Orano - Annual Activity Report 2025 355 FINANCIAL STATEMENTS 6 Consolidated financial statements – financial year ended December 31, 2025 Derivatives may be used for hedging or to acquire a limited exposure. They are subject to specific investment guidelines prohibiting leverage. Total nominal commitments may not exceed the fund’s net assets. Sales of puts and calls on underlying assets not included in which the bond fund has not invested or not covered by the investment are prohibited. Risk assessment and management of the earmarked portfolio As part of the mandate to conserve and enhance the funds dedicated to dismantling, the risks underlying the portfolios and funds are assessed on a regular basis. For each fund or earmarked asset, this assessment allows the maximum total loss to be estimated with a 95% degree of confidence for different portfolio maturities using the VaR (Value at risk) method and volatility estimates. It provides a second estimate using deterministic scenarios: yield curve shock and/or equity market decline. The impacts of changes in equity and fixed-rate markets on the valuation of earmarked financial assets are summarized in the following table: (in millions of euros) December 31, 2025 ASSUMPTION: DECLINING EQUITY MARKETS AND RISING INTEREST RATES -10% on equities (420) +100 basis points on fixed-income products (102) TOTAL (522) ASSUMPTION: RISING EQUITY MARKETS AND DECLINING INTEREST RATES +10% on equities 420 -100 basis points on fixed-income products 102 TOTAL 522 NOTE 14 INFORMATION ON JOINT VENTURES AND ASSOCIATES AT DECEMBER 31, 2025 (in millions of euros) Share in net income of joint ventures and associates Investments in joint ventures and associates Share in negative net equity of joint ventures and associates ETC 18 – 12 SI-nerGIE – – – Accelerated Decommissioning Partners (ADP) – 9 – Neomat CAM (10) – – Neomat PCAM – 10 – Nurlikum Mining LLC (JV) (1) (2) 68 – Other joint ventures and associates – – – TOTAL 7 88 12 (1) See Note 2. Orano considers that it has a constructive obligation to ensure the continuity of operations of ETC (joint venture equally owned by Orano and URENCO) and SI-nerGIE (GIE jointly owned by Orano and Framatome – see Note 28); as a result, and in accordance with the provisions of IAS 28, Orano recognizes the share of negative equity as a liability in its consolidated statement of financial position and its share of negative net income in its consolidated income statement and statement of comprehensive income. Relationships with joint ventures and associates are described in Note 28.
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