Annual Activity Report 2025

FINANCIAL STATEMENTS

Consolidated fi nancial statements – fi nancial year ended December 31, 2025

All amounts are presented in millions of euros unless otherwise indicated. Certain totals may have rounding differences.

Introduction Orano is a French public limited company ( société anonyme ) with a Board of directors domiciled in France and governed by the French Commercial Code. The group offers products and services with high added value throughout the entire nuclear fuel cycle, from raw materials to waste treatment. Its activities, from mining to dismantling, as well as in conversion, enrichment, recycling, logistics and engineering, contribute to the production of low-carbon electricity. As Orano SA has issued debt securities listed for trading on the Euronext Paris regulated market; in accordance with Article L. 233-16 of the French Commercial Code, it is required to publish consolidated fi nancial statements. The Orano group consolidated fi nancial statements at December 31, 2025 have been prepared in accordance with IFRS. They were approved by the Board of directors of Orano SA on February 19, 2026.

NOTE 1 SIGNIFICANT EVENTS, ESTIMATES, JUDGMENTS AND ACCOUNTING POLICIES

validated the principle of fi nancing this program mainly carried by EDF with a governance led by Orano alongside EDF, the CEA and State services. Loan from the European Investment Bank (“EIB”) The European Investment Bank (EIB) and Orano signed a 400 million euro loan agreement intended to partly fi nance the investments in the extension project of the Georges Besse II uranium enrichment plant in Tricastin (Drôme / Vaucluse), France. This fi nancing is part of the European strategy to reduce the European Union’s dependence on fossil fuel imports and accelerate the transition to low-carbon energy sources. Niger On September 23, 2025, the arbitral tribunal set up under the auspices of the International Centre for settlement of Investment Disputes (ICSID) issued one decision in favor of Orano in its dispute with the State of Niger over the Somaïr uranium mine. In its decision, the arbitration tribunal ordered the State of Niger not to sell, transfer or even facilitate the transfer to third parties the uranium produced by Somaïr that had been retained in violation of Orano’s rights, as requested by Orano (see Note 34). Orano and Navoiyuran fi nalize the evolution of their partnership within their joint venture Nurlikum Mining In September 2025, the state-owned company Navoiyuran (Uzbekistan), Orano and ITOCHU Corporation (Japan) fi nalized the evolution of their partnership to strengthen their cooperation within the “Nurlikum Mining” joint venture. This new phase paves the way for the industrial development of the “South Djengeldi” uranium deposit, located in the Tomdi district of the Navoi region. In the new structure, Navoiyuran and Orano each hold a 45% equity interest in the joint venture. The remaining equity interest belongs to Japan’s ITOCHU Corporation, which joined the project as a partner.

1.1 Signi fi cant events of the period

Orano signs an investment agreement with the Mongolian government to develop a world-class uranium deposit On January 17, 2025, Orano and the Mongolian government signed an investment agreement for the development and operation of the Zuuvch Ovoo uranium mine, located in south-eastern Mongolia, in the Dornogovi province. This agreement, rati fi ed by the government after being submitted to the Mongolian Parliament, embodies 27 years of presence and partnership in Mongolia. Under the terms of the agreement, the mining project provides for the industrial exploitation of the major deposits of Zuuvch Ovoo and Dulaan Uul / Umnut – whose uranium resources are estimated at nearly 90,000 metric tons. The development of the project will take four years before production begins at the Zuuvch Ovoo mine, whose nominal capacity is estimated at around 2,500 metric tons of uranium per year. Following these transactions, Orano’s ownership of Badrakh increased from 66% to 90% (see Note 2). Acquisition of a stake by Sano fi in the medical business On February 27, 2025, Orano Med and Sano fi fi nalized the agreement signed in October 2024 to combine their expertise for the development of next-generation vectorized internal radiotherapies. On this date, Sano fi acquired a 15.6% stake in Orano Med Theranostics for an amount of 300 million euros. Future of Treatment and Recycling beyond 2040 On March 17, 2025, the French President chaired the 4 th Nuclear Policy Council (CPN or Conseil de Politique Nucléaire in French). The CPN approved the action plan aimed at securing France’s long term uranium supply. The CPN also con fi rmed the continuation of investments in the “ Aval du Futur ” program at the la Hague site and

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Orano - Annual Activity Report 2025