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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