Orano - Annual Activity Report 2025 394 6 FINANCIAL STATEMENTS Company financial statements – financial year ended December 31, 2025 Notes to the annual financial statements The notes hereunder supplement the balance sheet for the financial year ended December 31, 2025, showing total assets of 13,078,512 thousand euros, and the income statement, showing a profit of 188,717 thousand euros for the period. These financial year covers the 12-month period from January 1 to December 31, 2025. These notes to the financial statements include: ● highlights of the financial year; ● accounting policies and principles; ● changes in accounting methods; ● notes to the statement of financial position; ● notes to the income statement; and ● additional information. These notes and tables form an integral part of the annual financial statements to December 31, 2025, approved by the Board of directors on February 19, 2026. NOTE 1 CONTEXT OF THE YEAR END STATEMENTS AND SIGNIFICANT EVENTS OF THE PERIOD NOTE 2 ACCOUNTING POLICIES AND PRINCIPLES 1.1 Equity investments On January 10, 2025, following the transfer of the biotechnology business from Orano Med Manufacturing to Orano Med Theranostics, Orano Med Manufacturing distributed its Orano Med Theranostics shares (100%) to its shareholder Orano. Since February 27, 2025, Orano’s ownership of the capital of Orano Med Theranostics has amounted to 84.4% following the acquisition by SANOFI Aventis Participations of a stake in Orano Med Theranostics Following the internal reorganization of the activities of the DAFC (End-of-Lifecycle Activities Department) between Orano Démantèlement, Orano Recyclage, Orano Chimie-Enrichissement, and Orano Démantèlement et Services, the shares of CNS (51%) and Orano Démantèlement et Services (51.76%) were acquired by Orano from Orano Démantèlement on December 31, 2025. Orano set up three simplified joint stock companies (sociétés par actions simplifiées) registered on October 2, 2025: Orano 17, Orano 18 and Orano 19, all of which were wholly owned by Orano upon constitution. 1.2 Loan from the European Investment Bank (“EIB”) The European Investment Bank (EIB) and Orano signed a 400 million euro loan agreement intended to partly finance the investments in the extension project at the Georges Besse II uranium enrichment plant in Tricastin (Drôme / Vaucluse, France). This financing is part of the European strategy to reduce the European Union’s dependence on fossil fuel imports and accelerate the transition to low-carbon energy sources. 1.3 Future of Reprocessing and Recycling beyond 2040 On March 17, 2025, the French President chaired the 4th Nuclear Policy Council (CPN or Conseil de politique nucléaire in French). The CPN approved the action plan aimed at securing France’s longterm uranium supply. The CPN also confirmed the continuation of investments in the Aval du Futur program at the la Hague site and validated the principle of financing this program mainly carried by EDF with a governance led by Orano alongside EDF, the CEA and State services. The annual financial statements of Orano SA for the year ended December 31, 2025 were prepared in accordance with: ● the Autorité des normes comptables (French national accounting board) Regulation No. 2014-03 of June 5, 2014, amended by ANC Regulation No. 2022-06 of November 4, 2022; and ● the Articles L. 123-12 to L. 123-28 of the French Commercial Code. The basic method used to value items in the financial statements is the historical cost method. General accounting policies have been prudently applied and with the following assumptions: ● going concern; ● consistency of accounting methods from one financial year to another; and ● independence of financial years.
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