Oct 28, 2026 earnings call — Backlog growth and revised full-year guidance
Mirion raised full-year total revenue growth guidance to 24% to 25%.
Revenue $0.3B (est $0.3B) · EPS $0.12 (est $0.12)
Key quotes
"Approximately 80% of our nuclear power revenue comes from today's operating fleet."
"On that last point, we have spent almost $4 million in year to date operating expenses on AI initiatives that we expect to drive significant value in the coming years."
"If you look at the margins on their core business, they are very strong. They are net accretive to overall Mirion margins."
Analyst Q&A 8
nuclear business margins
Q (Tomo Sano · JPMorgan): Analyst asked how to think about underlying nuclear margins after legacy Paragon mix and AI investments, and whether headwinds ease in 2027 to show operating leverage.
A: Management said Paragon’s core margins are strong and accretive, but higher-than-expected product development spend and longer timeline delay margin gains; AI, cyber spending and a flat medical sector also reduced near-term margin expectations.
"All of which is to say we are thrilled with Paragon, we are doing very well on the integration campaign overall." — Thomas D. Logan (CEO·CHAIR)
AI investment timing and P&L impact
Q (Quinn Fredrickson · Baird): Analyst asked why Mirion is increasing AI spending now and whether returns will show as growth or margin expansion.
A: Management said AI spend has three parts: data infrastructure, internal productivity, and customer-facing product development. They said spending is front-loaded, they have not guided breakeven timing, and they expect AI to create long-term enterprise value while currently pressuring near-term margins.
"But to be clear, you know, here as everywhere, there is there is front end loading. On AI expenses." — Thomas D. Logan (CEO·CHAIR)
order mix and backlog conversion timing
Q (Goldman Sachs): Analyst asked about the mix of orders (multi-year projects vs short cycle) and expected conversion profile near- and medium-term; also asked about medical segment trends.
A: Management said they see a broad mix across orders, including newbuilds and DOE momentum, and that legacy Myriam backlog has 18% more dollars to convert this year and 26% next year after Q3. On medical, they said orders arrived late in Q3, software growth is strong, products mixed by region, and they remain cautious but optimistic.
"I think what you see here is, you know, just within the current year, the legacy Myriam business taking Paragon to the side for a second, we have 18% more dollars in backlog to convert this year." — Brian Schopfer (CFO)
large project pipeline and margin targets
Q (Andrew Kaplowitz · Citi): Analyst asked how the large project award environment looks entering 2027 vs 2026 and Mirion’s positioning, and whether incremental margin targets (like prior 50%+ incrementals) still apply.
A: Management described improving utility-scale newbuild pipeline, strong SMR positioning and DOE opportunities, and said integration and self-help give confidence. They removed the 30% near-term margin target but see a strong chance to drive 1 to 2 points of margin expansion annually.
"But my view, given the powerful operating leverage of the business, and again, all of these self help opportunities and the integration pathway of Paragon, etcetera, is that as we look ahead, there is a very strong opportunity for us to drive 1 to 2 points of margin expansion annually." — Thomas D. Logan (CEO·CHAIR)
capital allocation and share buybacks
Q (Nicholas Amicucci · Evercore): Analyst asked about potential acceleration of share repurchases in 4Q and how to think about deployment among buybacks, M&A and deleveraging.
A: Management reiterated a roughly 40/40/20-ish cash allocation view (organic, M&A, shareholder returns) and said they must get leverage printed below 3 by year end, so deleveraging is a firm fourth-quarter priority before share repurchase acceleration.
"I think the thing we do have to be mindful of in the fourth quarter is we need to get the leverage, you know, printed down for sure under 3." — Brian Schopfer (CFO)
AI spend amount and trend
Q (Jeff Grampp · Northland): Analyst asked how much AI spending has occurred year-to-date, whether it grows in 2027, and how it sits on the P&L and CapEx.
A: Management said they have spent almost 4 million through three quarters and expect year-end total around 5 million or above, with spending likely growing next year; most expense sits at corporate, with some CapEx of a few million this year.
"Look. I think you know, I said we have we have almost done 4 million year to date, so through 3 quarters." — Brian Schopfer (CFO)
SMR project timing and delivery
Q (Morgan Stanley): Analyst asked whether SMR providers are slowing or facing delays and how sector timing is evolving.
A: Management said they are seeing acceleration and strengthening across the SMR sector overall, with timelines moving left and an urgent competitive dynamic among developers; not universally true but broadly accelerating.
"I think we are seeing an acceleration a strengthening of the sector overall You know, it is not universally true, but it is broadly true." — Thomas D. Logan (CEO·CHAIR)
per-megawatt opportunity and SMR pricing
Q (James West · Melius): Analyst asked if the prior $1-per-megawatt newbuild assumption has been updated after Paragon and whether SMR pricing dynamics changed.
A: Management said they have not updated the per-megawatt number yet but will before next year’s investor event; directionally the per-megawatt opportunity for utility scale has increased and SMR per-megawatt opportunity is considerably higher, and Mirion is a premium-priced partner in SMRs.
"We will do that again prior to the, the investor event next year, but directionally, you are correct." — Thomas D. Logan (CEO·CHAIR)