ORANO // Annual Activity Report 2024

Annual Activity Report 2024

Summary

EDITORIALS

2

4.6 Report on the certi fi cation of sustainability information and veri fi cation of the disclosure requirements under Article 8 of Regulation (EU) 2020/852 for Orano SA, for the year ended December 31, 2024 CORPORATE GOVERNANCE AND GENERAL INFORMATION 5.1 Administration and management of the Company 5.2 Compensation of corporate of fi cers 5.3 Corporate Governance Reference Code FINANCIAL STATEMENTS 6.1 Consolidated fi nancial statements - 6.2 Statutory Auditors’ report on the consolidated fi nancial statements for the fi nancial year ended December 31, 2024 6.3 Company fi nancial statements - fi nancial year ended December 31, 2024 6.4 Statutory Auditors’ report on the company fi nancial statements for the fi nancial year ended December 31, 2024 7.2 Injunctions or fi nes for anti-competitive practices 7.3 Information on employee representative bodies 7.4 Information on payment terms 7.5 Information on loans granted to other companies pursuant to Articles L. 511-6 and R. 511-2-1-1-II of the French Monetary and Financial Code fi nancial year ended December 31, 2024 MISCELLANEOUS INFORMATION 7.1 Statutory Auditors 5.4 Additional information 5.5 Share capital and shareholding

1

PRESENTATION OF THE ORANO GROUP 5 1.1 Overview of Orano 6 1.2 Contribute to key global issues 8 1.3 Our activities 10 1.4 An operational risk management 12 1.5 A responsible and fully committed governance 13 1.6 Our value creation model 14 1.7 Sharing with our stakeholders 16 1.8 A committed roadmap for 2030 18 1.9 Financial and non- fi nancial performance 20

263

5

269

270 295 304 305 309

2

SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR 2.2 Simpli fi ed group organization chart – subsidiaries, equity interests and branch of fi ces 2.1 Highlights of the fi nancial year 2.4 Research and Development activities 2.5 Financial situation of the Company and the group during the past fi nancial year 2.6 Foreseeable developments and future prospects 2.3 The group’s businesses

23

6

313

24

314

29 31 46

383

391

47

57 59

416

2.7 Signi fi cant post-closing events

7

421 422

3

RISKS, CONTROL AND DUTY OF VIGILANCE PLAN

61 62 65 68 82

3.1 Internal control system

422

3.2 Methodology: risk mapping and risk management

422 423

3.3 Risk factors

3.4 Duty of vigilance plan

4

SUSTAINABILITY STATEMENT 4.1 Societal and environmental challenges at the heart of the strategy

109

423 424 424 425 427

7.6 Five-year fi nancial summary

7.7 Table of subsidiaries and associates 7.8 List of French companies indirectly

110 142 194 237

4.2 Environmental information 4.3 Social and societal information

controlled by Orano at December 31, 2024

7.9 Financial glossary

4.4 Governance information

4.5 Summary of indicators and cross-reference tables

251

Annual Activity Report 2024

THIS 2024 ANNUAL ACTIVITY REPORT OF ORANO INCLUDES: ● the management report of the Company’s Board of Directors including the management report of Orano, containing: ● the group duty of vigilance plan and the report on its implementation (Article L. 225-102-1 of the French Commercial Code), ● the sustainibility statement required by the transposition of the Sustainibility Directive into French Law by legal order n° 2023-1142 of December 6, 2023 (Articles R. 232-8-4 and R. 233-16-3 of the French Commercial Code) ● the report on corporate governance of the Board of Directors (Article L. 225-37 of the French Commercial Code); and ● the principles and criteria for determining, distributing, and allocating the fi xed, variable, and exceptional components of the total compensation and bene fi ts of any kind, attributable to the Company’s corporate of fi cers.

The purpose of this report is to present the situation of Orano and its subsidiaries during the fi nancial year running from January 1 to December 31, 2024. The terms “group” or “Orano” refer to the group of companies formed by Orano and its subsidiaries and interests, both direct and indirect. A French law public limited company entitled to issue fi nancial securities admitted for trading on a regulated market, the Company is subject to the obligation to draw up a management report including the information stipulated by the French Commercial Code, as well as the speci fi c information required of a company issuing debt instruments listed for trading on a regulated market. This free translation into English of the “Rapport Annuel d’Activité – 2024” written in French is provided solely for the convenience of English speaking users. In the event of any inconsistency or difference of interpretation, the French version shall prevail.

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Orano - Annual Activity Report 2024

EDITORIALS

Claude Imauven Chairman of the Board of Directors

Numerous governments, individually or in multilateral bodies, have reaffirmed the role of nuclear energy in their energy mix. Japan, Russia, the United States, India and many European countries have confirmed continued or relaunched nuclear projects. These announcements are even more significant for China, which is making massive investments in this sector, with dozens of reactors under construction. This environment translates into a renewed responsibility for Orano: to ensure a robust and sustainable fuel cycle, from uranium extraction to used fuel processing, while innovating to meet the growing energy needs of its customers. Thanks to its capacity for long-term innovation, the group and its partners are emerging as a French leader in vectorized internal radiotherapies. The capital increase carried out in October illustrates the commitment of the French State, the reference shareholder, to support the implementation of Orano’s strategic plan and to promote its development. Lastly, in 2024, Orano renewed its Commitment roadmap, explaining the actions the group is taking and its objectives to improve its social and societal impact and address new issues such as adaptation to climate change. As the group enters a new phase of development, the Board of Directors will continue to work closely with Executive Management in 2025, while remaining vigilant and responsive to consolidate its successes.

“In a positive environment for nuclear energy, Orano bears major responsibilities” T he global geopolitical context, marked by strong tensions, generates major risks and opportunities for Orano, which the group’s strategy endeavors to control. Thus, through the renewal of mining capability and the development of enrichment capacities, the group’s historical core business represents a very significant share of investments. In addition, the program to develop new used fuel treatment-recycling capabilities mobilizes both the group’s expertise and know-how, and the French nuclear industry. This program aims to ensure that used fuel is sustainably managed while reducing dependence on new materials. It thus helps to strengthen the autonomy of customers and countries committed to closing the fuel cycle. 2024 was also marked by unprecedented advances in the field of nuclear medicine, the first significant diversification for Orano since its creation.

