ORANO // Annual Activity Report 2024

STATEMENTS

Consolidated fi nancial statements - fi nancial year ended December 31, 2024

The breakdown by type of hedging strategy of currency derivatives can be analyzed as follows:

December 31, 2024

December 31, 2023

Notional amounts in absolute value

Notional amounts in absolute value

Market value

Market value

(in millions of euros) Cash flow hedges

4,201 4,201

(172) (172)

4,982 4,982

8 8

Forward exchange transactions and currency swaps

Fair value hedges

480

18

886 396 490 201 201

12

Forward exchange transactions and currency swaps

78

2

4 8

Cross-currency swaps

401 231 231

16

Derivatives not qualifying as hedges

- -

(1) (1) 19

Forward exchange transactions and currency swaps

TOTAL

4,912

(154)

6,070

Liquidity risk Liquidity risk is managed by the Financing and Treasury Operations Department (“DOFT”), which provides the appropriate short- and long-term fi nancing resources. Cash management optimization is based on a centralized system to provide liquidity and manage cash surpluses. This management is provided by the DOFT chiefly through cash-pooling agreements and intragroup loans, subject to local regulations. Cash is managed to optimize income while ensuring that the fi nancial instruments used are liquid. To meet its commitments and ensure longer-term operating continuity, at December 31, 2024, Orano had a gross cash position of 1,273 million euros (see Note 20) and cash management fi nancial assets of 658 million euros (see Note 15). The group also has a syndicated credit facility with a pool of ten international banks in the amount of 880 million euros maturing in May 2028, with two one-year extension options.

Counterparty risk Orano is exposed to counterparty risk in respect of cash deposits with banks and the use of derivatives to hedge its risks. To minimize this risk, Orano deals with a diversi fi ed group of leading counterparties selected according to their investment grade ratings awarded by Standard & Poor’s and Moody’s. Interest rate risk Orano hedges its exposure to changes in the value of its fi xed-rate debt through the use of fi xed/variable interest rate swaps.

DERIVATIVES SET UP TO HEDGE INTEREST RATE RISK AT DECEMBER 31, 2024

Notional amounts by maturity date

Market value (1)

1 to 2 years

2 to 3 years

3 to 4 years

4 to 5 years >5 years

Total

<1 year

(in millions of euros)

6

INTEREST RATE SWAPS – EUR VARIABLE LENDER

100 100 100

-

100 100 100

-

-

-

-

(2) (2) (2)

EUR variable payer / EUR variable recipient

-

-

-

-

-

TOTAL

-

-

-

-

-

(1) Foreign exchange portion.

373

Orano - Annual Activity Report 2024