Orano - Annual Activity Report 2025 352 6 FINANCIAL STATEMENTS Consolidated financial statements – financial year ended December 31, 2025 Discount rates and inflation rates (see principles set out in Note 1.3.12) At December 31, 2025, Orano applied a discount rate assumption of 5.03% and a long-term inflation assumption of 2.01%, i.e. an actual rate of 2.96% (compared to 4.65% and 1.88% respectively at December 31, 2024, i.e. an actual rate of 2.72%). At December 31, 2025, the use of a discount rate 10 basis points higher or lower than that used would have the effect of changing the closing balance of provisions for end-of-lifecycle operations by -142 million euros with a rate of 5.13% or +147 million euros with a rate of 4.93% respectively. Provisional schedule of statutory and non-statutory provision disbursements before discounting (in millions of euros) Present value Gross amount Value at closing economic conditions Disbursement maturity of less than 1 year Disbursement maturity of between 1 year and 10 years Disbursement maturity of more than 10 years Provisions for dismantling 5,507 9,957 277 2,360 7,320 Provisions for waste retrieval and packaging 1,421 1,923 153 1,118 652 Provision for long-term waste management (transport & storage) 1,552 4,322 31 704 3,587 Monitoring costs after closure of storage facilities 66 834 1 17 816 Provisions for end-of-lifecycle operations (regulated) 8,547 17,036 462 4,199 12,375 Provisions for end-of-lifecycle operations (non-regulated) 368 657 57 144 456 PROVISIONS FOR END-OF-LIFECYCLE OPERATIONS 8,915 17,693 519 4,343 12,831 End-of-lifecycle assets (third-party share) End-of-lifecycle assets comprise two items: ● the dismantling assets of nuclear facilities which are recorded on the balance sheet under tangible fixed assets (see Note 11); and ● end-of-lifecycle assets (third-party share) (see Note 1.3.12 and defined in this note) corresponding to the financing expected from third parties contributing to the dismantling of certain facilities or equipment that Orano is legally or contractually obliged to dismantle. (in millions of euros) Net carrying amount at December 31, 2024 Decrease from period expense Accretion Change in assumptions, revision to estimates, etc. Net carrying amount at December 31, 2025 End-of-lifecycle assets – third-party share (regulated *) 70 (17) 3 2 58 End-of-lifecycle assets – third-party share (non-regulated *) 4 (1) – – 4 TOTAL END-OF-LIFECYCLE ASSETS (THIRD-PARTY SHARE) 74 (18) 3 2 62 * Scope of application of the French law of June 28, 2006. Financial assets earmarked for end-of-lifecycle operations (in millions of euros) December 31, 2025 December 31, 2024 Net carrying amount Market value Net carrying amount Market value Portfolio of earmarked securities 8,707 8,677 8,363 8,376 Receivables related to end-of-lifecycle operations 16 16 16 16 TOTAL EARMARKED ASSETS 8,723 8,693 8,379 8,392 Of which earmarked assets (regulated *) 8,707 8,677 8,363 8,376 Of which earmarked assets (non-regulated *) 16 16 16 16 * Scope of application of the French law of June 28, 2006.
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