Financial Analysis

Business Combinations, Acquisitions, and Business Disposals All acquisitions are accounted for under the acquisition method of accounting, and the related assets acquired and liabilities assumed are recorded at fair value. The Company makes an initial allocation of the purchase price at the date of acquisition based upon its understanding of the fair value of the acquired assets and assumed liabilities. The Company obtains the information used for the purchase price allocation during due diligence and through other sources. In the months after closing, as the Company obtains additional information about the acquired assets and liabilities, including through tangible and intangible asset appraisals, and learns more about the newly acquired business, it is able to refine the estimates of fair value and more accurately allocate the purchase price. The fair values of acquired intangibles are determined based on estimates and assumptions that are deemed reasonable by the Company. Significant assumptions include the discount rates and certain assumptions that form the basis of the forecasted results of the acquired business including revenue, earnings before interest, taxes, depreciation and amortization (EBITDA), and growth rates. These assumptions are forward looking and could be affected by future economic and market conditions. Only facts and circumstances that existed as of the acquisition date are considered for subsequent adjustment. The Company will make appropriate adjustm …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Unconditional Purchase Obligations The Company has entered into certain long-term unconditional purchase obligations with suppliers. These agreements are non-cancellable and specify terms, including fixed or minimum quantities to be purchased, fixed or variable price provisions, and the approximate timing of payment. As of June 30, 2026, unconditional purchase obligations were as follows (in millions): Year ending December 31: 2026 $ 34.5 2027 12.7 2028 1.9 2029 2.0 2030 and thereafter 1.3 Total $ 52.4 Litigation The Company is subject to various legal proceedings, claims, litigation, investigations and contingencies arising out of the ordinary course of business. While the ultimate results of such suits or other proceedings against the Company cannot be predicted with certainty, we believe the resolution of these matters will not have a material effect on our results of operations, financial condition, or cash flows. If we believe the likelihood of an adverse legal outcome is probable and the amount is reasonably estimable, we accrue a liability in accordance with accounting guidance for contingencies. We consult with legal counsel on matters related to litigation and seek input both within and outside the Company. I n April 2023, one of our Russian customers made a claim against the Company, including liquidated damages for certain delays under the terms of an active project, in the amount of $19.3 million, and sent an updated claim statement i …