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Orano - Annual Activity Report 2024

Nicolas MAES Chief Executive Of fi cer of Orano

Orano reached a significant turning point in 2024. The group completed major industrial projects, illustrating the positive momentum of the nuclear sector. Our role as a global player in the nuclear fuel cycle was strengthened. Our financial results testify to the group’s resilience in an unstable geopolitical context that has led notably to the loss of control of mining activities in Niger. I n 2024, we invested to support our long-term development. Six industrial facilities were built, extended or commissioned. They meet the future needs of our customers and tangibly shape our diversification strategy. With the extension of the Georges Besse II plant in Tricastin, we are increasing our enriched uranium production capacity by 30%, securing the supply of our electricity customers from 2028. This plant will provide low-carbon electricity to nearly 120 million households, thus strengthening our contribution to the fight against global warming. In our mining activities, the South Tortkuduk site in Kazakhstan has been put into production, representing an important step in the development of this mine. At the crossroads of our performance and innovation approach, we inaugurated the TN Eagle Factory in Cherbourg, a manufacturing plant for used nuclear fuel transport and storage new generation packaging. Lastly, in the field of nuclear medicine, we laid the cornerstone for two plants for the production of precursors and anti-cancer drugs, respectively the ATEF in Bessines-sur-Gartempe (Haute Vienne) and the ATLab in Onnaing (Nord), which represents an historic breakthrough. In the United States, our Indianapolis ATLab will soon be commissioned.

“Orano in 2024: a commitment to the future”

In order to strengthen our competitiveness and preserve our development capabilities, we rolled out our Opteam26 performance program, involving all of our production activities, projects and services. Finally, as the nuclear sector is resolutely looking to the future, we initiated the first work dedicated to the modernization and renewal of used fuel processing and recycling facilities. Called “Back End of the Future”, this major program aims to ensure the sustainability of the current plants beyond 2040 on the Orano sites of la Hague and Melox, as well as to build their successor plants that will serve our customers and community until the end of the century and beyond. Performance, Development, Back End of the Future, these three strategic areas of Orano structure our business. As a responsible industrial company, maintaining our high standards in terms of safety, security and control of our facilities remains our priority and is part of the 2030 objectives of our new Commitment roadmap. Driven by this strong momentum, the Orano teams, joined by more than 2,000 new employees in 2024, are looking to the future with confidence.

“Large-scale industrial projects in line with our purpose”

3

Orano - Annual Activity Report 2024

of tomorrow to the world Committed

4

Orano - Annual Activity Report 2024

CHAPTER

1

PRESENTATION OF THE ORANO GROUP

1.6 Our value creation model

14

1.1 Overview of Orano

6

1.7 Sharing with our stakeholders 16

1.2 Contribute to key global issues 8

1.8 A committed roadmap for 2030

1.3 Our activities

10

18

1.4 An operational risk management

1.9 Financial and non-financial performance

12

20

1.5 A responsible and fully committed governance

13

5

Orano - Annual Activity Report 2024

1

PRESENTATION OF THE ORANO GROUP Overview of Orano

1.1 Overview of Orano

Why we do WHAT WE DO

OUR PURPOSE

Develop know-how in the transformation and control of nuclear materials for the climate, for a healthy and resource-ef fi cient world, now and tomorrow.

1

2

3

A COMPANY WHICH IS CHANGING

INDUSTRIAL EXPERTISE THAT IS UNIQUE WORLDWIDE in the transformation and recovery of nuclear materials, without any compromise on safety and security.

A THREE-FOLD COMMITMENT TO SOCIETY

and that values the human and

to the climate, to the reuse of resources and to health.

technological skills of its employees to meet the challenges of the world of tomorrow.

OUR VALUES

Structured around the purpose, the group’s values, the most important of which are safety and security , guide our actions and our behaviors at all levels and in all our activities.

Our common

BASE

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Orano - Annual Activity Report 2024

1

2024 KEY FIGURES

Top 3

17,5 00 employees

6

worldwide in its key activities

industrial platforms in France 35.9

5.9

billion euros in revenue

billion euros in backlog (i.e., more than 7 years of revenue)

BREAKDOWN OF 2024 REVENUE

BY REGION

BY ACTIVITY

EUROPE Outside France 7 %

26 % Mining

FRANCE 49 %

52 % Back End 22 % Front End

ASIA 31 %

AMERICAS 12 %

AFRICA AND MIDDLE EAST 1 %

ESG INDICATORS

31 %

- 40 % Reduction in scopes 1 and 2 market-based greenhouse gas emissions since 2019

- 42 %

Women on Management Committees

Reduction in water consumption since 2019

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Orano - Annual Activity Report 2024

1

PRESENTATION OF THE ORANO GROUP Contribute to key global issues

1.2 Contribute to key global issues

Through its action, Orano wishes to contribute to the three major societal challenges of the fi ght against global warming, the preservation of natural resources, and health. This contribution is part of a context of increasing global electricity needs, exacerbated by the objective of carbon neutrality by 2050 set by the European Union.

THREE SOCIETAL CHALLENGES

PRESERVATION OF RESOURCES

CLIMATE

HEALTH

In a world faced with the climate emergency, the transition to low-carbon

Orano is exploring new fields of activity for the benefit of society. One of these is nuclear medicine: making the most of the unique properties of nuclear materials, the group is developing innovative solutions such as the production of isotopes for use in anticancer treatments and medical research.

