2025 annual results

2025 results above expectations. 
Solid outlook for 2026.

Revenue above €5 bn and high EBITDA margin, in progress compared to 2024 restated of the one-off contribution of contracts with Japanese utilities in the Back-end segment

• Revenue of €5,138 M supported by higher sales volumes in Mining and increased production in Back End
• EBITDA to revenue rate of 26.9% driven by the good running of the production sites
• High comparable basis (€5,874 M of revenue and EBITDA margin of 35.2% in 2024) given the one-off contribution of contracts with Japanese utilities in the Back End

Net income attributable to owners of the parent impacted by end-of-lifecycle operations

• Adjusted¹ net income attributable to owners of the parent of -€25 M penalized by revisions to estimates for end-of-lifecycle operations (vs. +€597 M in 2024)
• Net income attributable to owners of the parent of +€404 M benefiting from favorable actuarial effects on end-of-lifecycle provisions and a high return on earmarked assets (vs. +€633 M in 2024)

Positive net cash flow and strengthening of the group's financial structure

• Net Capex up €289 M (+29.5%) compared to 2024
  
• Net cash flow of +€476 M (vs. +€354 M in 2024), supported by operating performance and Sanofi's acquisition of a stake in Orano Med Theranostics
• Net debt totaling -€0.44 bn (vs. -€0.78 bn at end-2024)

Solid financial outlook amid accelerating Capex

• 2026 revenue anchored above €5 bn
• EBITDA to 2026 revenue rate between 23% and 25%
• Financial Leverage² ≤ 1.5x at end-2028

The Orano Board of Directors met yesterday and approved the financial statements for the financial year ended December 31, 2025. Commenting on the results, Nicolas Maes, Chief Executive Officer, said: "The group closed out the year 2025 with strong industrial performance from its plants and mining platforms, and successful management of its major development projects. The extension of the GBII enrichment plant and the “Aval du Futur“ program, aimed at renewing the treatment-recycling facilities, are progressing according to schedule. With a net debt at its lowest level, Orano now has a solid financial structure to support the ambitious development plan for all its activities. In an international context with increasing interest in nuclear power, Orano confirmed its key role as a major player in energy transition and sovereignty."