Mirion Technologies, Inc. (MIR) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Mirion Technologies fourth-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Eric Linn, Treasurer and Head of Investor Relations. Thank you, sir. You may begin.

大家好，歡迎參加 Mirion Technologies 2025 年第四季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。現在我謹將會議交給主持人，財務主管兼投資者關係主管艾瑞克‧林恩先生。謝謝您，先生。你可以開始了。

Okay. Thank you, Melissa. Good morning, and welcome to Mirion's fourth-quarter and full year 2025 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.

好的。謝謝你，梅麗莎。早安，歡迎參加 Mirion 2025 年第四季及全年財報電話會議。今天早上與我一同出席的有 Mirion 的創辦人、董事長兼執行長 Tom Logan；以及 Mirion 的財務長兼醫療集團總裁 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 Mirion's other SEC filings under the caption Risk Factors.

在開始今天的演講之前，請允許我提醒各位，本次電話會議期間發表的評論將包含前瞻性陳述，實際結果可能與前瞻性陳述中預測的結果有重大差異。可能導致實際結果出現差異的因素已在我們的 10-K 表格年度報告、10-Q 表格季度報告以及 Mirion 向美國證券交易委員會提交的其他文件中以“風險因素”為標題進行了討論。

Quarterly references within today's discussion are related to the fourth quarter ended December 31, 2025, unless otherwise noted.

除非另有說明，今天討論中提到的季度均指截至 2025 年 12 月 31 日的第四季。

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.mirion.com.

本次電話會議中提出的意見還將包括一些不符合公認會計原則所編製的財務指標。本次電話會議簡報的附錄中提供了這些非GAAP財務指標與最直接可比較的GAAP財務指標的調節表。所有收益資料均可在公司網站 www.mirion.com 的投資者關係欄位中找到。

With that, let me now turn the call over to Tom, who will begin on panel 3.

接下來，我將把電話交給湯姆，他將從第三組開始。

Eric, thank you, and thanks to everyone for joining the call today. 2025 was a strong year for Mirion, and it would not have been possible without the hard work, the energy and the dedication of the entire Mirion team, and I thank you all for your efforts and results.

艾瑞克，謝謝你，也謝謝今天所有參加電話會議的各位。 2025年對Mirion來說是碩果累累的一年，這離不開Mirion全體團隊的辛勤付出、充沛精力和無私奉獻，我衷心感謝大家的努力和成果。

We booked record orders in 2025, totaling more than $1 billion. This was largely driven by the nuclear power market strength we've been highlighting throughout the year. This includes $150 million from our large opportunity pipeline. Favorable macro conditions in both nuclear power and nuclear medicine supported meaningful growth in 2025.

我們已接到2025年創紀錄的訂單，總額超過10億美元。這主要是由於我們今年一直在強調的核電市場強勁勢頭所致。這其中包括來自我們龐大潛在項目的1.5億美元。2025 年，核電和核子醫學領域的有利宏觀環境為顯著成長提供了支撐。

Nuclear power organic revenue grew more than 11% in the year, while Nuclear Medicine organic revenue grew more than 13%. Both of these end markets are expected to enable double-digit organic growth coming into 2026. As you may recall, in 2025, we articulated a strategic priority to increase our nuclear power exposure. To that end, we acquired Certrec in July.

核電業務的有機收入在這一年增長了超過 11%，而核醫學業務的有機收入增長了超過 13%。預計這兩個終端市場到 2026 年將實現兩位數的內生成長。您可能還記得，在 2025 年，我們明確了一項策略重點，即增加我們在核電領域的投入。為此，我們在7月收購了Certrec。

And in December, we closed on the acquisition of Paragon Energy Solutions. Both of these acquisitions augment our North American nuclear power exposure and take our nuclear power revenue to roughly 40% of the total. Importantly, this revenue accrues from fuel cycle, new plant construction, plant operations and decommissioning. Thus, we cover the breadth of the century-long cradle-to-grave lifespan of a modern large-scale reactor.

12 月，我們完成了對 Paragon Energy Solutions 的收購。這兩項收購都增強了我們在北美核電領域的業務，使我們的核電收入佔總收入的約 40%。重要的是，這些收入來自燃料循環、新工廠建設、工廠運作和退役。因此，我們涵蓋了現代大型反應爐從搖籃到墳墓長達一個世紀的整個生命週期。

Importantly, approximately 80% of our revenue comes from the installed base, which is being both pushed and economically incentivized to life extend, operate and modernize driving an attendant increase in demand for the solutions Mirion provides. We believe this dynamic is robust and not dependent upon any particular view on new build or SMR dynamics, given the profound shortage in generating capacity in most developed markets.

重要的是，我們約 80% 的收入來自已安裝的設備，我們透過推動和經濟激勵措施來延長設備的使用壽命、進行維護和現代化改造，從而推動了對 Mirion 提供的解決方案的需求增加。我們認為這種動態是穩健的，並且不依賴對新建專案或小型模組化反應器動態的任何特定看法，因為大多數已開發市場都存在發電能力嚴重短缺的問題。

New builds and SMR should be thought of as attractive incremental opportunities on top of the flow from the operating fleet, and we remain highly bullish on this sector. These key themes are expected to further evolve in 2026. Our large opportunity pipeline is growing and is expected to support favorable order dynamics in the year. We have a right to win on more than $400 million of large opportunity projects that are expected to be awarded in 2026, inclusive of $200 million of projects carrying over from the 2025 pipeline.

新造船和小型模組化反應器應被視為在現有營運船隊運力基礎上新增的有吸引力的機會，我們仍然非常看好這一領域。預計這些關鍵主題將在 2026 年進一步發展。我們龐大的潛在客戶儲備正在不斷增長，預計將為今年的訂單動態提供有利支撐。我們有權贏得超過 4 億美元的大型機會項目，這些項目預計將於 2026 年授予，其中包括從 2025 年項目儲備中結轉的 2 億美元項目。

Lastly, on this panel, I note our 2026 full year guidance, which reflects the strong fundamentals underpinning our forecast, supporting growing revenues, expanding margins and enhanced adjusted free cash flow. I'll detail a few of these points beginning on panel 4. As mentioned, we booked a record nearly $1.1 billion of orders in 2025. This represents a 26% increase versus 2024. 2025 order growth plus the addition of Paragon's backlog resulted in a 36% increase in our backlog versus last year.

最後，在這個小組討論中，我注意到我們 2026 年全年業績指引，這反映了支撐我們預測的強勁基本面，支持收入增長、利潤率擴大和調整後自由現金流增強。我將從第 4 格開始詳細介紹其中的幾個要點。如前所述，我們預計 2025 年的訂單金額將達到創紀錄的近 11 億美元。與 2024 年相比，這相當於成長了 26%。 2025 年的訂單成長加上 Paragon 的積壓訂單，使我們的積壓訂單比去年增加了 36%。

The nuclear power end market demonstrated the strongest growth, supported by $150 million from our large opportunity pipeline. This was followed by $34 million of defense and diversified end market orders, principally out of the US and with NATO. These two factors were partially offset by a decline in Labs and Research end market orders.

核電終端市場成長最為強勁，這得益於我們龐大的潛在專案儲備帶來的 1.5 億美元資金。隨後獲得了 3,400 萬美元的國防和多元化終端市場訂單，主要來自美國和北約。這兩個因素被實驗室和研究終端市場訂單的下降部分抵消。

As I mentioned in our last call, DOGE and the lengthy 43-day government shutdown negatively impacted DOE orders in Q4. Our Medical segment also faced some headwinds in 2025, largely due to tough comps from the prior year, coupled with transitory macro headwinds. To elaborate, nuclear medicine orders increased 31% in 2024, making for a difficult comp in 2025. Despite this, nuclear medicine orders were down only 6% in 2025.

正如我在上次通話中提到的，DOGE 和長達 43 天的政府停擺對能源部第四季的訂單產生了負面影響。2025 年，我們的醫療業務也面臨一些不利因素，主要是由於前一年基數較高，再加上暫時的宏觀經濟不利因素。具體來說，2024 年核醫訂單增加了 31%，這使得 2025 年的比較變得困難。儘管如此，2025 年核醫訂單僅下降了 6%。

Dosimetry orders grew 19% last year due to a large hardware order booked in 2024, making for a tough comp in 2025. RTQA full year orders were lower versus 2024 due to a sluggish Japanese market and negative capital spending dynamics in the US healthcare market. On panel 5, we summarize our performance compared to 2025 guidance.

由於 2024 年預定了一筆大型硬體訂單，劑量測定訂單去年增長了 19%，這使得 2025 年的業績比較面臨很大挑戰。由於日本市場疲軟以及美國醫療保健市場資本支出動態不佳，RTQA 2024 年全年訂單量低於 2024 年。在第 5 部分，我們總結了我們與 2025 年預期目標的比較。

Top-line performance was softer than guidance due to the RTQA and labs and research weakness. Despite the revenue miss, adjusted EBITDA was on target and demonstrated expanding margins. In addition, free cash flow was more than twice 2024's performance and beat guidance from both an absolute and conversion ratio standpoint.

由於 RTQA 以及實驗室和研發部門的疲軟，總表現低於預期。儘管營收未達預期，但調整後的 EBITDA 達到目標，且利潤率不斷擴大。此外，自由現金流是 2024 年業績的兩倍多，無論從絕對值或轉換率來看，都超過了預期。

Adjusted EPS was $0.46, slightly below guidance of between $0.48 and $0.52 largely due to tax dynamics. Panel 6 addresses key drivers for the Labs and Research and RTQA end markets. We believe that 2025 headwinds reflect a demand deferral rather than a secular change in the market.

調整後每股收益為 0.46 美元，略低於先前 0.48 美元至 0.52 美元的預期，主要原因是稅收因素。第 6 部分探討了實驗室和研究以及 RTQA 終端市場的關鍵驅動因素。我們認為，2025 年的不利因素反映的是需求的延遲，而不是市場的長期變化。

More specifically, in Labs and Research, DOGE and the government shutdown represent onetime impacts that are expected to equilibrate. In RTQA, the fundamental market growth drivers continue to apply, notably an aging population demographic in developed economies and an increased push for higher standards of care in developing economies are both expected to lead to overall demand growth. Our RTQA and nuclear medicine solutions benefit from this dynamic and comprise around 75% of the segment's revenue.

