Annual Activity Report 2025

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An operational risk management PRESENTATION OF THE ORANO GROUP

1.4 An operational risk management

In a constantly changing environment, the diversity of Orano’s activities exposes the group to risks of various kinds and different origins.

The establishment of a strong risk culture within the group enables the identi fi cation, anticipation, and management of these risks and associated opportunities. In an unstable geopolitical context, the group demonstrates the resilience of its activities, while remaining vigilant.

Orano has implemented a risk management system in line with the recommendations of the Autorité des marchés financiers (French Financial Markets Authority – AMF), the professional standards of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and regulatory changes in sustainability, duty of vigilance and prevention of corruption.

MAPPING OF THE MAIN RISKS

Risk category in the Orano framework/risk presented GEOPOLITICAL BACKGROUND Geopolitical risks and international sanctions

Net criticality

lll

Risks related to the energy policies of France, other States and the European Union

ll

Risks related to the requali fi cation of reusable nuclear materials

ll

RISKS RELATED TO THE GROUP’S BUSINESS ACTIVITIES Risks related to sustainability of industrial facilities, workload plans and cost control

lll

Risks related to the group’s projects and the Aval du Futur Issues related to end-of-lifecycle operations Risks related to uranium reserves and resources

lll

lll

lll

Risks related to the impact of climate change on our facilities and activities

ll

Cybersecurity risks

ll

Risks related to subcontracting and suppliers Risks related to transport safety and security Risks related to contractual and commercial issues

ll

ll

ll

RISKS RELATED TO SOCIAL, SOCIETAL AND ENVIRONMENTAL COMMITMENT Industrial, accidental and climatic safety and security risks

ll

Issues related to the group’s transformation and human resources

ll

Health and occupational safety risks

ll

FINANCIAL RISKS Risks related to the group’s ability to fi nance its organic and external growth Financial risks relating to assets and liabilities related to end-of-lifecycle operations Counterparty risk management related to the use of derivatives and cash investments

ll

ll

ll

Foreign exchange risk

ll

Interest rate risk

ll

REGULATORY AND LEGAL RISKS Risks of corruption and influence peddling

l

Legal risks involving the group

l

Tax issues

l

lll High ll Average l Low

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Orano - Annual Activity Report 2025