Orano - Annual Activity Report 2025 348 6 FINANCIAL STATEMENTS Consolidated financial statements – financial year ended December 31, 2025 NOTE 11 TANGIBLE FIXED ASSETS (in millions of euros) Land Buildings Plant, equipment and tooling Dismantling assets of nuclear facilities Other In progress Total Gross amounts at December 31, 2024 160 2,219 21,631 1,222 1,673 2,055 28,959 Capex 1 17 50 – 4 1,073 1,145 Disposals (1) (7) (50) – (10) – (68) Currency translation differences (4) (27) (106) – (88) (13) (238) Change in scope (3) – – (4) – (2) – (6) Other changes (2) (11) 689 (488) (310) 49 (392) (463) GROSS AMOUNTS AT DECEMBER 31, 2025 145 2,892 21,032 911 1,626 2,722 29,328 Depreciation, amortization and provisions at December 31, 2024 (82) (1,235) (16,015) (730) (1,355) (58) (19,474) Net charges to depreciation and amortization/ Impairment losses (1) (1) (25) (165) (27) (35) (10) (262) Disposals 1 7 50 – 9 – 67 Currency translation differences – 14 63 – 84 2 164 Change in scope (3) – – 1 – 1 – 2 Other changes 14 (555) 544 – (2) – 1 DEPRECIATION, AMORTIZATION AND PROVISIONS AT DECEMBER 31, 2025 (68) (1,794) (15,522) (756) (1,298) (66) (19,503) Net carrying amount at December 31, 2024 78 984 5,616 492 318 1,997 9,485 NET CARRYING AMOUNT AT DECEMBER 31, 2025 77 1,098 5,511 155 329 2,657 9,825 (1) Including 239 million euros of reversals, less impairment losses. (2) Including 218 million euros related to the revisions of estimates and 238 million euros related to the change in the actual discount rate of end-of-lifecycle provisions (see Note 13). (3) See Note 2. Mining assets The intangible and tangible fixed assets of mining and industrial sites (constituting Mining segment CGUs) are subject to an impairment test at each year-end (in accordance with the principles set out in Note 1.3.7.5). Mining assets in Canada Non-current assets were impaired by 11 million euros following the discontinuation of the extraction process initially planned. Industrial assets of the conversion CGU The Conversion CGU includes the industrial assets of Comurhex II in Malvési and Philippe Coste in Tricastin. An impairment test was carried out on June 30, 2025 in light of the projected positive evolution of conversion price indices. This resulted in a further reversal of impairment in the amount of 150 million euros. The net carrying amount of the Conversion CGU’s industrial assets thus stood at 519 million euros at June 30, 2025. The value in use of the Conversion CGU was measured at June 30, 2025 using a discount rate of 8.00%, a euro/US dollar exchange rate of 1.17 corresponding to the rate at June 30, 2025 and sales price assumptions for conversion units resulting from Orano’s analysis of the foreseeable medium- and long-term change in the balance between supply and demand. The price curves for the remainder to be sold are determined in euros. A second impairment test was performed on December 31, 2025, following a further update of the conversion price indices, resulting in an additional impairment reversal of 102 million euros with a discount rate of 8.00% (compared with 7.75% at December 31, 2024) and a euro/US dollar exchange rate of 1.175 at December 31, 2025 (compared with 1.04 at December 31, 2024). In total, the impairment reversal for the assets of the Conversion CGU amounted to 252 million euros in 2025. In addition, the result of the test remains sensitive to the discount rate, long-term price expectations of the conversion, as well as the euro/US dollar parity. The value in use of the assets of the Conversion CGU would fall by the amounts below in the event of use of: ● a discount rate 50 basis points higher (8.5% rather than 8%): 46 million euros; ● sales price assumptions 1 euro lower per kilogram of converted uranium compared with Orano’s projected price curves: 57 million euros; and ● a euro/US dollar exchange rate 5 cents higher (1.225 instead of 1.175): 22 million euros.
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