更具體地說，在實驗室和研究領域，DOGE 和政府停擺代表了一次性影響，預計將趨於平衡。在 RTQA 領域，基本的市場成長驅動因素仍然存在，特別是已開發經濟體人口老化以及發展中經濟體對更高護理標準的日益增長的需求，預計都將導致整體需求增長。我們的 RTQA 和核子醫學解決方案受益於這種動態，並佔該業務板塊收入的約 75%。

Panel 7 demonstrates our strong historical track record. We've delivered double-digit five-year revenue and adjusted EBITDA CAGRs of 11% and 12%, respectively. Moreover, adjusted free cash flow strengthened dramatically in 2025, doubling last year's performance and achieving our 2026 conversion target a year early. We expect to make continued progress on all of these KPIs in 2026. 2026 performance will be augmented by the recent acquisition of Paragon and Certrec discussed on panel 8.

第 7 部分展示了我們強大的歷史業績記錄。我們實現了五年營收和調整後 EBITDA 複合年增長率分別達到 11% 和 12%，均實現了兩位數成長。此外，2025 年調整後的自由現金流大幅增強，是去年業績的兩倍，並提前一年實現了 2026 年的轉換目標。我們預計在 2026 年所有這些關鍵績效指標方面將繼續取得進展。 2026 年的業績將因最近收購 Paragon 和 Certrec 而得到提升，這將在第 8 組討論中提及。

We are broadening our exposure to our most dynamic vertical with these two deals and are confident in the integration campaign. Both acquisitions immediately broaden Mirion's presence in the North American nuclear power market, substantially enhance customer intimacy and represent a significant opportunity for us to take their capabilities global by leveraging our strong international presence.

透過這兩項交易，我們正在擴大在最具活力的垂直領域的業務，並且對整合計劃充滿信心。這兩項收購立即擴大了 Mirion 在北美核電市場的業務，大幅增強了與客戶的親密關係，並為我們利用強大的國際影響力將他們的能力推向全球提供了重要的機會。

Similar to Mirion, most of Paragon and Certrec's revenue comes from the operating fleet. However, both acquisitions strengthen our position in the rapidly evolving SMR space. Both Paragon and Certrec are the tip of the arrow with SMR developers supporting licensing, regulatory guidance and reactor instrumentation design. This has immediately improved the top of funnel opportunity set for Mirion as a whole and increases drag along traction for legacy Mirion solutions.

與 Mirion 類似，Paragon 和 Certrec 的大部分收入都來自營運船隊。然而，這兩項收購都鞏固了我們在快速發展的微型模組化反應器領域的地位。Paragon 和 Certrec 都是 SMR 開發商的領導企業，為 SMR 開發商提供許可、監管指導和反應器儀表設計方面的支援。這立即改善了 Mirion 整體的銷售漏斗頂端機會，並增加了對傳統 Mirion 解決方案的吸引力。

We now have contractual commitments in place with more than 20 SMR developers and our reach is expanding. We're working hard to run the tables to land and expand our position with all key players. As you can see on this panel, we have quantified attractive synergy opportunities and are moving ahead rapidly.

我們目前已與 20 多家小型模組化反應器開發商簽訂了合同，我們的業務範圍正在擴大。我們正在努力爭取在所有關鍵參與者中佔據有利地位，並擴大我們的地位。正如您在這張圖表中看到的，我們已經量化了有吸引力的協同效應機會，並且正在快速推進。

In 2026, we will move beyond foundational work such as finance, HR and IT integration and shift our focus to material synergy drivers like commercial integration, improved pricing heuristics and supply chain optimization. In the case of the latter, we saw nearly 100 basis points of adjusted EBITDA margin improvement in 2025 alone from procurement process improvement in legacy Mirion.

2026 年，我們將超越財務、人力資源和 IT 整合等基礎性工作，並將重點轉移到商業整合、改進定價啟發式方法和供應鏈優化等實質協同效應驅動因素。就後者而言，僅2025年，由於傳統Mirion的採購流程改進，我們就看到了調整後EBITDA利潤率提高近100個基點。

We believe much of the work we're doing in this space will translate well to both the Paragon and Certrec business models. Looking further out, commercial leverage and AI-informed product evolution represent the tail of the integration opportunity set, and we are increasingly enthusiastic about the potential. Paragon also contributes to our large opportunity project pipeline.

我們相信，我們在這個領域所做的許多工作都將很好地轉化為 Paragon 和 Certrec 的商業模式。展望未來，商業槓桿和人工智慧驅動的產品演進代表了整合機會集的尾聲，我們對這種潛力越來越感到興奮。Paragon 也為我們龐大的專案儲備做出了貢獻。

Panel 9 illustrates that at this time, we see more than $400 million of large opportunities with the potential to transact in 2026. The chart identifies $200 million plus of new large projects on top of the $200 million of carryover from 2025. Notably, nearly half of these new opportunities come from Paragon. While these projects are definitionally $10 million or higher, the broader nuclear power space continues to support growth opportunities for Mirion.

第 9 部分錶明，目前我們看到超過 4 億美元的大機遇，這些機會有可能在 2026 年進行交易。圖表顯示，除了 2025 年結轉的 2 億美元之外，還有超過 2 億美元的新大型計畫。值得注意的是，這些新機會中近一半來自 Paragon。雖然這些項目的定義是價值 1000 萬美元或更高，但更廣泛的核電領域仍然為 Mirion 提供了成長機會。

Panel 10 shows headlines from just the past month or so, whether it's an $80 billion deal for new nuclear power plants in the US or new hyperscaler partnerships, the momentum in the market continues to build. It is abundantly clear that power availability is becoming increasingly critical to the global economy.

第 10 欄顯示了過去一個月左右的新聞頭條，無論是美國價值 800 億美元的新核電站交易，還是新的超大規模資料中心合作夥伴關係，市場勢頭都在持續增強。顯而易見，電力供應對全球經濟的重要性日益凸顯。

Panel 11 illustrates that by 2035, nearly one-third of all data centers are expected to exceed 1 gigawatt compared to only 10% of data centers today.

第 11 部分顯示，到 2035 年，預計近三分之一的資料中心將超過 1 吉瓦，而目前只有 10% 的資料中心將超過 1 吉瓦。

For reference, each 1 gigawatt data center campus uses about 1/5 of New York City's entire electrical load. Power generation and grid capacity are increasingly becoming the bottlenecks for data center growth and nuclear power is likely to remain a critical component of the long-term solution.

作為參考，每個 1 吉瓦的資料中心園區大約消耗紐約市全部電力負荷的 1/5。發電和電網容量正日益成為資料中心發展的瓶頸，而核能很可能仍是長期解決方案的關鍵組成部分。

Before I turn it over to Brian to walk through the financials, allow me to detail our 2026 guidance on panel 12. The headlines here are growing revenues, expanding margins and increasing adjusted free cash flow. 2026 total revenue is expected to grow between 22% and 24%. This includes tailwinds from FX and acquisition-related growth from Certrec and Paragon. Absent these tailwinds, you arrive at our 2026 organic revenue growth guidance of between 5% and 7%.

在我將財務部分交給布萊恩講解之前，請容許我在第 12 組詳細介紹我們 2026 年的績效指引。此次業績亮點包括營收成長、利潤率擴大以及調整後自由現金流增加。預計2026年總營收將成長22%至24%。這包括外匯市場帶來的利多以及 Certrec 和 Paragon 的收購相關成長。如果沒有這些利多因素，我們對 2026 年有機收入成長的預期為 5% 至 7%。

Adjusted EBITDA guidance is between $285 million and $300 million. This equates to adjusted EBITDA margins between 25% and 26%. And this margin range represents approximately 90 basis points of margin expansion expected for the year, notwithstanding the dilutive margin impact from the Paragon deal. We expect to help Paragon become margin accretive within our planning horizon, again, as we capture clearly identified synergies. 2026 adjusted free cash flow should range from $155 million to $175 million.

調整後 EBITDA 預期在 2.85 億美元至 3 億美元之間。這意味著調整後的 EBITDA 利潤率在 25% 到 26% 之間。即使不考慮 Paragon 交易帶來的利潤稀釋影響，這個利潤率範圍也代表今年預期利潤率將擴大約 90 個基點。我們預計，在規劃期內，隨著我們充分發揮已明確存在的綜效，Paragon的利潤率將再次成長。 2026年調整後自由現金流預計在1.55億美元至1.75億美元之間。

This expected growth is attributable mainly to the full year impact of growing earnings and capital structure improvements, which will more than offset a modest increase in expected CapEx to fund AI and other critical strategic initiatives.

預計的成長主要歸功於全年獲利成長和資本結構改善的影響，這將足以抵消為人工智慧和其他關鍵策略舉措提供資金而預期資本支出的小幅成長。

Finally, 2026 adjusted earnings per share should range from $0.50 to $0.57. This includes an expected 275 million fully diluted shares, reflecting a full year's impact from the Paragon-related capital raise in September of 2025. Also new this year, we are now including stock-based comp within our adjusted EPS. If you were to exclude it similar to last year, our 2026 midpoint guidance would have been $0.61 or $0.07 higher.

最後，2026 年調整後每股盈餘應在 0.50 美元至 0.57 美元之間。這包括預計 2.75 億股完全稀釋股份，反映了 2025 年 9 月 Paragon 相關融資的全年影響。今年我們也新增了一項內容，在調整後的每股盈餘中納入股票選擇權收入。如果像去年一樣將其排除在外，我們 2026 年的中點預期將高出 0.61 美元或 0.07 美元。

Brian will share more details on this and the broader financials. Brian?

布萊恩將分享更多關於此事以及更廣泛的財務細節。布萊恩？

Thank you, Tom, and thank you all for joining our call. I'll review the detailed financial results beginning on slide 13.

謝謝你，湯姆，也謝謝各位參加我們的電話會議。我將從第 13 頁開始詳細分析財務結果。

Fourth-quarter enterprise revenue grew 9% to $277.4 million compared to the prior year's fourth quarter of $254.3 million. Over half of the year-over-year improvement came from M&A. Both Paragon's December results and a full quarter of Certrec are reflected in the numbers. FX was a tailwind to total Q4 revenue, contributing 3.4% of the 9% increase versus Q4 '24. As a reminder, about 36% of our 2025 revenue is euro-denominated.

