Annual Activity Report 2025

Summary

MESSAGES

2

4.6 Report on the certi fi cation of sustainability information and veri fi cation of the disclosure requirements under Article 8 of Regulation (EU) 2020/852 GOVERNANCE OF THE COMPANY AND GENERAL INFORMATION 5.1 Administration and management of the Company 5.2 Compensation of corporate of fi cers 5.3 Corporate Governance Reference Code

1

PRESENTATION OF THE ORANO GROUP 5 1.1 Overview of Orano 6 1.2 Contribute to key global issues 8 1.3 Our activities 10 1.4 An operational risk management 12 1.5 A responsible and fully committed governance 13 1.6 Our value creation model 14 1.7 Sharing with our stakeholders 16 1.8 A committed roadmap for 2030 19 1.9 Financial and non- fi nancial performance 20 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR 2.1 Highlights of the fi nancial year 2.2 Simpli fi ed group organization chart – subsidiaries, equity interests and branch of fi ces 2.4 Research and Development activities 2.5 Financial situation of the Company 2.6 Foreseeable developments and future prospects 2.7 Signi fi cant post-closing events and the group during the past fi nancial year 23 24 30 32 47 2.3 The group’s businesses 48 58 60

262

5

267

268 295 304 305 309

5.4 Additional information

2

5.5 Share capital and shareholding structure

FINANCIAL STATEMENTS

313

6

6.1 Consolidated fi nancial statements – fi nancial year ended December 31, 2025 6.2 Statutory Auditors’ report on the consolidated fi nancial statements 6.3 Company fi nancial statements – fi nancial year ended December 31, 2025 6.4 Statutory Auditors’ report on the fi nancial statements

314

383

389

421

7

MISCELLANEOUS INFORMATION

425

7.1 Statutory Auditors

426

7.2 Injunctions or fi nes for anti-competitive practices 7.3 Information on employee representative bodies 7.4 Information on payment terms 7.5 Information on loans granted to other

3

RISK CONTROL AND VIGILANCE PLAN 3.1 Internal control system

426

63

426 427

64

3.2 Methodology: risk mapping and risk management

67 70 84

companies pursuant to Articles L. 511-6 and R. 511-2-1-1-II of the French Monetary and Financial Code

3.3 Risk factors 3.4 Vigilance plan

427 428 428 429 431

7.6 Five-year fi nancial summary

4

7.7 Table of subsidiaries and associates 7.8 List of French companies indirectly

SUSTAINABILITY STATEMENT 4.1 Societal and environmental challenges at the heart of the strategy

113

controlled by Orano at December 31, 2025

114 144 195 237

7.9 Financial glossary

4.2 Environmental information 4.3 Social and societal information

4.4 Governance information

4.5 Summary of indicators and cross-reference tables

251