The responsible management of raw material is a crucial challenge. With industrially tried-and-tested technologies, Orano processes and recycles the used nuclear fuel owned by electricity generation companies, helping to reduce the volume of waste and save materials. It is also using its expertise to extend recycling to other strategic materials, including those used in batteries. helping to reduce materials.

activities is essential. Thanks to its actions to limit its own emissions and to its expertise encompassing the entire fuel cycle, Orano is positioning

itself as a key player in this transition, offering a

competitive and accessible energy with a very low carbon footprint. very low carbon

Through its actions, our group contributes to the United Nations Sustainable Development Goals

Climate and carbon neutrality

Reliable energy at an affordable cost

Skills development in the territories

Preservation of natural resources and waste reduction

For safety, security, health and contribution to medical research

Industrialization and environmentally-friendly innovation

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Orano - Annual Activity Report 2024

PRESENTATION OF THE ORANO GROUP Contribute to key global issues

1

NUCLEAR, the energy for all the issues The world is changing and, with it, a reshuf fl ing of the cards for the energy sector.

To achieve carbon neutrality in 2050, low-carbon power generation would have to increase six-fold.” International Energy Agency (IEA)

ELECTRIFICATION OF SOCIETY

ENERGY INDEPENDENCE

ACCESSIBILITY

GLOBAL WARMING

Global studies predict a doubling of electricity demand by 2050.

Geopolitical crises, together with soaring energy prices, have impacted the energy independence of countries, encouraging them to gain control over their energy security.

Electricity is a public good that must be accessible to as many people as possible at a competitive cost.

The imperative to contain global warming continues to be a constant priority. It is more important than ever to decarbonize energy production by moving away from fossil fuels.

AVAILABLE AND ADAPTABLE

Through its robust production system, nuclear energy delivers large quantities of continuous electricity while adapting to demand.

BENEFITS OF Nuclear energy

CONCENTRATED ENERGY Because uranium has a much higher energy density than hydrocarbons (100g of uranium produces as much energy as one metric ton of oil), it can be stored more easily.

LOW CARBON Nuclear energy is one of the world’s least CO 2 emitting forms of power with emissions comparable to wind power, 4 times lower than solar, 40 times lower than gas and 70 times lower than coal.

CRITICAL IN THE ELECTRIC MIX In all the energy transition scenarios studied by the IPCC and IEA, the development of renewable energies can only be envisaged alongside nuclear energy to meet growing demand for low carbon electricity and avoid reliance on fossil fuels.

RECYCLABLE In France, 1 in 10 light bulbs is powered by electricity generated from recycled nuclear fuel. In the long term, with multi-recycling, this would be 3 out of 10 light bulbs.

INNOVATIVE With its unique expertise and technologies, the nuclear sector offers valuable resources for the future in many areas unrelated to energy and will help to create a more sustainable world.

LOW LAND FOOTPRINT A nuclear facility occupies less acreage than other highly diffuse energy sources, thus reducing arti fi cial land use.

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Orano - Annual Activity Report 2024

1

PRESENTATION OF THE ORANO GROUP Our activities

1.3 Our activities

Orano and its 17,500 employees use their expertise, their permanent quest for innovation, their mastery of cutting-edge technologies and their unwavering dedication to safety and security, to serve their customers in France and abroad.

MINING

On the strength of its unique integrated industrial platform and some of the most modern facilities in the world, with the Philippe Coste conversion plant and the Georges Besse II enrichment plant, Orano is recognized across the entire market for its technical skills and its processes at the cutting edge of innovation. CONVERSION AND ENRICHMENT OF URANIUM

RECYCLING OF USED NUCLEAR FUEL

Our mining activities cover the exploration, production and commercialization of uranium

Thanks to the performance of its la Hague and Melox plants, the only ones of their kind to operate on an industrial scale, Orano is able to position itself as a key international player in the processing and recycling of used fuels.

worldwide, as well as the remediation of former mining sites. Orano is one of the world’s leading producers of uranium.

NUCLEAR PACKAGES AND SERVICES

DISMANTLING AND SERVICES

ENGINEERING

Right across the nuclear fuel cycle, Orano provides its unique expertise in the design, approval and manufacturing of casks, as well as the conducting of transport operations, whether over land, by sea or by rail, coupled with the very highest level of risk management.

With 50 years of experience, Orano is a leading supplier of operations support services for nuclear sites (on-site logistics, specialized maintenance, radiological safety), radioactive waste management, and the dismantling of equipment and facilities at the end of their lifetime.

Engineering activities are focused on engineering consulting, project owner or prime contractor assistance, design and execution engineering, and startup and operations support for plants. They serve both the group’s own activities, as well as external customers, in France and abroad.

NUCLEAR MEDICINE

Orano Med, a subsidiary of the Orano group, is a clinical-stage biotechnology company that is developing a new generation of targeted therapies against cancer, known as targeted alpha-therapy and using the unique properties of lead-212 ( 212 Pb). Orano Med has 212 Pb production facilities, laboratories and R&D centers in France and the United States.

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Orano - Annual Activity Report 2024

PRESENTATION OF THE ORANO GROUP Our activities

1

1 st stage of conversion Orano Malvési

2 nd stage of conversion Enrichment Orano Tricastin

Nuclear Packages and Services

Storage of recyclable materials Depleted uranium, reprocessed uranium, etc.

ATE

R

T

I

N

L

Fuel manufacturing Third-party players

Y

N

A

Engineering

R

U

MOX FUEL

Extraction/Processing Natural uranium concentrate Orano Mining

Dismantling and Services

Recycling – MOX fuel production Orano Melox

Nuclear power plants Electricity production Third-party players

P

L

U

Nuclear Medicine

T

O

L

N

E

I

U

U

F

M

D

E

U

S

Cigéo project Medium-level long-lived / high-level waste

Reprocessing of used fuel Orano la Hague

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Orano - Annual Activity Report 2024

1

An operational risk management PRESENTATION OF THE ORANO GROUP

1.4 An operational risk management

In a constantly changing environment, the diversity of Orano’s activities exposes the group to risks of various kinds and different origins.

