| EDITORIALS | 2 |
| 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-financial performance | 20 |
| 2. SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR | 23 |
| 2.1 Highlights of the financial year | 24 |
| 2.1.1 Capital increase of Orano SA subscribed by the French State | 24 |
| 2.1.2 Business highlights | 24 |
| 2.2 Simplified group organization chart – subsidiaries, equity interests and branch offices | 29 |
| 2.2.1 Simplified group organization chart at December 31, 2024 | 29 |
| 2.2.2 Acquisitions of equity interests and takeovers during the past financial year | 30 |
| 2.2.3 Branch offices and representation offices | 30 |
| 2.3 The group’s businesses | 31 |
| 2.3.1 Mining | 31 |
| 2.3.2 Front End | 38 |
| 2.3.3 Back End | 39 |
| 2.3.4 Other activities of Orano | 44 |
| 2.4 Research and Development activities | 46 |
| 2.5 Financial situation of the Company and the group during the past financial year | 47 |
| 2.5.1 Summary of key figures and segment information | 47 |
| 2.5.2 Consolidated financial statements for the past financial year | 49 |
| 2.5.3 Separate financial statements for the past financial year | 56 |
| 2.5.4 Dividends | 56 |
| 2.5.5 Non-tax deductible expenses | 56 |
| 2.6 Foreseeable developments and future prospects | 57 |
| 2.6.1 Future prospects | 57 |
| 2.6.2 Orano’s financial outlook | 59 |
| 2.7 Significant post-closing events | 59 |
| 2.7 .1 Significant events between the reporting date and the preparation date of the management report | 59 |
| 2.7.2 Significant events between the preparation date of the report and the date of the General Meeting | 59 |
| 3. RISKS, CONTROL AND DUTY OF VIGILANCE PLAN | 61 |
| 3.1 Internal control system | 62 |
| 3.1.1 Commitments of the Orano group | 62 |
| 3.1.2 Internal control objectives | 62 |
| 3.1.3 Organization of the internal control system | 63 |
| 3.2 Methodology: risk mapping and risk management | 65 |
| 3.2.1 Risk management policy and methodology | 65 |
| 3.2.2 Risk coverage and insurance | 66 |
| 3.3 Risk factors | 68 |
| 3.3.1 Geopolitical risks | 69 |
| 3.3.2 Risks related to the group’s business activities | 71 |
| 3.3.3 Risks related to social, societal and environmental commitment | 75 |
| 3.3.4 Financial risks for the group | 77 |
| 3.3.5 Regulatory and legal risks | 79 |
| 3.4 Duty of vigilance plan | 82 |
| 3.4.1 Risk mapping related to the duty of vigilance | 83 |
| 3.4.2 Measures applied in the prevention of duty of vigilance risks | 84 |
| 3.4.3 Regular risk assessment | 104 |
| 3.4.4 Orano trains its employees and suppliers, and operates a process for collecting and processing reports | 105 |
| 3.4.5 Monitoring measures and assessing their effectiveness | 105 |
| 4. SUSTAINABILITY STATEMENT | 109 |
| 4.1 Societal and environmental challenges at the heart of the strategy | 110 |
| 4.1.1 General information on the sustainability statement | 110 |
| 4.1.2 Sustainability taken to the highest level of the company | 114 |
| 4.1.3 ESG at the heart of the group’s strategy | 119 |
| 4.1.4 A group connected to its ecosystem | 123 |
| 4.1.5 Significant Impacts, Risks and Opportunities and materiality of the topics | 125 |
| 4.2 Environmental information | 142 |
| 4.2.1 Contributing to carbon neutrality and adapting to climate change [E1] | 142 |
| 4.2.2 Limiting our footprint on freshwater [E3] | 170 |
| 4.2.3 Anticipating impacts on biodiversity [E4] | 176 |
| 4.2.4 A responsible management of our liabilities [E2] | 181 |
| 4.2.5 An industrial actor committed to the preservation of resources, the circular economy and waste optimization [E5] | 186 |
| 4.3 Social and societal information | 194 |
| 4.3.1 Mobilizing proud and committed employees who embody our purpose [S1] | 194 |
| 4.3.2 Committing our upstream value chain to preserving health, safety and human rights [S2] | 218 |
| 4.3.3 Being engaged and responsible locally in the regions where Orano operates [S3] | 221 |
| 4.3.4 Operating efficiently for citizens [S4] | 233 |
| 4.4 Governance information | 237 |
| 4.4.1 Being exemplary in terms of ethics and business conduct [G1] | 237 |
| 4.5 Summary of indicators and cross-reference tables | 251 |
| 4.5.1 Summary of indicators | 251 |
| 4.5.2 Table required by Annex B of ESRS 2 for other European regulations | 260 |
| 4.5.3 Cross-reference table between TCFD recommendations and this 2024 Annual Activity Report | 262 |
| 4.6 Report on the certification of sustainability information and verification of the disclosure requirements under Article 8 of Regulation (EU) 2020/852 for Orano SA, for the year ended December 31, 2024 | 263 |
| 5. CORPORATE GOVERNANCE AND GENERAL INFORMATION | 269 |
| 5.1 Administration and management of the Company | 270 |
| 5.1.1 Composition of the Board of Directors | 270 |
| 5.1.2 Functioning of the Board of Directors | 285 |
| 5.1.3 Other Committee | 293 |
| 5.1.4 Executive Management | 293 |
| 5.2 Compensation of corporate officers | 295 |
| 5.2.1 Compensation policy for the Company’s corporate officers | 295 |
| 5.2.2 Compensation for the 2024 financial year | 298 |
| 5.3 Corporate Governance Reference Code | 304 |
| 5.4 Additional information | 305 |
| 5.4.1 General information about the Company | 305 |
| 5.4.2 Articles of incorporation and Articles of Association | 305 |
| 5.4.3 Participation of shareholders in General Meetings | 306 |
| 5.4.4 Related-party agreements and commitments | 306 |
| 5.4.5 Main features of the Company’s internal control and risk management systems as part of the financial reporting process | 308 |
| 5.5 Share capital and shareholding | 309 |
| 5.5.1 Share capital | 309 |
| 5.5.2 Distribution of the Company’s capital and voting rights | 309 |
| 5.5.3 Securities not representing capital | 310 |
| 5.5.4 Transactions referred to in Article L. 621-18-2 of the French Monetary and Financial Code during the financial year | 310 |
| 6. FINANCIAL STATEMENTS | 313 |
| 6.1 Consolidated financial statements - financial year ended December 31, 2024 | 314 |
| 6.2 Statutory Auditors’ report on the consolidated financial statements for the financial year ended December 31, 2024 | 383 |
| 6.3 Company financial statements - financial year ended December 31, 2024 | 391 |
| 6.4 Statutory Auditors’ report on the Company financial statements for the financial year ended December 31, 2024 | 416 |
| 7. MISCELLANEOUS INFORMATION | 421 |
| 7.1 Statutory Auditors | 422 |
| 7.2 Injunctions or fines for anti-competitive practices | 422 |
| 7 .3 Information on employee representative bodies | 422 |
| 7.4 Information on payment terms | 423 |
| 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 | 423 |
| 7.6 Five-year financial summary | 424 |
| 7.7 Table of subsidiaries and associates | 424 |
| 7.8 List of French companies indirectly controlled by Orano at December 31, 2024 | 425 |
| 7.9 Financial glossary | 427 |