Annual Activity Report 2025

SUSTAINABILITY STATEMENT

Environmental information

MATERIAL IMPACTS, RISKS AND OPPORTUNITIES RELATED TO RADIOACTIVE WASTE

Localization in the value chain and time horizon

Type

Impact, Risk and Opportunity

RADIOACTIVE WASTE [E5] POTENTIAL NEGATIVE IMPACT

OWN OPERATIONS, DOWNSTREAM

MANAGEMENT OF FINAL RADIOACTIVE WASTE WITHIN THE NUCLEAR INDUSTRY

The activities of Orano and its value chain generate long-lived high-level fi nal waste and involve their future warehousing or storage in existing facilities or burial in future facilities (for example, the CIGEO project in France). The nuclear industry generates long-lived radioactive waste in storage, which requires the creation of substantial long-term infrastructure. It is a burden on future generations, even if the infrastructure is fi nanced. The reclassi fi cation of certain nuclear materials as waste, in particular depleted uranium inventories, poses a fi nancial risk to the group. The reclassi fi cation of depleted uranium inventories as waste by the competent authorities would lead to an increase in provisions for end-of-lifecycle operations and would require the creation of additional earmarked assets for them. This would lead to a decrease in the group’s income and a cash outflow of the same amount to replenish the dedicated fund intended to fi nance these end-of-lifecycle operations. The stock of depleted uranium also acts as a strategic uranium reserve for the supply of the French nuclear fleet in the event of a supply disruption.

IRO

Description

OWN OPERATIONS

FUTURE RISK RISK OF NUCLEAR MATERIAL RECLASSIFICATION

IRO

Description

4

MATERIAL IMPACTS, RISKS AND OPPORTUNITIES RELATED TO CIRCULARITY IN PRODUCTS

Localization in the value chain and time horizon

Type

Impact, Risk and Opportunity

CIRCULARITY IN PRODUCTS AND SERVICES [E5] CURRENT OPPORTUNITY RECYCLING OF SPENT FUEL

OWN OPERATIONS

The recycling activity implements processes on behalf of its customers to recycle spent fuel into new fuel. The treatment-recycling activity makes a signi fi cant contribution to the group’s revenue and also makes a positive contribution to saving resources.

IRO

Description

FUTURE OPPORTUNITY

OWN OPERATIONS

DEVELOPMENT OF NEW RECYCLING AND CIRCULARITY ACTIVITIES

Orano is developing new activities focused on the recovery of substances: nuclear medicine and projects for the recovery of radioactive substances and battery waste recycling. The group’s new activities around the recycling of materials are a signi fi cant revenue and cash flow growth driver over the next 10 years. These new activities will also contribute to the preservation of resources and the economic development of the regions where the group operates.

IRO

Description

187

Orano - Annual Activity Report 2025