Annual Activity Report 2025

6

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

NOTE 21 CASH FLOW FROM OPERATING ACTIVITIES

CHANGE IN WORKING CAPITAL REQUIREMENT

December 31, 2025 December 31, 2024

(in millions of euros)

Net change in inventories and work-in-process Net change in trade and other receivables

(207)

109

92 (6)

(183)

Change in contract assets

(19)

Change in accounts payable and other liabilities

278 485 (28)

30

Change in contract liabilities

(121)

Change in advances and prepayments made

9

Change in Forex hedge of WCR

(9)

15 22

Change in other non-current non- fi nancial assets

—

TOTAL

604

(137)

NOTE 22 EQUITY

Share capital Orano’s share capital broke down as follows:

December 31, 2025 December 31, 2024

French state

90.33% 1 share

90.33% 1 share

CEA MHI

4.83% 4.83% 100%

4.83% 4.83% 100%

JNFL

TOTAL

Stock option plan There is no stock option plan.

360

Orano - Annual Activity Report 2025