Orano - Annual Activity Report 2025 359 FINANCIAL STATEMENTS 6 Consolidated financial statements – financial year ended December 31, 2025 CONTRACT LIABILITIES (in millions of euros) December 31, 2024 Increases/ Decreases Other changes Currency translation differences December 31, 2025 Contract liabilities 5,597 514 (135) (4) 5,973 Contract liabilities comprise prepaid income and operating and investment advances and prepayments by customers. They are deducted from the revenue generated under the contracts in question and mainly concern (i) investment financing for the treatment and recycling of used fuels and (ii) to a lesser extent, uranium sales contracts. Treatment-recycling contracts represent a significant portion of contract liabilities recognized at group level. In 2025, treatmentrecycling received 1,291 million euros in customer financing and generated revenue of 961 million euros. Other changes mainly include the reclassification of a customer advance as financial liability for 119 million euros (see Note 26). At December 31, 2025, contract liabilities included 5,031 million euros due in more than one year. NOTE 19 OTHER OPERATING RECEIVABLES (in millions of euros) December 31, 2025 December 31, 2024 French State receivables 294 268 Advances and down payments to suppliers 59 32 Miscellaneous accounts receivable 166 182 Financial instruments 202 41 Other 8 8 OTHER OPERATING RECEIVABLES 729 529 Government receivables mainly include VAT receivables and tax credits. “Miscellaneous accounts receivable” includes prepaid expenses, receivables from suppliers and receivables from employees and benefit management bodies. “Financial instruments” include the fair value of derivatives hedging market transactions and the fair value of the firm commitments hedged. At December 31, 2025, other operating receivables included 213 million euros due in more than one year. NOTE 20 CASH AND CASH EQUIVALENTS (in millions of euros) December 31, 2025 December 31, 2024 Cash 411 443 Cash equivalents 1,076 830 TOTAL 1,487 1,273 At December 31, 2025, cash included cash not immediately available to the group in the amount of 200 million euros (compared with 62 million euros at December 31, 2024), chiefly reflecting legal restrictions abroad.
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