ANNUAL ACTIVITY REPORT 2025
Summary 2 1 5 6 7 3 4 4.6 Report on the certifi cation of sustainability information and verifi cation of the disclosure requirements under Article 8 of Regulation (EU) 2020/852 262 GOVERNANCE OF THE COMPANY AND GENERAL INFORMATION 267 5.1 Administration and management of the Company 268 5.2 Compensation of corporate offi cers 295 5.3 Corporate Governance Reference Code 304 5.4 Additional information 305 5.5 Share capital and shareholding structure 309 FINANCIAL STATEMENTS 313 6.1 Consolidated fi nancial statements – fi nancial year ended December 31, 2025 314 6.2 Statutory Auditors’ report on the consolidated fi nancial statements 383 6.3 Company fi nancial statements – fi nancial year ended December 31, 2025 389 6.4 Statutory Auditors’ report on the fi nancial statements 421 MISCELLANEOUS INFORMATION 425 7.1 Statutory Auditors 426 7.2 Injunctions or fi nes for anti-competitive practices 426 7.3 Information on employee representative bodies 426 7.4 Information on payment terms 427 7.5 Information on loans granted to other companies pursuant to Articles L. 511-6 and R. 511-2-1-1-II of the French Monetary and Financial Code 427 7.6 Five-year fi nancial summary 428 7.7 Table of subsidiaries and associates 428 7.8 List of French companies indirectly controlled by Orano at December 31, 2025 429 7.9 Financial glossary 431 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 23 2.1 Highlights of the fi nancial year 24 2.2 Simplifi ed group organization chart – subsidiaries, equity interests and branch offi ces 30 2.3 The group’s businesses 32 2.4 Research and Development activities 47 2.5 Financial situation of the Company and the group during the past fi nancial year 48 2.6 Foreseeable developments and future prospects 58 2.7 Signifi cant post-closing events 60 RISK CONTROL AND VIGILANCE PLAN 63 3.1 Internal control system 64 3.2 Methodology: risk mapping and risk management 67 3.3 Risk factors 70 3.4 Vigilance plan 84 SUSTAINABILITY STATEMENT 113 4.1 Societal and environmental challenges at the heart of the strategy 114 4.2 Environmental information 144 4.3 Social and societal information 195 4.4 Governance information 237 4.5 Summary of indicators and cross-reference tables 251 MESSAGES 2
Orano - Annual Activity Report 2025 1 Annual Activity Report 2025 This 2025 Annual Activity Report of Orano includes: ● the management report of the Company’s Board of directors including the management report of Orano, containing: ● the group vigilance plan and the report on its implementation (Article L. 225-102-1 of the French Commercial Code), ● the sustainability statement required by the transposition of the Sustainability Directive (CSRD) into French law by legal order n° 2023-1142 of December 6, 2023 (Articles R. 232-8-4 and R. 233-16-3 of the French Commercial Code), ● the report on corporate governance of the Board of directors (Article L. 225-37 of the French Commercial Code); and ● the principles and criteria for determining, distributing, and allocating the fixed, variable, and exceptional components of the total compensation and benefits of any kind, attributable to the Company’s corporate officers. The purpose of this report is to present the situation of Orano and its subsidiaries during the current financial year from January 1 to December 31, 2025. The terms “group” or “Orano” refer to the group of companies formed by Orano and its subsidiaries and interests, both direct and indirect. A French law public limited company entitled to issue financial securities admitted for trading on a regulated market, the Company is subject to the obligation to draw up a management report including the information stipulated by the French Commercial Code, as well as the specific information required of a company issuing debt instruments listed for trading on a regulated market. This free translation into English of the “Rapport Annuel d’Activité – 2025” written in French is provided solely for the convenience of English speaking users. In the event of any inconsistency or difference of interpretation, the French version shall prevail.
MESSAGES Orano - Annual Activity Report 2025 2 Claude Imauven Chairman of the Board of directors In 2025, the civil nuclear industry benefited from positive momentum in a global context marked by geopolitical tensions, growing energy needs and the electrification of uses aimed at decarbonizing industry and mobility. "Orano is committed to helping ensure a robust supply of enriched uranium for its utility customers and to meeting the growing global demand for low-carbon energy." This trend has been reflected in particular in the extension of existing reactors’ lives or the construction of new power reactors. In addition to France, several nations have confi rmed their programs: China, the United Kingdom, the Czech Republic, Poland and the United States. In addition, the development of small modular reactors (SMRs) supports innovation in this industry and opens up new applications. Finally, the intensive development of artifi cial intelligence and the need for reliable electricity are leading American hyperscalers to invest in the power industry to feed data centers – an approach that would have been unimaginable just two years ago. This fundamental movement enjoys increasingly strong political support. This is evidenced by the executive orders signed by President Trump in May 2025, which mark the launch of an ambitious US program in this area. In Europe, positions have changed considerably, as illustrated by the membership of new countries to the Nuclear Alliance. For its part, the European Commission has recognized nuclear power as a source of electricity for a decarbonized mix. Major financial institutions have also lent their support to our sector: the European Investment Bank has granted Orano a loan of 400 million euros to finance the extension of the Tricastin enrichment plant, while the World Bank and the International Atomic Energy Agency have announced a partnership to finance new reactors. More specifically in France, the Nuclear Policy Council of March 2025 confirmed the decision to renew the fuel treatment-recycling plants and entrusted this large-scale project to Orano. This general trend was highlighted at the sixth edition of the World Nuclear Exhibition, in which Orano played an active role. As part of this global movement, Orano is committed to helping ensure a robust supply of enriched uranium for its utility customers and to meeting the growing global demand for lowcarbon energy. This involves continuous efforts to improve the performance of its plants, renewing its mining portfolio, significantly investing in enrichment and implementing the Aval du Futur program for treatment-recycling plants. In 2026, the Board of directors and Executive Management will continue to work together to ensure that Orano continues to be fully involved in the ambitious development of responsible, high-performance nuclear energy that serves our society’s major challenges.
