Annual Activity Report 2025

6

FINANCIAL STATEMENTS Consolidated fi nancial statements – fi nancial year ended December 31, 2025

Consolidated statement of cash fl ows

Notes December 31, 2025 December 31, 2024

(in millions of euros)

Net income

550

712

Net amortization, depreciation and impairment of intangible and tangible fi xed assets and marketable securities maturing in more than 3 months

10, 11 and 12 13, 24 and 25

407

642

Net increase in (reversal of) provisions

67 77

(111)

Insurer (payments)/repayments on assets earmarked for social liabilities

24

82

Net effect of accretion of assets and provisions Income tax expense (current and deferred) Net accrued interest included in cost of debt

280 147

671

54 97

55

Loss (gain) on disposal of fi xed assets and change in fair value of fi nancial assets

5 and 7

(636)

(467)

Share in net income of joint ventures and associates

14

(7) 24

12 21

Other non-cash items

Cash flow from operations before interest and taxes

964

1,715

Net interest received (paid)

(105)

(81)

Net interest paid on lease liabilities

(4)

(4)

Income tax paid

(125)

(97)

Cash flow from operations after interest and tax

728 604

1,532 (137) 1,395 (995)

Change in working capital requirement

21

NET CASH FLOW FROM OPERATING ACTIVITIES Acquisitions of intangible and tangible fi xed assets Disposals of intangible and tangible fi xed assets

1,333

(1,275)

5

3

Acquisitions of shares of consolidated companies, net of acquired cash Disposals of shares of consolidated companies, net of cash disposed of Acquisitions of fi nancial assets earmarked for end-of-lifecycle operations Disposals of fi nancial assets earmarked for end-of-lifecycle operations

(1)

(14)

–

12

(4,235)

(2,868)

4,470

2,929 (451)

Change in cash management fi nancial assets Loans granted to joint ventures and associates Repayment of loans from joint ventures and associates

15

33 (1)

(1)

2

8

Acquisitions of other fi nancial assets

(3)

(12)

NET CASH FLOW FROM INVESTING ACTIVITIES

(1,004)

(1,388)

Parent company capital increases

22

–

297

Capital increases subscribed by minority shareholders of consolidated companies

296 (25) (91) (24)

– –

Dividends paid to shareholders of the parent company

Dividends paid to non-controlling interests

(84) (20) 519

Repayment of lease liabilities

Increase in debt levels

26 26 26

17

Decrease in fi nancial liabilities Change in other borrowings

(157)

(713)

(93) (77) (43) 209

0

NET CASH FLOW FROM FINANCING ACTIVITIES

(1) 16 22

Effect of exchange rate changes

CHANGE IN NET CASH

NET CASH AT THE BEGINNING OF THE PERIOD

1,252 1,487

1,230 1,273

Cash position at the end of the period

20 26

(-) short-term bank facilities and non-trade current accounts in credit

(26)

(21)

NET CASH AT THE END OF THE PERIOD

1,461

1,252

318

Orano - Annual Activity Report 2025