Annual Activity Report 2025

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SUSTAINABILITY STATEMENT Environmental information

SUMMARY OF THE RESULTS OF THE 10-YEAR RISK AND OPPORTUNITY ASSESSMENTS AND THE ACTIONS TO MITIGATE TRANSITION RISKS AND CAPTURE OPPORTUNITIES

Issue

Description

Identi fi ed actions

Opportunities

Increase in the price of CO 2 in the various markets, favoring de facto nuclear power Decrease in borrowing costs resulting from States’ fi nancial support for nuclear Increase in demand for recycled materials in batteries constrained by regulations Deterioration of international relations (migration of populations, tensions over strategic materials necessary for the transition) Political instability in France and Europe Increased demand for uranium, driving up front end commodity prices New fi nancing opportunities due to the arrival of new investors in the nuclear sector Massive drop in the cost of batteries, promoting their adoption but opportunity for new activities

● Maintain an exemplary industrial role and the sector’s relations with States ● Strengthen security at international sites in countries most affected by global warming ● Diversify supply sources

Policies

Risks

Opportunities

● Prepare the need to renew and extend the group’s mining capacities ● Diversify fi nancing strategies

Market

/

● Intensify the education of the general public on the bene fi ts of the solution provided by the nuclear industry ● Continue the transition to ISR mining techniques, which have the advantage of producing very little waste or residues ● Promote the group’s commitment as a responsible player ● Maintain investments in R&D and innovation to complete ongoing development projects ● Maintain a strategic watch on the sectors driving the transition and continue to explore new technologies with business synergies ( e.g. batteries) ● Maintain a watch on strategic supplies, to safeguard the supply chain

Opportunities

Attractiveness of nuclear energy as part of recycling, the fi ght against global warming and waste management

Reputation

Attractiveness of the sector in terms of human resources, due to greater implementation

Opportunities

Development and implementation of new nuclear technologies: multi-recycling, reprocessed uranium, innovative new fuels, reduction of waste toxicity, molten salt reactors, fusion, thorium reactors / Development of technologies that can replace nuclear power (solar, wind, hydrogen, batteries, etc .), but potential new business opportunities Risks Tensions on the supply of materials necessary for the activity (production stoppage, increase in costs, conflicts of use)

Technology

● Anticipate discussions with the safety authority regarding the challenges of certain regulatory decisions ● Maintain a balance between the need for technical challenge and innovation support

Risks

Regulations and legal

Incremental regulation guided by zero risk limiting innovation

To address all of the impacts identi fi ed above, Orano has envisaged, in its strategic discussions and in its risk management, responses adapted to the issues that either minimize risks or seize opportunities.

Thus, Orano is preparing to anticipate market needs and, more broadly, to participate in the structuring of the nuclear industry to contribute to a low-carbon world.

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Orano - Annual Activity Report 2025