Annual Activity Report 2025

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FINANCIAL STATEMENTS Statutory Auditors’ report on the consolidated fi nancial statements for the fi nancial year ended December 31, 2025

The Group must therefore set aside provisions to cover the future costs related to the dismantling of its facilities as well as the intermediate storage, recovery, packaging, transportation and storage of waste and monitoring of the sites (called “Provisions for end-of-life-cycle operations – within the scope of the Law”). Under the law on securing the funding of nuclear expenses, the Group is also required to allocate, exclusively for this purpose, the necessary fi nancial assets to cover these different costs. The Group also owns other industrial facilities that are considered, according to the regulations, as facilities classi fi ed for environmental protection and therefore also subject, upon their fi nal shutdown, to safety, rehabilitation and waste management obligations, which require provisions (called “Provisions for end of-life-cycle operations – outside the scope of the Law”) to be set aside. The law on securing the funding of nuclear expenses does not apply to this category of facilities. In addition, the future costs of intermediate storage, treatment, packaging, transportation and storage of waste derived from operating activities and of certain materials also result in the setting aside of provisions (called “Provisions for contract completion”). At December 31, 2025, provisions for end-of-life-cycle operations amounted to €8,915 million (of which €8,547 million in provisions for end-of-life-cycle operations – within the scope of the Law and €368 million in provisions for end-of-life-cycle operations – outside the scope of the Law). Provisions for contract completion amounted to €1,944 million. The market value of the assets dedicated to the coverage of the provisions for end-of-life-cycle operations – within the scope of the Law is €8,735 million. The accounting policies and treatments applied, the methods for measuring these provisions, the assumptions used and the related uncertainties are described in Notes 1.2, 1.3.11, 1.3.12, 13 and 25 to the consolidated fi nancial statements. We deemed the measurement of provisions for end-of-life-cycle operations and provisions for contract completion to be a key audit matter given: ● the material amount of these provisions in the fi nancial statements; ● the complexity of the models for estimating costs related in particular to the long-term horizon and limited past experience of such operations as well as the complexity of the scenarios and technical solutions considered; ● the potentially material impact on the amount of the provisions of uncertainties related to changes in the regulations or requirements of safety authorities, the scenarios and technical procedures considered, waste removal and storage methods and their availability, knowledge of the initial condition of the facilities and their intended fi nal condition, the facilities’ operating life, future disbursement schedules, procedures for fi nal shut-down and changes in inflation and discount rates; and ● the negative effects on the Group’s fi nancial position in the event of an increase in provisions for end-of-life-cycle operations – within the scope of the Law (mobilization of additional funds to increase the amount of assets dedicated to the coverage of these provisions in order to satisfy the regulatory coverage rate within the required deadline). How our audit addressed this risk We veri fi ed the compliance of the methodology for measuring these different provisions with the accounting, legal and regulatory provisions and examined the methods for measuring them.

In particular, we:

● gained an understanding of the legal and regulatory context as well as the exchanges with the administrative authority (particularly follow-up letters from the French Directorate General of Energy and Climate) in relation to these provisions; ● took into consideration the classi fi cation of the different types of waste (provisions for end-of-life-cycle operations – within the scope of the Law, provisions for end-of-life-cycle operations – outside the scope of the Law, and provisions for contract completion) in relation to the Group’s interpretation of the current regulations; ● gained an understanding of the processes for measuring provisions, the existing controls and the associated governance principles and in particular assessed the implementation of certain key controls (such as the existence of a robust and relevant body of documentation, summary and risk analysis notes made by management, and the validation of the provisions by management through dedicated committees: the Cleanup and Dismantling Fund Monitoring Committee and the Committee for Monitoring End-of-Life-Cycle Obligations); ● gained an understanding, with the help of our experts, of the IT general controls relating to the application used by the Group to calculate the provisions in relation to facilities in operation and assessed the arithmetical functioning of the computational model developed in this application based on the certi fi cation report issued by an independent expert; ● assessed the consistency over time of the models used for estimating provisions; ● assessed the type of costs and assumptions used in determining these provisions; ● assessed, for a selection of operations and on the basis of analytical documents and interviews with the managers concerned, the validity of the assumptions used in determining costs on completion and disbursement schedules, the percentage of completion of ongoing work, modi fi cations of estimates and the level of risk used; ● assessed the processes for measuring and validating the quantities of waste and scrap resulting from operations; ● veri fi ed, with the help of our experts, the consistency of the methodologies applied to determine the discount and inflation rates used, as well as compliance with accounting standards and applicable regulatory standards at the time they were applied; ● assessed the reasonableness of the assumptions regarding discount and inflation rates used at the reporting date; ● assessed the compliance of the accounting treatment of the effects related to changes in estimates, inflation and discount rates and reverse discounting with the applicable accounting principles; ● assessed the consistency of the data provided by the systems for reporting provisions with the accounting data; ● performed a critical review of management’s sensitivity tests. Lastly, we assessed the appropriateness of the disclosures provided in the notes to the consolidated fi nancial statements concerning the end-of-life-cycle provisions and the provisions for contract completion, particularly in terms of the uncertainties concerning certain assumptions and the sensitivity of the measurement of these provisions to certain fi nancial inputs.

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Orano - Annual Activity Report 2025