ORANO // Annual Activity Report 2024

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

Financial situation of the Company and the group during the past fi nancial year

Net fi nancial income (expense) Net fi nancial income amounted to an expense of -307 million euros at December 31, 2024, compared with -202 million euros at December 31, 2023. The drop in net fi nancial income is mainly due to a decrease in the yield on earmarked assets to cover end-of-lifecycle obligations, plus an unfavorable effect from changes in discount rates on end-of-lifecycle liabilities and obligations in 2024.

2024

2023

(in millions of euros)

2

Cost of net fi nancial debt [(expense)/income]

(95)

(111)

Other fi nancial income and expense

(212)

(91) 173

of which share related to end-of-lifecycle operations of which share not related to end-of-lifecycle operations

11

(224) (307)

(263) (202)

NET FINANCIAL INCOME (EXPENSE)

Adjusted net fi nancial income amounted to an expense of -336 million euros in 2024, compared with -392 million euros in 2023. This favorable change is mainly due to a decrease in the cost of fi nancial debt, foreign exchange gains and the favorable carryforward on foreign exchange hedging instruments. Income tax The tax expense in the fi nancial year was -54 million euros at December 31, 2024, compared with -109 million euros at December 31, 2023. The net adjusted tax expense amounted to -62 million euros at the end of December 2024, compared with -114 million euros in 2023.

Net income attributable to non-controlling interests Net income attributable to non-controlling interests at December 31, 2024 was +78 million euros, compared with +105 million euros at December 31, 2023. It consists mainly of the contribution of minority shareholders in mining and enrichment activities. Net income attributable to owners of the parent Net income attributable to owners of the parent was +633 million euros in 2024, compared with +217 million euros for 2023. This improvement of +416 million euros is mainly due to the one-off and exceptional contribution of contracts signed in November 2024 with Japanese electric utilities for the return of their nuclear waste and favorable price/mix effects in Mining and Front End activities. The following table reconciles reported net income attributable to owners of the parent with adjusted net income attributable to owners of the parent, accounting for the fi nancial impacts of end of-lifecycle obligations:

RECONCILIATION OF REPORTED NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT TO ADJUSTED NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT

2024

2023 Change 2024/2023

(in millions of euros)

REPORTED NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT

633 401

217 405

+416

Unwinding expenses on end-of-lifecycle liabilities

-4

Impact of changes in discount and inflation rates on end-of-lifecycle obligations

109

60

+49

Return on earmarked assets Tax impact of adjustments

(538)

(656)

+118

(8)

(5) 22

-3

ADJUSTED NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT *

597

+575

* The de fi nition of adjusted net income attributable to owners of the parent can be found in Section 7.9 Financial glossary.

Adjusted net income attributable to owners of the parent amounted to +597 million euros at December 31, 2024, compared with +22 million euros in 2023.

51

Orano - Annual Activity Report 2024