Orano - Annual Activity Report 2025 322 6 FINANCIAL STATEMENTS Consolidated financial statements – financial year ended December 31, 2025 The “South Djengeldi” deposit should guarantee stable production for 10 years, which would reach, according to estimates, 500 metric tons of uranium per year on average, with a peak at 700 metric tons. This transaction resulted in a gain of 34 million euros in the financial statements (see Note 5) and a change in the consolidation method for Nurlikum Mining (see Note 2). Commissioning of the South Tortkuduk deposit in Kazakhstan In early July, Katco mining company and its shareholders, Orano and NAC Kazatomprom JSC, celebrated the inauguration of the new uranium processing plant, marking the successful implementation of the South Tortkuduk project and the full commencement of operations at the mining site. Production from the South Tortkuduk plot will gradually replace the currently exploited territories, allowing Katco to extend its nominal production by 4,000 metric tons per year. 1.2 Estimates and judgements In preparing its consolidated financial statements, Orano must make estimates, assumptions and judgments impacting the carrying amount of certain assets and liabilities, income and expense items, or information disclosed in certain notes to the financial statements. Orano updates its estimates and judgments on a regular basis to reflect past experience and other factors deemed pertinent, based on economic conditions. As a function of changes in these assumptions or in circumstances, the amounts appearing in its future financial statements may differ from current estimates, particularly in the following areas: ● operating margins on contracts recognized according to the percentage of completion method, which are estimated by the project teams and reviewed by management in accordance with the group’s procedures (see Notes 1.3.6 and 25); ● cash flow forecasts and the discount and growth rates used for impairment tests for goodwill and other intangible and tangible fixed assets (see Notes 1.3.7.5, 9, 10 and 11); ● all assumptions used to assess the value of pension commitments and other employee benefits, particularly future payroll increases and discount rates, retirement age and employee turnover (see Notes 1.3.10 and 24); ● all assumptions used to measure provisions for end-of-lifecycle operations (see Notes 1.3.12 and 13) and, where appropriate, the assets corresponding to the share financed by third parties, in particular: ● the estimated costs of those operations, ● inflation and discount rates, ● the schedule of future disbursements, ● operating life of the facilities, ● the scenario chosen with regard to knowledge of the initial condition of the facilities, their target fi nal condition, and waste treatment and removal methods and their availability, ● the procedures for fi nal shutdown, ● safety requirements and regulatory developments; ● assumptions used to measure the existence of provisions or contingent liabilities for nuclear materials belonging to the group: the estimated costs of those operations, the provisional payment schedule, the inflation rate and the discount rate (see Notes 1.3.11 and 25); ● estimates and judgments regarding the outcome of disputes in progress and, more generally, estimates regarding all of the provisions and contingent liabilities of Orano (see Notes 1.3.11 and 25); ● estimates and judgments relative to the recoverability of accounts receivable from the group’s customers and other financial assets (see Notes 1.3.6 and 1.3.9.5); and ● estimates of future taxable income allowing the recognition of deferred tax assets (see Notes 1.3.13 and 8). 1.3 Accounting policies 1.3.1 Basis of preparation Pursuant to European Regulation 1606/2002 of July 19, 2002, on international accounting standards, the Orano consolidated financial statements at December 31, 2025 were prepared in accordance with international accounting standards as published by the International Accounting Standard Board (IASB) and approved by the European Union as of December 31, 2025. They include IAS (International Accounting Standards), IFRS (International Financial Reporting Standards) and the interpretations issued by the IFRS Interpretations Committee (IFRS-IC) and by the former Standing Interpretations Committee (SIC). The IFRS standards and interpretations as adopted in the European Union are available on the website: http://ec.europa.eu/finance/ company-reporting/standards-interpretations/index_fr.htm. The group has not adopted in advance any standards, amendments or interpretations published by the IASB whose implementation was not mandatory in 2025. The consolidated financial statements have been prepared on a historical cost basis, with the exception of derivative instruments and certain financial assets, which have been measured at fair value. Financial liabilities (excluding derivatives) are measured on the amortized cost principle. Greenhouse gas emission allowances The Orano group is subject to a greenhouse gas emission allowance scheme system at its industrial site in la Hague. In accordance with ANC Regulation 2014-03, the group recognizes: ● a provision if the greenhouse gas emissions for the financial year are higher than the emission allowances held by the entity. This provision corresponds to the cost of acquiring the allowances required to offset this deficit; or ● a stock of unused allowances if the greenhouse gas emissions for the financial year are lower than the emission allowances held by the entity. This stock is valued at the historical cost of the allowances acquired.
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