The establishment of a strong risk culture within the group enables the identi fi cation, anticipation, and management of these risks and associated opportunities. In an unstable geopolitical context, the group demonstrates the resilience of its activities, while remaining vigilant.

Orano has implemented a risk management system in line with the recommendations of the Autorité des marchés fi nanciers (French fi nancial markets authority - AMF), the professional standards of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and regulatory changes in sustainability, duty of vigilance and prevention of corruption.

MAPPING OF THE MAIN RISKS

High

Sustainability of industrial facilities, workload plans, cost control

Nuclear safety and environmental protection

Geopolitical risks

Financial risks

Cybersecurity Group commitments in terms of employee health and safety Risks related to the group's transformation and human resources

Risks related to the group's projects and the Back End of the Future program Uranium reserves and resources

Risks related to end-of-lifecycle operations

IMPACT

Transportation safety and security Impact of climate change on our facilities and activities

Risks of corruption and influence peddling

Tax issues

Low

High

PROBABILITY OF OCCURRENCE

Source: Orano

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Orano - Annual Activity Report 2024

PRESENTATION OF THE ORANO GROUP A responsible and fully committed governance

1.5 A responsible and fully committed governance

1

COMPOSITION OF THE BOARD OF DIRECTORS (as of February 18, 2025)

Independent Directors (4)

Directors proposed by the State (5)

Nicolas MAES Chief Executive Of fi cer

Claude IMAUVEN Chairman of the Board

Anne-Sophie LE LAY

Philippe BRAIDY

Anne-Marie DESCÔTES

13 members 9

Patrick PELATA Marie-Hélène SARTORIUS

Cécile SELLIER

François JACQ

91 % attendance

meetings

Directors representing employees (2)

Aurore Neuschwander

Director representing the State i

David LECAVELIER

Cyrille VINCENT

Romain VALENTY

Audit and Ethics Committee

Strategy, Investments and Sustainability Committee

Compensation and Nominating Committee

End-of-Lifecycle Obligations Monitoring Committee

COMPOSITION OF THE EXECUTIVE COMMITTEE

From left to right: Hélène DERRIEN People and Communications; Guillaume DUREAU Projects, Innovation, R&D and Nuclear medicine, Magnets and Batteries; Patrick CHAMPALAUNE Executive Advisor to the Chief Executive Of fi cer; Nicolas MAES Chief Executive Of fi cer; François LURIN Chemistry-Enrichment BU; David CLAVERIE Finance; Corinne SPILIOS Recycling BU; Jean-Christophe PATOUT Dismantling and Services BU; Jacques PEYTHIEU Customers and Strategy; Nicolas FERRAND Back End of the Future program; Frédéric de AGOSTINI Nuclear Packages and Services BU; Pascal AUBRET Performance; Laurence GAZAGNES Health, Safety and Environment; and Project Industrialization; Xavier SAINT MARTIN TILLET Mining BU.

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Orano - Annual Activity Report 2024

1

PRESENTATION OF THE ORANO GROUP

Our value creation model

1.6 Our value creation model

ASSETS AND RESOURCES

HUMAN AND INTELLECTUAL CAPITAL ● 17,500 active employees worldwide including 23 % women ● 7 training schools: la Hague Vocational Training School, Management School, Mining College, MOX Campus, Tricastin Vocational Training School, Trihom and D&S Vocational Training School ● 75% employees trained in compliance and ethics at the end of 2024 ● €172 M spent on R&D globally ● 882 recognized multidisciplinary experts and specialists INDUSTRIAL AND ENVIRONMENTAL CAPITAL ● A regional presence on 4 continents ● 3 main industrial platform s unique in France (la Hague, Tricastin, Melox) ● 78% of our global facilities are ISO 14001 certi fi ed, 87% ISO 9001 and 96% OHSAS 18001 or 45001 ● > €980 M in net operating investments in 2024 ● SHIFT , 1 digital transformation plan to support the safety and performance of activities ● A partnership approach with our suppliers structured in a Responsible Purchasing policy SOCIETAL CAPITAL ● Responsible player from design to redevelopment ● Dialogue and local involvement with stakeholders ● 2 meetings per year of the Stakeholders’ Panel ● Support for skills development in the territories ECONOMIC CAPITAL AND SHAREHOLDERS ● 90.33% of share capital held by the French State guaranteeing stable governance ● 9.66% of the capital held by two Japanese shareholders and industrial partners ● Structured governance with 4 specialized committees comprising experts recognized in their fi elds

Committed to THE WORLD OF TOMORROW

OUR PURPOSE

Our purpose de fi nes the reason why we do what we do Develop know-how in the transformation and control of nuclear materials for the climate, for a healthy and resource-ef fi cient world, now and tomorrow.

COMMUNITY By being engaged and responsible locally in our environment

CLIMATE By contributing

COMPETENCIES By mobilizing

to carbon neutrality

proud and committed employees, who embody our purpose

VALUES

Our values provide a common base

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Orano - Annual Activity Report 2024

Our value creation model PRESENTATION OF THE ORANO GROUP

1

ACHIEVEMENTS AND RESULTS

OUR CUSTOMERS, SOCIETY, AND THE CLIMATE • A major player in the low-carbon transition, making it possible to offer one of the least carbon-emitting technologies, thanks to its contribution (12g CO 2 /KWh according to IPCC) and the recycling of used fuel

STRATEGIC ACTION PLAN

Our strategic action plan expresses our goals

• More than 7 years of revenue in the backlog • >40 innovative technological solutions deployed on the sites

