Orano - Annual Activity Report 2025 361 FINANCIAL STATEMENTS 6 Consolidated financial statements – financial year ended December 31, 2025 NOTE 23 NON-CONTROLLING INTERESTS Non-controlling interests consist of the share of net equity of interests held by third parties in a subsidiary controlled by the group. (in millions of euros) December 31, 2025 December 31, 2024 Katco 318 267 SET Holding, SET and SET Expansion 149 135 Orano DS 4 6 Badrakh Energy LLC (1) 2 (28) Orano Med Theranostics (France and the United States) (1) 44 – Other 3 (9) TOTAL 521 369 (1) See Note 2. Following the signature of the amendment to the contract for the use of the subsoil between Katco and the Ministry of Energy of the Republic of Kazakhstan, KazAtomProm benefits from an additional percentage interest of 11% from 2022 without calling into question the group’s control of Katco. A subsidiary is considered significant if its revenue is greater than 200 million euros, if its total statement of financial position is greater than 200 million euros, or if its net assets exceed 200 million euros in absolute value. Financial information on significant subsidiaries, required under IFRS 12, is presented before elimination of intercompany transactions. DECEMBER 31, 2025 (in millions of euros) Katco SET Orano DS Orano Med Theranostics Mining Front End D&S Other activities Country Kazakhstan France France France and the United States Percentage stake in non-controlling interests 49.00% 5.00% (1) 26.14% 15.60% (2) Revenue 628 889 443 2 Net income 324 254 17 (31) Of which attributable to non-controlling interests 159 13 4 (5) Of which an additional 11% attributable to noncontrolling interests 36 Current assets 344 599 234 297 Non-current assets 422 4,209 47 41 Current liabilities (48) (355) (197) (39) Non-current liabilities (33) (793) (51) (1) Net assets 684 3,661 33 298 Of which attributable to non-controlling interests 335 183 9 47 Cash flow from operating activities 397 428 40 (30) Cash flow from investing activities (123) (324) (7) (4) Cash flow from financing activities (151) (229) (11) 296 Change in net cash 141 (125) 33 262 Dividends paid to non-controlling interests (87) (1) (2) – (1) SET and SET Expansion are held directly by SET Holding, whose purpose is to finance its subsidiaries. The data presented for SET, SET Expansion and SET Holding are aggregated. (2) Orano Med Theranostics SAS and Orano Med Theranostics LLC data are aggregated.
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