Mirion Technologies, Inc. (MIR) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Mirion Technologies' first-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Mirion Technologies 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce your host, Eric Linn, Treasurer and Head of Investor Relations. Thank you. You may begin.

現在我很榮幸為各位介紹本次會議主持人：財務主管兼投資人關係負責人 Eric Linn。謝謝。您可以開始了。

Thank you, Maria. Good morning, and welcome to Mirion's first 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.

謝謝你，Maria。各位早安，歡迎參加 Mirion 2026 年第一季財報電話會議。今天早上與我一同出席的有 Mirion 創辦人、董事長兼執行長 Tom Logan，以及 Mirion 財務長兼醫療事業群總裁 Brian Schopfer。在開始今天的預先準備發言之前，提醒各位，本次電話會議中的評論將包含前瞻性陳述，而實際結果可能與前瞻性陳述中所預測者有重大差異。

The factors that could cause actual results to differ are disclosed 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. Quarterly references within today's discussion are related to the first quarter ended March 31, 2026, unless otherwise noted.

可能導致實際結果出現差異的因素，已在我們的 Form 10-K 年報、Form 10-Q 季報，以及 Mirion 其他向美國證券交易委員會（SEC）提交的文件中，以「風險因素」標題揭露。除非另有說明，今天討論中提及的季度均指截至 2026 年 3 月 31 日止的第一季。

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

本次電話會議中的評論亦將包含若干未依一般公認會計原則（GAAP）編製的財務衡量指標。這些非 GAAP 財務衡量指標與最直接可比的 GAAP 財務衡量指標之調節表，可在本次電話會議隨附簡報的附錄中找到。所有財報相關資料可於我們網站 www.mirion.com 的投資人關係專區取得。現在，讓我把電話交給 Tom，他將從第 3 頁開始。

Eric, thank you very much, and thanks to each of you for joining our first quarter earnings call. We're off to a strong start in 2026 with significant first quarter order generation. Orders are a bellwether for our business, and they increased 19% in the first quarter to $241 million, excluding M&A-related growth. If we include M&A growth from Paragon and Certrec, orders increased 42% to $288 million. Order volume was notably diverse.

Eric，非常感謝，也感謝各位參加我們的第一季財報電話會議。2026 年我們開局強勁，第一季訂單動能顯著。訂單是我們業務的領先指標；在排除併購（M&A）相關成長後，第一季訂單成長 19%，達 2.41 億美元。若納入 Paragon 與 Certrec 的併購成長，訂單成長 42%，達 2.88 億美元。訂單來源的多元性也相當突出。

Both segments saw meaningful growth, including our RTQA Medical business, which faced headwinds in 2025. This is translating into noticeable backlog expansion. Backlog now totals $1.1 billion, up 19%, excluding M&A or 38%, including M&A. Our Nuclear Power end market within the Nuclear & Safety segment continues to lead the way. Nuclear Power orders and revenue growth were derived primarily from existing reactors running today and small modular reactors or SMRs.

兩大事業部門皆呈現有意義的成長，包括我們在 2025 年面臨逆風的 RTQA 醫療業務。這正轉化為明顯的在手訂單（backlog）擴張。目前在手訂單總額為 11 億美元；排除併購成長年增 19%，若含併購則年增 38%。在「核能與安全」事業部門中，我們的核電終端市場持續領先。核電訂單與營收成長主要來自現有運轉中的反應爐，以及小型模組化反應爐（SMR）。

Paragon orders added another $43 million in the quarter. We continue to be impressed by the value created by the Paragon team. Given the nature of their solution set, they're truly the tip of the spear when it comes to momentum from the Nuclear Power installed base. The existing nuclear fleet is approaching middle age and reinvestment is critical to maintain and increase capacity through power upgrades.

Paragon 在本季額外貢獻了 4,300 萬美元的訂單。我們持續對 Paragon 團隊所創造的價值印象深刻。就其解決方案組合的特性而言，在既有核電機組帶來的動能方面，他們確實是衝鋒在前的尖兵。現有核電機組正接近中年期，為了透過功率升級維持並提升產能，再投資至關重要。

We'll spend time this morning detailing progress on our large opportunity order pipeline, but let me tease the discussion by noting we secured $50 million of these large opportunity orders in Q1. Moreover, we won an additional $35 million in SMR-related orders in April. The rest of the pipeline remains intact, and we continue to have high conviction on our right to win.

今天早上我們會花時間詳述大型機會訂單管線的進展；先預告一下，我們在第一季取得了 5,000 萬美元的此類大型機會訂單。此外，我們在 4 月又贏得額外 3,500 萬美元與 SMR 相關的訂單。其餘管線仍維持完好，我們對自身的勝出把握（right to win）仍具高度信心。

The accelerating Nuclear Power demand we see is reflective of increasing market tailwinds. The momentum continues to compound and recent geopolitical events reinforce the need for onshore, secure baseload energy. A decade ago, operators were focused on accelerated plant shutdowns with extreme capital rationing impacting OpEx and CapEx budgets.

我們所見核電需求加速，反映出市場順風因素正在增強。這股動能持續疊加，近期地緣政治事件也再次凸顯對本土化、安全的基載能源之需求。十年前，營運商的重點在加速電廠關停，且在極度資本配給下，營運支出（OpEx）與資本支出（CapEx）預算都受到影響。

Today, they are focused on 100-year operating cycles as well as plant modernization, both of which profoundly impact capital spending plans. We see this most immediately in Paragon and Certrec with a substantial follow-on opportunity for Mirion instrumentation and controls and digitally enabled radiation protection solutions.

如今，他們聚焦於 100 年運轉週期以及電廠現代化，兩者都將深刻影響資本支出規劃。我們最直接地在 Paragon 與 Certrec 看到這一點，並且對 Mirion 的儀表與控制（I&C）以及數位化輻射防護解決方案而言，後續機會相當可觀。

Note that this dynamic is robust and not contingent upon future assumptions about AI-driven demand growth. The limiting factor on AI growth is available compute, which in turn is most profoundly constrained by energy availability. Further, note that greater than 80% of our Nuclear Power revenue accrues from the installed base.

請注意，這一動態相當強勁，並不取決於對 AI 驅動需求成長的未來假設。AI 成長的限制因素在於可用算力，而算力最根本的限制則來自能源供給。另外也請注意，我們核電營收中超過 80% 來自既有裝機基礎（installed base）。

New nuclear projects represent upside with strong optionality tied to both SMR and utility scale development plans. Panel 4 quantifies the impact of just a few recent notable Nuclear Power headlines, which reinforce the surge in global demand for Nuclear Power. First, in the US, the Department of Energy's UPRISE initiative aims to boost existing Nuclear Power capacity by 2.5 gigawatts by 2027 and 5 gigawatts by 2029.

新建核電專案則代表上行空間，並與 SMR 及公用事業級（utility scale）開發計畫緊密連結，具備高度選擇權。第 4 頁量化了近期幾則重要核電新聞的影響，進一步印證全球核電需求的激增。首先，在美國，能源部（DOE）的 UPRISE 計畫目標是在 2027 年前將既有核電容量提升 2.5 吉瓦，並在 2029 年前提升 5 吉瓦。

Power demand is so strained that the DOE and utilities are rapidly accelerating capital deployment to deliver more nuclear output at existing plants. This is part of the Trump administration's broader push to expand US nuclear energy capacity from around 100 gigawatts today to 400 gigawatts by 2050.

電力需求吃緊到使 DOE 與公用事業公司正快速加速資本投放，以在既有電廠提供更多核電輸出。這也是川普政府更廣泛推動的一部分，目標是在 2050 年前將美國核能裝置容量從目前約 100 吉瓦擴大至 400 吉瓦。

Additionally, the energy shock driven by recent geopolitical uncertainty has highlighted the risk of reliance on imported fossil fuels in many regions. This is sharpening the focus on energy security, onshoring and decarbonization. Nuclear Power is increasingly viewed as a core solution across all three priorities, especially with countries whose energy needs are becoming strained by a changing world order.

此外，近期地緣政治不確定性所引發的能源衝擊，凸顯許多地區依賴進口化石燃料的風險。這使市場更聚焦於能源安全、本土化與去碳化。核電愈來愈被視為同時滿足這三項優先事項的核心解方，尤其是對於能源需求正因世界秩序變動而日益吃緊的國家。

In aggregate, these two headlines alone will add an estimated 8 to 15 gigawatts of nuclear power generation. Of this added amount, approximately 3 to 5 gigawatts are incremental to the US market, underscoring the importance of our US-based Paragon and Certrec acquisitions.

整體而言，僅這兩則新聞就預估將新增約 8 至 15 吉瓦的核電發電量。在這些新增量中，約有 3 至 5 吉瓦屬於美國市場的增量，凸顯我們以美國為基地的 Paragon 與 Certrec 併購案之重要性。

It's also worth noting that US utilities have committed $1.4 trillion in planned capital expenditures through 2030, a 21% increase from projections made just one year ago. Companies like Duke Energy are projecting over $100 billion in their planned five-year capital spend. NextEra is not far behind at approximately $94 billion.

另外也值得注意的是，美國公用事業公司已承諾至 2030 年的規劃資本支出達 1.4 兆美元，較僅一年前的預估上調 21%。例如 Duke Energy 預估其規劃的五年資本支出超過 1,000 億美元。NextEra 也緊追在後，約為 940 億美元。

Each of these is an existing Mirion customer. Panel 5 details Paragon's integration progress and first quarter financial contributions. Both the Paragon and Certrec acquisitions are positioning Mirion to address the US market at exactly the right moment. We made these acquisitions before the full scope of the existing fleet capital cycle was broadly visible to the market. The commercial synergy opportunities are coming into focus as utilities and the federal government are injecting capital into the operating reactor fleet.

