2018 half-year results

Operational performance in line with published 2018 outlook

Confirmation of this financial outlook

• Slight fall in revenue (€1,713 million, -3.9% like-for-like1)
• Sharp improvement in operating income (€163 million, up +€184 million), due tothe absence of impairment losses and significant provisions during the period
• EBITDA proving resilient in a still-challenging market (EBITDA margin 25.1%,compared with 26.5% at June 30, 2017)
• Strong improvement in net cash flow1, at -€73 million (versus -€439 million atJune 30, 2017)

Deterioration in net income attributable to owners of the parent, due to external factors

• Significant drop in net financial income (-€342 million, a decrease of -€221 million):   

- Low return on earmarked assets due to the negative performance of thefinancial markets in the first half of 2018, reflected in full in the incomestatement (IFRS 9)   
- Adverse impact of the reduction in the discount rate on end-of-lifecyclecommitments

• As a result, net income attributable to owners of the parent fell to -€205 million(versus -€154 million at June 30, 2017)

Strengthening of liquidity with the signing of a new syndicated line of credit

The Board of Directors of Orano, meeting yesterday under the chairmanship of Philippe Varin, approved the financial statements for the period ended June 30, 2018. When asked about the results, Philippe Knoche, Chief Executive Officer, stated:

“Orano’s first half results reflect the €1 billion in new orders, particularly in Asia, and a dramatic improvement in our net cash flow, despite a still-challenging market. This confirms both the confidence of our customers and the group’s economic recovery, which should be illustrated by the return to positive net cash flow this year. These results make us confident going forward: Orano has the technology and skills to be a major player in the nuclear industry and to help to provide competitive, safe, low-carbon electricity."

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