Orano - Annual Activity Report 2025 3 Nicolas MAES Chief Executive Offi cer of Orano In an environment that remained favorable to nuclear energy, we continued to steadily implement our strategic action plan, based on its three pillars that are performance, development and the Aval du Futur program. We have placed safety and security at the heart of our actions. A peer review conducted at the end of 2024 at la Hague and then in early 2025 at Corporate by WANO, the World Association of Nuclear Operators, enabled us to compare ourselves with the best and identify new areas for improvement to further strengthen our culture of nuclear professionals, with all that this implies in terms of rigor, high standards, and responsibility. The actions implemented as part of our Opteam26 performance plan have led to significant improvement in industrial performance across all of the group’s plants. Of particular note is the start-up and ramp-up of the nuclear packaging plant in the port of Cherbourg, the commissioning of the new South Tortkuduk plant in Kazakhstan, crossing the threshold of 100 metric tons of recycled nuclear fuel production at Melox and the best level of production at our conversion plants since their modernization. In terms of development, the project to extend the Tricastin enrichment plant is progressing well, with the aim of starting production in 2028 as planned. The credibility of the technology implemented, as well as that of our project teams, convinced the US Department of Energy to award the group a 900 million US dollar grant to build a similar plant in the United States. Furthermore, in the field of cancer treatment, Orano Med’s new activities have reached important milestones with two drug candidates now in development – soon to be four in clinical trials – while we are building the production plant that will enable us to supply doses in Europe and the United States. Finally, in the field of spent fuel processing and recycling, the Aval du Futur program, confirmed by the Nuclear Policy Council at the beginning of the year, is taking shape. With the organization and governance now in place, the feasibility of the first workshops has been announced and the broad outlines of the financing have been approved. At the same time, efforts are underway to attract potential foreign customers for these plants, which will play a decisive role in moving toward a fuel cycle that is increasingly independent of natural uranium by maximizing the recycling of nuclear materials, as well as working with developers of Advanced Modular Reactors. All of this creates a very positive company dynamic, which employees reported in our latest engagement survey and which attracts many candidates. Strengthening our corporate culture and transferring and developing skills are strategic issues that will enable us to meet our challenges. As we celebrate the 50th anniversary of the founding of Cogema, which over the years became Orano, we are mindful of the importance of our mission and our responsibilities to our customers in providing carbon-free, reliable, and competitive energy. We are fully committed to living up to it. "The actions implemented as part of our Opteam26 performance plan have led to significant improvement in industrial performance across all of the group’s plants."
Orano - Annual Activity Report 2025 4 of tomorrow to the world Committed
Orano - Annual Activity Report 2025 5 PRESENTATION OF THE ORANO GROUP CHAPTER 1 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 18 1.9 Financial and non-financial performance 20
Orano - Annual Activity Report 2025 6 1 PRESENTATION OF THE ORANO GROUP Overview of Orano 1.1 Overview of Orano OUR PURPOSE Develop know-how in the transformation and control of nuclear materials for the climate, for a healthy and resource-efficient world, now and tomorrow. Structured around the purpose, the group’s values, the most important of which are safety and security , guide our actions and our behaviors at all levels and in all our activities. BASE Our common What WE ACT FOR OUR VALUES 1 A COMPANY WHICH IS CHANGING and that values the human and technological skills of its employees to meet challenges of the world of tomorrow. 2 INDUSTRIAL EXPERTISE THAT IS UNIQUE WORLDWIDE in the transformation and recovery of nuclear materials, without any compromise on safety and security. 3 A THREE-FOLD COMMITMENT TO SOCIETY to the climate, to the reuse of resources and to health.
Orano - Annual Activity Report 2025 7 1 5.1 Top 3 18,500 6 billion euros in revenue worldwide in its key activities employees industrial platforms in France 34.2 billion euros in backlog (i.e. more than 7 years of revenue) 2025 KEY FIGURES BY REGION BY ACTIVITY BREAKDOWN OF 2025 REVENUE ESG INDICATORS 32% Women in management committees - 41% Reduction in scopes 1 and 2 greenhouse gas emissions market-based since 2019 - 47% Reduction in water consumption since 2019 AMERICAS 13% AFRICA AND MIDDLE EAST 1% FRANCE 61% EUROPE Outside France 7% ASIA 18% 29% Mines 46% Back End 1% Corporate 24% Front End
Orano - Annual Activity Report 2025 8 1 PRESENTATION OF THE ORANO GROUP Contribute to key global issues Through its action, Orano wishes to contribute to the three major societal challenges that are the fight against global warming, the preservation of natural resources, and health. This contribution is part of a context of increasing global electricity needs, exacerbated by the objective of carbon neutrality by 2050 set by the European Union. 1.2 Contribute to key global issues HEALTH In a world faced with a climate emergency, the transition to low-carbon activities is essential. Thanks to its actions to limit its own emissions and to its expertise encompassing the entire fuel cycle, Orano is positioning itself as a key player in this transition, offering competitive and accessible energy with a very low carbon footprint. The responsible management of raw material is a crucial challenge. With industrially tried-and-tested technologies, Orano processes and recycles the used nuclear fuel owned by electricity generation companies, helping to reduce the volume of waste and save materials. It is also using its expertise to extend recycling to other strategic materials, including those used in batteries. CLIMATE RESOURCES helping to reduce materials. THREE SOCIETAL CHALLENGES Through its actions, our group contributes to the United Nations Sustainable Development Goals Industrialization and environmentally-friendly innovation Reliable energy at an affordable cost For safety, security, health and contribution to medical research Skills development in the territories Climate and carbon neutrality Preservation of natural resources and waste reduction Orano is exploring new fields of activity for the benefit of society. One of these is nuclear medicine: making the most of the unique properties of nuclear materials, the group is developing innovative solutions such as the production of isotopes for use in anticancer treatments and medical research.