上述公司皆為 Mirion 的既有客戶。第 5 頁詳述 Paragon 的整合進度與第一季財務貢獻。Paragon 與 Certrec 兩項併購正使 Mirion 能在恰到好處的時點切入美國市場。我們在既有機組資本循環的完整規模尚未被市場普遍看見之前，就已完成這些併購。隨著公用事業公司與聯邦政府向運轉中的反應爐機組注入資本，商業協同機會正逐步清晰。

As a reminder, we have content in every single reactor within North America and approximately 98% of the global operating fleet. The synergy opportunities are significant. For example, Paragon's products and engineering capabilities will allow Mirion to expand our scope to better compete for power operate and digital modernization projects.

提醒一下，我們在北美的每一座反應爐都有內容覆蓋，並且覆蓋全球約 98% 的在運行機組。協同效應的機會相當可觀。例如，Paragon 的產品與工程能力將使 Mirion 能夠擴大我們的服務範圍，以更好地競爭電廠運維與數位現代化專案。

Certrec' regulatory and workforce software is a compelling solution for today's labor-constrained environment. This addition gives Mirion a software and services revenue layer that compounds within our hardware footprint at every plant. These combined offerings mean Mirion can now offer customers more integrated solutions that span laboratory instruments, safety and security systems, qualified equipment, radiation protection and regulatory and workforce software.

Certrec 的法規與人力軟體在當前勞動力受限的環境下是一項極具吸引力的解決方案。這項新增使 Mirion 在每座電廠的硬體佈建基礎上，增加一層可複利成長的軟體與服務收入。這些整合後的產品組合意味著 Mirion 現在可為客戶提供更一體化的解決方案，涵蓋實驗室儀器、安全與保全系統、合格設備、輻射防護，以及法規與人力軟體。

No competitor in the US nuclear market has that breadth. These acquisitions will deliver revenue synergies, customer access synergies and platform synergies at exactly the moment the market is asking for all three. We're already seeing this materializing in Paragon's financial performance. Paragon's first quarter revenue grew 45%, reflecting a broad-based increase in demand. This accelerating revenue is improving our operating leverage and helping to expand margins. We spoke with you last quarter about the planned cadence of integration efforts.

在美國核能市場，沒有任何競爭對手具備如此廣度。這些收購將在市場同時需要三者的關鍵時刻，帶來營收協同、客戶觸達協同與平台協同。我們已經看到這一點在 Paragon 的財務表現中逐步顯現。Paragon 第一季營收成長 45%，反映需求全面性上升。這種加速的營收正在提升我們的營運槓桿，並有助於擴大利潤率。我們在上一季已與各位談到整合工作的既定節奏。

We're pleased to report that we have identified additional synergy opportunities. Legacy teams are collaborating closely and customers are eager to realize the benefits of a combined Mirion, Paragon and Certrec entity. We are prioritizing the customer experience with joint customer engagements across strategic accounts. These collaborations are already resulting in incremental order wins.

我們很高興報告，我們已辨識出更多協同機會。既有團隊正緊密合作，客戶也迫切希望實現 Mirion、Paragon 與 Certrec 合併後的效益。我們正以共同客戶拜訪的方式，在策略性客戶上優先強化客戶體驗。這些合作已經帶來額外的訂單斬獲。

For example, we were able to utilize Paragon's existing relationships with key strategic customers to secure a significant order for legacy Mirion products. This is an early example of what will become normal operating procedure for our combined companies. All of these data points are resulting in tangible benefits for Mirion, and this is most evident in our backlog illustrated on Panel 6.

例如，我們得以利用 Paragon 與關鍵策略客戶的既有關係，為 Mirion 既有產品爭取到一筆重要訂單。這是我們合併後公司未來將成為常態作業流程的早期例證。所有這些數據點都為 Mirion 帶來了可量化的效益，而這在第 6 張圖表所示的在手訂單中最為明顯。

Back-to-back strong Q4 and Q1 orders are creating a step change in our backlog. After two years of nominal backlog growth, the nuclear dynamic we've been discussing is translating into tangible opportunities for our company. We've consistently reminded investors that it can take several quarters or years for orders to convert into revenue.

連續兩季強勁的第四季與第一季接單，正使我們的在手訂單出現階梯式提升。在經歷兩年在手訂單名目成長有限之後，我們一直討論的核能市場動態正轉化為公司可見的實質機會。我們也一再提醒投資人，訂單轉化為營收可能需要數季甚至數年。

But clearly, the backlog is meaningfully expanding, which is the precursor to accelerated revenue growth ahead. Before I turn it over to Brian, Panel 7 summarizes progress continuing across the Medical segment. Our RTQA end market, which accounts for approximately half of the segment's revenue enjoyed promising activity. Recall, in 2025, we experienced several headwinds, both domestically and abroad. Encouragingly, we are beginning to see strengthening hardware activity, while software activity continues to be a bright spot.

但顯然，在手訂單正在顯著擴張，這是未來營收加速成長的前兆。在我把時間交給 Brian 之前，第 7 張圖表總結了醫療事業部持續推進的進展。我們的 RTQA 終端市場約占該事業部營收的一半，近期活動表現令人鼓舞。回顧 2025 年，我們在國內外都遭遇了若干逆風。令人振奮的是，我們開始看到硬體活動回溫，而軟體活動仍然是一大亮點。

In the US, we booked a sizable radiation tolerant camera order tied to the Varian partnership. This is an important relationship with the leading OEM in the industry. We look forward to supporting this relationship and other key accounts with the kind of new product innovation that helped to secure this important order.

在美國，我們取得一筆與 Varian 合作夥伴關係相關的大型耐輻射相機訂單。這是與產業領先 OEM 的重要合作關係。我們期待以新產品創新來支持這段關係及其他關鍵客戶，而正是這類創新協助我們拿下這筆重要訂單。

In Nuclear Medicine, we remain on track for double-digit organic revenue growth in 2026. This will be our second consecutive year of double-digit organic Nuclear Medicine growth. Our market-leading position with key hardware offerings like dose calibrators and thyroid uptake systems makes us a critical supplier to the growing radiopharma ecosystem.

在核醫領域，我們仍按計畫在 2026 年達成有機營收雙位數成長。這將是我們連續第二年核醫有機成長達雙位數。我們在劑量校準器、甲狀腺攝取系統等關鍵硬體產品上具備市場領先地位，使我們成為快速成長的放射性藥物（radiopharma）生態系中不可或缺的供應商。

In addition, we are broadening our international reach to capture infrastructure growth abroad. We believe our ec2 software platform will create growing opportunities across the radiopharmaceutical landscape from drug discovery through clinical administration. This opportunity will grow meaningfully as more targeted radiopharmaceutical therapies advance to the market. Lastly, Dosimetry Services remains a compelling business.

此外，我們正擴大國際佈局，以掌握海外基礎設施成長。我們相信 ec2 軟體平台將在放射性藥物領域中，從藥物發現到臨床給藥，創造日益增加的機會。隨著更多標靶放射性藥物療法推進並上市，這項機會將顯著擴大。最後，劑量測定服務（Dosimetry Services）仍是一項極具吸引力的業務。

This end market is a reliable franchise growing at GDP plus through the cycle. Meanwhile, it consistently provides strong margins and remains an attractive recurring revenue platform. Our broader push from analog to digital offerings will continue, creating additional margin upside over time.

這個終端市場是一個可靠的核心業務，穿越景氣循環以高於 GDP 的速度成長。同時，它持續提供強勁的利潤率，並仍是具吸引力的經常性收入平台。我們更廣泛地推動產品由類比轉向數位的策略將持續進行，並隨時間推移帶來額外的利潤率上行空間。

As a side note, we are proud of the fact that the crew on the recent Artemis Lunar mission or a customized version of our digital dosimeters to monitor their radiation safety. More significantly, our digital dosimetry offerings have caught the attention of numerous key nuclear power accounts, creating cross-sell opportunities to expand beyond a historically medically oriented business.

順帶一提，我們為近期 Artemis 月球任務的機組人員提供了我們數位劑量計的客製化版本，用於監測其輻射安全。更重要的是，我們的數位劑量測定產品已引起多家關鍵核電客戶的關注，創造交叉銷售機會，使我們得以從過去以醫療為主的業務延伸到更廣泛的領域。

I'll turn it over now to Brian to walk through the financials. Brian?

接下來我把時間交給 Brian，請他帶大家回顧財務表現。Brian？

Thank you, Tom, and good morning to each of you on the call. I'll continue the prepared remarks on slide 8, outlining our financial performance. First quarter total revenue was $258 million, an increase of 28% versus last year's first quarter. Organic revenue growth was 3%, in line with our expectations and aligned with what we communicated in February. First quarter adjusted EBITDA was $54 million or 16% better than last year.

謝謝你，Tom，也向各位與會者道早安。我將在第 8 張投影片延續事先準備的講稿，說明我們的財務表現。第一季總營收為 2.58 億美元，較去年第一季成長 28%。有機營收成長為 3%，符合我們的預期，也與我們在 2 月所溝通的內容一致。第一季調整後 EBITDA 為 5,400 萬美元，較去年提升 16%。

As foreshadowed back in February, margins contracted in the quarter, reflecting margin dilutive M&A, one-timers in Q1 of the prior year and a mix shift in the legacy Nuclear & Safety segment, mainly related to our sensing business. We utilized approximately $16 million of our $100 million share repurchase program in the first quarter to buy back approximately 700,000 shares.

如同我們在 2 月所預告，本季利潤率有所收縮，反映併購帶來的稀釋效應、去年第一季的一次性項目，以及既有「核能與安全」事業部的產品組合變動（主要與我們的感測業務相關）。第一季我們動用 1 億美元庫藏股回購計畫中的約 1,600 萬美元，回購約 70 萬股。

This is consistent with last year's first quarter to offset the dilutive impact from our annual stock-based compensation program. We generated $11 million of adjusted free cash flow in the quarter. Q1 is historically our lightest cash flow generation quarter. Cash generation around our project business can be lumpy, and that is what we saw in Q1 with less project inflows than a year ago. In the quarters going forward, we have line of sight to a much more robust cash generation profile and a better working capital dynamics.

