Annual Activity Report 2025

6

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

Discount rates and in fl ation rates (see principles set out in Note 1.3.12) At December 31, 2025, Orano applied a discount rate assumption of 5.03% and a long-term inflation assumption of 2.01%, i.e. an actual rate of 2.96% (compared to 4.65% and 1.88% respectively at December 31, 2024, i.e. an actual rate of 2.72%).

At December 31, 2025, the use of a discount rate 10 basis points higher or lower than that used would have the effect of changing the closing balance of provisions for end-of-lifecycle operations by -142 million euros with a rate of 5.13% or +147 million euros with a rate of 4.93% respectively.

Provisional schedule of statutory and non-statutory provision disbursements before discounting

Gross amount

Disbursement maturity of between 1 year and 10 years

Value at closing economic conditions

Disbursement maturity of less than 1 year

Disbursement maturity of more than 10 years

Present value

(in millions of euros)

Provisions for dismantling

5,507 1,421

9,957 1,923

277 153

2,360 1,118

7,320

Provisions for waste retrieval and packaging

652

Provision for long-term waste management (transport & storage) Monitoring costs after closure of storage facilities Provisions for end-of-lifecycle operations (regulated) Provisions for end-of-lifecycle operations (non-regulated) PROVISIONS FOR END-OF-LIFECYCLE OPERATIONS End-of-lifecycle assets (third-party share) End-of-lifecycle assets comprise two items:

1,552

4,322

31

704

3,587

66

834

1

17

816

8,547

17,036

462

4,199

12,375

368

657

57

144

456

8,915

17,693

519

4,343

12,831

● the dismantling assets of nuclear facilities which are recorded on the balance sheet under tangible fi xed assets (see Note 11); and ● end-of-lifecycle assets (third-party share) (see Note 1.3.12 and de fi ned in this note) corresponding to the fi nancing expected from third parties contributing to the dismantling of certain facilities or equipment that Orano is legally or contractually obliged to dismantle.

Net carrying amount at December 31, 2025

Net carrying amount at December 31, 2024

Change in assumptions, revision to estimates, etc.

Decrease from period expense

Accretion

(in millions of euros)

End-of-lifecycle assets – third-party share (regulated *) End-of-lifecycle assets – third-party share (non-regulated *) TOTAL END-OF-LIFECYCLE ASSETS (THIRD-PARTY SHARE)

70

(17)

3 –

2 –

58

4

(1)

4

74

(18)

3

2

62

* Scope of application of the French law of June 28, 2006. Financial assets earmarked for end-of-lifecycle operations

December 31, 2025

December 31, 2024

Net carrying amount

Net carrying amount

Market value

Market value

(in millions of euros)

Portfolio of earmarked securities

8,707

8,677

8,363

8,376

Receivables related to end-of-lifecycle operations

16

16

16

16

TOTAL EARMARKED ASSETS

8,723 8,707

8,693 8,677

8,379 8,363

8,392 8,376

Of which earmarked assets (regulated *) Of which earmarked assets (non-regulated *) * Scope of application of the French law of June 28, 2006.

16

16

16

16

352

Orano - Annual Activity Report 2025