第四季企業營收成長 9%，達到 2.774 億美元，而去年同期為 2.543 億美元。超過一半的年增率來自併購。Paragon 12 月份的業績和 Certrec 整個季度的業績都反映在這些數字中。外匯市場對第四季度總收入起到了推動作用，貢獻了 9% 的成長中的 3.4%（與 2024 年第四季相比）。提醒一下，我們 2025 年的營收中約有 36% 是以歐元計價的。

Fourth-quarter organic growth was 0.5% negatively impacted by tough comps within both segments, as we highlighted on last year's fourth quarter call. The Nuclear and Safety segment organic growth in 2024 was 13.9%, making for a tough comp. In Medical, Nuclear Medicine was up 21% in Q4 '24, while dosimetry was up 14% in Q4 '24.

正如我們在去年第四季財報電話會議上所強調的那樣，受兩個業務板塊同期業績基數較高影響，第四季度有機成長率下降了0.5%。2024 年核能和安全領域的有機成長率為 13.9%，這使得去年同期業績難以實現。在醫療領域，核子醫學在 2024 年第四季成長了 21%，而劑量測定在 2024 年第四季成長了 14%。

Adjusted EBITDA was $77.6 million, up 11.5% versus Q4 '24. Adjusted EBITDA margins expanded 60 basis points despite margin dilutive impacts from Paragon being included for December 2025, our largest month. Excluding Paragon, adjusted EBITDA margins would have been 28.6% or 120 basis points higher than last year. Q4 adjusted EPS was $0.15 or $0.02 lower than Q4 '24. This reflects the addition of approximately 30 million shares to our diluted share count from the convertible notes and approximately $20 million from the weighted impact of the equity raise supporting the Paragon acquisition that we did at the end of Q3.

調整後 EBITDA 為 7,760 萬美元，比 2024 年第四季成長 11.5%。儘管 2025 年 12 月（我們最大的月份）計入了 Paragon 的利潤稀釋影響，但調整後的 EBITDA 利潤率仍增長了 60 個基點。剔除 Paragon 的影響，調整後的 EBITDA 利潤率將比去年高出 28.6%，即 120 個基點。第四季調整後每股收益為 0.15 美元，比 2024 年第四季低 0.02 美元。這反映了可轉換票據使我們的稀釋股份數量增加了約 3,000 萬股，以及我們在第三季末為支持 Paragon 收購而進行的股權融資的加權影響約 2,000 萬美元。

We've included a slide in the appendix that illustrates how the converts work at different stock prices. Q4 adjusted free cash flow was $78 million, contributing to a full year's $131 million adjusted free cash flow generation and 57% conversion.

我們在附錄中附上了一張投影片，說明了可轉換債券在不同股價下的運作方式。第四季調整後自由現金流為 7,800 萬美元，全年調整後自由現金流為 1.31 億美元，轉換率為 57%。

Full year performance outperformed the 2025 initial guide. Q4 orders increased 62%, reflecting $140 million of large opportunity orders awarded in Q4 from the nuclear power end market. Even excluding these orders, our Q4 order book was strong at up 11%.

全年業績優於 2025 年的初始預期。第四季訂單成長 62%，反映出第四季從核電終端市場獲得了 1.4 億美元的大訂單。即使不計入這些訂單，我們第四季的訂單量依然強勁，成長了 11%。

Slide 14 showcases key nuclear power metrics for the year. Adjusted nuclear power orders grew 52% in 2025. This excludes any acquisition-related orders as well as the turkey debooking last year. Nuclear power order growth was supported by all three verticals: new utility scale reactors, the installed base and SMRs.

第 14 張投影片展示了本年度的關鍵核電指標。經調整後，2025 年核電訂單成長 52%。這不包括任何與收購相關的訂單以及去年的火雞取消預訂。核電訂單成長得到了三大垂直領域的支持：新建公用事業規模反應器、已安裝基礎和小型模組化反應器。

For instance, we booked $39 million of SMR-related orders in 2025 compared to $17 million in '23 and '24 combined. This momentum continued into 2026, where we've already seen approximately $10 million of SMR orders just in January. Nuclear power end market organic revenue grew 11% for the year compared to 4.4% for the Collective Nuclear and Safety segment. The nuclear power end market organic revenue growth is expected to post double-digit growth again in 2026.

例如，我們預計 2025 年 SMR 相關訂單金額將達到 3,900 萬美元，而 2023 年和 2024 年的總訂單金額僅為 1,700 萬美元。這一勢頭延續到了 2026 年，光是在 1 月份，我們就已經看到了約 1,000 萬美元的 SMR 訂單。核電終端市場有機收入全年成長 11%，而核能和安全綜合業務部門的有機收入僅成長 4.4%。預計到 2026 年，核電終端市場有機收入成長將再次實現兩位數成長。

Slide 15 has the Q4 order book details. As mentioned, we booked $140 million of large orders in the quarter, including the $55 million Asia installed base order disclosed on our October earnings call. Outside of nuclear power, our defense and diversified end markets saw a doubling of orders in Q4, primarily in the US and with NATO. Medical segment orders declined in the quarter. Recall, we had tough comps in both the nuclear medicine and dosimetry end markets.

第 15 頁包含第四季訂單詳情。如前所述，本季我們獲得了 1.4 億美元的大訂單，其中包括我們在 10 月財報電話會議上披露的 5,500 萬美元亞洲安裝基礎訂單。除核能領域外，我們的國防和多元化終端市場在第四季度訂單量翻了一番，主要來自美國和北約。本季醫療業務訂單有所下降。請記住，我們在核醫學和劑量測定這兩個終端市場都面臨激烈的競爭。

Slide 16 bridges our large opportunity pipeline. Tom covered much of this in his prepared remarks already. Here, you can see how we arrived at the $200 million of previously communicated large opportunities that make up a portion of the more than $400 million 2026 pipeline. Timing is always the wildcard here, and we believe our right to win is strong on all these projects.

第 16 張投影片連結了我們龐大的商機管道。湯姆在事先準備好的演講稿中已經涵蓋了大部分內容。在這裡，您可以看到我們是如何得出先前公佈的價值 2 億美元的大機會的，這些機會構成了 2026 年超過 4 億美元的專案儲備的一部分。時機始終是決定勝負的關鍵因素，我們相信我們在所有這些項目中都有很強的獲勝把握。

Let's get into the P&L on slide 17. We'll focus on full year results since we detailed Q4 already. Full year revenue totaled $925.4 million, up 7.5% versus 2024. More than half of the growth is organic. The rest comes from equal parts M&A and FX. Nuclear power and nuclear medicine were meaningful contributors to organic revenue growth for the year.

讓我們來看看第 17 頁的損益表。由於我們已經詳細介紹了第四季度的情況，所以我們將重點放在全年業績上。全年營收總計9.254億美元，比2024年成長7.5%。超過一半的成長來自內生成長。其餘部分來自併購和外匯交易，兩者各佔一半。核電和核子醫學是本年度有機收入成長的重要貢獻者。

Full year adjusted EBITDA totaled $227.9 million, up 12% compared to 2024. Margins expanded 90 basis points for the full year, reflecting procurement initiatives and operating leverage, partially offset by tariff and the impact from the Paragon acquisition, which closed in December 2025. Full year adjusted EPS was $0.46, a 12% increase despite an approximately 50 million share increase in 2025 from the convertible notes and the equity raise associated with the Paragon purchase.

全年調整後 EBITDA 總計 2.279 億美元，比 2024 年成長 12%。全年利潤率成長了 90 個基點，反映了採購舉措和經營槓桿作用，但部分被關稅和 Paragon 收購的影響所抵消，該收購於 2025 年 12 月完成。儘管 2025 年可轉換債券和與 Paragon 收購相關的股權融資將增加約 5,000 萬股，但全年調整後每股收益仍為 0.46 美元，成長了 12%。

Slide 18 provides a 30,000-foot view of the moving pieces impacting 2025 revenue versus our initial guidance from December 2024. Overall, FX and acquisitions were both tailwinds to revenue. Recall, we initially baked in a $1.05 euro to USD rate while we ended the year at approximately $1.17. In addition, the acquisitions of Certrec and Paragon in the back half of 2025 contributed favorably to total revenue growth. Conversely, top line performance was negatively impacted by organic headwinds of approximately 250 basis points.

第 18 頁從宏觀角度分析了影響 2025 年收入的各種因素，並與我們 2024 年 12 月的初步預測進行了比較。整體而言，外匯和收購都對收入起到了促進作用。回顧一下，我們最初將歐元兌美元匯率設定為 1.05，而年底時匯率約為 1.17。此外，2025 年下半年對 Certrec 和 Paragon 的收購也對總收入成長做出了積極貢獻。相反，營收表現受到約 250 個基點的內生性不利因素的負面影響。

The US government shutdown and DOGE initiatives primarily impacted our labs and research end market in the Nuclear Safety segment. Additionally, as we've been discussing, our RTQA market was sluggish, mainly related to hardware headwinds in North America, China and Japan, partially offset by our performance in software and services. For example, our RTQA services business reported a two-year revenue CAGR of 12% from 2023 to 2025.

美國政府停擺和DOGE的措施主要影響了我們在核安領域的實驗室和研究終端市場。此外，正如我們一直在討論的那樣，我們的即時品質保證 (RTQA) 市場表現疲軟，主要與北美、中國和日本的硬體市場逆風有關，部分被我們在軟體和服務方面的出色表現所抵消。例如，我們的 RTQA 服務業務在 2023 年至 2025 年的兩年內實現了 12% 的收入複合年增長率。

Now let's turn to the segments beginning on slide 19. Nuclear and Safety segment Q4 revenue was $194.9 million, up 15.5%. Organic revenue increased 3.1% as the segment was lapping a tough 13.9% comp from last year. Q4 2025 organic revenue growth was aided by over 12% nuclear power end market growth, partially offset by continued softness in Labs and Research and to a lesser extent, from the Defense and Diversified end market off a large 2024 comp.