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"Borrowings Debt (excluding convertible debt) consists of the following (in millions): June 30, 2026 December 31, 2025 2021 Credit Agreement $ 450.0 $ 450.0 Other 1.6 1.6 Total debt 451.6 451.6 Less: debt, current (1.6) (1.6) Less: deferred financing costs (6.3) (6.9) Debt, non-current $ 443.7 $ 443.1 As of June 30, 2026 and December 31, 2025, the fair market value of the Companys outstanding principal borrowings under the 2021 Credit Agreement (defined below) was $450.0 million and $452.3 million, respectively. The fair market value for the 2021 Credit Agreement was estimated using primarily level 2 inputs, including borrowing rates available to the Company at the respective period ends. The fair market value for the Companys remaining debt approximates the respective carrying amounts as of June 30, 2026 and December 31, 2025 . 2021 Credit Agreement The Company maintains a credit agreement (the 2021 Credit Agreement) among Mirion IntermediateCo Inc., a Delaware corporation, as Holdings, Mirion Technologies (US Holdings), Inc., as the Parent Borrower, Mirion Technologies (US), Inc., as the Subsidiary Borrower, the lending institutions party thereto, and Citibank, N.A., as the Administrative Agent and Collateral Agent. The 2021 Credit Agreement, as amended, provides for an $830.0 million senior secured first lien term loan facility and a $175.0 million senior secured revolving facility (collectively, the Credit Facilities). The term loan facility is scheduled to mature on June …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"Stock-Based Compensation Stock-based compensation is awarded to employees and directors of the Company and accounted for in accordance with ASC 718, CompensationStock Compensation . Stock-based compensation expense is recognized for equity awards over the vesting period based on their grant-date fair value. Stock-based compensation expense is included within the same financial statement caption where the recipients other compensation is reported. The Company accounts for forfeitures as they occur. The Company uses various forms of long-term incentives including, but not limited, to restricted stock units ( RSUs ), performance-based restricted units ( PSUs ), and performance vesting stock options ( PSOs ), provided that the granting of such equity awards is in accordance with the Companys 2021 Omnibus Incentive Plan (the 2021 Plan ) as filed on Form S-8 with the SEC on December 27, 2021. 2021 Omnibus Incentive Plan We adopted and obtained stockholder approval at the special meeting of the stockholders on October 19, 2021 of the 2021 Plan. We initially reserved 19,952,329 shares of our Class A common stock for issuance pursuant to awards under the 2021 Plan. The total number of shares of our Class A common stock available for issuance under the 2021 Plan will be increased on the first day of each fiscal year following the date on which the 2021 Plan was adopted in an amount equal to the least of (i) three percent (3%) of the outstanding shares of Class A common stock on the la …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements The Company applies fair value accounting to all financial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis. The fair value of the Companys cash and cash equivalents, restricted cash, accounts receivable, and other current assets and liabilities approximates their carrying amounts due to the relatively short maturity of these items. The fair value of debt approximates the carrying value because the interest rates are variable and reflect market rates. Fair Value of Financial Instruments The Company categorizes assets and liabilities recorded at fair value in the unaudited Condensed Consolidated Balance Sheets based upon the level of judgment associated with inputs used to measure their fair value. It is not practicable due to cost and effort for the Company to estimate the fair value of notes issued to related parties primarily due to the nature of their terms relative to the entitys capital structure. Assets and liabilities carried at fair value are valued and disclosed in one of the following three levels of the valuation hierarchy: Level 1 Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 Inputs are quoted prices in active markets for similar assets or liabilities or inputs that can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Inputs are unobservable and …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Intangible Assets Goodwill Goodwill is calculated as the excess of consideration transferred over the net assets recognized for acquired businesses and represents future economic benefits arising from the other assets acquired that could not be individually identified and separately recognized. Goodwill is assigned to reporting units at the date the goodwill is initially recorded and is reallocated as necessary based on the composition of reporting units over time. The Company assesses goodwill for impairment at the reporting unit level annually on the first day of the fourth quarter and upon the occurrence of a triggering event or change in circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount. A quantitative test performed upon the occurrence of a triggering event compares the fair value of a reporting unit with its carrying amount. The Company determines fair values for each of the reporting units, as applicable, using the market approach, when available and appropriate, or the income approach, or a combination of both. The Company assesses the valuation methodology based upon the relevance and availability of the data at the time the Company performs the valuation. If multiple valuation methodologies are used, the results are weighted appropriately. Valuations using the market approach are derived from metrics of publicly traded companies or historically completed transactions of comparable businesses …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes The effective income tax rate was 28.3% and 23.0% for the three and six months ended June 30, 2026, respectively, and (9.0)% and (6.0)% for the three and six months ended June 30, 2025, respectively. The difference in effective tax rate between the periods was primarily attributable to mix of earnings . The effective income tax rate differs from the U.S. statutory rate of 21% due primarily to U.S. federal income tax permanent differences and the impact of valuation allowances. The OECD (Organization for Economic Co-operation and Development) has proposed a global minimum tax of 15% of reported profits (Pillar Two) and many countries have incorporated Pillar Two model rule concepts into their domestic laws. Pillar Two legislation was effective for the Company for the year ended December 31, 2025 . Although the model rules provide a framework for applying the minimum tax, countries may enact Pillar Two slightly differently than the model rules and on different timelines. For the three and six months ended June 30, 2026 , there was no impact from Pillar Two on our unaudited condensed consolidated financial statements.

