ORANO // Annual Activity Report 2024

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RISKS, CONTROL AND DUTY OF VIGILANCE PLAN Risk factors

at the Tricastin site in 2023 through the extension of the Georges Besse II plant, whose construction began in October 2024. As part of the diversi fi cation of its activities, Orano is also developing so-called “growth relay” projects in new sectors of activity such as nuclear medicine or battery recycling. Nevertheless, certain factors could pose a signi fi cant risk to the execution of these projects and call into question the group’s competitiveness and customer growth, in particular due to: ● the group’s inability to take advantage of diversi fi cation and innovation opportunities (isotope enrichment, nuclear medicine, battery recycling, etc. ); ● the mismatch between the prioritization of new projects and their execution; ● the potential failure of cost base reduction programs, the absence or loss of customers, loss of market share, etc. ; and ● the deterioration of the social climate at certain group sites. In addition to exogenous factors (geopolitical, regulatory, or related to third parties), which may impact the completion costs of projects, the group may be faced with technical problems inherent to the complexity of the projects handled or related to the equipment supplied, the fi nancial strength of suppliers/subcontractors or the loss of key skills. Moreover, these projects require considerable investment, and the search for the necessary fi nancing could, given the current economic and political context, delay progress on new and ongoing projects. Insuf fi cient control in the management of these projects or the inability of Orano to face these strategic challenges in the context of the renewal of its industrial facilities in the front end of the cycle, the sustainability of the facilities intended for the back end of the cycle or the control of dismantling and diversi fi cation projects would have a signi fi cant negative impact on the group’s activities, results, the value of its assets, its fi nancial position and its reputation. Risk management measures In order to systematically identify, assess and implement action plans aimed at controlling these risks, where applicable, the group has deployed a risk management methodology related to these major projects, in line with the best international standards, integrated into the project management methodology. Faced with strategic challenges such as the recent renewal of its industrial facilities in the front end of the cycle, improving the sustainability of facilities in the back end of the cycle or the management of dismantling projects speci fi c to the group or on behalf of third parties, Orano is rolling out an excellence plan focusing, in particular, on supplier quality, project governance, skills management including recruitment, and the principle of “doing it right the fi rst time”. The group’s governance was strengthened concerning industrial construction project management through the creation, at the end of 2023, of the Project Industrialization Department. In 2024, this department has de fi ned and implemented an approach to better

challenge the passage of important milestones of major projects. In addition, major projects are monitored by the Audit and Ethics Committee. The Chapter 4 of the 2024 Annual Activity Report describes the way in which the group innovates, designs and manages its major projects taking into account their environment in a committed and responsible manner. Risks related to the Back End of the Future, the sustainability and evolution of the treatment-recycling model Description of the risk The “Back End of the Future” program is in line with the decisions of the Nuclear Policy Council (CPN) of February 26, 2024, which con fi rmed the national strategy for the treatment-recycling of fuel from current and future nuclear power plants. As one of the group’s strategic priorities for the coming decades, it intends to renew its used fuel treatment and recycling plants by 2040-2050. The group remains exposed to the risk related to the fi nancing model of back end of the cycle activities. In addition, notwithstanding the regulatory provisions of the PPE 3, the current absence of legislative regulations anchoring the principles of treatment-recycling and their fi nancing arrangements, or the introduction of regulations that do not bene fi t the group’s interests, could jeopardize the group’s fi nancial stability and the sustainability of its treatment-recycling activities. In addition to the technical challenges, the success of this program requires signi fi cant investments, as well as adequate fi nancing and revenue. Given the current economic and political context, the search for the necessary fi nancing could delay program implementation or create stop-and-go situations impacting the performance of engineering studies. Lastly, in the context of the development of the nuclear industry and the group in particular, tensions on the supply chain and on key engineering skills could increase and postpone the implementation of this program. Risk management measures In order to be able to respond to the authorities, the Orano group is working with other players in the sector (customers and suppliers) and the administrations to set up the governance of the program. A working group aiming to propose fi nancing models for this program to the French government has been set up, the identi fi cation of key skills and the recruitment of project management and engineering teams have been launched and discussions on the tools necessary for the implementation of such a program and the development of the supply chain are underway. In September 2024, a director of the group’s Back End of the Future program joined Orano with the aim of developing innovative solutions for this large-scale program, while ensuring the mobilization of all stakeholders with a view to its fi nancing and successful integration into local communities.

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Orano - Annual Activity Report 2024