Orano - Annual Activity Report 2025 343 FINANCIAL STATEMENTS 6 Consolidated financial statements – financial year ended December 31, 2025 NOTE 8 INCOME TAXES Analysis of income tax expense (in millions of euros) December 31, 2025 December 31, 2024 Current taxes (France) (17) (31) Current taxes (other countries) (109) (78) Total current taxes (126) (109) Deferred taxes (21) 55 TOTAL TAXES (147) (54) The main French subsidiaries in the scope of consolidation, which are at least 95% owned, established an Orano SA tax consolidation group effective September 1, 2017. Future relationships between the subsidiaries and Orano SA for the period covered by the tax consolidation are governed by a tax consolidation agreement, based on the principle of neutrality. At December 31, 2025, deferred taxes recognized in the income statement include changes in deferred taxes on temporary differences and losses, as well as those in uncertain tax positions classified under deferred tax liabilities in the balance sheet. Uncertain tax positions relating to current tax are classified in the statement of financial position as current tax liabilities. The international tax reform approved by the OECD at the end of 2021, known as “Pillar 2”, aimed in particular at establishing a minimum tax rate of 15%, was adopted in France before December 31, 2023 as part of the Finance law for 2024. It came into effect from the financial year beginning January 1, 2024. Due to its revenue, Orano falls within the scope of application of this reform from January 1, 2024. In this context, Orano SA is the Ultimate Parent Entity (“UPE”) and could be liable, where applicable, for additional tax in respect of its low-tax subsidiaries. For the 2025 financial year, the Orano group should not be liable for any additional tax. RECONCILIATION BETWEEN INCOME TAX EXPENSE AND PROFIT (LOSS) BEFORE TAX (in millions of euros) December 31, 2025 December 31, 2024 Net income for the period 550 712 Share in net income of joint ventures and associates (7) 12 Tax expense (income) 147 54 Income before tax 689 778 Theoretical tax (expense) / gain at 25.83% (178) (201) Impact of tax consolidation Operations taxed at a rate other than the full statutory rate – – Unrecognized/recognized deferred taxes 18 157 Other changes in permanent differences 13 (10) ACTUAL TAX (EXPENSE) / INCOME (147) (54) EFFECTIVE TAX RATE 21% 7% BREAKDOWN OF OTHER CHANGES IN PERMANENT DIFFERENCES (in millions of euros) December 31, 2025 December 31, 2024 Parent/subsidiary tax treatment and inter-company dividends (5) (2) Differences between the French tax rate and tax rates applicable abroad 12 27 CVAE business tax (5) (6) Impact of change in tax rate (1) (3) Other 12 (27) TOTAL OTHER CHANGES IN PERMANENT DIFFERENCES 13 (10)
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