Annual Activity Report 2025

6

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

Following the amendment to the French Environmental Code no longer making it mandatory to provide fi nancial guarantees for certain facilities classi fi ed for environmental protection (ICPE), a number of them were waived. The amount of the

remaining guarantees has been included in the provision for site redevelopment (see Note 25). Reciprocal commitments concern investment orders.

Financing commitments

December 31, 2025

Less than 1 year

From 1 to 5 years

More than 5 years

December 31, 2024

(in millions of euros)

Commitments given Commitments received Reciprocal commitments

29

9 5 –

20

– –

2 5

5

–

1,280

880

400

880

Reciprocal commitments relate to unused syndicated credit facilities. During 2022, Orano re fi nanced its syndicated revolving credit facility (RCF) in advance for a total amount of 880 million euros with a margin indexed to environmental and governance criteria. This con fi rmed syndicated credit facility, taken out with a pool of

10 banks with a 5-year maturity, had a fi rst 1-year extension option exercised in 2023 and a second 1-year extension option exercised during the fi rst half of 2024. In addition, the European Investment Bank granted Orano a loan of 400 million euros (see Note 1.1) which will be drawn over 2026.

NOTE 33 BACKLOG

At December 31, 2025, Orano’s backlog amounted to 34.2 billion euros (35.9 billion euros at December 31, 2024), and its breakdown by maturity is as follows:

Less than 1 year

From 1 to 5 years

From 6 to 10 years

Beyond 10 years

Total

(in billions of euros)

At December 31, 2025

34.2

4.8

12.0

11.2

6.2

NOTE 34 DISPUTES AND CONTINGENT LIABILITIES

Orano may be party to certain regulatory, judicial or arbitration proceedings in the normal course of business. The group is also the subject of certain claims, lawsuits, or regulatory proceedings outside the ordinary course of business, the most signi fi cant of which are summarized below. Niger The authorities in power in Niger following the coup of July 26, 2023 implemented, in a sovereigntist context claimed to be the resumption of control over the country’s mining activities, several measures in violation of the country’s mining titles in force, of the agreements between shareholders and/or of the laws in force in Niger. For example, they have: ● hindered the export of its production by Somaïr; ● withdrawn the operating permit held by Imouraren SA, despite the resumption of activities at the Imouraren site in accordance with their requests;

● taken control of the Somaïr and Cominak subsidiaries through repeated interference in the governance of these companies; ● violated the provisions of the Global Partnership Agreement concluded in May 2023 between the State of Niger and Orano; ● under the guise of nationalizing Somaïr, a subsidiary jointly owned by Orano and Sopamin (itself controlled by the Nigerien State), on June 19, 2025, expropriated Orano outside of any legal proceedings and without any compensation. These numerous obvious, non-exhaustive violations are causing severe damage to the Orano group which, as a last possible resort following several unsuccessful attempts at amicable resolution, has fi led several proceedings before the competent international arbitral courts in order to obtain compensation for its damage. Orano also reserves the right to initiate any other action, including criminal action and against third parties, in the event of pre-emption of the material in violation of its removal rights.

380

Orano - Annual Activity Report 2025