Annual Activity Report 2025

6

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

The portfolio of earmarked assets includes the following:

December 31, 2025 December 31, 2024

(in millions of euros)

IN MARKET VALUE OR NET ASSET VALUE Equity mutual funds and publicly traded shares

3,292 3,027 1,379

3,060 3,079 1,230

Bond and money market mutual funds

Unlisted mutual funds At amortized cost Bonds and bond funds

1,009 8,707

995

Total portfolio of earmarked securities

8,363

Receivables related to end-of-lifecycle operations

16

16

TOTAL EARMARKED ASSETS

8,723

8,379

December 31, 2025 December 31, 2024

(in millions of euros)

BY REGION Eurozone

6,360 2,363 8,723

6,234 2,145

Other

TOTAL EARMARKED ASSETS 8,379 Financial assets held as securities or mutual funds represent 99.8% of all earmarked assets at December 31, 2025. They break down as follows: 53.5% equities and other non-amortizable equity securities, 46.3% bonds and money market securities and 0.2% receivables.

Performance of fi nancial assets earmarked for end-of-lifecycle obligations by asset class

December 31, 2025 December 31, 2024

Asset class

Shares

12.6%

8.2% 3.6% 6.1%

Fixed-income products (including receivables related to end-of-lifecycle operations)

2.1% 7.4%

TOTAL EARMARKED ASSETS

with speci fi c rules in terms of exposure: investment limits in absolute terms and relative to net assets, limited exposure in non-euro currencies, indication of a relative risk compared to a target benchmark index (Tracking Error) and limited investments on certain instruments. Together, these limits are designed to comply with investment rules established by the implementing decree of the law of June 28, 2006. Fixed income products in the portfolio of earmarked securities mainly include: ● directly-held securities consisting of Eurozone government bonds, which will be held to maturity and their redemption. They are recognized using the amortized cost method; and ● dedicated bond funds, listed bonds and open-ended money market funds. The sensitivity to interest rates of bond funds is limited in both directions, including the portfolio’s overall consistency with preset long-term sensitivity objectives and the sensitivity of the liabilities to the discount rate used. The issuers’ ratings (Moody’s or Standard & Poor’s) are used to manage the credit risk exposure of money market and bond funds and listed bonds.

Receivables related to end-of-lifecycle operations

Receivables related to end-of-lifecycle operations correspond to an EDF and CEA receivable, resulting from the over fi nancing of Andra by Orano between 1983 and 1999 (payment by Orano of contributions divided between nuclear operators above its share) in the amount of 16 million euros. Risk description and assessment Equity investments in the portfolio of earmarked securities include mainly: ● mandates of publicly traded shares, which includes about 50 companies based in the European Union. The securities are held in order to generate gains over the long term. Although it is not a management guideline, these mandates will be assessed over the long term compared to an external MSCI EMU benchmark, net dividends reinvested; and ● dedicated equity funds with diversi fi ed management strategies and focused on European companies. Depending on the investment objective, the managers are required to comply

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Orano - Annual Activity Report 2025