Orano - Annual Activity Report 2025 193 SUSTAINABILITY STATEMENT 4 Environmental information ● the circular economy, in line with its strategy of recycling, ecodesign, and rehabilitation of ecosystems, including mining; and ● deeptech, with projects related to major societal issues. New activities being developed around circularity Thanks to its skills and technologies, the group is developing new activities such as the production of stable isotopes, nuclear medicine, and the recycling of lithium-ion batteries. Through its medical subsidiary Orano Med, Orano has been developing innovative treatments against cancer since 2009, combining the use of a biological vector targeting cancer cells and lead-212 (212Pb), a very rare radioisotope. This approach is known as targeted alpha therapy. By destroying malignant cells while limiting the impact on healthy cells, it offers promising prospects for patients currently facing a therapeutic gap. In 2025, Orano Med presented promising results from a Phase 2 clinical trial of its most advanced drug candidate, AlphaMedix™. Orano Med crossed a new milestone in its long-standing partnership with the pharmaceutical group Roche. With more than 60 years of expertise in the conversion and enrichment of uranium, Orano has decided to launch a new activity to produce stable isotopes, which are non-radioactive forms of atoms used in a large number of applications. These isotopes have a broad spectrum of uses, ranging from nuclear medicine (a basic material for many radiopharmaceuticals for the diagnosis and treatment of cancer, improvements in the resolution of magnetic resonance imaging) to industry (improvement of laser performance, reduction of radioactive waste in the cooling circuits of nuclear power plants, etc.) to basic research (quantum computers, biomedical research, materials research, etc.). Since 2020, Orano has been exploring the development of a new activity around the recycling of lithium-ion batteries. Battery recycling is an important issue for the preservation of the environment by limiting the impact on natural resources. Orano and CEA Liten have developed an innovative process by combining their respective skills in a joint laboratory in Grenoble (France). This hydro-metallurgical recycling process makes it possible to purify and recover the metals of interest (lithium, cobalt, nickel, etc.) contained in the batteries of electric vehicles for recycling into new battery production. On December 9, 2024, a new milestone was reached with the creation of two joint ventures producing battery components for electric vehicles (CAM and PCAM). The creation of these two joint ventures within the project, now called Neomat, marks the desire of the two partners to join forces to develop an integrated and efficient industrial platform in France, in Dunkirk. The joint ventures called Neomat CAM and Neomat PCAM will carry out the construction projects of the planned plants; It is planned that Neomat CAM, the cathode active materials manufacturing plant, and Neomat P-CAM, the production plant for cathode active material precursors, will be developed on the site allocated by the Grand Port Maritime de Dunkerque (GPMD). The hydrometallurgy project to recycle electric vehicle battery components led by Orano in France has been declared a strategic project by the European Commission under the Critical Raw Materials Act (CRMA), alongside 46 other European industrial projects In a market context that has not yet stabilized, the Batteries program is continuing its discussions with ecosystem players to establish industrial and commercial partnerships that guarantee the robustness of the model. 2025 IN ACTION Orano and the CEA inaugurate a pilot line for the recycling of permanent magnets In September 2025, Orano and the CEA inaugurated a pilot line at CEA-Liten in Grenoble, dedicated to the recycling and manufacture of rare earth-based permanent magnets. This project, launched in 2020, is part of a circular economy approach. It aims to diversify supply sources. The challenge is to have processes capable of producing high-performance magnets, which are essential components for the energy transition, while incorporating recycled materials from end-oflife magnets. Permanent magnets of the NdFeB (neodymium-iron-boron) type transform electricity into motion. They are essential to power key technologies such as electric vehicle engines, wind turbines or certain medical and industrial equipment. Recycling these materials not only reduces the environmental impact of their extraction but also secures Europe’s supply of critical metals. For more information, see Section 2.3.4 Other activities of Orano. Targets in terms of circularity in products and services Orano aims to develop its activities in line with the circular economy in the broadest sense. As part of the Engagement roadmap for 2030, Orano aims by 2030 to: ● commercialize at least one anti-cancer drug (see Section 2.1.2.4); and ● launch the execution of Aval du Futur undertakings (i.e. program for the sustainability of the spent fuel processing and recycling activity in France). See Section 2.1.2.5. These objectives are voluntary in nature. Results in terms of circularity in products and services For the first year, Orano quantified the proportion of recyclable content in the products marketed by the group, namely natural U3O8, fuel transport casking and some chemicals from recycling processes. 71% of the group’s revenue is from service activities. The factors influencing these results are the nature of the product itself, as well as regulations on second life.
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