Landscape

North America Small and Mid Cap

We hosted an Asia virtual NDR this week with Mirion’s management team, Industrials

including Tom Logan (CEO), Brian Schopfer (CFO), and Eric Linn (VP of IR), Tomohiko Sano AC

which reinforced our conviction that the company is positioned at the center of a (1-212) 622-1099

multi-decade nuclear upcycle. Management’s tone was constructive and tomohiko.sano@jpmorgan.com

confident, framing the current environment as the early innings of a structural Ethan Coyle

inflection. Key discussion points included backlog conversion dynamics ($1.2bn, (1-212) 270-0613

ethan.coyle@jpmchase.com

+38% YoY, with a lengthening duration), the firmly reiterated 30%+ adj. EBITDA

Brendan Shea, CFA

margin target by 2028, Paragon integration, and SMR exposure. We believe Mirion

(1-212) 622-0770

is facing a meaningfully stronger and still-accelerating demand backdrop where brendan.shea@jpmorgan.com

execution can continue. We reaffirm our Overweight rating and $27 price target. Liam Glass

• Early Innings of a Multi-Decade Up-Cycle: Mirion sits at the center of an (1-212)liam.glass@jpmorgan.com464-5541

unprecedented nuclear demand inflection, with management framing the J.P. Morgan Securities LLC

current environment as the early innings of a multi-decade up-cycle. After ~30

years of hardship for nuclear, the structural electricity shortage has reversed the

narrative with U.S. operators now expected to spend over a trillion in the next