Annual Activity Report 2025

GOVERNANCE OF THE COMPANY AND GENERAL INFORMATION

Share capital and shareholding structure

5.5 Share capital and shareholding structure

Changes in share capital over the last three fi nancial years

5.5.1 Share capital

On October 9, 2024, the General Meeting decided to increase the share capital of the Company, with preemptive subscription rights, in cash by a total amount of 299,999,952 euros (issue premium included) by issuing 9,146,340 new ordinary shares with a par value of 0.50 euro each, at a price of 32.80 euros per new share (including an issue premium of 32.30 euros per new share). This capital increase was fully subscribed and the Company’s share capital increased from 132,076,389 euros to 136,649,559 euros. There has been no other change in share capital over the last three fi nancial years.

Amount of share capital as of December 31, 2025

As of December 31, 2025, the Company’s share capital amounted to 136,649,559 euros, divided into 273,299,118 shares with a par value of 0.50 euro each. All shares are fully paid up.

Characteristics of the shares There is only one class of shares. The shares are registered shares. Double voting rights are allocated to registered shares under the conditions set out in Section 5.4.2 of this chapter. Capital authorized but not issued As of the date of this report, the General Meeting has not granted any delegations for capital increases to the Board of directors pursuant to Articles L. 225-129-1 and L. 225-129-2 of the French Commercial Code.

5.5.2 Distribution of the Company’s capital and voting rights

5

Shareholder structure The shareholders of Orano SA as of December 31, 2025, 2024 and 2023 are as follows:

Situation at Dec. 31, 2025

Situation at Dec. 31, 2024

Situation at Dec. 31, 2023

Number of shares

% of share capital

% of voting rights

Number of shares

% of share capital

% of voting rights

Number of shares

% of share capital

% of voting rights

French State 246,883,839

90.33% 90.17% 246,883,839

90.33% 90.17% 237,737,499

90.00% 89.47%

CEA

1 0.0000004% 0.0000004%

1 0.0000004% 0.0000004%

1 0.0000004% 0.0000004%

Japan Nuclear Fuel Limited 13,207,639 Mitsubishi Heavy Industries Ltd 13,207,639

4.83% 4.91% 13,207,639

4.83% 4.91% 13,207,639

5.00% 5.26%

4.83% 4.91% 13,207,639

4.83% 4.91% 13,207,639

5.00% 5.26%

TOTAL

273,299,118

100%

100% 273,299,118

100%

100% 264,152,778

100%

100%

309

Orano - Annual Activity Report 2025