Orano - Annual Activity Report 2025 9 1 PRESENTATION OF THE ORANO GROUP Contribute to key global issues NUCLEAR, the energy for all issues The world is changing, and with it a reshuffling of the cards for the energy sector. GLOBAL WARMING The imperative to contain global warming continues to be a constant priority. It is more important than ever to decarbonize energy production by moving away from fossil fuels. ACCESSIBILITY Electricity is a public good that must be accessible to as many people as possible at a competitive cost. ENERGY INDEPENDENCE Geopolitical crises, together with soaring energy prices, have impacted the energy independence of countries, encouraging them to gain control over their energy security. ELECTRIFICATION OF SOCIETY Global studies predict a doubling of electricity demand by 2050. To achieve carbon neutrality in 2050, low-carbon power generation would have to increase six-fold.” International Energy Agency (IEA) BENEFITS OF Nuclear energy LOW CARBON Nuclear energy is one of the world’s least CO2 emitting forms of power with emissions comparable to wind power, 4 times lower than solar, 40 times lower than gas and 70 times lower than coal. AVAILABLE AND ADAPTABLE Through its robust production system, nuclear energy delivers large quantities of continuous electricity while adapting to demand. RECYCLABLE In France, 1 in 10 light bulbs is powered by electricity generated from recycled nuclear fuel. In the long term, with multi-recycling, this would be 3 out of 10 light bulbs. CONCENTRATED ENERGY Because uranium has a much higher energy density than hydrocarbons (100g of uranium produces as much energy as one metric ton of oil), it can be stored more easily. LOW LAND FOOTPRINT A nuclear facility occupies less acreage than other highly diffuse energy sources, thus reducing artificial land use. INNOVATIVE With its unique expertise and technologies, the nuclear sector offers valuable resources for the future in many areas unrelated to energy and will help to create a more sustainable world. CRITICAL IN THE ELECTRIC MIX In all the energy transition scenarios studied by the IPCC and IEA, the development of renewable energies can only be envisaged alongside nuclear energy to meet growing demand for lowcarbon electricity and avoid reliance on fossil fuels.
Orano - Annual Activity Report 2025 10 1 PRESENTATION OF THE ORANO GROUP Our activities Orano and its 18,500 employees use their expertise, their permanent quest for innovation, their mastery of cutting-edge technologies and their unwavering dedication to safety and security, to serve their customers in France and abroad. Right across the nuclear fuel cycle, Orano provides its unique expertise in the design, approval and manufacturing of casks, as well as the conducting of transport operations, whether over land, by sea or by rail, coupled with the very highest level of risk management. 1.3 Our activities Our mining activities cover the exploration, production and commercialization of uranium worldwide, as well as the remediation of former mining sites. Orano is one of the world’s leading producers of uranium. On the strength of its unique integrated industrial platform and some of the Philippe Coste conversion plant and the Georges Besse II enrichment plant, Orano is recognized across the entire market for its technical skills and its processes at the cutting edge of innovation. Thanks to the performance of its la Hague and Melox plants, the only ones of their kind to operate on an industrial scale, Orano is able to position itself as a key international player in the processing and recycling of used fuels. With 50 years of experience, Orano is a leading supplier of operations support services for nuclear sites (on-site logistics, specialized maintenance, radiological safety), radioactive waste management, and the dismantling of equipment and facilities at the end of their lifetime. Engineering activities are focused on engineering consulting, project owner or prime contractor assistance, design and execution engineering, and startup and operations support for plants. They serve both the group’s own activities, as well as external customers, in France and abroad. Orano Med, a subsidiary of the Orano group, is a clinical-stage biotechnology company that is developing a new generation of targeted therapies against cancer, known as targeted alpha-therapy and using the unique properties of lead-212 (212Pb). Orano Med has 212Pb production facilities, laboratories and R&D centers in France and the United States. MINING CONVERSION AND ENRICHMENT OF URANIUM RECYCLING OF USED NUCLEAR FUEL NUCLEAR PACKAGES AND SERVICES DISMANTLING AND SERVICES ENGINEERING NUCLEAR MEDICINE
Orano - Annual Activity Report 2025 11 1 PRESENTATION OF THE ORANO GROUP Our activities CONTROL OF THE NUCLEAR FUEL CYCLE A major player in the nuclear fuel cycle, Orano transforms nuclear materials to offer its customers high value-added products and services. Its industrial platforms are recognized for their cutting-edge technologies and processes. Storage of recyclable materials Depleted uranium, reprocessed uranium, etc. Nuclear power plants Electricity production Third-party players MOX FUEL Cigéo project Medium-level long-lived / high-level waste 1st stage of conversion Orano Malvési 2nd stage of conversion Enrichment Orano Tricastin Fuel manufacturing Third-party players Reprocessing of used fuel Orano la Hague Recycling – MOX fuel production Orano Melox PLUTONIUM URANYL NITRATE USED FUEL Extraction/Processing Natural uranium concentrate Orano Mining Nuclear Packages and Services Engineering Dismantling and Services Nuclear Medicine
Orano - Annual Activity Report 2025 12 An operational risk management PRESENTATION OF THE ORANO GROUP 1 1.4 An operational risk management Orano has implemented a risk management system in line with the recommendations of the Autorité des marchés financiers (French Financial Markets Authority – AMF), the professional standards of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and regulatory changes in sustainability, duty of vigilance and prevention of corruption. The establishment of a strong risk culture within the group enables the identification, anticipation, and management of these risks and associated opportunities. In an unstable geopolitical context, the group demonstrates the resilience of its activities, while remaining vigilant. MAPPING OF THE MAIN RISKS In a constantly changing environment, the diversity of Orano’s activities exposes the group to risks of various kinds and different origins. Risk category in the Orano framework/risk presented Net criticality GEOPOLITICAL BACKGROUND Geopolitical risks and international sanctions lll Risks related to the energy policies of France, other States and the European Union ll Risks related to the requalification 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 lll Risks related to the group’s projects and the Aval du Futur lll Issues related to end-of-lifecycle operations lll Risks related to uranium reserves and resources lll Risks related to the impact of climate change on our facilities and activities ll Cybersecurity risks ll Risks related to subcontracting and suppliers ll Risks related to transport safety and security ll Risks related to contractual and commercial issues ll RISKS RELATED TO SOCIAL, SOCIETAL AND ENVIRONMENTAL COMMITMENT Industrial, accidental and climatic safety and security risks 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 finance its organic and external growth ll Financial risks relating to assets and liabilities related to end-of-lifecycle operations ll Counterparty risk management related to the use of derivatives and cash investments ll Foreign exchange risk ll Interest rate risk ll REGULATORY AND LEGAL RISKS Risks of corruption and influence peddling l Legal risks involving the group l Tax issues l lll High ll Average l Low
