Annual Activity Report 2025

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RISK CONTROL AND VIGILANCE PLAN Risk factors

Although S&P upgraded Orano’s rating from BBB – with a positive outlook to BBB with a stable outlook on December 15, 2025, any downgrade of Orano’s fi nancial rating could signi fi cantly increase the cost of re fi nancing the group’s existing debt and have a negative impact on Orano’s fi nancing capacity. This would have negatively impacted the group’s fi nancial position and its ability to fi nance its organic and external growth. Risk management measures In line with these development challenges and associated fi nancing needs, the group systematically monitors its level of debt in terms of amount and maturity to ensure its liquidity and its ability to obtain new fi nancing under the best possible conditions. To this end, the group has diversi fi ed sources of fi nancing, fi nancing itself directly on the bond and money markets or from banks. The group’s governance bodies also ensure that Orano’s fi nancial structure is adapted and compatible with market expectations to guarantee its ability to fi nance the investment needs proposed. As an illustration, at the end of 2024 the group carried out a capital increase of 300 million euros, fully subscribed by the French State, con fi rming as a well-informed shareholder and investor its desire to strengthen and support the development of its nuclear industry, a driver of the energy transition and an essential guarantee of France’s sovereignty. 3.3.4.2 Financial risks relating to assets and liabilities related to end-of lifecycle operations Description of the risk The group holds a signi fi cant portfolio of listed assets (equities, bonds, mutual investment funds and third-party receivables) earmarked to fund its future end-of-lifecycle obligations. It is thus exposed to the risk of volatility inherent in the fi nancial markets. Despite the group’s prudent management strategy for assets earmarked for end-of-lifecycle obligations, external economic factors may have an impact on the coverage ratio of end-of lifecycle liabilities by earmarked assets, and thus the group’s fi nancial position. Such factors may involve: ● changes in fi nancial markets and the consequences on the returns on assets compared to the assumptions currently used; and ● a change in the net discount rate that would change the present value of end-of-lifecycle liabilities. These changes may have a signi fi cant impact on the value of fi nancial instruments and therefore on the group’s results and/ or on the group’s fi nancial position since it would be obliged to increase its contribution to the earmarked assets immediately or in the medium term. The ongoing revision process of IAS 37 with the planned adoption of a risk-free rate to discount long-term provisions could come into force by 2027 or 2028. The draft allows for an adjustment to the illiquidity of liabilities to determine the risk-free rate, but excludes the consideration of a credit spread. A restrictive reading

would have a major effect on the group’s provisions, with an increase in liabilities of around 147 million euros for a decrease of 10 bps in the discount rate. The group remains exposed to the risk related to changes in the value of the fi nancial instruments that make up its portfolio of earmarked assets, in particular bonds and investment funds. Equity risk in the portfolio of assets earmarked for end-of-lifecycle obligations is an integral part of asset management, which uses equities to increase long-term returns as part of its allocation between bonds and equities. Based on the exposure at the end of December 2025: ● a 10% decline in the equity market would have an impact of approximately -420 million euros on the valuation of coverage assets; ● a 1% increase in interest rates would have an adverse effect of approximately -102 million euros on the valuation of coverage assets. In addition, the risk relating to shares and other fi xed assets is not systematically hedged against changes in price. Risk management measures In accordance with Article D. 594-15 of the French Environmental Code, if the earmarked assets are insuf fi cient to cover liabilities, the group has a maximum of fi ve years to re-establish coverage of the liabilities in excess of 100% by supplementing the earmarked assets, as appropriate. With a coverage ratio less than 100% at December 31, 2024, Orano could be constrained to make contributions which would have an unfavorable impact on the group’s cash flow and net fi nancial debt. As part of the current draft amendments to IAS 37, the group approached EDF at the end of 2023 to assert the speci fi c nature of the liabilities of nuclear operators to the IASB and to formulate proposals for improvements, throughout the consultation phase planned by the standard-setter prior to implementation of the draft standard. In addition, see Note 29 Financial instruments to the consolidated fi nancial statements and Note 13 End-of-lifecycle operations in Section 6.1 Consolidated financial statements of the 2025 Annual Activity Report. 3.3.4.3 Counterparty risk management related to the use of derivatives and cash investments Description of the risk The group is exposed to the risk of counterparties linked to cash deposited with banking institutions and the use of derivatives to hedge its risks. The group uses different types of derivatives to manage its exposure to foreign exchange and interest rate risks. It mainly uses forward currency purchases and sales, and interest rate derivatives (swap contracts, futures or options) to hedge these types of risks. These transactions involve the group’s exposure to counterparty risk when the contracts are concluded over the counter.

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Orano - Annual Activity Report 2025