Annual Activity Report 2025

FINANCIAL STATEMENTS

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

2.1 Valuation of intangible and tangible fi xed assets Intangible and tangible fi xed assets are valued at their acquisition or production cost, including start-up expenses. They are depreciated based on the approach deemed most representative of the loss of economic value of each component, with each component depreciated based on its own useful life. Depreciation is calculated using the straight-line method and rates normally applicable to these categories of assets. This depreciation may be supplemented for certain assets when the value in use falls below its net carrying amount. The resulting net carrying amount may be considered to be economically justi fi ed. 2.2 Financial investments Financial investments appear on the asset side of the balance sheet at their transfer value or acquisition cost. The acquisition cost means the purchase price plus costs directly related to the purchase, in particular commissions paid to acquire the investment. At each year-end, equity interests are measured at their value in use. An impairment loss is recognized when their value in use, assessed individually for each interest, falls below their historical cost. The value in use is determined either: ● based on the percentage share of the subsidiary’s net assets at the end of the fi nancial year; ● based on the present value of the projected future cash flows, based on the strategic plan approved by the governance bodies and its underlying assumptions, plus its “terminal value”, which corresponds to the present value, discounted to in fi nity, of the cash flows for the “normative” year estimated at the end of the period covered by the future cash flow projections. However, certain activities have a fi nite useful life (for example due to the fi nite mineral resources in the active or unused mines or the limited duration of the operating permits in nuclear activities); in this case, the cash flows taken into account to measure their value in use are not discounted to in fi nity, but rather to the end of their expected useful life. The recoverable value of unexploited deposits in the Mining business is assessed either at the carrying amount or on the basis of multiples of land ( i.e. by comparison with resources and reserves valued according to the market capitalization of juniors comparable to the group’s mineral deposits that have not been mined). Impairment is calculated based on the share of net assets held at the end of the fi nancial year. Loans to associates are recorded at par value. Where applicable, they are written down through a provision to take into account the fi nancial position of the subsidiary.

2.3 Receivables and liabilities Receivables and liabilities are valued at par value. Receivables may be written down by a provision to reflect potential collection dif fi culties based on information available at closing. Receivables and liabilities in foreign currencies are translated and recorded in euros based on exchange rates in effect at the end of the fi nancial year. Unrealized gains and losses in relation to the amounts previously recognized are recorded on the statement of fi nancial position as currency translation differences in the absence of foreign exchange risk hedging. Unrealized foreign exchange losses are recognized through a provision for foreign exchange risk. Receivables and liabilities in foreign currencies bene fi ting from speci fi c currency hedging are also recorded in euros based on exchange rates in effect at the end of the fi nancial year. The difference between the closing rates and those set by this hedge is recognized directly in foreign exchange gain (loss). The same applies to the revaluation of the hedging instrument. 2.4 Financial instruments Orano SA uses derivatives to hedge foreign exchange risks and interest rate risks both for its own transactions and those carried out by its subsidiaries. The derivatives used are mainly: forward currency contracts, currency and interest rate swaps, inflation swaps and currency options. The Company has applied ANC Regulation No. 2015-05 since January 1, 2017. The risks hedged relate to receivables, debts and fi rm commitments in foreign currencies. The derivatives traded to hedge subsidiaries’ exposure are systematically backed by symmetrical instruments with banking counterparties to hedge the exposure of Orano SA. Accounting principles: ● gains and losses on derivatives traded to hedge subsidiaries’ exposure are recognized through pro fi t and loss at maturity, thus matching the gains and losses recognized on the derivatives negotiated by Orano SA with banks; ● interest rate derivatives traded by Orano SA are classi fi ed as hedging instruments or included in an isolated open position in the separate fi nancial statements. Accrued interest not yet due is recognized in the statement of fi nancial position with an offsetting entry to the income statement. 2.5 Non-trade current accounts Non-trade current accounts are reported under “Other accounts receivable” when they appear on the asset side of the statement of fi nancial position. Otherwise, they appear on the liability side under “Other liabilities”.

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Orano - Annual Activity Report 2025