Revenue Up 9.1% to $277.4M, EPS Miss, Record $1B Orders, Guidance Dip
Mirion’s Q4 revenue rose 9.1% year-on-year to $277.4 million but missed analyst projections by 1.3%, and adjusted EPS of $0.15 fell 7.8% short of estimates. Management booked record $1 billion in orders in 2025 led by nuclear power and forecast FY2026 EPS of $0.53, 12.3% below consensus.
1. Q4 Financial Results
Mirion reported Q4 revenue of $277.4 million, up 9.1% year-on-year but 1.3% below analyst estimates. Adjusted EPS came in at $0.15 versus expectations of $0.16 (7.8% miss), while adjusted EBITDA reached $77.6 million (28% margin), beating forecasts by 1.9%. Operating margin contracted to 8.7% from 11.5% a year earlier.
2. FY2026 Guidance and Margin Outlook
The company issued FY2026 guidance of $0.53 adjusted EPS at the midpoint, 12.3% below consensus, and $292.5 million of adjusted EBITDA in line with estimates. Management anticipates a 90 basis-point expansion in adjusted EBITDA margins over the year, noting Q1 will be the lightest quarter due to seasonality and the Paragon acquisition’s short-term dilutive effect.
3. Growth Drivers and Acquisition Impact
Mirion booked record orders exceeding $1 billion in 2025, driven by strong nuclear power and nuclear medicine demand. Recent acquisitions of CertRec and Paragon now account for roughly 40% of revenue but have introduced margin pressure alongside ongoing tariff headwinds.
4. Operational and AI Initiatives
Operational leverage and procurement savings delivered about 100 basis points of margin improvement in 2025. The company launched 17 internal AI applications and appointed a Chief AI and Digital Officer to drive productivity and customer-facing digital tools, aiming to offset acquisition dilution and enhance long-term profitability.