現在讓我們來看看從第 19 張投影片開始的部分。核能與安全業務部門第四季營收為 1.949 億美元，成長 15.5%。由於去年同期年增速高達 13.9%，有機收入成長了 3.1%。2025 年第四季有機收入成長得益於核電終端市場超過 12% 的成長，但部分被實驗室和研究領域的持續疲軟所抵消，國防和多元化終端市場由於 2024 年基數較大而受到一定程度的抵消。

The Labs business was definitely impacted by the 43-day government shutdown. We continue to believe this is a delay rather than a decline. We expect it to take some time to get back to a more normalized state, as you can see in our organic revenue growth guide in the back of the deck. Total year Nuclear and Safety segment revenue was $614.6 million, up 9.5% compared to 2024. Full year organic growth reflects 11% nuclear power growth, partially offset by an 8.5% decline from the global labs and research end market.

實驗室業務肯定受到了政府停擺43天的影響。我們仍然認為這只是暫時的，而不是衰退。我們預計需要一段時間才能恢復到更正常的狀態，正如您在簡報背面的自然收入成長指南中看到的那樣。2024 年核能和安全業務部門全年總收入為 6.146 億美元，比 2024 年成長 9.5%。全年有機成長反映了核電成長 11%，但部分被全球實驗室和研究終端市場 8.5% 的下滑所抵消。

More specifically, our US labs business connected mainly to the DOE was down approximately 15% for the year. Additionally, the defense component of our Defense and diversified end market declined, while the industrials component grew. More importantly, had we owned Paragon in 2025, their year-over-year growth was 20%.

更具體地說，我們與美國能源部相關的美國實驗室業務全年下降了約 15%。此外，我們的國防及多元化終端市場中的國防部部分有所下降，而工業部分則有所成長。更重要的是，如果我們在 2025 年擁有 Paragon，其年增長率將達到 20%。

Going into 2026, it is expected to be approximately 25% plus. Nuclear Safety segment Q4 adjusted EBITDA was $60 million or 13.6% higher than last year. Q4 margins declined 50 basis points. As we've discussed, we closed the Paragon acquisition on December 1, which impacted Q4 margins. Excluding Paragon's December results, Q4 margins would have instead expanded 50 basis points, reflecting operating leverage, lower incentive compensation and procurement initiatives.

預計到 2026 年，這一數字將達到 25% 以上。核安業務部門第四季調整後 EBITDA 為 6,000 萬美元，比去年同期成長 13.6%。第四季利潤率下降了50個基點。正如我們之前討論過的，我們於 12 月 1 日完成了對 Paragon 的收購，這影響了第四季度的利潤率。如果排除 Paragon 12 月的業績，第四季利潤率將擴大 50 個基點，這反映了營運槓桿、較低的激勵性薪酬和採購措施。

Full year adjusted EBITDA for the Nuclear and Safety segment was $177.7 million or 11.2% higher than last year. Full year margins also increased, up 40 basis points. Again, excluding Paragon's December results, full year margin expansion would have been 70 basis points or a 30 basis point swing.

核能與安全業務部門全年調整後 EBITDA 為 1.777 億美元，較上年成長 11.2%。全年利潤率也提高了40個基點。再次強調，如果排除 Paragon 12 月的業績，全年利潤率擴張將達到 70 個基點，即 30 個基點的波動。

Next, on to the Medical segment on slide 20. Q4 Medical segment revenue declined 3.5% to $82.5 million. On the October earnings call, we expected flattish Q4 revenue. Q4 RTQA organic revenue growth -- revenue declined 4%. The difference was the RTQA end market was negatively impacted by Asia and Europe hardware headwinds.

接下來，請看第 20 張投影片上的醫學部分。第四季醫療保健業務收入下降 3.5% 至 8,250 萬美元。在10月份的財報電話會議上，我們預計第四季營收將與上季持平。第四季 RTQA 有機收入成長－營收下降 4%。不同之處在於，RTQA 終端市場受到了亞洲和歐洲硬體逆風的負面影響。

Additionally, as mentioned earlier, nuclear medicine and dosimetry were bumping up against tough comps. Full year Medical segment revenue grew 3.7% to $310.8 million, reflecting double-digit organic revenue growth from the nuclear medicine end market, offset by lower RTQA organic revenue. We expect double-digit organic revenue growth in 2026 from the nuclear medicine end market as well as a rebound to mid-single-digit plus organic revenue growth from RTQA.

此外，如同前面提到的，核子醫學和劑量學也面臨激烈的競爭。全年醫療業務收入成長 3.7% 至 3.108 億美元，其中核醫終端市場實現了兩位數的有機收入成長，但 RTQA 有機收入下降抵消了這一增長。我們預計 2026 年核醫終端市場將達到兩位數的有機收入成長，而 RTQA 的有機收入成長也將反彈至中等個位數以上。

RTQA should see a rebound in Europe hardware sales and continued adoption of our software platform globally as well as a number of new product launches. Meanwhile, we expect flattish 2026 dosimetry organic revenue due to lower hardware sales. We are encouraged by our InstaVUE adoption, particularly what we are hearing from the nuclear power end market.

RTQA 預計歐洲硬體銷售額將反彈，我們的軟體平台將在全球持續採用，同時也將推出一系列新產品。同時，由於硬體銷售額下降，我們預計 2026 年劑量測定業務的有機收入將保持穩定。我們對 InstaVUE 的應用感到鼓舞，尤其是我們從核電終端市場聽到的回饋。

Medical segment adjusted EBITDA grew in Q4 despite softer revenue versus last year. Q4 grew 5.1% to $34.9 million and expanded margins 350 basis points, primarily due to procurement savings of approximately 100 basis points and 250 basis points mainly from OpEx in-year initiatives. Meanwhile, full year adjusted EBITDA grew 11.2% to $116.3 million.

儘管第四季營收較去年同期有所下降，但醫療業務調整後 EBITDA 仍實現成長。第四季成長 5.1% 至 3,490 萬美元，利潤率擴大 350 個基點，主要得益於採購節省約 100 個基點，以及營運支出年度內措施節省 250 個基點。同時，全年調整後 EBITDA 成長 11.2% 至 1.163 億美元。

Full year adjusted EBITDA margins expanded 260 basis points from procurement and similar OpEx in-year initiatives. It was a tough year for Medical on the top line, but I am encouraged by the margin expansion and the team's focus on cost and productivity.

全年調整後 EBITDA 利潤率因採購和類似的營運支出年度舉措而增長 260 個基點。對於醫療業務而言，今年營收成長乏力，但利潤率的提升以及團隊對成本和生產力的重視令我感到鼓舞。

Turning to slide 21. You can see the marked improvement in adjusted free cash flow this year. 2025 adjusted free cash flow totaled $131 million, approximately double 2024's $65 million. 2025's performance represents a 57% conversion of adjusted EBITDA. 2025 step change performance reflected improved earnings, reduced net interest expense from capital structure improvements and lower CapEx. Recall, we reduced our Term Loan B size from $695 million to $450 million and refinanced down to SOFR plus 200.

翻到第21張幻燈片。今年的調整後自由現金流顯著改善。 2025 年調整後自由現金流總額為 1.31 億美元，約 2024 年 6,500 萬美元的兩倍。 2025 年的業績相當於調整後 EBITDA 的 57%。 2025 年業績的顯著提升反映了獲利能力的提高、資本結構改善帶來的淨利息支出減少以及資本支出的降低。回顧一下，我們將 B 類定期貸款規模從 6.95 億美元減少到 4.5 億美元，並重新融資至 SOFR 加 200。

We also issued two convertible notes at 0.25% and 0% coupons in 2025. These actions reduced our 2025 pro forma total cost of debt to 2.9% versus 7.4% in 2024. In 2026, we expect to increase our adjusted free cash flow while maintaining a similar conversion rate, consistent with our long-term guidance.

我們也發行了兩筆可轉換債券，票面利率分別為 0.25% 和 0%，將於 2025 年到期。這些措施使我們 2025 年的預計總債務成本從 2024 年的 7.4% 降至 2.9%。2026 年，我們預計在保持類似轉換率的同時，增加調整後的自由現金流，這與我們的長期指導方針一致。

Before we open the lines for Q&A, let me share some additional detail for 2026. From a full year 2026 perspective, we expect Q1 to be the lightest quarter for both revenue and adjusted EBITDA. The rest of 2026 phasing, we expect to be consistent with prior years. For Q1 2026, total organic revenue growth is expected to be low single digits.

在開放問答環節之前，讓我先分享一些關於 2026 年的補充細節。從 2026 年全年來看，我們預計第一季將是營收和調整後 EBITDA 最低的季度。2026 年剩餘時間的進度安排，我們預計將與往年保持一致。預計 2026 年第一季有機收入總成長將為個位數低段。

Medical organic revenue growth should be mid-single digits, while Nuclear and Safety will likely be flat. Within Nuclear and Safety organic growth, our sensing business volume within nuclear power will be lower from a tough comp in 2025 due to project timing. This impacts both revenue and margins. Total Q1 2026 enterprise EBITDA margin should contract compared to Q1 2025 despite expected margin expansion in the Medical segment.

醫療領域的有機收入成長應為中等個位數，而核能和安全領域的收入成長可能持平。在核能和安全領域的有機成長方面，由於專案進度安排，我們在核電領域的感測業務量在 2025 年將低於去年同期水準。這會影響收入和利潤率。儘管醫療業務的利潤率預計會擴大，但與 2025 年第一季相比，2026 年第一季企業 EBITDA 利潤率總體上應該會下降。

Remember, Q1 now includes the full impact of Paragon, which is dilutive to overall margins. We expect to return to margin expansion in the back half of the year and for the full year. As Tom mentioned, 2026 adjusted EPS now includes stock-based compensation. We made the change to be more reflective of the true cost of doing business. In addition to the full year guidance that Tom walked you through, there are additional modeling assumptions in the appendix.

請注意，第一季業績已包含 Paragon 的全部影響，這將稀釋整體利潤率。我們預計下半年及全年利潤率將恢復擴張。正如湯姆所提到的，2026 年調整後的每股盈餘現在包括股票選擇權激勵。我們做出這項改變是為了更真實地反映開展業務的成本。除了 Tom 向你詳細介紹的全年指導之外，附錄中還有其他建模假設。

With that, I'll ask the operator to open the line for questions.

