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

Operating cash fl ow EBITDA

previously received from Japanese electric utilities under the aforementioned contracts. Added to this is a more favorable cash inflow pro fi le in the Mining segment in 2025. Net Investments Net investments amounted to 1,269 million euros in 2025 compared to 980 million euros in 2024. Most of this +289 million euro increase came from the Georges Besse II plant enrichment capacity extension project, and, to a lesser extent, the increase in Capex in Mining and nuclear medicine Operating cash fl ow As a result of the items described above, operating cash flow stood at 723 million euros at the end of 2025, compared with 937 million euros at the end of 2024.

Orano’s EBITDA amounted to 1,382 million euros in 2025, down compared to 2024 when it stood at 2,067 million euros. This -685 million euros change is due to a comparable base for 2024 plus the one-off contribution from contracts signed with Japanese electric utilities, which masks higher EBITDA generation in the Mining, Front End and Back End segments. Change in operating working capital requirement (WCR) The change in operating WCR is +610 million euros in 2025 compared to -149 million euros in 2024, i.e. a contribution of +759 million euros. This increase is mainly due to the Back End segment, taking into account a comparable base for 2024 reduced by netting out the change in the WCR of pre- fi nancing

Net cash fl ow from company operations

Change 2025/2024

2025

2024

(in millions of euros)

Operating cash flow

723 (49)

937

-214 +133

Cash flow from end-of-lifecycle operations

(182) (102) (179) (120)

Income tax

(137) (218)

-35 -39 277

Cost of fi nancial operations

Other items

157 247 476

Non-operating cash flow

583 354

-336

NET CASH FLOW FROM COMPANY OPERATIONS

+122

Net cash flow from company operations stood at 476 million euros at December 31, 2025 ( vs. 354 million euros the previous year).

Consolidated statement of cash fl ows The group’s condensed consolidated statement of cash flows is presented below:

Change 2025/2024

2025

2024

(in millions of euros)

Cash flow from operations before interest and taxes

964

1,715 (183) 1,532 (137) 1,395

-751

Interest expense and taxes paid

(235)

-52

Cash flow from operations after interest and taxes

728 604

-803 +742

Change in working capital requirement Cash flow from operating activities Cash used in investing activities Cash used in fi nancing activities TOTAL INCREASE (DECREASE) IN CASH Net cash at the beginning of the period NET CASH AT THE END OF THE PERIOD Effect of exchange rate changes

1,333

-62

(1,004)

(1,388)

+385

(77) (43)

(1) 16

-76 -59

209

22

+187

1,252

1,230

+22

1,461

1,252

+209

54

Orano - Annual Activity Report 2025