Orano - Annual Activity Report 2025 380 6 FINANCIAL STATEMENTS Consolidated financial statements – financial year ended December 31, 2025 Following the amendment to the French Environmental Code no longer making it mandatory to provide financial guarantees for certain facilities classified for environmental protection (ICPE), a number of them were waived. The amount of the remaining guarantees has been included in the provision for site redevelopment (see Note 25). Reciprocal commitments concern investment orders. Reciprocal commitments relate to unused syndicated credit facilities. During 2022, Orano refinanced its syndicated revolving credit facility (RCF) in advance for a total amount of 880 million euros with a margin indexed to environmental and governance criteria. This confirmed syndicated credit facility, taken out with a pool of 10 banks with a 5-year maturity, had a first 1-year extension option exercised in 2023 and a second 1-year extension option exercised during the first half of 2024. In addition, the European Investment Bank granted Orano a loan of 400 million euros (see Note 1.1) which will be drawn over 2026. NOTE 33 BACKLOG At December 31, 2025, Orano’s backlog amounted to 34.2 billion euros (35.9 billion euros at December 31, 2024), and its breakdown by maturity is as follows: (in billions of euros) Total Less than 1 year From 1 to 5 years From 6 to 10 years Beyond 10 years At December 31, 2025 34.2 4.8 12.0 11.2 6.2 NOTE 34 DISPUTES AND CONTINGENT LIABILITIES Orano may be party to certain regulatory, judicial or arbitration proceedings in the normal course of business. The group is also the subject of certain claims, lawsuits, or regulatory proceedings outside the ordinary course of business, the most significant of which are summarized below. Niger The authorities in power in Niger following the coup of July 26, 2023 implemented, in a sovereigntist context claimed to be the resumption of control over the country’s mining activities, several measures in violation of the country’s mining titles in force, of the agreements between shareholders and/or of the laws in force in Niger. For example, they have: ● hindered the export of its production by Somaïr; ● withdrawn the operating permit held by Imouraren SA, despite the resumption of activities at the Imouraren site in accordance with their requests; ● taken control of the Somaïr and Cominak subsidiaries through repeated interference in the governance of these companies; ● violated the provisions of the Global Partnership Agreement concluded in May 2023 between the State of Niger and Orano; ● under the guise of nationalizing Somaïr, a subsidiary jointly owned by Orano and Sopamin (itself controlled by the Nigerien State), on June 19, 2025, expropriated Orano outside of any legal proceedings and without any compensation. These numerous obvious, non-exhaustive violations are causing severe damage to the Orano group which, as a last possible resort following several unsuccessful attempts at amicable resolution, has filed several proceedings before the competent international arbitral courts in order to obtain compensation for its damage. Orano also reserves the right to initiate any other action, including criminal action and against third parties, in the event of pre-emption of the material in violation of its removal rights. Financing commitments (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 29 9 20 – 2 Commitments received 5 5 – – 5 Reciprocal commitments 1,280 – 880 400 880
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