Mirion Technologies (MIR.N): ‘26 Outlook Intact; Significant 2H Ramp Still Expected

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Mirion Technologies (MIR.N): ‘26 Outlook Intact; Significant 2H Ramp Still Expected

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28 Jul 2026 18:38:05 ET │ 11 pages

Mirion Technologies (MIR.N)

’26 Outlook Intact; Significant 2H Ramp Still Expected

CITI'S TAKE

Buy We view MIR’s 2Q26 results as largely inline with our overall expectations,

albeit reflective of some “moving pieces” (organic revs below our model; Price (28 Jul 26 16:00) US$16.79

Adjusted EBITDA dollars and margin above and does include some tariff Target price US$28.00

refunds). +14% q/q bookings growth as of early July was slightly below Expected share price return 66.8%

MIRs 2Q +15-20% guidance and includes an $18mn China de-booking as Expected dividend yield 0.0%

well as $55mn of early July large opportunity awards that we surmise the Expected total return 66.8%

company had expected to receive prior to quarter end; overall positive y/y

Market Cap US$4,205M backlog growth and a seemingly still solid large opportunity pipeline

including ~$280mn of incremental ’26 opportunities and “growing” ’27

opportunities are, we think, good indicators of a durable and growing

opportunity set for MIR. That said, while we think MIR appears to have Andrew KaplowitzAC

good visibility to a 2H26 revenue ramp, we think MIR could remain +1-212-816-0642

somewhat of a “show-me” story in the near term. andrew.kaplowitz@citi.com

Vladimir Bystricky

2Q26 Results — Organic growth of +1.2% was below our +1.7% with Nuclear & vladimir.bystricky@citi.com

Safety +2.3% vs. our +2.2% and Medical (0.9%) vs. our +0.9%; 2Q26 revenue of

$266.8mn was above our $259.4mn/below FactSet consensus of $269.3mn. Total

Adjusted EBITDA of $65.3mn was above our estimate of $59.8mn/FactSet

consensus of $62.6mn and represented a 27.5% adj. EBITDA margin (vs. our 23.1%