Orano - Annual Activity Report 2025 13 1 1.5 A responsible and fully committed governance PRESENTATION OF THE ORANO GROUP A responsible and fully committed governance COMPOSITION OF THE BOARD OF DIRECTOR (as of December 31, 2025) Independent Directors (4) Directors representing employees (2) Nicolas MAES Chief Executive Officer Romain VALENTY David LECAVELIER Cyrille VINCENT Aurore NEUSCHWANDER Directors proposed by the State (5) 13 members 6 meetings 92 % participation Director representing the State Patrick PELATA Marie-Hélène SARTORIUS Claude IMAUVEN Chairman of the Board Anne-Sophie LE LAY Anne-Isabelle ETIENVRE Julie SERRIER Philippe BRAIDY Anne-Marie DESCÔTES (1) Audit and ethics committee Strategy, investments and sustainability committee Compensation and nominating committee End-of-lifecycle obligations monitoring committee i (1) Anne-Marie DESCÔTES’s term of office as Director ended on February 9, 2026. (2) Director of the Decommissioning and Services BU during financial year 2025 and until January 31, 2026. From left to right: Pascal AUBRET Performance; Guillaume DUREAU Projects, Innovation, R&D and New activities; Laurence GAZAGNES Health, Safety and Environment; and Project Industrialization; Jean-Christophe PATOUT (2) Dismantling and Services BU; François LURIN ChemistryEnrichment BU; Hélène DERRIEN People and Communications; Jacques PEYTHIEU Customers and Strategy; Nicolas MAES Chief Executive Officer; Corinne SPILIOS Recycling BU; David CLAVERIE Finance; Xavier SAINT MARTIN TILLET Mining BU; Frédéric de AGOSTINI Nuclear Packages and Services BU; Nicolas FERRAND Aval du Futur program. COMPOSITION OF THE EXECUTIVE COMMITTEE
Orano - Annual Activity Report 2025 14 Our value creation model 1 PRESENTATION OF THE ORANO GROUP 1.6 Our value creation model ASSETS AND RESOURCES OUR CORPORATE PROJECT OUR PURPOSE VALUES Our purpose defi nes the reason why we do what we do Develop know-how in the transformation and control of nuclear materials for the climate, for a healthy and resource-effi cient world, now and tomorrow. Our values provide a common base Committed to THE WORLD OF TOMORROW COMMUNITY By being engaged and responsible locally in our environment CLIMATE By contributing to carbon neutrality COMPETENCIES By mobilizing proud and committed employees, who embody our purpose HUMAN AND INTELLECTUAL CAPITAL ● 18,500 active employees worldwide including 24% women ● 7 training schools: la Hague Vocational Training School, Management School, Mining College, MOX Campus, Tricastin Vocational Training School, Trihom and D&S Vocational Training School ● 84% employees trained in compliance and ethics at the end of 2025 ● 212 million euros spent on R&D globally ● 811 recognized multidisciplinary experts and specialists INDUSTRIAL CAPITAL ● A regional presence on 4 continents ● 4 main industrial platforms unique in France (la Hague, Tricastin, Melox, Malvési) ● >1,269 million euros in net operating Capex in 2025 ENVIRONMENTAL RESOURCES ● -41% in scopes 1 and 2 market-based greenhouse gas emissions compared to 2019, -80% compared to 2004 ● Carbon intensity scopes 1, 2 market-based and scope 3 at 321 tCO2e / €M of revenue ● -47% water consumption compared to 2019 ● 71% of our global facilities are ISO 14001 certified, 83% ISO 9001 and 92% OHSAS 18001 or 45001 ● A Responsible Purchasing policy that includes reducing the supply footprint SHARE CAPITAL ● Responsible player from design to redevelopment ● Dialogue and local involvement with stakeholders ● 2 meetings per year of the Stakeholders’ Panel ● Support for skills development in the territories ECONOMIC CAPITAL AND SHAREHOLDERS ● 90.33% of share capital held by the French State guaranteeing stable governance ● 9.66% of the capital held by two Japanese shareholders and industrial partners ● Structured governance with 4 specialized committees comprising experts recognized in their fields MACRO-TRENDS Climate change
Orano - Annual Activity Report 2025 15 1 Our value creation model PRESENTATION OF THE ORANO GROUP ACHIEVEMENTS AND RESULTS OUR CUSTOMERS • Nearly 7 years of revenue in the order backlog • Nearly 200 customers in 30 countries SOCIETY AND CLIMATE • >40 innovative technological solutions deployed on the sites • A major player in the low-carbon transition, offering, through its contribution, one of the lowest carbon-emitting technologies (12g CO2 /kWh according to the IPCC and 4g CO2e/kWh in France) through its contribution, derived from the recycling of spent fuel. • Two drug candidates in clinical phase OUR EMPLOYEES • 2,054 permanent hires • 67% employee engagement rate, growing • 0 employee below decent wage • 6.4% work-study students in France • 35 hrs./year of training per employee worldwide • 32% women in the group’s management committees • Lost-time accident frequency rate 1.0 OUR PARTNERS AND REGIONS €2,412 M in external purchases €389 M in tax and duties • Transparency and control of safety in 2025: 0 INES level 2 events 1 INES level 1 event 150 INES level 0 events • 94% of purchases made outside the French entities’ group from suppliers based in Europe • A dedicated fund, Orano Venture Fund, to invest in startups in th circular economy and advanced industrial technologies • O’Share, an Orano initiative based on a system of skills sponsorship • 10 million euros dedicated to societal actions within the Mining BU OUR SHAREHOLDERS €5,138 M euros in revenue • Responsible management of activities: >8.7 billion euros in earmarked assets to cover all of our obligations for future dismantling of our industrial sites • €476 M of net cash flow COMMITMENTS STRATEGIC ACTION PLAN Our strategic action plan expresses our goals Successfully implement our development opportunities in our core business and in our diversifi cation activities 2 Improve our performance through the Opteam26 program 1 Build the Aval du Futur by extending the lifetime of our existing plants and preparing the industrial assets of tomorrow 3 Safety and security Customer satisfaction Team spirit and cohesion Ethics, transparency and dialogue Continuous improvement Respect and people development CUSTOMER GROWTH By innovating to preserve resources and protect health COMPETITIVENESS By operating efficiently The 5Cs provide our operational framework internally and state our commitments to our stakeholders externally Preservation of resources Growing health needs
