Mirion Technologies : Earnings Presentation Q1 2024

May 1, 2024

First Quarter 2024 Earnings Presentation

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Disclaimer

Forward-Looking Statements

This presentation and the accompanying oral commentary (this "presentation") contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipate," "believe," "continue," "could," "estimate", "expect", "hope", "intend", "may", "might", "should", "would", "will", "understand" and similar words are intended to identify forward looking statements. These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position and guidance, our business strategy and plans, our objectives for future operations, macroeconomic trends, and macro trends in nuclear power and cancer care, foreign exchange, interest rate and inflation expectations, any mergers, acquisitions, divestitures and strategic investments, including the completion and integration of previously completed transactions, our future share capitalization and any exercise, exchange, redemption or other settlement of our outstanding warrants and other securities. There are a significant number of factors that could cause actual results to differ materially from statements made in this presentation, including changes in domestic and foreign business, market, economic, financial, political and legal conditions, including related to matters affecting Russia, the relationship between the United States and China, conflict in the Middle East and risks of slowing economic growth or economic recession in the United States and globally; developments in the government budgets (defense and non-defense) in the United States and other countries, including budget reductions, sequestration, implementation of spending limits or changes in budgetary priorities, delays in the government budget process, a U.S. government shutdown or the U.S. government's failure to raise the debt ceiling; risks related to the public's perception of nuclear radiation and nuclear technologies; risks related to the continued growth of our end markets; our ability to win new customers and retain existing customers; our ability to realize sales expected from our backlog of orders and contracts; risks related to governmental contracts; our ability to mitigate risks associated with long-term fixed price contracts, including risks related to inflation; risks related to information technology system failures or other disruptions or cybersecurity, data security or other security threats; risks related to the implementation and enhancement of information systems; our ability to manage our supply chain or difficulties with third-party manufacturers; risks related to competition; our ability to manage disruptions of, or changes in, our independent sales representatives, distributors and original equipment manufacturers; our ability to realize the expected benefit from strategic transactions, such as acquisitions, divestitures and investments, including any synergies, or internal restructuring and improvement efforts; our ability to issue debt, equity or equity- linked securities in the future; risks related to changes in tax law and ongoing tax audits; risks related to future legislation and regulation both in the United States and abroad; risks related to the costs or liabilities associated with product liability claims; our ability to attract, train and retain key members of our leadership team and other qualified personnel; risks related to the adequacy of our insurance coverage; risks related to the global scope of our operations, including operations in international and emerging markets; risks related to our exposure to fluctuations in foreign currency exchange rates, interest rates and inflation, including the impact on our debt service costs; our ability to comply with various laws and regulations and the costs associated with legal compliance; risks related to the outcome of any litigation, government and regulatory proceedings, investigations and inquiries; risks related to our ability to protect or enforce our proprietary rights on which our business depends or third-party intellectual property infringement claims; liabilities associated with environmental, health and safety matters; our ability to predict our future operational results; risks associated with our limited history of operating as an independent company; and the effects of health epidemics, pandemics and similar outbreaks may have on our business, results of operations or financial condition. Further information on risks, uncertainties and other factors that could affect our financial results are included in the filings we make with the United States Securities and Exchange Commission (the "SEC") from time to time, including our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and other periodic reports filed or to be filed with the SEC.

You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those contemplated by these forward- looking statements as a result of such risks and uncertainties. All forward- looking statements are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

Basis of Presentation

As a result of the business combination (the "Business Combination") between Mirion Technologies (TopCo), Ltd. and GS Acquisition Holdings Corp II ("GSAH") , the Company's financial statement presentation distinguishes Mirion TopCo as the "Predecessor" until the closing date of the Business Combination, October 20, 2021 (the "Closing Date"). Mirion Technologies, Inc. ("Mirion" or the "Company"), which includes the combination of Mirion TopCo and GSAH subsequent to the Business Combination, is the "Successor" for periods starting from the Closing Date. As a result of the application of the acquisition method of accounting in the Successor period, the financial statements for the Successor period are presented on a full step-up basis as a result of the Business Combination, and are therefore not comparable to the financial statements of the Predecessor period that are not presented on the same full step-up basis due to the Business Combination.