這與去年第一季一致，用以抵銷我們年度以股票為基礎的薪酬計畫所造成的稀釋影響。本季我們創造了 1,100 萬美元的調整後自由現金流。第一季歷來是我們現金流產生最淡的一季。與專案型業務相關的現金流入可能較為波動，而我們在第一季確實看到專案流入少於去年同期。展望未來幾季，我們對更強勁的現金產生輪廓以及更佳的營運資金動態已有明確能見度。

Lastly, as Tom outlined, orders in the first quarter were strong with growth coming from both segments. slide 9 has the details. Order performance was the highlight of the quarter. Absent any M&A-related order growth, core orders grew nearly 20%, reflecting growth in both segments. Total orders, including a $47 million contribution from Paragon and Certrec, grew 42% in the quarter to $288 million.

最後，如同 Tom 所說，第一季接單強勁，兩個事業部皆有成長貢獻；第 9 張投影片提供細節。接單表現是本季的亮點。若不計任何併購相關的接單成長，核心接單成長接近 20%，反映兩個事業部皆有成長。包含 Paragon 與 Certrec 貢獻的 4,700 萬美元在內，總接單在本季成長 42%，達 2.88 億美元。

In Nuclear & Safety, orders grew across all three end markets, nuclear power, labs and research and defense and diversified. In Nuclear Power, growth primarily reflects two sizable installed base orders within the US operating fleet and a large SMR order. Within Paragon, we booked an incremental large order within the US installed base.

在「核能與安全」事業部，三個終端市場——核電、實驗室與研究，以及國防與多元化——的接單皆成長。在核電領域，成長主要反映美國在運行機組中的兩筆大型存量設備訂單，以及一筆大型 SMR 訂單。在 Paragon 方面，我們在美國存量設備市場中額外取得一筆大型訂單。

The approximately $35 million SMR-related order we were awarded in April will show up in the Q2 orders number. Labs and research orders grew primarily out of Europe despite comping against the $5 million DOE order from last year. One thing I would point out at Paragon is we saw strong DOE-related order activity in the quarter.

我們在4月獲得、約3,500萬美元的SMR相關訂單，將反映在第二季的訂單數字中。實驗室與研究相關訂單主要由歐洲帶動成長，儘管去年同期有一筆500萬美元的DOE訂單作為比較基期。我想特別指出，在Paragon方面，我們在本季看到與DOE相關的訂單活動強勁。

Our DOE pipeline across the company is very strong. Lastly, defense and diversified orders grew in the quarter, thanks to a radioactive waste handling order, which was part of our large opportunity pipeline. In the Medical segment, order growth primarily reflects the radiation-hardened cameras order within the RTQA end market. That gives us good backlog in that new product for the next three years. slide 10 provides the latest update to our large opportunity pipeline.

我們公司整體的DOE商機管線非常強勁。最後，國防與多元化領域的訂單在本季成長，主要受惠於一筆放射性廢棄物處理訂單，該訂單屬於我們大型商機管線的一部分。在醫療事業部，訂單成長主要反映RTQA終端市場中耐輻射相機的訂單。這使我們在該新產品上擁有未來三年的良好在手訂單。投影片10提供我們大型商機管線的最新更新。

Two of the five large opportunity orders are Paragon related. In the first quarter, we won the first part of an SMR order, part of a radioactive waste handling order in our defense and diversified end market a Paragon large battery qualification order within the installed base and a large medical order for radiation-hardened cameras from our RTQA business.

五筆大型商機訂單中有兩筆與Paragon相關。在第一季，我們贏得了一筆SMR訂單的第一部分、國防與多元化終端市場中的一筆放射性廢棄物處理訂單的一部分、已裝機基礎中的一筆Paragon大型電池資格認證訂單，以及來自我們RTQA業務、用於耐輻射相機的一筆大型醫療訂單。

Interestingly and importantly, both the RTQA and battery orders were not in our pipeline at year-end, which tells you how dynamic the environment continues to be. Separately, in April, we were awarded the first part of another large Paragon SMR order. The rest of the pipeline remains active and continues to represent a significant opportunity for the company, including the remaining components of the three partial orders I mentioned.

有趣且重要的是，RTQA與電池這兩筆訂單在年底時並未出現在我們的管線中，這說明外部環境仍然非常動態。另外，在4月，我們獲得了另一筆大型Paragon SMR訂單的第一部分。其餘管線仍然活躍，並持續代表公司一項重大機會，包括我提到的三筆部分訂單中尚未完成的其餘組成部分。

Before I dig into the quarter's financial results, let me spend a moment detailing the Nuclear Power end market on slide 11. Nuclear Power orders, excluding M&A, grew 15% in the first quarter, including the large partial SMR order. SMR orders continue to impress. We booked approximately $15 million of orders in the quarter, followed by the $35 million large opportunity we were awarded in April. Momentum continues within this segment of Nuclear Power.

在我深入說明本季財務結果之前，先花一點時間在投影片11詳述核能發電終端市場。核能發電訂單（不含併購）在第一季成長15%，其中包含大型部分SMR訂單。SMR訂單持續令人印象深刻。我們在本季認列約1,500萬美元的訂單，隨後又在4月獲得3,500萬美元的大型商機訂單。核能發電中此一細分領域的動能持續增強。

Let's get into the quarterly financials beginning on slide 12. Consolidated first quarter revenue grew 27.5% to $258 million. Approximately 21% of the 27.5% growth was attributed to acquisitions, primarily Paragon. Organic revenue growth of 3% was in line with expectations. Recall, on our February earnings call, we noted that we expected organic revenue growth to be in the low single digits for the first quarter.

讓我們從投影片12開始進入季度財務。合併第一季營收成長27.5%至2.58億美元。27.5%的成長中約有21%歸因於併購，主要是Paragon。3%的有機營收成長符合預期。回顧我們2月的法說會，我們曾提到第一季有機營收成長預期為低個位數。

First quarter adjusted EBITDA was $54 million or 16% better than last year's first quarter. Also, as foreshadowed on our February earnings call, adjusted EBITDA margins contracted. This was primarily due to the margin dilutive impact from M&A as well as some mix impacts, coupled with one-timers in the legacy business. We expect to see margin expansion in the next 3 quarters within the legacy business, offset by Paragon. Adjusted EPS totaled $0.10 per share in the quarter.

第一季調整後EBITDA為5,400萬美元，較去年第一季提升16%。此外，如同我們在2月法說會所預告，調整後EBITDA利潤率有所收縮。主要原因是併購帶來的利潤率稀釋影響，以及部分產品組合影響，再加上既有業務的一次性因素。我們預期未來三個季度既有業務的利潤率將擴張，但會被Paragon所抵銷。本季調整後EPS為每股0.10美元。

In 2026, we are now including stock-based comp in our adjusted EPS calculation. Last year's adjusted EPS would have been $0.08 per share, using a similar methodology to the one put in place for 2026. We have an adjusted EPS reconciliation slide in the appendix that has the details for your model.

在2026年，我們現在將股票基礎薪酬納入調整後EPS的計算。若採用與2026年相同的方法，去年調整後EPS將為每股0.08美元。附錄中有一張調整後EPS調節表投影片，提供您建模所需的細節。

Turning to the Nuclear & Safety segment on slide 13. First quarter revenue was $186 million, up 39%. Organic revenue was 2.6%, better than our expectations of flat year-over-year noted in February. A few things of particular interest in the first quarter. First, Nuclear Power-related revenue, excluding M&A, increased 4% versus last year. I would note that for the first quarter, we were comping 18%.

接著看投影片13的核能與安全事業部。第一季營收為1.86億美元，成長39%。有機營收成長為2.6%，優於我們2月所提到的年增持平預期。第一季有幾點特別值得關注。首先，核能發電相關營收（不含併購）較去年增加4%。我也要指出，第一季我們的比較基期為18%。

We saw growth in both our installed base markets of North America and Europe, while this was offset by less new build revenue in Asia, mainly China and Korea. We still expect to see double-digit revenue growth in the Nuclear Power end market for the full year.

我們在北美與歐洲這兩個已裝機市場都看到成長，但被亞洲（主要是中國與韓國）新建案營收較少所抵銷。我們仍預期核能發電終端市場全年營收將呈現兩位數成長。

Second, we are seeing SMR-related revenue accelerate. This accounts for 2% of total Mirion revenue and is expected to increase to greater than 3% of total Mirion revenue by year-end. Third, we saw better-than-expected labs and research end market organic revenue growth, thanks to strong performance out of North America. Fourth, in our defense end market, we saw higher NATO and US

第二，我們看到SMR相關營收正在加速。目前約占Mirion總營收的2%，預期到年底將提升至占Mirion總營收3%以上。第三，受惠於北美的強勁表現，我們看到實驗室與研究終端市場的有機營收成長優於預期。第四，在國防終端市場，我們看到更高的北約（NATO）與美國

military and civil defense revenue. As a reminder, the defense end market can be lumpy, but activity has certainly picked up. Adjusted EBITDA grew nearly $8 million or 19% to $47 million. As we've already discussed, Nuclear & Safety adjusted EBITDA margins contracted. Half of the contraction was M&A related.

軍事與民防營收。提醒一下，國防終端市場可能呈現波動，但活動確實已明顯升溫。調整後EBITDA增加近800萬美元（或19%）至4,700萬美元。如同我們先前討論，核能與安全事業部的調整後EBITDA利潤率有所收縮。其中一半的收縮與併購相關。

The other half was mostly due to mix shifts inclusive of the sensing business, the number of one-timers in the prior year and some mix more broadly within our North America business. Lastly, it is worth noting that we were comping over 300 basis points of margin expansion in Q1 2025, the largest of any quarter in 2025 for this segment. Now let's move to the Medical segment on slide 14.

