Mirion Technologies saw nuclear-related orders grow 105% in the third quarter of 2026, excluding acquisitions. Total revenue reached $277.8 million, up 24.5% from $223.1 million in the same period of 2025.
Core orders, meaning those excluding acquisitions, rose 62% to $340 million. Including contributions from Paragon Energy Solutions and Certrec, the total reaches $386 million, an 85% increase. The Nuclear and Safety segment posted revenue of $194 million, up 34%. Organic revenue from the civil nuclear business grew 14%, after remaining flat in the first half of the year.
The small modular reactor (SMR) segment still carries little weight, but it is moving. Mirion booked $16 million in SMR orders in the quarter, in line with $17 million a year earlier. Year to date, the total stands at $54 million, coming from 11 different reactor developers. The company is therefore tracking nearly all the technologies in play, without tying itself to a single project.
The foundation of the growth lies in plants already in operation. Mirion is present in more than 98% of the world’s commercial nuclear plants, and about 80% of its nuclear revenue comes from currently operating reactors. Management points to catch-up investment, plant life extensions and the first steps toward digitalizing the reactor fleet. CEO Thomas Logan also cited a proposal from the US Nuclear Regulatory Commission that could allow license renewals of up to 40 years.
The numbers have tangible effects on the financials. The backlog stands at $1.25 billion, up $144 million since the start of the year. Adjusted free cash flow has reached $107 million year to date, more than double last year’s level, and the company has launched a $250 million share buyback. Full-year 2026 revenue guidance rises to growth of 24-25%. For nuclear, Mirion confirms double-digit organic growth for the year, which implies a further push in the fourth quarter, where the group estimates organic growth of 15-19%.
The picture is not without accounting nuances. The low end of the adjusted margin range was lowered and the 2028 margin target was withdrawn. Orders remain, however, the indicator the group considers decisive, and for now they are pointing upward.
If the fourth quarter confirms expectations, Mirion will end the year with nuclear as the main driver of growth. For instrumentation suppliers, license renewals and the arrival of the first SMRs may stack up in the coming years on the same order book.
