Orano - Annual Activity Report 2025 379 FINANCIAL STATEMENTS 6 Consolidated financial statements – financial year ended December 31, 2025 NOTE 31 ISSUES RELATED TO CLIMATE RISKS Convinced of the role that nuclear power can play in the fight against climate change and the energy transition towards lowcarbon electricity, Orano has long been committed to a program to reduce its own emissions to contribute to the reduction in residual emissions in the electronuclear industry’s carbon footprint (between 4 gCO2/kWh according to the EDF life cycle analysis and 12 gCO2/kWh in the IPCC literature). Issues related to climate change mitigation are thus addressed as part of Orano’s corporate project and its 2030 Commitment roadmap, with milestones in 2030. Through the “Climate” commitment, the group is committed to contributing to climate change mitigation efforts. At the end of 2024, Orano renewed a target of 25% reduction in its market-based scopes 1 and 2 greenhouse gas emissions by 2030 (compared to 2019), in a context of growth in its activities. The decarbonization levers for existing operations and future projects are: energy efficiency, reduction of fossil fuels, decarbonization of electricity in countries with a high emission factor (Kazakhstan, Canada) and the eco design of new projects. The group also aims to commit its main emitting suppliers to a decarbonization trajectory in order to reduce its scope 3 emissions. Each year, the group monitors its projected GHG emissions trajectory in order to verify the compatibility of the actions identified with the objectives. The investments needed to reduce the carbon footprint are consolidated and their integration into the financial trajectory is verified. Since 2021, Orano has also been working on adapting to climate change through analyses of the vulnerability of its activities to climate change. The adaptation program was integrated into the 2030 Commitment roadmap at the end of 2024. The physical risks related to climate change have been analyzed on the basis of the RCP-4.5 and RCP-8.5 emission scenarios, by 2050 and 2100 in line with the expected lives of the facilities. Transition risks have been analyzed on the basis of the International Energy Agency (IEA) World Energy Outlook. Analysis of the physical risks shows that the vulnerability of Orano’s activities is moderate but that the vulnerabilities identified require the definition and development of specific adaptation plans. At the end of 2025, more than 80% of the group’s industrial operations had developed a local climate change adaptation plan. Capex were quantified and included in the financial trajectory. The financial trajectories used for asset impairment tests include the expenses associated with this decarbonization and adaptation Capex. The group has not identified any significant impact on the useful lives of assets impacted by climate change. NOTE 32 OFF-BALANCE SHEET COMMITMENTS Commitments related to operational activities (in millions of euros) December 31, 2025 Less than 1 year From 1 to 5 years More than 5 years December 31, 2024 Commitments given 1,072 111 426 535 764 Commitments given in connection with the performance of contracts 546 106 286 154 641 ● Operating commitments given 91 2 75 15 95 ● Other commitments given 435 4 66 366 28 Commitments received 163 119 43 1 145 Contractual commitments 163 119 43 1 144 Other commitments received – – – – – Reciprocal commitments 883 134 667 83 714 As part of its day-to-day activities, Orano enters into contracts with standard indemnity clauses such as liability guarantees. These guarantees are intended to cover certain risks identified at the date of operations relating to environmental, tax, compliance, litigation, shareholding, industrial property, government regulations, labor law or commercial contracts. These guarantees may be invoked due to breach of contract or external complaints. The Orano group has entered into multi-year electricity purchase agreements for the needs of its facilities, in order to guarantee continuity and security of supply. The conclusion of such contracts, over a period of 10 years, corresponds to the usual practice of companies in the sector to cover their needs. These contracts provide long-term visibility over the price of the electricity to be supplied. The valuation of these contracts corresponds to a share of the financial commitment made by Orano to its suppliers.
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