Annual Activity Report 2025

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

NOTE 27 OTHER OPERATING LIABILITIES

December 31, 2025 December 31, 2024

(in millions of euros)

Tax liabilities (excluding corporate income tax)

256 564

207 543 182 210

Social security liabilities Financial instruments

32

Other

196

OTHER OPERATING LIABILITIES

1,049

1,142

At December 31, 2025, other operating liabilities included 96 million euros maturing in more than one year.

NOTE 28 RELATED-PARTY TRANSACTIONS

Transactions between the parent company Orano SA and its subsidiaries, as well as those between the group’s subsidiaries and joint activities, are eliminated on consolidation, and are therefore not presented in the tables below. Related-party transactions presented below include: ● current transactions with non-consolidated companies, associates, joint ventures, and companies controlled by the French State; and ● the gross compensation and bene fi ts granted to directors and members of the executive committee.

AT DECEMBER 31, 2025

Interests held by the French State

Associates and joint ventures

Total

(in millions of euros)

Operating income Operating expenses

3,036

21 87

3,057

72

159 485

Trade receivables and other Trade payables and other (1)

252

233

3,770

12

3,782

(1) Balances including IFRS 15 restatements.

AT DECEMBER 31, 2024

Interests held by the French State

Associates and joint ventures

Total

(in millions of euros)

Operating income Operating expenses

2,737

49 86

2,786

86

172 598

Trade receivables and other Trade payables and other (1)

432

166

3,654

8

3,663

(1) Balances including IFRS 15 restatements.

Relations with the French State and State-owned companies

the Court of Auditors and the Parliament, and audits of the General Inspectorate of Finance. The group has close relationships with companies controlled by the French State, including: ● transactions with the CEA concern the dismantling of the CEA’s nuclear facilities, services associated with the operation of certain workshops and R&D contracts; ● transactions with AREVA relate in particular to IT services, Human Resources and insurance provided by Orano;

At December 31, 2025, the French State owned a majority stake in the share capital of Orano. Consequently, the French State has the ability to control the decisions requiring the approval of shareholders. In accordance with the laws applicable to all companies in which the French State is a shareholder, Orano is subject to certain control procedures, in particular the economic and fi nancial control of the French State, the control procedures of

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Orano - Annual Activity Report 2025