另一半主要來自產品組合轉移（包含感測業務）、前一年一次性因素的影響，以及我們北美業務更廣泛的組合變化。最後值得注意的是，我們在2025年第一季比較基期中包含超過300個基點的利潤率擴張，這是2025年該事業部各季度中最大的利潤率擴張幅度。現在讓我們移至投影片14的醫療事業部。

First quarter revenue was $72 million, up 5%. Organic revenue growth was approximately 4%, in line with the expected mid-single-digit organic revenue growth noted on the February earnings call. Our RTQA end market posted double-digit organic revenue growth, driven by an easier comp lapping last year's ERP implementation headwinds, favorable software performance and a month's worth of production from the large camera order we received.

第一季營收為7,200萬美元，成長5%。有機營收成長約4%，符合我們在2月法說會所提到的中個位數有機營收成長預期。我們的RTQA終端市場有機營收呈現兩位數成長，主要受惠於比較基期較容易（去年ERP導入造成的逆風已過）、軟體表現良好，以及我們收到的大型相機訂單帶來約一個月的產量貢獻。

In Nuclear Medicine, we expect much of the organic revenue growth to occur in the back half of the year. Meanwhile, our Dosimetry Services end market posted a slight reduction in organic growth. This business had a difficult comp due to a large hardware order last year, which we have discussed before. Excluding this, our core Dosimetry Services organic revenue would have grown low single digits in Q1.

在核醫領域，我們預期有機營收成長多數將發生在下半年。同時，我們的劑量測定服務（Dosimetry Services）終端市場有機成長略為下滑。該業務去年有一筆大型硬體訂單，使比較基期偏高，這點我們先前已討論過。若排除此因素，我們核心劑量測定服務在第一季的有機營收本可呈現低個位數成長。

Medical segment Q1 adjusted EBITDA was $25 million or 6% better than last year. As expected, margins expanded in the quarter, reflecting operating leverage and pricing tailwinds. Turning to adjusted free cash flow on slide 15. We generated $11 million of adjusted free cash flow in the first quarter. The difference versus last year is primarily due to timing affecting net working capital.

醫療事業部第一季調整後EBITDA為2,500萬美元，較去年提升6%。如預期，本季利潤率擴張，反映營運槓桿與定價順風。接著看投影片15的調整後自由現金流。我們在第一季產生1,100萬美元的調整後自由現金流。與去年相比的差異主要來自時點因素對淨營運資金的影響。

While net working capital was a large use of cash in the quarter, we saw the structural enhancements we made to our balance sheet bear fruit in the quarter via the interest expense line. We remain on track for our full year adjusted free cash flow guidance and believe Q1 marks a trough. We continue to see large opportunities for improvement in AR, inventory and our project cash flows.

雖然本季淨營運資金是現金的一大用途，但我們對資產負債表所做的結構性強化已在本季透過利息費用項目開花結果。我們仍按計畫達成全年調整後自由現金流指引，並認為第一季標誌著谷底。我們仍看到在應收帳款、存貨以及專案現金流方面有很大的改善機會。

More broadly, on 2026 guidance on slide 16. Everything remains unchanged from our February earnings call disclosures with the exception of a small adjustment to adjusted EPS to account for the onetime CEO retention grant of performance vesting stock options disclosed earlier this month.

更廣泛地說，關於投影片16上的2026年指引。除了一項對調整後每股盈餘（adjusted EPS）的小幅調整外，其餘皆與我們2月財報電話會議所揭露的內容一致；該調整是為了反映本月稍早已揭露的一次性CEO留任獎勵（以績效歸屬的股票選擇權形式）。

Before we open the call to your questions, I'll provide some details about second quarter expectations. First, on orders. Second quarter orders will be higher compared to the first quarter. We expect another quarter of strong order growth, where sequentially from Q1 to Q2, we expect to see 15% to 20% order growth. Consolidated second quarter organic revenue growth is expected to be in the low single digits.

在我們開放提問之前，我先提供一些第二季展望的細節。首先，關於訂單。第二季訂單將較第一季更高。我們預期將再迎來一季強勁的訂單成長，按季從Q1到Q2，預計訂單成長15%至20%。合併口徑第二季有機營收成長預期為低個位數。

This is also the case in each operating segment. As a reminder, on the top and bottom line, we shipped quite a bit of product in the second quarter of 2025 into China before the tariffs went into effect. So this quarter has that as a headwind. Consolidated adjusted EBITDA margins should be relatively flat versus Q2 2025. Nuclear & Safety segment adjusted EBITDA margins should also be relatively flat despite the margin dilutive impacts from the Paragon acquisition.

各營運事業部門亦是如此。提醒一下，在營收與獲利（上、下線）方面，我們在2025年第二季於關稅生效前向中國出貨了相當多產品。因此，本季在比較基期上形成逆風。合併調整後EBITDA利潤率相較2025年第二季應大致持平。核能與安全（Nuclear & Safety）事業部門的調整後EBITDA利潤率也應大致持平，儘管Paragon併購案對利潤率有稀釋影響。

Excluding Paragon's margin dilutive impact, Nuclear & Safety segment adjusted EBITDA margins are expected to expand. Regarding Paragon, we expect second quarter revenue to be slightly lower than first quarter, but still posting double-digit revenue growth versus last year.

若排除Paragon對利潤率的稀釋影響，核能與安全事業部門的調整後EBITDA利潤率預期將擴張。至於Paragon，我們預期第二季營收將略低於第一季，但相較去年仍將呈現兩位數營收成長。

We maintain our prior expectations of approximately 25% full year revenue growth for Paragon, and we continue to expect low 20s EBITDA margins. Lastly, Medical segment margins should expand slightly. Recall, Medical segment margins in last year's second quarter expanded almost 300 basis points.

我們維持先前對Paragon全年約25%營收成長的預期，並持續預期EBITDA利潤率在20%出頭。最後，醫療（Medical）事業部門利潤率應會小幅擴張。請回想，去年第二季醫療事業部門利潤率擴張了將近300個基點。

So we're lapping another tough comp in that segment. With that, let's open the call to your questions. Operator?

因此，我們在該事業部門又遇到一個艱難的比較基期。接下來，我們開放提問。接線員？

(Operator Instructions)

(接線員指示)

James West, Melius Research.

James West，Melius Research。

Thanks. Good morning, guys.

謝謝。各位早安。

Good morning, James.

早安，James。

Tom, you gave some macro comments in your prepared remarks. I'd love to hear a little bit of expansion there given -- I saw in February, you were already pretty bullish. And then, of course, we had the Middle East conflict, and the DOE has been very active, as you're well aware, in shepherding nuclear.

Tom，你在事先準備的發言中提到一些總體面的看法。我很想聽你再多延伸一些，因為——我記得2月時你就已經相當樂觀。而且當然，我們又遇到中東衝突，能源部（DOE）也非常積極地推動核能，你也很清楚。

I'd love to hear if there's been -- and I'm sure there has been, but what you're seeing in terms of an acceleration of kind of the nuclear build-out in the United States and also the nuclear renaissance that we're seeing more globally.

我想聽聽是否——我相信是有的——你們看到美國核能建置加速的情況如何，以及我們在全球看到的核能復興（nuclear renaissance）趨勢。

Yes, James. So I think there are three important dimensions to it overall. Far and away, the single most important is the dynamic being experienced right now by the installed base, recognizing that, today, if you look at the American nuclear fleet, they're running at very high capacity factors, typically in the low 90% range overall.

是的，James。我認為整體來看有三個重要面向。其中最重要、遠遠超過其他因素的是現有裝置基礎（installed base）目前所經歷的動態；要知道，今天如果你看美國的核電機組群，它們的容量因子非常高，整體通常在90%出頭。

Globally, we just got -- had recent statistics updated that last year, the global fleet ran at about an 82% capacity factor. And the bottom line is that a few important things have profoundly changed psychology for the owners of those assets overall. Firstly, as I noted in my commentary, only a few years ago, the posture was very defensive.

在全球方面，我們剛更新了最新統計：去年全球機組群的容量因子約為82%。歸根結底，有幾件重要的事情已深刻改變了這些資產所有者的整體心理。首先，如我在評論中提到的，幾年前的態度仍非常防禦。

Many nuclear power plants were operating at very thin margins or even negative margins. And there was a general orientation toward premature decommissioning of nuclear power plants, but an incredibly defensive CapEx and OpEx posture overall to kind of minimize the attendant expense.

許多核電廠的營運利潤非常薄，甚至為負。整體上普遍傾向於提前除役核電廠，同時在資本支出（CapEx）與營運支出（OpEx）上採取極度防禦的姿態，以盡量降低相關費用。

What we're seeing now is the exact opposite. Given the fact that even with AI demand as it is today, the world simply does not have enough electrical generating capacity, and that will always be the constraining factor in any reasonable scenario overall. It's created a very compelling economic incentive for operators to fundamentally change the way they manage these assets.

而我們現在看到的正好相反。鑑於即便以目前AI需求的情況來看，全球仍然沒有足夠的發電容量，而在任何合理情境下，這都將永遠是最主要的限制因素。這為營運商帶來非常強的經濟誘因，促使他們從根本上改變管理這些資產的方式。

And the biggest single impact is that even though we're seeing life extensions in the American market to -- from 60 years of permitted operating life to 80 years, the majority of operators are really thinking 100. And so if you imagine a psychology shift going from a shutdown posture to one where I want to operate these assets for another 40 years, that profoundly impacts the solutions that they need to shore up these power plants.

最大的單一影響是：即便我們看到美國市場的延壽，從核准的60年運轉年限延長到80年，多數營運商其實在思考的是100年。因此，如果你想像一下心理轉變——從準備關閉的姿態，轉為希望再運轉這些資產40年——這會深刻影響他們為了強化這些電廠所需要的解決方案。

Most immediately, we see that in Certrec and Paragon through their various activities, which are essential for the daily operation of the power plant. But what we're seeing just beyond that is that there is a compelling need and a compelling opportunity to broadly upgrade instrumentation and control systems, which include in-core detection, neutron flux measurement, radiation monitoring systems and reactor protection systems.