這樣，我就可以請接線生開通提問專線了。

(Operator Instructions) Andy Kaplowitz, Citigroup.

（操作員說明）安迪·卡普洛維茨，花旗集團。

Tom, just thinking about your large opportunity pipeline, I know large project timing tends to be difficult. But if I go back to last year at this time, it was $300 million to $400 million, and now it's greater than $400 million, it's up mid-teens. It's obviously noticeable that your backlog ex Paragon moved up nicely in Q4 '25.

湯姆，我一想到你手邊龐大的專案機會，就知道大型專案的時間安排往往很困難。但如果我回顧去年同期，當時是 3 億到 4 億美元，而現在已經超過 4 億美元，成長了 15 億美元左右。很明顯，您在 Paragon 之外的積壓訂單在 2025 年第四季有了顯著成長。

But can we take your pipeline and say it should translate to double-digit growth in backlog in '26? And with nuclear power now almost half of your sales, do you have confidence to sort of say that?

但是，我們能否根據你的銷售管道預測，到 2026 年，積壓訂單量將達到兩位數的成長？核電目前幾乎佔你們銷售額的一半，你們對此有信心嗎？

Yes, Andy, I think you hit the nail on the head that large project timing, particularly when you're talking about new reactor builds and things where there's enormous complexity overall really gates the timing dynamics. And we try and surround that in terms of how we place probability estimates around timing and quantum of bid awards and the probability of success, et cetera.

是的，安迪，我認為你一針見血地指出了大型項目的時間安排，特別是當談到新建反應器和整體上極其複雜的項目時，時間安排的動態變化確實會受到限制。我們試圖圍繞投標授予的時間和金額以及成功機率等因素來考慮機率估計。

But at the end of the day, it remains a dynamic target overall. So I'm hesitant to say that to draw a tight correlation between, again, those large projects, which, by definition, are more than $10 million in revenue and the expected timing. What I would say is that we like that dynamic a lot.

但歸根結底，它仍然是一個動態的目標。因此，我不敢斷言，那些大型專案（按定義，收入超過 1000 萬美元）與預期時間之間存在緊密的關聯。我想說的是，我們非常喜歡這種氛圍。

When we look at the quality, and as Brian noted, our right to win within that grouping of large projects, coupled with the underlying dynamics, particularly in the nuclear power vertical overall, we feel good about how that ultimately drives an accelerating rate of growth.

當我們審視項目的質量，正如布萊恩所指出的，我們有權在這些大型項目中獲勝，再加上潛在的動態因素，尤其是在整個核電垂直領域，我們對這最終如何推動增長速度加快感到樂觀。

That's helpful, Tom. And then this might be for Brian or Tom, like I was intrigued by the Q1 guidance in the sense that you've got Medical back up to mid-single digits. Obviously, it's a little bit weaker to end the year. So like maybe, is that comps? Is that you expect a relatively quick recovery in places like Europe and China? Maybe you can give us a little more color on how Medical should pan out in '26 to sort of meet that mid-single-digit growth?

那很有幫助，湯姆。這可能對布萊恩或湯姆來說，就像我對第一季業績指引很感興趣一樣，因為醫療業務已經回升到個位數中段。顯然，年底的表現略顯疲軟。所以，這或許就是比賽？你認為歐洲和中國等地的經濟復甦會相對迅速嗎？您能否更詳細地介紹一下醫療保健產業在 2026 年的發展情況，以達到中等個位數的成長目標？

Yes. I think -- I mean, obviously, as the year gets -- goes on, we're a little bit stronger in '25 in the first half of the year in Medical, specifically Q2, by the way, with -- we shipped a lot of stuff into China, Andy. So the back half, obviously, is a bit easier than the front half. But the team likes the dynamic they're seeing in the -- even here in the first quarter and really across all three businesses.

是的。我認為——我的意思是，很明顯，隨著這一年的進行，我們在2025年上半年，尤其是在第二季度，在醫療領域，情況會稍微好一些，順便說一句，我們向中國運送了很多東西，安迪。所以很明顯，後半部比前半部要容易一些。但團隊很喜歡他們目前看到的這種動態——即使是在第一季度，而且實際上在所有三個業務領域都是如此。

So that's -- right now, that's what we're seeing. And we'll update you when we get through Q1. But I think the point here is that we thought quite hard, and we usually don't give quarterly -- too much quarterly guidance, and we wanted to make sure we guided appropriately here.

所以，這就是——目前，我們看到的情況。第一季結束後，我們會向您報告最新情況。但我認為關鍵在於，我們經過了深思熟慮，而且我們通常不會給出季度業績指引——也不會給出太多季度業績指引，我們希望確保這次的指引是恰當的。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛集團。

Maybe just touching on Q1 for a minute just to make sure that we're dialed in because you have the accretion also from Paragon coming through. I don't know if there's any seasonality in the business. But I mean I guess we're getting to a number, like an EBITDA number kind of like in that mid to high 50s. I just want to make sure that we're thinking about it directionally right.

或許可以稍微簡單看一下 Q1，以確保我們理解正確，因為 Paragon 也帶來了一些影響。我不知道這個行業是否有季節性。但我的意思是，我想我們最終會得到一個數字，例如 EBITDA 的數字，大概在 50 多美元的中高段位。我只是想確保我們思考的方向是正確的。

Yes. I mean, look, I'm not going to give you the number. But I think by -- first off, Paragon's -- the first quarter will be the lightest quarter as well for Paragon. So yes, the third and the first quarter will be the kind of -- it has similar seasonality to Mirion, where the first and the third quarter are lighter than the second and the fourth quarters.

是的。我的意思是，聽著，我不會把號碼給你的。但我認為——首先是 Paragon——第一季也將是 Paragon 業績最淡的一個季度。所以，是的，第三季和第一季的情況與米里翁的情況類似——它的季節性與米里翁類似，第一季和第三季比第二季和第四季要淡。

Obviously, the nuclear power business, that kind of matches the outage season. So that's how I would think about it. I think with the lighter first quarter in Mirion and the dilutive nature of the margins on the Paragon side, that I would -- we just -- I would think pretty hard about how we're modeling margin expansion in Q1. And like I mentioned, our sensing business had a very strong Q1 last year, and that business levers tremendously.

顯然，核電產業的停電季節與核電停運季節基本吻合。我就是這麼想的。我認為，鑑於 Mirion 第一季業績較為疲軟，以及 Paragon 利潤率的稀釋性，我會——我們——我會認真思考如何對第一季的利潤率擴張進行建模。正如我之前提到的，我們的感測業務去年第一季表現非常強勁，而且這項業務具有巨大的槓桿效應。

So with a little bit of lighter volume there, you're probably -- you're definitely going to see a little bit of a contraction on the margin side in the legacy Mirion business on top of the dilution for Paragon. So that's kind of the color I'd probably give around Q1 without giving you a number.

因此，由於交易量略有減少，除了 Paragon 的稀釋之外，原始 Mirion 業務的利潤率肯定會略有下降。所以，這大概就是我在第一季會給的顏色描述，但我不會給你一個具體的數字。

Okay. No, that's helpful. I appreciate that, Brian. And then I guess, look, clearly, the orders were excellent this quarter, better than what we anticipated even when you gave that funnel at the end of last quarter. Tom, maybe just kind of -- I know you touched on this $400 million pipeline, the large project pipeline for 2026.

好的。不，這很有幫助。謝謝你，布萊恩。然後我想，你看，很明顯，本季的訂單情況非常好，甚至比我們在上個季度末給出的預測還要好。湯姆，也許只是——我知道你提到了這條價值 4 億美元的管道，2026 年的大型專案管道。

Just help with your customer conversations, win rates that you should expect going forward? Do you feel like your win rates are increasing? Just any other color on that pipeline and how you guys are doing commercially?

只是想幫助您改善與客戶的溝通，以及您未來應該預期的成交率？你覺得自己的勝率在提升嗎？那條管道上還有其他顏色可選嗎？你們的商業營運狀況如何？

Yes. So we -- Joe, we -- you know historically, we don't talk about win rates, but I'll tell you what's really important here, and that is the impact that both Certrec and Paragon are having in the way we engage with customers overall. And I'll focus mainly on Paragon, but the themes are broadly equivalent. So Paragon was founded and grown by CEO, Doug VanTassell, who's an absolute rock star. He's really highly, highly known and respected within the nuclear industry.

是的。所以，喬，你知道，從歷史上看，我們不談論勝率，但我告訴你真正重要的是 Certrec 和 Paragon 對我們與客戶互動方式的整體影響。我主要會以《Paragon》為例，但其主題大體上是相同的。所以 Paragon 由執行長 Doug VanTassell 創立並發展壯大，他是一位絕對的搖滾明星。他在核工業界享有極高的知名度和聲望。

And their commercial model historically has required a much higher degree of customer intimacy than Mirion's go-to-market model, in part because of fundamental differences in the solutions that they were selling versus what we've been selling.

從歷史上看，他們的商業模式需要比 Mirion 的市場推廣模式更高的客戶親密度，部分原因是他們銷售的解決方案與我們銷售的解決方案有根本差異。

And as Doug and I have developed a strong partnership and really focused on the road map for integrating the companies, one of the first early opportunities that we see and are obviously working hard to take advantage of is that commercial traction, where the combination of the Paragon customer intimacy with a much broader solution set that is quite unique in many dimensions, we believe, helps us gain even more traction, not only from the operating fleet, which again, is about 80% of our total nuclear power revenue, but more broadly as we're engaging with the reactor designers, the so-called NSSS firms on new utility scale projects, and we're engaging with literally all of the SMR players on their various campaigns overall.

