Strength in Mirion?s end markets supported strong top-line performance and EBITDA expansion across the first half of the year, contributing to continued deleveraging and credit metrics consistent with our current ratings on the company. Growing momentum in nuclear and resilient end markets were also cited as the company increased its EBITDA guidance for full-year 2023. We believe elevated inventory levels at the end of the first half of 2023 indicates a slower-than-anticipated turn in inventories. This is less likely to generate substantial working capital benefits forecasted at the onset of the year, while the company also generates reasonable cash inflows from managing its receivables. We now expect net working capital will be a modest use of funds for full-year 2023.
