| MESSAGES | 2 |
| 1. PRESENTATION OF THE ORANO GROUP | 5 |
| 1.1 Overview of Orano | 6 |
| 1.2 Contribute to key global issues | 8 |
| 1.3 Our activities | 10 |
| 1.4 An operational risk management | 12 |
| 1.5 A responsible and fully committed governance | 13 |
| 1.6 Our value creation model | 14 |
| 1.7 Sharing with our stakeholders | 16 |
| 1.8 A committed roadmap for 2030 | 18 |
| 1.9 Financial and non-financial performance | 20 |
| 2. SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR | 23 |
| 2.1 Highlights of the financial year | 24 |
| 2.1.1 Future of reprocessing and recycling beyond 2040 | 24 |
| 2.1.2 Business highlights | 24 |
| 2.2 Simplified group organization chart – subsidiaries, equity interests and branch offices | 30 |
| 2.2.1 Simplified group organization chart at December 31, 2025 | 30 |
| 2.2.2 Acquisitions o f equity interests and takeovers during the past financial year | 31 |
| 2.2.3 Branch offices and representation offices | 31 |
| 2.3 The group’s businesses | 32 |
| 2.3.1 Mining | 32 |
| 2.3.2 Front End | 38 |
| 2.3.3 Back End | 40 |
| 2.3.4 Other activities of Orano | 44 |
| 2.4 Research and Development activities | 47 |
| 2.5 Financial situation of the Company and the group during the past financial year | 48 |
| 2.5.1 Summary of key figures and segment information | 48 |
| 2.5.2 Consolidated financial statements for the past financial year | 50 |
| 2.5.3 Separate financial statements for the past financial year | 57 |
| 2.5.4 Dividends | 57 |
| 2.5.5 Non-tax deductible expenses | 57 |
| 2.6 Foreseeable developments and future prospects | 58 |
| 2.6.1 Future prospects | 58 |
| 2.6.2 Orano’s financial outlook | 59 |
| 2.7 Significant post-closing events | 60 |
| 2.7.1 Significant events between the reporting date and the preparation date of the management report | 60 |
| 2.7.2 Significant events between the preparation date of the report and the date of the General Meeting | 60 |
| 3. RISK CONTROL AND VIGILANCE PLAN | 63 |
| 3.1 Internal control system | 64 |
| 3.1.1 Commitments of the Orano group | 64 |
| 3.1.2 Internal control objectives | 64 |
| 3.1.3 Organization of the internal control system | 65 |
| 3.2 Methodology: risk mapping and risk management | 67 |
| 3.2.1 Risk management policy and methodology | 67 |
| 3.2. 2 Risk coverage and insurance | 68 |
| 3.3 Risk factors | 70 |
| 3.3.1 Geopolitical background | 71 |
| 3.3 .2 Risks related to the group’s operations | 72 |
| 3.3.3 Risks related to social, societal and environmental commitment | 77 |
| 3.3.4 Financial risks for the group | 79 |
| 3.3.5 Regulatory and legal risks | 81 |
| 3.4 Vigilance plan | 84 |
| 3.4.1 Risk mapping related to the duty of vigilance | 85 |
| 3.4.2 The deployment of risk prevention measures related to the duty of vigilance | 86 |
| 3.4. 3 Regular risk assessment | 106 |
| 3.4. 4 Orano trains its employees and suppliers, and operates a process for collecting and processing reports | 107 |
| 3.4.5 Monitoring measures and assessing their effectiveness | 108 |
| 4. SUSTAINABILITY STATEMENT | 113 |
| 4.1 Societal and environmental challenges at the heart of the strategy | 114 |
| 4.1.1 General information on the sustainability statement | 121 |
| 4.1.2 Sustainability taken to the highest level of the Company | 124 |
| 4.1.3 Societal and environmental commitment at the heart of the group’s strategy | 129 |
| 4.1.4 A group connected to its ecosystem | 133 |
| 4.1.5 Significant Impacts, Risks and Opportunities and materiality of topics | 135 |
| 4.2 Environmental information | 144 |