隨著我和道格建立了牢固的合作關係，並真正專注於公司整合的路線圖，我們看到並正在努力利用的首批早期機會之一是商業吸引力。我們相信，將 Paragon 與客戶的緊密聯繫與在許多方面都非常獨特的更廣泛的解決方案相結合，將有助於我們獲得更大的發展動力，不僅來自運營機組（這約占我們核電總收入的 80%），而且更廣泛地來自我們與反應堆設計商、所謂的 NSSS 公司就新的公用事業規模進行合作，以及我們與反應器設計商、所謂的 NSSS 公司就新的公用事業規模進行的合作，以及我們與所有小型模組化的

So that dynamic again, we think is going to be a net positive. We hope and expect that we're going to see that begin to emerge as we gain additional traction. And ultimately, again, if we were talking about absolute win rates, which we're not, I would expect those to improve.

所以我們認為，這種動態最終會帶來正面的影響。我們希望並期待，隨著我們獲得更多支持，這種情況會開始出現。最後，再說一遍，如果我們談論的是絕對勝率（但我們不是），我預計勝率會提高。

Great. Super helpful. If I could maybe squeeze one more. Just, Brian, on Medical, you mentioned the OpEx initiative. The margins this quarter were really strong. As we kind of think of like the jumping off point for 2026 full year, is the expectation that your Medical business should still see over a full year period that like 50% type incremental margin just given the initiatives and traction that you guys are getting?

偉大的。非常有用。如果我能再擠出一個就好了。Brian，關於醫療方面，你提到了卓越營運計劃。本季利潤率非常強勁。我們認為 2026 年全年就是一個重要的起點，鑑於你們正在採取的舉措和取得的進展，你們的醫療業務是否預計在一整年內仍能實現 50% 左右的利潤增長？

Yes. Look, I expect pretty good margin expansion again in '26. It won't be as high though as what we saw in '25 for sure. So that's probably how I'm thinking about it. Again, I think the 50% incremental is good. It maybe is a touch high, but it's still going to be very strong and robust.

是的。你看，我預計2026年利潤率將再次大幅成長。但肯定不會像2025年那麼高。我大概就是這麼想的。我再次認為，50%的增幅是合理的。雖然可能稍微高了一點，但它仍然會非常堅固耐用。

Tomo Sano, JPMorgan.

Tomo Sano，摩根大通。

So with 2026 guidance for adjusted EBITDA margins at 25% to 26%. So is the past 30% plus EBITDA margins by 2028 still intact? Should we expect about 200 bps of margin expansion in 2027 and 2028 to reach that target?

因此，預計到 2026 年調整後 EBITDA 利潤率將達到 25% 至 26%。那麼，到 2028 年，30% 以上的 EBITDA 利潤率還能維持下去嗎？我們是否應該預期在 2027 年和 2028 年實現約 200 個基點的利潤率擴張，從而達到該目標？

Tomo, I'm not letting go of that. I mean, noting that the headwinds that impact us on that have been, to some degree, tariffs, to some degree, the near-term dilutive -- margin dilutive impact of the Paragon deal overall. But the countervailing or counterbalancing tailwinds are, firstly, it's growth. Absorption is our best trend here. And given the very high degree of operating leverage we have in the business as we continue to drive a more robust top line dynamic, absorption will be very important.

托莫，我不會放手的。我的意思是，需要指出的是，影響我們的不利因素在某種程度上是關稅，在某種程度上是 Paragon 交易帶來的短期稀釋效應——利潤率稀釋效應。但與之抵消或平衡的順風首先是增長。吸收率是我們目前最好的趨勢。鑑於我們業務中存在非常高的經營槓桿，並且我們將繼續推動更強勁的營收成長，因此吸收將非常重要。

Secondly, it's the continuation of self-help. We noted 100 bps of margin improvement from procurement this year. We're not done in that area. There's much more to be done, both with legacy Mirion as well as with the newly acquired companies. But beyond that, it's our entire business system as we think about continuous improvement and greater efficiency overall.

其次，它是自助的延續。我們注意到今年採購利潤率提高了100個基點。我們還沒有完成這方面的工作。無論是對原有的 Mirion 公司，還是對新收購的公司，都還有很多工作要做。但除此之外，它還關係到我們整個業務系統，因為我們都在思考如何持續改進並提高整體效率。

But the third element, which is becoming far more tangible, and I'm sure you're talking about on a lot of calls, is AI. AI is profoundly important as we think about both customer-facing applications and the implication that has on both margin profile and top line growth. As we harness this, it we believe, will give us the ability to mix up to a degree.

但第三個要素，也是越來越具體化的要素，我相信你們在許多電話會議中都會談到的，就是人工智慧。當我們思考面向客戶的應用以及它對利潤率和營收成長的影響時，人工智慧的重要性不言而喻。我們相信，如果我們能駕馭這項技術，就能在某種程度上實現混合。

But it's also the internal productivity. Last year, we launched 17 internal AI bespoke applications that were focused on productivity enhancement with another, I believe, 7 in development. And that cadence of change is improving. We are resourcing up in AI. We've hired our inaugural Chief AI and Digital Officer, Shahmeer Mirza who's got a very clear and compelling vision as to what we can do, what we must do from both a customer-facing and an internal productivity standpoint. And we're pretty bullish about it overall.

但內部生產力也很重要。去年，我們推出了 17 個專注於提高生產力的內部 AI 客製化應用程序，我相信還有 7 個正在開發中。而這種變化的節奏正在改善。我們正在加大人工智慧領域的資源投入。我們聘請了首位首席人工智慧和數位長 Shahmeer Mirza，他對我們能做什麼、必須做什麼，無論是從面向客戶的角度還是從內部生產力的角度來看，都有著非常清晰和令人信服的願景。整體而言，我們對此相當看好。

So to be clear, this is not a gimme putt to get to 30-point EBITDA margins. We have a lot of wood to chop. But having said all that, I continue to see a pathway and Brian and I continue to encourage and motivate the organization to get after it.

所以說清楚點，這並不是輕易就能達到 30 個百分點的 EBITDA 利潤率。我們有很多木頭要劈。但即便如此，我仍然看到一條出路，我和布萊恩也持續鼓勵並激勵組織朝著這個目標努力。

Thank you, Tom. And a follow-up on AI. With announcement of executive appointments you just described, what are the key KPIs in short to midterm goals for your AI and digital strategies, please?

謝謝你，湯姆。還有關於人工智慧的後續報道。鑑於您剛才宣布的高階主管任命，請問問貴公司人工智慧和數位化策略的中短期目標關鍵績效指標是什麼？

Yes. They're really under development right now, understanding that Shahmeer has only been on board now for a few months. And so we're not yet in a position where we're going to put that out within the investor community overall. But what I will tell you is that we see very, very compelling opportunities to harness as we think about customer-facing applications to harness our native position, recognizing that we are in almost every operating nuclear power plant in the world.

是的。他們目前還在開發階段，要知道 Shahmeer 加入團隊也才幾個月而已。因此，我們目前還不打算將此消息發布給整個投資者群體。但我可以告訴你們的是，我們看到了非常非常有吸引力的機會，可以利用我們自身的優勢，開發面向客戶的應用程序，因為我們幾乎遍布世界上所有正在運行的核電站。

It's in the upper 90% range overall. And increasingly, I think there's a point of view and a defensible point of view that having that core sensor presence will be critically important as we think about things that ultimately in this space may impact the overall efficiency of a power plant, how hot it can be run, how to more effectively manage load balancing, how to accelerate start-ups in the wake of shutdowns, et cetera. So there's a huge body of work that we're doing, not only in the nuclear vertical, but in medical, in labs and research, we're very advanced in defense, et cetera.

整體而言，它的準確率在90%以上。而且，我認為越來越多的人認為，核心感測器的存在至關重要，因為當我們思考在這個領域最終可能會影響發電廠整體效率、運行溫度、如何更有效地管理負載平衡、如何在停機後加快啟動速度等等問題時，這種觀點是站得住腳的。因此，我們正在進行大量工作，不僅在核能領域，而且在醫療、實驗室和研究領域，我們在國防等領域也非常先進。

So it really is going to impact and inform our agenda from a customer-facing standpoint in all key verticals, but internally as well. We've really developed considerable momentum in terms of incorporating both bespoke tools that our team has developed. But beyond that, just leveraging the capabilities that are increasingly embedded within all the various third-party software applications that we use overall.

因此，它確實會從面向客戶的角度，在所有關鍵垂直領域，以及在內部，影響和指導我們的議程。我們在整合團隊開發的客製化工具方面取得了相當大的進展。但除此之外，還要充分利用我們使用的各種第三方軟體應用程式中日益增強的功能。

So summary of all of that is that we're not yet ready to guide the key metrics in and around AI, but I think it is important to note that our effort here is significant and that our momentum is building, and we see great promise here.

綜上所述，我們尚未準備好指導人工智慧及其相關領域的關鍵指標，但我認為值得注意的是，我們在這方面的努力是巨大的，我們的勢頭正在增強，我們看到了巨大的前景。

Rob Mason, Baird.

羅布梅森，貝爾德。

Brian, I think I heard you correctly when you were describing Paragon, you're expecting 25% growth kind of pro forma for '26 in that business. And as I recall, when you acquired it, it'd be growing kind of low teens. A couple of questions, just what accounts for kind of the acceleration there?

Brian，我想我沒聽錯，你剛才描述 Paragon 的時候，預計該業務在 2026 年將實現 25% 的成長。我記得，你買到它的時候，它大概只有十幾公分高。我有幾個問題，是什麼原因導致了那裡的加速？

And then to the extent that I know, Tom, you referenced this kind of tip of the spear, that level of step-up in growth, what kind of implications could that have on the broader Mirion nuclear power business over the next couple of years?

然後，據我所知，湯姆，你提到了這種尖銳的舉措，這種增長的加速，那麼在未來幾年裡，這會對整個米里翁核電業務產生什麼樣的影響呢？

Maybe I'll take the first part and you take the second part. I mean, just quickly, first off, Paragon has good coverage. It actually have better comforts than Mirion does on for next year as we think on a forward basis. So I think one of the things that's driving it is just the order growth we saw in '25.

或許我負責第一部分，你負責第二部分。我的意思是，簡單來說，首先，Paragon 的覆蓋範圍很廣。從長遠來看，明年它的舒適度實際上比米里翁更好。所以我認為推動這一趨勢的因素之一就是我們在 2025 年看到的訂單成長。

I think the other thing is they're definitely expanding a bit their markets in '26 into kind of the DOE landscape, which is a vertical that didn't have as much revenue growth in last year. So I think those two things kind of coupled together is what gives us confidence in kind of hitting those numbers. But it's an exceptional team, and they continue to put good wins on the board.