Improve our performance through

the Opteam26 program 1

● A dedicated fund, Orano Venture Fund , to invest in startups in the circular economy and advanced industrial technologies ● -40% in scopes 1 and 2 market-based greenhouse gas emissions compared to 2019, -75% compared to 2004 (isoperimeter) ● Carbon intensity scopes 1, 2 market-based and 3 at 471 tC O 2 e / €M of revenue ● -42% water consumption compared to 2019 OUR EMPLOYEES ● 1,926 permanent hires ● 62% employee engagement rate, growing ● 0 employee below decent wage ● 6.5% work-study students in France ● 32.8hrs/year of training per employee in France and a training access rate of 96% in France ● 31 % women on the group’s Management Committees ● Accident frequency rate 1.1 0 INES level 2 event 2 INES level 1 events 138 INES level 0 events ● 90 % of non-group purchases by French entities from suppliers located in France OUR SHAREHOLDERS €5,874 M Revenue ● Responsible management of activities: > €8.5 b n in earmarked assets to cover all of our obligations for future dismantling of our nuclear sites ● €354 M net cash flow OUR PARTNERS AND REGIONS €2,773 M External purchases €302 M Tax and duties ● Transparency and control of safety in 2024:

Successfully implement our development opportunities in our core business and in our diversi fi cation activities Build the Back End of the Future by extending the lifetime of our existing plants and preparing the industrial assets of tomorrow

2

3

COMMITMENTS

The 5Cs provide our operational framework internally and state our commitments to our stakeholders externally

CUSTOMER GROWTH By innovating to preserve resources and protect health

COMPETITIVENESS By operating efficiently

Safety and security

Customer satisfaction

Team spirit and cohesion Ethics, transparency and dialogue Continuous improvement Respect and people development

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Orano - Annual Activity Report 2024

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PRESENTATION OF THE ORANO GROUP

Sharing with our stakeholders

1.7 Sharing with our stakeholders

STAKEHOLDERS ASSOCIATED WITH THE GROUP'S REFLECTION ON COMMITMENT

In 2024, Orano updated its materiality analysis in accordance with the principles of double materiality provided for by the CSRD Directive. The group chose to involve its stakeholders in the preparation of this analysis, as in the previous edition in 2020. It consulted 150 stakeholders around its various sites in order to find out how the activities of Orano or its value chain were likely to impact them. These discussions fed into the discussions on the material issues for the group, as well as its ambitions for updating its Commitment roadmap.

MATERIAL ISSUES

IMPACT MATERIALITY

IMPACT AND FINANCIAL MATERIALITY

FINANCIAL MATERIALITY

• Occupational health, safety, and radioprotection [S1] • Working conditions and employee well-being [S1] • Diversity and inclusion [S1] • Working conditions for suppliers and subcontractors [S2] • Economic development of territories [S3] • Transparency and information for the end-user [S4]

• Climate change adaptation [E1] • Liabilities management and site dismantling [E2] • Circularity in products and services [E5] • Social dialogue [S1] • Stakeholder dialogue and engagement [S3] • Business ethics and conduct, prevention of fraud, corruption, and influence peddling [G1]

• Safety and security of our activities and products (health and safety of local residents) [S3] • Climate change mitigation [E1] • Freshwater [E3] • Radioactive waste [E5] • Skills and career development [S1] • Continuity and final cost for the end user [S4] • Management of relationships with suppliers [G1] • Land-use change [E4]

• Political influence and lobbying activities [G1]

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Orano - Annual Activity Report 2024

Sharing with our stakeholders PRESENTATION OF THE ORANO GROUP

A STAKEHOLDERS’ PANEL TO ENHANCE AND ENRICH ACTIONS

1

Initiated in 2021, the Orano group Stakeholders’ Panel is an advisory and voluntary committee whose objective is to provide the Company’s management with an external eye on strategic orientations and societal and environmental commitments.

individuals with multidisciplinary skills 10

ORANO PLAYS AN ACTIVE PART

The group is a member of professional associations in its fi eld and a signatory of collective undertakings.

Circular economy

Climate

Energy and nuclear

Innovation and digital transformation

Member of the ICMM and signatory of the charter

Responsible fi nance

Employment law

Member of WANO

The Stakeholders’ Panel complements other stakeholder dialogue initiatives carried out globally or developed locally in the countries where we operate.

Signatory of the MEDEF French Business Climate Pledge

PERFORMANCE RECOGNIZED BY NON-FINANCIAL RATING AGENCIES

Most recent rating 2023/2024

Trend . previous year

Industry positioning

29.7 / 100

18 th

/ 125

100 - 0 (0 = low risk)

AA

Top 22 %

CCC - AAA

66 / 100

-

(1)

0 - 100

-

81 / 100

Source: Orano

(1) This ESG Assessment was originally conducted by V.E, which is now part of Moody’s ESG Solutions.

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Orano - Annual Activity Report 2024

1

A committed roadmap for 2030 PRESENTATION OF THE ORANO GROUP

1.8 A committed roadmap for 2030

REMINDER OF PREVIOUS COMMITMENTS AT THE END OF 2025

OBJECTIVES

MARKERS IN 2025

MARKERS

2019 2024

PROGRESS

Aim for the highest standards in terms of nuclear safety, environment, health, and occupational safety Make information and dialogue more accessible to our stakeholders and more explicit regarding sensitive perceptions

# INES2

0

0

0 INES level 2 events Accident frequency rate (Orano employees) less than 1

Frequency rate

1.8 1.1

OUR VALUES COMMUNITIES CLIMATE COMPETENCIES CUSTOMER GROWTH COMPETITIVENESS

80% of our stakeholders satis fi ed with the “transparency” and “dialogue” topics

Satisfaction rate

60% 80%

Strengthen local roots, particularly in the area of skills development and employment

80% of local residents have a positive view of Orano’s activity in their area

Positive outlook

58% In 2025

100% of site planning includes management of long-term liabilities

Build a second life for sites

Planning rate

n/a

80%

Eco-design all our major projects

50% of major projects are eco-designed Planning rate

n/a

0%

Reduce the “equivalent” carbon footprint of our business in line with the Paris Agreement Innovate to reduce the footprint of our customers and increase the acceptability of nuclear power and nuclear materials

