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

Operating cash fl ow EBITDA

in November 2024 for the return of their nuclear waste. This effect masks the positive contribution in 2024 of advances received from customers to fi nance investments in recycling. Net Opex Net investments amounted to 980 million euros in 2024 compared to 815 million euros in 2023. Most of this 165 million euro increase came from the start of the Georges Besse II plant enrichment

Orano’s EBITDA amounted to 2,067 million euros in 2024, up compared to 2023 when it stood at 1,228 million euros. This improvement of +839 million euros is equivalent to the change in operating income with largely the same effects. Change in operating working capital requirement (WCR) The change in operating WCR was -149 million euros in 2024, -399 million euros lower than the positive contribution of 250 million euros in 2023. This decrease is mainly due to the Back End segment with the unfavorable effect of the neutralization in the change in working capital of the pre- fi nancing received previously from Japanese electric utilities under contracts signed

2

capacity extension project. Operating cash fl ow

As a result of the items described above, operating cash flow stood at 937 million euros at the end of 2024, compared with 663 million euros at the end of 2023.

Net cash fl ow from company operations

Change 2024/2023

2024

2023

(in millions of euros)

Operating cash flow

937

663 (98) (60)

+274

Cash flow from end-of-lifecycle operations

(182) (102) (179) (121) (584)

-84 -42 -11 -31

Income tax

Cost of fi nancial operations

(168)

Other items

(90)

Non-operating cash flow

(416)

-168 +107

NET CASH FLOW FROM COMPANY OPERATIONS

354

247

Net cash flow from company operations stood at 354 million euros at December 31, 2024 ( vs . 247 million euros the previous year).

Consolidated statement of cash fl ows The group’s condensed consolidated statement of cash flows is presented below:

2024

2023 Change 2024/2023

(in millions of euros)

Cash flow from operations before interest and taxes

1,715 (182) 1,532 (137) 1,395

955

+760

Interest expense and taxes paid

(148)

-34

Cash flow from operations after interest and taxes

807 298

+725 -435 +291 -707

Change in working capital requirement Cash flow from operating activities Cash used in investing activities Cash used in fi nancing activities TOTAL INCREASE (DECREASE) IN CASH Net cash at the beginning of the period NET CASH AT THE END OF THE PERIOD Effect of exchange rate changes

1,104 (681)

(1,388)

(1) 16

15 (6)

-16 +22

22

432

-410 +432

1,230 1,252

798

1,230

+22

53

Orano - Annual Activity Report 2024