Annual Activity Report 2025

FINANCIAL STATEMENTS

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

DERIVATIVES TO HEDGE FOREIGN EXCHANGE RISK AT DECEMBER 31, 2024

Notional amounts by maturity date

Market value

<1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years >5 years

Total

(in millions of euros)

Forward exchange transactions and currency swaps

1,691

1,242

787

539

252

– 4,510

(170)

Currency options

–

–

–

–

– –

– –

–

–

Cross-currency swaps

67

100

100 887

134 673

401

16

TOTAL

1,758 1,342

252

– 4,912

(154)

The breakdown by type of hedging strategy of currency derivatives can be analyzed as follows:

December 31, 2025

December 31, 2024

Notional amounts in absolute value

Notional amounts in absolute value

Market value

Market value

(in millions of euros) Cash flow hedges

3,195 3,195

79 79 35 (4) 38

4,201 4,201

(172) (172)

Forward exchange transactions and currency swaps

Fair value hedges

524 213 311 234 234

480

18

Forward exchange transactions and currency swaps

78

2

Cross-currency swaps

401 231 231

16

Derivatives not qualifying as hedges

– –

– –

Forward exchange transactions and currency swaps

TOTAL

3,953

114

4,912

(154)

facility with the European Investment Bank for 400 million euros, maturing in February 2035.

Liquidity risk Liquidity risk is managed by the Financing and Treasury Operations Department (“DOFT”), which provides the appropriate short-and long-term fi nancing resources. Cash management optimization is based on a centralized system to provide liquidity and manage cash surpluses. This management is provided by the DOFT chiefly through cash-pooling agreements and intragroup loans, subject to local regulations. Cash is managed to optimize income while ensuring that the fi nancial instruments used are liquid. To meet its commitments and ensure longer-term operating continuity, at December 31, 2025, Orano had a gross cash position of 1,487 million euros (see Note 20) and cash management fi nancial assets of 642 million euros (see Note 15). The group also has a syndicated credit facility with a pool of 10 international banks in the amount of 880 million euros maturing in May 2029, with a one-year extension option. The group also has an undrawn credit

Counterparty risk Orano is exposed to counterparty risk in respect of cash deposits with banks and the use of derivatives to hedge its risks. To minimize this risk, Orano deals with a diversi fi ed group of leading counterparties selected according to their investment grade ratings awarded by Standard & Poor’s and Moody’s. Interest rate risk Orano hedges its exposure to changes in the value of its fi xed-rate debt through the use of fi xed/floating interest rate swaps.

6

DERIVATIVES TO HEDGE INTEREST RATE RISK AT DECEMBER 31, 2025

Notional amounts by maturity date

1 to 2 years

2 to 3 years

3 to 4 years

4 to 5 years >5 years

Market value (1)

Total

<1 year

(in millions of euros)

INTEREST RATE SWAPS – EUR FLOATING LENDER EUR floating payer / EUR floating recipient

100 100 100

100 100 100

– – –

– – –

– – –

– – –

– – –

(1) (1) (1)

TOTAL

(1) Foreign exchange portion.

373

Orano - Annual Activity Report 2025