Annual Activity Report 2025

2 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR Financial situation of the Company and the group during the past fi nancial year

Net fi nancial income (expense) Net fi nancial income (expense) amounted to an expense of +173 million euros at December 31, 2025, compared with -307 million euros at December 31, 2024. The increase in net fi nancial income (expense) is mainly due to an increase in the yield on earmarked assets to cover end-of-lifecycle obligations, plus a favorable effect from changes in discount rates on end-of-lifecycle liabilities and obligations in 2025.

2025

2024

(in millions of euros)

Cost of net fi nancial debt [(expense)/income]

(49) 222 413

(95)

Other fi nancial income and expense

(212)

Of which share related to end-of-lifecycle operations Of which share not related to end-of-lifecycle operations

11

(192)

(224) (307)

NET FINANCIAL INCOME (EXPENSE)

173

Net income attributable to non-controlling interests Net income attributable to non-controlling interests at December 31, 2025 was +145 million euros, compared with +78 million euros at December 31, 2024. It consists mainly of the contribution of minority shareholders in mining and enrichment activities. Net income attributable to owners of the parent Net income attributable to owners of the parent was +404 million euros in 2025, compared with +633 million euros for 2024. This decrease of -229 million euros is mainly due to the one-off and exceptional contribution of contracts signed in November 2024 with Japanese electric utilities for the return of their nuclear waste. The following table reconciles reported net income attributable to owners of the parent with adjusted net income attributable to owners of the parent, accounting for the fi nancial impacts of end of-lifecycle obligations:

Adjusted net fi nancial income amounted to an expense of -256 million euros in 2025, compared with -336 million euros in 2024. This favorable change is mainly due to a decrease in the cost of fi nancial debt and a favorable effect from changes in discount rates on long-term liabilities. Income tax The tax expense in the fi nancial year was -147 million euros at December 31, 2025, compared with -54 million euros at December 31, 2024. The net adjusted tax expense amounted to -147 million euros at the end of December 2025, compared with -62 million euros in 2024.

RECONCILIATION OF REPORTED NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT TO ADJUSTED NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT

Change 2025/2024

2025

2024

(in millions of euros)

REPORTED NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT

404 405

633 401

-229

Unwinding expenses on end-of-lifecycle liabilities

+4

Impact of changes in discount and inflation rates on end-of-lifecycle obligations

(181) (653)

109

-290 -115

Return on earmarked assets Tax impact of adjustments

(538)

-

(8)

+8

ADJUSTED NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT *

(25)

597

-622

* The de fi nition of adjusted net income attributable to owners of the parent can be found in Section 7.9 Financial glossary.

Adjusted net income attributable to owners of the parent amounted to -25 million euros at December 31, 2025, compared with +597 million euros in 2024.

52

Orano - Annual Activity Report 2025