最直接地，我們在Certrec與Paragon透過其各項活動看到了這點，這些活動對電廠的日常運轉至關重要。但在此之外，我們看到的是：在儀控（instrumentation and control）系統方面存在強烈需求與機會，包含爐內偵測（in-core detection）、中子通量量測（neutron flux measurement）、輻射監測系統（radiation monitoring systems）以及反應爐保護系統（reactor protection systems）的全面升級。

And beyond that, there's a need to upgrade and consolidate and digitally enable radio protection systems. And so we're beginning to see the leading edge of that demand right now not only in the American market, but broadly on a global basis. And this is just a -- I can't overstate how profoundly this impacts the overall opportunity set as it relates to the global operating fleet. But beyond that, clearly, we are seeing a lot more action in advanced reactors, the so-called small modular reactors. We obviously see that in our order book.

再往後，還需要升級、整合並進行數位化賦能的輻射防護系統（radio protection systems）。因此，我們現在開始看到這股需求的前緣，不僅在美國市場，也在全球範圍內普遍出現。這對於與全球在役機組群相關的整體機會版圖之影響之深，我怎麼強調都不為過。此外，很明顯地，我們也看到先進反應爐——所謂的小型模組化反應爐（SMR）——有更多動作。我們當然也在訂單簿中看到了這點。

But more broadly, if you look at the leading players here, if we were to take the top 20 best capitalized SMR plays with the highest level of technological readiness, we almost run the tables with that group in terms of our position of prominence, orders booked and the level of engagement. So we're very bullish on that sector. It continues to move to the left, and most recently undergirded by the IPO of energy which has traded very, very well over the last week.

但更廣泛地說，如果你看這裡的領先業者，假設我們挑出資本最雄厚、技術成熟度最高的前20個SMR項目，我們在其中幾乎是全面領先——無論是我們的關鍵地位、已取得的訂單，以及參與程度。因此我們對這個領域非常看多。它持續往前推進，而最近又受到某家能源公司IPO的支撐，該股在過去一週的交易表現非常、非常好。

And then beyond that, you have the utility scale. The activity that we've cited previously with Westinghouse, having plans to build 14 AP1000s internationally, 9 in Ukraine, 3 in Poland, 2 in Bulgaria, an early commit by the Indians to build another 6, potentially 10 additional AP1000s in the American market. Obviously, we'll play in all of that. And then beyond that, you have EDF Framatome, which has immediate plans in the near term to initiate three projects in France at Penly, at Bugey and Gravelines.

再來是公用事業規模（utility scale）。我們先前提到的Westinghouse相關動態：計畫在國際上興建14座AP1000，其中9座在烏克蘭、3座在波蘭、2座在保加利亞；印度方面也已初步承諾再建6座；而在美國市場，可能還會再增加10座AP1000。很明顯地，我們都會參與其中。此外，還有EDF Framatome，近期已明確規劃在法國啟動三個專案，分別位於Penly、Bugey與Gravelines。

And again, given the strategic alliance we have with EDF Framatome, we expect to play there. And then beyond that, it's Rosatom, it is KHNP KEPCO, the Koreans continued activity in China. So what we're seeing overall is also an acceleration in new build commits. And obviously, that bolsters the whole nuclear thesis for us.

再者，鑑於我們與 EDF Framatome 的策略聯盟，我們預期也會在那裡有所作為。此外還有 Rosatom、KHNP KEPCO，以及韓國業者在中國持續的活動。因此，我們整體看到的是新建案承諾也在加速。而且很明顯，這也強化了我們對核能投資論點的信心。

That's very helpful, Tom. And maybe for Brian, the Medical business came in pretty strong this quarter. I know '25 was a more difficult year with a lot of headwinds. Are the -- is this a one-off? Or are the headwinds now behind us and we should expect this kind of performance from Medical going forward?

這很有幫助，Tom。也許問 Brian 一下，醫療業務本季表現相當強勁。我知道 2025 年是比較艱難的一年，面臨許多逆風。這——這是一個一次性的情況嗎？還是逆風已經過去，我們應該預期醫療業務未來會維持這樣的表現？

Yes. I mean, look, we're sticking to our guidance on the Medical side for the year. So where we were at the beginning of the year to where we are today, I would say we're -- we haven't changed any of the numbers, but I think we continue to be more optimistic in our viewpoints that this business has green shoots sprouting.

是的。我的意思是，你看，我們在醫療端今年仍維持原先的指引。所以從年初到現在，我會說我們——數字沒有改變，但我認為我們對這項業務出現復甦跡象的看法，持續變得更樂觀。

We're still watching the Asian markets, which is where we've had many of our challenges in the US market. But our software business continues to perform well. Our services business continues to perform well. The order we got with Varian really kind of bolsters some backlog for this year and the next couple of years, and it's good business for us. So I would say we haven't changed our guidance range, but I would say our confidence level is better than it was even three months ago.

我們仍在觀察亞洲市場，那也是我們在美國市場面臨許多挑戰的來源。但我們的軟體業務持續表現良好。我們的服務業務也持續表現良好。我們與 Varian 拿到的訂單，確實強化了今年以及未來幾年的部分在手訂單（backlog），而且對我們而言是很好的業務。所以我會說我們沒有改變指引區間，但我也會說，我們的信心程度比三個月前更高。

Joe Ritchie, Goldman Sachs.

Joe Ritchie，高盛。

Hey, guys. Good morning. So I thought the -- look, the order backlog commentary was really good, not just this quarter, but just the start to the second quarter. I was wondering if you could maybe just give a little bit more detail. Obviously, the $35 million SMR orders in there for 2Q. But just maybe some more details around that 15% to 20% sequential move that you expect in orders in the second quarter would be helpful.

嗨，各位。早安。我覺得——你看，關於訂單在手量（backlog）的評論非常好，不只是本季，連第二季一開始也是。我想請你們也許再多提供一些細節。很明顯，第二季包含了 3,500 萬美元的 SMR 訂單。但如果能就你們預期第二季訂單將季增 15% 到 20% 這點，提供更多細節，會很有幫助。

I think it's indicative of everything Tom actually just talked about, which is the nuclear market continues to be good for us. We're clearly expecting another quarter or a few on the larger side. Right now, the timing of those are always a little bit hard to predict, but that has to be in there for us to hit those numbers.

我認為這反映了 Tom 剛才談到的一切，也就是核能市場對我們而言仍然很不錯。我們顯然預期接下來還會有一季或幾季的訂單規模偏大。目前這些訂單的時點一向有點難以預測，但若要達成那些數字，這些就必須包含在內。

But again, the order dynamics are playing -- continue to play to our favor. I don't want to get into anything project-specific because these things move a bit. But I do think it's very constructive that the teams believe that we will see kind of sequential order growth year-over-year. I think if you look at last year, we were a little bit flat orders Q1 to Q2 as well. So this is obviously a step change there. Paragon contributes to that as well. So I think the flywheel is beginning to spin.

但再說一次，訂單的動能——仍然持續朝對我們有利的方向發展。我不想談任何特定專案，因為這些事情會有些變動。但我確實認為很正向的是，團隊相信我們將看到某種程度的訂單逐季成長、且年對年成長。我想如果你看去年，我們的訂單在第一季到第二季其實也有點持平。所以這顯然是一個階躍式的提升。Paragon 也對此有所貢獻。所以我認為這個飛輪開始轉動了。

I think we're still early innings. Maybe one other comment, Joe -- the other positive is last year, we saw the large orders all end in Q4. I think what people should focus on is we're seeing that much earlier in the year this year. One, that gives us revenue opportunity this year for sure. But much of these larger orders probably end up more in '27 than '26, candidly from a kind of materiality standpoint.

我認為我們仍在早期階段。Joe，另外再補充一點——另一個正向因素是，去年我們看到的大型訂單都集中在第四季才落袋。我認為大家應該關注的是，今年我們更早在年初就看到這些。第一，這確實讓我們今年有營收機會。但坦白說，從重要性（materiality）的角度來看，這些較大的訂單多半會更多落在 2027 年而非 2026 年。

But two, there isn't a wait-and-see game on whether this is happening. Like this is going to happen every quarter. You're going to see some things tick off the box from that pipeline. And I think that's very constructive. I think it's healthy.

第二，這不是一個要不要再觀望的問題。這會每一季都發生。你會看到管線中的一些項目逐一達成、打勾。我認為這非常正向。我認為這是健康的。

And I think it does show that the dynamic is positive. And I would just reiterate something I said. I mean, two orders that were above $10 million that we booked in the first quarter, we did not have in our pipeline at the end of the year. So that -- I think that's very constructive about what else we're seeing.

我也認為這確實顯示出動態是正面的。我再重申我說過的話。我的意思是，我們在第一季入帳的兩筆超過 1,000 萬美元的訂單，在去年年底時並不在我們的管線裡。所以——我認為這對我們目前看到的其他機會而言，是非常正向的訊號。

So the other thing I'd tag in on is that Doug VanTassell, the CEO of Paragon and I have been doing a systematic roadshow with Chief Nuclear Officer spanning the American fleet. And I will tell you the dialogue there is incredible. And the -- again, I cannot overstate the importance of the integrated Mirion and Paragon sales team. The Paragon sales team, these guys are apex predators.

另外我想補充的是，Paragon 的執行長 Doug VanTassell 和我，正在與涵蓋美國核電機組（fleet）的首席核能官（Chief Nuclear Officer）進行一系列有系統的路演。我可以告訴你，那裡的對話非常精彩。而且——再說一次，我無法過度強調 Mirion 與 Paragon 整合後的銷售團隊的重要性。Paragon 的銷售團隊，這些人是頂尖的掠食者。

They have a maniacal focus on customer satisfaction. And we're seeing that the added dialogue, the increased customer intimacy is really kind of opening the aperture as we think about the opportunity set, both in the near term and the long term.