| 4.2.1 Contributing to carbon neutrality and adapting to climate change [E1] | 144 |
| 4.2.2 Limiting our footprint on freshwater [E3] | 170 |
| 4.2.3 Anticipating impacts on biodiversity [E4] | 175 |
| 4.2.4 Responsibly managing our liabilities [E2] | 181 |
| 4.2.5 An industrial actor committed to the preservation of resources, the circular economy and waste optimization [E5] | 186 |
| 4.3 Social and societal information | 195 |
| 4.3.1 Mobilizing proud and committed employees who embody our corporate purpose [S1] | 195 |
| 4.3.2 Committing the group’s upstream value chain to preserving health, safety and human rights [S2] | 219 |
| 4.3.3 Being engaged and responsible locally in the regions where Orano operates [S3] | 222 |
| 4.3.4 Operating efficiently for citizens [S4] | 233 |
| 4.4 Governance information | 237 |
| 4.4.1 Being exemplary in terms of ethics and business conduct [G1] | 237 |
| 4.5 Summary of indicators and cross-reference tables | 251 |
| 4.5.1 Summary of indicators | 251 |
| 4.5.2 Table of data points required by other EU legislation as listed in Annex B of ESRS 2 | 260 |
| 4.6 Report on the certification of sustainability information and verification of the disclosure requirements under Article 8 of Regulation (EU) 2020/852 | 262 |
| 5. GOVERNANCE OF THE COMPANY AND GENERAL | 267 |
| 5.1 Administration and management of the Company | 268 |
| 5.1.1 Composition of the Board of directors | 268 |
| 5.1.2 Functioning of the Board of directors | 286 |
| 5.1.3 Other committee | 293 |
| 5.1.4 Executive Management | 293 |
| 5.2 Compensation of corporate officers | 295 |
| 5.2.1 Compensation policy for the Company’s corporate officers | 295 |
| 5.2.2 Compensation of corporate officers for the 2025 financial year | 298 |
| 5.3 Corporate Governance Reference Code | 304 |
| 5.4 Additional information | 305 |
| 5.4.1 General information about the Company | 305 |
| 5.4.2 Articles of incorporation and Articles of Association of the Company | 305 |
| 5.4.3 Participation of shareholders in General Meetings | 306 |
| 5.4.4 Related-party agreements and commitments | 306 |
| 5.4.5 Main features of the Company’s internal control and risk management systems as part of the financial reporting process | 308 |
| 5.5 Share capital and shareholding structure | 309 |
| 5.5.1 Share capital | 309 |
| 5.5.2 Distribution of the Company’s capital and voting rights | 309 |
| 5.5.3 Securities not representing capital | 310 |
| 5.5.4 Transactions referred to in Article L. 621-18-2 of the French Monetary and Financial Code during the financial year | 310 |
| 6. FINANCIAL STATEMENTS | 313 |
| 6.1 Consolidated financial statements – financial year ended December 31, 2025 | 314 |
| 6.2 Statutory Auditors’ report on the consolidated financial statements for the financial year ended December 31, 2025 | 383 |
| 6.3 Company financial statements – financial year ended December 31, 2025 | 389 |
| 6.4 Statutory Auditors’ report on the company financial statements for the financial year ended December 31, 2025 | 421 |
| 7. MISCELLANEOUS INFORMATION | 425 |
| 7.1 Statutory Au ditors | 426 |
| 7.2 Injunctions or fines for anti-competitive practices | 426 |
| 7.3 Information on employee representative bodies | 426 |
| 7.4 Information on payment terms | 427 |
| 7.5 Information on loans granted to other companies pursuant to Articles L. 511-6 and R. 511-2-1-1-II of the French Monetary and Financial Code | 427 |
| 7.6 Five-year financial summary | 428 |
| 7.7 Table of subsidiaries and associates | 428 |