Annual Activity Report 2025

6

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

NOTE 16 INVENTORIES AND WORK-IN-PROCESS

December 31, 2025 December 31, 2024

(in millions of euros)

Raw materials and other supplies

349 650 580

294 692 398

In process

Finished goods

Total gross amount

1,579 (112) 1,467

1,384 (112) 1,271

Provisions for impairment

TOTAL NET CARRYING AMOUNT

Of which inventories and work-in-process measured: At cost

697 771

504 768

At net realizable value

1,467

1,271

All uranium inventories are recognized as inventories of fi nished goods.

NOTE 17 TRADE ACCOUNTS RECEIVABLE AND RELATED ACCOUNTS

December 31, 2025 December 31, 2024

(in millions of euros)

Gross amount

840 (16) 824

989 (16) 973

Impairment

NET CARRYING AMOUNT

BREAKDOWN OF TRADE ACCOUNTS RECEIVABLE AND RELATED ACCOUNTS

Of which due

Between 6 months and 1 year

Less than 1 month

1 to 2 months

2 to 3 months

3 to 6 months

More than 1 year

Net amount

Not yet due

(in millions of euros)

December 31, 2025 December 31, 2024

824 973

716 955

69

17

7 1

3 2

1 1

11

8

3

3

NOTE 18 CONTRACT ASSETS AND LIABILITIES

CONTRACT ASSETS

December 31, 2025 December 31, 2024

(in millions of euros)

Contract assets

114

108

At December 31, 2025, contract assets included 23 million euros due in more than one year.

358

Orano - Annual Activity Report 2025