他們對客戶滿意度有近乎偏執的專注。我們也看到，新增的對話、提升的客戶親密度，確實在我們思考機會集合時，無論是短期或長期，都在某種程度上擴大了視野。

Yes, that's super helpful. And obviously, Paragon off to a great start for you guys. I guess maybe just my follow-on question, and it does actually segue well from what you just said earlier, Brian, regarding like the backlog conversion. So it's really two questions, right? If you think about the guidance and how you've set up the guidance for 2026, like maybe just talk a little bit about what the confidence you have in hitting kind of the ramp in EBITDA as the year progresses?

是的，這非常有幫助。而且很明顯，Paragon 對你們來說開局很棒。我想接著問一個延伸問題，而且這也確實很自然地承接你剛才說的內容，Brian，關於在手訂單（backlog）轉換。所以其實是兩個問題，對吧？如果你看 2026 年的指引，以及你們如何設定 2026 年的指引，能否談談你們對於隨著年度推進、EBITDA 逐步爬升（ramp）的達成信心？

And then secondly, because the backlog is now that step changing, like how much visibility are you now starting to get into 2027 given maybe some of these things are a little bit longer cycle?

第二，因為在手訂單現在出現階躍式提升，那麼考量有些案子週期較長，你們現在對 2027 年開始能看到多少能見度？

Yes. I think a couple of things. I think if we had a different viewpoint on our EBITDA revenue guidance, we would have made a change in the quarter. That's what we've always done as we see it, we call it. So I think we continue to be confident in our guide. I think as you think about '27, I continue -- I think '26 is really a bit back-end loaded.

是的。我想有幾點。我認為如果我們對 EBITDA 與營收指引有不同看法，我們本季就會做出調整。我們一向都是這樣做的：看到什麼就怎麼說。所以我認為我們仍對指引有信心。我認為當你思考 2027 年時，我仍然——我認為 2026 年其實會比較偏向下半年發力。

That's clear because we've -- you've seen first quarter, I gave you guidance on second quarter. But I also think that plays into how we're starting to see and think about '27 shaping up. I'm not going to obviously guide that now. But I think we're very constructive on what we're seeing kind of beyond '26. And I think that shows in the backlog. You're going to see -- I mean, if you just do the math, by the way, you'll see backlog growth again in the second quarter. I think that sets us up well.

這很明確，因為我們——你已經看到第一季，而我也給了你第二季的指引。但我也認為，這也影響我們開始如何看待與思考 2027 年的輪廓。我當然不會現在就提供那方面的指引。但我認為我們對於 2026 年之後所看到的情況非常正向。而且我認為這也反映在在手訂單上。你會看到——我的意思是，順帶一提，如果你只是做一下數學，你會看到第二季在手訂單會再次成長。我認為這讓我們處於很好的位置。

Andy Kaplowitz, Citigroup.

Andy Kaplowitz，花旗集團。

Hey, good morning, everyone. Maybe a bit of a follow-up on that. You didn't change anything in terms of your line of sight on your expected segment revenue growth for the year. But in Nuclear & Safety, you started out flat as expected in Nuclear Power. So maybe just talk about the visibility toward getting back to double digits, as you said you will.

各位早安。我想就剛才那點再追問一下。你們對今年各事業部預期營收成長的可視性並沒有做任何調整。但在「核能與安全」方面，核電業務一開始如預期呈現持平。所以能否談談要如你們所說回到雙位數成長的能見度？

Do you basically have the order coverage given Q1 and your commentary on Q2? Or do you still need to see some bigger Nuclear Power orders to reach that double-digit growth in 2026?

就你們第一季的表現以及對第二季的評論來看，你們基本上已經有足夠的訂單覆蓋了嗎？還是說，你們仍需要看到一些更大型的核電訂單，才能在2026年達到雙位數成長？

Yes. I mean, look, I think the comps that gets a bit easier as the quarters go on the Nuclear Power side by quarter. Q1 was our largest Nuclear Power kind of comp for '25. So I think that's one. I think the -- if you look at the order -- just even the large order dynamics and what we're seeing, I mean, it's definitely Nuclear Power heavy.

是的。我的意思是，你看，我認為在核電這一端，隨著季度往後走，同比基期會稍微變得容易一些。第一季是我們在2025年核電業務最大的同比基期。所以我覺得這是一點。另外，如果你看訂單——甚至只看大型訂單的動態以及我們所看到的情況，我的意思是，確實是以核電為主。

So we continue to like double-digit growth in '26 for Nuclear Power. And by the way, that's pre-Paragon double-digit growth. We're talking about in Paragon where a lot of the revenue is Nuclear Power as well, although we commented the DOE stuff, we're starting to see sprouts for sure. They have very good order growth there. We're talking Paragon 25% kind of organic growth for them if we own them in '25 -- '26. So I think we feel good about the dynamics happening within the Nuclear Power segment across both brands.

所以我們仍然看好核電在2026年實現雙位數成長。順帶一提，那是併入Paragon之前的核電雙位數成長。我們談到Paragon時，其中相當多的營收也來自核電；雖然我們提過DOE相關的部分，但我們確實開始看到一些萌芽。他們那邊的訂單成長非常好。如果我們在2025年就擁有他們——到2026年，我們談的是Paragon大約25%的有機成長。所以我認為，核電事業部在兩個品牌之下的動能，我們都感覺良好。

Very helpful. And then kind of similar in Medical, you didn't change your expectation for RTQA in '26, but you did mention green shoots in Q1 in hardware. And obviously, the large camera order associated with Varian seems quite interesting. I think you announced a closer relationship with Varian, maybe it was 1.5 years ago or something like that. So maybe give us more color in whether RTQA now should see more opportunities with Varian and should see accelerating growth from here?

非常有幫助。接著在醫療方面也有點類似，你們沒有改變對2026年RTQA的預期，但你們確實提到第一季硬體出現一些正向訊號。而且，與Varian相關的大型相機訂單看起來相當有意思。我記得你們大概在1.5年前左右宣布與Varian建立更緊密的合作關係。所以能否再多提供一些背景：RTQA現在是否應該會看到更多來自Varian的機會，並且從現在起看到成長加速？

Maybe I'll take and you could chime in. I mean, look, it's the first quarter. I think we want to see how the year continues to progress. But again, that RTQA order wasn't on our radar six months ago. And so I think that gives us kind of added visibility.

也許我先回答，你也可以補充。我的意思是，你看，這才第一季。我想我們希望看看今年接下來的進展。但同樣地，那筆RTQA訂單在六個月前並不在我們的雷達上。所以我認為這讓我們增加了一些能見度。

Let's get through the second quarter, which is our toughest comp by far in the RTQA business because of the China shipments, et cetera. But like I said, I think to -- in an earlier comment, I think we have more conviction around our Medical number today than we did even in February.

先把第二季走完——由於中國出貨等因素，第二季對RTQA業務而言是迄今最艱難的同比基期。但如我所說，我想——在先前的評論中我也提到——我們現在對醫療這個數字的信心，比起甚至在2月時更高。

Tomo Sano, JPMorgan.

Tomo Sano，摩根大通。

Hi, good morning, Tom and Brian.

嗨，早安，Tom和Brian。

Good morning.

早安。

I wanted to ask you about the Paragon, which has shown strong contract wins and growth. Can you update us on integration progress, cultural alignment and specifically any (inaudible) cost synergies realized so far? And also, does the 30% plus adjusted EBITDA margin target for 2028 remain intact post acquisitions? Any color appreciated.

我想請教你們關於Paragon的情況，它展現了強勁的合約得標與成長。能否更新一下整合進度、文化契合度，並特別說明目前已實現的任何（聽不清）成本綜效？另外，併購之後，2028年調整後EBITDA利潤率30%以上的目標是否仍維持不變？若能提供一些說明將不勝感激。

Yes, let me start, Tomo. So firstly, on the cultural alignment, I think this was really a critical determinant in our ability to acquire Paragon to begin with because there's such a high degree of compatibility culturally between the two organizations. They're very entrepreneurial, very risk-on, very engaged, very motivated to build a great business and the cultural symbiosis between Paragon and Mirion is extraordinarily high.

好的，Tomo，我先開始。首先在文化契合方面，我認為這其實是我們一開始能夠收購Paragon的關鍵決定因素，因為兩個組織在文化上具有高度相容性。他們非常具創業精神、非常願意承擔風險、投入度很高、動機很強，致力於打造一家優秀的企業；而Paragon與Mirion之間的文化共生性極高。

And to a very gratifying extent, we are seeing that resonate in the early days of the integration, where the two organizations have come together broadly, very collaboratively. And I think as we walk together on both sides of the table, we're all more excited about the art of the possible here, what we can do together and kind of the goodness of fit overall.

而且令人非常欣慰的是，我們在整合初期就看到這種共鳴：兩個組織在廣泛層面上走到一起，合作非常緊密。我認為，當我們在桌子的兩端一起前行時，大家對於這裡「可能做到什麼」、我們能共同完成什麼，以及整體契合度的優勢，都更加興奮。

In terms of the synergy profile, generally, our playbook is that our first standing rule is the hippocratic oath, which is first, do no harm. And so we're very careful when we acquire a new asset to walk together to learn from one another, to be very careful about identifying the opportunity set. But in the wake of that, priority number one is infrastructure.

就綜效輪廓而言，一般來說，我們的作戰手冊第一條鐵律是希波克拉底誓言——首先，不造成傷害。因此，當我們收購一項新資產時，我們會非常謹慎地並肩前行、彼此學習，並非常小心地辨識機會集合。但在此之後，第一優先是基礎設施。

It's connecting the central nervous system of the company, standardizing health and welfare benefits, HR processes, IT, financial and accounting standards and processes and the like. Immediately following that, the focus is on commercial synergies, recognizing this was the single biggest pillar in our investment thesis here.

