Orano - Annual Activity Report 2025 39 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR 2 The group’s businesses competitive position by guaranteeing its customers reliable, longterm security of supply. Orano is a major player in conversion and currently has around 40% of Western production capacity. Enrichment of natural uranium into uranium-235 The enrichment activities, carried out at the Georges Besse II plant (Tricastin – France), consist of increasing the uranium-235 content of natural uranium (initially 0.7% in uranium ore) up to the level specified by its electric utility customers, ranging from 3 to 5% depending on the reactor type and mode of operation. Orano will be able to produce 6% enrichment during 2026 for its customers. The group is also working on producing uranium enriched at grades higher than 6% in order to best meet the changes in fuel demand for current and future reactors, as soon as this materializes. Molecules of gaseous uranium hexafluoride (UF6) undergo isotopic separation to achieve the desired enrichment. Orano provides the enrichment service to its customers, who retain ownership of their material. Located on the Tricastin site, the Georges Besse II plant is the largest enrichment complex in Europe. It uses the most effective and proven centrifuge uranium enrichment technology available to date. The plant, 95% held indirectly by Orano through SET (Société d’Enrichissement du Tricastin), has an annual capacity of 7.5 million SWU (Separate Work Units), for a global market of around 50 million SWU. This nominal capacity was reached at the end of 2016, and the plant’s production has matched expectations since then. In October 2023, the Board of directors of Orano approved the investment of nearly 1.7 billion euros for the project to extend the production capacity of the Georges Besse II uranium enrichment plant to meet customer demand and strengthen Western sovereignty. Orano will increase its production capacity by more than 30%, i.e. 2.5 million SWUs, with first production scheduled for 2028 and full commissioning in 2030. This project consists of building four modules identical to the fourteen existing modules, using the same recognized, proven technique and with little environmental footprint. The construction site began at the end of the summer of 2024, after the regulatory steps and obtaining the building permit in June 2024. One year after the groundbreaking ceremony in October 2024, construction is progressing according to schedule. Reconditioning workshops for depleted and recycled uranium Specializing in uranium chemistry and enrichment, the ChemistryEnrichment Business Unit also has a facility for the defluorination of depleted uranium (the “W” plant – Tricastin – France) resulting from enrichment process, as well as a facility for the denitration of reprocessed uranium (the “TU5” plant – Tricastin – France) from the la Hague plant (Manche – France). Both are converted into a stable solid form (uranium oxide U3O8) for storage before recycling, particularly in recycled fuel manufacturing. Depleted uranium is used in particular to manufacture MOX fuels. In this context, Orano has invested in a workshop at the Malvési site, enabling the production of depleted uranium dioxide (UO2) previously carried out in Germany to be relocated to France, thereby strengthening national sovereignty. Defluorination campaigns of depleted UF6 with a uranium 235 content of 0.25% from the enrichment activity were carried out in the “W” plant at the Tricastin site, before transforming the depleted uranium obtained into UO2 at the Malvési site, to meet the needs of the group’s recycling activities. The uranium from spent fuel processing is reconditioned and stored on the Tricastin site in dedicated buildings before reuse according to the fuel cycle strategy of Orano’s electric utility customers.
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