Orano - Annual Activity Report 2025 371 FINANCIAL STATEMENTS 6 Consolidated financial statements – financial year ended December 31, 2025 ● transactions with EDF concern the front end of the nuclear fuel cycle (uranium sales, conversion and enrichment services) and the back end of the cycle (used fuel shipping, storage, treatment and recycling services). The group has a master treatment/ recycling agreement known as the “ATR Contract” with EDF, which specifies the terms of the industrial cooperation between them in the field of treatment/recycling until 2040. As part of this agreement, in October 2024, Orano and EDF signed an implementation contract defining the technical and financial conditions for this master agreement for the 2024-2026 period; ● transactions carried out by Andra (French national agency for the management of radioactive waste) cover the management, operation and monitoring of low-and medium-level radioactive waste storage facilities at the Andra centers in the Manche and Aube departments. Associates and joint ventures ETC’s main activity is to build, assemble and install centrifuges and associated piping systems enabling its customers to enrich uranium. ETC is also involved in the design of ultracentrifuge enrichment plants to meet its customers’ needs and in project management for the construction of these facilities. Orano buys the centrifuges and associated engineering services for its Georges Besse II enrichment plant, for its extension under construction and for its stable isotope laboratory from ETC. ETC is one of the group’s significant joint ventures (see Note 14). SI-nerGIE is a consortium (groupement d’intérêt économique – GIE) created at the time of the restructuring of AREVA; it is owned by Orano and Framatome (owned by EDF). Its purpose is to share the infrastructure and certain applications of a joint information system and, as such to avoid the additional costs and operational risks relating to information systems. Orano CIS LLC, owned by Orano USA, and Waste Control Specialists (WCS) have created a joint venture named Interim Storage Partners (ISP), held at 51% and 49% respectively, in order to operate a centralized used fuel storage facility on the WCS site in Texas. Orano NPS is providing its unique expertise in cask design, transportation and used fuel storage. WCS brings its experience of operating a single facility serving both the nuclear industry and the U.S. Department of Energy (DOE). In September 2021, the U.S. Nuclear Regulatory Commission (NRC) granted ISP a 40-year license to receive, hold, transfer and store up to 5,000 metric tons of used fuel (phase 1) and up to 231 metric tons of high-level radioactive waste in a Consolidated Interim Storage Facility (CISF) in Andrews, Texas. The NRC’s decision has since been challenged in several courts by the states of Texas and New Mexico, by environmental and antinuclear groups, local landowners and mine owners. As a result, the project was put on hold. Accelerated Decommissioning Partners (ADP) is a joint venture between Orano (25%) and Northstar, a key player in industrial decommissioning and asbestos removal. It is consolidated using the equity method. In the United States, the utility Duke Energy has entrusted the complete dismantling and management of used fuel from its Crystal River 3 plant “CR3” (Florida) to ADP. This global contract of nearly 540 million US dollars, signed on September 30, 2020, notably covers the cutting and packaging of the reactor core, carried out by the American Dismantling and Services teams (Orano Decommissioning Services LLC). The cutting operations ended in November 2023 and the transport of waste to the storage site of the service provider WCS in Texas was completed in November 2024. Orano also retains ownership of 25% of CR3’s used fuel. Spectrano is a joint venture between Spectra Tech, Inc., an American company, and Orano Federal services. The objective of this joint venture is to respond to calls for proposals issued by the United States Department of Energy and its subcontractors and to provide the required services. Neomat CAM and Neomat PCAM, held by Orano at 49% and 51% respectively, are joint ventures owned for the production of battery components for electric vehicles created in 2024. These will be responsible for the construction of plants for the manufacture of cathode active materials (CAMs) and the production of precursor CAMs, respectively, on the site allocated by the Grand Port Maritime de Dunkerque in the municipalities of Gravelines and Loon-Plage. Nurlikum Mining is a joint venture owned by Navoyuran, Orano and ITOCHU Corporation (cf Note 1.1). Joint operations Orano Canada Inc. holds equity interests in uranium deposits and ore processing plants. These investments are classified as joint operations. They are thus consolidated for the share held by Orano Canada Inc. The most significant investments are as follows: Cigar Lake Cigar Lake is owned by Cameco Corporation (54.547%), Orano (40.453%), and TEPCO Resources Inc. (5%). The deposit is mined by Cameco and the ore is processed at the JEB – McClean Lake plant, operated by Orano. This deposit is an underground mine. Mining uses land freezing techniques combined with high-pressure water-jet boring (JET boring). McClean Lake McClean Lake is owned and operated by Orano (77.5%) together with its partner, Denison Mines Ltd (22.5%). This joint operation began in 2025 to exploit its own deposits using the Sabre mining technique. It operates the JEB mill, which mainly processes the ore from Cigar Lake, as well as the McClean Lake ore itself since 2025, using the dynamic leaching method. McArthur River McArthur River is owned by Cameco Corporation (69.8%) and Orano (30.2%). The mined ore is processed at the Key Lake mill. This deposit is mined underground using ground freezing techniques combined with mechanical extraction (raise boring) or explosives (long hole stopping). Key Lake This plant is owned by Cameco Corporation (83.33%) and Orano (16.67%). It processes the ore from McArthur River.
RkJQdWJsaXNoZXIy NzMxNTcx