也就是把公司的中樞神經系統連接起來，標準化健康與福利方案、人資流程、IT、財務與會計標準與流程等。緊接著，重點會放在商業綜效上，因為我們也認知到，這是我們此次投資論點中最重要的單一支柱。

And as we've stated, I think, clearly, that's paying off faster than we anticipated. We see a significant opportunity to enhance and increase the commercial leverage on both sides of the table. And clearly, that's beginning to spill into backlog already. Beyond that, we have cost optimization and beyond that, we have the technological leverage as we embed the augmented capabilities of each organization into our R&D pipeline and really kind of evolve how we're thinking about new product solutions and the enhanced technological building blocks that will go into that. So in the near term, no.

而且如我們所說，我想很清楚的是，這件事的回報比我們預期來得更快。我們看到在桌子兩端都能顯著提升並增加商業槓桿的機會。而且很明顯地，這已經開始反映到在手訂單（backlog）上。再往後，我們有成本優化；再往後，我們有技術槓桿——當我們把彼此組織強化後的能力嵌入我們的研發管線，並真正演進我們對新產品解決方案的思考方式，以及將納入其中的強化技術模組。所以就短期而言，沒有。

We are not calling out any specific cost synergies. But I would tell you, our track record here is great. Maybe the best most recent example just based on scale, would be the acquisition of Sun Nuclear, which we acquired in 2020. And in that case, we took a great company, very vibrant company that had strong performance, and we've added about 10 points of margin to that business since we've owned it. Clearly, our expectation is that Paragon will become accretive.

我們目前不會特別點出任何具體的成本綜效。但我可以告訴你，我們在這方面的過往紀錄非常好。也許最近、且就規模而言最好的例子，是我們在2020年收購Sun Nuclear。在那個案例中，我們收購了一家很棒、非常有活力且表現強勁的公司，而自我們持有以來，我們已為該業務增加了大約10個百分點的利潤率。很明顯地，我們的預期是Paragon將會帶來增益（accretive）。

Clearly, our drive and our motivation is to make that happen sooner rather than later. And to be clear, that's a shared objective. It's not just Mirion wants this and Paragon is reluctantly following. I think we're all in on driving toward this, and our goal is to make it happen very quickly. The final point is on the 30-point EBITDA target by '28, which we announced at our Investor Day a couple of years ago.

很明顯地，我們的推動力與動機，是讓這件事越早發生越好。而且要說清楚，這是共同的目標。不是只有Mirion想要、而Paragon勉強配合。我想我們大家都全力投入推動這個方向，我們的目標是非常快速地實現。最後一點是關於我們在幾年前投資人日所宣布的、到2028年達成30個點EBITDA目標。

we continue to stand by it. This year, I think we've guided 25- to 26-point EBITDA margins. Obviously, we're trying to drive toward the upper end of that range. And if you accept that, that leaves the go-get of another 4 points of margin expansion over the next two years. Half or more of that, we expect will come from absorption as we continue to drive greater volume against a largely fixed cost structure and one that inflates at a much slower rate than our pricing capabilities on the top line.

我們仍然堅持這一點。今年，我認為我們給出的指引是 EBITDA 利潤率 25 到 26 個百分點。顯然，我們正努力朝該區間的上緣推進。如果你接受這一點，那就意味著未來兩年還需要再達成 4 個百分點的利潤率擴張。其中一半或更多，我們預期將來自吸收效益（absorption），因為我們持續在大致固定的成本結構下推動更高的出貨量，而該成本結構的通膨速度也遠低於我們在營收端提價的能力。

And if you look at the remaining 2 points, that final go-get is going to be driven by self-help. And here it's going to be continued improvement in procurement processes, conversion processes, continuing to rationalize our industrial footprint overall improving pricing heuristics. But the big lever here clearly is going to be AI. We're investing very heavily in AI right now, which arguably in the near term, and this is reflected in our guide is margin dilutive. But the rest of it is simply a choice.

至於剩下的 2 個百分點，那最後需要達成的部分將由自助改善（self-help）所驅動。在這裡，將是採購流程、製程轉換流程的持續改善，持續精簡我們的整體工業據點布局，並改善定價啟發式方法（pricing heuristics）。但這裡最大的槓桿顯然會是 AI。我們目前正大舉投資 AI，可以說在短期內（這也反映在我們的指引中）會稀釋利潤率。但其餘的就只是選擇而已。

Anytime I want to, I can find the balance of that go get. It's a decision entirely within our control organizationally. And again, given the enhanced capabilities that we see both for cost and efficiency improvements internally, but also in terms of evolving our customer-facing products that we're pretty bullish on our ability to get there.

只要我想，我隨時都能找到那部分需要達成的平衡。這完全是我們在組織層面可控的決策。而且再次強調，鑑於我們看到的能力提升——不論是內部成本與效率改善，或是我們面向客戶產品的演進——我們對達成目標的能力相當樂觀。

And just one follow-up. For your Nuclear Medicine business, could you discuss the current sales momentum and outlook as well as the margin profile and the key drivers for both growth and profitability going forward, please?

再追問一個問題。針對你們的核醫（Nuclear Medicine）業務，能否請你談談目前的銷售動能與展望，以及利潤率概況，並說明未來推動成長與獲利的關鍵驅動因素？

That's a big follow-up, Tomo. But what I kind of -- what I said in my prepared remarks is, we thought the organic growth in that business would be a bit more back-end loaded. Look, this is another -- this is just like this is a great margin story. We bought these three businesses and put them together between 2020 and 2023, I think we bought ec2.

這個追問很大，Tomo。不過我在事先準備的發言中提到的是，我們原本認為該業務的有機成長會更偏向下半年。你看，這又是一個——這就是一個很棒的利潤率故事。我們在 2020 到 2023 年間收購了這三項業務並把它們整合在一起，我想我們也收購了 ec2。

And even combined, it was a single-digit kind of EBITDA business that today is accretive to Mirion's margin profile. We continue to like our ability to expand margins there over time. New products is something we're working on. Now that's more a '27 probably introduction than a '26. Operationally, we are very focused on procurement, continuing to streamline the workforce there and our ability to grow is our number one priority. So we continue to like that business. It is a bit back-end loaded this year. But we continue to be confident in our ability to grow that business double digits.

即使合併後，它當時也只是個 EBITDA 利潤率個位數的業務，而如今已對 Mirion 的利潤率結構具有增益（accretive）。我們仍然看好隨時間推進在那裡擴大利潤率的能力。新產品是我們正在推進的方向。不過那可能更像是 2027 年推出，而不是 2026 年。在營運上，我們非常聚焦於採購、持續精簡那邊的人力，而我們的首要優先事項是成長能力。所以我們仍然看好那項業務。今年它確實會比較偏向下半年。但我們仍然有信心能讓該業務維持雙位數成長。

Quinn Fredrickson, Baird.

Quinn Fredrickson，Baird。

I wanted to ask about the green shoots in RTQA commentary. Brian, you started talking about the Asian markets in response to an earlier question. Just how are trends playing out in those markets specifically relative to your expectations? And are you starting to see the benefits of some of the actions you've taken there playing out yet?

我想問一下你們在 RTQA 評論中提到的「綠芽」（green shoots）。Brian，你在回應先前一個問題時開始談到亞洲市場。這些市場的趨勢具體而言相對於你們的預期是如何發展的？以及你們是否開始看到先前在那裡採取的一些行動帶來的效益正在顯現？

Yes. Again, I think I characterize those as green shoots, right? We're seeing some positive momentum. I like what Mark and the team have done to set us on the right foot. It will take quarters to kind of see this come to fruition. Those markets don't move always as fast. I think we're probably a little bit more optimistic about China.

是的。再次強調，我會把那些描述為綠芽，對吧？我們看到一些正向動能。我喜歡 Mark 和團隊所做的事情，讓我們有了好的起步。這需要幾個季度才能看到成果逐步落地。那些市場的變化不一定總是那麼快。我想我們對中國可能稍微更樂觀一些。

I think we're still a little bit hesitant on what we're seeing in Japan. But I think we have a good game plan, and we're absolutely moving forward. I think the order with Varian kind of gives us some nice underlying stability in that RTQA that candidly, that product line was not -- it's new.

我想對日本我們看到的情況仍稍微保守一些。但我認為我們有一個好的作戰計畫，而且我們絕對在向前推進。我認為與 Varian 的那筆訂單，為 RTQA 帶來了一些不錯的底層穩定性；坦白說，那條產品線之前並不是——它是新的。

So that's all incremental growth year-over-year for us. And we continue to watch the US market. I mean I think we were pleased with what we saw in the first quarter. Again, software services led the way. But our hardware business did better than what we expected in the first quarter. But we're not ready to move the numbers. I think we want to see a bit more production out of that business.

所以對我們而言，那全部都是年對年新增的成長。我們也持續觀察美國市場。我的意思是，我們對第一季看到的表現感到滿意。同樣地，軟體服務領先帶動。但我們的硬體業務在第一季的表現也比我們預期更好。不過我們還沒準備好調整數字。我想我們希望看到該業務再多一些產出。

And then I wonder if you could give us a little more color on the $35 million April SMR order. That seems to be a pretty sizable order for an SMR, and you said there's more still to come. Is that across multiple SMRs or a higher revenue opportunity per megawatt with Paragon? Just any additional context you could share there?

另外我想請你們再多分享一些關於 4 月那筆 3,500 萬美元 SMR 訂單的細節。那看起來對 SMR 來說是一筆相當可觀的訂單，而且你們也說後面還會有更多。這是涵蓋多個 SMR，還是因為 Paragon 使得每兆瓦的營收機會更高？有沒有任何你們可以補充的背景脈絡？

Yes, Quinn, it's with a single leading SMR player, and it is supportive of, again, kind of the central nervous system of the power plant supporting instrumentation and control. It's a nice win. We/Paragon have been working on this for quite a while. But again, when you look at the activity in this market overall, what we're seeing is, again, a general movement to the left of the dynamics, particularly for these first-of-a-kind orders.