Orano - Annual Activity Report 2025 16 MATERIAL ISSUES Stakeholder dialogue, a core value at Orano, is demonstrated through regular exchanges at all levels of the Company on its ambitions, actions, and performance, helping to clarify society’s expectations in terms of sustainability. Thus, in 2024, 150 interviews were conducted with stakeholders in the various territories where the Company operates, which fed into the mapping of risks and impacts carried out as part of the double materiality analysis. In 2025, this vision was supplemented by benchmark studies. These two approaches feed into the group’s societal and environmental commitments. Sharing with our stakeholders 1 PRESENTATION OF THE ORANO GROUP • Safety and security of our activities and products (health and safety of local residents) [S3] • Climate change mitigation [E1] • Freshwater [E3] • Radioactive waste [E5] • Skills and career development [S1] • Continuity and cost for citizens [S4] • Management of relationships with suppliers [G1] • Climate change adaptation [E1] • Liabilities management and site end-of-life [E2] • Land-use change [E4] • Circularity in products and services [E5] • Social dialogue [S1] • Stakeholder dialogue and engagement [S3] • Ethics and corporate culture [G1] • Prevention of fraud, corruption and influence peddling [G1] • Political dialogue and lobbying activities [G1] • Occupational health, safety, and radioprotection [S1] • Working conditions and employee well-being [S1] • Diversity and equal opportunity [S1] • Working conditions at suppliers and subcontractors [S2] • Economic development of territories [S3] • Transparency and information for citizens [S4] 1.7 Sharing with our stakeholders A GROUP THAT LISTENS TO ITS STAKEHOLDERS IMPACT MATERIALITY IMPACT AND FINANCIAL MATERIALITY FINANCIAL MATERIALITY
Orano - Annual Activity Report 2025 17 1 Source: Orano * The 2023 score has been revised to 62/100 due to a methodological change, which explains the upward trend * 30.1 / 100 23rd / 141 Top 13 % AA - 74/ 100 CCC - AAA 100 - 0 (0 = low risk) Most recent rating 2024/2025 Trend vs. previous year Industry positioning A STAKEHOLDERS’ COMMITTEE TO ENHANCE AND ENRICH ACTIONS Initiated in 2021, the Orano group stakeholders’ committee is an advisory and voluntary committee whose objective is to provide the Company’s management with an external eye on strategic orientations and societal and environmental commitments. individuals with multidisciplinary skills 10 Sharing with our stakeholders PRESENTATION OF THE ORANO GROUP Climate Innovation and digital transformation Circular economy Responsible finance Energy and nuclear Employment law The stakeholders’ committee complements other stakeholder dialogue initiatives carried out globally or developed locally in the countries where we operate. Member of the ICMM and signatory of the charter Member of WANO Signatory of the MEDEF French Business Climate Pledge ORANO PLAYS AN ACTIVE PART The group is a member of professional associations in its field and a signatory of collective undertakings. PERFORMANCE RECOGNIZED BY NON-FINANCIAL RATING AGENCIES
Orano - Annual Activity Report 2025 18 A committed roadmap for 2030 PRESENTATION OF THE ORANO GROUP 1 COMMUNITIES By being engaged and responsible locally in our environment Assure the safety of our activities by ensuring there are no level 2 INES event INES event Level 2 or higher (France) 0 0 Seek to achieve a frequency rate consistently equal or less than 1 (including external companies) Frequency rate of accidents with lost time (excluding commuting accidents) 1.8 1.0 Complete two emblematic remediation operations (deconstruction of the GB1 cooling towers at Orano Tricastin and end of the clean-up of the Parc aux Ajoncs at Orano la Hague) Progress two emblematic remediation operations (deconstruction of the GB1 cooling towers at Orano Tricastin and end of the clean-up of the Parc aux Ajoncs at Orano la Hague) (%) n/a 80% for cooling towers 15% for Parc aux Ajoncs Deploy 100% of actions of the Nature strategy Progress of Nature strategy actions (%) n/a 81% Co-construct our new facilities in partnership with local and regional authorities Under definition n/a Under definition CLIMATE COMPETENCIES CUSTOMER GROWTH COMPETITIVENESS By operating efficiently Achieve in terms of energy performance the equivalent of 10% of our consumption for 2019 (190 GWh) Identified energy performance projects (GWh) n/a 116 Deploy 100% of the actions in our Responsible Purchasing policy Progress of the actions of the Responsible Purchasing policy (%) n/a 81% Adopt an eco-design approach on 100% of our large projects costing more than 20 million euros Percentage of major projects above 20 million euros adopting an eco-design approach n/a 76% By contributing to carbon neutrality Implement an adaptation plan for 100% of Orano’s industrial operations Percentage of industrial operations that have a climate change adaptation plan n/a 83% Maintain -25% on scopes 1 and 2 market-based in 2030 vs. 2019 GHG reduction (market-based scopes 1 and 2) since 2019 n/a - 41 % Bring the 80 most emitting suppliers on board in the reduction of their emissions Number of emissive suppliers committed to reducing their footprint n/a 49 By mobilizing proud and committed employees, who embody our purpose 35% women in management committees (worldwide) Percentage of management committee members who are women 25% 32% 70% engagement rate for employees Employee Net promoter score 52% 67% Maintain an average of 35 hours of training per employee per year (worldwide) Average number of hours of training per employee (worldwide) n/a 35 100% of employees covered by a common base in terms of social benefits Percentage of employees covered by a common base in terms of social benefits n/a 91% By innovating to preserve resources and protect health Commercialize at least one anti-cancer drug Number of anti-cancer drugs marketed n/a 0 Launch the execution of Aval du Futur undertakings Deconstructions undertaken (%) n/a 5% OBJECTIVE 2030 OBJECTIVE 2030 OBJECTIVE 2030 OBJECTIVE 2030 OBJECTIVE 2030 INDICATORS INDICATORS INDICATORS INDICATORS INDICATORS REFERENCE 2019 2025 2025 2025 2025 2025 PROGRESS PROGRESS PROGRESS PROGRESS PROGRESS 1.8 A committed roadmap for 2030 REFERENCE 2019 REFERENCE 2019 REFERENCE 2019 REFERENCE 2019 n/a: not applicable
Orano - Annual Activity Report 2025 19 1 A committed roadmap for 2030 PRESENTATION OF THE ORANO GROUP WITH AN AMBITION Progress towards zero accidents in all our activities. Achieve gender parity and equality. Aim for carbon neutrality. Manage our liabilities in a responsible way. Make progress on the closure of the fuel cycle. Be an established player in climate, health and the preservation of resources.
