Orano - Annual Activity Report 2025 354 6 FINANCIAL STATEMENTS Consolidated financial statements – financial year ended December 31, 2025 The portfolio of earmarked assets includes the following: (in millions of euros) December 31, 2025 December 31, 2024 IN MARKET VALUE OR NET ASSET VALUE Equity mutual funds and publicly traded shares 3,292 3,060 Bond and money market mutual funds 3,027 3,079 Unlisted mutual funds 1,379 1,230 At amortized cost Bonds and bond funds 1,009 995 Total portfolio of earmarked securities 8,707 8,363 Receivables related to end-of-lifecycle operations 16 16 TOTAL EARMARKED ASSETS 8,723 8,379 (in millions of euros) December 31, 2025 December 31, 2024 BY REGION Eurozone 6,360 6,234 Other 2,363 2,145 TOTAL EARMARKED ASSETS 8,723 8,379 Financial assets held as securities or mutual funds represent 99.8% of all earmarked assets at December 31, 2025. They break down as follows: 53.5% equities and other non-amortizable equity securities, 46.3% bonds and money market securities and 0.2% receivables. Performance of financial assets earmarked for end-of-lifecycle obligations by asset class Asset class December 31, 2025 December 31, 2024 Shares 12.6% 8.2% Fixed-income products (including receivables related to end-of-lifecycle operations) 2.1% 3.6% TOTAL EARMARKED ASSETS 7.4% 6.1% Receivables related to end-of-lifecycle operations Receivables related to end-of-lifecycle operations correspond to an EDF and CEA receivable, resulting from the overfinancing of Andra by Orano between 1983 and 1999 (payment by Orano of contributions divided between nuclear operators above its share) in the amount of 16 million euros. Risk description and assessment Equity investments in the portfolio of earmarked securities include mainly: ● mandates of publicly traded shares, which includes about 50 companies based in the European Union. The securities are held in order to generate gains over the long term. Although it is not a management guideline, these mandates will be assessed over the long term compared to an external MSCI EMU benchmark, net dividends reinvested; and ● dedicated equity funds with diversified management strategies and focused on European companies. Depending on the investment objective, the managers are required to comply with specific rules in terms of exposure: investment limits in absolute terms and relative to net assets, limited exposure in non-euro currencies, indication of a relative risk compared to a target benchmark index (Tracking Error) and limited investments on certain instruments. Together, these limits are designed to comply with investment rules established by the implementing decree of the law of June 28, 2006. Fixed income products in the portfolio of earmarked securities mainly include: ● directly-held securities consisting of Eurozone government bonds, which will be held to maturity and their redemption. They are recognized using the amortized cost method; and ● dedicated bond funds, listed bonds and open-ended money market funds. The sensitivity to interest rates of bond funds is limited in both directions, including the portfolio’s overall consistency with preset long-term sensitivity objectives and the sensitivity of the liabilities to the discount rate used. The issuers’ ratings (Moody’s or Standard & Poor’s) are used to manage the credit risk exposure of money market and bond funds and listed bonds.
RkJQdWJsaXNoZXIy NzMxNTcx