Orano - Annual Activity Report 2025 373 FINANCIAL STATEMENTS 6 Consolidated financial statements – financial year ended December 31, 2025 DERIVATIVES TO HEDGE FOREIGN EXCHANGE RISK AT DECEMBER 31, 2024 (in millions of euros) Notional amounts by maturity date Total Market value <1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years >5 years Forward exchange transactions and currency swaps 1,691 1,242 787 539 252 – 4,510 (170) Currency options – – – – – – – – Cross-currency swaps 67 100 100 134 – – 401 16 TOTAL 1,758 1,342 887 673 252 – 4,912 (154) Liquidity risk Liquidity risk is managed by the Financing and Treasury Operations Department (“DOFT”), which provides the appropriate short-and long-term financing resources. Cash management optimization is based on a centralized system to provide liquidity and manage cash surpluses. This management is provided by the DOFT chiefly through cash-pooling agreements and intragroup loans, subject to local regulations. Cash is managed to optimize income while ensuring that the financial instruments used are liquid. To meet its commitments and ensure longer-term operating continuity, at December 31, 2025, Orano had a gross cash position of 1,487 million euros (see Note 20) and cash management financial assets of 642 million euros (see Note 15). The group also has a syndicated credit facility with a pool of 10 international banks in the amount of 880 million euros maturing in May 2029, with a one-year extension option. The group also has an undrawn credit facility with the European Investment Bank for 400 million euros, maturing in February 2035. Counterparty risk Orano is exposed to counterparty risk in respect of cash deposits with banks and the use of derivatives to hedge its risks. To minimize this risk, Orano deals with a diversified group of leading counterparties selected according to their investment grade ratings awarded by Standard & Poor’s and Moody’s. Interest rate risk Orano hedges its exposure to changes in the value of its fixed-rate debt through the use of fixed/floating interest rate swaps. DERIVATIVES TO HEDGE INTEREST RATE RISK AT DECEMBER 31, 2025 (in millions of euros) Total Notional amounts by maturity date Market value (1) <1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years >5 years INTEREST RATE SWAPS – EUR FLOATING LENDER 100 100 – – – – – (1) EUR floating payer / EUR floating recipient 100 100 – – – – – (1) TOTAL 100 100 – – – – – (1) (1) Foreign exchange portion. The breakdown by type of hedging strategy of currency derivatives can be analyzed as follows: (in millions of euros) December 31, 2025 December 31, 2024 Notional amounts in absolute value Market value Notional amounts in absolute value Market value Cash flow hedges 3,195 79 4,201 (172) Forward exchange transactions and currency swaps 3,195 79 4,201 (172) Fair value hedges 524 35 480 18 Forward exchange transactions and currency swaps 213 (4) 78 2 Cross-currency swaps 311 38 401 16 Derivatives not qualifying as hedges 234 – 231 – Forward exchange transactions and currency swaps 234 – 231 – TOTAL 3,953 114 4,912 (154)
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