SAFETY SECURITY Orano - Annual Activity Report 2025 20 Financial and non-financial performance 1.9 Financial and non-financial performance 1 PRESENTATION OF THE ORANO GROUP Revenue (in €Bn) 2019 2023 2024 2025 3.8 4.8 5.9 5.1 // INES EVENTS 2019 2023 2024 2025 Level 1 Level 2 Level 0 7 0 0 132 6 122 2 1 138 150 0 0 // 2019 2023 2024 2025 29.9 30.8 35.9 34.2 // 2019 2023 2024 2025 23.8 25.7 35.2 26.9 EBITDA RATE (EBITDA/REVENUE) (in %) // FREQUENCY RATE OF WORKPLACE ACCIDENTS WITH LOST TIME (ORANO EMPLOYEES) 2023 2019 2024 2025 1.8 1.2 1.1 1.0 // 24% 29% 46% 1% Mining Front End Back End Corporate by activity 61% 7% 13% 1% 18% Europe (excluding France) France Asia Americas Africa and Middle East by region NET CASH FLOW 2019 2023 2024 2025 219 247 354 476 €M // NET DEBT 2019 2023 2024 2025 2.2 1.5 0.78 0.44 €Bn // REVENUE 2025 BACKLOG (in €Bn) CUSTOMER GROWTH COMPETITIVENESS
COMMUNITIES COMPETENCIES CLIMATE Orano - Annual Activity Report 2025 21 1 Financial and non-financial performance PRESENTATION OF THE ORANO GROUP SHARE OF NON-GROUP PURCHASES IN FRANCE BY FRENCH ENTITIES 2019 2023 2024 2025 90 89 89.7 84.5 % // SHARE OF NON-GROUP PURCHASES BY FOREIGN ENTITIES IN THE HOST COUNTRY 2019 2023 2024 2025 73 88 93 91.7 % // 275,868 382,531 225,456 239,987 202,514 180,017 150,074 102,451 Scope 2 market-based Scope 1 125,793 137,536 77,486 147,970 SCOPES 1 AND 2 MARKET-BASED GHG EMISSIONS * 2019 2023 2024 2025 tCO2e // WORDWIDE PERMANENT EMPLOYEE HIRING 2019 2023 2024 2025 1,264 1,748 1,933 2,054 No // WOMEN IN WORLDWIDE WORKFORCE 2019 2023 2024 2025 21.7 22.6 23.6 24.4 % // ENERGY INTENSITY * MWh / €M of revenue 2019 2023 2024 2025 477 357 330 331 // WATER INTENSITY * 2019 2023 2024 2025 2,278 986 940 869 M3 / €M of revenue // SCOPES 1, 2 MARKET-BASED AND 3 GHG EMISSIONS INTENSITY * 2019 2023 2024 2025 405 321 335 321 tCO2e / €M of revenue // * The historical data have been recalculated to retroactively take into account the deconsolidation in 2024 of the Nigerien subsidiary Somaïr
Orano - Annual Activity Report 2025 22
Orano - Annual Activity Report 2025 23 CHAPTER SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR 2 2.1 Highlights of the financial year 24 2.1.1 Future of reprocessing and recycling beyond 2040 24 2.1.2 Business highlights 24 2.2 Simplified group organization chart – subsidiaries, equity interests and branch offices 30 2.2.1 Simplified group organization chart at December 31, 2025 30 2.2.2 Acquisitions of equity interests and takeovers during the past financial year 31 2.2.3 Branch offices and representation offices 31 2.3 The group’s businesses 32 2.3.1 Mining 32 2.3.2 Front End 38 2.3.3 Back End 40 2.3.4 Other activities of Orano 44 2.4 Research and Development activities 47 2.5 Financial situation of the Company and the group during the past financial year 48 2.5.1 Summary of key figures and segment information 48 2.5.2 Consolidated financial statements for the past financial year 50 2.5.3 Separate financial statements for the past financial year 57 2.5.4 Dividends 57 2.5.5 Non-tax deductible expenses 57 2.6 Foreseeable developments and future prospects 58 2.6.1 Future prospects 58 2.6.2 Orano’s financial outlook 59 2.7 Significant post-closing events 60 2.7.1 Significant events between the reporting date and the preparation date of the management report 60 2.7.2 Significant events between the preparation date of the report and the date of the General Meeting 60
Orano - Annual Activity Report 2025 24 2 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR Highlights of the financial year 2.1 Highlights of the financial year 2.1.1 Future of reprocessing and recycling beyond 2040 2.1.2.1 Mining SITUATION IN NIGER Following the coup d’État of July 26, 2023, the authorities in power in Niger implemented several measures in violation of the mining rights granted, the agreements signed between shareholders and/ or the law in force in Niger, in a claimed sovereignty context of taking back control of the country’s mining activities. These interventions led the group to declare that it had lost operational control of its Nigerien subsidiaries as of December 2024. For example, the authorities in Niger have: ● hindered the export of its production by Somaïr; ● withdrawn the operating permit held by Imouraren SA, despite the resumption of activities at the Imouraren site in accordance with their requests; ● taken control of the Somaïr and Cominak subsidiaries through repeated interference in the governance of these companies; ● violated the provisions of the Global Partnership Agreement concluded in May 2023 between the State of Niger and Orano; ● under the guise of nationalizing Somaïr on June 19, 2025, expropriated Orano outside of any legal proceedings and without any compensation. These numerous and obvious violations, amongst others, are causing severe damage to the Orano group which, as a last possible resort following several unsuccessful attempts at amicable resolution, has filed five proceedings before the competent international arbitral courts in order to obtain compensation for its damage. Orano also reserves the right to initiate any action, including criminal proceedings and actions against third parties, in the event of preemption of the material in violation of its removal rights. Other business highlights ● At the beginning of 2025, the spot indicator for the natural uranium market trended lower from 72USD/lb to 64USD/lb of U3O8. From the second quarter onwards, the spot indicator oscillated between 67 and 83 USD/lb of U3O8 for most of the rest of the year with activity on the spot market driven by announcements and fundraising by financial players. As a result, the spot price rose from 73 USD/lb of U3O8 at the end of 2024 to less than 82 USD/lb of U3O8 at the end of 2025 (average of the UxC and TradeTech indicators). The long-term indicator remained stable for most of the year before increasing in the last quarter to reach 86.5 USD/lb of U3O8 at the end of 2025 (vs. 80.5 USD/lb of U3O8 at the end of 2024). ● On January 17, 2025, the Orano group signed the investment agreement to develop and operate the Zuuvch Ovoo mine, located in south-eastern Mongolia, in the province of Dornogovi. The uranium resources of this deposit are estimated at nearly 90,000 metric tons by Badrakh Energy, a joint venture owned by Orano and the Mongolian state-owned group MonAtom. Scheduled to last 30 years, this project represents an initial investment of approximately 500 million dollars before mining of the deposit starts and a total of 1.6 billion US dollars over the life of the mine with the creation of 1,600 direct and indirect jobs. On May 19, 2025, the Chief Executive Officer of Orano and the Minister of State and Head of the Secretariat of the Government of Mongolia reaffirmed their strong and lasting partnership. ● On May 