Mirion Technologies: 2Q Results: Patience Required; 2H26 Ramp Anticipated (PT to $22)

研报英文原文证据摘录

Mirion Technologies: 2Q Results: Patience Required; 2H26 Ramp Anticipated (PT to $22)

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

30 July 2026

Mirion Technologies Overweight

MIR, MIR US

2Q Results: Patience Required; 2H26 Ramp Price (29 Jul 26):$14.57

Anticipated (PT to $22) ▼Price Target (Dec-27):$22.00 Prior (Dec-26):$27.00

Mirion delivered results roughly in line with our expectations, with revenue

missing consensus while margins came in ahead. Order activity landed below North America Small and Mid Cap

Industrialsexpectations, driven by a $18M China de-booking, although the large-opportunity

pipeline remains intact with ~$280M remaining. The ramp into 2H26 is a large one, Tomohiko Sano AC

with HSD-to-DD organic growth forecasted to be supported by ~81% coverage (1-212) 622-1099

tomohiko.sano@jpmorgan.com

from current backlog conversion. Management reiterated that the company

remains on track toward its 30% FY28 adjusted EBITDA margin target. We Ethan Coyle

(1-212) 270-0613

reiterate our Overweight rating and lower our price target to $22 (from $27) as we ethan.coyle@jpmchase.com

continue to see a robust demand landscape.

Brendan Shea, CFA

• In-Line Print as Margins Beat Ahead of 2H Ramp: Mirion delivered an in- (1-212)brendan.shea@jpmorgan.com622-0770

line quarter 2Q26, with total revenue of $267M (up 20% YoY) and adjusted J.P. Morgan Securities LLC

EBITDA of $65M (up 27.5% YoY), as margins expanded ~150bps on

favorable product mix and pricing across both segments, while organic

revenue growth of 1% landed in line with the company's expectations. Total Quarterly Forecasts (FYE Dec)

adj. EBITDA margin expanded ~150bps YoY to 24.5% (vs. consensus 23.5%), Adj. EPS ($)

with ~200bps of expansion excluding M&A and a one-time tariff 2025A 2026E 2027E

Q1 0.10 0.10A