Annual Activity Report 2025

FINANCIAL STATEMENTS

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

BREAKDOWN OF DEFERRED TAXES RECOGNIZED IN OTHER ITEMS OF COMPREHENSIVE INCOME

December 31, 2025

December 31, 2024

(in millions of euros)

Before tax Income tax

After tax Before tax Income tax

After tax

Revaluation of the net liability in respect of de fi ned- bene fi t obligations

47

2 –

49

14 14

– –

14 14

Currency translation differences Change in value of cash flow hedges

(235)

(235)

244

(18)

225

(186)

23

(163)

Share in comprehensive income of associates (net of income tax) TOTAL GAINS AND (LOSSES) FROM OTHER ITEMS OF COMPREHENSIVE INCOME AFTER TAX

4

–

4

–

–

–

60

(16)

44

(159)

23

(136)

UNRECOGNIZED DEFERRED TAX ASSETS

December 31, 2025 December 31, 2024

(in millions of euros)

Tax credits Tax losses

–

467 550

498 556

Other temporary differences

TOTAL UNRECOGNIZED DEFERRED TAXES

1,017

1,054

NOTE 9 GOODWILL

Currency translation differences and other

December 31, 2025

December 31, 2024

Increases

Disposals Impairment

(in millions of euros)

Mining

925 161 262

– – – –

(14)

– – – –

(105)

805 161 261

Front End Back End

– –

–

(2)

TOTAL

1,348

(14)

(107)

1,227

Goodwill impairment testing As indicated in Notes 1.2 Estimates and judgments and 1.3.7.5 Impairment losses of intangible and tangible fixed assets and goodwill , the group performs impairment tests at least once a year and whenever there is an indication of impairment. These tests consist of comparing the net carrying amount of the assets of cash-generating units (CGUs) or groups of CGUs to which goodwill has been allocated (after inclusion of impairment of intangible and tangible fi xed assets as detailed in Notes 10 and 11) with their recoverable value.

6

The discount rates used for impairment testing are based on the average cost of capital, and reflect current assumptions as regards the time value of money and the speci fi c risk represented by the asset, the CGU or the group of CGUs; they are determined on the basis of observed market data and evaluations prepared by specialized fi rms (market risk-free rate, equity market risk premium, volatility indices, credit spreads and debt ratios of comparable companies in each sector).

345

Orano - Annual Activity Report 2025