Orano - Annual Activity Report 2025 353 FINANCIAL STATEMENTS 6 Consolidated financial statements – financial year ended December 31, 2025 Objective of earmarked assets, portfolio of earmarked securities and end-of-lifecycle receivables To secure the funding of end-of-lifecycle obligations, the group has built up a special portfolio earmarked for the payment of its future facility dismantling and waste management expenses. This obligation has applied to all nuclear operators in France since law No. 2006-739 of June 28, 2006, and implementing Decree No. 2007-243 of February 23, 2007, came into force. This portfolio was composed based on a schedule of disbursements over more than a century and is therefore managed with long-term objectives. The portfolio is comprised of financial assets intended to cover all of the group’s commitments, whether related to obligations imposed by the law of June 28, 2006, for regulated nuclear facilities located in France, or related to other end-of-lifecycle commitments for facilities located in France. The group relies on independent consultants to study strategic target asset allocations to optimize the risk/return of the portfolio over the long term and to advise it on the choice of asset classes and portfolio managers. This work is presented to the end-of-lifecycle obligations monitoring committee of the Board of directors. Long-term asset allocations indicate the target percentage of assets to cover liabilities (bonds and money market assets, including receivables from third parties) and diversification assets (shares, etc.), subject to limits imposed by French Decree No. 2007-243 of February 23, 2007 and its amendment by French Decree No. 2013-678 of July 24, 2013, both in terms of the control and spread of risks and in terms of the type of investments. At December 31, 2025, for the end-of-lifecycle commitments falling within the scope of Articles L. 594-1 et seq. of the French Environmental Code, the legal entities comprising Orano had earmarked assets representing 97.3% of end-of-lifecycle liabilities (compared with 97.0% at December 31, 2024) in accordance with regulatory requirements. Since the French Decree of July 1, 2020, the regulatory ceiling rate for discount rates for end-of-lifecycle liabilities has been expressed in real terms (net of long-term inflation) and stood at 2.69% at December 31, 2025. As the discount rate used in the financial statements is higher than this regulatory ceiling rate, regulatory provisions for end-of-lifecycle operations are measured using the regulatory ceiling rate to determine the coverage ratio. Thus, provisions for end-of-lifecycle operations within the regulated scope (scope of application of the French law of June 28, 2006), calculated using the regulatory ceiling rate, amounted to 8,976 million euros with a rate of 2.69%, while provisions for end-oflifecycle operations within the regulated scope are recognized in the financial statements totaled 8,547 million euros with a rate of 2.96% in accordance with IFRS. This coverage ratio is determined as follows: (in millions of euros) December 31, 2025 December 31, 2024 Provisions for end-of-lifecycle operations (regulated *) 8,547 8,708 Provisions for end-of-lifecycle operations (regulated *) at the regulatory ceiling rate 8,976 8,708 End-of-lifecycle assets – third-party share (regulated *) 58 70 Earmarked assets at market value (regulated *) 8,677 8,376 End-of-lifecycle assets (regulated *) 8,735 8,446 (Deficit)/Surplus in coverage (regulated *) (241) (262) Coverage ratio of end-of-lifecycle operations (regulated *) 97.3% 97.0% * Scope of application of the French law of June 28, 2006. Portfolio of earmarked securities Orano has ensured that all funds are kept, deposited and valued by a service provider in such a way as to be able to perform the necessary controls and valuations required by the implementing decree. The Equity segment is primarily managed by external service providers via: ● equity management mandates; and ● earmarked mutual funds. The Fixed-income segment (bonds and money market) is invested via: ● open-ended mutual funds; ● earmarked mutual funds; and ● directly held bonds.
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