Orano - Annual Activity Report 2025 367 FINANCIAL STATEMENTS 6 Consolidated financial statements – financial year ended December 31, 2025 Change in financial liabilities (in millions of euros) Financial liabilities at December 31, 2024 2,722 Cash flows (387) Non-cash flows: Accrued interest not yet due on borrowings 62 Reclassification 119 Currency translation differences (32) Other changes 126 FINANCIAL LIABILITIES AT DECEMBER 31, 2025 2,610 The non-cash flows in financial liabilities include the reclassification of a customer advance whose repayment initially planned according to deliveries of materials was made in cash under an agreement signed during the second half of 2025. The repayment of this customer advance, made during the financial year, is included in the cash flows. NOTE 26 FINANCIAL LIABILITIES (in millions of euros) Non-current liabilities Current liabilities December 31, 2025 December 31, 2024 Bonds (1) 1,492 749 2,241 2,235 Accrued interest not yet due on bonds – 62 62 61 Bank borrowings 4 – 4 5 Commercial paper – 42 42 198 Interest-bearing advances 129 – 129 162 Short-term bank facilities and current accounts in credit – 26 26 21 Miscellaneous financial liabilities (2) 6 11 17 4 Derivatives – 89 89 37 TOTAL 1,631 979 2,610 2,722 (1) After interest rate risk management. (2) Of which financial liabilities for the ETC joint venture for 11 million euros (compared to 12 million euros of current account credit balance at December 31, 2024). RECONCILIATION OF CASH FLOWS ON FINANCIAL LIABILITIES BETWEEN THE NOTE ON FINANCIAL LIABILITIES AND CASH FLOWS FROM FINANCING ACTIVITIES (in millions of euros) Cash flows from financial liabilities (387) Interest paid 127 Financial instruments (9) Short-term bank facilities and current accounts in credit 37 NET CASH FLOW FROM FINANCING ACTIVITIES (233)
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