ORANO // Annual Activity Report 2024

FINANCIAL STATEMENTS

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

The Financial Operations and Treasury Management Department hedges these exposures directly with its banking counterparties. A system of strict limits, particularly concerning results, marked to market, and foreign exchange positions that may be taken by the

Orano SA Trading Desk, is monitored daily by specialized teams that are also charged with the valuation of the transactions. In addition, analyses of sensitivity to changes in exchange rates are periodically performed.

At December 31, 2024, the derivatives used by Orano SA to hedge foreign exchange risk were as follows:

Notional amounts by maturity date at December 31, 2024

Market value

<1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years >5 years

Total

(in millions of euros)

Forward exchange transactions and currency swaps

1,691

1,242

787 100 887

539 134 673

252

- -

4,510

(170)

Cross-currency swaps

67

100

-

401

16

TOTAL

1,758 1,342

252

-

4,912

(154)

Interest rate risk Orano SA is exposed to interest rate fluctuations mainly on its floating-rate borrowings and on its fi nancial investments. The Financial Operations and Treasury Management Department manages all interest rate risks. Orano SA uses several types of derivatives, depending on market conditions, to allocate its borrowings and investments between fi xed rates and floating rates, with the goal being mainly to reduce its borrowing costs while optimizing the management of its cash surpluses.

At December 31, 2024, interest rate swaps were the main fi nancial instruments used in the management of external debt. The amount of the commitments and the sensitivity of the positions taken by the Orano SA Trading Desk in connection with rate management are subject to limits based on the type of transaction involved.

At December 31, 2024, the following fi nancial instruments were used to hedge interest rate exposure:

INTEREST RATE INSTRUMENTS

Notional amounts by maturity date at December 31, 2024

1 to 2 years

2 to 3 years

3 to 4 years

4 to 5 years >5 years

Market value

TOTAL

<1 year

(in millions of euros)

INTEREST RATE TRANSACTIONS EUR variable payer / EUR fi xed receiver CAD variable payer / EUR variable receiver

100 401 501

-

100 100 200

-

-

- -

- -

(2) 16 14

67 67

100 100

134 134

GRAND TOTAL

-

-

6

The limits allowed for each counterparty are determined based on its rating and the type and maturity of the instruments traded. Assuming the rating of the counterparty is not downgraded, the limits are reviewed at least once a year and approved by the Chief Financial Of fi cer. The limits are veri fi ed in a speci fi c report produced by the internal control teams of the Treasury Management Department. During periods of signi fi cant fi nancial instability that may involve an increased risk of bank default, which may be underestimated by ratings agencies, Orano SA monitors advanced indicators such as the value of the credit default swaps (CDS) of eligible counterparties to determine whether the limits should be adjusted. When conditions warrant (rising counterparty risk, longer or shorter term transactions, etc. ), market transactions are managed by monthly margin calls that reduce Orano SA’s counterparty exposure to a predetermined threshold: the Credit Support Annex for trades documented under an ISDA master agreement, or the Collateral Annex for trades documented under a French Banking Federation (FBF) master agreement.

Commodity risk Orano SA had no exposure to commodity risk at December 31, 2024. Counterparty risk Orano SA is exposed to the credit risk of counterparties linked to its use of derivatives to cover its risks. Orano SA uses different types of derivatives to manage its exposure to foreign exchange and interest rate risks. Orano SA primarily uses forward currency purchases and sales, and interest rate derivatives (such as swaps, futures and options) to cover these types of risk. These transactions expose Orano SA to counterparty risk when the contracts are concluded over the counter. To minimize this risk, Orano SA’s Financial Operations and Treasury Management Department deals with diversi fi ed, leading counterparties selected on the basis of their ratings by Standard & Poor’s and Moody’s, with a minimum rating of Investment Grade. A legal framework agreement is always signed with these counterparties.

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Orano - Annual Activity Report 2024