是的，Quinn，這是與一家領先的單一 SMR 業者合作，而且它支援的是——再次強調——電廠的「中樞神經系統」，也就是支援儀控（instrumentation and control）。這是一個不錯的勝利。我們/Paragon 為此已經努力了一段時間。但同樣地，當你看整體市場活動時，我們看到的是，整體動態正在往左移，特別是針對這些首批（first-of-a-kind）的訂單。

And we continue to be more constructive on the SMR market overall. We've highlighted previously that based upon intrinsic scale diseconomies in specifically instrumentation and control, generally speaking, the revenue opportunity per megawatt of output of an SMR is quite a bit higher than it would be for utility scale. We cited a loosey-goosey estimate of about 60% higher on previous calls, and we continue to sustain that point of view.

而且我們對整體 SMR 市場仍然更偏建設性（更看好）。我們先前已強調，基於在儀控（instrumentation and control）方面固有的規模不經濟（diseconomies of scale），一般而言，SMR 每兆瓦輸出所對應的營收機會，會明顯高於公用事業級（utility scale）。我們在先前的電話會議中引用過一個較為粗略的估計，大約高出 60%，而我們仍維持這個觀點。

Yes. I would just say that the 60% was pre-Paragon. So we haven't done the math or we haven't guided to what the Paragon. But you can see kind of the scale here.

是的。我只想說，那個 60% 是在 Paragon 併入之前。所以我們還沒有做過數學計算，或是還沒有就 Paragon 的影響給出指引。但你可以看到這裡的規模。

Jeff Grampp, Northland Capital Markets.

Jeff Grampp，Northland Capital Markets。

Good morning, guys. I wanted to circle back on Paragon here and hoping if you guys can elaborate a bit more on this tip of the spear kind of language you position them as. I'm curious, does that positioning give you guys a differentiated view or read into the growth potential underlying Nuclear Power that perhaps other offerings within let's call it legacy Mirion maybe perhaps wasn't available to the company pre-Paragon, or just any other kind of comments around what that kind of tip of the spear position facilitates for Mirion more broadly?

各位早安。我想回到 Paragon 這個話題，希望你們能再多闡述一下你們用「矛尖」（tip of the spear）來定位他們的說法。我很好奇，這樣的定位是否讓你們對核電（Nuclear Power）底層的成長潛力有更差異化的視角或判讀——也許是其他產品（姑且稱之為 Mirion 的既有業務）在 Paragon 併入之前無法提供給公司的？或者，關於這種「矛尖」位置能為 Mirion 更廣泛層面帶來什麼促進作用，你們還有任何其他評論？

Yes, I'll take that one. So if you look at the legacy Paragon business, basically, they've been in the business of keeping power plants operating. They provide critical spare parts, which in many cases, are no longer supplied by the original OEM. So in some cases, that means reverse engineering previously offered electromechanical components in a power plant. In some cases, it means taking a commercially available part that does not have a nuclear qualification.

是的，我來回答這題。如果你看 Paragon 的傳統業務，基本上，他們一直在做讓發電廠持續運轉的生意。他們提供關鍵備品，而在許多情況下，原始 OEM 已不再供應這些備品。因此在某些情況下，這代表要對發電廠先前提供的機電元件進行逆向工程。在某些情況下，則是採用一個市面上可取得、但不具核能認證資格的零件。

This could be a backup generator, a chiller, batteries, other components. And Paragon puts that through a very formal commercial-grade dedication, which makes it a nuclear qualified component. Beyond that, they also offer essentially a brokerage platform for available spare parts within the industry. And those three core activities, again, kind of keep the fleet operating. They're a very, very critical supplier to the industry overall.

這可能是備用發電機、冷卻機、電池或其他元件。而 Paragon 會對其進行非常正式的商用品級鑑定（commercial-grade dedication），使其成為具核能資格的元件。除此之外，他們也基本上提供一個產業內可用備品的經紀／撮合平台。而這三項核心活動，再次地，某種程度上讓整個機組群得以持續運轉。他們是整體產業非常、非常關鍵的供應商。

And given the nature of this business, I think it's intuitive that the level of customer intimacy and dialogue has to be very high. And that latter piece is really kind of the critical catalyst for the greater demand traction we're seeing overall with Mirion products. Conversely, if you look at legacy Mirion products, we have been focused on instrumentation and control through in-core and core detectors through neutron flux monitoring systems, through radiation monitoring systems and also radio protection in a variety of form factors, software systems and services overall.

鑑於這門生意的性質，我認為很直觀地，客戶親密度與對話的程度必須非常高。而後面這一塊，正是我們目前在 Mirion 產品上看到整體需求加速滲透的關鍵催化劑。相對地，如果你看 Mirion 的傳統產品，我們一直專注於儀控（I&C）：包含爐內與堆芯探測器、透過中子通量監測系統、透過輻射監測系統，以及各種形式的放射防護（radiological protection），並涵蓋軟體系統與整體服務。

That platform or that historical offering has also been augmented by complementary capabilities that Paragon has in I&C. And so when you put these things together, Firstly, because, again, of the greater intimacy of the Paragon sales team, we're seeing a clearer higher resolution demand signal overall from the power plants, compared with what we've historically experienced based upon a fundamentally different sales model at legacy Mirion.

該平台或歷史性產品組合，也已透過 Paragon 在儀控（I&C）方面的互補能力而得到強化。因此當你把這些結合在一起，首先，因為 Paragon 銷售團隊與客戶之間更高的親密度，我們從發電廠端看到更清晰、更高解析度的整體需求訊號，相較於我們過去在 Mirion 傳統業務中、基於根本不同的銷售模式所經歷的情況。

And that's certainly elevating our view, elevating our level of bullishness as to what's happening in the industry. But beyond that, it also gives us much earlier dialogue about those complementary areas of overlap on that Venn diagram, particularly in instrumentation and control. So we're thrilled by this acquisition. We're thrilled to bring our two companies together. This is a great pickup for us.

這當然提升了我們的觀點，也提升了我們對產業現況的樂觀程度。但除此之外，這也讓我們能更早展開對話，聚焦在那張維恩圖上互補且重疊的領域，特別是在儀控（I&C）。所以我們對這次收購感到非常振奮。我們也很高興能把兩家公司結合在一起。這對我們而言是一筆很棒的收穫。

Nick Amicucci, Evercore ISI.

Nick Amicucci，Evercore ISI。

Hey, good morning, guys. Just wanted to -- kind of the backlog commentary as well. Obviously, Paragon, a little bit dilutive on the adjusted EBITDA margin this quarter. But just as we think about these new orders rolling in, how can we think about the margin profile within backlog currently? I mean you kind of spoke to it, I believe, on the 2028 kind of target, but I just want to kind of level set there.

嗨，早安，各位。我也想問一下——關於在手訂單（backlog）的評論。很明顯，Paragon 在本季對調整後 EBITDA 利潤率有些稀釋。但當我們思考這些新訂單陸續進來時，我們該如何看待目前在手訂單中的利潤率輪廓？我的意思是，你們好像在 2028 的目標上有提到，但我想把基準先對齊一下。

Yes. Thanks, Nick. Look, I would characterize the margins in backlog as exactly as we would have expected and give us the ability to hit the numbers we're talking about. We definitely and really think about our margin backlog more as contribution margin versus what the base margin is. But I don't think there's anything too scary in there that we're worried about from a margin perspective going forward.

是的。謝謝你，Nick。你看，我會把在手訂單的利潤率描述為完全符合我們的預期，並且讓我們有能力達成我們所談的那些數字。我們確實——而且我們在思考利潤率在手訂單時，更偏向把它視為貢獻毛利（contribution margin），而不是基礎毛利率是多少。但我不認為裡面有任何從未來利潤率角度看會讓我們太擔心、太可怕的事情。

The only maybe comment I would make is some of the project business can be a little bit lower margin. But I think the teams have done a very nice job really working hard to make sure that the incremental margin on those bigger projects actually benefits Mirion over the long term. So we're focused on margins, and we're focused on cash as it comes to these larger business projects.

我唯一可能補充的是，有些專案型業務的利潤率可能會稍微低一些。但我認為團隊做得非常好，確實努力確保那些較大型專案的增量利潤率，長期而言能讓 Mirion 受益。因此，面對這些較大型的業務專案，我們聚焦在利潤率，也聚焦在現金。

We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Tom Logan for closing comments.

我們的問答環節到此結束。接下來我想把時間交回給 Tom Logan 作結語。

Well, ladies and gentlemen, we appreciate your time and attention this morning. We appreciate your support. Again, an important quarter for the company. We feel great about the order momentum. We continue to have confidence in our outlook for the year. We continue to have confidence in our drive toward the 30-point EBITDA target.

各位女士、先生，感謝各位今天早上的時間與關注。感謝各位的支持。再次強調，這是公司一個重要的季度。我們對訂單動能感到非常振奮。我們對今年的展望仍然有信心。我們也持續對我們朝向 EBITDA 30 點目標的推進充滿信心。

As I've noted historically, we built this company in an environment of very difficult headwinds and always found a way to grow the top line and add value in a way that outpaced the markets, the peer set in general.

如我過去所提到的，我們是在逆風非常強的環境中打造這家公司，並且總能找到方法讓營收成長，並以超越市場、以及同業整體的方式創造價值。

It is tremendously exciting right now to have not only tailwinds, but generational tailwinds supporting the business overall. So we're excited to continue to show what we can do, and we'll look forward to speaking to all of you on our Q2 call. Thank you very much.

而現在不僅有順風，還有世代級的順風在支撐整體業務，這令人無比振奮。因此我們很期待持續展現我們能做到什麼，也期待在第二季電話會議上與各位再度交流。非常感謝。

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

今天的電話會議到此結束。您現在可以掛斷電話。感謝您的參與。