Annual Activity Report 2025

FINANCIAL STATEMENTS

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

CONTRACT LIABILITIES

Currency translation differences December 31, 2025

Increases/ Decreases

Other changes

December 31, 2024

(in millions of euros)

Contract liabilities

5,597

514

(135)

(4)

5,973

Contract liabilities comprise prepaid income and operating and investment advances and prepayments by customers. They are deducted from the revenue generated under the contracts in question and mainly concern (i) investment fi nancing for the treatment and recycling of used fuels and (ii) to a lesser extent, uranium sales contracts. Treatment-recycling contracts represent a signi fi cant portion of contract liabilities recognized at group level. In 2025, treatment

recycling received 1,291 million euros in customer fi nancing and generated revenue of 961 million euros. Other changes mainly include the reclassi fi cation of a customer advance as fi nancial liability for 119 million euros (see Note 26). At December 31, 2025, contract liabilities included 5,031 million euros due in more than one year.

NOTE 19 OTHER OPERATING RECEIVABLES

December 31, 2025 December 31, 2024

(in millions of euros)

French State receivables

294

268

Advances and down payments to suppliers

59

32

Miscellaneous accounts receivable

166 202

182

Financial instruments

41

Other

8

8

OTHER OPERATING RECEIVABLES

729

529

Government receivables mainly include VAT receivables and tax credits. “Miscellaneous accounts receivable” includes prepaid expenses, receivables from suppliers and receivables from employees and bene fi t management bodies.

“Financial instruments” include the fair value of derivatives hedging market transactions and the fair value of the fi rm commitments hedged. At December 31, 2025, other operating receivables included 213 million euros due in more than one year.

NOTE 20 CASH AND CASH EQUIVALENTS

6

December 31, 2025 December 31, 2024

(in millions of euros)

Cash

411

443 830

Cash equivalents

1,076 1,487

TOTAL 1,273 At December 31, 2025, cash included cash not immediately available to the group in the amount of 200 million euros (compared with 62 million euros at December 31, 2024), chiefly reflecting legal restrictions abroad.

359

Orano - Annual Activity Report 2025