Annual Activity Report 2025

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

2.5.2.4 Balance sheet items

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

December 31, 2025

December 31, 2024

(in millions of euros)

Net goodwill

1,227

1,348

Property, plant and equipment and intangible assets

10,972

10,661

End-of-lifecycle assets

8,785 3,135 1,487

8,453 2,881 1,273

2

Operating working capital requirement – assets

Cash

Deferred tax assets

171

207 982

Other assets

1,055

TOTAL ASSETS

26,832

25,805

Equity and non-controlling interests

3,526

2,736

Employee bene fi ts

549

528

Provisions for end-of-lifecycle operations Other current and non-current provisions

8,915 2,734 7,922 2,610

9,059 2,712 7,352 2,722

Operating working capital requirement – liabilities

Financial liabilities

Other liabilities

576

695

TOTAL LIABILITIES

26,832

25,805

Non-current assets Net goodwill

Cash and borrowings At December 31, 2025, Orano held 1.5 billion euros in cash, plus 0.6 billion euros of cash management current fi nancial assets. This cash position of 2.1 billion euros is strengthened by a syndicated credit facility, con fi rmed and undrawn, for 880 million euros maturing at the end of May 2029. The group also holds a 400 million euro long-term credit line with the European Investment Bank, unused at the end of 2025, to fi nance the capacity expansion project at the Georges Besse II uranium enrichment plant. The group’s net fi nancial debt totaled 0.44 billion euros at December 31, 2025, compared with 0.78 billion euros at December 31, 2024.

Net goodwill rose from 1,348 million euros at December 31, 2024 to 1,227 million euros at December 31, 2025, i.e. a -120 million euro decrease. Net property, plant and equipment and intangible assets Net property, plant and equipment and intangible assets increased from 10,661 million euros at December 31, 2024 to 10,972 million euros at December 31, 2025. Operating working capital requirement The group’s operating working capital requirement (operating WCR) was negative ( i.e. a surplus of funds) at -4,787 million euros at December 31, 2025, compared with -4,471 million euros at December 31, 2024.

RECONCILIATION TABLE BETWEEN CASH FROM THE STATEMENT OF CASH FLOWS AND NET CASH (DEBT) IN THE STATEMENT OF FINANCIAL POSITION

Change 2025/2024

2025

2024

(in millions of euros)

Net cash per statement of cash flows

1,461

1,252

+209

Short-term bank facilities and current accounts in credit

26

21

+5

Net cash from operations held for sale

-

-

-

Financial instruments, margin calls and collateral, cash management fi nancial assets

680

674

+6

Financial liabilities

(2,610)

(2,722)

+112 +332

NET CASH (NET DEBT)

(443)

(775)

55

Orano - Annual Activity Report 2025