Annual Activity Report 2025

6

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

NOTE 6 RECONCILIATION OF OPERATING INCOME TO EBITDA

December 31, 2025 December 31, 2024

(in millions of euros)

Operating income

516 124 259

1,085

Net increase in depreciation and impairment of intangible assets, net of reversals Net increase in depreciation and impairment of tangible fi xed assets, net of reversals Net increase in depreciation and impairment of right-of-use – asset leases, net of reversals

165 455

22 (4) (1)

22

Net gain on disposal of intangible and tangible fi xed assets

3 –

Losses and gains on leases

Effects of takeovers and losses of control Charges to provisions, net of reversals (1)

(34)

43

67 77

(111)

82

Insurer (payments)/repayments on assets earmarked for social liabilities (2)

Costs of end-of-lifecycle operations performed

355

321

EBITDA

1,382

2,067

(1) Except charges to provisions and reversals of provisions on current assets. (2) See Note 24.

NOTE 7 NET FINANCIAL INCOME (EXPENSE)

Cost of gross fi nancial debt The cost of gross fi nancial debt at the end of December 2025 totaling 95 million euros includes interest expenses relating to bonds for an amount of 90 million euros (compared to 114 million euros at December 31, 2024).

The interest expense related to IFRS 16 incurred during the 2025 fi nancial year was 4 million euros (unchanged from December 31, 2024).

Other fi nancial income and expense

December 31, 2025 December 31, 2024

(in millions of euros)

Change in fair value through pro fi t or loss of earmarked assets

579

450

Gain (loss) from the disposal of fi nancial hedging assets measured at amortized cost

–

6

Dividends received

70

78

Income from receivables and accretion gains on end-of-lifecycle assets

3

4

Accretion expenses on end-of-lifecycle operations

(421)

(418) (109)

Impact of changes in discount rates and inflation rates (see Note 13)

181 413 (26)

Share related to end-of-lifecycle operations

11 29 14

Foreign exchange gain (loss)

Change in fair value through pro fi t or loss of non-earmarked assets

18

Interest on advances received on contracts

(115)

(102)

Financial income from pensions and other employee bene fi ts

(17) (27)

(17)

Impact on net debt and other provisions of accretion and changes in discount and inflation rates

(131)

Other fi nancial income Other fi nancial expense

2

3

(27)

(19)

Share not related to end-of-lifecycle operations OTHER FINANCIAL INCOME AND EXPENSE

(192)

(224)

222 (212) The premiums / discounts on foreign exchange hedging instruments are recognized in other fi nancial expenses (see Note 1.3.1).

342

Orano - Annual Activity Report 2025