Annual Activity Report 2025

FINANCIAL STATEMENTS

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

NOTE 26 FINANCIAL LIABILITIES

Current liabilities December 31, 2025 December 31, 2024

Non-current liabilities

(in millions of euros)

Bonds (1)

1,492

749

2,241

2,235

Accrued interest not yet due on bonds

– 4 – – 6 –

62

62

61

Bank borrowings Commercial paper

–

4

5

42

42

198 162

Interest-bearing advances

129

–

129

Short-term bank facilities and current accounts in credit

26 11 89

26 17 89

21

4

Miscellaneous fi nancial liabilities (2)

Derivatives

37

TOTAL

1,631

979

2,610

2,722

(1) After interest rate risk management. (2) Of which fi nancial liabilities for the ETC joint venture for 11 million euros (compared to 12 million euros of current account credit balance at December 31, 2024).

Change in fi nancial liabilities

(in millions of euros) Financial liabilities at December 31, 2024

2,722 (387)

Cash flows

Non-cash flows: Accrued interest not yet due on borrowings

62

Reclassi fi cation

119 (32) 126

Currency translation differences

Other changes

FINANCIAL LIABILITIES AT DECEMBER 31, 2025 2,610 The non-cash flows in fi nancial liabilities include the reclassi fi cation of a customer advance whose repayment initially planned according to deliveries of materials was made in cash under an agreement signed during the second half of 2025. The repayment of this customer advance, made during the fi nancial year, is included in the cash flows.

RECONCILIATION OF CASH FLOWS ON FINANCIAL LIABILITIES BETWEEN THE NOTE ON FINANCIAL LIABILITIES AND CASH FLOWS FROM FINANCING ACTIVITIES

6

(in millions of euros) Cash flows from fi nancial liabilities

(387)

Interest paid

127

Financial instruments

(9) 37

Short-term bank facilities and current accounts in credit NET CASH FLOW FROM FINANCING ACTIVITIES

(233)

367

Orano - Annual Activity Report 2025