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Leased Assets The Company primarily leases certain logistics, office, and manufacturing facilities, as well as vehicles, copiers and other equipment. These operating leases generally have remaining lease terms between 1 month and 30 years, and some include options to extend (generally 1 to 10 years). The exercise of lease renewal options is at the Companys discretion. The Company evaluates renewal options at lease inception and on an ongoing basis, and includes renewal options that it is reasonably certain to exercise in its expected lease terms when classifying leases and measuring lease liabilities. Lease agreements generally do not require material variable lease payments, residual value guarantees or restrictive covenants. The table below presents the locations of the operating lease assets and liabilities in the unaudited Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, respectively (in millions): Balance Sheet Line Item June 30, 2026 December 31, 2025 Operating lease assets Operating lease right-of-use assets $ 28.7 $ 32.1 Operating lease liabilities: Current operating lease liabilities Operating lease liabilities, current $ 7.6 $ 7.7 Non-current operating lease liabilities Operating lease liabilities, non-current 23.7 26.8 Total operating lease liabilities: $ 31.3 $ 34.5 The depreciable lives are limited by the expected lease term for operating lease assets and by the shorter of either the expected lease term or the economic useful life …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements Accounting Guidance Issued but not yet Adopted In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements. ASU 2023-06 clarifies or improves disclosure and presentation requirements of a variety of topics. For entities subject to the SECs existing disclosure requirements, the effective date for each amendment will be the date on which the SECs removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. For all entities, if by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the codification and will not become effective for any entity. The Company is currently evaluating the impact of this ASU. In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures. The ASU will improve the decision usefulness for investors by requiring public business entities to disclose more detailed information about their expenses such as (a) inventory and manufacturing expense, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, etc. The amendments will be effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments will be applied prospectively with an optio …

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Restructuring and Impairment The Company incurs costs associated with restructuring initiatives intended to improve operating performance, profitability, and working capital levels. Actions associated with these initiatives may include improving productivity, workforce reductions, and the consolidation of facilities. As of June 30, 2026, the Company expects $2.7 million in additional charges from restructuring actions in the next 12 months. The Companys restructuring expenses are comprised of the following (in millions): Three Months Ended June 30, 2026 Cost of Revenues Selling, general and administrative Total Severance and employee costs $ 0.1 $ 0.4 $ 0.5 Total $ 0.1 $ 0.4 $ 0.5 Three Months Ended June 30, 2025 Cost of Revenues Selling, general and administrative Total Severance and employee costs $ 0.2 $ 0.2 $ 0.4 Total $ 0.2 $ 0.2 $ 0.4 Six Months Ended June 30, 2026 Cost of Revenues Selling, general and administrative Total Severance and employee costs $ 0.1 $ 0.5 $ 0.6 Total $ 0.1 $ 0.5 $ 0.6 Six Months Ended June 30, 2025 Cost of Revenues Selling, general and administrative Total Severance and employee costs $ 0.2 $ 0.2 $ 0.4 Total $ 0.2 $ 0.2 $ 0.4 The following table summarizes restructuring expenses for each reportable segment (in millions): Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Restructuring expenses: Nuclear & Safety $ 0.1 $ 0.1 $ 0.1 $ 0.1 Medical 0.3 0.3 0.3 0.3 Corpora …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Segment Information The Company manages its operations through two operating and reportable segments: Nuclear & Safety and Medical. These segments align the Companys products and service offerings to customers and are consistent with how the Companys Chief Executive Officer, its Chief Operating Decision Maker (CODM), reviews and evaluates the Companys operations. The CODM allocates resources and evaluates the financial performance of each operating segment using operating income (loss). The Companys segments are strategic businesses that are managed separately because each one develops, manufactures, and markets distinct products and services. Description of Segments The Nuclear & Safety segment provides radiation detection equipment for power plants, labs and research facilities and industrial and defense applications. Nuclear products are concentrated in power plant product offerings that are used for the full nuclear power plant lifecycle including core detectors and essential measurement devices for new build, maintenance, decontamination and decommission equipment for monitoring and control during fuel dismantling, and remote environmental monitoring. Labs and research and other (primarily industrial and defense) are focused on the area of personal radiation detection for various safety and security requirements. The Medical segment provides solutions focused on ensuring safety of equipment and personnel in the medical field. The primary product category relates …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Events The Company has performed an evaluation of subsequent events through the date of issuance of the financial statements, noting no other items which require adjustment or disclosure.

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