我認為另一件事是，他們肯定會在 2026 年將市場拓展到能源部領域，而能源部是去年收入成長並不高的垂直領域。所以我覺得這兩件事結合起來，讓我們有信心去達到這些目標。但這支隊伍非常出色，他們不斷取得勝利。

Yes. Just Rob, in terms of talking about the strategic implications, I think they're profound. Again, Paragon is an amazing company, amazing people. very, very high cultural affinity, goodness of fit with Mirion, but also the strategic alignment is extraordinary. I mean, we've articulated what are kind of the obvious and key areas of focus in terms of bringing the two companies together from a synergy standpoint, particularly as it relates to commercial traction overall, our ability to help them drive more international growth, their ability to help us, again, create a stronger bond and connection, more customer intimacy within North America overall.

是的。羅布，就戰略意義而言，我認為這意義深遠。再次強調，Paragon是一家非常優秀的公司，擁有非常優秀的人才。我們與Mirion有著非常高的文化契合度，不僅如此，我們的策略一致性也堪稱卓越。我的意思是，我們已經明確了從協同效應的角度將兩家公司結合起來的幾個顯而易見的關鍵重點領域，尤其是在整體商業吸引力方面，我們能夠幫助他們推動更多的國際增長，他們也能幫助我們再次建立更牢固的聯繫，在北美地區與客戶建立更緊密的聯繫。

But the longer-term implications strategically basically are, number one, we think we can get more wallet share out of the installed base on a combined basis. We think one plus one will be two plus here. Secondly, with the SMR community, Paragon has been very assertive, very effective in prosecuting that marketplace overall, as have we, but the combination of the two companies in that particular field are really, really important, not only as it relates to the SMR players themselves, but also as it relates to the broader industry, both the operating fleet and the evolving utility scale reactors.

但從策略角度來看，長期影響基本上是：第一，我們認為我們可以從現有用戶群中獲得更大的市場份額。我們認為一加一等於二加。其次，在小型模組化反應器 (SMR) 領域，Paragon 公司一直非常積極主動，在整個市場中發揮非常有效的作用，我們也是。但是，這兩家公司在該領域的結合真的非常重要，不僅對小型模組化反應器參與者本身而言如此，而且對整個行業，包括運營中的反應器和不斷發展的公用事業規模反應堆，也同樣如此。

One of the classical innovation issues articulated in the innovator's dilemma, classic Silicon Valley book is the issue that companies oftentimes will tend to focus on the immediate needs of their best customers today. And one of the interesting things about the SMRs is given the advanced technologies they're deploying, given the rapidity with which they are driving toward big audacious outcomes, it is forcing a different level of innovation within the industry.

在矽谷經典著作《創新者的困境》中闡述的經典創新問題之一是，公司往往傾向於關注其最佳客戶當前的迫切需求。小型模組化反應器 (SMR) 的有趣之處在於，鑑於它們所部署的先進技術，鑑於它們正以驚人的速度朝著宏偉的目標邁進，它正在推動行業內不同層次的創新。

And I like our position here. I like where we sit in terms of how this is evolving overall. And while it's a wildly difficult market to predict, we do believe there will be successful SMRs that are emerging probably faster than people expect. And we think the innovation that we are participating in and to some degree is driving will then cascade more broadly into both the operating fleet and some of the utility scale reactors.

我喜歡我們現在的處境。就整體發展趨勢而言，我對我們目前所處的位置感到滿意。雖然這是一個極難預測的市場，但我們相信，未來會出現成功的小型模組化反應器（SMR），而且其出現速度可能會比人們預期的要快。我們認為，我們正在參與並在某種程度上推動的創新，將更廣泛地推廣到營運中的核電廠和一些公用事業規模的反應器中。

So I mean, the implications here, we think, are significant. We're thrilled that we were able to close this deal and feel pretty good about the art of the possible here overall.

所以我的意思是，我們認為，這件事的意義非常重大。我們很高興能夠完成這筆交易，並且對整體上的可能性感到非常滿意。

That's helpful, Tom. Just real quickly as a follow-up, maybe just to extend the question to the existing fleet on the reactor side, it's a pretty active year for the NRC on life extensions in the US, maybe not a surprise, but you could see less friction in that happening. How does that level of activity, that level of life extension activity, how does that manifest for you in terms of orders? I mean, did we see that already in backlog? Or is that part of the pipeline that you look ahead? Or just how does that manifest?

那很有幫助，湯姆。作為後續補充，或許可以把問題擴展到現有反應器方面，今年美國核管理委員會在延長反應器壽命方面相當活躍，這或許並不令人意外，但你可能會看到這方面的阻力有所減少。這種程度的活動，這種程度的延壽活動，對你而言，在訂單方面是如何體現的？我的意思是，我們之前在待辦事項清單裡看過嗎？或者，這是你未來需要展望的流程的一部分？或者說，這究竟是如何體現出來的呢？

Yes. I think to some degree, yes. I mean, obviously, we posted 11% growth in nuclear power last year. And certainly, some of that was informed by those themes. But the key dynamics here, the one you cited, which is life extensions, but in addition, you have to contemplate upgrades, so increasing the licensed output of a nuclear power plant.

是的。我覺得在某種程度上是的。我的意思是，很顯然，我們去年的核電成長率達到了 11%。當然，其中一些內容也受到了這些主題的影響。但這裡的關鍵動態，正如你所提到的，是延長壽命，此外，你還必須考慮升級，也就是增加核電廠的許可輸出功率。

And then on top of that, a fundamental need for modernization, particularly as it relates to instrumentation and control systems overall. All of those themes are critically important for the global fleet, not just the North American fleet overall. And it continues to build. The most stark examples would be the previously decommissioned power plants that are coming back online, which would include Palisades, Three Mile Island and Duane Arnold.

此外，還有對現代化的根本需求，尤其是在儀器和控制系統方面。所有這些主題對於全球艦隊來說都至關重要，而不僅僅是對於整個北美艦隊而言。而且它還在不斷成長。最明顯的例子就是先前退役的發電廠重新上線，其中包括帕利塞茲核電廠、三里島核電廠和杜安·阿諾德核電廠。

There, our content is significant in each of those. And it's not fully traded. That continues to evolve. And so I think this dynamic is going to continue to build. I think it's axiomatic, again, just given the critical shortage of global electrical generating capacity. It's hard to think of an edge case where that dynamic goes away overall. And I think that's fundamentally favorable for us and the solution sets that we provide to the marketplace.

在這些領域，我們的內容都具有重要意義。而且它還沒有完全交易。這種情況仍在不斷發展中。所以我認為這種趨勢將會持續下去。我認為這是不言而喻的，畢竟全球發電能力嚴重短缺。很難想像在什麼極端情況下，這種動態會完全消失。我認為這從根本上來說是對我們以及我們向市場提供的解決方案有利的。

Jeff Grampp, Northland Capital Markets.

Jeff Grampp，北地資本市場。

I was just curious, with respect to the '26 guide, is there much of, if any, contribution from the $150 million of large orders that you booked in '25? Or is most of that expected more to be in '27 and beyond?

我只是好奇，關於 2026 年的業績指南，您在 2025 年預訂的 1.5 億美元大訂單是否對業績指南有所貢獻？或者說，大部分這種情況預計會在 2027 年及以後發生？

Yes. Great question. There's definitely some of the large orders in '25 that we booked at the end of Q4. But I would tell you, and we've historically talked about this. I mean that first year of these larger contracts tends to be the lightest year and then that tends to ramp kind of more in, call it, after 18 months or so into year two, three, four.

是的。問得好。2025 年肯定有一些大訂單，這些訂單是我們在第四季末預定的。但我會告訴你，而且我們以前也討論過這個問題。我的意思是，這些大合約的第一年往往是最輕鬆的一年，然後大約在 18 個月後，在第二年、第三年、第四年，工作量往往會逐漸增加。

So yes, there's a little bit, but I wouldn't say it is the biggest piece of those businesses from an annual.

所以，是的，確實有一部分，但我不會說這是這些企業年度收入中的最大部分。

Understood. That's helpful. And my follow-up, I want to reference slide 23, I believe it is. You guys called out SMR being a bigger factor to the growth in 2026. Is there any way to contextualize that a bit more? And just, I guess, taking a step back, like how material do you guys see SMRs becoming to Mirion's growth story over the coming years?

明白了。那很有幫助。我的後續問題，我想參考第 23 張投影片，我記得是這個。你們指出，SMR 將成為 2026 年成長的更大因素。能否再補充一些背景資訊？那麼，退一步想一想，你們認為在未來幾年裡，SMR 對 Mirion 的發展有多重要？

Yes. Jeff, it is difficult to contextualize recognizing the sheer volume of SMR projects globally where the -- depending on how you're screening it is well over 100 discrete projects overall. We've indicated that we're -- we have awarded contractual relationships with more than 20 of these guys so far. And we -- as noted, we hope to continue to drive further.

是的。Jeff，很難對全球範圍內的小型模組化反應器 (SMR) 項目數量之龐大進行背景分析，根據篩選方式的不同，總共有超過 100 個獨立的項目。我們已經表明——到目前為止，我們已經與其中 20 多家公司建立了合約關係。正如前面提到的，我們希望繼續前進。

We want to cover everybody. We want to have a relationship with every key SMR sponsor overall. In terms of hard metrics, probably the leading metric is just the orders that we've taken from an SMR standpoint. We highlighted in the presentation the extraordinary growth that we saw in 2025 in terms of order intake overall. But beyond that, again, it's very, very hard to quantify specific KPIs in terms of this marketplace beyond orders, beyond engagement overall.

我們希望覆蓋所有人。我們希望與每位重要的SMR贊助商建立良好的關係。就硬性指標而言，最重要的指標可能是我們從SMR角度獲得的訂單數量。我們在報告中重點介紹了 2025 年訂單總量的顯著增長。但除此之外，除了訂單和整體參與度之外，在這個市場中量化具體的關鍵績效指標是非常非常困難的。

Yes. I would say on a total basis, it's sub 3% of our total revenue as we look forward for '26, and it was sub 2% last year, maybe even sub-1.5% in '25. So yes, there's growth for sure, but it's not meaningful in the grand scheme of things, but it's absolutely something that we continue to be excited about, and it's something that continues to clearly propel orders. So maybe that's some additional color as we think about '26.