5, 2025, the Director of the Orano Mining facility in Niger was arbitrarily and extra-judicially arrested by Nigerien security forces. The latter was taken, under duress and without justification, to the Niger General Directorate of Documentation and External Security (DGDSE) following a raid on the offices of Orano Mining Niger in Niamey. Orano Mining immediately filed a request for interim and protective measures with ICSID (International Centre for Settlement of Investment Disputes) and initiated proceedings before the local courts to immediately halt any arbitrary detention measures against its representative in Niger. Despite the decision of the Judge of On March 17, 2025, the President of the French Republic convened a meeting of the 4th Nuclear Policy Council (NPC). The NPC approved the action plan intended to secure the front end of the cycle. The NPC also confirmed continued investments in the Aval du Futur program at the la Hague site and approved the principle of financing this program, mainly supported by EDF, and governance led by Orano involving EDF, the CEA and French State departments. 2.1.2 Business highlights
Orano - Annual Activity Report 2025 25 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR 2 Highlights of the financial year the Court of Appeal of Niamey, who recognized the arbitrary, illegitimate and illegal detention of the representative of Orano Mining in Niger in a decision dated July 30, 2025, ordering his immediate release, he was finally released on November 6, 2025, after being illegally detained for six months. ● In France, on June 12, 2025, Orano teams finalized the redevelopment project at the Bauzot site, a project that will sustainably strengthen the site’s stability by applying the best current techniques and standards. ● In France, the application for environmental authorization (DDAE) was filed with the prefecture on June 30, 2025 by Orano teams, in accordance with the prefectural order for the redevelopment of the Bois Noirs Limouzat site. This project involves replacing the current water cover with a solid cover at the tailings storage facility in order to address the long-term impacts of climate change-related hazards at the Bois Noirs Limouzat site. ● In July 2025, Orano Canada Inc. announced the first commercial production of uranium ore using the SABER method at the McClean Lake mine, in partnership with Denison Mines. This innovative method enables more efficient and less invasive extraction, as well as the development of high-grade but small deposits. This high-grade ore is processed at the McClean Lake plant. ● On July 3, Katco and its shareholders, Orano and NAC Kazatomprom JSC, celebrated the inauguration of the new uranium processing plant, marking the successful implementation of the South Tortkuduk project and the full start of operations at the mining site. Located in southern Kazakhstan, South Tortkuduk is part of the Muyunkum uranium deposit, already mined by Katco, with significant reserves of 46,000 metric tons of uranium. Production from the South Tortkuduk parcel will gradually replace the areas currently mined, allowing Katco to extend its production for several years. ● In Namibia, Sorexa’s solar power plant in Trekkopje has been officially in operation since August 20, 2025. This plant supplies electricity to the Erongo desalination plant, owned by Orano Mining Namibia. This project is part of a ten-year power purchase agreement (PPA). ● In September 2025, in Uzbekistan, Navoiyuran, Orano and ITOCHU Corporation strengthened their partnership in the Nurlikum Mining joint venture, with Navoiyuran and Orano each holding 45% of the shares. The remaining stake went to Japan’s ITOCHU Corporation, which joined the project as a partner. The South Djengeldi deposit is expected to produce an average of 500 metric tons of uranium per year for 10 years, with a peak of up to 700 metric tons. 2.1.2.2 Front End ● The tension in the conversion and enrichment markets continued in 2025. This dynamic has resulted in high market prices for these two commodities. The long-term SWU reference price reached 173 USD/SWU at end-2025 (166 USD/ SWU at end-2024), and the spot indicator reached 200 USD/ SWU (193 USD/SWU at end-2024). After a highly tense period on the conversion market at the end of 2024 (97 USD/kg U), the pressure on spot prices eased to reach 62 USD/kg U at the end of 2025. This decline is mainly due to the good production results of manufacturers as well as a scarcity of demand in the short term. At the same time, the long-term indicator remained high at 53 USD/kg U, compared with 50 USD/kg U at end-2024. These figures are assessed based on the average of the UxC and TradeTech indicators. ● The United States legislated in 2024 to end Russian imports of enriched uranium from 2028 (Prohibiting Russian Uranium Imports Act). At the same time, the US Department of Energy (DOE) issued several calls for proposals to support the development of a domestic nuclear fuel production sector. In 2025, Orano responded to the call for proposals to develop new enrichment capacities in the United States, particularly for low-enriched fuel (< 5%). Drawing on its experience acquired at the Tricastin site, Orano proposed, in exchange for a financial contribution from the DOE, to build an ultracentrifuge enrichment plant in the U.S. (“IKE” project). This facility would be located at the Oak Ridge site in the state of Tennessee. In this context, Orano has been selected by the U.S. Department of Energy (DOE) on January 5, 2026 to receive 900 million US dollars in financing. The Final Investment Decision (FID) scheduled for 2027 will be made after the license has been obtained from the U.S. safety authority (Nuclear Regulatory Commission, or NRC). At the same time, discussions are underway to secure long-term commercial commitments, structure the project financing, and establish a solid and controlled vision of the plant’s construction costs. This investment of several billion dollars will contribute to the sovereignty of the American enriched uranium supply chain and, more broadly, to Western sovereignty. ● In 2025, Orano continued work to extend its Georges Besse II enrichment facility, which began in the summer of 2024 on the Tricastin site. The progress of the site is now in line with the project schedule. As a reminder, this investment of nearly 1.7 billion euros will enable Orano to increase its production capacity by nearly 30%. The first commissioning of new enrichment cascades is scheduled for 2028. At the same time, Orano is continuing a project to extend its depleted uranium defluorination capacities at the Tricastin site (W facility), with start-up scheduled for 2028. Through these projects, Orano aims to strengthen the sovereignty and security of Western supply of enrichment services.