-25% in tCO 2 e for scopes 1 and 2 market-based vs . 2019

Reduction in scopes 1 and 2 market-based vs . 2019

n/a

-40%

Laboratory validation of a solution for decommissioning hulls

Progress of fi nal waste reduction projects

TRL 1 TRL 2

Offer professional and personal development in an appealing work environment

52% 62%

75% engagement rates for employees Engagement rate

35% women in the Management Committees 1,000 group managers involved in mentoring/tutoring Revenue from innovative business models, products, and services

Percentage of Management Committee members who are women Percentage of managers involved in mentoring/tutoring

25% 31 %

Be a benchmark employer, inclusive and promoting diversity

n/a

637

Develop our innovation ecosystem

# of new businesses launched

n/a

5

Broaden our recycling offer

Develop anti-cancer treatments using nuclear medicine

Group revenue close to 4.5 billion euros

3.8 billion euros

5.9 billion euros

Revenue

Become a player in the medical, industrial and research isotope markets

Ef fi ciency rate

100 101.4

Improve the ef fi ciency of the extended enterprise by 25%

10% improvement in the use of raw materials (water, energy, etc.) vs . 2019

Reduction in energy consumption

n/a

-12%

Reduction in water footprint

n/a

-42%

90% in France and 65 % overall

65% conventional waste recovery rate Conventional waste recovery rate

51%

Reduce our production of non-recycled waste by 25%

3 radioactive waste recovery channels opened

# of radioactive waste recovery channel openings planned

n/a

4

n/a: not applicable.

18

Orano - Annual Activity Report 2024

PRESENTATION OF THE ORANO GROUP

A committed roadmap for 2030

1

A ROADMAP RENEWED IN 2024 BEARING OUR COMMITMENTS TO 2030

At the end of 2024, Orano completed its fi rst Commitment roadmap launched in 2019. In 2024, the group renewed its ESG objectives for 2030 through a new Commitment roadmap, based

on the Corporate Project and its three strategic priorities. It is also based on the expectations expressed by the 150 stakeholders interviewed in 2024.

By being engaged and responsible locally in our environment

By contributing to carbon neutrality

By mobilizing proud and committed employees, who embody our purpose

By innovating to preserve resources and protect health

By operating ef fi ciently

Seek to achieve a frequency rate of consistently less than 1 (including external contractors) Assure the safety of our activities by ensuring there are no level 2 INES event

Implement a climate adaptation plan for 100% of Orano’s industrial activities Maintain -25% on scope 1 and 2 market-based GHG emissions in 2030 vs. 2019 Bring the 80 most emitting suppliers on board in the reduction of their emissions

35% women on Management Committees (worldwide)

Commercialize at least one anti-cancer drug Launch the execution of Back End of the Future undertakings

Achieve in terms of energy performance

the equivalent of 10% of our consumption for 2019 (190 GWh) Deploy 100% of the actions set out in our Responsible Purchasing policy Adopt an ecodesign approach on 100% of our large projects costing more than €20 M

Employee Engagement rate of 70%

Maintain an average of 35 hours of training per employee per year (worldwide)

Complete 2 emblematic remediation operations (deconstruction of the GB1 cooling towers at Orano Tricastin and end of the cleanup of the Parc aux Ajoncs (PAA) at Orano la Hague) Deploy 100% of actions of the Nature strategy Co-construct our new facilities in partnership with local and regional authorities

100% of employees covered by a common base in terms of social bene fi ts

WITH AN AMBITION

Progress towards zero accidents in all our activities Achieve gender parity and equality Aim for carbon neutrality

Manage our liabilities in a responsible way Make progress on the closure of the fuel cycle Be an established player in climate, health and the preservation of resources

19

Orano - Annual Activity Report 2024

1

Financial and non-financial performance PRESENTATION OF THE ORANO GROUP

1.9 Financial and non-financial performance

SAFETY SECURITY

INES EVENTS

FREQUENCY RATE OF WORKPLACE ACCIDENTS WITH LOST TIME (ORANO EMPLOYEES)

138

132

122

120

1.8

1.2

1.1

7

6

0.9

2

2

0

0

0

0

//

//

2023

2024

2022

2019

2019

2022

2023 2024

Level 0

Level 1 Level 2

CUSTOMER GROWTH

2024 REVENUE

BACKLOG (in €Bn)

by activity

by region

Revenue (in €Bn)

35.9

1%

5.9

4.8

30.8

29.9

49%

31%

26%

4.2

3.8

26.1

52%

12%

22%

//

//

7%

2019 2022 2023 2024

2019 2022 2023 2024

Mining Front End

Back End Other (0%)

Asia

Europe (excluding France) France

Africa and Middle East

Americas

COMPETITIVENESS

EBITDA RATE (EBITDA/REVENUE) (in %)

NET DEBT

NET CASH FLOW

€Bn

€M

354

35.2

2.2

247

1.7

219

1.5

25.8 25.7

23.8

128

0.78

//

//

//

2019 2022 2023 2024

2019 2022 2023 2024

2019 2022 2023 2024

20

Orano - Annual Activity Report 2024

Financial and non-financial performance PRESENTATION OF THE ORANO GROUP

1

COMMUNITIES

SHARE OF NON-GROUP PURCHASES BY FOREIGN ENTITIES IN THE HOST COUNTRY

SHARE OF NON-GROUP PURCHASES IN FRANCE BY FRENCH ENTITIES

%

%

93

88

90

89.7

73 75

89

88

//

//

2019 2022 2023 2024

2019 2022 2023 2024

CLIMATE

SCOPES 1, 2 MARKET-BASED AND 3 GHG EMISSIONS INTENSITY

SCOPES 1 AND 2 MARKET-BASED GHG EMISSIONS

tCO 2 e

tCO 2 e / €M of revenue

479,280

355,614

338,664

512

231,021

289,559

471

464 437

166,880

Scope 2 market-based

162,877

116,766

248,259

188,734

175,687

172,793

Scope 1

//

//

2019 2022 2023 2024

2019 2022

2023

2024

COMPETENCIES

WORDWIDE PERMANENT EMPLOYEE HIRING

WOMEN IN WORLDWIDE WORKFORCE

1,926

FTE

%

23

1,748

22.6

1,440

22.2

1,264

21.7

//

//

2019 2022 2023 2024

2019 2022 2023 2024

ENERGY INTENSITY

WATER INTENSITY

M 3 / €M of revenue

MWh / €M of revenue

3,029

509

432

374 345

1,874

1,472 1,348

//

//

2019 2022 2023 2024

2019 2022 2023 2024

21

Orano - Annual Activity Report 2024

22

Orano - Annual Activity Report 2024

CHAPTER

2

SITUATION AND ACTIVITIES OF

THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR

2.5 Financial situation of

2.1 Highlights of the fi nancial year Capital increase of Orano SA subscribed by the French State 2.1.1

24

the Company and the group during the past fi nancial year Summary of key fi gures and segment information Consolidated fi nancial statements for the past fi nancial year Separate fi nancial statements for the past fi nancial year