Non-GAAP Financial Measures

In addition to our results determined in accordance with GAAP, we believe non-GAAP measures are useful in evaluating our operating performance, including Organic Revenue, Adjusted Gross Profit Margin, Adjusted EBITDA, Adjusted EPS, Adjusted Free Cash Flow, Adjusted Net Income, Adjusted Order Growth and Net Leverage. We use this non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. See the footnotes on the slides where these measures are discussed and the Non-GAAP reconciliations in the Appendix for a description of these non-GAAP financial measures and reconciliations to the most directly comparable GAAP financial measures. Additionally, forward-lookingnon-GAAP financial measures are presented on a non-GAAP basis without reconciliations of such forward-lookingnon-GAAP measures due to the inherent difficulty in projecting and quantifying the various adjusting items necessary for such reconciliations, such as stock-based compensation expense, amortization and depreciation expense, merger and acquisition activity and purchase accounting adjustments, that have not yet occurred, are out of Mirion's control or cannot be reasonably predicted. Accordingly, a reconciliation for our guidance for Organic Revenue Growth, Adjusted EBITDA, Adjusted EPS, Adjusted Free Cash Flow and Net Leverage is not available without unreasonable effort.

Industry and Market Data

In this presentation, we rely on and refer to information and statistics regarding market participants in the sectors in which Mirion competes and other industry data. We obtained this information and statistics from third-party sources, including reports by market research firms and company filings. Mirion has not independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness.

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Key Messages

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• Customer engagement strong across all end markets; Adjusted Order Decline of ~(1)% compared to Q1 2023
• Consolidated Q1 Organic Revenue Growth of +5.5%; Medical +0.6% and Technologies +8.4%
• Adjusted EBITDA of $39.5M in Q1 2024, Adjusted EBITDA margin of 20.5% - an expansion of 40-basis points from Q1 2023
• Adjusted Free Cash Flow of $(4.5)M in Q1 2024; net leverage1 at 3.1x
• Reiterating 2024 guidance: organic growth of 4% - 6%, Adjusted EBITDA of $193M - $203M, Adjusted Free Cash Flow of $65M - $85M

1. Net Leverage defined as total net debt divided by Proforma Adjusted EBITDA. See slide 7.

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Mirion | First Quarter Ended March 31, 2024

Revenue

$ millions | % percentage

%	1Q24 vs. 1Q23
Organic	+5.5%
Acquisition	+0.0%
FX	+0.3%
Total	+5.8%

	+5.8%
$182.1	$192.6
1Q23	1Q24

Adjusted Gross Profit Margin

% percentage | basis points

+150 bps

50.0%	51.5%
1Q23	1Q24

Adjusted EBITDA and Margin

$ millions | % percentage

	+7.9%
	$39.5
$36.6
20.1%	20.5%
1Q23	1Q24

Adjusted EPS

$ millions

Higher Adjusted EBITDA Offset by Higher

Share Count vs. 1Q23

$0.06$0.06

1Q231Q24

For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please see the Appendix.

4 References to Q1 2023 and Q1 2024 are to the three months ended March 31, 2023 and 2024, respectively. Adjusted EBITDA Margin calculated as Adjusted EBITDA divided by Revenue.

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Medical | First Quarter Ended March 31, 2024

Revenue
$ millions | % percentage
%	1Q24 vs. 1Q23
Organic	+0.6%
Acquisition	-0.1%
FX	+0.1%
Total	+0.6%
	+0.6%
$66.4	$66.8
1Q23	1Q24

Adjusted EBITDA and Margin

$ millions | % percentage
+0.5%
$20.4	$20.5
30.7%	30.7%
1Q23	1Q24

MEDICAL SEGMENT

Strong top-line performance from RTQA and

Occupational Dosimetry

Nuclear Medicine ERP integration impacted

Medical revenue by ~$4M, limited impact to FY24

Nuclear Medicine YoY organic order growth of 17%

in Q1, Nuclear Medicine backlog doubled YoY

ec2 acquisition performing well, integration

progressing as expected

Healthy End Markets Supporting

FY24 Expectations

For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please see the Appendix.

5 References to Q1 2023 and Q1 2024 are to the three months ended March 31, 2023 and 2024, respectively. Adjusted EBITDA Margin calculated as Adjusted EBITDA divided by Revenue.

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Technologies | First Quarter Ended March 31, 2024

Revenue

$ millions | % percentage

%	1Q24 vs. 1Q23
Organic	+8.4%
Acquisition	+0.0%
FX	+0.3%
Total	+8.7%

	+8.7%
	$125.8
$115.7
1Q23	1Q24

Adjusted EBITDA and Margin

$ millions | % percentage

	+16.1%
	$33.1
$28.5
24.6%	26.3%
1Q23	1Q24

TECHNOLOGIES SEGMENT

Top-line growth driven by strong quarter from

Nuclear Power and Labs businesses

Good execution quarter, results

inline with expectations

170-basis points of margin expansion a reflection of strong operational execution and progression across the segment

Remain actively engaged across nuclear

power landscape

Solid Top-Line Performance and

Margin Expansion in Q1

For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please see the Appendix.

