Annual Activity Report 2025

6

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

At December 31, 2025, the following fi nancial instruments were used to hedge interest rate exposure:

Notional amounts by maturity date at December 31, 2025

1 to 2 years

2 to 3 years

3 to 4 years

4 to 5 years >5 years

Market value

TOTAL

<1 year

Interest rate instruments (in millions of euros)

INTEREST RATE TRANSACTIONS EUR variable payer / EUR fi xed receiver CAD variable payer / EUR variable receiver

100 311 411

100

–

–

– – –

– – –

– – –

(1) 38 37

93

93 93

124 124

GRAND TOTAL

193

Commodity risk Orano SA had no exposure to commodity risk at December 31, 2025. Counterparty risk Orano SA is exposed to the credit risk of counterparties linked to its use of derivatives to cover its risks. Orano SA uses different types of derivatives to manage its exposure to foreign exchange and interest rate risks. Orano SA primarily uses forward currency purchases and sales, and interest rate derivatives (such as swaps, futures and options) to cover these types of risk. These transactions expose Orano SA to counterparty risk when the contracts are concluded over the counter. To minimize this risk, Orano SA’s Financial Operations and Treasury Management Department deals with diversi fi ed, leading counterparties selected on the basis of their ratings by Standard & Poor’s and Moody’s, with a minimum rating of Investment Grade. A legal framework agreement is always signed with these counterparties. The limits allowed for each counterparty are determined based on its rating and the type and maturity of the instruments traded. Assuming the rating of the counterparty is not downgraded, the limits are reviewed at least once a year and approved by the Chief Financial Of fi cer. The limits are veri fi ed in a speci fi c report produced by the internal control teams of the Treasury Management Department. During periods of signi fi cant fi nancial instability that may involve an increased risk of bank default, which may be underestimated by ratings agencies, Orano SA monitors advanced indicators such as the value of the credit default swaps (CDS) of eligible counterparties to determine whether the limits should be adjusted. When conditions warrant (rising counterparty risk, longer or shorter term transactions, etc. ), market transactions are managed by monthly margin calls that reduce Orano SA’s counterparty exposure to a predetermined threshold: the Credit Support Annex for trades documented under an ISDA master agreement, or the Collateral Annex for trades documented under a French Banking Federation (FBF) master agreement. Market value of fi nancial instruments The market value of fi nancial instruments pertaining to currency and rates is calculated based on market data at the reporting date, using discounted future cash flows, or on prices provided

by fi nancial institutions. The use of different market assumptions could have a signi fi cant impact on the estimated market values. Liquidity risk The Financial Operations and Treasury Management Department is in charge of liquidity risk management and provides appropriate long-term and short-term fi nancing. Cash management optimization is based on a centralized system to provide liquidity and manage cash surpluses. Management is provided by the Financial Operations and Treasury Management Department, chiefly through cash-pooling agreements and intragroup loans, subject to local regulations. Cash surpluses are managed to optimize fi nancial returns while ensuring that the fi nancial instruments used are liquid. The next signi fi cant maturity for the repayment of fi nancial liabilities is April 23, 2026. It relates to the redemption of a bond for a nominal amount of 750 million euros. At December 31, 2025, Orano SA had a gross cash position of 1,927 million euros to meet its commitments and ensure the continuity of its operations over the longer term. Additionally, the group has a syndicated credit facility of 880 million euros with a pool of 10 international banks. The group also has an undrawn credit facility with the European Investment Bank in the amount of 400 million euros, maturing in February 2035. 7.2 Related parties The Company did not enter into any signi fi cant related-party transactions outside of normal market conditions, in accordance with the criteria set out below. A transaction is deemed signi fi cant if its omission or inaccuracy is likely to have an influence on economic decisions made by third parties who rely on the fi nancial statements. Whether a transaction is signi fi cant or not depends on the nature and/or the amount of the transaction. Conditions may be considered “normal” when they are customarily applied by the Company in its dealings with third parties, such that the bene fi ciary of the transaction does not receive more favorable treatment than other third parties dealing with the Company, taking into account the practices of other companies in the same sector.

416

Orano - Annual Activity Report 2025