Annual Activity Report 2025

CHAPTER

2

SITUATION AND ACTIVITIES OF

THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR

2.5 Financial situation of the

2.1 Highlights of the fi nancial year

24

Company and the group during the past fi nancial year Summary of key fi gures and segment information Consolidated fi nancial statements for the past fi nancial year Separate fi nancial statements for the past fi nancial year

2.1.1

Future of reprocessing and recycling beyond 2040

48

24 24

2.1.2

Business highlights

2.5.1

48

2.5.2

2.2 Simpli fi ed group organization chart – subsidiaries, equity interests and branch of fi ces

50

2.5.3

30

57 57 57

2.5.4 Dividends

2.2.1

Simpli fi ed group organization chart at December 31, 2025

30

2.5.5

Non-tax deductible expenses

2.2.2 Acquisitions of equity interests and takeovers during the past fi nancial year

31 31

2.6 Foreseeable developments and future prospects

2.2.3

Branch of fi ces and representation of fi ces

58

2.6.1

Future prospects

58 59

2.3 The group’s businesses

32

2.6.2 Orano’s fi nancial outlook

2.3.1 2.3.2 2.3.3

Mining

32 38 40 44

Front End Back End

2.7 Signi fi cant post-closing events Signi fi cant events between the reporting date and the preparation date of the management report 2.7.1

60

2.3.4 Other activities of Orano

60

2.4 Research and Development activities

2.7.2 Signi fi cant events between

47

the preparation date of the report and the date of the General Meeting

60

23

Orano - Annual Activity Report 2025