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
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