47

24 24

2.1.2

Business highlights

2.5.1

47

2.5.2

2.2 Simpli fi ed group organization chart – subsidiaries, equity interests and branch of fi ces

49

2.5.3

29

56 56 56

2.5.4 Dividends

2.2.1

Simpli fi ed group organization chart at December 31, 2024

29

2.5.5

Non-tax deductible expenses

2.2.2 Acquisitions of equity interests and takeovers during the past fi nancial year

30 30

2.6 Foreseeable developments and future prospects

2.2.3

Branch of fi ces and representation of fi ces

57

2.6.1

Future prospects

57 59

2.3 The group’s businesses

31

2.6.2 Orano’s fi nancial outlook

2.3.1 2.3.2 2.3.3

Mining

31 38 39 44

Front End Back End

2.7 Signi fi cant post-closing events Signi fi cant events between the reporting date and the preparation date of the management report 2.7.1

59

2.3.4 Other activities of Orano

59

2.4 Research and Development activities

2.7.2 Signi fi cant events between

46

the preparation date of the report and the date of the General Meeting

59

23

Orano - Annual Activity Report 2024

2 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR Highlights of the fi nancial year

2.1 Highlights of the fi nancial year

2.1.1 Capital increase of Orano SA subscribed by the French State The Board of Directors of Orano SA, on October 24, 2024, duly noted the completion of a capital increase with preemptive subscription rights for a total amount of 299,999,952 euros, through the creation and issue of 9,146,340 new ordinary shares with a par value of 0.50 euros each and an issue premium of 32.30 euros per share.

This transaction, decided by the General Meeting of October 9, 2024, was fully subscribed and paid up in cash by the French State. Following its completion, Orano SA is 90.33% owned by the French State and JNFL and MHI each have a 4.83% stake.

2.1.2 Business highlights

lb U 3 O 8 and fluctuated between 70 and 90 USD/lb U 3 O 8 during most of the rest of the year when a slowdown in the level of activity was seen on the spot market. As a result, the spot price rose from 91 USD/lb U 3 O 8 at the end of 2023 to less than 73 USD/lb U 3 O 8 at the end of 2024 (average of the UxC and TradeTech indicators). The long-term indicator increased steadily for most of the year, exceeding the spot indicator for the fi rst time since 2022 to reach 80.5 USD/lb U 3 O 8 at the end of 2024 (compared to 68 USD/lb U 3 O 8 at the end of 2023). ● At the beginning of 2024, Orano’s Board of Directors approved the project to extend the Cigar Lake mine operated by Cameco to extend the mine’s life until 2036. ● Orano’s partner Cameco also continues to assess the work and investments required to consider a decision to increase production at McArthur River/Key Lake up to its annual authorized capacity of 25 million pounds of uranium oxide (base 100%) or at an intermediate level between its planned annual production and its authorized annual capacity of 25 million pounds of uranium oxide (nearly 9,600 tU). ● The joint venture between Orano Canada and Denison Mines Corp, McClean Lake Joint-Venture, announced in early 2024 the resumption of uranium extraction operations on the McClean license using for the fi rst time on an industrial scale the innovative mining extraction method SABRE (Surface Access Borehole Resource Extraction). The start of production is scheduled for 2025. ● In May 2024, Orano transferred the Cluff Lake site to the Institutional Control Program (ICP) of the province of Saskatchewan as well as the funds necessary for its monitoring and maintenance. Completely declassi fi ed, redeveloped and planted (replanting of local plant species), the site has been open to the public since 2013. Today, it is considered a model for the redevelopment of a modern uranium mine. ● In Kazakhstan, the start of production of the South Tortkuduk mining site operated by Katco is progressing on schedule with the fi rst metric ton produced in June 2024. Katco teams continue to work for the site to reach its full production capacity of 4,000 metric tons of uranium by 2026.

2.1.2.1 Mining

SITUATION IN NIGER Since the coup in Niger in July 2023, Orano has been subject to increasing interference by the State of Niger in the governance of its Nigerien Subsidiaries (the “Nigerien Subsidiaries” meaning Somaïr, Imouraren and Cominak). For example, the authorities in Niger have: ● hindered the export of its production by Somaïr; ● withdrawn, on June 19, 2024, the operating permit held by Imouraren, despite the resumption of activities on the Imouraren site, in accordance with the requests they had made; ● took control of the Somaïr and Cominak subsidiaries through repeated interference in the governance of these companies; ● violated the provisions of the Global Partnership Agreement signed in May 2023 between the State of Niger and Orano Mining. This interference, which is part of a sovereigntist agenda aimed at regaining control of the country’s mining activities, has led the group to con fi rm the loss of Orano’s operational control over its Nigerien subsidiaries as of December 2024. After several attempts at amicable resolution that remained unanswered, Orano Mining has initiated four arbitration proceedings before the competent international tribunals in order to obtain remedy for its loss (for more information on the proceedings initiated, see Section 3.3.5.2). Other business highlights ● The spot indicator of the natural uranium market reached price levels equivalent to those of 2007 and 2008, exceeding 100 USD/lb U 3 O 8 in the fi rst quarter of 2024. From the second quarter onwards, the spot indicator fell back below 90 USD/