Orano - Annual Activity Report 2025 26 2 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR Highlights of the financial year ● In March, Orano and the European Investment Bank (EIB) announced the signing of a 400 million euro loan agreement to help finance the expansion project at the Georges Besse II plant. ● In March 2025, Orano and Energoatom, Ukrainian nuclear operator, announced the signing of a major contract for the supply of enrichment services until 2040. This contract guarantees a secure and diversified supply of enrichment services to supply fuel to Ukraine’s nuclear fleet. ● In 2025, EDF and Orano validated the qualification of uranium dioxide (UO2) powder from the new production workshop located on the Malvési site. This work will continue in 2026 with the qualification by EDF of Orano’s manufacturing process for MOX fuel from this UO2 powder. This route is one of the possible uses of depleted uranium from enrichment operations. ● Orano is continuing the necessary steps to be able to produce uranium enriched to more than 5% (LEU+) and meet changing fuel demand for current and future reactors. Given the authorizations obtained in 2025, Orano will be ready to produce uranium enriched up to 6% during 2026 for its customers. The production of higher grades (between 6 and 8%, or even up to 10%) requires a specific regulatory procedure, so potential customers still need to clarify their requirements. ● The Philippe Coste plant located on the Tricastin site produced more than 12,000 metric tons of uranium hexafluoride (UF6) in 2025. 2.1.2.3 Back End Recycling ● In September 2025, EDF and Orano Recyclage signed an amendment to the ATR contract (Reprocessing-Recycling Agreement) 24-26 for 150 million euros to finance the “Life extension and resilience” program for the la Hague, Melox and TU5 plants over the period 2024-2026. In addition, during the year, Orano Recyclage and EDF began negotiating the terms of the post-2026 ATR contract. “Life extension and resilience” is a program that brings together both the studies, expertise and investigation activities and the maintenance and projects program to maintain operations of the la Hague, Melox and TU5 Tricastin plants beyond 2040, a deadline related to the operational commissioning of the Aval du Futur project and the start-up of new plants. This program aims to extend the reliability period of facilities to maintain nominal production (Sustainability) and to prepare for technical hazards with redundancies to guarantee minimum production even in the event of combined failures (Resilience). ● Orano Recyclage has signed a contract for the reallocation of MOX fuel production between two Japanese electric utilities, one of which still has its reactors shut down. ● In accordance with the planned schedule and budget, Orano Recycling commissioned a third storage facility for MOX scrap containers (RBM3). In addition, with 159 submerged baskets in 2025, the project to densify pools is perfectly in line with cost and deadline objectives. Nuclear Packages and Services ● Orano operates on the European, Asian and American markets via contracts worth several hundred million euros for the shipping, decommissioning of packages and dry storage of spent fuel. ● One year after its inauguration, the ramp-up of the TN Eagle factory continues in accordance with objectives. At the same time, work to obtain approvals from safety authorities is continuing in Europe, the United States and Japan. ● The development of the DN30 Sharing Group, for DN30 packaging, continues to shift from marketing to ramping up operations. This is a service innovation in the field of nuclear packaging, based on the principle of lease-sharing rather than ownership. The DN30 sharing group thus enables fuel manufacturer customers to optimize the use of their resources, avoiding the need to permanently maintain a dedicated and underused fleet of packaging. ● Thanks to the expertise of the dedicated team, major transport operations were carried out in 2025, such as the transport of MOX fuel to Japan, shipments to Australia, and the transport of heavy and bulky equipment such as stators and rotors. ● Orano is actively involved in developing logistics solutions for new generations of nuclear reactors and in particular small modular nuclear reactors – SMR type – or small so-called advanced reactors – AMR type. Dismantling and Services (DS) ● In a context of relaunch of the nuclear industry and ambitions for new nuclear activities in France, the Orano DS teams are mobilized to meet these challenges. Orano DS consolidated its position as leader in Nuclear Production Logistics (LNP) for its client EDF, with a presence in 90% of French nuclear fleet. Orano confirms its strategy of refocusing on maintenance activities. On the commercial front, Orano DS won several significant contracts on behalf of the CEA in Marcoule, in the southeast of France, including those relating to the operation of the Marcoule Pilot Workshop (APM) as well as mechanical maintenance services, carried out in a consortium with a company specializing in maintenance and technical assistance, for a period of three years. ● The entity has won several contracts within the French nuclear fleet, notably at the Chooz and Penly sites, relating to logistics, radiation protection, waste management, tool management, scaffolding and insulation, incorporating digitalization solutions already deployed at other customer sites. The award of these and various other contracts enabled the backlog to be renewed and strengthened. It also confirms the increase in services to support production at Orano’s industrial sites as well as those to support EDF and the CEA.
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