Annual Activity Report 2025

FINANCIAL STATEMENTS

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

Derivatives may be used for hedging or to acquire a limited exposure. They are subject to speci fi c investment guidelines prohibiting leverage. Total nominal commitments may not exceed the fund’s net assets. Sales of puts and calls on underlying assets not included in which the bond fund has not invested or not covered by the investment are prohibited.

Risk assessment and management of the earmarked portfolio

As part of the mandate to conserve and enhance the funds dedicated to dismantling, the risks underlying the portfolios and funds are assessed on a regular basis. For each fund or earmarked asset, this assessment allows the maximum total loss to be estimated with a 95% degree of con fi dence for different portfolio maturities using the VaR (Value at risk) method and volatility estimates. It provides a second estimate using deterministic scenarios: yield curve shock and/or equity market decline.

The impacts of changes in equity and fi xed-rate markets on the valuation of earmarked fi nancial assets are summarized in the following table:

December 31, 2025

(in millions of euros)

ASSUMPTION: DECLINING EQUITY MARKETS AND RISING INTEREST RATES -10% on equities

(420) (102) (522)

+100 basis points on fi xed-income products

TOTAL

ASSUMPTION: RISING EQUITY MARKETS AND DECLINING INTEREST RATES +10% on equities

420 102 522

-100 basis points on fi xed-income products

TOTAL

NOTE 14 INFORMATION ON JOINT VENTURES AND ASSOCIATES

AT DECEMBER 31, 2025

Share in net income of joint ventures and associates

Investments in joint ventures and associates

Share in negative net equity of joint ventures and associates

(in millions of euros)

ETC

18

– – 9 –

12

SI-nerGIE

– –

– – – – – –

Accelerated Decommissioning Partners (ADP)

Neomat CAM Neomat PCAM

(10)

6

–

10 68

(2)

Nurlikum Mining LLC (JV) (1)

Other joint ventures and associates

– 7

–

TOTAL

88

12

(1) See Note 2.

Orano considers that it has a constructive obligation to ensure the continuity of operations of ETC (joint venture equally owned by Orano and URENCO) and SI-nerGIE (GIE jointly owned by Orano and Framatome – see Note 28); as a result, and in accordance with the provisions of IAS 28, Orano recognizes the share of negative equity

as a liability in its consolidated statement of fi nancial position and its share of negative net income in its consolidated income statement and statement of comprehensive income. Relationships with joint ventures and associates are described in Note 28.

355

Orano - Annual Activity Report 2025