Annual Activity Report 2025
6
FINANCIAL STATEMENTS Consolidated fi nancial statements – fi nancial year ended December 31, 2025
Deferred tax assets and liabilities
December 31, 2025 December 31, 2024
(in millions of euros)
Deferred tax assets Deferred tax liabilities
171
207
68
60
TOTAL DEFERRED TAX ASSETS AND (LIABILITIES)
103
147
For all French companies, the expected tax rate for temporary differences is 25.83% for reversals from 2026.
MAIN CONSOLIDATED DEFERRED TAX ASSETS AND LIABILITIES BY TYPE
December 31, 2025 December 31, 2024
(in millions of euros)
TAX IMPACT OF TEMPORARY DIFFERENCES RELATED TO: Intangible and tangible fi xed assets and non-current assets (including right-of-use assets on leases)
(106)
(91)
Working capital assets
(2) 12 26
24
Employee bene fi ts
8
Provisions for end-of-lifecycle operations and mining site remediation
29
Impact of tax loss carry forwards and deferred taxes
199
213
Other temporary differences (including lease liabilities and provisions for the remediation of leased assets)
(25) 103
(35) 147
TOTAL DEFERRED TAX ASSETS NET OF LIABILITIES
CHANGE IN CONSOLIDATED DEFERRED TAX ASSETS AND LIABILITIES
December 31, 2025 December 31, 2024
(in millions of euros)
At January 1
147 (21) (16)
94 55 23
Tax recognized in pro fi t or loss
Tax expense recognized directly in other items of comprehensive income
Other changes
–
(27)
Currency translation differences
(6)
1
TOTAL DEFERRED TAX ASSETS AND (LIABILITIES)
103
147
CONSOLIDATED DEFERRED TAX INCOME AND EXPENSE BY CATEGORY OF TEMPORARY DIFFERENCE
December 31, 2025 December 31, 2024
(in millions of euros)
Intangible and tangible fi xed assets and non-current assets (including right-of-use assets on leases)
(88)
(135)
Working capital assets Employee bene fi ts Tax-driven provisions
5
(22)
14
10
(18)
(18)
Provisions for end-of-lifecycle operations and mining site remediation
–
2 2
Provisions for restructuring
(1) 17 18
Net tax loss carryforwards and deferred taxes
98
Impairment/reversal of deferred taxes
157
Other temporary differences (including lease liabilities and provisions for the remediation of leased assets)
32
(37)
TOTAL DEFERRED TAX INCOME (EXPENSES)
(21)
55
344
Orano - Annual Activity Report 2025
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