Annual Activity Report 2025

3

RISK CONTROL AND VIGILANCE PLAN Risk factors

3.3 Risk factors

The main risks identi fi ed are grouped by category, according to their nature. Their importance has been assessed on the basis of their probability of occurrence, their level of impact, and the control measures in place. In each category, the most important risk factors are mentioned fi rst.

Sections of the 2025 Annual Activity Report

Risk category in the Orano framework/risk presented GEOPOLITICAL BACKGROUND Geopolitical risks and international sanctions

Net criticity

3.3.1.1 3.3.1.2 3.3.1.3

lll

Risks related to the energy policies of France, other States and the European Union

ll

Risks related to the requali fi cation of reusable nuclear materials

ll

RISKS RELATED TO THE GROUP’S BUSINESS ACTIVITIES Risks related to sustainability of industrial facilities, workload plans and cost control

3.3.2.1 3.3.2.2 3.3.2.3 3.3.2.4 3.3.2.5 3.3.2.6 3.3.2.7 3.3.2.8 3.3.2.9

lll

Risks related to the group’s projects and the Aval du Futur Issues related to end-of-lifecycle operations Risks related to uranium reserves and resources

lll

lll

lll

Risks related to the impact of climate change on our facilities and activities

ll

Cybersecurity risks

ll

Risks related to subcontracting and suppliers Risks related to transport safety and security Risks related to contractual and commercial issues

ll

ll

ll

RISKS RELATED TO SOCIAL, SOCIETAL AND ENVIRONMENTAL COMMITMENT Industrial, accidental and climatic safety and security risks

3.3.3.1 3.3.3.2 3.3.3.3

ll

Issues related to the group’s transformation and human resources

ll

Health and occupational safety risks

ll

FINANCIAL RISKS Risks related to the group’s ability to fi nance its organic and external growth Financial risks relating to assets and liabilities related to end-of-lifecycle operations Counterparty risk management related to the use of derivatives and cash investments

3.3.4.1 3.3.4.2 3.3.4.3 3.3.4.4 3.3.4.5

ll

ll

ll

Foreign exchange risk

ll

Interest rate risk

ll

REGULATORY AND LEGAL RISKS Risks of corruption and influence peddling

3.3.5.1 3.3.5.2 3.3.5.3

l

Legal risks involving the group

l

Tax issues

l

lll High ll Average l Low

The fi ght against food waste and food scarcity, and commitments to a responsible, fair and sustainable food policy are not major issues for Orano in the context of its operations. Consequently, they are not covered in this document. Concerning respect for animal welfare, the testing carried out as part of Orano Med’s activities meets the standards in force.

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Orano - Annual Activity Report 2025