Annual Activity Report 2025

6

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

Notes to the consolidated fi nancial statements for the year ended December 31, 2025

Summary of notes

NOTE 19 Other operating receivables

359

NOTE 1 Signi fi cant events, estimates, judgments and accounting policies

321 321 322 322

NOTE 20 Cash and cash equivalents

359

1.1 Signi fi cant events of the period 1.2 Estimates and judgements

NOTE 21 Cash fl ow from operating activities

360

1.3 Accounting policies

NOTE 22 Equity

360

NOTE 2 Scope

334

NOTE 23 Non-controlling interests

361

NOTE 3 Segment information

338

NOTE 24 Employee bene fi ts

362

NOTE 4 Additional information by type

341

NOTE 25 Other provisions

366

NOTE 5 Other operating income and expense

341

NOTE 26 Financial liabilities

367

NOTE 6 Reconciliation of operating income to EBITDA

342

NOTE 27 Other operating liabilities

370

NOTE 7 Net fi nancial income (expense)

342

NOTE 28 Related-party transactions

370

NOTE 8 Income taxes

343

NOTE 29 Financial instruments

372

NOTE 9 Goodwill

345

NOTE 30 Additional information on fi nancial instruments

NOTE 10 Intangible assets

347

375

NOTE 11 Tangible fi xed assets

348

NOTE 31 Issues related to climate risks

379

NOTE 12 Leases

349

NOTE 32 Off-balance sheet commitments

379

NOTE 13 End-of-lifecycle operations

350

NOTE 33 Backlog

380

NOTE 14 Information on joint ventures and associates

NOTE 34 Disputes and contingent liabilities

380

355

NOTE 35 Statutory Auditors’ fees

382

NOTE 15 Other current and non-current assets

357

NOTE 36 Events after the reporting period of December 31, 2025

NOTE 16 Inventories and work-in-process

358

382

NOTE 17 Trade accounts receivable and related accounts

358

NOTE 18 Contract assets and liabilities

358

320

Orano - Annual Activity Report 2025