24

Orano - Annual Activity Report 2024

SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR

Highlights of the fi nancial year

● In December 2024, Orano Mining, AREVA and the French National Financial Prosecutor’s Of fi ce (PNF) agreed to end investigations with AREVA concerning activities in Mongolia prior to 2015. The Public Interest Judicial Agreement (CJIP) signed by Orano Mining concludes the proceedings initiated by the PNF. It con fi rms the strengthening of the implementation of the group’s compliance plan, acknowledges Orano’s collaboration with the legal authorities and ends investigations concerning the activities of the former AREVA group, without acknowledging any liability. 2.1.2.2 Front End ● In 2024, the continued growth of price indicators reflects the tension in the enrichment and conversion markets since the beginning of the Russia-Ukraine conflict. The SWU Spot benchmark price rose from 157 USD/SWU at the end of 2023 to 192.5 USD/SWU at the end of 2024, while the conversion spot price went from 46 USD/kg U at the end of 2023 to 96.5 USD/kg U at the end of 2024 (average of the UxC and TradeTech indicators). According to the same sources, the long-term SWU price increased from 151 USD/SWU at the end of 2023 to 166 USD/SWU at the end of 2024, and the long term conversion price increased from 34.3 USD/kg U at the end of 2023 to 49.8 USD/kg U at the end of 2024. ● In the global geopolitical context and the consequences of the Russian-Ukrainian conflict, many Western utilities wish to reduce their dependence on Russian supply, particularly in terms of enrichment services. As part of the REPowerEU program, Europe has indicated that it wishes to reduce the share of Russian supplies. The United States, which already had uranium import quotas, introduced legislation in May 2024 on the end of Russian imports of enriched uranium from 2028. These events are coupled with a renewed interest in nuclear energy at the global level, implying in particular an increase in forecasts of global needs for enrichment services. In order to offer its customers an alternative to Russian uranium and enable them to meet their long-term commercial commitments, from 2028, Orano will increase its uranium enrichment capacity by increasing the production capacity of its Georges Besse II plant on the Tricastin site by more than 30%. This project includes the construction of four additional modules identical to the fourteen existing modules. They will be equipped with the same ultra centrifuge technology, which is recognized, proven and has a reduced environmental footprint. With modular commissioning, the extension’s full production capacity is scheduled for 2030. After approval by its Board of Directors and the completion of regulatory steps, including the organization of a consultation in 2023 and 2024 under the aegis of the National Commission for Public Debate (CNDP) and a public inquiry in the spring of 2024, Orano has launched its project to increase production at the Georges Besse II plant. The total amount of the investment is nearly 1.7 billion euros. The building permit was issued by the Prefect of the Drôme in June 2024, the preparatory work for the site including the erection of the cranes carried out during the summer of 2024, and the civil engineering work began in September 2024. A groundbreaking ceremony was organized at the Orano Tricastin site on October 10, 2024, in the presence of international customers and numerous elected of fi cials and economic players in the region.

● In parallel with the decision to end Russian imports of enriched uranium, the US Department of Energy (DOE) issued two calls for proposals in November 2023 and then in January 2024 to secure a domestic supply of HALEU-type uranium. This fuel, enriched to a uranium-235 content of 20%, is intended to supply certain advanced reactor technologies. A third call for proposals was issued in May 2024 to support the development of new enrichment capacity in the United States, in particular through commitments to purchase LEU materials by the DOE. The total maximum amount allocated to these calls for proposals is 3.4 billion dollars. With the necessary technologies and know-how, Orano responded to the three calls for proposals of the DOE and offered its enrichment expertise for grades of up to 5% and 19.75%, and in uranium chemistry for transformation of HALEU-type fuel into an appropriate solid chemical form (oxide or metal). The DOE noti fi ed Orano and the other winning companies of their selection in October 2024 for the HALEU calls for proposals and in December 2024 for the LEU calls for proposals. Each will bene fi t from at least one contract worth 2 million dollars over a maximum period of ten years. ● In addition to the project to extend the Georges Besse II plant and in line with the requests of the US Department of Energy (DOE), Orano plans to increase its capacity with a new ultra centrifuge enrichment facility in the United States. This project will contribute to the long-term relationship between Orano and its American customers to safely and reliably secure their supplies to provide low-carbon energy. In September 2024, Orano and the State of Tennessee announced that they were entering into exclusive discussions for the location of this plant at the Oak Ridge site belonging to the DOE. This announcement is a fi rst step in the selection of a host site but does not constitute an investment decision to date. The teams are now preparing the next stages of the project: obtaining fi nancial support from the US government, securing customer commitments, submissions and then awarding a license to the U.S. Nuclear Regulatory Commission (NRC), and approval of the project by the Board of Directors of Orano. ● In 2024, production at the Georges Besse II enrichment plant continued uninterrupted with a yield of over 99%. In addition, Orano has continued the necessary steps to be able to produce uranium enriched to more than 5% (LEU+) in the coming years in order to meet the changes in potential demand for power reactors in the United States. Orano will thus be ready to produce uranium enriched up to 6% by 2025. The production of higher grades (between 6 and 8%) requires a longer regulatory procedure (around three years in France from the decision), so potential customers will need to clarify their requirements. ● The ramp-up of the Philippe Coste conversion plant continued in 2024. The project phase has been completed and production is gradually increasing. 10,625 metric tons of UF 6 were produced in 2024 compared to 10,060 metric tons in 2023. ● Commercial quali fi cation of the production of the new uranium dioxide powder production facility (UO 2 ) at the Malvési site (Aude) was reached in October 2024. This workshop will allow - as soon as the MOX fuel using this UO 2 will be quali fi ed - to supply the Melox plant (Gard), which is one of the possible recoveries of the depleted uranium from enrichment operations. All types of recoveries envisaged by

2

25

Orano - Annual Activity Report 2024