是的。總的來說，展望 2026 年，這部分支出占我們總收入的比例不到 3%，去年不到 2%，2025 年甚至可能不到 1.5%。所以，是的，確實有成長，但從長遠來看，這並不重要，但這絕對是我們一直感到興奮的事情，而且它也繼續明顯地推動了訂單成長。所以，這或許能為我們思考 2026 年增添一些色彩。

Chris Moore, CJS Securities.

克里斯摩爾，CJS證券。

Yes. Just obviously, from an M&A standpoint, Paragon has gotten most of the headlines. Maybe you could just talk a little bit about the Certrec acquisition. You owned it for a little more than six months. Just kind of what you've seen to this point in time, anything that perhaps investors don't fully appreciate? It's obviously much smaller than Paragon, but it also broadens your nuclear power portfolio and access as we're just talking about SMRs, et cetera. Just maybe a little bit more there?

是的。顯然，從併購的角度來看，Paragon 佔據了大部分新聞頭條。或許您可以簡單談談 Certrec 的收購案。你擁有它六個多月了。就你目前所看到的，有沒有投資者可能沒有充分意識到的問題？它顯然比 Paragon 小得多，但它也拓寬了你的核電組合和管道，因為我們現在只討論小型模組化反應器等等。或許還可以再加一點？

Yes. Chris, fundamentally, what Certrec does is outsourced regulatory compliance. About half of their business is supported by a SaaS platform that they've developed, which is really the industry standard in North America, very strong dominant position, not only in nuclear power, but more broadly as we think about the bulk electrical grid. And that is supported by an incredible treasure trove of data.

是的。克里斯，從根本上講，Certrec 所做的就是將監管合規外包。他們大約一半的業務由他們開發的 SaaS 平台提供支持，這在北美地區是真正的行業標準，不僅在核電領域，而且在更廣泛的電網領域都佔據著非常強大的主導地位。而這一點也得到了海量資料的佐證。

They have over 15 terabytes of licensing and regulatory data supporting their customers. So literally, every permit, design drawings, every regulatory action impacting the industries they support. And it gives the engineers and the operators at customer sites, the ability to quickly discern what kind of regulatory issues they may have. If they have a component failure, they have the ability to see how others have handled that. If they have a routine regulatory filing that can be automated.

他們擁有超過 15 TB 的許可和監管數據，為客戶提供支援。所以，從字面上講，每一張許可證、設計圖、每一項影響其所支持產業的監管行動，都與此有關。它使客戶現場的工程師和操作人員能夠快速辨別他們可能遇到的監管問題類型。如果某個零件發生故障，他們可以參考其他人是如何處理的。如果他們有可以自動化的例行監管申報。

And we love those component. Again, it's an amazing platform, amazing people. And the focus that we have here has multiple dimensions, but there are two that I'll call out. One is that in particular, with the data-rich environment that they have here, we've been hyper focused on the AI leveraging of that data set. 15 terabytes is an ocean of data in our industry, and there's a lot that we can do to improve the velocity of that data, improve the quality of the information, the feedback, the tool set that we are providing to our customers.

我們非常喜歡這些組件。再次強調，這是一個很棒的平台，匯聚了很棒的人。我們在這裡關注的重點是多方面的，但我將重點指出其中兩個方面。一方面，鑑於他們這裡擁有大量數據，我們一直高度專注於利用人工智慧技術來處理這些數據集。 15TB 的數據在我們這個行業裡簡直就是海量數據，我們可以做很多事情來提高數據處理速度，提升資訊品質、回饋品質以及我們提供給客戶的工具集。

And then secondly, the ability to drive it more expansively as we look again at Mirion's strength globally overall. So it's a jewel of a business. We're thrilled to have that as part of the Mirion DNA. And I think it's going to be an important AI story for us prospectively.

其次，當我們再次審視 Mirion 在全球的整體實力時，我們有能力更廣泛地推動其發展。所以，這真是一家非常優秀的企業。我們很高興能將它融入 Mirion 的 DNA 中。我認為這對我們來說將是一個重要的AI發展趨勢。

Yuan Zhi, B. Riley Securities.

袁志，B. Riley Securities。

Maybe we can change gears to nuclear medicine. Novartis is building their fourth radiopharmaceutical manufacturing site in the US in Florida as part of their US investment. I'm wondering what kind of economics is there for Mirion when such a large-scale manufacturing site is built. Tom or Brian, if you could also comment on your high-level plans for nuclear medicine in 2026?

或許我們可以轉而研究核子醫學。作為美國投資的一部分，諾華公司正在佛羅裡達州建造其在美國的第四個放射性藥物生產基地。我想知道，當 Mirion 公司建造如此大規模的製造基地時，其經濟效益會如何。湯姆或布萊恩，你們能否也談談你們在2026年對核子醫學的總體規劃？

Yes. Nuclear medicine, again, is an exciting vertical. You saw that we press released today, Yuan, that we've taken one of our best and brightest executives, Shelia Webb, who heretofore has been our Chief Digital Officer. and we have moved her over to run the entirety of our nuclear medicine business. So both the software component, ec2 as well as the legacy hardware business, which is the dose calibration instruments, the clinical instruments like thyroid uptake systems, the whole ecosystem within that overall.

是的。核子醫學又是一個令人興奮的垂直領域。袁先生，您也看到了，我們今天發布的新聞稿中提到，我們已將公司最優秀、最聰明的管理人員之一，此前擔任首席數位官的謝莉婭·韋伯，調任負責我們整個核醫學業務。因此，無論是軟體組件 EC2，或是傳統的硬體業務（例如劑量校準儀器、臨床儀器（如甲狀腺吸收系統）），以及整個生態系統。

We see a powerful and compelling opportunity to continue to drive a higher degree of integration to continue to rapidly evolve the capabilities of our software platform overall and do so in a way that it creates more traction, more at that for the hardware overall. But Shelia is also working more broadly with the team, been very proactive in forging strategic relationships with major players in the nuclear medical infrastructure.

我們看到了一個強大而令人信服的機會，可以繼續推動更高程度的集成，從而繼續快速發展我們軟體平台的整體功能，並以一種能夠創造更多吸引力的方式這樣做，尤其是在硬體方面。但謝莉婭也在更廣泛的範圍內與團隊合作，積極主動地與核醫基礎設施領域的主要參與者建立策略關係。

So as we think about all the key players, the drug makers, the isotope producers, the CDMOs, the radiopharmacies, the clinicians and IDNs. She has been leaning into that overall. And our focus has really been on building out the strategic traction with major players here to try and drive, again, just higher velocity of the opportunity set on both the hardware and software side in total.

因此，當我們考慮所有關鍵參與者時，包括藥品製造商、同位素生產商、CDMO、放射性藥房、臨床醫生和IDN。她一直以來都傾向於這樣做。我們的重點一直是與這裡的主要參與者建立策略聯繫，以期再次推動硬體和軟體方面整體機會的加速發展。

And I like the direction that's heading. Again, we continue to see this as a very exciting market. We think this modality in cancer care is relevant and a real game changer, and we like where we sit.

我喜歡它目前的發展方向。我們再次強調，這是一個非常令人興奮的市場。我們認為這種癌症治療模式具有現實意義，能夠真正改變遊戲規則，我們對目前的狀況感到滿意。

I think the other thing on Novartis that we're super focused on the nuclear medicine side is that pull-through of the technology, Nuclear and Safety product lines in. Shelia brings us that advantage because she knows both businesses. And I think as you asked specifically about Novartis, I think that's really where we're going to get -- be able to kind of move the needle here.

我認為諾華在核子醫學方面非常關注的另一件事是，將科技、核醫和安全產品線整合在一起。謝莉婭為我們帶來了這種優勢，因為她對這兩個行業都很了解。我覺得，既然你特別問到了諾華公司，那我們真的應該能在這方面有所作為──能夠有所突破。

Yes. And as you think about that, just tagging on to what Brian said, they have three major production facilities in the US. Yuan, they're building two more. These facilities require a lot of equipment that is relevant to us relating to laboratory QC equipment like gamma spec instrumentation, radiation monitoring for area monitors and affluent classical health physics instrumentation like survey instruments and dosimeters, dose of record for legal dosimetry, dose calibration instruments, et cetera.

是的。再想想，就像布萊恩剛才說的，他們在美國有三個主要的生產基地。袁，他們還要再蓋兩棟。這些設施需要許多與我們相關的實驗室品質控制設備，例如伽馬光譜儀、區域監測器的輻射監測設備以及昂貴的傳統健康物理儀器，例如測量儀器和劑量計、法定劑量測定的劑量記錄儀、劑量校準儀器等等。

So they're obviously a significant player. We hope to support them in the most comprehensive way possible.

所以他們顯然是舉足輕重的角色。我們希望以最全面的方式為他們提供支援。

Thank you. Ladies and gentlemen, this concludes our question-and-answer session. I'll turn the floor back to Mr. Logan for any final comments.

謝謝。女士們、先生們，我們的問答環節到此結束。我把發言權交還給洛根先生，請他作最後的總結發言。

Ladies and gentlemen, thank you for listening in today. Again, we're excited about the -- ending what has been a really important year for Mirion overall in terms of our continued strategic evolution as a business, in terms of key operational and financial milestones that we've articulated.

女士們、先生們，感謝各位今天的收聽。再次，我們很高興——對於 Mirion 而言，今年是非常重要的一年，就我們作為一家企業的持續戰略發展而言，就我們明確闡述的關鍵運營和財務里程碑而言，這一年意義非凡。

But more fundamentally, we continue to be very constructive about vertical market dynamics, about our capabilities overall. So we look forward to sharing the journey with you over the upcoming quarters and wish you all well. Thank you very much.

但從根本上講，我們對垂直市場動態以及我們的整體能力仍然持非常積極的態度。因此，我們期待在接下來的幾季與您共同經歷這段旅程，並祝您一切順利。非常感謝。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。