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

Orano’s equity Group equity totaled 3,526 million euros at December 31, 2025, compared with 2,736 million euros at December 31, 2024. Assets and provisions for end-of-lifecycle operations The change in the fi nancial position from December 31, 2024 to December 31, 2025, with regard to assets and liabilities for end-of lifecycle operations, is summarized in the table below.

December 31, 2025

December 31, 2024

(in millions of euros)

ASSETS End-of-lifecycle assets

8,785 8,723

8,453 8,379

Of which earmarked assets

Of which decommissioning assets (third-party share) LIABILITIES PROVISIONS FOR END-OF-LIFECYCLE OPERATIONS

62

74

8,915 8,547

9,059 8,708

Of which provisions for end-of-lifecycle operations (regulated scope *) Of which provisions for end-of-lifecycle operations (non-regulated scope *)

368

351

2.5.2.5 Review of key fi gures by business segment Orano consists largely of the nuclear fuel lifecycle operations housed in the Mining, Front End (Chemistry and Enrichment) and Back End (Recycling, Nuclear Packages and Services, Dismantling and Services, Engineering) segment subsidiaries and the Corporate operations provided primarily by Orano Support. The key fi gures of Orano for the fi nancial year ended December 31, 2025 are presented by business segment below. * Scope of application of the French law of June 28, 2006. The change in assets and provisions for end-of-lifecycle operations is described in Note 13 to the consolidated fi nancial statements in Section 6.1.

Change 2025/2024

2025

2024

(in millions of euros)

Revenue

5,138 1,492 1,250 2,352

5,874 1,502 1,307 3,027

-736

Mining

-9

Front End Back End

-57

-675

Corporate and other operations *

44

38

+6

EBITDA

1,382

2,067

-684 +83 +23 -800 +10 -569 +231 +43 -840 -214 +130 -205 -100 -3

Mining

519 519 390 (45) 516 353 468 (80) 723 354 215 311

437 495

Front End Back End

1,190

Corporate and other operations *

(55)

Operating income

1,085

Mining

122 425 616 (77) 937 224 420 411

Front End Back End

(224)

Corporate and other operations *

Operating cash flow

Mining

Front End Back End

Corporate and other operations *

(157)

(118)

-39

* “Corporate and other operations” includes in particular Corporate, Orano Med and the Batteries program.

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Orano - Annual Activity Report 2025