- Strong Order Growth: Q1 orders surged 19% to $241M (excluding M&A) and 42% to $288M (including M&A), driven by $50M in large orders and $35M in SMR-related wins.
- Revenue & EBITDA Performance: Total revenue hit $258M (28% YoY), with adjusted EBITDA at $54M (16% higher YoY), while Nuclear and Safety segment EBITDA grew $8M (19% increase).
- Backlog Expansion: Backlog reached $1.1B, up 19% (excluding M&A) and 38% (including M&A), fueled by $47M from Paragon/CertRec acquisitions and SMR demand.
- SMR Momentum: SMR-related revenue accounted for 2% of total revenue in Q1, with expectations to exceed 3% by year-end, supported by $35M in April orders.
- Paragon Synergies: Paragon’s Q1 revenue grew 45%, showcasing integration success, with 30%+ adjusted EBITDA margin target intact by 2028 and 25–26% guidance for 2026.
Order Pipeline
Orders surged to $241 million excluding Paragon and CertRec, and to $288 million including them, marking a 19% and 42% YoY increase respectively. Backlog now stands at $1.1 billion, up 19% without M&A and 38% with M&A, reflecting robust demand across nuclear power, labs, and defense markets.
Segment Performance
The Nuclear & Safety segment generated $186 million in revenue, up 39%, with nuclear power orders rising 4% YoY and SMR revenue accelerating to 2% of total sales. Adjusted EBITDA for the segment contracted modestly due to M&A integration costs, but organic growth of 2.6% exceeded expectations. The Medical segment posted $25 million in adjusted EBITDA, a 6% YoY gain, driven by pricing tailwinds and operating leverage.
M&A Integration
Paragon and CertRec acquisitions are delivering early synergies, with Paragon’s revenue up 45% in Q1 and the combined offering enabling cross‑sell opportunities across laboratory instruments, safety systems, and regulatory software. Tom Logan noted that cultural alignment has been smooth, and the 30%+ adjusted EBITDA margin target for 2028 remains intact.
Future Outlook
Second‑quarter guidance projects 15–20% sequential order growth, with low‑single‑digit organic revenue expansion across all segments. Adjusted EBITDA margins are expected to hold steady, with the medical segment margin expanding slightly. The company remains confident in its 2026 free‑cash‑flow guidance and anticipates a continued backlog build, positioning it well for back‑end‑loaded growth.
Valuation
Mirion trades at a P/E of 181.89 and an EV/EBITDA of 26.81, reflecting premium expectations tied to its nuclear power strategy and recent M&A activity. The company’s high valuation multiples are justified by its projected 7.4% revenue growth next year and the strategic advantage conferred by its integrated portfolio.