Orano - Annual Activity Report 2025 187 SUSTAINABILITY STATEMENT 4 Environmental information MATERIAL IMPACTS, RISKS AND OPPORTUNITIES RELATED TO RADIOACTIVE WASTE Type Impact, Risk and Opportunity Localization in the value chain and time horizon RADIOACTIVE WASTE [E5] POTENTIAL NEGATIVE IMPACT MANAGEMENT OF FINAL RADIOACTIVE WASTE WITHIN THE NUCLEAR INDUSTRY OWN OPERATIONS, DOWNSTREAM IRO The activities of Orano and its value chain generate long-lived high-level final waste and involve their future warehousing or storage in existing facilities or burial in future facilities (for example, the CIGEO project in France). Description The nuclear industry generates long-lived radioactive waste in storage, which requires the creation of substantial long-term infrastructure. It is a burden on future generations, even if the infrastructure is financed. FUTURE RISK RISK OF NUCLEAR MATERIAL RECLASSIFICATION OWN OPERATIONS IRO The reclassification of certain nuclear materials as waste, in particular depleted uranium inventories, poses a financial risk to the group. Description The reclassification of depleted uranium inventories as waste by the competent authorities would lead to an increase in provisions for end-of-lifecycle operations and would require the creation of additional earmarked assets for them. This would lead to a decrease in the group’s income and a cash outflow of the same amount to replenish the dedicated fund intended to finance these end-of-lifecycle operations. The stock of depleted uranium also acts as a strategic uranium reserve for the supply of the French nuclear fleet in the event of a supply disruption. MATERIAL IMPACTS, RISKS AND OPPORTUNITIES RELATED TO CIRCULARITY IN PRODUCTS Type Impact, Risk and Opportunity Localization in the value chain and time horizon CIRCULARITY IN PRODUCTS AND SERVICES [E5] CURRENT OPPORTUNITY RECYCLING OF SPENT FUEL OWN OPERATIONS IRO The recycling activity implements processes on behalf of its customers to recycle spent fuel into new fuel. Description The treatment-recycling activity makes a significant contribution to the group’s revenue and also makes a positive contribution to saving resources. FUTURE OPPORTUNITY DEVELOPMENT OF NEW RECYCLING AND CIRCULARITY ACTIVITIES OWN OPERATIONS IRO Orano is developing new activities focused on the recovery of substances: nuclear medicine and projects for the recovery of radioactive substances and battery waste recycling. Description The group’s new activities around the recycling of materials are a significant revenue and cash flow growth driver over the next 10 years. These new activities will also contribute to the preservation of resources and the economic development of the regions where the group operates.
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