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.
RkJQdWJsaXNoZXIy NzMxNTcx