Annual Activity Report 2025

FINANCIAL STATEMENTS

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

NOTE 23 NON-CONTROLLING INTERESTS

Non-controlling interests consist of the share of net equity of interests held by third parties in a subsidiary controlled by the group.

December 31, 2025 December 31, 2024

(in millions of euros)

Katco

318 149

267 135

SET Holding, SET and SET Expansion

Orano DS

4 2

6

(28)

Badrakh Energy LLC (1)

Orano Med Theranostics (France and the United States) (1)

44

–

Other

3

(9)

TOTAL

521

369

(1) See Note 2.

Following the signature of the amendment to the contract for the use of the subsoil between Katco and the Ministry of Energy of the Republic of Kazakhstan, KazAtomProm bene fi ts from an additional percentage interest of 11% from 2022 without calling into question the group’s control of Katco.

A subsidiary is considered signi fi cant if its revenue is greater than 200 million euros, if its total statement of fi nancial position is greater than 200 million euros, or if its net assets exceed 200 million euros in absolute value. Financial information on signi fi cant subsidiaries, required under IFRS 12, is presented before elimination of intercompany transactions.

DECEMBER 31, 2025

Orano Med Theranostics

Katco

SET

Orano DS

Mining

Front End

D&S

Other activities

(in millions of euros)

France and the United States

Country

Kazakhstan

France

France 26.14%

15.60% (2)

Percentage stake in non-controlling interests

49.00%

5.00% (1)

Revenue

628 324 159

889 254

443

2

Net income

17

(31)

Of which attributable to non-controlling interests Of which an additional 11% attributable to non controlling interests

13

4

(5)

36

Current assets

344 422 (48) (33) 684 335 397

599

234

297

Non-current assets Current liabilities Non-current liabilities

4,209 (355) (793) 3,661

47

41

6

(197)

(39)

(51)

(1)

Net assets

33

298

Of which attributable to non-controlling interests

183 428

9

47

Cash flow from operating activities Cash flow from investing activities Cash flow from fi nancing activities

40 (7)

(30)

(123) (151)

(324) (229) (125)

(4)

(11)

296 262

Change in net cash

141 (87)

33 (2)

Dividends paid to non-controlling interests

(1)

–

(1) SET and SET Expansion are held directly by SET Holding, whose purpose is to fi nance its subsidiaries. The data presented for SET, SET Expansion and SET Holding are aggregated. (2) Orano Med Theranostics SAS and Orano Med Theranostics LLC data are aggregated.

361

Orano - Annual Activity Report 2025