Annual Activity Report 2025

FINANCIAL STATEMENTS

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

NOTE 8 INCOME TAXES

Analysis of income tax expense

December 31, 2025 December 31, 2024

(in millions of euros)

Current taxes (France)

(17)

(31) (78)

Current taxes (other countries)

(109) (126)

Total current taxes

(109)

Deferred taxes TOTAL TAXES

(21)

55

(147)

(54)

The main French subsidiaries in the scope of consolidation, which are at least 95% owned, established an Orano SA tax consolidation group effective September 1, 2017. Future relationships between the subsidiaries and Orano SA for the period covered by the tax consolidation are governed by a tax consolidation agreement, based on the principle of neutrality. At December 31, 2025, deferred taxes recognized in the income statement include changes in deferred taxes on temporary differences and losses, as well as those in uncertain tax positions classi fi ed under deferred tax liabilities in the balance sheet. Uncertain tax positions relating to current tax are classi fi ed in the statement of fi nancial position as current tax liabilities.

The international tax reform approved by the OECD at the end of 2021, known as “Pillar 2”, aimed in particular at establishing a minimum tax rate of 15%, was adopted in France before December 31, 2023 as part of the Finance law for 2024. It came into effect from the fi nancial year beginning January 1, 2024. Due to its revenue, Orano falls within the scope of application of this reform from January 1, 2024. In this context, Orano SA is the Ultimate Parent Entity (“UPE”) and could be liable, where applicable, for additional tax in respect of its low-tax subsidiaries. For the 2025 fi nancial year, the Orano group should not be liable for any additional tax.

RECONCILIATION BETWEEN INCOME TAX EXPENSE AND PROFIT (LOSS) BEFORE TAX

December 31, 2025 December 31, 2024

(in millions of euros)

Net income for the period

550

712

Share in net income of joint ventures and associates

(7)

12 54

Tax expense (income) Income before tax

147 689

778

Theoretical tax (expense) / gain at 25.83%

(178)

(201)

Impact of tax consolidation Operations taxed at a rate other than the full statutory rate

–

–

Unrecognized/recognized deferred taxes Other changes in permanent differences ACTUAL TAX (EXPENSE) / INCOME

18 13

157 (10) (54)

6

(147)

EFFECTIVE TAX RATE

21%

7%

BREAKDOWN OF OTHER CHANGES IN PERMANENT DIFFERENCES

December 31, 2025 December 31, 2024

(in millions of euros)

Parent/subsidiary tax treatment and inter-company dividends Differences between the French tax rate and tax rates applicable abroad

(5) 12 (5) (1) 12 13

(2) 27 (6) (3)

CVAE business tax

Impact of change in tax rate

Other

(27) (10)

TOTAL OTHER CHANGES IN PERMANENT DIFFERENCES

343

Orano - Annual Activity Report 2025