6 References to Q1 2023 and Q1 2024 are to the three months ended March 31, 2023 and 2024, respectively. Adjusted EBITDA Margin calculated as Adjusted EBITDA divided by Revenue.

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Leverage, Liquidity and Adjusted Free Cash Flow

($ millions)

1Q23

1Q24

Net cash provided by operating activities	$(2.7)	$6.0
Purchases of PPE and badges	(7.5)	(12.8)
Proceeds from derivative contracts	0	1.2
Cash used for non-operating expenses	3.0	1.1
Adjusted free cash flow	$(7.2)	$(4.5)
Ending cash balance	$88	$120
Debt from first lien term loan	697	695
Net Debt	$609	$575
LTM Adjusted EBITDA	166	184
LTM Adjusted EBITDA Contribution from M&A1	2	3
LTM Adjusted EBITDA Plus M&A Contribution	$168	$187
Total net debt / M&A Adjusted EBITDA (Net Leverage)	3.6x	3.1x

• Adjusted free cash flow of $(4.5)M in 1Q24 compared to $(7.2)M in 1Q23
• Expect positive adjusted free cash flow for the first half of the year
• Targeting further improvements in inventory turns, DSO and DPO to drive continued net working capital enhancements
• Inventory down approximately $11M versus same period last year

Committed to Driving Net Working Capital and Cash Conversion Improvement

1. Reflects Adjusted EBITDA contribution from ec2 if ec2 had been acquired before the start of the LTM period.

7 References to 1Q23 and 1Q24 are to the three months ended March 31, 2023 and 2024, respectively.

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Reaffirmed Guidance for 2024

Category1		Guidance
Revenue Growth		5% to 7%
Organic Revenue Growth2		4% to 6%
Adjusted EBITDA		$193M to $203M
Margin %3		23% to 24%
Adjusted EPS		$0.37 to $0.42
Adjusted FCF		$65M to $85M
Other modelling assumptions:

• Shares for Adjusted EPS calculation of ~204M4
• USD to EUR FX Rate of 1.08
• Cash non-operating expenses of ~$9M
• Stock-basedcompensation of ~$11M

What we are seeing and our expectations

• Strong customer engagement and backlog coverage
• Changes in foreign exchange expected to have minimal impact
• Net inorganic growth expected to be ~1% from ec2 acquisition
• Adjusted EBITDA margin expansion driven by pricing initiatives, higher recurring volume and positive margin/mix

• Depreciation of ~$33M for the year	End Market/Segment	'24 Organic Rev
Growth Est
•	Net interest expense of ~$55M	Radiation Therapy Quality Assurance	MSD
•	Effective tax rate between 26% and 28%	Dosimetry	LSD+
		Nuclear Medicine	MSD
•	NWC target is a source of cash for the year
Medical	MSD
•	Capex of ~$40M
Nuclear	MSD+
• Net cash interest of ~$52M
Defense & Diversified Industrials	LSD
• Cash taxes of ~$35M
Labs & Research	MSD
		Technologies	MSD
		Total Mirion	4% to 6%

Note: Guidance as of May 1, 2024.

1. For a reconciliation of adjusted metrics to the most directly comparable GAAP measures, please see the Appendix.
2. Revenue Growth includes the impacts of foreign exchange and acquisitions. Organic revenue growth excludes the impacts of foreign exchange, mergers, acquisitions and divestitures.
3. Adjusted EBITDA as a percentage of revenue.
4. As of March 31, 2024, 200.0 million shares of Class A common stock outstanding (excludes 7.3 million shares of Class B common stock, 27.2 million warrants, 18.8 million founder shares, subject to vesting, 2.2 million restricted stock units,

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1.2 million performance stock units and a further 34.3 million shares reserved for future equity awards under our 2021 Omnibus Incentive Plan (subject to annual increase)). See the Appendix for more information.

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Appendix

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Backlog Trend | 1Q22 - 1Q24

($ millions)

Backlog Excl Hanhikivi

Hanhikivi

$857

$841

$799

$753		$737	$741	$743
	$722

$67$693

$686

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

Note: Backlog figures on an as reported basis.

10 Backlog figures include acquisitions of SIS after Sep-22 and ec2 after Dec-23.

Quarter-over-quarter decline from 1Q22 to 2Q22 is reflective of the cancellation of the Hanhikivi Nuclear Project in Finland.