Mirion Technologies, Inc.

Greetings. Welcome to the Mirion Technologies second quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Eric Linn, Treasurer and Head of Investor Relations. Thank you, Eric. You may begin.

Hey, thank you, Liz. And good morning, everyone. Welcome to Mirion's second quarter, 2026 earnings conference call. Joining me this morning are Mirion's founder, chairman, and CEO, Tom Logan, and Mirion's CFO and medical group president, Brian Schopfer. Before we begin today's prepared remarks, allow me to remind you that comments made during this call will include forward-looking statements, and actual results may differ materially from those projected in the forward-looking statements. The factors that could cause actual results to differ are discussed in our annual reports on Form 10-K, quarterly reports on Form 10-Q, and in Miriam's other SEC filings under the captioned risk factors. Quarterly references within today's discussion are related to the second quarter ended June 30, 2026, unless otherwise noted. The comments made during this call will also include certain financial measures that were not prepared in accordance with generally accepted accounting principles. Reconciliation of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the appendix of the presentation accompanying today's call. All earnings materials can be found in the investor relations section of our website at www.merion.com. With that, let me now turn the call over to Tom, who will begin on panel three.

Eric, thank you, and good day to everyone joining on the call today. Yesterday, after market close, we issued our second quarter results. Once again, we demonstrated growing orders and backlog, including key large opportunity order wins. This double-digit order growth is fueling continued backlog expansion as the nuclear power momentum continues to take hold. We also demonstrated expanding adjusted EBITDA margins from both operating segments and across the total enterprise. Better mix in pricing helped to more than offset the dilutive impacts from M&A and broader inflation headwinds. All of this is setting the stage for a strong second half 2026 acceleration. We're maintaining our 2026 full year guidance, which implies a meaningful step up in financial performance for the remainder of the year. Brian will walk you through the details, including expectations for the third quarter and the second half. We continue to believe that the momentum in nuclear power is building. Nowhere is this more evident than right here in North America. As I've said on prior calls, the nuclear supertrend continues to broaden, and this quarter's headlines, highlighted on Panel 4, make that abundantly clear. Here in the U.S., regulatory and policy improvements are supporting momentum within nuclear power. The NRC has proposed updates designed to streamline the licensing process Eliminating unnecessary burdens and increasing regulatory clarity while importantly maintaining safety standards. Pair that with the Department of Energy's $17.5 billion loan program to support new reactor builds, and you can see both the financing and regulatory gateways beginning to open up simultaneously. We're also encouraged by execution, not just policy. The DOE's Reactor Pilot Program achieved criticality across four advanced reactor designs outperforming its own target of three by the July 4th deadline. That's a tangible example that small modular reactor designs are progressing. Importantly, Mirion, Paragon, and Sertrac were squarely in the mix on each of these advanced reactor designs. On the demand side, new power deals continue to materialize. Constellation and Walmart announced a new nuclear power agreement Walmart's first and amongst the first between a large retailer and a nuclear facility in this country. Additionally, New York State and Canada are advancing their nuclear plans to add additional capacity. Moreover, just last week, the U.S. announced a deal with Saudi Arabia to supply new new reactors and nuclear technology, creating another avenue of incremental nuclear demand. Each of these examples in just the past few months showcase the well-timed acquisitions of Paragon and Certrek to leverage their market-leading positions within North America. Looking beyond North America on Panel 5, fresh data from the World Nuclear Association reinforces what we're already seeing take hold, a generational build-out of global nuclear capacity. Today, the world operates at approximately 400 gigawatts of nuclear capacity. Latest projections forecast a tripling of total global capacity by 2050 to nearly 1.5 terawatts. This is a 45% increase compared to projections a decade ago. Even excluding growth from China and Russia, global capacity still grows at a staggering 2x. Each projection on this panel points in the same direction. Increased demand for Mirion Solutions. and an expanding installed base that provides recurring demand for decades to come. Recall, approximately 80% of our nuclear power base revenue comes from today's installed base and is the source of considerable recurring and repeat revenue. Panel 6 focuses on the near to medium term. Reactors operating today are providing foundational demand growth. At a high level, we're seeing three waves of installed base nuclear customer demand. The first wave is catch-up capital spending. The second wave is life extensions and extended power uprights. Thank you for joining us. Replacing these workers are digital natives increasingly looking toward digital platforms to capture and scale that expertise. Additionally, digital platforms are providing the firepower to optimize outages and assist operators in improving thermal efficiency. We're already seeing these factors drive order growth, as illustrated on Panel 7. Second quarter 2026 backlog totals over $1.1 billion. This is nearly 40% higher versus a year ago. Legacy backlog, excluding backlog additions from the Paragon and Sertrag deals, has grown by 17%. Let's drill into this legacy backlog number a bit to illustrate my broader point about growing nuclear power demand. This subset of the backlog has seen incredible growth, up 31% versus 17% for total legacy myriads. If you isolate the legacy Mirion installed base, it's even more impressive, up nearly 40% versus Q2 25. Panel 8 addresses investor questions on the second half revenue visibility. We continue to have good line of sight to our full-year revenue expectations. Between first half actual results and backlog expected to convert to revenue in the second half, approximately 81% of our expected full-year revenue is accounted for. Importantly, this 81% shows comparable revenue coverage to prior years. This gives us the confidence to maintain full-year revenue expectations. Additionally, Paragon's peaks business adds a new revenue stream for us that does not appear in backlog. Instead, this revenue is booked in quarter. Before I turn it over to Brian to detail the quarter, allow me to spend a minute on AI, shown on panel 9. Thank you for joining us today. The first pillar is accelerating product development. AI is fundamentally changing our software development cycles and compressing time to market. Specifically, we're improving data analytics, accelerating real-time feedback loops, and improving testing and compliance workflows that would have taken our engineering teams months to execute manually. The ability to move faster while maintaining and, in fact, improving the rigor of our compliance processes is a genuine game-changer. The second pillar is organization-wide efficiencies. AI is becoming an important tool in this effort, from automating back-office processes like document review to test plan development. We're still in the early innings here, but the trajectory is encouraging, and the internal adoption is gaining traction. The third pillar, the one I'm most excited about, is AI-powered solutions. We're developing new AI-centric innovations across both segments, and importantly, we are increasingly focused Thank you for joining us. In our RTQA business, we also highlighted our new daily QA4 Pro, which consolidates dosimetry and imaging checks into a single-indexed, imageable solution, reducing room entries, minimizing setup time, and standardizing execution across users. Importantly, it is integrated into our existing unchecked platforms so the physics team can spend less time on logistics and more time on patient care. Let me turn it over now to Brian to walk through the financials. Brian?